[年报]深物业B(200011):2024年年度报告（英文版）
原标题:深物业B:2024年年度报告（英文版） 2024AnnualReport (AnnouncementNo.:2025-18) March2025 2024AnnualReport SectionIImportantNotes,TableofContentsandInterpretations The Board of Directors, Board of Supervisors, directors, supervisors andsenior officers of the Company guarantee the authenticity, accuracy andcompletenessofthecontentsoftheannualreport,andbearindividualandjointlegalliabilitiesforanyfalserecords,misleadingstatementsormajoromissions. LegalRepresentativeWangHangjun,ChiefFinanceOfficerCaiLiliandChiefAccountant(accountingofficer)CaiKelindeclarethattheyguaranteetheauthenticity,accuracyandcompletenessofthefinancialreportintheAnnualReport. Alldirectorsattendedtheboardmeetingatwhichthisreportwasconsidered.TheCompanyplansnottodistributecashdividends,issuebonusshares,orincreasesharecapitalthroughcapitalizationofreserves. TableofContents SectionIImportantNotes,TableofContentsandInterpretations.............................................................2 SectionIICompanyProfileandMajorFinancialIndicators.......................................................................6 SectionIIIManagement'sDiscussionandAnalysis....................................................................................11 SectionIVCorporateGovernance................................................................................................................44 SectionVEnvironmentandSocialResponsibilities....................................................................................67 SectionVIImportantMatters.......................................................................................................................71 SectionVIIChangesinSharesandShareholders.......................................................................................86 SectionVIIIPreferredShares.......................................................................................................................95 SectionIXBonds.............................................................................................................................................95 SectionXFinancialReports..........................................................................................................................96 ListofDocumentsAvailableforInspection I.FinancialstatementssignedandsealedbytheCompany'sPrincipal,ChiefFinanceOfficer,andChiefAccountant(accountingofficer). II.Theoriginalauditreportbearingthesealoftheaccountingfirmandthesignatureandsealofthecertifiedpublicaccountant. III.TheoriginalsofalltheCompany'sdocumentsandannouncementsthathavebeenpubliclydisclosedduringthereportingperiod. Interpretations
I.InformationabouttheCompany
AccountingfirmengagedbytheCompany
FinancialconsultantengagedbytheCompanytoperformcontinuoussupervisionduringthereportingperiod□Applicable ?Notapplicable VI.Mainaccountingdataandfinancialindicators WhethertheCompanyneedstoretroactivelyadjustorrestatetheaccountingdataofpreviousyears□Yes ?No
theauditreportofthelatestyearshowsthatthegoing-concernabilityoftheCompanyisuncertain□Yes?No Thelowerofnetprofitbeforeandafterdeductingnon-recurringprofitorlossisnegative?Yes□No
DuringthereportingperiodoftheCompany,therewasnodifferenceinnetprofitsandnetassetsinfinancialreportsdisclosedin accordancewithinternationalaccountingstandardsandChineseaccountingstandards2.DifferencesinnetprofitandnetassetsinfinancialreportsdisclosedinaccordancewithboththeinternationalaccountingstandardsandChineseaccountingstandards□Applicable ?Notapplicable DuringthereportingperiodoftheCompany,therewasnodifferenceinnetprofitsandnetassetsinfinancialreportsdisclosedin accordancewiththeinternationalaccountingstandardsandChineseaccountingstandardsVIII.Mainfinancialindicatorsbyquarter Unit:RMB
Company'sdisclosedquarterlyandsemi-annualreports □Yes ?No IX.Non-recurringprofitorlossitemsandamounts ?Applicable □Notapplicable Unit:RMB
