Group 1: Real Estate Sector Performance - Real estate stocks experienced a collective surge, with the sector index rising over 3% at the start of trading, and several stocks hitting their daily limit up [2][3] - Various cities have introduced favorable policies for the real estate market, including easing purchase restrictions and providing subsidies, particularly in the context of the "Golden September and Silver October" sales season [2][3] - The Guangxi region has initiated a housing subsidy policy with a total funding of 120 million yuan, aimed at promoting the purchase of new residential properties [3] Group 2: Semiconductor Equipment and Pre-Increase Stocks - Semiconductor equipment stocks saw a significant increase, with Longchuan Technology hitting its daily limit for two consecutive days, and other companies like Zhangjiang Hi-Tech and Hongtian Co. also reaching their daily limits [1][4] - Pre-increase stocks surged, with the index rising over 10% and trading volume increasing dramatically from 1.2 billion yuan to over 10 billion yuan in half a day [4] - Brother Technology announced a projected net profit of 100 million to 115 million yuan for the first three quarters of 2025, representing a year-on-year increase of 207.32% to 253.42% due to rising prices of certain vitamin products and improved production efficiency [4][5]

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8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9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 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 ...

Major Events - Sihuan Pharmaceutical Holdings Group Ltd. successfully administered the first human dose of the new radiopharmaceutical conjugate drug 3D1015 [1] - Shenzhen International's joint venture Shenzhen Airlines plans to raise a total of 16 billion yuan in a phased capital increase [1] - Kangzheng Pharmaceutical received clinical trial approval for its innovative oral small molecule JAK1 inhibitor Povorcitinib for indications of vitiligo and suppurative hidradenitis [1] - Ruihe Digital signed a framework agreement with Tielin Superlight Technology to jointly advance the business of real-world asset tokenization [1] - Zhongxu Future will operate and launch a new mobile game "Miracle MU" titled "New Moon Continent" [1] Financial Performance - Noah Holdings reported a net profit attributable to shareholders of 179 million yuan for Q2, a year-on-year increase of 79% driven by strong growth in investment product distribution [1] - Trip.com Group reported a net profit of 4.846 billion yuan for Q2, an increase of 26.43% year-on-year [1] - Shijiazhuang Pharmaceutical Group announced a mid-year profit attributable to equity holders of approximately 283.5 million HKD, a year-on-year decrease of about 58.7% [1] - Zhongsheng Holdings reported a mid-year profit attributable to shareholders of 1.011 billion yuan, a decrease of 36% year-on-year [1] - SF Express City reported an adjusted net profit of approximately 160 million yuan, a year-on-year increase of 139% [1] - Baidu's subsidiary reported a mid-year profit attributable to shareholders of 47.999 million yuan, returning to profitability [1] - Li Auto reported a net profit of 1.093 billion yuan for Q2, a decrease of 0.91% year-on-year [1] - Shanghai Industrial Holdings reported a mid-year profit attributable to shareholders of 1.042 billion HKD, with an interim dividend of 0.42 HKD per share [1] - Beijing Holdings reported a mid-year profit attributable to shareholders of 3.404 billion yuan, an increase of 8.07% year-on-year [1] - Qingdao Port reported a net profit of 2.842 billion yuan, a year-on-year increase of 7.58% [1] - New China Life Insurance reported a net profit of 14.799 billion yuan, a year-on-year increase of 33.5% [1] - China Galaxy Securities reported a net profit of 6.488 billion yuan, a year-on-year increase of 47.86% [1] - China Taiping reported a 12.2% increase in shareholder profit, with a nearly 23% high growth in life insurance new business value [1] - China Resources Gas reported a mid-year profit attributable to shareholders of 2.403 billion HKD, a year-on-year decrease of 30.5% [1] - SF Holding reported a net profit of 5.738 billion yuan, a year-on-year increase of 19.37%, with volume growth exceeding the overall express delivery industry [1] - SMIC reported a net profit of approximately 320 million USD, a year-on-year increase of 35.6% [1] - SenseTime reported a revenue growth of 35.6% year-on-year, reaching 2.358 billion yuan [1] - BeiGene reported a net profit of 95.59 million USD, returning to profitability [1] - Fubo Group reported a mid-year net profit exceeding 100 million, driven by AI [1] - CITIC Securities reported a net profit of 13.719 billion yuan, a year-on-year increase of 29.79% [1] - Huadian International Power reported a net profit of 3.904 billion yuan, a year-on-year increase of 13.15% [1] Additional Financial Performance - Zhou Hei Ya reported a mid-year profit attributable to shareholders of 108 million yuan, a year-on-year increase of 228% [2] - Haitian Flavoring reported a net profit of 3.91 billion yuan, a year-on-year increase of 13.3% [2] - Dasheng Holdings reported a mid-year adjusted net profit growth of 79.6% driven by store expansion and membership growth [2] - CITIC Securities reported a net profit of 4.509 billion yuan, a year-on-year increase of 57.77% [2] - Huitongda reported a mid-year profit attributable to shareholders of 13.9 million yuan, a year-on-year increase of 10.81% [2] - Yunfeng Financial reported a mid-year profit attributable to shareholders of 486 million HKD, a year-on-year increase of 142.04% [2] - Jiufang Zhitu reported a mid-year profit attributable to shareholders of 865 million yuan, returning to profitability [2] - Air China reported a net loss of approximately 1.806 billion yuan, a year-on-year narrowing of 35.11% [2] - ZTE reported a net profit of approximately 5.058 billion yuan, a year-on-year decrease of 11.77% [2] - China Merchants Securities reported a net profit of 5.186 billion yuan, a year-on-year increase of 9.23% [2] - Datang Power reported a net profit of approximately 4.874 billion yuan, a year-on-year increase of 50.3% [2] - China Pacific Insurance reported a net profit of 27.885 billion yuan, a year-on-year increase of 11% [2] - Beijing Capital International Airport reported a post-tax loss of 164 million yuan, a year-on-year narrowing of 56.48% [2] - Dongguan Rural Commercial Bank reported a mid-year net profit of 2.629 billion