[中报]深物业B(200011):2023年半年度报告（英文版）
原标题:深物业B:2023年半年度报告（英文版） INTERIMREPORT2023 （AnnouncementNo.2023-16） August2023 PartIImportantNotes,TableofContentsandDefinitions TheBoardofDirectors(orthe“Board”),theSupervisoryCommitteeaswellasthedirectors,supervisors and senior management of ShenZhen Properties & Resources Development(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. TheCompanyhasnointerimdividendplan,eitherintheformofcashorstock.ThisReportanditssummaryhavebeenpreparedinbothChineseandEnglish.Shouldtherebeanydiscrepanciesormisunderstandingsbetweenthetwoversions,theChineseversionsshallprevail. TableofContents PartIImportantNotes,TableofContentsandDefinitions...........................................................2 PartIICorporateInformationandKeyFinancialInformation...................................................6 PartIIIManagementDiscussionandAnalysis................................................................................9 PartIVCorporateGovernance.......................................................................................................27 PartVEnvironmentalandSocialResponsibility..........................................................................29 PartVISignificantEvents...............................................................................................................31 PartVIIShareChangesandShareholderInformation................................................................41 PartVIIIPreferredShares..............................................................................................................45 PartIXBonds...................................................................................................................................46 PartXFinancialStatements............................................................................................................47 DocumentsAvailableforReference I.ThefinancialstatementswiththesignaturesandstampsoftheCompany’slegalrepresentative,headoffinancialaffairsandheadofthefinancialdepartment;and II.TheoriginalsofalltheCompany’sdocumentsandannouncementsdisclosedtothepublicvianewspapersdesignatedbytheCSRCintheReportingPeriod. Definitions
ICorporateInformation
1.ContactInformationoftheCompany Indicatebytickmarkwhetheranychangeoccurredtotheregisteredaddress,officeaddressandtheirzipcodes,websiteaddress, emailaddressandothercontactinformationoftheCompanyintheReportingPeriod.□Applicable?Notapplicable NochangeoccurredtothesaidinformationintheReportingPeriod,whichcanbefoundinthe2022AnnualReport.2.MediaforInformationDisclosureandPlacewherethisReportisKeptIndicatebytickmarkwhetheranychangeoccurredtotheinformationdisclosuremediaandtheplaceforkeepingtheCompany’s periodicreportsintheReportingPeriod. □Applicable?Notapplicable Thewebsiteofthestockexchange,mediaandotherwebsiteswheretheCompany’speriodicreportsaredisclosed,aswellasthe placeforkeepingsuchreportsdidnotchangeintheReportingPeriod.Thesaidinformationcanbefoundinthe2022Annual Report. 3.OtherInformation IndicatebytickmarkwhetheranychangeoccurredtootherinformationintheReportingPeriod.□Applicable?Notapplicable IVKeyFinancialInformation Indicatebytickmarkwhetherthereisanyretrospectivelyrestateddatuminthetablebelow.□Yes?No
1.NetProfitandEquityDifferencesunderCASandIFRS □Applicable?Notapplicable NosuchdifferencesfortheReportingPeriod. 2.NetProfitandEquityDifferencesunderCASandForeignAccountingStandards□Applicable?Notapplicable NosuchdifferencesfortheReportingPeriod. VIExceptionalGainsandLosses ?Applicable□Notapplicable Unit:RMB
