[年报]深物业B(200011):2022年年度报告（英文版）
原标题:深物业B:2022年年度报告（英文版） DEVELOPMENT(GROUP)LTD. ANNUALREPORT2022 (AnnouncementNo.2023-02) March2023 TableofContents PartIImportantNotes,TableofContentsandDefinitions...........................................................3 PartIICorporateInformationandKeyFinancialInformation...................................................6 PartIIIManagementDiscussionandAnalysis..............................................................................11 PartIVCorporateGovernance.......................................................................................................44 PartVEnvironmentalandSocialResponsibility..........................................................................68 PartVISignificantEvents...............................................................................................................71 PartVIIShareChangesandShareholderInformation................................................................85 PartVIIIPreferredShares..............................................................................................................93 PartIXBonds...................................................................................................................................94 PartXFinancialStatements............................................................................................................95 PartIImportantNotes,TableofContentsandDefinitions TheBoardofDirectors(orthe“Board”),theSupervisoryCommitteeaswellasthedirectors,supervisorsandseniormanagementofShenZhenProperties&ResourcesDevelopment(Group)Ltd.(hereinafterreferredtoasthe“Company”)herebyguaranteethefactuality,accuracyandcompletenessofthecontentsofthisReportanditssummary,andshallbejointlyandseverallyliableforanymisrepresentations,misleadingstatementsormaterialomissionstherein. Liu Shengxiang, the Company’s legal representative, Cai Lili, the Company’s head offinancialaffairs,andLiuQiang,headoftheCompany’sfinancialdepartment(equivalenttofinancialmanager)herebyguaranteethattheFinancialStatementscarriedinthisReportarefactual,accurateandcomplete. AlltheCompany’sdirectorshaveattendedtheBoardmeetingforthereviewofthisReportanditssummary. TheCompanyissubjecttotheinformationdisclosurerequirementsfortherealestateindustryintheSelf-DisciplinaryandRegulatoryGuidelineNo.3oftheShenzhenStockExchangeforListedCompanies—Industry-specificInformationDisclosure.TheCompanyhasdescribedindetailinthisReportthepossiblerisksfacingit,alongwithcountermeasures.Pleaserefertothesectionheaded“Prospects”of“PartIIIManagementDiscussionandAnalysis”ofthisReport. TheBoardhasapprovedafinaldividendplanasfollows:basedonthesharecapitalof595,979,092shares,acashdividendofRMB3.61(taxinclusive)per10sharesistobedistributedtotheshareholders,withnobonusissuefromeitherprofitorcapitalreserves.ThisReportanditssummaryhavebeenpreparedinChineseandtranslatedintoEnglish.Shouldtherebeanydiscrepanciesormisunderstandingsbetweenthetwoversions,theChineseversionsshallprevail. DocumentsAvailableforReference I.ThefinancialstatementswiththesignaturesandstampsoftheCompany’slegalrepresentative,headoffinancialaffairsandheadofthefinancialdepartment; II.TheoriginaloftheIndependentAuditor’sReportwiththestampoftheCPAfirmandthesignaturesandstampsofthecertifiedpublicaccounts;and III.TheoriginalsofalltheCompany’sdocumentsandannouncementsdisclosedtothepublicintheReportingPeriod. Definitions
ICorporateInformation
TheindependentauditfirmhiredbytheCompany:
□Applicable?Notapplicable TheindependentfinancialadvisorhiredbytheCompanytoexerciseconstantsupervisionovertheCompanyintheReporting Period: □Applicable?Notapplicable VIKeyFinancialInformation Indicatebytickmarkwhetherthereisanyretrospectivelyrestateddatuminthetablebelow.?Yes□No Reasonforretrospectiverestatement: Businesscombinationinvolvingentitiesundercommoncontrol.