yuan [2] - Shenzhen Holdings reported a mid-year loss attributable to shareholders of 2.618 billion HKD, a year-on-year increase of 137.76% [2] - China Southern Airlines reported a net loss of 1.534 billion yuan, a year-on-year increase of 45.54% [2] - COSCO Shipping Holdings reported a profit attributable to shareholders of 17.528 billion yuan, a year-on-year increase of 3.9% [2] - Guofu Hydrogen Energy reported revenue of 10.9 million yuan, actively expanding overseas cooperation and business layout [2] - Kangsheng Global reported a mid-year gross profit of 197 million yuan, with stable progress across all businesses [2] - Dongfang Electric reported a net profit of 1.91 billion yuan, a year-on-year increase of 12.91%, maintaining the industry's leading market share in nuclear and gas power [2] - Eagle Eye Technology reported a profit of 443,000 yuan, returning to profitability [2] - Haier Smart Home reported a profit attributable to shareholders of 12.033 billion yuan, a year-on-year increase of 15.6% [2] - EDA Group Holdings reached a partnership agreement with UTCPAY to collaborate in digital asset trading, Web3 technology, and blockchain applications [2] - Gilead Sciences reported that ASC30 oral tablets showed good and differentiated pharmacokinetic characteristics in the U.S. Phase Ib multi-dose escalation study [2]

Core Viewpoint - Shenzhen Holdings (00604.HK) reported a significant increase in revenue for the first half of 2025, but faced substantial losses due to various adverse factors affecting profitability [1] Financial Performance - The group achieved a revenue of HKD 10.35 billion, representing a year-on-year increase of 175% [1] - Gross profit reached HKD 1.77 billion, with an overall gross margin of 17.1% [1] - Operating profit was recorded at HKD 700 million [1] Losses and Adverse Factors - The company reported a loss attributable to equity shareholders of HKD 2.62 billion due to declining gross margins, losses from joint ventures, significant asset impairment provisions, and increased tax expenses [1] - Excluding the net impact of fair value changes of investment properties and financial assets, inventory impairment provisions, joint venture performance, and provisions, the adjusted loss attributable to equity shareholders was HKD 490 million [1]

Core Viewpoint - Shenzhen Holdings (00604) reported a significant increase in revenue but faced substantial losses attributed to various adverse factors [1] Financial Performance - The company achieved revenue of HKD 10.35 billion, representing a year-on-year increase of 175.49% [1] - The loss attributable to equity shareholders was HKD 2.618 billion, an increase of 137.76% year-on-year [1] - The loss per share was HKD 0.2942 [1] Contributing Factors - The increase in losses was due to a decline in gross margin, losses from joint ventures, significant asset impairment provisions, and rising income tax expenses [1] - Excluding the net impact of fair value changes of investment properties and financial assets, inventory impairment, joint venture performance, and provisions, the loss attributable to equity shareholders would be HKD 490 million [1]

Group 1 - The company reported a revenue of HKD 10.35 billion for the six months ending June 30, 2025, representing a year-on-year increase of 175.49% [1] - The loss attributable to equity shareholders was HKD 2.618 billion, an increase of 137.76% compared to the previous year, with a loss per share of HKD 0.2942 [1] - The significant loss was attributed to factors such as a decline in gross margin, losses from joint ventures, substantial asset impairment provisions, and increased income tax expenses [1] Group 2 - Excluding the net impact of fair value changes of investment properties and financial assets, inventory impairment, joint venture performance, and provisions, the loss attributable to equity shareholders would be HKD 490 million [1]

[Financial Performance Overview](index=1&type=section&id=%E8%B2%A1%E5%8B%99%E6%A5%AD%E7%B8%BE%E6%A6%82%E8%A6%BD) This section provides a high-level summary of the group's financial results, including income statement, comprehensive income, and balance sheet highlights [Condensed Consolidated Income Statement](index=1&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E8%A1%A8) For the six months ended June 30, 2025, the Group's revenue significantly increased to **HK$10.35 billion**, but loss attributable to equity holders expanded to **HK$2.62 billion** due to associate losses, asset impairment, and higher taxes | Indicator | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | Change (HK$ Thousand) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Revenue | 10,349,995 | 3,756,918 | 6,593,077 | +175.5% | | Gross Profit | 1,773,267 | 1,085,837 | 687,430 | +63.3% | | Operating Profit | 704,387 | 245,732 | 458,655 | +186.6% | | Loss Before Income Tax | (1,906,874) | (945,851) | (961,023) | +101.6% | | Interim Loss | (2,507,333) | (1,141,862) | (1,365,471) | +119.6% | | Loss Attributable to Equity Holders of the Company | (2,618,042) | (1,101,144) | (1,516,898) | +137.8% | | Basic and Diluted Loss Per Share (HK Cents) | (29.42) | (12.37) | (17.05) | +137.8% | [Condensed Consolidated Statement of Comprehensive Income](index=3&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) The Group's total comprehensive loss for the six months ended June 30, 2025, narrowed to **HK$1.57 billion**, primarily due to a positive foreign currency translation difference from overseas operations | Indicator | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | Change (HK$ Thousand) | | :--- | :--- | :--- | :--- | | Interim Loss | (2,507,333) | (1,141,862) | (1,365,471) | | Share of other comprehensive income of an associate | 1,238 | (117,511) | 118,749 | | Exchange differences on translation of overseas operations | 936,496 | (447,105) | 1,383,601 | | Total Comprehensive Loss for the Period | (1,569,599) | (1,706,478) | 136,879 | | Total Comprehensive Loss Attributable to Equity Holders of the Company | (1,786,071) | (1,622,390) | (163,681) | [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) As of June 30, 2025, the Group's total assets slightly decreased to **HK$167.83 billion**, total equity to **HK$43.74 billion**, and total liabilities also decreased, maintaining a relatively stable capital structure | Indicator | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | Change (HK$ Thousand) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Total Assets | 167,828,420 | 171,169,614 | (3,341,194) | -1.95% | | Non-current Assets | 54,077,814 | 54,952,289 | (874,475) | -1.59% | | Current Assets | 113,750,606 | 116,217,325 | (2,466,719) | -2.12% | | Total Equity | 43,744,174 | 45,319,959 | (1,575,785) | -3.48% | | Total Liabilities | 124,084,246 | 125,849,655 | (1,765,409) | -1.40% | | Non-current Liabilities | 34,656,690 | 30,933,115 | 3,723,575 | +12.04% | | Current Liabilities | 89,427,556 | 94,916,540 | (5,488,984) | -5.78% | [Overall Performance](index=28&type=section&id=%E6%95%B4%E9%AB%94%E6%A5%AD%E7%B8%BE) In H1 2025, the Group's turnover surged by 175% to **HK$10.35 billion**, with gross profit of **HK$1.77 billion** and operating profit of **HK$0.70 billion**, yet loss attributable to equity holders reached **HK$2.62 billion** due to various adverse factors - In H1 2025, the Group's turnover reached **HK$10.35 billion**, a year-on-year increase of **175%**[64](index=64&type=chunk) - Gross profit was **HK$1.77 billion**, with an overall gross profit margin of **17.1%**[64](index=64&type=chunk) - Operating profit was **HK$0.70 billion**[64](index=64&type=chunk) - Loss attributable to equity holders of the Company was **HK$2.62 billion**, primarily impacted by declining gross profit margin, losses from associates, significant asset impairment provisions, and increased income tax expenses[64](index=64&type=chunk) - Excluding fair value changes of investment properties and financial assets, impairment of inventories, results of joint ventures and associates, and provisions, the loss attributable to equity holders of the Company was **HK$0.49 billion**[64](index=64&type=chunk) [Notes to the Financial Statements](index=6&type=section&id=%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E9%99%84%E8%A8%BB) This section details the accounting policies, segment information, revenue breakdown, expense analysis, and other financial disclosures supporting the consolidated financial statements [General Information and Basis of Preparation](index=6&type=section&id=%E4%B8%80%E8%88%AC%E8%B3%87%E6%96%99%E8%88%87%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96) This section outlines Shenzhen Holdings Limited's basic information, business scope, holding structure, and the basis of preparation and accounting policies for the interim financial information, including the adoption of new standards - The Company is an investment holding company incorporated in Hong Kong, primarily engaged in property development, property investment, property management, and production operations[10](index=10&type=chunk) - The direct holding company is Shum Yip (Group) Company Limited, and the ultimate holding company is Shum Yip Group Co, Ltd[10](index=10&type=chunk) - The interim financial information is prepared in accordance with Hong Kong Accounting Standard 34 and should be read in conjunction with the 2024 annual consolidated financial statements[13](index=13&type=chunk) - The Group has adopted the amendments to Hong Kong Accounting Standard 21 "Lack of Exchangeability," which had no significant impact on the interim condensed consolidated financial information as the Group's transaction currencies are convertible[14](index=14&type=chunk) - Hong Kong Financial Reporting Standard 18, effective January 1, 2027, will introduce new requirements for profit or loss presentation, and the Group is currently assessing its impact on the financial statements[18](index=18&type=chunk) [Segment Information](index=8&type=section&id=%E5%88%86%E9%A1%9E%E8%B3%87%E6%96%99) The Group's operating segments include property development, investment, management, manufacturing, and other businesses, with property development revenue significantly increasing in H1 2025, despite negative impacts from investment property fair value changes and associate losses 2025 H1 Segment Revenue (HK$ Thousand) | Segment | Revenue from contracts with customers (recognized at a point in time) | Revenue from contracts with customers (recognized over time) | Rental income | Total Segment Revenue | Revenue from external customers | | :--- | :--- | :--- | :--- | :--- | :--- | | Property Development | 7,463,987 | – | – | 7,463,987 | 7,463,987 | | Property Investment | – | – | 656,308 | 656,308 | 647,266 | | Property Management | 9,443 | 1,667,508 | – | 1,676,951 | 1,593,777 | | Manufacturing | 231,863 | – | – | 231,863 | 231,863 | | Others | 167,517 | 262,415 | – | 429,932 | 413,102 | | **Total** | **7,872,810** | **1,929,923** | **656,308** | **10,459,041** | **10,349,995** | 2025 H1 Segment Results (HK$ Thousand) | Segment | Segment Results before fair value decrease of investment properties | Fair value changes of investment properties and loss on transfer to investment properties | Segment Results after fair value decrease of investment properties | | :--- | :--- | :--- | :--- | | Property Development | 459,737 | – | 459,737 | | Property Investment | 389,436 | (99,669) | 289,767 | | Property Management | 151,805 | – | 151,805 | | Manufacturing | 7,966 | – | 7,966 | | Others | (268,600) | – | (268,600) | | **Total** | **740,344** | **(99,669)** | **640,675** | - Share of results of joint ventures and associates (including impairment losses) was a loss of **HK$1.92 billion**, significantly impacting overall performance[20](index=20&type=chunk) [Revenue](index=11&type=section&id=%E6%94%B6%E7%9B%8A) The Group's revenue primarily derives from property sales, property management services, industrial product sales, and rental income, with property sales becoming the main revenue driver in H1 2025 due to substantial growth Revenue by Major Product and Service Line (HK$ Thousand) | Revenue Source | 2025 | 2024 | Change (HK$ Thousand) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Sales of properties | 7,463,987 | 1,017,626 | 6,446,361 | +633.5% | | Property management service income | 1,593,777 | 1,472,128 | 121,649 | +8.3% | | Sales of industrial products | 231,863 | 182,277 | 49,586 | +27.2% | | Others (from contracts with customers) | 413,102 | 408,825 | 4,277 | +1.0% | | **Total revenue from contracts with customers** | **9,702,729** | **3,080,856** | **6,621,873** | **+214.9%** | | Rental income | 647,266 | 676,062 | (28,796) | -4.3% | | **Total Revenue** | **10,349,995** | **3,756,918** | **6,593,077** | **+175.5%** | [Expense Analysis](index=11&type=section&id=%E8%B2%BB%E7%94%A8%E5%88%86%E6%9E%90) The Group's H1 2025 total expenses, including cost of sales, distribution, administrative, and other expenses, significantly increased, mainly due to higher