香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （於香港註冊成立之有限公司） （股份代號：00604） 二零二五年第三季度主要業務進展 深圳控股有限公司（「本公司」，連同其附屬公司統稱為「本集團」）向本公司 股東提供隨附二零二五年第三季度主要業務進展的新聞稿（「新聞稿」）。 新聞稿所載列的資料是根據本集團內部資料匯總編制而成，該等資料尚未經核數 師審核或審閱，因此僅供投資者參考。 本公司股東及潛在投資者於買賣本公司股份時務請審慎行事。 承董事會命 深圳控股有限公司 主席 王昱文 香港，二零二五年十一月三日 於本公告日期，董事會由七位董事組成，其中王昱文先生、蔡潯女士、嚴中宇先生及史 曉梅女士為本公司執行董事，而李偉強先生、黃友嘉博士及宮鵬教授為本公司獨立非執 行董事。 [請即時發放] 深圳控股公佈 2025 年第三季度主要業務進展 (2025 年 11 月 3 日- 香港) 深圳控股有限公司(「深圳控股」或「集團」；香港聯 交所上市編號：604.HK ...

Core Insights - Nandu Property's stock price increased by 2.61% on November 3, reaching 12.96 CNY per share, with a total market capitalization of 2.434 billion CNY [1] - The company has seen a year-to-date stock price increase of 52.29%, but has experienced a decline of 4.57% over the last five trading days [1][2] - For the period from January to September 2025, Nandu Property reported a revenue of 1.369 billion CNY, reflecting a year-on-year growth of 2.35%, and a net profit of 154 million CNY, which is a significant increase of 156.07% year-on-year [2] Financial Performance - Nandu Property's main business revenue composition includes: 89.52% from property basic services, 7.99% from property value-added services, 1.39% from non-owner value-added services, and 0.98% from other services [1] - The company has distributed a total of 319 million CNY in dividends since its A-share listing, with 123 million CNY distributed over the past three years [3] Shareholder Information - As of September 30, 2025, Nandu Property had 10,100 shareholders, an increase of 29.73% from the previous period, while the average number of circulating shares per shareholder decreased by 22.92% to 18,628 shares [2] - The top ten circulating shareholders saw a change, with Huaxia Return Mixed A (002001) exiting the list [3]

Core Viewpoint - The company is undergoing a significant asset disposal and restructuring plan to improve its financial health by divesting its real estate development business, which has been a core bottleneck due to high capital occupation and debt levels [1][2] Group 1: Asset Disposal and Restructuring - The company plans to transfer its real estate development-related assets and liabilities to Tianjin Urban Operation Development Co., Ltd. for a nominal price of 1 yuan, while retaining its property management business, which is more stable and generates consistent cash flow [1] - This restructuring is seen as the optimal solution to address the company's current development challenges and enhance core value while protecting shareholder interests [1] Group 2: Financial Impact - As of June 2025, the company's net assets are projected to be around -500 million yuan, with a net loss exceeding 540 million yuan in the first half of 2025 [1] - Post-asset disposal, the company anticipates turning its net assets and earnings per share from negative to positive, with the asset-liability ratio dropping to 46.28%, thereby mitigating the risk of delisting and improving its operational fundamentals [2]

