证券代码：001979 证券简称：招商蛇口 公告编号：【CMSK】2025-081 招商局蛇口工业区控股股份有限公司 关于"质量回报双提升"行动方案的进展公告 公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、误导性陈述或 重大遗漏。 招商局蛇口工业区控股股份有限公司（以下简称"招商蛇口"或"公司"或"本公 司"）认真践行中央政治局会议提出的"要活跃资本市场、提振投资者信心"及国务院 常务会议提出的"要大力提升上市公司质量和投资价值，要采取更加有力有效措施，着 力稳市场、稳信心"的指导思想，结合公司发展战略、经营情况及财务情况，为维护公 司全体股东利益，增强投资者信心，促进公司可持续高质量发展，公司制定了"质量回 报双提升"行动方案。现将行动方案相关进展公告如下： 2025年是"十四五"收官之年和"十五五"谋篇布局之年，在宏观环境和行业形势 发生深刻变化的背景下，公司紧扣高质量发展首要任务，科学践行发展战略，积极打造 和提升产品迭代力、内容运营力和服务增值力，优化业务管理模式和组织架构，守稳财 务健康底线，向高品质开发、高质量服务的新格局迈进，在结构布局、创新驱动、风险 管控、公司治理等方面均取 ...

招商局蛇口工业区控股股份有限公司 2025 年半年度募集资金存放与实际使用情况的专项报告 截至 2025 年 6 月 30 日止 招商局蛇口工业区控股股份有限公司 募集资金存放与实际使用情况的专项报告 截至 2025 年 6 月 30 日止 招商局蛇口工业区控股股份有限公司（以下简称"公司"）董事会根据中国证券监督管理委 员会《上市公司募集资金监管规则》及《深圳证券交易所上市公司自律监管指引第 1 号— —主板上市公司规范运作》的规定，编制了截至 2025 年 6 月 30 日止向特定对象发行 A 股 股票募集资金存放与实际使用情况的专项报告(以下简称"募集资金存放与实际使用情况报 告")。现将截至 2025 年 6 月 30 日止募集资金存放与实际使用情况专项说明如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于同意招商局蛇口工业区控股股份有限公司发行股份购买 资产并募集配套资金注册的批复》(证监许可〔2023〕1280号)同意，公司于2023年10月19 日在深圳证券交易所以每股人民币11.81元的发行价格，向特定对象发行A股股票719,729,0 43股，每股面值为人民币1.00元，募集资金总 ...

招商局蛇口工业区控股股份有限公司 2025 年上半年投资者保护工作情况报告 作为招商局集团旗下城市综合开发运营板块的旗舰企业，招商局蛇口工业 区控股股份有限公司（以下简称"招商蛇口"或"本公司"或"公司"）将始终 秉持"承载美好生活"的初心，锚定行业五强的战略目标，致力于成为中国领先 的城市和园区综合开发运营服务商。公司以开发业务、资产运营、物业服务三类 核心业务为支柱，推动高质量发展，构建房地产发展新模式。 公司始终高度重视投资者保护工作，把保护投资者的利益放在重要位置，在 创造利润回报股东的同时，严格遵守监管部门的相关要求，积极主动地全方位开 展投资者保护工作。2025 年上半年公司严格按照监管要求履行信息披露义务， 多渠道与投资者交流，维护投资者权益，具体情况如下： 一、持续完善信息披露工作，切实保障投资者知情权 公司严格按照相关法律法规履行信息披露义务，在持续做好法定信息披露的 基础上不断提高信息披露标准化、管理制度规范化水平，以投资者的需求为导向 不断提升信息披露的主动性与透明度。2025 年上半年公司持续完善信息披露管 理制度及工作流程，持续提升公司信息披露质量，保证公司信息披露的真实、准 确、完 ...

招商局蛇口工业区控股股份有限公司 2025 年半年度非经营性资金占用及其他关联资金往来情况汇总表 | 其他关联资金往来 | 资金往来方名称 | 往来方与上市公司的 | 上市公司核算的 | 2025年期初 | 2025年1-6月往 | 2025年1-6月往 | 2025年1-6月 | 2025年6月 | 往来形成 | 往来性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 关联关系 | 会计科目 | 往来资金余额 | 来累计发生金额 | 来资金的利息 | 偿还累计发生 | 30日往来资 | 原因 | （经营性往来、 | | | 招商局集团财务 | 受同一控股股东及 | 货币资金 | 142,284.02 | (不含利息) 2,577,597.16 | (如有) 1,216.43 | 金额 2,526,440.93 | 金余额 194,656.68 | 存款 | 非经营性往来） 经营性往来 | | | 有限公司 | 最终控制方控制 | | | | | | | | | | 控股股东、实际控制人及 | 深圳金域融 ...

一、担保情况概述 证券代码：001979 证券简称：招商蛇口 公告编号：【CMSK】2025-080 为满足联营及合营公司正常生产经营需要，保证项目开发建设顺利进行， 本公司或本公司之控股子公司拟按持股比例为部分新增联营及合营公司提供不 超过人民币4.98亿元的新增担保额度，并提请股东大会授权公司经营管理层对 前述担保额度在符合规定的担保对象之间进行调剂。 上述事项经公司第四届董事会第三次会议以9票同意、0票反对、0票弃权 审议通过，本议案尚需提交股东大会审议。 招商局蛇口工业区控股股份有限公司 关于为联合营公司提供担保额度的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、误导 性陈述或重大遗漏。 2025年8月27日，招商局蛇口工业区控股股份有限公司（以下简称"本公 司"或"招商蛇口"）第四届董事会第三次会议审议通过了《关于审议为联合 营公司提供担保额度的议案》，具体情况如下： 上述担保额度有效期为自股东大会审议通过之日起12个月。在上述担保额 度内发生的具体担保事项无需另行召开董事会或股东大会审议，授权公司经营 管理层决定。 对超出附表中所列示的担保对象及额度范围之外的担保，本公司 ...

证券代码：001979 证券简称：招商蛇口 公告编号：【CMSK】2025-078 招商局蛇口工业区控股股份有限公司 第四届监事会第三次会议决议公告 公司及监事会全体成员保证公告内容真实、准确和完整，没有虚假记载、误导性陈述或 重大遗漏。 招商局蛇口工业区控股股份有限公司（以下简称"公司"）第四届监事会第三 次会议通知于 2025 年 8 月 17 日以专人送达、电子邮件等方式送达全体监事。2025 年 8 月 27 日，会议采用现场结合通讯方式召开。会议应到监事 4 人，实到监事 3 人，监事杨运涛因公务未能亲自出席本次会议，授权监事会主席阎帅代为出席会议 并行使表决权。会议的召集、召开符合有关法律、法规和《公司章程》的规定。会 议审议并通过了以下议案： 一、关于审议《2025 年半年度报告》及摘要的议案 详见今日披露的《2025 年半年度报告》及摘要。 二、关于审议《2025 年半年度募集资金存放与使用情况的专项报告》的议案 详见今日披露的《2025 年半年度募集资金存放与使用情况的专项报告》。 上述议案监事会均以 4 票同意，0 票反对，0 票弃权的表决结果审议通过。 特此公告。 招商局蛇口工业区控股股 ...

