Core Viewpoint - The article discusses the need for a balanced asset allocation strategy among stocks, bonds, and gold in the context of the 2025 global capital market, which is characterized by significant differentiation and changing dynamics [1] Group 1: Stock Investment - Investors are advised to focus on Hong Kong stocks with core competitive advantages, particularly in digital infrastructure, smart city solutions, and electric vehicle charging networks [1] - Specific companies highlighted include those with a 37% year-on-year revenue growth in smart city solutions and strategic breakthroughs in electric vehicle charging networks [1] - Other notable sectors include biopharmaceutical innovation and metaverse application development, which have established differentiated competitive advantages [1] Group 2: Bond Market - The bond market is experiencing a divergence between government bonds and corporate credit bonds, with the 10-year U.S. Treasury yield stabilizing around 3.8% and investment-grade corporate bond spreads narrowing to 150 basis points [1] - Green bonds issued by certain companies received oversubscription due to carbon neutrality certification, while convertible bonds are favored by hedge funds due to their conversion premium advantages [1] - A "barbell strategy" is recommended for bond portfolio allocation, focusing on high-rated short-duration bonds and inflation-protected securities (TIPS) [1] Group 3: Gold as an Asset - Gold is undergoing a repositioning as a traditional safe-haven asset, with physical gold ETF holdings reaching record highs, although digital currencies are increasingly seen as alternatives [1] - The current price of London gold is around $1,950 per ounce, reflecting a 12% decline from its 2024 peak [1] - Investment strategies include indirect exposure through gold mining stocks or structured products linked to gold prices to capture rebound opportunities while managing volatility risks [1] Group 4: Investment Portfolio Construction - The Morningstar Q2 2025 report suggests a "433" allocation strategy: 40% in stocks, 30% in bonds, and 30% in alternative assets, including gold ETFs and commodity funds [1] - This allocation considers the growth potential of certain growth stocks while providing yield protection through high-yield bonds and hedging tail risks with precious metal derivatives [1] - As the Federal Reserve's balance sheet reduction nears its end, investors are encouraged to monitor interest-sensitive assets, credit spread indices, and volatility indicators for dynamic asset allocation adjustments [1]

Market Position and Strategy - Shinsun Holdings has established a leading market position in Zhejiang Province after over 20 years of development[8]. - The Group has developed four series of residential properties targeting different customer segments, including first-time purchasers and high-net-worth customers[9]. - The "Shinsun Town" model has been developed to design residential and commercial properties based on the concept of being living-friendly, business-friendly, tourism-friendly, and retirement-friendly[9]. - The Group adopts a proactive and standardized approach to property development, with a three-tier organizational structure[14]. - The company will adjust its corporate development strategy in response to changes in the market environment[15]. - The Group is focusing on expanding its residential and commercial property portfolio despite the challenging market conditions[44]. - The company has implemented various strategies to navigate the current market environment, including adjusting its project timelines and financing approaches[44]. Financial Performance - The Group's financial highlights and performance metrics are detailed in the annual report, indicating growth and market expansion[5]. - The consolidated statement of profit or loss and other comprehensive income provides insights into the Group's financial performance[10]. - Contracted sales for the year ended December 31, 2022, amounted to approximately RMB 25,629.9 million, a decrease of approximately 68.1% compared to the previous year[31]. - Total revenue for the same period was approximately RMB 19,701.0 million, reflecting a decline of approximately 54.9% year-on-year[31]. - Total equity as of December 31, 2022, was approximately RMB 7,247.79 million, down 57.2% from the same period in 2021[32]. - Interest-bearing liabilities amounted to RMB 28,583.7 million, a decrease of approximately 16.9% compared to the end of the previous year[33]. - The gross profit for the year was approximately RMB 1,737.2 million, a decline of approximately 63.1% year-on-year, with a gross profit margin of 8.8% compared to 10.8% in 2021[51]. - The Group recorded a loss before tax of approximately RMB 3,257.1 million in 2022, compared to a profit of approximately RMB 1,639.9 million in 2021[142]. - The Group's revenue from property development and sales in 2022 amounted to approximately RMB 19,577.1 million, representing a year-on-year decrease of approximately 55.1%[101]. - The Group's total revenue for 2022 was approximately RMB 19,701.0 million, down 54.9% from RMB 43,719.0 million in 2021[93]. Market Challenges - The real estate market faced significant challenges in 2022, with a 26.7% year-on-year decline in