cost of properties sold and inventories, while net finance costs and income tax expenses also rose Expenses by Nature (HK$ Thousand) | Expense Category | 2025 | 2024 | Change (HK$ Thousand) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Cost of properties sold and inventories | 6,602,696 | 641,072 | 5,961,624 | +930.0% | | Cost of services provided | 1,974,032 | 1,841,918 | 132,114 | +7.2% | | Employee benefit expenses | 393,049 | 441,525 | (48,476) | -11.0% | | Write-down of properties under development and completed properties held for sale | 186,422 | 188,091 | (1,669) | -0.9% | | Advertising and promotion expenses | 110,678 | 51,787 | 58,891 | +113.7% | | Depreciation of property, plant and equipment | 37,925 | 61,903 | (23,978) | -38.7% | | Other taxes and surcharges | 85,946 | 86,906 | (960) | -1.1% | | Others | 257,206 | 280,764 | (23,558) | -8.4% | | **Total** | **9,647,954** | **3,593,966** | **6,030,918** | **+167.8%** | Other Income (HK$ Thousand) | Income Source | 2025 | 2024 | Change (HK$ Thousand) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Government grants | 4,621 | 21,238 | (16,617) | -78.2% | | Interest income from joint ventures and a non-controlling interest | 87,252 | 82,140 | 5,112 | +6.2% | | **Total** | **108,875** | **116,476** | **(7,601)** | **-6.5%** | Net Finance Costs (HK$ Thousand) | Item | 2025 | 2024 | Change (HK$ Thousand) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Finance income (interest income from bank deposits) | (43,437) | (81,101) | 37,664 | -46.4% | | Total finance costs | 1,136,193 | 1,491,472 | (355,279) | -23.8% | | Less: Amount capitalized on qualifying assets | (405,068) | (769,222) | 364,154 | -47.3% | | **Net Finance Costs** | **687,688** | **641,149** | **46,539** | **+7.3%** | Income Tax Expense (HK$ Thousand) | Tax Category | 2025 | 2024 | Change (HK$ Thousand) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Current income tax | 651,848 | 240,372 | 411,476 | +171.2% | | Deferred income tax | (51,389) | (44,361) | (7,028) | +15.8% | | **Total** | **600,459** | **196,011** | **404,448** | **+206.3%** | - The statutory corporate income tax rate in mainland China is **25%**, and land appreciation tax is levied at progressive rates from **30% to 60%**[27](index=27&type=chunk) - The Group has recognized deferred income tax liabilities for withholding tax on planned profit distributions from certain PRC subsidiaries to offshore holding companies[28](index=28&type=chunk) [Loss Per Share and Dividends](index=14&type=section&id=%E6%AF%8F%E8%82%A1%E8%99%A7%E6%90%8D%E8%88%87%E8%82%A1%E6%81%AF) The Group's basic and diluted loss per share for H1 2025 expanded to **29.42 HK Cents**, and the Board resolved not to declare an interim dividend for the period ended June 30, 2025 Loss Per Share (HK Cents) | Indicator | 2025 | 2024 | Change (HK Cents) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Loss Attributable to Equity Holders of the Company (HK$ Thousand) | (2,618,042) | (1,101,144) | (1,516,898) | +137.8% | | Weighted average number of ordinary shares in issue | 8,898,793,115 | 8,898,793,115 | 0 | 0% | | Basic and Diluted Loss Per Share (HK Cents) | (29.42) | (12.37) | (17.05) | +137.8% | - The Board has resolved not to declare any interim dividend for the six months ended June 30, 2025[31](index=31&type=chunk)[101](index=101&type=chunk) - The 2023 final dividend of **7 HK Cents** per share, totaling approximately **HK$0.623 billion**, was paid on July 4, 2024[31](index=31&type=chunk) [Investments and Financial Assets](index=14&type=section&id=%E6%8A%95%E8%B3%87%E8%88%87%E9%87%91%E8%9E%8D%E8%B3%87%E7%94%A2) The Group's investments in associates significantly decreased, primarily due to a substantial impairment loss recognized on the investment in Road King Infrastructure Limited, while financial assets at fair value through profit or loss mainly comprise listed and unlisted equity investments in mainland China Investments in Associates (HK$ Thousand) | Item | June 30, 2025 | December 31, 2024 | Change (HK$ Thousand) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Beginning balance | 2,263,641 | 4,545,599 | (2,281,958) | -50.2% | | Share of results (including impairment losses) | (1,803,634) | (271,138) | (1,532,496) | +565.2% | | Ending balance | 470,123 | 4,154,746 | (3,684,623) | -88.7% | - Due to Road King Infrastructure Limited's debt default, the Group conducted an impairment test on its investment, recognizing a total share of results and impairment losses of **HK$1.806 billion**[32](index=32&type=chunk) - Non-current financial assets at fair value through profit or loss primarily include listed and unlisted equity investments in mainland China, totaling **HK$0.143 billion**[33](index=33&type=chunk) [Trade and Other Receivables and Payables](index=15&type=section&id=%E6%87%89%E6%94%B6%E8%88%87%E6%87%89%E4%BB%98%E6%AC%BE%E9%A0%85) The Group's total trade and other receivables increased, driven by growth in other receivables and prepayments, while total trade and other payables decreased, mainly due to reductions in trade payables and amounts due to non-controlling interests Trade and Other Receivables (HK$ Thousand) | Item | June 30, 2025 | December 31, 2024 | Change (HK$ Thousand) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Non-current: Other receivables – net | 684,787 | 661,023 | 23,764 | +3.6% | | Current: Trade receivables – net | 1,242,750 | 1,448,618 | (205,868) | -14.2% | | Current: Other receivables – net | 10,389,790 | 9,291,542 | 1,098,248 | +11.8% | | Current: Prepayments | 821,295 | 144,033 | 677,262 | +470.2% | | **Total** | **12,453,835** | **10,884,193** | **1,593,406** | **+14.6%** | - Current prepayments significantly increased, mainly due to prepayments for land acquisition rising from **HK$15,368 thousand** to **HK$626,818 thousand**[37](index=37&type=chunk) Trade and Other Payables (HK$ Thousand) | Item | June 30, 2025 | December 31, 2024 | Change (HK$ Thousand) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Trade payables | 5,182,559 | 5,803,323 | (620,764) | -10.7% | | Other payables and accrued expenses | 11,947,226 | 12,655,152 | (707,926) | -5.6% | | Other taxes payable | 178,290 | 361,191 | (182,901) | -50.6% | | **Total** | **17,308,075** | **18,819,666** | **(1,511,591)** | -8.0% | - Among trade payables, those due within one year accounted for the largest portion, at **HK$4.26 billion**[40](index=40&type=chunk) - Other payables and accrued expenses primarily include property buyer deposits and