[Part I Important Notice, Table of Contents, and Definitions](index=1&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA%E3%80%81%E7%9B%AE%E5%BD%95%E5%92%8C%E9%87%8A%E4%B9%89) [Important Notice](index=1&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The company's board, supervisory board, and senior management guarantee the semi-annual report's truthfulness and completeness, while no cash dividends or bonus shares are planned for the period - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, assuming individual and joint legal responsibility[2](index=2&type=chunk) - The company plans no cash dividends, bonus shares, or capital reserve conversions for the semi-annual period[2](index=2&type=chunk) [Table of Contents](index=1&type=section&id=%E7%9B%AE%E5%BD%95) This section presents the report's structured table of contents, covering eight main chapters including company profile, financial indicators, management discussion, and financial reports - The report comprises eight main chapters, covering company profile, financial indicators, management discussion and analysis, corporate governance, significant matters, share changes, bond information, and financial reports[4](index=4&type=chunk) [Definitions](index=2&type=section&id=%E9%87%8A%E4%B9%89) This section defines key terms used in the report, such as CSRC, China Merchants Group, and CM Shekou, to ensure consistent understanding - This section defines key terms in the report, such as CSRC, China Merchants Group, Company/CM Shekou, China Merchants Land, and CM Property Management, to ensure consistent understanding[10](index=10&type=chunk) [Part II Company Profile and Key Financial Indicators](index=3&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) [1. Company Profile](index=3&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) This section introduces CM Shekou's basic information, including stock ticker, code, listing exchange, and legal representative - The company's stock ticker is 'CM Shekou', stock code 001979, listed on the Shenzhen Stock Exchange, with Jiang Tiefeng as the legal representative[12](index=12&type=chunk) [2. Contact Persons and Information](index=3&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This section provides contact information for the company's board secretary and securities affairs representative for investor communication - The Board Secretary is Yu Zhiliang, and the Securities Affairs Representative is Zhu Yu, with the contact address at Building 3, Nanhai E-Cool, No. 6 Xinghua Road, Shekou, Nanshan District, Shenzhen[13](index=13&type=chunk) [3. Other Information](index=3&type=section&id=%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E6%83%85%E5%86%B5) This section provides additional contact and information access details, including the company's registered address, website, and information disclosure media - The company's registered address is New Times Plaza, No. 1 Taizi Road, Shekou, Nanshan District, Shenzhen, Guangdong Province, with information disclosure media including Juchao Information Network and Securities Times[14](index=14&type=chunk) [4. Key Accounting Data and Financial Indicators](index=3&type=section&id=%E5%9B%9B%E3%80%81%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) In H1 2025, CM Shekou's revenue grew 0.41% to 51.485 billion yuan and net profit attributable to parent grew 2.18% to 1.448 billion yuan, despite a 255.77% drop in net operating cash flow Key Accounting Data and Financial Indicators for H1 2025 | Indicator | Current Period (yuan) | Prior Year Period (yuan) | YoY Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 51,485,077,366.85 | 51,272,627,222.97 | 0.41% | Gross margin from development business settlement increased year-on-year | | Net Profit Attributable to Shareholders of Listed Company | 1,448,186,676.22 | 1,417,272,188.89 | 2.18% | Gross margin from development business settlement increased year-on-year | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Items) | 961,750,078.00 | 1,398,591,463.38 | -31.23% | - | | Net Cash Flow from Operating Activities | -2,005,897,177.68 | 1,287,719,313.06 | -255.77% | Real estate project sales collection decreased year-on-year, and land acquisition payments increased year-on-year | | Basic Earnings Per Share (yuan/share) | 0.14 | 0.11 | 27.27% | - | | Diluted Earnings Per Share (yuan/share) | 0.14 | 0.11 | 27.27% | - | | Weighted Average Return on Net Assets | 1.26% | 0.99% | Up 0.27 percentage points | - | | **Period-end** | **Prior Year-end** | **Change from Prior Year-end (%)** | | | Total Assets | 868,039,948,209.83 | 860,308,816,014.37 | 0.90% | - | | Net Assets Attributable to Shareholders of Listed Company | 104,154,305,191.49 | 111,006,837,433.28 | -6.17% | - | - During the reporting period, the company's operating revenue increased by **0.41% year-on-year**, and net profit attributable to shareholders of the listed company increased by **2.18% year-on-year**, primarily due to a year-on-year increase in gross margin from development business settlement[15](index=15&type=chunk) - During the reporting period, the company's net cash flow from operating activities decreased by **255.77% year-on-year**, mainly due to a year-on-year decrease in real estate project sales collection and an increase in land acquisition payments[16](index=16&type=chunk) [5. Differences in Accounting Data Under Domestic and Overseas Accounting Standards](index=4&type=section&id=%E4%BA%94%E3%80%81%E5%A2%83%E5%86%85%E5%A4%96%E4%BC%9A%E8%AE%A1%E5%87%86%E5%88%99%E4%B8%8B%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%B7%AE%E5%BC%82) The company reported no differences in net profit and net assets between financial reports disclosed under international or overseas accounting standards and Chinese accounting standards during the period - During the reporting period, the company had no differences in net profit and net assets between financial reports disclosed under International Accounting Standards and Chinese Accounting Standards[18](index=18&type=chunk) - During the reporting period, the company had no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and Chinese Accounting Standards[19](index=19&type=chunk) [6. Non-Recurring Gains and Losses Items and Amounts](index=4&type=section&id=%E5%85%AD%E3%80%81%E9%9D%9E%E5%B8%B8%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%8F%8A%E9%87%91%E9%A2%9D) Total non-recurring gains and losses for this period amounted to **486.44 million yuan**, primarily from disposal of non-current assets, government grants, and other defined items Non-Recurring Gains and Losses Items and Amounts for H1 2025 | Item | Amount (yuan) | | :--- | :--- | | Gains or losses from disposal of non-current assets, including the write-back of impairment provisions | 18,112,111.77 | | Government grants recognized in current profit or loss, excluding those closely related to the company's ordinary operations, compliant with national policies, enjoyed under fixed standards, and with a continuous impact on the company's profit or loss | 34,318,229.90 | | Fair value changes and disposal gains or losses from financial assets and liabilities held by non-financial enterprises, excluding effective hedging activities related to ordinary operations | 1,246,131.60 | | Debt restructuring gains or losses | -407,452.57 | | Other non-operating income and expenses apart from the above | -14,206,571.08 | | Other gains or losses meeting the definition of non-recurring items | 472,518,795.16 | | Less: Income tax impact | 28,691,458.42 | | Minority interests impact (after tax) | -3,546,811.86 | | Total | 486,436,598.22 | [Part III Management Discussion and Analysis](index=6&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) [1. Industry Overview During the Reporting Period](index=6&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%A4%84%E8%A1%8C%E4%B8%9A%E6%83%85%E5%86%B5) In H1 2025, China's economy grew **5.3%**, with the real estate market showing weakened recovery, while commercial property and property services faced ongoing pressures and transformation challenges - In H1 2025, China's GDP grew by **5.3% year-on-year**, with overall stable economic performance[25](index=25&type=chunk) - Real estate market support policies continued, but the market's stabilization trend weakened in Q2, with national new commercial housing sales area decreasing by **3.5% year-on-year** and sales amount by **5.5%** from January to June[25](index=25&type=chunk) - Commercial real estate, industrial parks, and office buildings faced operational pressure, with rising shopping mall vacancy rates and declining rents; the property services industry faced both challenges and opportunities, transitioning towards high-quality development[26](index=26&type=chunk)[27](index=27&type=chunk) [2. Main Businesses During the Reporting Period](index=6&type=section&id=%E4%BA%8C%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) CM Shekou, with development, asset operation, and property services as core pillars, aims to be a leading urban and park developer, achieving **0.41% revenue growth** and **2.18% net profit growth** in H1 2025, while maintaining financial stability and advancing digitalization and sustainability - The company's strategic goal is to become a leading urban and park integrated development and operation service provider in China, with development, asset operation, and property services as its three core pillars, building a business structure that combines both rental and sales, and asset-light and asset-heavy models[28](index=28&type=chunk) Overview of Company Operations in H1 2025 | Indicator | Amount/Ratio | YoY Change | | :--- | :--- | :--- | | Operating Revenue | 51.485 billion yuan | +0.41% | | Total Profit | 3.108 billion yuan | +5.05% | | Comprehensive Pre-tax Gross Margin | 14.38% | Up 2.39 percentage points | | Weighted Average Return on Net Assets | 1.26% | Up 0.27 percentage points | - The company's period-end cash and cash equivalents totaled **87.764 billion yuan**, maintaining a reasonably ample level, and it continued to strictly control debt leverage, remaining in the 'three red lines' green category[32](index=32&type=chunk) [1. Company Strategy Introduction](index=6&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E5%85%AC%E5%8F%B8%E6%88%98%E7%95%A5%E4%BB%8B%E7%BB%8D) CM Shekou aims to be a top-five urban and park developer, leveraging development, asset operation, and property services with 'five-excellence' strategies for quality, 'optimize existing, refine new' for assets, and 'enhance capabilities, scale up' for property services - The company's strategic goal is to become a leading urban and park integrated development and operation service provider in China, targeting a top-five industry position[28](index=28&type=chunk) - Development business adheres to the 'five-excellence' strategy, asset operation focuses on 'optimizing existing assets and refining new additions', and property services aim to 'enhance capabilities and scale up operations'[28](index=28&type=chunk) [2. Main Business Introduction](index=6&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E4%BB%8B%E7%BB%8D) The company's main businesses include development (residential, agency construction), asset operation (commercial, industrial, hospitality, MICE, cruise), and property services, with a focus on innovation, refined management, capitalization, and digitalization across all segments - The development business primarily focuses on the development and sales of marketable residential properties and agency construction services[29](index=29&type=chunk) - Asset operation business includes the operation and asset management of held properties such as centralized commercial, industrial office, apartment hotels, as well as MICE and cruise businesses[29](index=29&type=chunk) - Property services include basic property management, platform value-added services, and specialized value-added services, also exploring 'property + elder care' community home-based elder care services[31](index=31&type=chunk) [3. Overview of Company Operations During the Reporting Period](index=7&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%85%AC%E5%8F%B8%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E6%A6%82%E8%BF%B0) In H1 2025, the company achieved **51.485 billion yuan** in revenue, up **0.41%**, and **3.108 billion yuan** in total profit, up **5.05%**, maintaining strong financial health with **87.764 billion yuan** in cash and a leading **2.84%** comprehensive funding cost Company Operating Overview for H1 2025 | Indicator | Amount | YoY Change | | :--- | :--- | :--- | | Operating Revenue | 51.485 billion yuan | +0.41% | | Total Profit | 3.108 billion yuan | +5.05% | | Comprehensive Pre-tax Gross Margin | 14.38% | Up 2.39 percentage points | | Weighted Average Return on Net Assets | 1.26% | Up 0.27 percentage points | - Period-end cash and cash equivalents totaled **87.764 billion yuan**, maintaining a reasonably ample level, and the company's 'three red lines' remained in the green category[32](index=32&type=chunk) - As of the end of H1, the average debt maturity was **5.3 years**, with a comprehensive funding cost of **2.84%**, a **15 basis point** reduction from the beginning of the year, maintaining an industry-leading level[32](index=32&type=chunk) [1. Development Business](index=7&type=section&id=1.%E5%BC%80%E5%8F%91%E4%B8%9A%E5%8A%A1) In H1 2025, development business achieved **3.35 million square meters** in contracted sales area and **88.894 billion yuan** in sales, ranking fourth, with **70%** from core cities, while launching a new technical system and adding **41 agency construction projects** managing **4.82 million square meters** Key Data for Development Business in H1 2025 | Indicator | Data | | :--- | :--- | | Cumulative Contracted Sales Area | 3.35 million sq.m. | | Cumulative Contracted Sales Amount | 88.894 billion yuan | | Market Ranking by Sales Scale | Fourth | | Contribution of Sales Performance from Top 10 Core Cities | 70% (Up 4 percentage points YoY) | | New Agency Construction Projects | 41 | | New Agency Construction Managed Area | 4.82 million sq.m. | - In H1, the company acquired **16 land parcels**, with a total GFA of approximately **1.67 million square meters**, a total land price of approximately **35.3 billion yuan**, and the company's payable land price was approximately **21.9 billion yuan**[33](index=33&type=chunk) - The company launched the 'CM Shekou Good House' technical system and corporate quality standards across 7 dimensions: 'worry-free living, comfortable and healthy, green and low-carbon, smart and convenient, exquisite craftsmanship, aesthetic renewal, and attentive service'[34](index=34&type=chunk) [2. Asset Operation](index=8&type=section&id=2.%E8%B5%84%E4%BA%A7%E8%BF%90%E8%90%A5) Period-end asset operation revenue reached **3.66 billion yuan**, up **4.1%**, with EBITDA at **1.90 billion yuan**, up **0.4%**, adding **13 new projects** and **0.72 million square meters** of operating area, while commercial, industrial, apartment, hotel, MICE, and cruise businesses showed varied performance Key Data for Asset Operation in H1 2025 | Indicator | Data | YoY Change | | :--- | :--- | :--- | | Total Asset Operation Revenue | 3.66 billion yuan | +4.1% | | EBITDA | 1.90 billion yuan | +0.4% | | New Projects Launched | 13 | - | | New Operating Area Added | 0.72 million sq.m. | - | | Centralized Commercial Operation Revenue | 0.94 billion yuan | - | | Occupancy Rate of Centralized Commercial Projects Operating for Over 3 Years | 91% | - | | Industrial Park Operation Revenue | 0.64 billion yuan | - | | Apartment Business Operation Revenue | 0.65 billion yuan | - | | Occupancy Rate of Boutique Apartments Operating for Over 1 Year | 92% | - | | Hotel Business Operation Revenue | 0.51 billion yuan | - | | Exhibition Area Hosted by MICE Business | 3.81 million sq.m. | - | | Passengers Served by Cruise Business | 2.06 million passengers | - | - In H1, the company established an Asset Management Department to strengthen integrated asset management capabilities and build capital market exit channels for key held operating assets[30](index=30&type=chunk) - The industrial park business consecutively ranked first for five years in 'Annual Influential Industrial Operation and Development Enterprises TOP30' and for seven years in 'Annual China Industrial Park Operators Top 50'[38](index=38&type=chunk) [3. Property Services](index=9&type=section&id=3.%E7%89%A9%E4%B8%9A%E6%9C%8D%E5%8A%A1) CM Property Management, the company's property services platform, achieved **9.107 billion yuan** in revenue, up **16.17%**, and **474 million yuan** in net profit attributable to parent, up **8.90%**, managing **2,370 projects** and **368 million square meters**, while strengthening its non-residential leadership and growing market-oriented residential contracts by **23%** Key Data for Property Services (CM Property Management) in H1 2025 | Indicator | Data | YoY Change | | :--- | :--- | :--- | | Operating Revenue | 9.107 billion yuan | +16.17% | | Net Profit Attributable to Parent | 474 million yuan | +8.90% | | Projects Under Management | 2,370 | - | | Managed Area | 368 million sq.m. | - | | New Contracted Amount in Market-Oriented Residential Segment | - | +23% | - CM Property Management received honors such as '2025 China Property Service Enterprises Top 500, 3rd Place' and '2025 China Property Service Capability Top 100 Enterprises, TOP3'[43](index=43&type=chunk) [4. Digitalization and Intelligence](index=9&type=section&id=4.%E6%95%B0%E6%99%BA%E5%8C%96) The company advanced digitalization, implementing new cost management and digital marketing in development, achieving **4.89%** energy savings in commercial assets, deploying AI smart stewards in property services, and securing multiple digital patents and software copyrights - Development business promoted a new cost management system and digital marketing system, enhancing customer insights through AI employee badges[43](index=43&type=chunk) - Asset operation achieved a **4.89% year-on-year** electricity saving rate in centralized commercial properties, creating the 'ONE Shekou' customer ecosystem[43](index=43&type=chunk) - Property services established AI smart stewards and AI video patrols, enabling proactive identification of abnormal events and improving inspection efficiency[43](index=43&type=chunk) - In H1 2025, the company obtained **1 authorized digital invention patent** and filed for **15 new digital software copyrights**[44](index=44&type=chunk) [5. Sustainable Development](index=10&type=section&id=5.%E5%8F%AF%E6%8C%81%E7%BB%AD%E5%8F%91%E5%B1%95) 2025 marks the final year of the company's first phase sustainable development strategy, focusing on enhancing green building, operations, and supply chain management, achieving MSCI ESG 'A' and CSI ESG 'AAA' ratings, with **15 new green building projects** and a cumulative **533 projects** totaling **63.74 million square meters** - 2025 is the final year of the company's first-phase sustainable development strategy action plan, focusing on enhancing green building, green operations, and supply chain management capabilities[44](index=44&type=chunk) - The company's MSCI ESG rating remained 'A', its CSI ESG rating was 'AAA', and other ratings from CSI and WIND also ranked at a leading level[44](index=44&type=chunk) - As of the end of the reporting period, the company added **15 new green building projects**, with an additional construction area of **1.64 million square meters**; cumulative green building projects reached **533**, with a total construction area of **63.74 million square meters**[45](index=45&type=chunk) [6. Organizational Development](index=10&type=section&id=6.