exceptionalgainsandlosseswasnegativeforthelastthreeaccountingyears,andthelatestindependentauditor’sreportindicated thattherewasuncertaintyabouttheCompany’sabilitytocontinueasagoingconcern.□Yes?No Indicatebytickmarkwhetherthelowerofthenetprofitattributabletothelistedcompany’sshareholdersbeforeandafter exceptionalgainsandlosseswasnegative. □Yes?No VII Accounting Data Differences under China’s Accounting Standards for BusinessEnterprises(CAS)andInternationalFinancialReportingStandards(IFRS)andForeignAccountingStandards 1.NetProfitandEquityunderCASandIFRS □Applicable?Notapplicable NodifferencefortheReportingPeriod. 2.NetProfitandEquityunderCASandForeignAccountingStandards □Applicable?Notapplicable NodifferencefortheReportingPeriod. VIIIKeyFinancialInformationbyQuarter Unit:RMB
whathavebeendisclosedintheCompany’squarterlyorinterimreports.□Yes?No IXExceptionalGainsandLosses ?Applicable□Notapplicable Unit:RMB
NosuchcasesfortheReportingPeriod. ExplanationofwhytheCompanyreclassifiesasrecurrentanexceptionalgain/lossitemlistedintheExplanatoryAnnouncement No.1onInformationDisclosureforCompaniesOfferingTheirSecuritiestothePublic—ExceptionalGain/LossItems: □Applicable?Notapplicable NosuchcasesfortheReportingPeriod. PartIIIManagementDiscussionandAnalysis IIndustryOverviewfortheReportingPeriod TheCompanyissubjecttotheinformationdisclosurerequirementsfortherealestateindustryintheSelf-Disciplinaryand RegulatoryGuidelineNo.3oftheShenzhenStockExchangeforListedCompanies—Industry-specificInformationDisclosure. (I)Macro-economicsituationandindustrydevelopmentstatus In2022,theChineseeconomywasundergreaterdownwardpressureduetoacontractingdomesticdemand,jarringsupplychain disruptions,andapalpablewaningofexpectationsasaresultofmyriadfactorsincludingtheUSFederalReserve'sfluctuations withinterestratesandaonce-in-a-centuryglobalmetamorphosis.Amidsttherosydevelopmentsstemmingfromregulatory authoritiesandtheconcomitantcalibrationofdemand-supplydynamicsandcreditlandscape,therealestatemarketisbesiegedby atransitoryadjustmentquandary.Inanefforttoforestallanyhazardslurkinginthesector,policymeasuresgearedtowards ensuring "stable growth" are being expedited. During March, a special meeting was held by the Financial Stability and DevelopmentCommitteeoftheStateCouncil,wheretheyputforthmeasurestosupportthetransitiontowardsanewdevelopment model.ThroughoutthisReportingPeriod,therealestatepolicyregulation'sbedrockprinciplesof"housingisforliving,notfor speculation,"andthe"threestabilities"dictumheldfirm.Encouragingly,amultitudeofministrieschimedinwiththeirsupportfor theindustry,andcertaincitiesenactednovelpoliciestocatalyzetherealestatemarket'ssteadygrowth.Theyearunfoldedwiththesalesmarketgenerallymiredintorpor,assalesvolume,developmentinvestment,andlandsupplyanddemandalldwindled.AccordingtothedatafromtheNationalBureauofStatistics,thesalesareaofcommercial housingthroughout2022was1,358.37millionsquaremetersnationwide,ayear-on-yeardecreaseof24.3%.Furthermore,sales revenueplummetedtoRMB13,330.8billion,downby26.7%fromthepreviousyear.Newlybuiltresidentialandsecond-hand residentialpropertypriceswitnessedalacklustertrajectoryinthefirsthalfoftheyear,followedbyatepidphaseinthelatterhalf, withpricescontinuingtheirdownwardtrajectory.Insum,thenewhometransactionsinthetop100citiesnosedivedbya staggering40%year-on-year,strikingtheirlowestebbsince2015. Newstartsweakenedanddevelopmentinvestmentcontinuedtofall.Throughouttheyear,atotalinvestmentofRMB13,289.5 