Core Insights - The recent land auction in Longhua resulted in the successful acquisition of the A815-0037 residential land by the Shen Ye consortium for a total price of 1.789 billion yuan, translating to a floor price of approximately 35,030 yuan per square meter, with a premium rate of 15.12% [1][7][12] Group 1: Land Auction Details - The A815-0037 land parcel, covering an area of 16,475.54 square meters, was designated for secondary residential use with a maximum floor area ratio of 3.1 [3][12] - The starting total price for the land was set at 1.554 billion yuan, and the auction followed a "highest bidder wins" principle [3][12] - The auction attracted two bidders: the Shen Ye consortium and a joint venture of Lianfa and Longhua Construction Investment, with the Shen Ye consortium ultimately winning the bid [7][9] Group 2: Land Use and Development Conditions - The land allows for the construction of 49,850 square meters of residential space, 600 square meters of commercial space, and a 500 square meter childcare facility, which must be handed over to the government upon completion [14][16] - The successful bidder is required to commence construction within one year of signing the contract and complete the project within four years, adhering to specific noise pollution prevention measures [14][16] - The land sale reflects Shenzhen's relaxed land market policies, with no sales price limits, no restrictions on housing types, and no requirements for affordable housing [12][14] Group 3: Market Context and Implications - The A815-0037 land is adjacent to the recently acquired A815-0036 land, indicating a strategic expansion by Shen Ye in the Longhua district's core residential area [7][9] - The surrounding area features competitive property prices, with nearby second-hand listings averaging around 56,300 yuan per square meter, indicating strong market demand [17]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年7月31日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 深圳控股有限公司 | | | 呈交日期: | 2025年8月1日 | | | I. 法定/註冊股本變動 | 不適用 | | FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00604 | 說明 | | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 8,898,793,115 | | | 0 | | 8,898,793,115 | | 增加 / 減少 ( ...

Core Viewpoint - The recent land auction in Longhua District, Shenzhen, reflects a market differentiation where core areas remain hot while secondary areas cool down, indicating developers' varied assessments of real estate value across different regions [1][5]. Land Auction Details - A residential land parcel was sold at a base price of 1.906 billion yuan, with a floor price of 28,050 yuan per square meter [1][4]. - The land area is 21,920.84 square meters, with a total planned construction area of 67,950 square meters and a plot ratio of 3.1 [4]. - The development requirements include residential space of 60,390 square meters, commercial space of 1,400 square meters, a 9-class kindergarten of 4,500 square meters, and community public facilities of 1,500 square meters [4]. Market Trends - The auction results indicate a stark contrast in market activity, with only one bidder for the Longhua land compared to 12 bidders for a previous site in Qianhai, which had an 86% premium [4][5]. - The core area of Longhua is expected to see over 1.5 million square meters of new residential supply by 2026-2027, which may suppress developers' enthusiasm for land acquisition due to inventory pressure [5]. Policy and Market Outlook - Recent policies in Shenzhen aim to increase residential supply through measures like "commercial to residential" conversions and optimizing land sale conditions [5]. - Market data shows a year-on-year increase in new home sales by 24.4% and second-hand home sales by 30.7% in the first half of the year, indicating a gradual market recovery [5]. - The current market is characterized by a focus on high-quality low-density residential land in core areas, with policy optimizations expected to stabilize market expectations [5].

Core Insights - The recent land auction in Longhua District, where the A815-0036 plot was sold at a base price of 1.906 billion yuan with a 0% premium, indicates a cooling trend in secondary core areas compared to previous high premiums of over 40% for other plots [1][10] - The land supply in Longhua is expected to increase significantly, with over 1.5 million square meters anticipated by 2026-2027, leading to cautious bidding behavior from developers due to inventory pressure [1][10] Land Auction Details - The A815-0036 plot, designated for residential use, covers an area of 21,920.84 square meters with a floor price of 28,050 yuan per square meter, and includes residential, commercial, and educational facilities [3][6] - The auction conditions were lenient, with no requirements for affordable housing and a commitment from the winning bidder to start construction within one year and complete it within four years [3][9] Market Trends - The land auction results reflect a broader trend in Shenzhen's real estate market, where "super core" areas are experiencing high demand while secondary core areas are facing reduced interest from developers [10] - The upcoming auction of the A815-0037 plot is expected to further test the market's appetite for secondary core land, as Longhua has become a significant supplier of residential land in Shenzhen [5][10] Developer Strategy - Deep Industry Group's acquisition of the A815-0036 plot at a base price is seen as a strategic move to expand land reserves at low cost while avoiding high premium risks [9][10] - The trend of developers focusing on core areas and adopting a cautious approach towards secondary areas is likely to continue, influenced by the anticipated increase in land supply and changing market dynamics [10]