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors, highlighting optimism for the "Good House" policy and the revaluation of shopping center values [3][24][28]. Core Insights - The "14th Five-Year Plan" emphasizes promoting high-quality development in real estate, aiming to establish a new development model and improve the basic systems for property development, financing, and sales [3][24]. - Recent data shows a 9.8% week-on-week increase in new home transactions across 34 key cities, with a total of 2.835 million square meters sold [3][4]. - The report identifies a significant decline in year-on-year sales, with October's total transactions down 26.8% compared to the same month last year [6][7]. - The report notes that the average monthly inventory turnover for residential properties in 15 cities is 23.8 months, indicating a slight decrease [20][22]. Industry Data Summary New Home Transactions - New home sales in 34 cities reached 2.835 million square meters last week, a 9.8% increase from the previous week [3][4]. - Year-on-year, October's new home sales totaled 9.261 million square meters, reflecting a 26.8% decline compared to October of the previous year [6][7]. Second-Hand Home Transactions - Second-hand home sales in 13 cities totaled 1.152 million square meters last week, a 1.1% decrease from the previous week [12]. - Cumulatively, second-hand home sales in October were down 22.2% year-on-year [12][13]. Inventory Levels - The total available residential inventory in 15 cities was 89.296 million square meters, with a week-on-week decrease of 0.5% [20][21]. - The sales-to-new inventory ratio was 1.59, indicating a healthy turnover rate [20]. Policy and News Tracking - The report highlights the issuance of the "Urban Commercial Quality Improvement Action Plan" by the Ministry of Commerce and other departments, which supports the issuance of REITs for commercial real estate [24][25]. - The People's Bank of China announced a credit relief policy aimed at assisting the housing market [27]. - Local governments are implementing various housing subsidies, such as a maximum of 15,000 yuan in Yunnan and a combination of housing and consumption vouchers in Hangzhou [27][28]. Company Performance Overview - Several real estate companies reported their Q3 2025 results, with notable declines in net profits for many firms, such as New Town Holdings (9.7 billion yuan, -33.1%) and China Overseas Development (25 billion yuan, -4.0%) [28][30]. - The report mentions the successful listing of a commercial REIT by China Overseas Development, with underlying assets from a shopping center in Foshan [28][30].

Core Viewpoint - The Meihekou People's Court in Jilin Province has released a white paper on resolving property service contract disputes, highlighting the effectiveness of mediation in reducing litigation and improving governance efficiency [1] Summary by Relevant Sections Case Handling Statistics - From 2022 to June 30, 2025, the Meihekou Court handled a total of 2,476 property service contract dispute cases [1] - Out of these, 1,755 cases were resolved through mediation, while 721 cases were formally accepted for litigation [1] - The court achieved a mediation withdrawal rate of 54.79%, indicating a significant success in resolving disputes without proceeding to trial [1] Dispute Resolution Mechanism - The court has established a multi-faceted dispute resolution mechanism that integrates into the broader social governance framework [1] - A "mediation first + litigation last" model is being implemented to ensure timely judicial confirmation of successfully mediated cases, along with agreed-upon penalties for breach of contract [1] - After 2025, a new model will be adopted that combines comprehensive governance, proactive mediation, and expedited trials, enhancing the efficiency of dispute resolution [1] Impact on Governance and Cost Savings - The new approach aims to resolve property service contract disputes through non-adversarial means, significantly improving case quality and governance effectiveness at the grassroots level [1] - This method is expected to save costs for litigants and enhance their sense of judicial satisfaction [1]

Core Viewpoint - The recent initiative by local representatives aims to enhance community services and address residents' needs through direct engagement and practical actions [1][2] Group 1: Community Engagement - Local representatives visited resettlement communities to understand residents' needs and promote solutions to their concerns [1] - The initiative emphasizes a "people-centered" approach to improve living conditions and community satisfaction [1] Group 2: Property Management - The representatives inspected property management services, highlighting the importance of effective service delivery as a key to resident satisfaction [1] - Residents reported improvements in community facilities, such as upgraded lighting and clearer parking space markings, contributing to a safer living environment [1] Group 3: Service Standards - Representatives called for transparency in property management, including clear communication of service content, standards, and fee structures to residents [1] - The initiative aims to enhance property service levels by expanding services like housekeeping, elderly care, and assistance for the disabled to meet diverse resident needs [1]

Core Viewpoint - Country Garden Services has been actively repurchasing its shares, indicating a strategy to support its stock price amid recent declines [2][3]. Summary by Sections Share Buyback Activity - On October 31, Country Garden Services repurchased 500,000 shares at a price range of HKD 6.180 to HKD 6.190, totaling HKD 3.091 million [2]. - The stock closed at HKD 6.180 on the same day, reflecting a decrease of 0.64%, with total trading volume of HKD 42.2875 million [2]. - Since October 30, the company has conducted buybacks for two consecutive days, acquiring a total of 1.068 million shares for a cumulative amount of HKD 6.6052 million, during which the stock price fell by 2.52% [2]. Year-to-Date Buyback Summary - Year-to-date, Country Garden Services has executed 37 buybacks, acquiring a total of 15.069 million shares for a total expenditure of HKD 96.6438 million [3]. - The detailed buyback activities include various dates, share quantities, and prices, showcasing a consistent approach to share repurchase throughout the year [3][4].