billionwascompleted,whichrepresentsa10%year-on-yeardecrease.NegativegrowthbeganinAprilduetosignificantfinancial pressurefacedbyrealestatecompanies,strictpre-saleregulations,andlowwillingnesstocommenceconstruction.Realestate enterpriseshadalowwillingnesstostartconstructionduetogreatfinancialpressureandstringentregulationofadvancesales.In 2022,thetotalareaofnewconstructionwas1205.87millionsquaremeters,whichindicatesayear-on-yeardecreaseof39.4%. SinceApril,themonthlynewconstructionareahasbeendecliningbymorethan35%year-on-yearforeightconsecutivemonths, representingthelargestdropsince2016.Thenationalhousingconstructionareafortheyearwas9049.99millionsquaremeters, whichrepresentsayear-on-yeardecreaseof7.2%.Additionally,thenationalhousingcompletionareawas862.22millionsquare meters,indicatingayear-on-yeardecreaseof15%. Landacquisitiondeceleratesassupplyanddemanddecreasetoanear-decadelow.Realestatecompanies'overalleffortsto acquirelandhavesloweddown,withthetotalamountoflandtransactionsthroughouttheyearreachingRMB916.6billion, representinganearly50%year-on-yeardecrease.Moreover,thepurchasedlandareadecreasedby53.4%year-on-yearto100.52 millionsquaremeters.Therealestatemarket'scontinuousadjustmentandfinancialpressureoncompanieshaveresultedin differentiatedmarketperformance,withlocalstate-ownedassetsbottomingout.Thegovernment'slandsupplyandthewillingness ofrealestatecompaniestoacquirelandareinsufficient,leadingtoa31.25%year-on-yeardecreaseintransactionvolume.To alleviate the land auction market's overall downturn, policies have entered a substantial easing period since April. Local governmentsareoptimizinglandauctionrulesandreleasinghigh-qualitylandplotstoincreaserealestatecompanies'participation andimprovethesituationoffailedauctionsandwithdrawals.Despitetheseefforts,thelandmarketsentimentremainsgenerally PolicySupportFailstoDriveSignificantFinancialImprovement.MeetingsandnoticesfromtheChinaSecuritiesRegulatory Commission,theShenzhenStockExchange,andtheChinaBankingandInsuranceRegulatoryCommissioninMaymentioned supportingreasonablefinancingneedsofrealestateenterprises.InJune,thePeople'sBankofChinaandtheStateAdministration ofForeignExchangeproposedtheneedtotimelycorrectexcessiverisk-avoidancebehavioroffinancialinstitutionsandmaintain stablerealestatefinancing.Despitetheaccelerationofmortgagelendingbybanks,theuncertaintyofeconomicrecoveryhas negativelyimpactedhomebuyers'confidence,resultinginindividualmortgageloansamountingtoRMB2.38trillion,which representsadecreaseof26.5%.Realestatecompanies'salesrepaymentshavebeennegativelyaffectedtovaryingdegrees.The fundsinplaceforrealestatedevelopmententerprisesthroughouttheyearreachedRMB14,897.9billion,representinga25.9% year-on-yeardecreaseaccordingtodatafromtheNationalBureauofStatistics.Althoughthecentralgovernmentandvarious ministriesandcommissionshavecontinuouslyreleasedstabilizationsignalssincethesecondhalfoftheyear,thegrowthrateof fundsinplaceattheendoftheyearremainsunsatisfactory.Whilethecreditenvironmenthasmarginallyimproved,itwilltake timeforthisimprovementtobetransmittedtothemarketend.Thearrivalofmortgageloansanddevelopmentloansstillrequires time. (II)Policyenvironmentoftheindustry In2022,upholdingthefundamentalprinciplethat"housesareforlivingin,notforspeculatingon".Realestatepolicieshave enteredacomprehensiveeasingcycle,withregulatoryauthoritiesintroducingfavorablepoliciesthatbenefitboththedemandand enterprisesides.Thestrength ofpolicies hasincreased, allowinglocal