%E7%BB%84%E7%BB%87%E5%BB%BA%E8%AE%BE) The company drove transformational development through organizational change, cultural cohesion, and learning organization building, establishing a new Asset Management Department, streamlining development business management, deepening service culture, and creating a digital learning platform - The company's headquarters established a new Asset Management Department, separating the Risk Management/Legal Compliance/Audit and Supervision departments to further strengthen professional control[46](index=46&type=chunk) - Development business reduced management layers, abolished five regional companies, and placed subordinate city companies under direct management of the company headquarters, promoting quality and efficiency in operations and management[46](index=46&type=chunk) - Cultural cohesion deepened service culture, fostering a learning organization ecosystem, activating the organization's ability to adapt to change, and transforming learning capabilities into development momentum[46](index=46&type=chunk) [7. Company Awards and Honors](index=10&type=section&id=7.%E5%85%AC%E5%8F%B8%E8%8E%B7%E5%BE%97%E8%8D%A3%E8%AA%89) In 2025, CM Shekou received multiple honors, including '2025 Top 2 A-share Listed Real Estate Companies by Comprehensive Strength' and '2025 Top 4 China Real Estate Enterprises by Comprehensive Strength', recognizing its product, service, and corporate governance capabilities - Awarded '2025 Top 2 A-share Listed Real Estate Companies by Comprehensive Strength' and '2025 Top 4 China Real Estate Enterprises by Comprehensive Strength' among other accolades[47](index=47&type=chunk) - **9 projects** were selected for the 'CRIC H1 2025 Top Ten Works Selection List', and its subsidiary CM Property Management was awarded '2025 China Property Service Comprehensive Strength Top 100 Enterprises, 3rd Place'[47](index=47&type=chunk) - In corporate governance, the company was awarded '2025 Real Estate Management and Team Excellence TOP10, 1st Place' by Guandian Agency[47](index=47&type=chunk) [3. Core Competitiveness Analysis](index=31&type=section&id=%E4%B8%89%E3%80%81%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) CM Shekou's core competitiveness stems from its forward-looking strategy, robust operations and financial management, diversified resource acquisition, unique strategic resource advantages, and industry-leading brand influence, fostering a distinctive regional development model and innovation - The company, guided by a forward-looking strategy, implemented 'three transformations' and 'three strategies' to stabilize development business, refine asset operations, and expand property services[72](index=72&type=chunk) - The company developed CM's unique regional development model, integrating port, industrial, and urban areas for synergistic development, forming an industry-city integration ecosystem, and continuously accumulating high-quality resources[73](index=73&type=chunk) - The company has established diversified resource acquisition methods, including public bidding, M&A, urban renewal, and asset-light models, particularly possessing substantial high-quality undeveloped resources in core cities of the Guangdong-Hong Kong-Macao Greater Bay Area[74](index=74&type=chunk) - Embodying the spirit of 'daring to be first', the company enhances brand influence through high-quality products and services, using diverse beauty as an innovative communication point[75](index=75&type=chunk) [4. Main Business Analysis](index=31&type=section&id=%E5%9B%9B%E3%80%81%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) In H1 2025, the company's operating revenue reached **51.485 billion yuan**, up **0.41%**, with net profit attributable to parent at **1.448 billion yuan**, up **2.18%**, driven by development business (77.54% of revenue, 16.27% gross margin) and strong **82.06%** revenue growth in the Southern region Composition of Main Business Revenue in H1 2025 | Business Type | Current Period Amount (million yuan) | Share of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | | Development Business | 3,992,089.56 | 77.54% | -1.02% | | Asset Operation | 345,327.48 | 6.71% | 0.64% | | Property Services | 811,090.70 | 15.75% | 7.99% | Composition of Operating Revenue by Region in H1 2025 | Region | Current Period Amount (million yuan) | Share of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | | Northern Region | 634,893.33 | 12.33% | 13.94% | | Eastern Region | 2,083,253.56 | 40.47% | -6.34% | | Southern Region | 1,767,119.36 | 34.32% | 82.06% | | Central and Western Region | 663,241.49 | 12.88% | -51.77% | - Development business gross margin was **16.27%**, up **3.38 percentage points year-on-year**; property services gross margin was **11.55%**, up **0.86 percentage points year-on-year**[83](index=83&type=chunk) - Operating revenue in the Southern region increased by **82.06% year-on-year**, with a gross margin of **22.14%**, contributing significantly to the company's performance[83](index=83&type=chunk) [5. Non-Core Business Analysis](index=33&type=section&id=%E4%BA%94%E3%80%81%E9%9D%9E%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) The company had no non-core business analysis during the reporting period - The company had no non-core business analysis during the reporting period[86](index=86&type=chunk) [6. Analysis of Assets and Liabilities](index=33&type=section&id=%E5%85%AD%E3%80%81%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) Period-end total assets reached **868.04 billion yuan**, up **0.90%**, with cash decreasing due to land payments, inventories increasing from project investments, contract liabilities rising from sales, and long-term borrowings increasing, while **1 billion yuan** in cash, **85.1 billion yuan** in inventories, and **29.5 billion yuan** in investment properties were restricted Significant Changes in Asset and Liability Composition in H1 2025 | Item | Share of Total Assets at Period-end | Change in Share (percentage points) | Explanation of Significant Change | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 10.11% | -1.55 | Increase in land payments and payments to partners, joint ventures, and associates | | Inventories | 44.11% | 1.20 | Increase in real estate project investments | | Contract Liabilities | 17.92% | 1.42 | Current period sales collection exceeded settlement scale | | Long-term Borrowings | 15.88% | 1.26 | Increase in long-term bank borrowings | - As of the end of the reporting period, restricted cash and cash equivalents amounted to **1 billion yuan**, inventories pledged for borrowings had a book value of **85.1 billion yuan**, and investment properties pledged for borrowings had a book value of **29.5 billion yuan**[93](index=93&type=chunk) [7. Investment Analysis](index=34&type=section&id=%E4%B8%83%E3%80%81%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) During the reporting period, equity investments totaled **22.782 billion yuan**, down **8.62%**, while non-equity investments reached **45.914 billion yuan**, up **3.66%**, with **2.91 billion yuan** additional investment in Beijing CRCM Haize Real Estate, and **82.22%** of raised funds, or **6.93 billion yuan**, utilized for projects and working capital Changes in Investment Amounts in H1 2025 | Investment Type | Investment Amount in Current Period (million yuan) | Investment Amount in Prior Year Period (million yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Equity Investment | 2,278,159 | 2,493,053 | -8.62% | | Non-equity Investment | 4,591,366 | 4,429,066 | 3.66% | - During the reporting period, the company made additional investments or established new companies in several real estate projects, such as an additional **2.91 billion yuan** investment in Beijing CRCM Haize Real Estate Co., Ltd[96](index=96&type=chunk) Overall Utilization of Raised Funds in H1 2025 | Total Raised Funds (1) (million yuan) | Total Raised Funds Used in Current Period (million yuan) | Cumulative Total Raised Funds Used (2) (million yuan) | Utilization Ratio at Period-end (3)=(2)/(1) | | :--- | :--- | :--- | :--- | | 849,999.99 | 24,494.43 | 692,994.24 | 82.22% | - As of June 30, 2025, the company cumulatively used **6.93 billion yuan** in raised funds, of which **1.4 billion yuan** was temporarily used to supplement working capital[103](index=103&type=chunk)[108](index=108&type=chunk) [8. Significant Asset and Equity Disposals](index=41&type=section&id=%E5%85%AB%E3%80%81%E9%87%8D%E5%A4%A7%E8%B5%84%E4%BA%A7%E5%92%8C%E8%82%A1%E6%9D%83%E5%87%BA%E5%94%AE) The company did not have any significant asset or equity disposals during the reporting period - The company did not dispose of significant assets during the reporting period[110](index=110&type=chunk) - The company did not dispose of significant equity during the reporting period[111](index=111&type=chunk) [9. Analysis of Major Controlled and Invested Companies](index=41&type=section&id=%E4%B9%9D%E3%80%81%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) This section lists major subsidiaries and joint ventures impacting net profit by over **10%**, including