NosuchcasesfortheReportingPeriod. ExplanationofwhytheCompanyreclassifiesasrecurrentanexceptionalgain/lossitemlistedintheExplanatoryAnnouncement No.1onInformationDisclosureforCompaniesOfferingTheirSecuritiestothePublic—ExceptionalGain/LossItems: □Applicable?Notapplicable NosuchcasesfortheReportingPeriod. PartIIIManagementDiscussionandAnalysis IPrincipalActivityoftheCompanyintheReportingPeriod (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". 2023isanewstartingpointfortheGroupuponfourdecadesofdevelopment.DuringtheReportingPeriod,theCompanycontinued tomakeeffortsinfourbusinesssectors,includingindustry-cityspacedevelopment,propertymanagementservices,industrial ecosystemoperation,andmainbusinessecosysteminvestmentinitsmainbusiness.Also,itcontinuedtoworkon“fastergrowth, betteroperatingperformance,empowerment,andeffectiveness”,withsmoothandorderlyprogressinvariousaspects.Meanwhile, theCompanyendeavoredtofurtherconsolidateandhighlighttheadvantagesofindustry-cityintegrationandthewholeindustrial chainwithrespecttoitsproductsandservices. 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,acceleratedthesalesofprojectsandspedupcashinflow. Moreover,itfocusedonthedevelopmentandconstructionofindustry-citycomplexesandacceleratedtocreateanintegratedandco- existingmodelforthedevelopmentofboutiqueurbanresidencesandhigh-endindustryspace.2.Propertymanagementservices TheCompany'spropertymanagementsegmenttakesITCPropertyManagementasitsplatform.AsChina’sfirstbatchoffirst-class qualifiedenterprisesinpropertymanagement,ITCPropertyManagement,aftermorethan30yearsofdevelopment,hasbecomea domesticfirst-classpropertyserviceproviderwithdiversifiedbusinesscapabilitiesandtechnologicalstrength,andhasbeenawarded 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".Thetotalmanagedpropertieshaveexceeded35millionsquaremeters,ofwhich themanagedindustrialparkssurpassing10millionsquaremeters.Notably,thescaleofoperationalmanagementforhigh-end industrialparksispredictedtoretainitsexaltedstatusamongdomesticindustrialparkoperations.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.TheCompanyissubjecttotheinformationdisclosurerequirementsfortherealestateindustryintheSelf-Disciplinaryand RegulatoryGuidelineNo.3oftheShenzhenStockExchangeforListedCompanies—Industry-specificInformationDisclosure. (II)IndustryReview 1.Realestateindustry Inthefirsthalfof2023,themacro-economicoperationcontinuedthedevelopmenttrendofoverallstabilityandsteadyprogress. Astheeconomyandsocietyfullyreturnedtonormal,macropoliciestookeffect,andthenationaleconomyreboundedwithhigh- qualitydevelopmentbeingboostedsteadily.Since2021,realestateregulationhasmaintainedtheorientationthat"housesarefor demandforhousingimprovement".Therealestatepoliciesasawholecontinuedtopresentalooselandscapethathadexisted sincetheendoflastyear,andadheredtothesynergyoffiveendeavours,i.e.,boostingdemands,preventingrisks,guaranteeing people'slivelihood,transformingdevelopmentpatternsandstandardisingadministration.InJanuary,thePeople'sBankofChina (PBC)andtheChinaBankingandInsuranceRegulatoryCommission(CBIRC)announcedadecisiontoestablishadynamicadjustmentmechanismforfirst-homeloanratepolicy.Accordingtothemechanism,prescribedminimumfirst-homeloanratecan befurtherloweredtemporarilyifthepriceofnewhomesplungesforthreemonthsinarow.Inaddition,CBIRCmadeaproposal duringtheworkmeetingfortheyear2023toadheretotheorientationthat"housesareforlivingin,notforspeculation", implementthemeasuresof"16ArticlesconcerningFinance",upholdtheprincipleof"implementingcity-specificpolicies"and adoptdifferentiatedcreditpolicies,andendeavourtofacilitatethenormalcirculationoffinanceandrealestate.InFebruary,China SecuritiesRegulatoryCommission(CSRC)startedthepilotprojectofprivatelyofferedfundforrealasset.Undertheexisting