Core Viewpoint - Songdu Service (09608) plans to purchase 50 parking spaces in Hangzhou for RMB 10.5867 million as a measure for capital preservation and investment stability, highlighting the asset's quality and potential for steady income generation [1] Group 1: Purchase Details - The buyer, a wholly-owned subsidiary of the company, intends to acquire parking spaces located at 789 Fuchun Road, underground level 2 of Songdu Building in Hangzhou [1] - The purchase price for the parking spaces is set at RMB 10.5867 million [1] Group 2: Investment Rationale - The asset is characterized as a high-quality operational asset with low operating costs, high income levels, and stable cash flow, aligning with the company's investment strategy for premium assets [1] - The location is advantageous, surrounded by financial institutions, high-end hotels, and grade A office buildings, ensuring strong demand for business travel and daily parking [1] Group 3: Operational Benefits - The parking spaces are situated in a building with ongoing high demand for parking from office personnel and visitors, ensuring a consistently high utilization rate [1] - By acquiring and professionally managing the parking spaces, the company aims to create a stable additional income source, optimize revenue structure, enhance overall profitability, and increase resilience against risks, ultimately delivering greater value to shareholders [1]

Core Viewpoint - Songdu Service (09608) plans to purchase parking spaces for RMB 10.5867 million as a measure for capital preservation and investment stability, highlighting the strategic focus on acquiring quality assets [1] Group 1: Purchase Details - The buyer, a wholly-owned subsidiary of the company, intends to acquire 50 parking spaces located at Songdu Building, 789 Fuchun Road, Hangzhou, China [1] - The purchase price for the parking spaces is set at RMB 10.5867 million [1] Group 2: Investment Rationale - The asset is characterized as a high-quality operational asset with low operating costs, high revenue levels, and stable cash flow, which aligns with the company's investment strategy for quality assets [1] - The location is advantageous, surrounded by financial institutions, high-end hotels, and grade A office buildings, ensuring strong demand for business travel and daily parking [1] Group 3: Operational Benefits - The parking spaces are situated in a building that experiences high demand from office personnel and visitors, ensuring a consistently high utilization rate [1] - By acquiring and professionally managing the parking spaces, the company aims to create a stable additional income source, optimize revenue structure, enhance overall profitability, and increase resilience against risks, ultimately delivering greater value to shareholders [1]

Investment Rating - The report maintains a "Recommended" rating for the company [3] Core Insights - The company achieved a revenue of 13.942 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 14.65%. The net profit attributable to shareholders was 686 million yuan, up 10.71% year-on-year [6] - The company continues to diversify its property management business, with a total managed area of 367 million square meters and 2,410 projects under management as of September 2025. The new annual contracts signed in the property management business reached 3.023 billion yuan, a significant increase compared to the end of the first half of 2025 [6] - The asset management business has maintained a high occupancy rate of 94% for its properties, focusing on optimizing service quality and enhancing tenant structure [6] Financial Performance Forecast - Projected operating revenue for 2025 is 18.913 billion yuan, with a growth rate of 10.14%. The net profit attributable to shareholders is expected to be 937 million yuan, reflecting an 11.51% growth rate [2][8] - The company’s gross margin is forecasted to be 11.93% in 2025, slightly down from 11.96% in 2024, but expected to improve to 12.30% by 2026 [2][8] - Earnings per share (EPS) is projected to be 0.88 yuan in 2025, with a price-to-earnings (P/E) ratio of 12.91x [7][8] Business Strategy - The company is actively expanding its property management business into various sectors, including office, park, and government projects, while also increasing its focus on residential property management, which saw a 38% year-on-year growth in new contracts [6] - The company has successfully secured contracts for significant projects, including those in Beijing and Guangzhou, indicating a strong market presence and competitive advantage [6] Market Position - As of October 30, 2025, the company's A-share closing price was 11.41 yuan, with a market capitalization of 12.1 billion yuan [3]