Shanghai Zhaopu Real Estate and Shenzhen Zhaohang Real Estate, while the establishment, acquisition, or disposal of **16 subsidiaries** and **10 subsidiaries** respectively had no significant impact on overall operations or performance Major Controlled and Invested Companies with Over 10% Impact on Company Net Profit | Company Name | Company Type | Registered Capital (million yuan) | Net Profit (million yuan) | | :--- | :--- | :--- | :--- | | Shanghai Zhaopu Real Estate Co., Ltd. | Subsidiary | 437,500.00 | 95,756.55 | | Shenzhen Zhaohang Real Estate Co., Ltd. | Subsidiary | 307,740.00 | 89,146.11 | | Shenzhen China Merchants Real Estate Co., Ltd. | Subsidiary | 448,301.11 | 103,073.91 | | Shanghai Xiangshang Real Estate Development Co., Ltd. | Joint Venture | 162,000.00 | 97,334.18 | - During the reporting period, the company established or acquired **16 subsidiaries** and liquidated, deregistered, or transferred **10 subsidiaries**, with these changes having no significant impact on overall production, operations, or performance[113](index=113&type=chunk)[114](index=114&type=chunk) [10. Structured Entities Controlled by the Company](index=42&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E6%8E%A7%E5%88%B6%E7%9A%84%E7%BB%93%E6%9E%84%E5%8C%96%E4%B8%BB%E4%BD%93%E6%83%85%E5%86%B5) The company had no controlled structured entities during the reporting period - The company had no controlled structured entities during the reporting period[115](index=115&type=chunk) [11. Risks Faced by the Company and Countermeasures](index=42&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E9%9D%A2%E4%B8%B4%E7%9A%84%E9%A3%8E%E9%99%A9%E5%92%8C%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) The company faces multiple risks from economic shifts, real estate market changes, asset operation pressures, and property management challenges, which it addresses through 'precise investment, product upgrading, value-added operations, and asset turnover' strategies, focusing on core cities, product quality, content operations, asset revitalization, and optimizing financial structure - The company faces international risks such as slowing growth in major global economies, trade protectionism, and geopolitical conflicts, as well as domestic risks including an unstable economic recovery foundation and insufficient effective demand[116](index=116&type=chunk) - Real estate market support policies show diminishing marginal utility, with potential for further market downturn; asset operations face challenges from consumption stratification, experience upgrades, and digitalization, with rising vacancy rates and declining rents difficult to reverse in the short term[116](index=116&type=chunk)[117](index=117&type=chunk) - The property management industry faces challenges such as intensified market competition, profit pressure, and rising accounts receivable risk, but policies like new urbanization and urban renewal present opportunities[117](index=117&type=chunk) - The company will enhance its core competitiveness through four key initiatives: 'precise investment, product upgrading, value-added operations, and asset turnover', including focusing on core cities, improving product strength, strengthening content operations, and achieving a closed-loop asset 'financing-investment-construction-management-exit' model[117](index=117&type=chunk) [12. Implementation of Market Value Management System and Valuation Enhancement Plan](index=43&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E5%B8%82%E5%80%BC%E7%AE%A1%E7%90%86%E5%88%B6%E5%BA%A6%E5%92%8C%E4%BC%B0%E5%80%BC%E6%8F%90%E5%8D%87%E8%AE%A1%E5%88%92%E7%9A%84%E5%88%B6%E5%AE%9A%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company established a Market Value Management System to enhance investment value and protect investor rights, focusing on improving operations, investor relations, and disclosure quality, but has not disclosed a valuation enhancement plan - The company has formulated a 'Market Value Management System' aimed at enhancing investment value, regulating market value management practices, and safeguarding the legitimate rights and interests of investors[118](index=118&type=chunk) - The company has not disclosed a valuation enhancement plan[119](index=119&type=chunk) [13. Implementation of 'Quality and Return Dual Enhancement' Action Plan](index=43&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E2%80%9C%E8%B4%A8%E9%87%8F%E5%9B%9E%E6%8A%A5%E5%8F%8C%E6%8F%90%E5%8D%87%E2%80%9D%E8%A1%8C%E5%8A%A8%E6%96%B9%E6%A1%88%E8%B4%AF%E5%BD%BB%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company has disclosed an announcement on the progress of its 'Quality and Return Dual Enhancement' action plan, with details available in the concurrently released announcement - The company has disclosed an announcement on the progress of its 'Quality and Return Dual Enhancement' action plan; for details, please refer to the 'Announcement on the Progress of the Quality and Return Dual Enhancement Action Plan' disclosed on the same day as this report[120](index=120&type=chunk) [Part IV Corporate Governance, Environment, and Society](index=44&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) [1. Changes in Directors, Supervisors, and Senior Management](index=44&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, there were changes in senior management and directors, with Liu Ye resigning as Deputy General Manager and Chief Legal Officer, Tang Jian appointed to the role, and Tao Wu resigning as Director, replaced by Huang Chuanjing Changes in Directors, Supervisors, and Senior Management in H1 2025 | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Liu Ye | Deputy General Manager, Chief Legal Officer (Chief Compliance Officer) | Resignation | March 28, 2025 | Resigned as Chief Legal Officer (Chief Compliance Officer) due to work changes | | Tang Jian | Chief Legal Officer (Chief Compliance Officer) | Appointment | April 1, 2025 | Appointed by the Board of Directors | | Tao Wu | Director | Resignation | May 6, 2025 | Work change reason | | Huang Chuanjing | Director | Election | May 30, 2025 | Elected by the Shareholders' Meeting | [2. Profit Distribution and Capital Reserve Conversion to Share Capital in Current Period](index=44&type=section&id=%E4%BA%8C%E3%80%81%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E5%8F%8A%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E8%82%A1%E6%9C%AC%E6%83%85%E5%86%B5) The company plans no cash dividends, bonus shares, or capital reserve conversions to share capital for the semi-annual period - The company plans no cash dividends, bonus shares, or capital reserve conversions to share capital for the semi-annual period[123](index=123&type=chunk) [3. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=44&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E5%AE%9E%E6%96%BD%E6%83%85%E5%86%B5) The company implemented a project co-investment mechanism to incentivize teams, enhance project quality and efficiency, and share risks and rewards, adding **22 new co-investment projects** and **41 million yuan** in co-investment capital in H1 2025 - The company implemented project co-investment to incentivize project teams, enhance project quality and operational efficiency, and achieve shared benefits and risks[124](index=124&type=chunk) - During the reporting period, **22 new co-investment projects** were added in H1 2025, with new co-investment capital of **41 million yuan**[124](index=124&type=chunk) [4. Environmental Information Disclosure](index=44&type=section&id=%E5%9B%9B%E3%80%81%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E6%83%85%E5%86%B5) China Merchants Guangming Science Park Co., Ltd., a key subsidiary, was included in the list of enterprises required to disclose environmental information, and the company strictly adhered to environmental regulations, implementing energy-saving measures and ensuring compliance without pollution incidents - China Merchants Guangming Science Park Co., Ltd. was included in the list of enterprises required to disclose environmental information by law[125](index=125&type=chunk) - The company strictly complies with environmental regulations, actively implements energy-saving and emission reduction measures, regularly monitors environmental indicators to ensure compliance, and had no environmental pollution incidents during the reporting period[125](index=125&type=chunk) [5. Social Responsibility](index=44&type=section&id=%E4%BA%94%E3%80%81%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB%E6%83%85%E5%86%B5) CM Shekou, through China Merchants Charitable Foundation, actively supports rural revitalization in areas like Guizhou Weining and Xinjiang Shache, planning **2.6 million yuan** for medical aid, **2.8 million yuan** for education, and **12.6 million yuan** for local industry development to boost employment and long-term community growth - The company, through the China Merchants Charitable Foundation, actively supports comprehensive rural revitalization in counties such as Weining in Guizhou, Shache and Yecheng in Xinjiang, and Qichun in Hubei[126](index=126&type=chunk) - The full-year plan includes investing **2.6 million yuan** for medical assistance to enhance grassroots medical service capabilities, and **2.8 million yuan** for educational assistance to promote coordinated development of county-level education[127](index=127&type=chunk)[128](index=128&type=chunk) - The full-year plan includes investing **12.6 million yuan** to support the development of characteristic industries in designated assistance counties, driving employment and income growth, such