commodity housing sales[44]. - The Group's strategy in 2022 was influenced by overall market sluggishness and a lack of confidence among real estate investors[68]. - The proportion of customers adopting a wait-and-see attitude significantly impacted the Group's sales performance[68]. - The outlook for 2023 indicates that the government will introduce policies to stabilize the real estate industry, with expectations for gradual recovery in customer sentiment towards home ownership[52]. Project Development - The company has several major property projects, including the Shanghai Xiangsheng Center, which is expected to be completed by December 31, 2026, with a total gross floor area of 284,173.56 square meters[37]. - The Zhuji Shinsun City Light project is set to be completed by August 31, 2024, with a total gross floor area of 330,010.21 square meters[39]. - The Hangzhou Shinsun Jiangshanyun Yuebei Mansion is expected to be completed by September 8, 2023, with a total gross floor area of 204,508.50 square meters[40]. - The Group successfully completed the delivery of 20 projects in 2022, with a total delivery area of approximately 2.08 million sq.m. and 13,291 units delivered[51]. - As of December 31, 2022, the Group had 65 property projects under development, with a total GFA of approximately 7.68 million sq.m., a decrease from approximately 13.10 million sq.m. as of December 31, 2021[89]. Land Bank and Future Plans - The total land bank attributable to the Group is 12,634,000 sq.m., representing 100% of the total land bank[77]. - The completed properties available for sale/lease and investment amount to 1,556,000 sq.m., which is 12.34% of the total land bank[78]. - The estimated gross floor area (GFA) under development for future projects is 1,200,000 sq.m., accounting for 9.50% of the total land bank[78]. - The Group's future development plans include an estimated GFA of 1,200,000 sq.m. across various provinces, indicating a strategic focus on expansion[78]. Financial Risks and Management - The Group's financial risks include interest rate risk, credit risk, foreign currency risk, and liquidity risk, with a strategy to minimize exposure to these risks[162]. - The Group has implemented policies to manage credit risk by ensuring credit is only extended to counterparties with appropriate credit histories[166]. - The Group continuously monitors its liquidity position, including expected cash inflows and outflows, to meet operational needs[176]. - The Group has not used any derivatives or other instruments for hedging purposes, maintaining a conservative approach to risk management[162]. Equity and Investments - The Group disposed of a 23.8095% equity interest in Zhejiang Sunflower Health Industry Development Co., Ltd. for RMB336,990,471.75 (approximately HK$410,963,989.939) on January 7, 2022[182]. - The Group sold a 51% equity interest in Hangzhou Bintuo Enterprise Management Co., Ltd. for RMB487,036,040.11 on January 17, 2022[184]. - The Group acquired a 7.3258% equity interest in Hangzhou Didang Investment Management Partnership for RMB160,000,000 and settled a debt of RMB398,868,517.15 on January 17, 2022[189]. - The Group sold a 58.5% equity interest in Linhai Ziyuan Yintong Property Co., Ltd. for RMB272,000,000 on March 18, 2022[188].

Financial Performance - The group's contract sales attributable to the parent company amounted to RMB 25,629.9 million, a decrease of approximately 68.1% compared to the same period last year[6]. - Total revenue was approximately RMB 19,701.0 million, representing a decrease of about 54.9% year-on-year[6]. - The loss for the year was approximately RMB 3,926.6 million, a shift from a profit of RMB 480.7 million in the same period last year[6]. - Gross profit totaled approximately RMB 1,737.2 million, down about 63.1% compared to the previous year[6]. - Core net loss was approximately RMB 2,130.6 million, compared to a core net profit of RMB 479.9 million in the same period last year, with a core net loss margin of 10.8%, a decrease of 11.9 percentage points year-on-year[6]. - The group's property sales revenue for 2022 was RMB 19,577,073, a decrease of 55.1% compared to RMB 43,560,590 in 2021[50]. - The gross profit margin decreased to 8.8% from 10.8% in the previous year[100]. - The group reported a loss attributable to equity holders of the parent of RMB 3,878,628 for 2022, compared to a loss of RMB 215,363 in 2021[59]. - The total tax expense for 2022 was RMB 669,470, a decrease of 42.3% from RMB 1,159,246 in 2021[56]. - The group recorded a net loss of RMB 3,926,577,000 for the year ended December 31, 2022, compared to a profit of RMB 480,675,000 in the previous year, representing a decline of 916.9%[90]. Debt and Liabilities - The net asset liability ratio increased from 1.5 as of December 31, 2021, to 3.3 as of December 31, 2022[6]. - Interest-bearing debt was approximately RMB 28,583.7 million, a reduction of about 16.9% from the previous year-end[6]. - The group reported a total of RMB 12,454,465,000 and RMB 13,172,070,000 in defaults or cross-defaults related to bank loans and other borrowings as of December 31, 2022[23]. - The total liabilities decreased by 16.9% to RMB 28.6 billion from RMB 34.4 billion[75]. - The total value of current liabilities decreased by approximately 