amounts due to the Group's joint ventures, fellow subsidiaries, and non-controlling interests[41](index=41&type=chunk) [Borrowings and Commitments](index=18&type=section&id=%E5%80%9F%E8%B2%B8%E8%88%87%E6%89%BF%E6%93%94) The Group's total bank and other borrowings remained stable, with an increased proportion of long-term borrowings, while it provides financial guarantees to property buyers and related parties and has capital commitments for land and property development costs Bank and Other Borrowings (HK$ Thousand) | Item | June 30, 2025 | December 31, 2024 | Change (HK$ Thousand) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Non-current borrowings | 27,159,952 | 22,804,481 | 4,355,471 | +19.1% | | Current borrowings | 10,028,586 | 14,560,568 | (4,531,982) | -31.1% | | **Total** | **37,188,538** | **37,365,049** | **(176,511)** | -0.5% | - Approximately **HK$8.19 billion** of loans are secured by certain assets of the Group, including properties under development, completed properties held for sale, and investment properties[38](index=38&type=chunk) - For the six months ended June 30, 2025, the average effective interest rate for bank and other borrowings was **3.58%** per annum, a decrease of **0.4 percentage points** from the same period last year[38](index=38&type=chunk) Capital Commitments (HK$ Thousand) | Commitment Category | June 30, 2025 | December 31, 2024 | Change (HK$ Thousand) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Commitments for acquisition of land and buildings and development costs of properties under development | 7,443,206 | 7,144,700 | 298,506 | +4.2% | | Uncalled capital commitments to Shenzhen King Infrastructure Co, Ltd | 1,450,000 | 1,542,500 | (92,500) | -6.0% | Financial Guarantees (HK$ Thousand) | Guarantee Category | June 30, 2025 | December 31, 2024 | Change (HK$ Thousand) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Financial guarantees provided to property buyers of the Group for mortgages | 13,611,249 | 13,070,659 | 540,590 | +4.1% | | Financial guarantees provided to related parties of the Group | 869,878 | 1,445,322 | (575,444) | -39.8% | | Financial guarantees provided for loans to relocated parties of urban renewal projects | 325,164 | 323,381 | 1,783 | +0.6% | [Share Capital](index=20&type=section&id=%E8%82%A1%E6%9C%AC) As of June 30, 2025, the number of issued and fully paid ordinary shares and the amount of share capital remained unchanged from December 31, 2024 Share Capital (HK$ Thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Issued and fully paid ordinary shares (shares) | 8,898,793,115 | 8,898,793,115 | | Share capital amount | 22,071,756 | 22,071,756 | [Operating Review and Outlook](index=22&type=section&id=%E7%B6%93%E7%87%9F%E5%9B%9E%E9%A1%A7%E8%88%87%E5%B1%95%E6%9C%9B) This section reviews the Group's H1 operating achievements, outlines H2 plans to stabilize performance, and discusses its strategic transformation towards asset management and urban comprehensive operations [Review of H1 Operating Performance](index=22&type=section&id=%E4%B8%8A%E5%8D%8A%E5%B9%B4%E7%B6%93%E7%87%9F%E5%B7%A5%E4%BD%9C%E5%9B%9E%E9%A1%A7) In H1 2025, the Group achieved solid results in transformation and business development, with significant revenue growth, outperforming property sales, stable property leasing and urban comprehensive operations, and orderly progress in technology industry investments, despite negative impacts from associate losses and asset impairment - H1 operating revenue was **HK$10.35 billion**, a year-on-year increase of **175%**; gross profit was **HK$1.77 billion**, up **63%** year-on-year; operating profit was **HK$0.70 billion**[49](index=49&type=chunk) - Loss attributable to equity holders of the Company was **HK$2.62 billion**, mainly due to losses from associates, significant asset impairment provisions, and increased tax expenses[49](index=49&type=chunk) - Property contracted sales were approximately **RMB 6.8 billion** (approximately **HK$7.4 billion**), a year-on-year increase of **10%**, outperforming the national new home sales decline of **5.5%**[50](index=50&type=chunk) - Development revenue recognized was approximately **HK$7.46 billion**, a significant increase of **633%** from the same period last year; development gross profit margin was **14%**, a year-on-year decrease of **18 percentage points**[50](index=50&type=chunk) - Investment property income was approximately **HK$0.65 billion**, with an overall occupancy rate maintained at **90%**, outperforming market levels[51](index=51&type=chunk) - Property management income was approximately **HK$1.59 billion**, up **8%** from the same period last year, with a net expansion of **3.11 million sq.m.** in operating area[52](index=52&type=chunk) - Hotel operation income was approximately **HK$0.21 billion**, a **3%** increase from the same period last year, with a total of **8** hotels in operation or under management, and **9** more under construction[52](index=52&type=chunk) - Advanced manufacturing business revenue and net profit increased by **27%** and **106%** respectively year-on-year. Modern agriculture revenue grew by **108%**, with agricultural products sold to Hong Kong for the first time[53](index=53&type=chunk) - Successfully arranged and replaced a **HK$4.0 billion** syndicated loan, reducing HKD-denominated net debt by **HK$0.7 billion**, and administrative expenses decreased by **18%** compared to the same period last year[54](index=54&type=chunk) - Full impairment provisions have been made for the long-term equity investment in Road King Infrastructure Limited, which will not have a significant impact on the Group's future performance[54](index=54&type=chunk) [H2 Operating Plan](index=24&type=section&id=%E4%B8%8B%E5%8D%8A%E5%B9%B4%E7%B6%93%E7%87%9F%E8%A8%88%E5%8A%83) The Group will focus on "stabilizing performance" in H2 by accelerating property sales, enhancing real estate asset management, strengthening urban comprehensive operations, actively advancing strategic resource implementation, and reinforcing financial risk control to achieve full-year targets - Accelerate property sales and destocking through differentiated strategies, focusing on key projects, maintaining sales velocity for high-traffic projects, targeting new market entries, and rigorously managing inventory to optimize inventory structure[55](index=55&type=chunk) - Enhance real estate asset management by strengthening leasing and operations, optimizing rental strategies, promoting renovation and