[年报]深物业B(200011):2023年年度报告（英文版）
原标题:深物业B:2023年年度报告（英文版） DEVELOPMENT(GROUP)LTD. ANNUALREPORT2023 (AnnouncementNo.2024-06) March2024 ANNUALREPORT2023 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,andCaiKelin,headoftheCompany’sfinancialdepartment(equivalenttofinancialmanager)herebyguaranteethattheFinancialStatementscarriedinthisReportarefactual,accurateandcomplete. AlltheCompany’sdirectorshaveattendedtheBoardmeetingforthereviewofthisReportanditssummary. TheCompanyhasdescribedindetailinthisReportthepossiblerisksfacingit,alongwithcountermeasures.Pleaserefertothesectionheaded“Prospects”of“PartIIIManagementDiscussionandAnalysis”ofthisReport. TheBoardhasapprovedafinaldividendplanasfollows:basedonthesharecapitalof595,979,092 shares, a cash dividend of RMB3.12 (tax inclusive) per 10 shares is to bedistributedtotheshareholders,withnobonusissuefromeitherprofitorcapitalreserves.ThisReportanditssummaryhavebeenpreparedinChineseandtranslatedintoEnglish.Should there be any discrepancies or misunderstandings between the two versions, theChineseversionsshallprevail. TableofContents PartIImportantNotes,TableofContentsandDefinitions...........................................................2 PartIICorporateInformationandKeyFinancialInformation...................................................6 PartIIIManagementDiscussionandAnalysis..............................................................................12 PartIVCorporateGovernance.......................................................................................................42 PartVEnvironmentalandSocialResponsibility..........................................................................67 PartVISignificantEvents...............................................................................................................70 PartVIIShareChangesandShareholderInformation................................................................84 PartVIIIPreferredShares..............................................................................................................93 PartIXBonds...................................................................................................................................94 PartXFinancialStatements............................................................................................................95 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: Changeinaccountingpolicy
BusinessEnterprisesandtheAccountingStandardNo.18—IncomeTaxforBusinessEnterprises.Indicatebytickmarkwhetherthelowerofthenetprofitattributabletothelistedcompany’sshareholdersbeforeandafter exceptionalgainsandlosseswasnegativeforthelastthreeaccountingyears,andthelatestindependentauditor’sreportindicated thattherewasuncertaintyabouttheCompany’sabilitytocontinueasagoingconcern.□Yes?No Indicatebytickmarkwhetherthelowerofthenetprofitattributabletothelistedcompany’sshareholdersbeforeandafter exceptionalgainsandlosseswasnegative. ?Yes□No
1.NetProfitandEquityunderCASandIFRS □Applicable?Notapplicable NodifferencefortheReportingPeriod. 2.NetProfitandEquityunderCASandForeignAccountingStandards □Applicable?Notapplicable NodifferencefortheReportingPeriod. VIIIKeyFinancialInformationbyQuarter Unit:RMB
whathavebeendisclosedintheCompany’squarterlyorinterimreports.□Yes?No IXExceptionalGainsandLosses ?Applicable□Notapplicable Unit:RMB