framework of privately equity fund, CSRC provided "privately offered fund for real asset" as a new category and took differentiatedpoliciesofregulationinexpectationtofurtherleveragetheadvantagesofprivatelyofferedfundindiversifiedasset allocationandprofessionalinvestmentoperation,thusmeetingrationalfinancingdemandsinrealasset.Duringtheregular meetingofthefirstquarterin2023,theMonetaryPolicyCommitteeofPBCproposedonceagainthatallworkrelatedtocompletionguarantee,guaranteeingpeople'slivelihoodandguaranteeingstabilityshouldbeadvancedsoundly,city-specific policiesshouldbeimplementedtoboostrigidandimprovedhousingdemand,theimprovementoffinancialpoliciessystemfor housingleaseshouldbespedup,andthesectorofrealestateshouldbeadvancedsteadilytowardanewdevelopmentpattern.In May,PBCreleasedtheChinaMonetaryPolicyReportQ1andproposedthatM&Aacrossthesectorofrealestateshouldbepromotedtopreventandresolvetherisksfacedbyhigh-qualityleadingrealestatecompanieseffectively,andthestatusquoof theirassetsandliabilitiesshouldbeimprovedtoadvancetheimplementationofthere-lendingdedicatedtoeasingthecompanies' difficultiesandthesupportingplansforhousingleaseloan. Fromtheregionalmarket,inthefirsthalfof2023,theregulatorypoliciesfortherealestatemarketinShenzhenremainedprudent. InJanuary,HousingandConstructionBureauofShenzhenMunicipalityandotherfivedepartmentsjointlyreleasedtheScheme forExtensiveAdoptionoftheModelFeaturing"OwnershipTransferwithCollateral"ofSecond-handHousesinShenzhenCityto popularisethemodelandreducetransactioncosts.InMarch,HousingandConstructionBureauofShenzhenMunicipalityreleased theRegulationsfortheAdministrationofHousingFundLoaninShenzhenCityandproposedthatmoreeffortsshouldbemadeto supportthepurchaseofhousesforfirst-timebuyers,familieswithseveralchildren,greenbuildingbuyers,etc.inhousingfund loan.InMay,HousingandConstruction BureauofShenzhenMunicipality released theImplementationPlanfor Housing DevelopmentinShenzhenin2023(hereafterreferredtoas"theImplementationPlan").Accordingtothegoalsofhousingsupply stipulatedintheImplementationPlan,in2023,thegovernmentofShenzhenCityplanstoprovideandallocate80,000affordable housescoveringabuildingareaaround4,190,400squaremeters.Thepresalesandcashsalesof60,000commercialhouses coveringabuildingareaof6,000,000squaremetershavebeenapprovedintheImplementationPlan.Inthefirsthalfof2023,withnumerouspositivepolicyincentivessuchasadjustmentofreferencepricepolicy,housingloanrate cutandextensiveadoptionofownershiptransferwithcollateral,therealestatemarketweathereditsrecordlowandsteppedupon apathofslowbutsteadyrecovery.Duringtheprocess,thetransfernumberofsecond-handhousesreached16,236,up63%year onyear.Intermsoflandmarket,inthefirsthalfoftheyear,Shenzhenlaunchedatotalof37landplots,withatotalplannedarea of7,675,600squaremeters,includingsevenresidentiallandplotswithaplannedbuildingareaof755,300squaremeters.Inthe firsthalfoftheyear,thelandauctioninShenzhenevidentlyprovedthatthelocallandmarketwasrecoveringandsurging,and someoflocalprivaterealestatecompanieshadovercomethedilemmaandwereregainingtheirvitality,markingtheresurgeof confidenceintherealestatemarket. Inthefaceofchangesinindustrypoliciesanddevelopmenttrends,mainstreamrealestateenterprisesaregraduallymakingeffortsin diversifiedbusinesslayouts.Atpresent,mainstreamrealestateenterpriseshavealreadyenteredandformedstableindustrypatternin manyrelevantfieldsotherthanresidentialdevelopmentandsales,suchaspropertymanagement,commercialproperty,long-term rentalandlogisticsrealestate.Additionally,sub-industriessuchaselderlycare,educationandagencyconstructionhavealso achievedrapiddevelopment.Theindustryhasaccelerateditstransformationfromrealestatetoimmovableproperty,gradually shiftingfromthescale-drivenadvantageformedbyresidentialdevelopmentandsalestotheintegrationofdevelopment,operation andservice. 