governments toimplementpoliciesbased onlocal conditions.Demand-sidepolicieshavebeencontinuouslyadjustedfromthebeginningoftheyear,withseveralheavyweight policiesimplementedinthesecondhalfoftheyear,significantlyincreasingsupportforsupply-sidepolicies.Insummary,thereare threecoreaspectsoftherealestateindustrypolicyin2022:providingfinancingsupporttorealestateenterprisestoalleviatetheir financialpressure;supportingindividualhousingloanstodrivemarketsalesrecovery;andensuringtimelydeliveryofproperties toboostmarketsentimentandimprovehomebuyers'confidence. Thedemand-sideisprimarilyfocusedonlandandfinancialpolicies.(1)Tobettermeetthereasonablehousingneedsof homebuyers,severalcitiesinChinahaverelaxedtheirpoliciesoncommercialhousingpurchasesandsales.InJanuary,the NationalDevelopmentandReformCommissionissuedanoticepromotingconsumptionandsupportingthecommercialhousing market.Inresponse,inFebruary,thesecitiesimplementedpoliciesthatincludedreducingdownpayment ratios,lowering mortgagerates,easinghousingprovidentfundloanrequirements,issuinghousingsubsidies,andrelaxing"fivelimits"policies suchaspurchaseandlendingrestrictions.(2)Topreventspeculationandensurethathousesareprimarilyusedforliving,credit supervisionhasbeenstrengthened,andmeasurestocrackdownonillegalfundsinflowintotherealestatemarkethavebeen strictlyenforced.Thisistopreventoperatingloansfromenteringthemarket.(3)Thesalespricesofcommodityhomeshave stabilized,withfirst-tiercitiesremainingstablemonth-on-monthsincethesecondquarter,andsecond-andthird-tiercities stabilizingafterreachingtheirlowestpoint.(4)Theongoingreductionsininterestrateshaveprovedtobeadvantageous.InMay, thePeople'sBankofChinaandtheChinaBankingandInsuranceRegulatoryCommissionannouncedanadjustmentintheminimuminterestrateforfirst-timehomebuyers'commercialpersonalhousingloans,whichwassetnolessthan20basispoints belowthecorrespondingperiod'sloanmarketquotationrate.Furthermore,attheendofSeptember,somecitiesalsoloweredthe minimuminterestratefortheseloans.Providentfundloanswithrepaymenttermsexceedingfiveyearswerealsoimpactedbythe interestratecuts,resultinginareductionto3.1%. Thesupplysidefocusedonlandandfinancialcontrol.(1)Intermsofland,thecompletionrateofthe2022landsupplyplanis relativelylow.Toattractrealestatecompaniestobid,localgovernmentsareactivelyoptimizingandadjustinglandauctionrules andlandsupplystructures,withcentralandstate-ownedenterprisesbecomingthemainstreaminlandacquisition.Additionally, localurbaninvestmentplatformsarecontinuingtoemerge,whileprivateenterprisesarelimitedbycreditchallengesandfinancial pressures,leadingtoapauseintheirinvestments.(2)InearlyNovember,thePeople'sBankofChinaandtheChinaBankingand InsuranceRegulatoryCommissionissuedanoticeon"EnsuringtheStableandHealthyDevelopmentoftheRealEstateMarket"in termsofpolicies.Thisnoticeincludes16specificmeasuressuchasmaintainingstableandorderlyrealestatefinancing,actively providingfinancialservicesfor"buildingpaymentuponcompletion,"cooperatingintheriskdisposalofdistressedrealestate enterprises,protectingthelegitimaterightsandinterestsofhousingfinanceconsumersinaccordancewiththelaw,adjustingsome financialmanagementpoliciesinphases,andincreasingfinancialsupportforhousingrental.AttheendofNovember,theChina SecuritiesRegulatoryCommissionoutlinedfivemeasuresaimedatadjustingandoptimizingequityfinancingforlistedrealestate