upgrading of older properties, and proactively planning for major ongoing projects[56](index=56&type=chunk) - Strengthen urban comprehensive operation businesses by expanding property operation scale through various means, improving management efficiency and profitability; commercial operations will enhance scalable replication capabilities to ensure timely opening of major projects; hotel operations will leverage resource integration to expand scale and improve operational efficiency[57](index=57&type=chunk) - Actively advance strategic resource implementation, prudently promote integrated benefit and urban renewal projects, and closely monitor market opportunities to expand market share[57](index=57&type=chunk) - Strengthen financial risk control, continue to reduce HKD-denominated debt, optimize debt maturity structure, strictly control investment standards, and ensure efficient capital allocation and stable returns[58](index=58&type=chunk) [Transformation Strategy](index=26&type=section&id=%E8%BD%89%E5%9E%8B%E6%88%B0%E7%95%A5%E6%80%9D%E8%80%83) Facing the shift from incremental expansion to existing asset renewal in the real estate market, the Group will accelerate business transformation, build new business models focused on real estate asset management and comprehensive operations, and develop technology industry investment services to achieve sustainable growth and long-term shareholder returns - China's urbanization is transitioning from rapid growth to stable development, with urban development shifting from large-scale incremental expansion to existing asset quality improvement, eliminating the basis for large-scale real estate expansion[59](index=59&type=chunk) - The Group will transform into a "real estate asset management and comprehensive operation service provider," gradually reducing the proportion of development business, expanding real estate management scale, enhancing operational service capabilities, and building a full-cycle asset management system encompassing investment, financing, construction, management, and exit[59](index=59&type=chunk) - Over the next three years, flagship projects and high-end hotels will commence operations, continuously optimizing the asset portfolio, strategically investing in high-quality operational real estate when appropriate, and developing agency construction services[60](index=60&type=chunk) - Strengthen real estate operation and management, providing high-quality services aligned with consumption trends and industry demands, enhancing rental returns and asset operating efficiency through refined operations, and deepening brand output and model innovation[61](index=61&type=chunk) - Build a closed-loop real estate capital system, engaging in real estate fund management, expanding diversified financing channels, and promoting the securitization of mature assets through REITs and other means to achieve capital recovery and premium exit[61](index=61&type=chunk) - Develop technology industry investment service capabilities, building a business matrix of "industrial space + technology services + investment incubation," focusing on technology sectors, improving park efficiency, and strengthening incubation and investment capabilities for technology enterprises[62](index=62&type=chunk) [Business Segment Details](index=28&type=section&id=%E6%A5%AD%E5%8B%99%E6%9D%BF%E5%A1%8A%E8%A9%B3%E6%83%85) This section provides detailed performance reviews for each of the Group's core business segments, including property development, property investment, urban comprehensive operations, advanced manufacturing, and agricultural operations [Property Development Business](index=28&type=section&id=%E7%89%A9%E6%A5%AD%E9%96%8B%E7%99%BC%E6%A5%AD%E5%8B%99) In H1 2025, the Group's property development business saw a **633%** surge in recognized sales revenue to **HK$7.46 billion**, with contracted sales increasing by **10%** to **HK$7.39 billion**, while new construction and completed areas both reached approximately **0.37 million sq.m.**, and land reserves remained healthy with **69%** in the Greater Bay Area - In H1, recognized property sales area was approximately **0.292 million sq.m.**, a year-on-year increase of approximately **439%**; recognized sales revenue was approximately **HK$7.46 billion**, a year-on-year increase of approximately **633%**[65](index=65&type=chunk) - The gross profit margin for real estate development sales was **13.8%**, a decrease of **18 percentage points** from the same period last year[65](index=65&type=chunk) - H1 contracted sales amounted to approximately **RMB 6.81 billion** (approximately **HK$7.39 billion**), a year-on-year increase of **10%**; contracted sales area was approximately **0.300 million sq.m.**, a year-on-year increase of **26%**[68](index=68&type=chunk) - Projects in the Guangdong-Hong Kong-Macao Greater Bay Area accounted for **80%** of contracted sales value, with residential products accounting for **88%**[68](index=68&type=chunk) - In H1, new construction area was approximately **0.370 million sq.m.**, and completed area was approximately **0.373 million sq.m.**[72](index=72&type=chunk) - As of June 30, 2025, the Group's land reserve had a total planned GFA of approximately **6.025 million sq.m.**, of which **69%** is located in the Greater Bay Area[75](index=75&type=chunk) - The second phase of Shenzhen Chegongmiao First Urban Renewal Unit project completed the land contract signing for the South plot, with a land price of approximately **RMB 1.1 billion** and a total GFA of **0.488 million sq.m.**, to be developed into a TOD urban complex[75](index=75&type=chunk) [Property Investment Business](index=34&type=section&id=%E7%89%A9%E6%A5%AD%E6%8A%95%E8%B3%87%E6%A5%AD%E5%8B%99) In H1 2025, the Group's property investment income was approximately **HK$0.65 billion**, with a gross profit margin of **70.1%**, maintaining an overall occupancy rate of **90%** despite market downturns, and enhancing asset value and rental income through property upgrades and refined operations - H1 property investment income was approximately **HK$0.65 billion**, with a property investment business gross profit margin of approximately **70.1%**[79](index=79&type=chunk) - As of June 30, 2025, the total area of investment properties was approximately **1.734 million sq.m.