as constructing industrial bridges, water supply facilities for nectarine industries, organic tea garden renovation, and brand marketing[128](index=128&type=chunk) [Part V Significant Matters](index=46&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) [1. Fulfillment of Commitments by Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During the Reporting Period and Overdue Unfulfilled Commitments as of Period-End](index=46&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E3%80%81%E8%82%A1%E4%B8%9C%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E3%80%81%E6%94%B6%E8%B4%AD%E4%BA%BA%E4%BB%A5%E5%8F%8A%E5%85%AC%E5%8F%B8%E7%AD%89%E6%89%BF%E8%AF%BA%E7%9B%B8%E5%85%B3%E6%96%B9%E5%9C%A8%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E5%8F%8A%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E8%B6%85%E6%9C%9F%E6%9C%AA%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E7%9A%84%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9) During the reporting period, the company's actual controller, shareholders, and related parties fully fulfilled all commitments, including those from IPOs, refinancing, and major asset restructurings, with no overdue unfulfilled commitments - During the reporting period, the company's actual controller, shareholders, related parties, and other commitment-related parties strictly fulfilled all commitments[137](index=137&type=chunk) - There were no overdue unfulfilled commitments[137](index=137&type=chunk) [2. Non-Operating Fund Occupation by Controlling Shareholder and Other Related Parties](index=54&type=section&id=%E4%BA%8C%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%B3%E8%81%94%E6%96%B9%E5%AF%B9%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E7%9A%84%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E5%8D%A0%E7%94%A8%E8%B5%84%E9%87%91%E6%83%85%E5%86%B5) The company had no non-operating fund occupation by controlling shareholders or other related parties during the reporting period - During the reporting period, there was no non-operating fund occupation by the controlling shareholder or other related parties of the listed company[138](index=138&type=chunk) [3. Irregular External Guarantees](index=54&type=section&id=%E4%B8%89%E3%80%81%E8%BF%9D%E8%A7%84%E5%AF%B9%E5%A4%96%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[139](index=139&type=chunk) [4. Appointment and Dismissal of Accounting Firms](index=54&type=section&id=%E5%9B%9B%E3%80%81%E8%81%98%E4%BB%BB%E3%80%81%E8%A7%A3%E8%81%98%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%83%85%E5%86%B5) The company's semi-annual report was not audited - The company's semi-annual report was not audited[140](index=140&type=chunk) [5. Board of Directors' and Supervisory Board's Explanation of 'Non-Standard Audit Report' for Current Period](index=54&type=section&id=%E4%BA%94%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E3%80%81%E7%9B%91%E4%BA%8B%E4%BC%9A%E5%AF%B9%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%22%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%22%E7%9A%84%E8%AF%B4%E6%98%8E) Not applicable - Not applicable[141](index=141&type=chunk) [6. Board of Directors' Explanation of 'Non-Standard Audit Report' for Prior Year](index=54&type=section&id=%E5%85%AD%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E5%AF%B9%E4%B8%8A%E5%B9%B4%E5%BA%A6%22%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%22%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) Not applicable - Not applicable[142](index=142&type=chunk) [7. Bankruptcy and Reorganization Matters](index=54&type=section&id=%E4%B8%83%E3%80%81%E7%A0%B4%E4%BA%A7%E9%87%8D%E6%95%B4%E7%9B%B8%E5%85%B3%E4%BA%8B%E9%A1%B9) The company had no bankruptcy and reorganization matters during the reporting period - The company had no bankruptcy and reorganization matters during the reporting period[143](index=143&type=chunk) [8. Litigation Matters](index=54&type=section&id=%E5%85%AB%E3%80%81%E8%AF%89%E8%AE%BC%E4%BA%8B%E9%A1%B9) The company had no significant litigation or arbitration matters during the current reporting period - The company had no significant litigation or arbitration matters during the current reporting period[144](index=144&type=chunk) [9. Penalties and Rectification](index=54&type=section&id=%E4%B9%9D%E3%80%81%E5%A4%84%E7%BD%9A%E5%8F%8A%E6%95%B4%E6%94%B9%E6%83%85%E5%86%B5) The company had no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[145](index=145&type=chunk) [10. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=54&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E7%9A%84%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5) Not applicable - Not applicable[146](index=146&type=chunk) [11. Significant Related Party Transactions](index=55&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) During the reporting period, the company engaged in various related party transactions, including **31.948 million yuan** in property management income, **3.805 million yuan** in rental income, **14.207 million yuan** in interest income, and **29.243 million yuan** in interest and fee expenses, with no related party asset or equity acquisitions/disposals or joint external investments Related Party Transactions Related to Ordinary Operations in H1 2025 | Related Party Transaction Type | Related Party Transaction Content | Related Party Transaction Amount (million yuan) | | :--- | :--- | :--- | | Sales of Goods/Provision of Services | Significant Property Management Income | 31,948 | | Sales of Goods/Provision of Services | Significant Rental Income | 3,805 | | Deposits | Significant Interest Income | 14,207 | | Borrowings | Significant Interest Expense and Handling Fees | 29,243 | | Purchase of Goods/Receipt of Services | Purchase of Vessels | 4,536 | | Sales of Goods/Provision of Services | Data Center Services | 3,401 | | Purchase of Goods/Receipt of Services | Port Service Fees | 2,424 | Dealings with China Merchants Group Finance Co., Ltd. in H1 2025 | Business Type | Period-end Balance (million yuan) | Deposit Interest Rate Range/Loan Interest Rate Range | | :--- | :--- | :--- | | Deposit Business | 194,657 | 0.1%-2.1% | | Loan Business | 658,395 | 1.95%-2.95% | - During the reporting period, the company had no related party transactions involving asset or equity acquisitions/disposals, nor any joint external investment related party transactions[150](index=150&type=chunk)[151](index=151&type=chunk) [12. Significant Contracts and Their Performance](index=59&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company had no leasing projects with profit/loss exceeding **10%** of total profit from entrustment, contracting, or leasing, while providing **33.372 billion yuan** in mortgage guarantees for homebuyers, with **2.817 billion yuan** in wealth management, and **1.5 billion yuan** outstanding, and secured **264.7 billion yuan** in total credit lines from banks - During the reporting period, the company had no leasing projects where the profit or loss from entrustment, contracting, or leasing exceeded **10%** of the company's total profit[160](index=160&type=chunk)[161](index=161&type=chunk)[162](index=162&type=chunk) - As of the end of the reporting period, the company provided guarantees for customer mortgage loans totaling approximately **33.372 billion yuan**, and has never incurred significant losses as a result[69](index=69&type=chunk) Wealth Management in H1 2025 | Specific Type | Wealth Management Amount Incurred (million yuan) | Outstanding Balance (million yuan) | | :--- | :--- | :--- | | Structured Deposits | 218,500 | 0 | | Bank Wealth Management Products | 31,200 | 0 | | Large-denomination Certificates of Deposit | 32,000 | 15,000 | | Total | 281,700 | 15,000 | - During the reporting period, the company signed loan agreements with banks including Bank of China, Agricultural Bank of China, Industrial and Commercial Bank of China, China Construction Bank, and China Merchants Bank; as of the end of the reporting period, the total contractual credit line amounted to **264.7 billion yuan** (RMB equivalent)[169](index=169&type=chunk) [13. Explanation of Other Significant Matters](index=61&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9%E7%9A%84%E8%AF%B4%E6%98%8E) Not applicable - Not applicable[170](index=170&type=chunk) [14. Significant Matters of Company Subsidiaries](index=61&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%AC%E5%8F%B8%E5%AD%90%E5%85%AC%E5%8F%B8%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9) Not applicable - Not applicable[171](index=171&type=chunk) [Part VI Share Changes and Shareholder Information](index=62&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) [1. Share Change Information](index=62&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, restricted shares decreased by **135,889,339**, while unrestricted shares increased by the same amount, keeping total share capital unchanged, primarily due to the expiration of lock-up periods for shares issued to specific investors, and the company repurchased **38,477,148 shares** for **363 million yuan** Share Change Information in H1 2025 | Share Type | Quantity Before Change | Ratio Before Change | Increase/Decrease in This Change (+, -) | Quantity After Change | Ratio After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 738,307,476 | 8.15% | -135,889,339 | 602,418,137 | 6.65% | | II. Unrestricted Shares | 8,322,528,701 | 91.85% | 135,889,339 | 8,458,418,040 | 93.35% | | III. Total Shares | 9,060,836,177 | 100.00% | - | 9,060,836,177 | 100.00% | - The share changes were primarily due to the expiration of the lock-up period for some shares publicly issued