companies.Thesemeasuresincluderestoringmergersandacquisitions,restructuring,andsupportingfinancingforrealestate- relatedlistedcompanies,aswellasrestoringrefinancingforlistedrealestateenterprisesandrealestate-relatedlistedcompanies. Incontrast,financialregulatoryauthoritiessuchastheChinaBankingandInsuranceRegulatoryCommissionprimarilyrelaxed regulations throughout the year. Meanwhile, local governments and housing construction departments strengthened their supervisiontoensurepropertydevelopersdeliverhomesonschedule.In2022,provincesandcitiesacrossChinaissuedoverathousandrealestatecontrolpolicies,reachingapeakinrecentyears.The regulationoftherealestatemarketcontinuestoimproveandupgrade,withthepaceandintensityofpolicytighteningsignificantly increasingsinceApril.Lookingaheadto2023,thecentralgovernmentwillcontinuetoadheretothegeneralprincipleof"housing isforliving,notforspeculation"andstrivetoachievethe"threestability"targets.Asthetideofrealestatemarketcorrection surges onward, one cannot help but ponder the scope for policy refinement in the top-tier cities. Additionally, it is not unreasonableto anticipateamore streamlined financing apparatus for real estate enterprises. The conceptof "completion guarantee"-anassurancethatpropertieswillbefinishedpriortoremuneration-continuestoholdtheattentionofindustry insiders.Assuch,arekindlingoftherealestatemarketappearstobeonthehorizon.(III)Regionalmarketlandscape Fromtheperspectiveofregionalmarkets,Shenzhen'seconomyheldsteadfastinitsfortitudein2022,evenwhileimposing stringentrealestateregulations.Boostingmarketconfidencewereaccompanyingfactors,suchas"completionguarantee"anda dipinthefirst-homemortgageinterestrate.Astheyeardawned,Shenzhenunfurledthe"14thFive-YearPlanforHousing DevelopmentinShenzhen,"whichmapsoutafive-yearblueprinttosupply350,000unitsofcommercialhousingand540,000units ofpublichousing.Duringthe"GoldenSeptemberandSilverOctober"interlude,thenumberofnewlysoldresidentialunitsin Shenzheneclipsed3,000unitsfortwoconsecutivemonths,outpacingtheaveragelevelregisteredinthefirsthalfoftheyear. TowardthefagendofOctober,theMinistryofFinancereleasedthe"ImplementationOpinionsonSupportingShenzhento ExploreandInnovateItsFinancialPolicySystemandManagementSystem,"underscoringthecentralgovernment'sbolstered supporttoalleviateShenzhen'shousingsupplyanddemandimbalance.AsavanguardofChina'sreformandopening-uppolicy, Shenzhencontinuestoplayapivotalroleintherealestateindustry'smajorstrategicmetamorphosisdecision-makingprocess. (IV)ThesituationandtasksfacingtheCompany FromtheperspectiveofSZPRD,manyofthedifficulties,painpointsandblockagepointsoftheprojectsunderconstructionhave basicallybeencleared,andtheconditionsareinplacefortheGrouptomakegreatprogress.Thetightsituationoflargeinvestment andlowoutputinthecurrentperiodisexpectedtocontinueuntilthesecondhalforeventheendof2023.Therefore,project construction,salespaymentcollectionandcapitalamplificationwillbecomethemostimportanttasksin2023,andtheabilityto executeprojects,turnaroundcapacityandoperationandmanagementcapabilitieswillcontinuetobedecisivefactorsintheGroup's mediumtolong-termdevelopment. (V)IndustrypositionoftheCompany SZPRDarisestogetherwithShenzhen'sreformandopeningupanddevotesitselftorealestate,propertymanagementandother fieldsfornearlyfourdecades.Ithasachievedgradualimprovementsinitscomprehensivecapacity,brandinfluenceandindustry positionandwonmanyhonorsandawardsovertheyears.DuringtheReportingPeriod,theCompanywonthetitleof"2022ShenzhenTop500Enterprises"andranked187thonthelist.ITCPropertyManagement,asubsidiaryoftheCompany,wonthe