2.Propertymanagementindustry Inrecentyears,drivenbycontinuedurbanization,consumptionupgradeandencouragingpolicies,andoverlaidwithtechnological empowermentandcapitaldividends,thepropertymanagementindustryhasenteredaperiodofrapiddevelopment.In2022,national andlocalgovernmentspromulgatednumerouspoliciestoencouragethedevelopmentofcommunityeldercare,childcare,property management,domesticservices,catering,retailandotherdiversifiedlifeservices.Communityeldercareinparticularwasmentioned formanytimesasabusinessdirectionfacilitatedvigorouslybythepolicies.InMay2023,GeneralOfficeoftheCPCCentral CommitteeandStateCouncilreleasedtheOpinionsonAdvancingtheDevelopmentofBasicElderCareServiceSystem,according towhichprivatesectorsshouldbeencouragedtoparticipateinsupplyofbasiceldercareserviceandenterprisesofproperty managementservicesshouldbesupportedinsupplyofhome-basedcommunityeldercareservicesinlightoflocalrealities. Apparently,elder care remains apriority ofthepolicies. Community elder care as an important component ofvalue-added communityservicesisbothanopportunityandachallengeforsuppliersofpropertymanagementservices.Scaleandboundary expansionremainsthemainthemeinthedevelopmentofthepropertymanagementindustry.FromtheperspectiveofM&Aevents,in thefirstfivemonthsoftheyear,atotalofsixM&Aeventsoflistedrealestatecompaniesweredisclosed,whichinvolvedlessthan RMB400million.Thefiguresmarkedaplungecomparedwiththatofthesameperiodoflastyear.TheM&Acasesoflistedreal estatecompaniesinthefirsthalfof2023occurredmainlytoimproveoperationcapabilityofdiversifiedbusinesspatternsand facilitatehigh-qualityexpansionofbusinessscale,whichwererational.Intermsofpropertymanagemententerprises,asat30June 2023,atotalof64enterpriseswerelisted,including59ontheMainBoardofHongKongandfiveontheA-share,andonelisted companywasaddedtothesegmentofpropertymanagementservices. Undertheimpactofchangesinrealestatemarketenvironmentandotherfactors,theexpansionrateofmanagementscaleofthe propertymanagementindustrysloweddown,andhowtoimprovesmartmanagementandforgesmartcommunitiesbecameoneof themajordevelopmentdirectionsfortheenterprises.Therefore,thepropertymanagemententerprisesshouldenrichtheirknowledge ofthemarketandtheindustryandadjusttheirstrategiesandbusinesspatternspromptlytoadapttochangesinmarketandcustomers' demands.Meanwhile,theyshouldstrengthentheintroductionoftalentsproficientinmanagementandtechnologyandimprovetheir trainingandmanagementtoenhancetheircorecompetitivenessandinnovationcapability.(III)OperatingPerformanceoftheCompanyintheReportingPeriod In2023,theCompanycloselyfocusesontheimplementationofthekeyworkdeploymentformulatedatthebeginningoftheyear, withthefirsthalfoftheyearseeingsmoothandorderlyprogressinvariousaspects.TheRealEstateCompanytookexpansionas thegoal,andmadeeffortstoseekabreakthroughinprojectexpansion.ThePropertyManagementCompanytookstrategic transformationastheguidetoenhancetheempowermentvalueandbrandvalue.TheCommercialOperationCompanyaimedat improvingqualityandefficiency,andcontinuedtoinnovatetheoperationandmanagementmode,andeachbusinesssegmenthas maintainedastableandhealthydevelopmenttrend.DuringtheReportingPeriod,theCompanyachievedoperatingrevenueof approximatelyRMB1.9billionandagrossprofitofapproximatelyRMB0.29billion,andallotherindicatorssuchasexpensesand totalremunerationswereundereffectivecontrol. First, the industry-city space development segment maintained stable performance, with project construction being