to specific investors[548](index=548&type=chunk) - In H1 2025, the company cumulatively repurchased **38,477,148 shares**, accounting for **0.425%** of its total share capital, with a payment of **363 million yuan**[174](index=174&type=chunk) [2. Securities Issuance and Listing](index=63&type=section&id=%E4%BA%8C%E3%80%81%E8%AF%81%E5%88%B8%E5%8F%91%E8%A1%8C%E4%B8%8E%E4%B8%8A%E5%B8%82%E6%83%85%E5%86%B5) Not applicable - Not applicable[178](index=178&type=chunk) [3. Shareholder Numbers and Shareholding](index=63&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E4%B8%9C%E6%95%B0%E9%87%8F%E5%8F%8A%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5) As of the period-end, the company had **140,353 common shareholders**, with China Merchants Group Co., Ltd. as the controlling shareholder holding **50.84%**, and Shenzhen Investment Holdings Co., Ltd. and China Merchants Steamship Co., Ltd. holding **5.03%** and **4.52%** respectively, with China Merchants Group, China Merchants Steamship, and China Merchants Investment Development being parties acting in concert - As of the end of the reporting period, the total number of common shareholders was **140,353**[180](index=180&type=chunk) Top 10 Shareholders' Shareholding at Period-end | Shareholder Name | Shareholder Nature | Shareholding Ratio | Number of Shares Held at Period-end | | :--- | :--- | :--- | :--- | | China Merchants Group Co., Ltd. | State-owned Legal Person | 50.84% | 4,606,899,949 | | Shenzhen Investment Holdings Co., Ltd. | State-owned Legal Person | 5.03% | 456,121,891 | | China Merchants Steamship Co., Ltd. | State-owned Legal Person | 4.52% | 409,823,160 | | China Merchants Investment Development Co., Ltd. | State-owned Legal Person | 3.10% | 281,147,804 | | Hong Kong Securities Clearing Company Limited | Overseas Legal Person | 1.59% | 144,013,971 | | National Council for Social Security Fund 112 Portfolio | Funds, Wealth Management Products, etc. | 1.05% | 95,284,179 | | National Council for Social Security Fund 413 Portfolio | Funds, Wealth Management Products, etc. | 0.94% | 85,134,036 | | China Securities Finance Corporation Limited | Domestic General Legal Person | 0.75% | 67,677,157 | | Industrial and Commercial Bank of China Co., Ltd. - Huatai-PineBridge CSI 300 ETF | Funds, Wealth Management Products, etc. | 0.71% | 64,734,759 | | Shenzhen Overseas Chinese Town Co., Ltd. | State-owned Legal Person | 0.70% | 63,559,322 | - China Merchants Group Co., Ltd., China Merchants Steamship Co., Ltd., and China Merchants Investment Development Co., Ltd. are parties acting in concert[181](index=181&type=chunk) [4. Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=65&type=section&id=%E5%9B%9B%E3%80%81%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E5%92%8C%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E6%8C%81%E8%82%A1%E5%8F%98%E5%8A%A8) There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period - There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period[184](index=184&type=chunk) [5. Changes in Controlling Shareholder or Actual Controller](index=65&type=section&id=%E4%BA%94%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E6%88%96%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5) The company's controlling shareholder and actual controller did not change during the reporting period - The company's actual controller did not change during the reporting period[185](index=185&type=chunk) [Part VII Bond-Related Information](index=66&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) [1. Corporate Bonds](index=66&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8) The company issued multiple corporate bonds, including '20 Shekou 01' and '21 Shekou 01', with a total outstanding balance of **5.989 billion yuan**, primarily targeting professional institutional investors with annual interest payments and principal repayment at maturity, traded on the Shenzhen Stock Exchange, and no risk of delisting during the period Basic Information on Corporate Bonds (Partial) | Bond Name | Bond Abbreviation | Bond Code | Bond Balance (million yuan) | Interest Rate | Trading Venue | | :--- | :--- | :--- | :--- | :--- | :--- | | China Merchants Shekou Industrial Zone Holdings Co., Ltd. 2020 Publicly Issued Corporate Bonds to Qualified Investors (Phase 1) (Tranche 1) | 20 Shekou 01 | 149301 | 104,000 | 4.15% | Shenzhen Stock Exchange | | China Merchants Shekou Industrial Zone Holdings Co., Ltd. 2021 Publicly Issued Corporate Bonds to Qualified Investors (Phase 1) (Tranche 1) | 21 Shekou 01 | 149448 | 30,000 | 3.80% | Shenzhen Stock Exchange | | China Merchants Shekou Industrial Zone Holdings Co., Ltd. 2022 Publicly Issued Corporate Bonds to Professional Investors (Phase 1) (Tranche 2) | 22 Shekou 02 | 149938 | 400,000 | 3.50% | Shenzhen Stock Exchange | | China Merchants Shekou Industrial Zone Holdings Co., Ltd. 2025 Publicly Issued Corporate Bonds to Professional Investors (Phase 1) | 25 Shekou 01 | 524367 | 80,000 | 1.70% | Shenzhen Stock Exchange | - Corporate bonds are primarily publicly issued to professional institutional investors, with annual interest payments and principal repayment at maturity[188](index=188&type=chunk) - During the reporting period, the company had no risk of delisting[188](index=188&type=chunk) [2. Non-Financial Enterprise Debt Financing Instruments](index=68&type=section&id=%E4%BA%8C%E3%80%81%E9%9D%9E%E9%87%91%E8%9E%8D%E4%BC%81%E4%B8%9A%E5%80%BA%E5%8A%A1%E8%9E%8D%E8%B5%84%E5%B7%A5%E5%85%B7) The company issued multiple non-financial enterprise debt financing instruments, including medium-term notes and green medium-term notes, with a total outstanding balance of **15 billion yuan**, primarily targeting institutional investors in the national interbank bond market with annual interest payments and principal repayment at maturity, and no risk of delisting during the period Basic Information on Non-Financial Enterprise Debt Financing Instruments (Partial) | Bond Name | Bond Abbreviation | Bond Code | Bond Balance (million yuan) | Interest Rate | Trading Venue | | :--- | :--- | :--- | :--- | :--- | :--- | | China Merchants Shekou Industrial Zone Holdings Co., Ltd. 2021 First Tranche Medium-Term Notes (Tranche 2) | 21 CM Shekou MTN001B | 102103012.IB | 150,000 | 3.55% | Interbank Bond Market | | China Merchants Shekou Industrial Zone Holdings Co., Ltd. 2022 Fourth Tranche Green Medium-Term Notes | 22 CM Shekou GN004 | 132280121.IB | 55,000 | 2.75% | Interbank Bond Market | | China Merchants Shekou Industrial Zone Holdings Co., Ltd. 2025 First Tranche Medium-Term Notes | 25 CM Shekou MTN001 | 102580474.IB | 100,000 | 2.05% | Interbank Bond Market | | China Merchants Zhangzhou Development Zone Co., Ltd. 2025 First Tranche Medium-Term Notes | 25 CM Zhangzhou MTN001 | 102582246.IB | 80,000 | 2.50% | Interbank Bond Market | - Non-financial enterprise debt financing instruments are primarily issued to institutional investors in the national interbank bond market, with annual interest payments and principal repayment at maturity[195](index=195&type=chunk) - During the reporting period, the company had no risk of delisting[195](index=195&type=chunk) [3. Convertible Corporate Bonds](index=70&type=section&id=%E4%B8%89%E3%80%81%E5%8F%AF%E8%BD%AC%E6%8D%A2%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8) The company had no convertible corporate bonds during the reporting period - The company had no convertible corporate bonds during the reporting period[199](index=199&type=chunk) [4. Consolidated Scope Loss Exceeding 10% of Prior Year-end Net Assets During the Reporting Period](index=70&type=section&id=%E5%9B%9B%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%90%88%E5%B9%B6%E6%8A%A5%E8%A1%A8%E8%8C%83%E5%9B%B4%E4%BA%8F%E6%8D%9F%E8%B6%85%E8%BF%87%E4%B8%8A%E5%B9%B4%E6%9C%AB%E5%87%80%E8%B5%84%E4%BA%A7%2010%) Not applicable - Not applicable[200](index=200&type=chunk) [5. Key Accounting Data and Financial Indicators for the Past Two Years as of Period-End](index=70&type=section&id=%E4%BA%94%E3%80%81%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E5%85%AC%E5%8F%B8%E8%BF%91%E4%B8%A4%E5%B9%B4%E7%9A%84%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) As of period-end, the company's asset-liability ratio was **67.86%**, up **1.19 percentage points**, quick ratio was **1.57**, a **149.21%** increase, and net profit excluding non-recurring items decreased by **31.15%**, while interest coverage and EBITDA interest coverage improved, but cash interest coverage declined by **45.82%** Key Accounting Data and Financial Indicators for the Past Two Years as of Period-End | Item | Current Period-end/Current Period | Prior Year-end/Prior Year Period | Change from Prior Year-end/YoY Change | | :--- | :--- | :--- | :--- | | Current Ratio | 1.58 | 1.59 | -0.63% | | Asset-Liability Ratio | 67.86% | 66.67% | Up 1.19 percentage points | | Quick Ratio | 1.57 | 0.63 | 149.21% | | Net Profit Excluding Non-Recurring Items (million yuan) | 125,731.50 | 182,622.85 | -31.15% | | EBITDA to Total Debt Ratio | 0.04 | 0.04 | - | | Interest Coverage Ratio | 1.21 | 1.06 | 14.15% | | Cash Interest Coverage Ratio | 1.49 | 2.75 | -45.82% | | EBITDA Interest Coverage Ratio | 1.92 | 1.30 | 47.69% | | Loan Repayment Rate | 100% | 100% | - | | Interest Payment Rate | 100% | 100% | - | [Part VIII Financial Report](index=71&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) [1. Audit Report](index=71&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[204](index=204&type=chunk) [2. Financial Statements](index=71&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section presents