followingawards:"2022LeadingState-ownedEnterprisesinPropertyManagementforIndustrialParksinChina","2022Top100 ChinaPropertyServiceEnterprisesinComprehensiveStrength","2022Top50ChinaState-ownedPropertyServiceEnterprisesin Comprehensive Strength", and "2022 China Property Service Brand Characteristic Enterprise - A World-leading Property historicalbuildingsannouncedbythePeople's GovernmentofShenzhenMunicipality.ThehistoricalexhibitionofShenzhen InternationalTradeCenterwasselectedasacaseforthedevelopmentandutilizationofnationaleconomicandtechnologicalarchives resourcesin2021bytheNationalArchivesAdministrationofChina.TheseawardsandhonorsdemonstratedtheCompany's comprehensivestrengthandreflectedthehighrecognitionoftheCompany'scomprehensivestrengthbytheindustry,customersand governmentdepartments. DuringtheReportingPeriod,despitethechangesintherealestateindustry,theCompanygainedacomparativeadvantagewithstable operationstatusandgoodfinancialposition,seizedtheopportunitiesofthelandmarket.TheCompanyhastriumphedinits partnershipwithYangzhouTourismDevelopmentPropertyCo.,Ltd.,securingthefirstandsecondlandparcelsintheYangzhou ShouxihuScienceandTechnologyInnovationCityinitiative.ThislandmarkachievementnotonlymarkstheGroup'sforayintothe "urban-ruralintegration"terrainbeyonditsheadquartersbutalsoactsasapotentassuranceofitsexpansionplansintheYangtze RiverDeltaarea.ThevictoryalsopavesthewayfortheGrouptoaugmentitslandreservesandpropelsustainabledevelopmentin consonancewiththe"14thFive-YearPlan"phase. IIPrincipalActivityoftheCompanyintheReportingPeriod TheCompanyissubjecttotheinformationdisclosurerequirementsfortherealestateindustryintheSelf-Disciplinaryand RegulatoryGuidelineNo.3oftheShenzhenStockExchangeforListedCompanies—Industry-specificInformationDisclosure. (I)CoreBusinessOverview Establishedin1982,theCompanywasoriginallyknownas"LuohuEngineeringandConstructionHeadquarters"andrenamed "ShenzhenMunicipalPropertyDevelopmentCorporation"inAugust1985.TheCompanywasdeterminedasthesecondbatchof pilotunitsforjoint-stockreformofstate-ownedenterprisesin1988.Approvedbythemunicipalgovernment,theCompanyrenamed toShenZhenProperties&ResourcesDevelopment(Group)Ltd.in1990.Thestockofthegroupcompany(stockname:SZPRD,A/B; stockcode:000011,200011)wasofficiallylistedinShenzhenStockExchangeinMarch1992.TheCompanycontractedandbuiltShenzhenInternationalTradeCenterBuildingasPartyAandcreated,planned,andorganizedthe world-famous"ShenzhenSpeed".ThebuildingwastheplacewhereChairmanDengXiaopinggavetalksinhisinspectiontothe south.SZPRDcameintobeingbecauseofthebuildingandhasrisenamidtheReformandOpeningupcampaign.Emergingand growingtogetherwithShenzhen,acityofmiracles,theCompanyhasbeen“aloyalpractitionerofthespiritoftheox”andovercome difficultiesinproposingnewservicesinthenewera.SZPRDemployeeshavemanifestedtheenterprisespiritof"goingaheadand reforming"andcenteredonthefunctionalpositioningasstateassetsof"servingnationaleconomicandsocialdevelopment,thecity, theindustry,andthepeople".TheCompanyhasadheredtotheoriginalaspirationandstrivenaheadtobeapioneer.Therefore,ithas maderemarkableachievementsindevelopmentspeedandquality.Sofar,theCompanyhasgrownintoalargecomprehensive industrialgroupfromtheprojectcompanythatbuiltShenzhenInternationalTradeCenterBuilding.Inthenewera,theCompany sizesupthesituation,seizesthemomentumandforgesaheadtowardthegoalandvisionofbecominga"leadingsmartoperatorof industry-cityspaceinChina". As2022heraldsthe40thanniversarysinceitsinceptionandthe30thanniversarysinceitslisting,SZPRDtraversesdownmemory