Mainlythecompensationreceivedbythejointventuresfortheexpropriationofhouses,andtheinvestmentincomeisrecognized accordingtotheincomemethod.Thiscompensationpaymentisnotsustainable.Notesonthedefinitionofthenon-recurringprofitorlossitemslistedinthe"InterpretiveAnnouncementNo.1onInformation DisclosureofCompaniesIssuingSecuritiestothePublic-Non-recurringProfitorLoss"asrecurringprofitorlossitems □Applicable ?Notapplicable TheCompanyhadnocircumstancesofdefinitionofthenon-recurringprofitorlossitemslistedinthe"InterpretiveAnnouncement No.1onInformationDisclosureofCompaniesIssuingSecuritiestothePublic-Non-recurringProfitorLoss"asrecurringprofit orlossitems. SectionIIIManagement'sDiscussionandAnalysis I.Industrystatusduringthereportingperiod TheCompanyshallcomplywiththedisclosurerequirementsfortherealestateindustryassetoutintheGuidelinesforSelf- RegulationofListedCompaniesofShenzhenStockExchangeNo.3-IndustryInformationDisclosure(I)Macroeconomicsituationandindustrydevelopmentstatus In2024,theglobaleconomygraduallyrecoveredamidmultiplechallenges,andtheconflictbetweenRussiaandUkraine,tensions intheMiddleEastanduncertaintiesinChina-USrelationscontinuedtoaffecttheglobaleconomy.China'seconomyisalsofacing newopportunitiesandchallenges.Theeconomicgrowthratehassloweddown,butitstillremainswithinareasonablerange.The governmentcontinuedtoimplementaproactivefiscalpolicyandaprudentmonetarypolicy,andincreasedsupportforscientific andtechnologicalinnovation,greeneconomy,andsmallandmedium-sizedenterprises.Atthesametime,thegovernment promotedsupply-sidestructuralreform,optimizeindustrialstructure,andenhancedeconomicresilience.Therealestatemarket continuestobeinaperiodofadjustment,andthegovernmentcontinuestoadheretothepositioningof"nospeculationinhousing" andoptimizetherealestateregulationandcontrolpolicy.Localgovernmentshaveimplementedpoliciesbasedoncityconditions, relaxedrestrictionsonpurchaseandloanrestrictions,reducedthedownpaymentratioandmortgageinterestrates,andsupported rigidandimprovedhousingdemand.Aseriesofstimuluspoliciescontinuetosupportthemarket,aimingtostabilizetherealestate marketandpreventlargefluctuationsinthemarket. (II)Industrialpolicyenvironment 2024isanimportantyearfor"majorchangesinthesupplyanddemandrelationshipoftheindustry".Inmanyimportantmeetings throughout theyear, corresponding deployment and guidance were made for the real estate industry andpointed out the developmentdirectionfortheindustry.Inthefirsthalfof2024,aseriesofoptimizationsandadjustmentsweremadetothecurrent system,includingtherelaxationofpurchaserestrictionsinfirst-tiercities,thereductionofdownpaymentinterestratestoanew low,thefurtherreductionofstockmortgageinterestrates,thecancellationofgeneralhousingstandards,thepurchaseandstorage ofcommercialhousing,andthecomprehensiverestartofurbanvillagetransformation,aimingtostandardizethemarketorderand improvethenewmodelofdevelopmentoftherealestateindustry.Inthesecondhalfoftheyear,thepolicyreleaseintensityand frequencyincreased,andthepolicyturnedto"liftingandusing".OnSeptember26,thePolitburooftheCPCCentralCommittee heldameeting.Intermsofrealestate,themeetingemphasizedtheneedtopromotetherealestatemarkettostopfallingand stabilize,strictlycontroltheincrement,optimizethestockandimprovethequalityofcommercialhousings,increaselendingto "whitelist"projects,andsupporttherevitalizationofidleland.Sincethen,therealestatemarkethasshownpositivechanges,the housepriceindexhasgraduallystabilized,andmarketconfidencehasbeenboosted.Supply-sidefinancialsupportguaranteeddelivery,andfinancialpolicysupportedlandandhousingdestocking.Supply-side financialsupportcontinuedtoincreaseandupgrade.Thepolicywascommittedtohelpingthemarketdestockandgradually restorethenormaloperationabilityofenterprises.Effortsweremadeinstabilizingboththemarketandthemainbody,andvarious financialpolicytoolswereusedtosupporttheimplementationofsupportingpolicies,mainlyfocusingonpromotingfinancing