7月30日，龙华区A815-0036宅地以19.06亿元底价成交，溢价率为0%，同今年6-7月龙华另外两宗宅地 40%以上的高溢价相比，该地块仅吸引深业集团旗下子公司一家房企报名竞买，以零溢价收官。 出让条件方面，该地块延续了今年深圳土拍的宽松风格，无配建、无70/90户型限制，建成后商品房无 限价要求，按照"价高者得"的原则确定竞得人。同时，竞得人需承诺提供"交房即发证"服务，并在1年 内开工、4年内竣工。 值得一提的是，本地块原为完整储备用地，将分割出让，且相邻的另一宗面积较小的居住用地—— A815-0037宗地，将于下周五(8月8日)出让。在业内看来，这种拆分出让方式能有效降低房企拿地的资 金门槛，同时分散开发周期中的运营压力，与当前房企"小体量、快周转"的策略形成呼应。 次级核心区域土拍遇冷 南都.湾财社记者注意到，2025年深圳共挂牌出让9宗居住用地，其中龙华独占4宗，供应量占全市 44%，成为当之无愧的"供地主力"。截至7月30日，已有三宗成功出让，第四宗A815-0037地块将于8月8 日竞拍。 值得一提的是，除了本次宅地出让为零溢价之外，龙华前两宗宅地成交的溢价率均在40%以上。 其中，A8 ...

深业上城第二季度客流同比增长15%，清明节首日客流突破32万人次，刷新福田区商业体单日客流纪 录；荣获观点网"2025购物中心综合实力卓越表现50"及香港旅行网站Gotrip"金牌大湾区最受欢迎商场大 奖"。此外，集团引入曼城+新鹏城青训基地落户笔架山体育公园；与中信海直达成战略合作，开通8条 大湾区航线；深业上城及笔架山体育公园已涵盖无人机配送、城际游览、低空载人航行、摆渡飞行等低 空经济场景。深圳市内首家免税店进驻深业上城，将于第三季度内开业，商圈业态持续丰富。 格隆汇7月23日丨深圳控股(00604.HK)宣布2025年第二季度主要业务进展。深圳市车公庙第一更新单元 二期项目拆迁收官，集团于2025年6月份完成南地块土地合同签署，进入实质开发阶段。车公庙第一更 新单元二期项目占地2.8万平方米，总建面48.8万平方米，计容建筑面积36万平方米，未来将打造为集办 公、产业、商业为一体的TOD都会综合体，成为车公庙片区商务新地标。 地产销售方面，2025年第二季度，集团未经审计合同销售额约36.8亿元人民币，较第一季度环比上升 17.5%，合同销售面积约19.22万平方米，深圳区域重点项目(如山水东城、颐樾 ...

Core Insights - The report highlights the "Cost-Effectiveness Ratio" (费效比) as a key metric for evaluating management efficiency, indicating the profit generated per unit of labor cost [3][29] - Shenzhen's listed companies demonstrated a revenue growth of 5.73%, reaching a total revenue of 83,765 billion yuan, while labor costs increased by 8.86%, outpacing net profit growth of 3.7% [5][8] - The report categorizes Shenzhen's listed companies into three tiers based on their performance: leading companies show strong momentum, mid-tier companies are stabilizing, and long-tail companies have potential for improvement [19][20] Overview of Shenzhen Listed Companies - A total of 549 companies are listed in Shenzhen, with 423 on A-shares and 126 on H-shares, where private enterprises constitute 61.93% of the total [6][8] - The average revenue per company in Shenzhen is 152.58 million yuan, with an average net profit of 12.53 million yuan [5][6] Human Capital Investment - The increase in labor costs exceeding revenue growth by 3.13 percentage points indicates a belief among Shenzhen companies that investing in human capital will accelerate value release [8][19] - The 90th percentile cost-effectiveness ratio is 1.15, significantly higher than the industry median of 0.19, highlighting the impact of human resource management on net profit [12][19] Revenue and Profit Distribution - Shenzhen's listed companies achieved a total revenue of over 8.3 trillion yuan, with private enterprises contributing 42.3% [22][24] - Private enterprises also accounted for 42.7% of the total net profit, demonstrating their significant role in the local economy [24][27] Cost-Effectiveness Rankings - The top companies in terms of cost-effectiveness include Ping An Bank with a ratio of 2.33 and BYD with a strong focus on labor efficiency [28][73] - The report emphasizes the importance of measuring cost-effectiveness to ensure that contributions exceed costs, which is crucial for business incentives [29][31] Sector-Specific Insights - The report identifies leading companies in various sectors, such as Tencent and BYD, showcasing their ability to leverage high salaries for high returns [31][85] - The analysis reveals that companies with high labor costs can still achieve high efficiency through strategic investments in talent and technology [31][70] Future Outlook - The report suggests that Shenzhen's listed companies are well-positioned for future growth, with potential for enhanced efficiency through digital transformation and organizational restructuring [19][70] - The emphasis on human capital and strategic management practices indicates a robust framework for sustaining competitive advantages in a complex economic environment [19][31]