lane,recollectingitsvariedjourneypunctuatedwithchallengesandtriumphs.WitnessingthemeteoricriseofShenzhencity,the Grouphastransitionedfromitsformer"Shenzhenspeed"avatartoitscurrentiterationof"Shenzhenquality."Additionally,2022 inauguratesthefirstyearfortheGroup'speriodicperformanceadjustmentphase.DuringtheReportingPeriod,facingthedeep regulationandcontrolinrealestate,theCompanyfaceduptothedifficultiesandcontinuedtomakeeffortsinfourbusiness sectors,includingindustry-cityspacedevelopment,propertymanagementservices,industrialecosystemoperation,andmain businessecosysteminvestmentinitsmainbusiness.TheCompanyendeavoredtofurtherconsolidateandhighlightitsadvantages ofindustry-cityintegrationandthewholeindustrychainthroughexpandingthemainbusinessandmakingbreakthroughsinother businesses. 1.Industrial&urbanspacedevelopment Intermsofthespacedevelopmentsegment,theCompanyisspecializedindevelopingtheresidence,thehi-endapartment,theoffice building,andtheindustrialparkandhasdevelopedabatchofbrandprojects,includingShenzhenInternationalTradeCenter Building,HuanggangPort,Tian'anInternationalBuilding,QianhaiGangwanGarden,andGoldenCollarHoliday.Basedonits presentrealestatedevelopmentbusiness,theCompanywillimproveitsexistingportfolioandplanfornewbusinesses.Itwillengage anumberofsubsidiariesinpropertydevelopmentandurbanrenewals,includingHuangchengRealEstate,RongyaoRealEstate,and theUrbanRenewalCompany,strengthencapitaloperationviathelistingplatform,andmakeareasonablelayoutofthecityspace developmentsegment.IntheReportingPeriod,SZPRDmadegreatereffortsforlandacquisitioninthissegment.Forinstance,it steadilyadvancedthedevelopmentprojectsinsideandoutsideShenzhen,acceleratedthesalesofprojectsinXuzhouandYangzhou, andspedupcashinflow.Moreover,itfocusedonthedevelopmentandconstructionofindustry-citycomplexesandacceleratedto createanintegratedandco-existingmodelforthedevelopmentofboutiqueurbanresidencesandhigh-endindustryspace. 2.Propertymanagementservices TheCompany'spropertymanagementsegmenttakesITCPropertyManagementasitsplatform.AsChina’sfirstbatchoffirst-class qualifiedenterprisesinpropertymanagement,ITCPropertyManagement,aftermorethan30yearsofdevelopment,hasbecomea domesticfirst-classpropertyserviceproviderwithdiversifiedbusinesscapabilitiesandtechnologicalstrength,andhasbeenawarded "Top100NationalPropertyManagementEnterprises"and"ExcellentEnterpriseofPropertyManagementinChina'sIndustrial Parks"formanyyearsinarow.Theprojectsunderitsmanagementarealloverthecountry,anditsbusinessradiatestovarious regionsinChina,suchasSouthChina,SouthwestChina,EastChinaandNorthChina,aswellastheChina-VietnamCooperation ZoneinVietnam.TheCompany'sexistingbusinesshascoveredindustrialparks,culturaltourismscenicspots,governmentagencies, railtransportation,housing,hospitals,schools,hotelsandothervariousbusinessmodels,andisplanningtodevelopthebusinessof grassrootssocialgovernance.TheCompanycollaboratedwiththegovernmenttocreateasafe,harmonious,civilizedandorderly urbanenvironment,basicallyformingapatternofintegrateddevelopmentofmultiplebusinessmodels.Therearemorethan20 subsidiariesunderITCPropertyManagement,andwiththefunctionaldepartmentsoftheheadquartersastheplatform,ithasactively builtthreecentersof"market,empowermentandsupervision",andformedthreebusinesscentersandprofitcentersofspecialized businessmodelcompanies,specializedcompaniesandcompaniesinotherregions,soastocontinuouslyandeffectivelyrealizethe newpatternofcoordinateddevelopmentof"1+1>2".AmidsttheReportingPeriod,ITCPropertyManagementaugmenteditsrealm throughself-reliantdevelopmentandmergersandacquisitions,culminatingintheadministrationofa35millionsquaremetersof property.Thesegmentdedicatedtoindustrialparksoutstrippedexpectations,surpassing10millionsquaremeters.Notably,thescale ofoperationalmanagementforhigh-endindustrialparksispredictedtoretainitsexaltedstatusamongdomesticindustrialpark operations. 