Thepreferentialpolicyinrelationtoover-deductioninVATcalculationexpiredon31December2023.Thisincomedoesnot continuetoimpacttheCompany’sgainsandlosses. NosuchcasesfortheReportingPeriod. ExplanationofwhytheCompanyreclassifiesasrecurrentanexceptionalgain/lossitemlistedintheExplanatoryAnnouncement No.1onInformationDisclosureforCompaniesOfferingTheirSecuritiestothePublic—ExceptionalGain/LossItems: □Applicable?Notapplicable NosuchcasesfortheReportingPeriod. PartIIIManagementDiscussionandAnalysis IIndustryOverviewfortheReportingPeriod (I)Macro-economicsituationandindustrydevelopmentstatus Theinternationalanddomesticsituationsin2023werefraughtwithuncertainties,withtheeconomyinasluggishrecoveryandthe traditionalrealestatemarketundersustainedpressure.Inordertomitigaterisksintherealestatesector,therehasbeenagradual shiftinpolicytowardsastrategyof"supportingandleveraging"sincetheMeetingofthePoliticalBureauoftheCPCCentral CommitteeinJuly,whichacknowledgedthenewdynamicsinthesupply-demandrelationshipintheChineserealestatemarket. DuringtheReportingPeriod,centralpolicymeasurestransitionedfromstabilitytorelaxation,withaspecificfocusonpromoting the''ThreeMajorProjects"ofurbanvillagetransformation,affordablehousing,anddual-useinfrastructureconstruction.The implementationoffinancialpoliciestoalleviatesupply-sidepressurespersisted,resultinginareliefoffundingconstraintsforreal estatedevelopers.Policiesaimedatsupportingresidentsinbuyinghomes,suchasreduceddownpayments,loweredinterestrates, andmeasuresallowingpropertyrecognitionwithoutmortgageverification,wereintroducedtostabilizedemandontheconsumer side.Continuousoptimizationofhousingpoliciesbygovernmentdepartmentsatalllevelshasbeeninstrumentalinensuringthe stablefunctioningoftherealestatemarket,therebycreatingamoreaccommodatingpolicyenvironment.Theyearunfoldedwiththesalesmarketgenerallymiredintorpor,assalesvolume,developmentinvestment,andlandsupplyanddemandalldwindled.AccordingtothedatafromtheNationalBureauofStatistics,thesalesareaofcommercial housingthroughout2023was1,117.35millionsquaremetersnationwide,adecreaseof8.5%fromthepreviousyear.Furthermore, salesrevenueplummetedtoRMB11,662.2billion,downby6.5%.Theadjustmenttrendinthenewhousingmarketremained unchanged,withthesustainabilityofpolicyeffectsincorecitiesprovinginsufficient.Asthemarketshiftstowardstradingvolume forprice,thesecondaryhousingmarketinkeycitiesoutperformedthatofnewhousing.IntheperiodfromJanuarytoNovember, therewasayear-on-yeardecreaseofabout5%inthetransactionareaofnewresidentialpropertiesinthetop100cities, representingthelowestabsolutelevelforthesameperiodsince2016.Thetotalinvestmentofthetop100investorshitanewlow,withnosignificantimprovementobservedinoverallinvestment sentiment.Realestateinvestmentin2023followedthedecliningtrendseenin2022,withnationalrealestatedevelopment investmentamountingtoRMB11,091.3billion,reflectinga9.6%decreasefromthepreviousyear.Thedecreaseininvestment scaleindicatesagradualreductioninincrementalfundsintherealestatesector,leadingtodiminishingindustryattractivenessand thegradualexitofexistingstockrealestateenterprises.Thehousingnewconstructionareain2023amountedto953.76million squaremeters,representinga20.4%decline.Realestatedevelopmentcompaniescompletedconstructiononatotalareaof 8,383.64millionsquaremetersofhousesthroughouttheyear,reflectinga7.2%declinefromthepreviousyear.Thehousing completionareareached998.31millionsquaremeters,representinga17.0%increase.Landacquisitiondeceleratesassupplyanddemanddecreasetoanear-decadelow.Sincetheendoflastyearonwards,the landmarkethascontinuedtoexperienceadownturn,promptinglocalgovernmentstoexercisegreatercautioninlandsupply,with enterprisesshowinganotableshrinkageintheirlandacquisitionintentionsonthedemandside.In2023,thetotalsupplyand demandscaleofresidentiallandin300citiesnationwideexperiencedayear-on-yeardeclineofover20%.Thisincludedthe releaseof610millionsquaremeters,downby22.4%comparedtothepreviousyear,andthetransactionof480millionsquare