Financial Performance - Revenue for the year ended December 31, 2024, was HK$15,567.46 million, a decrease of 1.67% from HK$15,832.13 million in 2023[16] - Gross profit decreased by 13.14% to HK$4,439.10 million, down from HK$5,110.69 million in the previous year[16] - Loss for the year attributable to owners of the Company was HK$1,822.58 million, a significant increase of 597.24% compared to HK$261.40 million in 2023[16] - Basic loss per share increased to HK$20.48, up 596.60% from HK$2.94 in 2023[16] - The gross profit margin for 2024 was 28.52%, down from 32.28% in 2023[18] - The Group achieved an annual revenue of HK$15.57 billion in 2024, with a gross profit of HK$4.44 billion, but recorded a loss attributable to equity shareholders of HK$1.82 billion due to various factors including inventory impairment and losses from associates[31][32] - The Group's selling and administrative expenses decreased by 20.6% compared to 2023, resulting in cost savings of approximately HK$420 million[45] - The Group's profit for the year ended December 31, 2024, is detailed in the Consolidated Statement of Profit or Loss[184] Assets and Liabilities - Net assets excluding non-controlling interests decreased by 8.95% to HK$38,549.96 million from HK$42,337.61 million in 2023[17] - Cash and bank deposits decreased by 18.30% to HK$11,799.54 million from HK$14,443.23 million in 2023[17] - The net debt to net assets ratio excluding non-controlling interests increased to 66.32% from 58.09% in 2023[18] - The gearing ratio, excluding advance receipts, stood at 68.3%, while the net debt ratio was 66.3%, indicating a healthy asset-liability structure[46] - As of December 31, 2024, the Group's total bank and other borrowings amounted to HK$37.37 billion, a decrease from HK$39.04 billion as of December 31, 2023[131] - The Group's cash balance, including restricted cash, was HK$11.80 billion as of December 31, 2024, down from HK$14.44 billion in the previous year[132] - The net gearing ratio increased to 66.3% as of December 31, 2024, compared to 58.1% in 2023[135] Property Development and Sales - Revenue from property development was HK$9,133.30 million, a decrease of 4.70% from HK$9,585.49 million in 2023[19] - Contracted property sales for the year amounted to nearly RMB16.97 billion (approximately HK$18.61 billion), representing a decrease of 36.2% compared to the previous year[34][35] - Eleven real estate projects were completed during the year, contributing to recognized income of approximately HK$9.13 billion from property development[34][35] - Property sales booked were approximately 404,000 square meters, a decrease of 2.6% year-on-year, with sales revenue of approximately RMB 8.33 billion (about HK$9.13 billion), down 4.7%[86] - The gross profit margin for property development sales was 30.2%, a decrease of 6.3 percentage points compared to the previous year[86] - The Group's projects in Shanghai and Chengdu also reported considerable sales results, indicating successful market expansion beyond Shenzhen[34][35] Investment and Future Plans - The Group plans to recognize approximately 60% of sold unsettled contracted sales amounting to HK$28.2 billion as revenue in 2025[52] - The Group aims to enhance investment returns by expanding investments in first-tier cities and regions with strong industrial growth and positive net population inflows[56] - The Group plans to strengthen its core capabilities in commercial operations, including the operation of the first in-town duty-free store in Shenzhen, enhancing the shopping experience[63] - The Group will accelerate the establishment of a high-end international hotel group, with plans to open the Wuyishan Jingju Resort Hotel and improve hotel occupancy rates[64] - The Group plans to promote transformation and development through capital operations and pursue mergers and acquisitions for non-linear growth[74] Operational Efficiency and Innovation - The Group aims to enhance operational efficiency and customer experience through the integration of artificial intelligence in various business scenarios[70] - The Group's innovative business initiatives in modern agriculture and advanced manufacturing are accelerating, with significant achievements in both sectors[41] - The Group's advanced manufacturing subsidiary, Jinghua Company, was recognized as a national-level "Little Giants" enterprise and made significant technological advancements, including one invention patent and nine utility model patents granted[127][129] - The Group launched a drone delivery route starting from UpperHills, enhancing its competitive edge in the "park + business" consumption model[120][122] Market and Regulatory Environment - The Group's income from real estate sales in the Guangdong – Hong Kong – Macao Greater Bay Area market represents a higher proportion of total income, indicating potential vulnerability to market fluctuations in that region[196] - The Group's operations are subject to various PRC laws and regulations, with ongoing adjustments expected in real estate policies that may impact business strategies[197] - The Group emphasizes compliance with environmental laws and regulations in its operations, reflecting a commitment to legal adherence[193] - Key risk factors affecting the Group's businesses include uncertainties that may lead to divergence from expected results[187] Employee and Compensation - As of December 31, 2024, the group employed a total of 18,710 employees, with 17 based in Hong Kong and the remainder in mainland China[152] - Employee compensation and bonuses are determined based on individual performance, group profitability, industry compensation levels, and current market conditions[152] - The total remuneration for the year ended December 31, 2024, amounted to approximately HK$3.034 billion, excluding directors' remuneration[148]