3.Industrialecosystemoperation Withrespecttotheindustrialecosystemoperationsegment,theCompanygavefullplaytoitsfoundationinthethreebasicindustries, namely,realestatedevelopment,propertymanagement,andleasingandtheadvantageofthewholeindustrychain,focusedonthe twomajorstrategiesof“value-addedoperationofexistingassets”and“light-assetoperationoutput”,anddeepenedinternaland external strategiccooperation.Itiscommitted tocreatingaclosedloopofthewholeindustrialecosystem, coveringproject developmentservices,parkoperationservices,andsupportingrentaloperations,andkeepingimprovingthespaceserviceandrental ecosystemintheindustrialpark.Auniqueandmaturebusinessdevelopmentmodelhasbeenputinplacewiththecapabilityand experienceofthewholechainofplanning,dismantling,constructioncontrol,businessinvitation,operation,andon-sitemanagement withrespecttovariousassets.TheCompanyisexpeditingthestocktakingandassessmentofitspropertiesinstockandstrengthening themanagementoverthem.Inthefuture,itwillgraduallyexpandthescopeofleasingandraisethedevelopmentcapabilityof propertyrental.Moreover,theCompanygraduallyshiftsthefocusofindustrialecosystemoperationtosci-techparks,provides supportingservicescoveringthewholevaluechain,suchastheimportofindustrialecosystem,projectdevelopmentservices,and parkoperationservices,andservestheroleof"spaceserviceprovider"centeringonsci-techparks.4.Otherbusiness IntheReportingPeriod,theCompany'sbusinessesalsoincludedcateringserviceandprojectsupervisionservice.Thecatering serviceisoperatedbyShenzhenGuomaoCateringCo.,Ltd.GuomaoCateringCo.,Ltd.,establishedin1986,becamefamousat homeandabroad,asitwastheplacewherePresidentDengXiaopinggavetalksduringhisinspectiontothesouthin1992.Sinceits establishment,ithasreceivedmorethan600countryleaders,famouspeople,andnumerousdomesticandoverseasguests,withits reputationspreadingallovertheworld.Theprojectsupervisionserviceishandledbythesubordinatedsupervisioncompanyofthe Group.ThecompanyhastheGradeAsupervisionqualificationofbuildingworksoftheMinistryofHousingandUrban-Rural Development(MOHURD).ItwasoriginallyknownasShenzhenPropertyEngineeringManagementDepartment,andtakespartin theconstructionandmanagementworkofShenzhenInternationalTradeCenterBuilding.Itisawitnessofthewholeprocessof "Shenzhenspeed",andmainlyservesforthedevelopmentprojectoftheGroup.(II)BusinessReviewfortheCompanyin2022 Asacrucialyearforthe"14thFive-YearPlan"andtheGroup's40thanniversarysinceitsestablishmentand30thanniversarysince listing,2022holdssignificantimportance.TheCompanyconcentratesonimplementingkeyworkdeploymentsestablishedatthe beginningoftheyearandpromoteslong-termsustainabledevelopmentbyenhancingoverallefficiency,guidedbytheprincipleof "long-termtargets,medium-termexpectationsandshort-termresults".TheRealEstateCompanytookexpansionasthegoal,and madeeffortstoseekabreakthroughinprojectexpansion.ThePropertyManagementCompanytookstrategictransformationasthe guidetoenhancetheempowermentvalueandbrandvalue.TheCommercialOperationCompanyaimedatimprovingqualityand（未完）  |