11.2% from RMB 111,406.2 million on December 31, 2021, to RMB 98,982.9 million on December 31, 2022[166]. - The company's debt-to-asset ratio was approximately 93.8%, an increase from 88.4% in 2021, primarily due to losses leading to a decrease in net assets[200]. Cash Flow and Liquidity - Cash and bank balances were approximately RMB 4,645.2 million, down about 45.0% from the previous year-end[6]. - The group has actively negotiated with financial institutions for the renewal, extension, and replacement of bank loans and other borrowings[12]. - The board believes that the group will have sufficient working capital to meet its financial obligations due within the next 18 months[13]. - The group has successfully negotiated extensions or deferments of repayments with existing lenders, which is crucial for maintaining liquidity[24]. - The group plans to seek alternative financing and loans to meet its financial obligations and future operational and capital expenditures[45]. - The group aims to sell equity in certain project development companies to generate additional cash flow[46]. - The group has taken measures to improve liquidity and financial conditions, including seeking alternative financing and expediting the collection of outstanding sales revenue[92]. Revenue Sources and Growth - The group achieved a total revenue of RMB 579,668,000 in 2022, an increase from RMB 436,408,000 in 2021, representing a growth of approximately 32.8%[28]. - Subsidy income increased significantly to RMB 140,498,000 in 2022 from RMB 41,364,000 in 2021, marking a growth of 239.5%[28]. - Other income and gains increased by 32.8% to RMB 579.7 million for the year ended December 31, 2022, compared to RMB 436.4 million in the previous year, mainly due to increased revenue from joint ventures[141]. - The group's property management service revenue increased by 19.8% to approximately RMB 20.8 million, primarily due to growth in Tian Tai Commercial's property management income[118]. Operational Performance - The company successfully delivered 20 projects, with a total delivery area of approximately 2.08 million square meters and 13,291 units delivered[71]. - The average number of ordinary shares issued during 2022 was 3,043,403,000, with a basic and diluted loss per share of RMB 1.27[59]. - The total completed properties available for sale amounted to 3,685,312.19 square meters, with a total estimated construction area of 7,681,735.16 square meters[136]. - The group has ongoing construction projects with a planned building area of 7,265,904.73 square meters, indicating future development potential[132]. - The group has 188 projects in total, with 53 projects located in the Yangtze River Delta region, accounting for 22.67% of the total land reserve[136]. Market Conditions and Risks - The group faces significant uncertainties regarding its ability to continue as a going concern, which may impact its financial statements[42]. - The group has identified future development areas with an estimated building area of 1,142,317.31 square meters, indicating growth opportunities[132]. - The group faced significant risks including interest rate risk, credit risk, foreign currency risk, and liquidity risk, and has adopted conservative strategies for risk management[163]. - The outlook suggests that the government will continue to promote stable economic growth and support the real estate sector, which may improve the external environment[72]. Asset Management - The total assets decreased by 19.9% to RMB 116.7 billion from RMB 145.7 billion in the previous year[75]. - The total land reserve amounted to 12,643,524.47 square meters, representing 100% of the group's land reserves[136]. - The group has a significant land reserve in Zhejiang, accounting for 50.64% of the total land reserves, with 6,402,618.43 square meters[132]. - The group has a land reserve in Jiangsu province of 1,138,767.31 square meters, representing 9.01% of the total land reserves[132]. - The group has a land reserve in Anhui province of 1,310,701.43 square meters, which is 10.37% of the total land reserves[132]. Investment Activities - The company sold a 23.8095% stake in Zhejiang Sunflower Health Industry Development Co., Ltd. for a cash price of RMB 487,036,040.11 on January 17, 2022[174]. - The company sold a 58.5% stake in Linhai Ziyuan Yintong Real Estate Co., Ltd. for a cash price of RMB 272,000,000 on March 18, 2022[177]. - The company sold a 51% stake in Hangzhou Bintuo Enterprise Management Co., Ltd. for a cash price of RMB 160,000,000 on January 17, 2022[179]. - The company sold a 50% stake in Huzhou Jiaotou Xiangsheng Real Estate Development Co., Ltd. for a cash price of RMB 92,500,000 on June 3, 2022[190]. - The company sold 100% of the stake in Shaoxing Xiangsheng Hongxing Real Estate Development Co., Ltd. on July 12, 2022[183]. - The company sold a 55% stake in Chun Yuan Health Care Service Co., Ltd. for a cash price of RMB 13,432,224.02 on November 17, 2022[186]. - The company sold a 50% stake in Anji Santian Tianye Muge Tourism Development Co., Ltd. for a cash price of RMB 22,963,110.45 on November 17, 2022[192]. - The company transferred accounts receivable valued at RMB 78,198,700 to Hangzhou Jinglu for a cash price of RMB 69,486,283.54 on November 17, 2022[192].