**, with a fair value of approximately **HK$33.50 billion**[79](index=79&type=chunk) - The overall occupancy rate was **90%**, with rental increases of up to **180%** achieved through renovation and upgrading of older properties[79](index=79&type=chunk) - Shenye Shangcheng office building pioneered the "0-cost fitted-out delivery" model, securing **7** new corporate clients against market trends, with **13** Fortune Global 500 companies, maintaining its position as second in Shenzhen[79](index=79&type=chunk) [Urban Comprehensive Operation Business](index=34&type=section&id=%E5%9F%8E%E5%B8%82%E7%B6%9C%E5%90%88%E9%81%8B%E7%87%9F%E6%A5%AD%E5%8B%99) The Group's urban comprehensive operation business generated approximately **HK$1.59 billion** in H1 revenue, up **8%** year-on-year, with a gross profit margin of **15.0%**, expanding property management area by **3.11 million sq.m.**, launching a "3+X" commercial strategy with **29%** sales growth, and increasing hotel operation revenue by **3%** while expanding its scale - H1 property management business income was approximately **HK$1.59 billion**, up **8%** from the same period last year, with a gross profit margin of approximately **15.0%**[80](index=80&type=chunk) - Contracted management area was approximately **105.85 million sq.m.**, and managed area was approximately **102.40 million sq.m.**, with independent third-party projects accounting for approximately **81%** and non-residential formats for approximately **71%**[80](index=80&type=chunk) - Shenye Operations net expanded managed area by approximately **3.11 million sq.m.**, with total contract value of **RMB 0.41 billion**, achieving continuous breakthroughs in urban property management and public building property sectors[81](index=81&type=chunk) - Launched the "3+X" commercial product line strategy, opened **77** new stores, with Shenye Shangcheng's footfall exceeding **20 million**, and sales increasing by **29%** year-on-year[82](index=82&type=chunk) - Hotel operating income was approximately **HK$0.21 billion**, up **3%** from the same period last year, with a gross profit margin of approximately **22.9%**, a year-on-year increase of **8.7 percentage points**[83](index=83&type=chunk) - The total number of hotels under operation, management, and planning is **17**, of which **8** are already in operation[83](index=83&type=chunk) - Shenzhen Mandarin Oriental Hotel's room revenue ranked first in the Shenzhen luxury hotel competitive set, and Wuyishan Jingju Resort Hotel successfully opened[83](index=83&type=chunk) [Advanced Manufacturing Business](index=37&type=section&id=%E5%85%88%E9%80%B2%E8%A3%BD%E9%80%A0%E6%A5%AD%E5%8B%99) The Group's advanced manufacturing business achieved **HK$0.23 billion** in H1 revenue, up **27%** year-on-year, with a gross profit margin of **26.2%**, as its subsidiary Jinghua Company, a national "specialized and new small giant" enterprise, saw a **25%** increase in shipments, optimized cost control, and continued R&D efforts - H1 manufacturing business income was **HK$0.23 billion**, up **27%** year-on-year, with a gross profit margin of approximately **26.2%**, a year-on-year increase of **1.9 percentage points**[88](index=88&type=chunk) - Jinghua Company's shipments increased by **25%** compared to the same period last year, inventory decreased by **17%**, and **2** invention patents were applied for and **1** invention patent was granted in H1[88](index=88&type=chunk) [Agricultural Operations Business](index=38&type=section&id=%E8%BE%B2%E6%A5%AD%E7%B6%93%E7%87%9F%E6%A5%AD%E5%8B%99) The Group's agricultural operations business generated approximately **HK$0.14 billion** in H1 revenue, a significant **108%** year-on-year increase, with a gross profit margin of **3.1%**, achieving a "zero breakthrough" in agricultural product exports and stable operation of agri-tourism projects - H1 agricultural operations income was approximately **HK$0.14 billion**, a significant year-on-year increase of **108%**, with a gross profit margin of approximately **3.1%**, a year-on-year increase of **5.2 percentage points**[89](index=89&type=chunk) - Frozen pork was supplied to Hong Kong for the first time, achieving a "zero breakthrough" in agricultural product exports[89](index=89&type=chunk) - The project matrix of "3 Four Seasons Gardens + 2 Four Seasons Flower Valleys" has largely taken shape, with Shenzhen Dapeng Four Seasons Coastal Garden focusing on research and study tourism, and Nanao Four Seasons Garden Homestay gaining market recognition[89](index=89&type=chunk) [Financial and Other Matters](index=38&type=section&id=%E8%B2%A1%E5%8B%99%E8%88%87%E5%85%B6%E4%BB%96%E4%BA%8B%E9%A0%85) This section covers the Group's financial management, including successful syndicated loan refinancing, debt structure, and the impact of exchange rate fluctuations, alongside other significant items such as increased other expenses, associate performance, asset pledges, and legal proceedings [Financial Management Overview](index=38&type=section&id=%E8%B2%A1%E5%8B%99%E7%AE%A1%E7%90%86%E6%83%85%E6%B3%81) The Group successfully refinanced a **HK$4.0 billion** syndicated loan, optimizing its capital structure, with total bank and other borrowings at **HK$37.19 billion** and a net gearing ratio of **73.0%** as of June 30, 2025, while administrative expenses decreased by **18%** through lean management - Successfully arranged and replaced a **HK$4.0 billion** syndicated loan, ensuring capital security[90](index=90&type=chunk) Funding and Financing Situation (HK$ Billion) | Item | June 30, 2025 | December 31, 2024 | Change (HK$ Billion) | | :--- | :--- | :--- | :--- | | Bank loans and other borrowings | 37.19 | 37.37 | (0.18) | | – Long-term borrowings | 27.16 | 22.81 | 4.35 | | – Short-term borrowings | 10.03 | 14.56 | (4.53) | | Cash (including restricted cash) | 10.35 | 11.80 | (1.45) | | Net gearing ratio | 73.0% | 66.3% | +6.7% | - The proportion of floating-rate borrowings and fixed-rate borrowings was **68%** and **32%** respectively; the proportion of long-term borrowings and short-term borrowings was **73%** and **27%** respectively[90](index=90&type=chunk) - The proportion of HKD-denominated borrowings and RMB-denominated borrowings was **38%** and **62%** respectively[90](index=90&type=chunk) - The depreciation of the RMB exchange rate led to a **HK$0.94 billion** fluctuation in RMB assets and earnings relative to HKD, recognized in other comprehensive income[92](index=92&type=chunk) - Administrative expenses decreased by **18%** compared to the same period last year, saving approximately **HK$0.11 billion** in expenses[93](index=93&type=chunk) [Other Significant