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]

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 in June and July [1][6] - The auction attracted only one bidder, Shenzhen Shenye Xingpeng Investment Co., a subsidiary of Shenye Group, reflecting cautious sentiment among developers due to anticipated supply pressures in the area [1][6] Land Auction Details - The A815-0036 plot, designated for residential use, covers an area of 21,920.84 square meters with a floor area ratio of 3.1, allowing for a total construction area of 67,950 square meters, including residential, commercial, and educational facilities [2][4] - The land sale conditions were lenient, with no mandatory construction requirements or price limits, and the winning bidder is required to start construction within one year and complete it within four years [2][4] Market Trends - In 2025, Shenzhen plans to auction nine residential plots, with Longhua accounting for four, representing 44% of the total supply, highlighting its role as a major supplier in the market [3] - The previous two plots in Longhua achieved premiums of over 40%, with significant interest due to their prime locations, contrasting sharply with the recent A815-0036 plot's performance [4][6] Developer Strategy - The acquisition of the A815-0036 plot at a base price has sparked discussions about Shenye Group's strategy to secure quality land at low costs while avoiding high premium risks, positioning itself advantageously amid policy and planning benefits [5][6] - Analysts suggest that the current trend of resource concentration in "super core" areas is leading developers to adopt a more cautious approach towards secondary core plots, influenced by concerns over inventory pressure due to expected new supply exceeding 1.5 million square meters in Longhua by 2026-2027 [6]

Group 1: Shenzhen Holdings Business Progress - Shenzhen Holdings announced the completion of the demolition phase for the second phase of the Chegongmiao First Renewal Unit project, with the land contract signed in June 2025, entering the substantive development stage [1] - The project covers an area of 28,000 square meters with a total construction area of 488,000 square meters, and a planned gross floor area of 360,000 square meters, aiming to create a TOD urban complex that integrates office, industry, and commerce [1] - In Q2 2025, the company reported an unaudited contract sales amount of approximately 3.68 billion RMB, a 17.5% increase from Q1, with a contract sales area of about 192,200 square meters [1] Group 2: Sales Performance - For the first half of 2025, the company reported an unaudited total contract sales amount of approximately 6.814 billion RMB, a 10.3% increase year-on-year, with a total contract sales area of about 299,500 square meters, up 25.5% from the previous year [1] - The average selling price per square meter was approximately 22,751 RMB [1] Group 3: Deep Industry Developments - Deep Industry's second quarter foot traffic increased by 15% year-on-year, with over 320,000 visitors on the first day of the Qingming Festival, setting a new single-day foot traffic record for commercial entities in the Futian District [2] - The company received accolades such as the "Top 50 Shopping Centers with Outstanding Comprehensive Strength" from Guandian Network and the "Gold Award for Most Popular Mall in the Greater Bay Area" from Hong Kong travel website Gotrip [2] - The introduction of the first duty-free shop in Shenzhen to Deep Industry is set to open in Q3, enhancing the diversity of the commercial ecosystem [2]

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]