Economic Overview - In the first half of 2022, China's GDP was approximately RMB 56,264.2 billion, representing a year-on-year increase of 2.5%[10][13]. - Nationwide property development investment decreased by 5.4% year-on-year from January to June 2022[11][14]. - Newly constructed gross floor area (GFA) and completed GFA decreased by 34.4% and 21.5% year-on-year, respectively, marking the largest decrease in absolute values on record[11][14]. Company Performance - In the first half of 2022, the Group achieved revenue of RMB8,461.7 million and total contracted sales of approximately RMB15,400.0 million, with an average contracted selling price of RMB13,841 per sq.m.[19] - Contracted sales attributable to the Group's interests decreased by 69.0% to RMB 15,399,961,000 compared to RMB 49,681,119,000 in the previous year[38]. - Revenue dropped by 46.8% to RMB 8,461,663,000 from RMB 15,893,961,000 year-on-year[38]. - Gross profit fell by 68.6% to RMB 900,378,000 compared to RMB 2,864,956,000 in the previous year[38]. - The Group reported a core net loss of RMB 622,130,000, a decline of 163.9% from a profit of RMB 973,114,000 in the previous year[38]. Operational Efficiency - The Group's operational efficiency score was 9.77, ranking it among the TOP3 in the 2022 Overall Strength Ranking of Listed Companies in Real Estate[21]. - The Group implemented nearly 19 batches of project deliveries in the first half of the year, aiming to enhance customer satisfaction[19]. - The Group's new management model of "7+2" aims to improve operational efficiency through organizational structure adjustments[19]. Financial Position - Total assets decreased by 9.5% to RMB 131,854,279,000 from RMB 145,743,132,000[38]. - Cash and bank balances were down by 40.0% to RMB 5,067,423,000 from RMB 8,448,078,000[38]. - Total liabilities decreased by 8.7% to RMB 117,600,111,000 from RMB 128,790,777,000[38]. - The net gearing ratio increased to 168.0% from 153.0%[38]. - The Group's cash position includes restricted cash and proceeds from pre-sale of properties, which are critical for meeting operational needs[96]. Land Bank and Development - The Group has an attributable land reserve of approximately 16.9 million sq.m., with operations in 43 cities across 11 provinces in China[19]. - As of June 30, 2022, the total land bank attributable to the Group was approximately 16.9 million sq.m., with approximately 3.9 million sq.m. from completed properties available for sale/for lease and for investment purposes[52]. - Approximately 10.5 million sq.m. of the land bank was under development, and approximately 2.5 million sq.m. was reserved for future development[52]. Corporate Governance - The Group is committed to high standards of corporate governance to safeguard shareholder interests and enhance corporate value[159]. - The Company appointed Mr. Hung Yuk Miu as an independent non-executive Director and chairman of the Audit Committee on 1 March 2022, ensuring compliance with the Listing Rules[153]. - The Company has adopted the Model Code for Securities Transactions by Directors, confirming compliance by all Directors during the reporting period[159]. Public Welfare and Community Engagement - The Group's employee volunteer activities involved 212 participants, with a total donation exceeding RMB15.25 million across 10 public welfare projects[24]. - The Group actively participates in public welfare initiatives, including poverty alleviation and disaster relief, while maintaining sound operations[21]. Challenges and Outlook - The Group remains cautiously optimistic about the outlook of property development in China, anticipating a new development mode in the real estate industry[28]. - The overall performance was significantly impacted by systemic risks in the real estate sector, leading to discounted sales in third-tier and fourth-tier cities to improve liquidity[88].