Matters](index=39&type=section&id=%E5%85%B6%E4%BB%96%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A0%85) The Group's other expenses significantly increased in H1, mainly due to inventory impairment provisions, with major joint ventures and associates, particularly Road King Infrastructure, performing poorly and incurring substantial losses, while the Group has asset-backed loans and financial guarantees, and faces a lawsuit of approximately **RMB 0.22 billion** - In H1 2025, other expenses were approximately **HK$0.34 billion**, a year-on-year increase of **113%**, primarily due to inventory impairment provisions of approximately **HK$0.19 billion**[94](index=94&type=chunk) - The performance of major joint ventures and associates was unsatisfactory, with Road King Infrastructure Limited contributing a loss (including impairment losses) of approximately **HK$1.81 billion**[95](index=95&type=chunk) - The Group's remaining book value of equity in Road King Infrastructure is approximately **HK$0.17 billion**, which fairly reflects its market value, and future performance will not have a significant negative impact[96](index=96&type=chunk) - As of June 30, 2025, the Group had asset-backed loans totaling **HK$8.19 billion** and provided guarantees totaling **HK$0.87 billion**[97](index=97&type=chunk)[98](index=98&type=chunk) - Shenye Tairan Company faces a lawsuit of approximately **RMB 0.22 billion**, which is currently under trial, and the Company is assessing its financial impact[99](index=99&type=chunk) - As of June 30, 2025, the Group employed a total of **20,261** employees, with total remuneration of approximately **RMB 1.228 billion**[100](index=100&type=chunk) [Corporate Governance](index=41&type=section&id=%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86) This section addresses the Group's adherence to corporate governance principles, including the decision not to declare an interim dividend, compliance with the Corporate Governance Code, the composition and review activities of the Audit Committee, and the absence of securities transactions [Interim Dividends](index=41&type=section&id=%E4%B8%AD%E6%9C%9F%E8%82%A1%E6%81%AF) The Board of Directors has resolved not to declare any interim dividend for the six months ended June 30, 2025 - The Board has resolved not to declare any interim dividend for the six months ended June 30, 2025[101](index=101&type=chunk) [Corporate Governance](index=41&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB) The Company complied with the Corporate Governance Code during the reporting period, though the Chairman and CEO roles are temporarily held by the same individual, and the company is seeking a suitable candidate to meet code requirements - The Company has applied and complied with the principles and all code provisions of the Corporate Governance Code set out in Appendix C1 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[102](index=102&type=chunk) - Mr. Wang Yuwen continued to serve as the Company's President after assuming the role of Chairman of the Board on April 29, 2025; this arrangement deviates from Code Provision C.2.1 but is temporary, and the Company is seeking a suitable candidate[102](index=102&type=chunk) [Audit Committee](index=41&type=section&id=%E5%AF%A9%E6%A0%B8%E5%A7%94%E5%93%A1%E6%9C%83) The Audit Committee, comprising three independent non-executive directors, has reviewed the Group's adopted accounting principles and practices, and the unaudited condensed consolidated financial information for the six months ended June 30, 2025 - The Audit Committee comprises three independent non-executive directors: Mr. Li Wai Keung, Dr. Wong Yau Kar, and Professor Gong Peng[103](index=103&type=chunk) - The Audit Committee has reviewed the accounting principles and practices adopted by the Group and the unaudited condensed consolidated financial information for the six months ended June 30, 2025[103](index=103&type=chunk) [Securities Transactions](index=42&type=section&id=%E8%AD%89%E5%88%B8%E4%BA%A4%E6%98%93) Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the six months ended June 30, 2025 - Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the six months ended June 30, 2025[104](index=104&type=chunk) [Acknowledgements](index=42&type=section&id=%E9%B3%A5%E8%AC%9D) The Board of Directors expresses sincere gratitude to investors, shareholders, fellow directors, and all employees for their trust, support, diligent work, loyal service, and contributions during the reporting period - The Board expresses its sincere gratitude to the Group's investors and shareholders for their trust and support, and to fellow directors and all employees of the Group for their diligent work, loyal service, and contributions during the six months ended June 30, 2025[105](index=105&type=chunk)

Core Insights - Shenzhen Holdings' subsidiary, Shenye Pengji (Group) Co., Ltd., has issued a tender for the renovation of the top-floor conference room of the Zhongfa Building, with a budget of 1.1089 million yuan [1] Company Summary - Shenye Pengji (Group) Co., Ltd. is a wholly-owned subsidiary of Shenzhen Holdings [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （於香港註冊成立之有限公司） （股份代號：00604） 有關提供二零二五年數字化開發及維護服務的 關連交易及全面獲豁免持續關連交易 二零二五年數字化框架協議 於二零二五年八月二十二日，深業科技（本公司全資附屬公司）與深業集團訂 立二零二五年數字化框架協議，當中載列委聘深業科技向經擴大深業集團集 團的成員公司提供若干數字化開發及維護服務的框架。 關連及持續關連交易 由於深業集團為本公司之最終控股公司（其於本公告日期透過深業（集團）持 有全部已發行股份之約63.19%），故深業集團集團之成員公司為本公司之關 連人士。 因此，根據上市規則第十四A章，(i)有關開發服務之交易構成本公司之關連交 易；及(ii)有關維護服務之交易構成本公司之持續關連交易。 有關開發服務之交易 由於深業集團集團服務接收方根據二零二五年數字化框架協議就開發服務應 付深業科技之服務費之最高金額之最高適用百分比率超過0.1%但低於5%，因 ...

Core Viewpoint - Shenzhen Holdings (00604) reported a significant impairment loss of approximately HKD 1.3 billion related to its equity interest in the Hong Kong-listed associate, Road King Infrastructure Limited (01098), leading to an expected unaudited consolidated loss attributable to equity shareholders of between HKD 2.5 billion and HKD 2.7 billion for the first half of 2025, compared to an unaudited consolidated loss of approximately HKD 1.1 billion in the same period of 2024 [1] Summary by Sections - The company anticipates a substantial increase in net loss attributable to equity shareholders primarily due to the recognition of a significant impairment loss on Road King and an increase in the losses shared from Road King during the period [1] - The company has made adequate impairment provisions for its long-term equity investment in Road King, indicating that future performance will not have a significant negative impact on the group [1]