meters,showinga23.1%decrease.Thisabsolutescalewasthelowestinthelasttenyears.Thetotallandtransactionamount nationwidewasRMB3,750.4billion,representingan18%year-on-yeardecreasecomparedtothesameperiodlastyearThe majorityoflandtransactionswereconductedatbaseprices,resultingintransactionamountsmaintainingsubstantialdisparities comparedtothesameperiodlastyear.Thepremiumrateremainsrelativelylow,withanannualpremiumrateofonly4.5%. Thereinto,in2023,thetransactionamountinShenzhendecreasedby62%,withthetotaltransactionamountdecreasingbyover RMB55billioncomparedtothepreviousyear. PolicySupportFailstoDriveSignificantFinancialImprovementNationalrealestatedevelopmentinvestmenthasbeenon acontinuousdeclinesinceApril2022,withtherateofdecreaseexpandingoverallin2023.Realestateenterpriseshave witnessedayear-on-yeardownwardtrendintheiravailablefunds.AttheendofOctober,theCentralFinancialWorkConference emphasizedtheimportanceof"encouragingpositiveinteractionbetweenfinanceandrealestate,enhancingregulatorysystemsand fundsupervisionforrealestateenterprises,refiningmacro-prudentialmanagementofrealestatefinance,andprovidingfair treatmenttodifferenttypesofrealestateenterprisestoaddresstheirfinancingrequirements.Despitetheaccelerationofmortgage lendingbybanks,theuncertaintyofeconomicrecoveryhasnegativelyimpactedhomebuyers'confidence,resultinginindividual mortgageloansamountingtoRMB1.9trillion,whichrepresentsayear-on-yeardecreaseof7.6%.Realestatecompanies'sales repayments have been negatively affected to varying degrees.The funds in place for real estate development enterprises throughouttheyearreachedRMB12,745.9billion,representinga13.6%year-on-yeardecreaseaccordingtodatafromthe NationalBureauofStatistics.Thecentralgovernment andvariousministriesandcommissionshavecontinuouslyreleased stabilizationsignalssince2013.Whilethecreditenvironmenthasmarginallyimproved,itwilltaketimeforthisimprovementto betransmittedtothemarketend.Thearrivalofmortgageloansanddevelopmentloansstillrequirestime.(II)Policyenvironmentoftheindustry In2023,thecentralgovernmentintroducedtheconceptofthe"ThreeMajorProjects,"markingashiftinrealestateindustry policiesfromthemantraof"housingisforliving,notforspeculation"tofocusingon"riskpreventionandresolution,tailored policiesfordifferentcities,meetingessentialandimprovementneeds,andfosteringinnovativemodels",withastrongemphasis onpromotingthestableandhealthydevelopmentoftherealestatemarket.Policiessuchasreducingdownpayments,lowering interestrates,recognizingthehouse,nottheloan,andextendingtaxrefundsforslippagepropertyreplacementsweresuccessively implemented to address demand-side issues. On the supply side, relief measures like the extension of the "16 Financial Regulations",the"ThreeNo-Lower-Than"policy,andthecreationofa"WhiteList"forrealestateenterprisesweresuccessively proposed.Insummary,therearethreecoreaspectsoftherealestateindustrypolicyin2023:reinforcingfinancialsupportonthe supplysidetoalleviatethefinancialpressureofrealestateenterprises;intensifyingsupportforpersonalcredittoalleviate residents'mortgagepressureandboosthousingdemandrelease;andacceleratingtherelaxationoflocalregulatorypoliciesto upliftmarketsentimentandbolstertheconfidenceofhomebuyers. Thedemand-sideisprimarilyfocusedonlandandfinancialpolicies.