activelypromoted.Inthefirsthalfoftheyear,therealestatebusinessrecordedoperatingrevenueofapproximatelyRMB1.05 billion,accountingfor55%ofthetotalrevenue.DuringtheReportingPeriod,therealestatesegmentoftheCompanycontinuedto strengthenthesynergyofnodaltargetsandresourceguaranteetocoordinatethesalescollectionofrealestateprojectsaswellas developmentandconstructioninacomprehensivemanner.Seizingthetimewindow,theCompanystartedchannelreferralforthe at-the-closeorderofGoldenCollarproject,launchedtheopennessdemonstrationareaofSeaBayproject,andrealisedthe marketingofYutangShangfuprojectsuccessfully.FuchangPhaseIIprojectwascompletedanddeliveredwithrecognisedrevenue ofapproximatelyRMB960million,whichlaidasolidfoundationfortheGroup'sfulfilmentofitsannualoperatingindicators.The announcementontransferofYupinLuanshanprojectisscheduledtobecompletedattheendoftheyear,whichwillvigorously facilitatetheGrouptofulfilitsannualprofittarget.Thescheduleasawholeisinorderandundercontrol,withShenyangDigital andSmartCityproject,TianjunIndustrialPark,FuyuanIndustrialArea,HuuiyangDanshuiprojectandotherprojectsbeing advancedsteadily. Second,thepropertymanagementsegmentgrew steadily,andnumerousmeasures weretakentoimprovethecorecompetitivenessinpriority.Inthefirsthalfoftheyear,thepropertymanagementbusinessrecordedoperatingrevenueof approximatelyRMB770million,accountingfor41%ofthetotalrevenue.Withatotalof21expandedprojectsaddedinthe propertymanagementsegment,ShenzhenInternationalTradeCenterPropertyManagementCo.,Ltd.(ITCPropertyManagement) wasawardednumeroushonoursincluding"Top100ComprehensiveStrengthofChinesePropertyServiceEnterprisesin2022"for sevenyearsinarow,whosebrandinfluencecontinuedtoincrease.Inthefirsthalfoftheyear,ITCPropertyManagement highlightedinternalconstructionandoptimiseitsorganisationframeworktobuildamorescientificandrationalmanagement system; further improved the synergy if internal components of the system, expanded SH-STIC Openness Centre and ComprehensiveServiceCentreprojects,incorporatedInternationalTradeIndustrySpaceCompanyinthejointventurewith ShenzhenConstructionDevelopment(Group)Company("ShenzhenConstructionDevelopment"),andadvancedbusinessrelated toentryandtakeoverofShenzhenConstructionDevelopmentYunqiBuildingandothercomprehensiveprojects;continuedto advancetheintegrationoffivepropertymanagemententerprisesrecentlymergedandacquiredintotheGroup,andformulated developmentstrategiesaccordingtotheintegrationthinkingpatternfeaturingprofessionalism,systematicnessandmaximum synergy. Third,qualityandefficiencywereimprovedandcoreoperatingcapabilitieswerecultivatedfortheindustrialecological operation and other segments. In thefirst half of theyear, thelease operating business recordedoperating revenueof approximatelyRMB80million,accountingfor4%ofthetotalrevenue.Inrecentyears,theCompanyhastakenvariousstepsto accelerateitstransformationandupgrading,exploredtheestablishmentofanincrementalsharingmechanismandintensified projectexpansion.Besides,coreoperatingcapabilitieswerecultivatedinmultiplepathsandthetransformationofthecurrent simpleleasingbusinessmodetoacommercialoperationmodewaspromoted,therebyboostingthedevelopmentandgrowthofthe industrialecologicaloperationsegmentandenhancingtheGroup'slayoutofsuppliersofsmartoperationofindustrialandurban spaceoperation.Intermsofindustrialinvestmentpromotion,theGroupbuilta"1+2+3+N"industrialstrategysystemthrough multiplechannels,exploredthein-depthpropertydevelopmentstrategy,andvigorouslypromotedinvestmentpromotionworkfor YangzhouandInternationalTradeMallupgradeprojectsaccordingtotheIndustrialOperationWhitePaperreleasedlastyear. Newadditionstothelandbank:
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