Market Performance - The Shanghai Composite Index rose by 0.26% to 3276 points, while the Shenzhen Component fell by 0.85% and the ChiNext Index dropped by 1.21%[1] - The Hang Seng Index closed down 1.91% at 21056.98 points, with the Hang Seng Tech Index declining by 3.72% and the Hang Seng China Enterprises Index down by 2.55%[1] - The total market turnover in Hong Kong was 220 billion HKD[1] Economic Indicators - U.S. retail sales increased significantly in March, with a month-on-month growth of 1.4%[1] - The U.S. Producer Price Index (PPI) for March showed a year-on-year increase of 2.7%[19] - China's GDP growth for Q1 was reported at 5.4% year-on-year[19] Federal Reserve and Trade Relations - Federal Reserve Chairman Jerome Powell downplayed interest rate cut expectations, emphasizing the need to prevent tariffs from causing persistent inflation[1] - China expressed an open attitude towards trade negotiations with the U.S., contingent on the U.S. showing more respect and appointing a liaison for talks[1][14] Sector Performance - Precious metals and hotel sectors showed strong performance, while the technology sector faced declines in both Hong Kong and the U.S. markets[1] - Shenzhen Holdings reported a 83.5% year-on-year increase in contract sales for Q1, amounting to approximately 3.133 billion RMB[12]

Real Estate Sales Business - The company is expanding marketing channels and accelerating sales, with projects in Shenzhen performing well, including Yiyuefu, Shanshui Dongcheng Garden, Tai Rui Fu, and Shen Ye Yun Zhu [1] - In Q1 2025, the unaudited contract sales amounted to approximately 3.133 billion RMB, representing an 83.5% increase year-on-year, with a contract sales area of about 107,300 square meters, up 31.4% year-on-year, and an average selling price of approximately 29,201 RMB per square meter [1] Urban Comprehensive Operation Business - The company continues to make breakthroughs in property management and public construction projects, winning bids for various management services, including a project in Ma'anshan City covering over 4.24 million square meters [2] - In commercial operations, the company is enhancing the integration of cultural tourism and commerce, successfully hosting international events like the Spartan Race and the Guangdong-Hong Kong-Macao Greater Bay Area Garden Competition, leading to significant increases in traffic and sales [2] - The company is developing the Zhongshan Bay project into Asia's first international IP indoor theme entertainment complex, aiming to become a new commercial landmark in the Greater Bay Area [2] Modern Agriculture Business - The company is aligning with national policies to strengthen agriculture, actively developing modern agricultural operations, with a planting area of approximately 3,500 acres in Shaoguan [3] - In Q1 2025, the agricultural supply chain business saw a year-on-year increase of about 7%, while key agricultural projects like Shenzhen Dapeng Four Seasons Park and Xiantao Four Seasons Flower Valley have commenced operations [3] - The company is focused on transitioning towards urban asset management and comprehensive operations, as well as technology industry investment services to ensure high-quality development [3]