(1)Thepolicyof"RecognizingtheHouse,NottheLoan" hasbeenimplemented.Theimplementationofthepolicyof"RecognizingtheHouse,NottheLoan"wasconfirmedonAugust 25ththroughajointannouncementbytheMinistryofHousingandUrban-RuralDevelopment,thePeople'sBankofChina,and theChinaBankingandInsuranceRegulatoryCommission.Thispolicybenefitsindividualsseekingpropertyreplacementsand thosepurchasinghomesindifferentlocations,withatleast63provincesandcities,includingmajormetropolitanareaslikeBeijing, Shanghai,Guangzhou,andShenzhen,havepubliclydeclaredtheiradherencetothepolicy;(2)Theloweringoftheminimum downpaymentratiohasopenedupspaceforreduceddownpaymentsinrestrictedpurchasecities.OnAugust31st,thePeople's BankofChinaandtheChinaBankingandInsuranceRegulatoryCommissionissuedanoticeregardingtheadjustmentandoptimizationofdifferentiatedcreditpolicies,whichstandardizedtheminimumdownpaymentratioforhousingcommercialloans at20%andsettheminimumdownpaymentratioforthesecondhomeataminimumof30%,nolongerdistinguishingbetweenregionswithorwithoutpurchaserestrictions;(3)Thehurdlerateoffirst-homemortgagesunderwentdynamicregulation,andthe minimuminterestrateonsecond-homemortgageswasreduced.OnJanuary5th,thePeople'sBankofChinaandtheChinaBankingandInsuranceRegulatoryCommissionestablishedadynamicadjustmentmechanismfortheminimuminterestrateon first-homemortgages.Followingthis,nearlyahundredcitieshaveloweredthehurdlerateoffirst-homemortgages,withover20 citiesabolishingtheminimumlimit.OnAugust31st,theCentralBankandtheBankingRegulatoryCommissionannouncedthe adjustmentofthehurdlerateofsecond-homecommercialloansfromLPR+60BPtoLPR+20BP;(4)Thereductionofinterestrates onexistinghousingloansisimplementedtoalleviateresidents'debtpressure.OnAugust31st,theCentralBankandtheBanking RegulatoryCommissionissuedguidanceforcommercialbankstolowertheinterestratesonexistingfirst-homemortgages;(5) Reserveratiosandinterestratesaredecreased.OnMarch27thandSeptember15th,therewerecomprehensivereductionsof0.25 percentagepointsinreserveratios.The1-yearLPRwasloweredby10basispointsto3.55%onJune20th,andtheLPRratesfor periodsover5yearsweredecreasedby10basispointsto4.2%.OnAugust20th,the1-yearLPRsawaunilateralreductionof10 basispointsto3.45%. Thesupplysidefocusedonlandandfinancialcontrol.(1)Intermsofland,thelandsupplyplanfor2023wasreducedby10%, withanactualcompletionrateofaround40%.Thecompletionrateofthe2023landsupplyplanisrelativelylow.Localgovernmentsareactivelyoptimizingandadjustinglandauctionrulesandthestructureoflandsupplytoattractrealestate developerstoparticipateinbidding.Leadingrealestatecompaniescontinuetoheavilyinvestinpremiumlandparcels,withtheir advantagesexpectedtogrowfurther.Thetrendof"thestronggettingstronger"islikelytocontinue,whilelocalurbaninvestment entitiesmayscalebacktheirlandacquisitionefforts.Privateenterprisesareadoptingacautiousinvestmentapproach,necessitating anextendedrecoveryperiod;(2)Intermsofpolicies,theCentralPoliticalBureaumeetingproposedto"adapttothenewsituation wheresignificantchangeshaveoccurredinthesupplyanddemandrelationshipofChina'srealestatemarket,timelyadjustand optimizerealestatepolicies,andimplementdifferentiatedpoliciesbasedonlocalconditionstoeffectivelyutilizethepolicy toolbox.InJuly,theCentralBankextendedtheapplicationdeadlineforthe"16FinancialMeasures".InAugust,theChina SecuritiesRegulatoryCommission(CSRC)clarifiedthatlistedrealestateenterpriseswerenotsubjecttorestrictionsrelatedto fallingbelowtheissueprice,fallingbelownetassetvalue,orincurringlossesforrefinancing.InOctober,theCentralFinancial WorkConferenceconvened,highlightingtheneedtoenhanceregulatorysystemsandfundsupervisionforrealestateenterprises, refinemacro-prudentialmanagementofrealestatefinance,andprovidefairtreatmenttodifferenttypesofrealestateenterprisesto addresstheirfinancingrequirements.InNovember,threedepartmentsheldasymposiumforfinancialinstitutions,proposingthe