Market Position and Strategy - The Group has established a leading market position in Zhejiang Province after over 20 years of development[16]. - The "1+1+X" expansion strategy focuses on deepening penetration in the Pan-Yangtze River Delta Region and expanding into high-growth potential cities such as Jingmen, Hengyang, and Hohhot[21]. - The Group aims to enhance its market presence through strategic property development initiatives[45]. - The Group's strategy focuses on long-term deep cultivation and selective expansion, particularly in the Zhejiang and Pan-Yangtze River Delta regions[64][70]. - The Group's land acquisition strategy focuses on high-potential areas, ensuring sustainable development and profitability[170]. Property Development and Portfolio - The Group has developed four series of residential properties targeting different customer segments, including Arbor series for first-time purchasers and Top series for high-net-worth customers[17]. - The Group has built a diversified portfolio of commercial properties, including office buildings, shopping centers, and hotels[17]. - The Group delivered over 40,000 new homes during the year, focusing on ensuring construction progress and product delivery[76]. - The Group has a diverse project portfolio across multiple cities, enhancing its market presence and growth potential[165]. - The ongoing projects and future developments are expected to contribute positively to the Group's financial performance in the coming years[173]. Financial Performance - Contracted sales for the year ended December 31, 2021, amounted to approximately RMB 80,331 million, representing a decrease of approximately 6.3% compared to the previous year[37]. - Total revenue for the same period was approximately RMB 43,719 million, which increased by approximately 2.8% compared to the corresponding period in the previous year[37]. - In 2021, the Group achieved revenue of RMB 43.7 billion, a decrease of 6.3% compared to 2020, and net profit of approximately RMB 0.5 billion, down 84.3% year-on-year[67][69]. - The gross profit margin decreased to 10.5%, compared to 18.1% in the previous year[100]. - Revenue from property development and sales for the year was RMB 43,560.6 million, a decrease of 6.3% from RMB 46,487.3 million in the previous year[196]. Land Bank and Projects - By the end of 2021, the Group's attributable total land bank was 20.81 million square meters, with 7.74 million square meters in the Pan-Yangtze River Delta region and 10.46 million square meters in Zhejiang Province, accounting for 37.2% and 50.3% of the total land bank respectively[71]. - The total land bank is strategically allocated to maximize investment returns and support the Group's long-term growth objectives[168]. - The total land bank attributable to the Group is 18,971,682.37 square meters, representing 100.0% of the total[176]. - The Group has 198 projects across various cities, indicating a significant market presence[176]. - The total land cost attributable to the Group was RMB 18,073 million, averaging RMB 6,202 per sq.m. based on the total gross floor area (GFA) of 2,913,783 sq.m.[153]. Regulatory Environment and Risk Management - The tightening of regulation and control policies in the second half of 2021 has set more specific directions for the long-term healthy development of the industry[72]. - The Group aims to enhance risk prevention awareness and response capabilities amid tightening industry regulations[91]. - The company aims to achieve long-term, healthy, and sustainable development by actively responding to regulatory requirements and embracing industry changes[60]. Awards and Recognition - The company received multiple awards in 2021, including recognition as an outstanding brand value enterprise in the real estate sector[30][35]. - The Group received multiple honors in 2021 for product quality, including Top 20 Super Product Power of China Real Estate Enterprises and Top 15 Benchmark Projects[78].