the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in shareholders' equity for the half-year ended June 30, 2025, showing total assets of **868.04 billion yuan**, total liabilities of **589.095 billion yuan**, total shareholders' equity of **278.945 billion yuan**, net profit attributable to parent of **1.448 billion yuan**, and net operating cash flow of **-2.006 billion yuan** Consolidated Balance Sheet Summary as of June 30, 2025 | Item | Period-end Balance (yuan) | Beginning Balance (yuan) | | :--- | :--- | :--- | | Total Assets | 868,039,948,209.83 | 860,308,816,014.37 | | Total Liabilities | 589,094,757,398.67 | 573,564,035,127.95 | | Total Shareholders' Equity | 278,945,190,811.16 | 286,744,780,886.42 | | Total Equity Attributable to Parent Company Shareholders | 104,154,305,191.49 | 111,006,837,433.28 | Consolidated Income Statement Summary for the Half-Year Ended June 30, 2025 | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Operating Revenue | 51,485,077,366.85 | 51,272,627,222.97 | | Total Profit | 3,108,192,387.77 | 2,958,644,261.34 | | Net Profit | 1,740,204,824.89 | 1,847,142,413.28 | | Net Profit Attributable to Parent Company Shareholders | 1,448,186,676.22 | 1,417,272,188.89 | Consolidated Cash Flow Statement Summary for the Half-Year Ended June 30, 2025 | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -2,005,897,177.68 | 1,287,719,313.06 | | Net Cash Flow from Investing Activities | -4,178,552,199.06 | 792,416,930.28 | | Net Cash Flow from Financing Activities | -6,441,807,604.58 | -7,469,752,181.35 | | Net Increase (Decrease) in Cash and Cash Equivalents | -12,655,189,360.79 | -5,456,109,064.71 | [3. Basis of Financial Statement Preparation](index=91&type=section&id=%E4%B8%89%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) The Group's financial statements are prepared under CAS and relevant regulations, adhering to CSRC Disclosure Rules No. 15, based on a going concern, accrual basis, and historical cost, with some financial instruments measured at fair value using a three-level hierarchy primarily based on observable market inputs - The Group adheres to the Accounting Standards for Business Enterprises and relevant regulations issued by the Ministry of Finance, and discloses financial information in accordance with 'Compilation Rules for Information Disclosure by Companies that Offer Securities to the Public No. 15'[249](index=249&type=chunk) - The financial statements are prepared on a going concern basis, with accounting records based on the accrual method, and historical cost as the measurement basis, except for certain financial instruments measured at fair value[250](index=250&type=chunk)[251](index=251&type=chunk) - Fair value measurements are categorized into three levels based on the observability of fair value inputs and their significance to the overall fair value measurement[255](index=255&type=chunk) [4. Significant Accounting Policy Changes](index=137&type=section&id=%E5%9B%9B%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%98%E6%9B%B4) To optimize management and operating strategies, the Group adjusted its reporting segments on November 1, 2024, reclassifying agency construction to development business, cruise and MICE to asset operation, and retaining remaining urban services in property services, with retrospective adjustments applied to prior year comparative data - On November 1, 2024, the Group adjusted its reporting segments, reclassifying agency construction from urban services to the development business segment, and cruise and MICE businesses to the asset operation business segment[418](index=418&type=chunk) - This segment reporting change was accounted for using the retrospective adjustment method, with comparative data for the prior year also adjusted[418](index=418&type=chunk) [5. Taxation](index=138&type=section&id=%E4%BA%94%E3%80%81%E7%A8%8E%E9%A1%B9) The Group's main taxes include corporate income tax (15-28%), VAT (1.5-13%), and land value-added tax (30-60%), benefiting from tax incentives such as a three-year property tax exemption for new buildings and a **15%** corporate income tax rate for encouraged industries in specific zones

Industry Overview - The current real estate market remains under pressure, with no significant recovery observed. The fundamentals are still bottoming out, as indicated by a 6.5% year-on-year decline in national commodity housing sales from January to July 2025, which is a 1.0 percentage point increase in the decline compared to the first half of the year [2] - In July 2025, commodity housing sales and sales area were at 43% and 44% of the levels seen in the same period in 2019, marking the lowest levels since 2022 [2] Pricing Trends - The average selling price of new commercial housing is 9,613 yuan per square meter, reflecting a 2.6% year-on-year decrease, with the decline expanding by 0.5 percentage points compared to the first half of the year [3] - In July 2025, the selling prices of new residential properties in 70 cities decreased by 3.4% year-on-year, while the prices of second-hand homes fell by 5.9% year-on-year, although both categories have shown signs of narrowing declines [3] Policy Changes - In August 2025, Beijing and Shanghai implemented demand-side policy relaxations, allowing eligible families to purchase homes without restrictions outside the fifth ring road, and recognizing single adults as families for purchasing purposes [3] - Shanghai also adjusted commercial loan rates, removing the interest rate floor for first-time homebuyers and no longer distinguishing between first and second homes [3] Market Performance - The real estate sector outperformed the CSI 300 index by 0.3 percentage points this month, with an 11.3% increase since the last strategy report, ranking 16th among 31 industries [4] - The dynamic price-to-earnings ratio (PE) for the sector, excluding loss-making companies, is currently at 19.8 times based on the latest closing prices [4] Recommended Companies - The report suggests focusing on investment opportunities in the real estate sector, specifically recommending companies such as China Jinmao (00817), China Resources Land (01109), China Merchants Shekou (001979.SZ), Binjiang Group (002244.SZ), and Greentown China (03900) [1]

Group 1: Elevator Renovation in Hangzhou - Hangzhou government has completed the renovation of 4,353 old residential elevators since the initiative started in July last year, benefiting 12,700 households across 2,993 building units [1] - The elevator renovation project is included in the provincial and municipal government’s livelihood projects for the year, with a target of updating 7,000 elevators [1] Group 2: China Overseas Development Financial Results - For the first half of 2025, China Overseas Development reported a revenue of approximately 83.22 billion yuan and a net profit attributable to shareholders of 8.599 billion yuan, representing a year-on-year decrease of 16.63% [2] Group 3: China Resources Land Financial Results - In the first half of 2025, China Resources Land achieved a revenue of approximately 94.921 billion yuan and a net profit attributable to shareholders of 11.88 billion yuan, showing a year-on-year growth of 16.22% [3] Group 4: Bright Real Estate Financial Results - Bright Real Estate reported a revenue of approximately 2.808 billion yuan for the first half of 2025, a year-on-year decrease of 8.12%, and a net loss of 398 million yuan, which is a significant reduction of 4,926.96% compared to the previous year [4] - The company generated a net cash flow from operating activities of 224 million yuan, reflecting a year-on-year increase of 110.25% [4] Group 5: China Merchants Shekou Transaction - China Merchants Shekou announced a share transfer agreement with China Merchants Jinling, involving the transfer of 100% equity of Shenzhen Taiziwan Commercial Storage Co., Ltd. for approximately 716 million yuan [5] - This transaction is classified as a related party transaction but does not constitute a major asset restructuring [5]

Group 1: Elevator Renovation in Hangzhou - Hangzhou government has completed the renovation of 4,353 old residential elevators since the initiative started in July last year, benefiting 12,700 households across 2,993 building units [1] - The elevator renovation project has been included in the provincial and municipal government’s livelihood projects for the year, with a target of updating 7,000 elevators [1] Group 2: Financial Performance of China Overseas Development - China Overseas Development reported a revenue of approximately 83.22 billion yuan for the first half of 2025, with a shareholder profit of 8.599 billion yuan, representing a year-on-year decrease of 16.63% [2] Group 3: Financial Performance of China Resources Land - China Resources Land achieved a revenue of approximately 94.921 billion yuan in the first half of 2025, with a shareholder profit of 11.88 billion yuan, reflecting a year-on-year increase of 16.22% [3] Group 4: Financial Performance of Bright Real Estate - Bright Real Estate reported a revenue of approximately 2.808 billion yuan for the first half of 2025, a year-on-year decrease of 8.12%, and a net loss of 398 million yuan, which is a significant reduction of 4,926.96% [4] - The company generated a net cash flow from operating activities of 224 million yuan, marking a year-on-year increase of 110.25% [4] Group 5: Equity Transfer by China Merchants Shekou - China Merchants Shekou announced the transfer of 100% equity of its subsidiary, Shenzhen Taiziwan Commercial Storage Investment Co., Ltd., to China Merchants Shipping for approximately 716 million yuan [5]