conceptof"ThreeNo-Lower-Than,"anditisreportedthatregulatorswerealsodevisinga"whitelistof50realestateenterprises". Afterward,bankssuchastheIndustrialandCommercialBankofChina,AgriculturalBankofChina,ChinaConstructionBank, andBankofCommunicationsconvenedmeetingswithrealestateenterprisestolistentotheirfinancingdemandsandaffirmed theircommitmenttoincreasingsupportforrealestatefinancing.In2023,provincesandcitiesnationwideloosenedpolicies, increasedefforts,andspeduptheprocess,with273provincesandcitiesimplementing622policyrelaxations,andalmostall restrictiveadministrativemeasureswereremoved.Theregulationoftherealestatemarketcontinuestoimproveandupgrade,with thepaceandintensityofpolicytighteningsignificantlyincreasingsincethesecondhalfoftheyear.Inanticipationof2024, central-levelrealestatepoliciesareexpectedtofocusonthreemainareas:first,providingfinancialsupportfortheconstructionof the"ThreeMajorProjects"andusingthisasacatalysttodrivethedevelopmentofanewmodelforrealestategrowth;second, implementingsupply-sidefinancialsupportmeasureslikethe"ThreeNo-Lower-Than";andthird,reducinghousingtransaction taxesandfeestostabilizedemandandtherebythemarket.Asthetideofrealestatemarketcorrectionsurgesonward,onecannot helpbutponderthescopeforpolicyrefinementinthetop-tiercities.Additionally,itisnotunreasonabletoanticipateamore streamlinedfinancingapparatusforrealestateenterprises. (III)Regionalmarketlandscape Fromtheperspectiveofregionalmarkets,Shenzhen'seconomyheldsteadfastinitsfortitudein2023,withrealestatepolicies focusingon"stabilizinglandprices,stabilizinghouseprices,stabilizingexpectations,supportingbothrigidandimprovedhousing demand,andpromotingthestabledevelopmentoftherealestatemarket".Severalrelaxedandfavorablepoliciesandhousing creditpolicieswereintroduced.Inthefirsthalfoftheyear,policiesrelatedtoaffordablehousingwerereleased,abolishing previoushousingtypessuchasaffordablecommercialhousingandtalenthousing,andintroducingnewhousingtypeslike affordablerentalhousingandsharedownershiphousing.Theoriginaltargetofconstructingandsecuringaffordablehousing duringthe"14thFive-YearPlan"period,setat540,000units,wasadjustedtonofewerthan740,000units.Inthesecondhalfof theyear,anoticewasissuedtooptimizethecriteriafordeterminingthenumberofhousingunitseligibleforpersonalhousing loans,implementingpoliciessuchas"recognizingthehouse,nottheloan",proposinganincreaseinthehousingprovidentfund withdrawallimitforrenting,andadjustingandoptimizingthehurdlerateforpersonalhousingloans.Thesepoliciesaimto stimulate demand from essential and upgrading customers, driving the release of housing demand amid shifting market expectations. (IV)ThesituationandtasksfacingtheCompany Attheendof2023,theNationalConferenceonHousingandUrban-RuralConstructionwasheldinBeijing,settingthetonefor thedevelopmentoftherealestateindustryin2024:adheringtotheprincipleofseekingprogresswhilemaintainingstability, promotingstabilitythroughprogress,andprioritizingdevelopmentbeforedemolition;implementingdifferentiatedpoliciesbased onlocalconditions,adoptingtailoredstrategiesforeachcitytoachieveabalancedrelationshipbetweensupplyanddemandinthe realestatemarket.FromtheperspectiveofShenzhenPropertyGroup,therearecertainchallengesinbothinternalandexternal environments.Theplannedsequentialmarketintroductionofallongoingprojectsemphasizessalesrevenueastheprimaryfocus fortheyear.Acceleratingfundretrieval,enforcingstrictexpenditurecontrol,safeguardingthesecurityandstabilityofcashflow, andpreemptingliquidityrisksarecrucialforachievingsoundbusinessoperations.Byadvancingin-depth,thehigh-quality developmentpatterninthepropertymanagementsectorisaccelerated.Byusingmultiplemeasuressimultaneously,theoverall promotion of the transformation and upgrading of commercial operations is