Economic Performance - In the first half of 2021, China's GDP reached approximately RMB 53,216.7 billion, representing a year-on-year increase of about 12.7%[25] - The total sales area of commercial housing from January to June 2021 was approximately 890 million square meters, a year-on-year increase of approximately 27.7%[25] - The sales amount of commercial housing during the same period was approximately RMB 9.3 trillion, reflecting a year-on-year growth of 38.9%[25] Company Financials - In the first half of 2021, the Group achieved revenue of approximately RMB15,894.0 million, a year-on-year increase of approximately 19.6%[33] - The net profit for the same period was approximately RMB973.1 million, representing a year-on-year increase of 135.6%[33] - Core net profit attributable to owners of the Company was approximately RMB533.9 million, an increase of approximately 54.8% compared to the same period last year[33] - Revenue for the period was RMB 15,893,961, up 19.6% from RMB 13,291,758 in 2020[50] - Gross profit increased to RMB 2,864,956, reflecting a 19.3% rise from RMB 2,401,455 in 2020[50] - Profit for the period surged to RMB 973,114, marking a 135.6% increase from RMB 413,122 in 2020[50] Sales and Contracts - The sales amount for equity contracts from January to June 2021 was RMB49,681.1 million, with a GFA for equity contracts of 3,763.6 thousand sq.m.[33] - The Group achieved contracted sales attributable to the Group of approximately RMB49,681.1 million, an increase of approximately 30.4% from RMB38,112.3 million for the six months ended June 30, 2020[56] - The contracted sales in GFA attributable to the Group amounted to approximately 3,763,636 sq.m., representing an increase of approximately 28.3% from approximately 2,933,744 sq.m. for the six months ended June 30, 2020[56] - The Group's average contracted selling price (ASP) for the six months ended June 30, 2021 was RMB13,200/sq.m., an increase of approximately 1.6% from RMB12,991/sq.m. for the six months ended June 30, 2020[56] Land Acquisition and Development - The Group obtained 18 new land banks in the first half of 2021, with a total land area of 1,872.6 thousand sq.m.[33] - The Group's land acquisition strategy includes a focus on residential and commercial land use, with significant projects in cities like Hangzhou and Shaoxing[66] - As of June 30, 2021, the total land bank attributable to the Group was 22.9 million sq.m., with 3.7 million sq.m. completed properties available for sale/leasable, 14.0 million sq.m. under development, and 5.2 million sq.m. for future development[78] Revenue Streams - Revenue from property development and sales was RMB15,774.5 million, a 19.7% increase compared to RMB13,175.4 million in the previous year[111] - Revenue from property leasing increased by 69.7% to RMB35.4 million from RMB20.9 million[111] - Revenue from management consulting services decreased by approximately 1.1% to approximately RMB75.8 million, primarily due to changes in project content[120] Financial Position - Total assets as of June 30, 2021, were RMB 172,656,419, an 8.1% increase from RMB 159,739,582 at the end of 2020[54] - Cash and bank balances amounted to RMB 27,319,044, up 12.4% from RMB 24,304,747 at the end of 2020[54] - Total liabilities increased to RMB 153,092,828, a 6.5% rise from RMB 143,702,546 at the end of 2020[54] - Total equity attributable to owners of the Company was RMB 19,563,591, reflecting a 22.0% increase from RMB 16,037,036 at the end of 2020[54] Operational Efficiency - The Group's administrative expenses decreased by approximately 10.5% from approximately RMB525.7 million for the six months ended 30 June 2020 to approximately RMB470.4 million for the six months ended 30 June 2021[142] - Selling and distribution expenses increased by approximately 1.3% to approximately RMB616.4 million[140] Market Trends and Strategies - Digital marketing efforts have accelerated in the real estate industry due to the pandemic, with companies increasingly utilizing online platforms for sales[25] - The company aims to align with the "three stability" goals of stabilizing land prices, housing prices, and expectations in the market[25] - The market is gradually moving towards a stable development framework, balancing short-term and long-term policies[25] Corporate Governance and Compliance - The mid-year report for 2021 was released by the Group, indicating ongoing compliance with corporate governance standards[198] - The report includes corporate governance and other information relevant to stakeholders[199] Employee and Operational Updates - The Group employed a total of 3,339 full-time employees as of June 30, 2021, down from 3,488 employees as of December 31, 2020[193] - The Group's staff cost recognized as expenses for the six months ended June 30, 2021, amounted to RMB397 million, compared to RMB393 million for the same period in 2020[193]

2020 年年報 ANNUAL REPORT （於開曼群島註冊成立的有限公司） (INCORPORATED IN THE CAYMAN ISLANDS WITH LIMITED LIABILITY) 股份代號 STOCK CODE：02599 幸福生活運營商 幸福 π 是祥生地產秉承「幸福無微不至」的品牌理念，通過對城市家庭服務需求的洞察與探索，升級打造的「五維幸福生活服 務體系」；涵蓋幸福部落、幸福空間、幸福社群、幸福服務、幸福街區五大核心服務內容，致力於為客戶提供全齡段、全週期 的祥生式幸福生活體驗 Happiness π is the "five-dimensional happiness service system" created by Shinsun Property through insight and exploration of the service needs of urban families, adhering to the brand concept of "personalized happiness in every sense", covering five core s ...