coordinated. Through proactive action and deterministicworktoaddressuncertainmarketconditions,themaintenanceofstrategic focusandthevigorouspursuitof comprehensivecompletionofannualtasksandobjectivesareaimedfor,withthegoalofdrivingthegroup'svariousbusinessesto anewlevelwithhigherpositioningandgreateraccomplishments. (V)IndustrypositionoftheCompany SZPRDarosetogetherwithShenzhen'sreformandopeningupandhasdevoteditselftorealestate,propertymanagementand otherfieldsfornearlyfourdecades.Ithasachievedgradualimprovementsinitscomprehensivecapacity,brandinfluenceand industrypositionandwonmanyhonorsandawardsovertheyears.DuringtheReportingPeriod,theCompanywonthetitlesof "Top20inComprehensive StrengthintheShenzhenReal EstateDevelopmentIndustryin2023,Integrity(High-Quality) EnterpriseintheShenzhenRealEstateDevelopmentIndustry,and2023ShenzhenTop500Enterprises",witharankingof224th. ITCPropertyManagement,asubsidiaryoftheCompany,hasonceagainbeenrecognizedwithawardssuchas"2023Top100ChinaPropertyServiceEnterpriseswithComprehensiveStrength","2023Top100ChinaPropertyServiceEnterprisesinBrand Value",and"2023LeadingEnterpriseinPropertyServicesforChineseIndustrialParks".TheShenzhenInternationalTrade CenterBuildingwaslistedinthefirstgroupofShenzhenhistoricalbuildingsannouncedbythePeople'sGovernmentofShenzhen Municipality.ThehistoricalexhibitionofShenzhenInternationalTradeCenterwaschosenforinclusioninthelistofsignificant historicalsitesofreformandopeningupandtheShenzhendemonstrationbaseforsocialsciencepopularizationin2023.These awardsandhonorsdemonstratedtheCompany'scomprehensivestrengthandreflectedthehighrecognitionoftheCompany's comprehensivestrengthbytheindustry,customersandgovernmentdepartments.DuringtheReportingPeriod,facedwiththechanginglandscapeoftherealestateindustry,theCompanyhassetitssightsonthe targetandispushingtoachieveallannualbusinesstargetsbytheendoftheyear.Ittakesproactivemeasurestoadaptandflexibly address market challenges head-on. The Company is using a combination of approaches to enhance the market-oriented transformationofcommercialoperations.Thesmoothdevelopmentofthegroup'sbusinessesissafeguardedthroughactive measuresinsafetyproductionandmaintainingstabilityinpetitionsandappeals.IIPrincipalActivityoftheCompanyintheReportingPeriod (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". 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 WuheUrbanRenewal,strengthencapitaloperationviathelistingplatform,andmakeareasonablelayoutofthecityspace developmentsegment.IntheReportingPeriod,theGroupsteadilyadvancedthedevelopmentprojectsinsideandoutsideShenzhen, acceleratedthesalesofprojectsandspedupcashinflow.Moreover,itfocusedonthedevelopmentandconstructionofindustry-city complexesandacceleratedtocreateanintegratedandco-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".DuringtheReportingPeriod,ITCPropertyManagementcompletedthereceipt ofmanagementrightsandintegratedmanagementoffivenewly-acquiredenterprises,anditsmarketexpansionreachedarecordhigh. Thenetincreaseinmanagedpropertieswasapproximatelyeightmillionmeters,andthetotalmanagedpropertieshaveexceeded40 millionsquaremeters.Notably,thescaleofoperationalmanagementforhigh-endindustrialparksispredictedtoretainitsexalted statusamongdomesticindustrialparkoperations. 3.Industrialecosystemoperation Withrespecttotheindustrialecosystemoperationsegment,theCompanygavefullplaytoitsfoundationinthethreebasicindustries, namely,realestatedevelopment,propertymanagement,andleasingandtheadvantageofthewholeindustrychain,focusedonthe twomajorstrategiesof“value-addedoperationofexistingassets”and“light-assetoperationoutput”,anddeepenedinternaland（未完）  |