coordinationmechanism,expandingthe"whitelist"ofhousingenterprises,andguaranteeingstockacquisitionthroughhousing loansandspecialbonds. Demand-sidepolicieshavebeencontinuouslyrelaxedandstimulatedthroughthe"optimalcombination",aimingtoboost propertypurchaseexpectationsandenthusiasm.TheMinistryofHousingandUrban-RuralDevelopment,togetherwiththe Ministry of Finance, the Ministry of Natural Resources, the People's Bank of China, the National Financial Regulatory Administrationandotherdepartments,introducedthe"fourcancellations,fourreductionsandtwoincreases"measurestosupport residents'purchaseofhousings.Thefourcancellationsmainlyincludecancellationofrestrictionsonpurchase,cancellationof restrictionsonsales,cancellationofpricecaps,cancellationofthedistinctionbetweenordinaryandnon-ordinaryresidential standards;thefourreductionsincludethereductionofinterestratesonhousingprovidentfundloans,reductionofthedown paymentratioforhousingloans,reductionofinterestratesonexistingloans,andreductionofthetaxburdenof"sellold,buynew" housereplacements;amongthetwoincreases,oneistoincrease1millionunitsofurbanvillageandoldhousingrenovations throughmonetarycompensation,andtheotheristoincreasethecreditscaleoftheprojectsinthe"whitelist"toRMB4trillionby theendoftheyear,aimingtopromotethepropertymarkettohaltfallingandspurastablerecoverythroughthe"optimal combination". (III)Regionalmarketlandscape Fromtheperspectiveoftheregionalmarket,in2024,Shenzhen'seconomyremainedresilient.Thepropertymarketpolicycentered on"stabilizinglandprices,stabilizinghouseprices,stabilizingexpectations,supportingrigidandimprovedhousingdemand,and promotingthestabledevelopmentoftherealestatemarket",andintroducedanumberoflooseandfavorablepolicies.Thescaleof primaryresidentialsupplyinShenzhenhasshrunkduetotheslowdowninthepaceoflandsupply.OnSeptember29,fourdepartmentsincludingShenzhenHabitatConstruction&Conservationjointlyissuedadocument,proposingmeasuressuchas relaxingpurchaserestrictions,loweringdownpayments,removingpricecapsandsalesrestrictions,andadjustingvalue-addedtax exemptiontermfrom5yearsto2years,aimingtoacceleratetheestablishmentofanewdevelopmentmodelfortherealestate sectorandpromotetherealestatemarkettohaltfallingandspurastablerecovery.Thelaunchof"929NewPolicies"hasbecome thekeytopromotingthemarket.Inviewoftheincreaseinmarketactivity,propertydeveloperstimelyacceleratedtheirproject launches,withmultiplecoreindicatorsachievingstabilizationandimprovement.(VI)Presentsituationandtasks Atpresent,theinternalandexternalenvironmentpresentsacomplexandchallengingsituation.TheCompany'sprojectsunder constructionareplannedtobesoldinthemarketoneafteranother,andthesalescollectionistheannualcentralwork,whichis directlyrelatedtothehealthyoperationoftheenterprise'scapitalchain.Inthiscontext,acceleratingthereturnoffunds,strictly controllingthescaleofexpenditure,ensuringthesafetyandstabilityofcashflows,andpreventingliquidityriskhavebecomethe coretaskstoachievetheCompany'sstableoperation.Atthesametime,theCompanyneedstofurtherpromotethehigh-quality developmentofthepropertymanagementsegment,acceleratetheconstructionofamodern,professionalandintelligentservice system,andenhancethemarketcompetitiveness.Inthefieldofcommercialoperation,itisnecessarytotakeamulti-pronged approachtopromotetransformationandupgradingasawhole,andmaximizethevalueofcommercialassetsbyinnovating businessmodels,optimizingbusinesslayoutandimprovingoperationalefficiency.Inthefaceofuncertainmarketsituation,the Companyshalltaketheinitiativetohedgeexternalrisksthroughdeterministicwork,maintainstrategicconcentration,ensurethe fullcompletionofannualtasksandobjectives,andlayasolidfoundationforsustainabledevelopment.(V)Positionintheindustry SZPRDaccompaniedthereformandopeningupofShenzhen.Ithasbeendeeplyinvolvedinrealestateandpropertymanagement formorethan40years.Itsindustrypositionandbrandinfluencehavebeenimproving,andithaswonmanyhonorsandawards overtheyears.Duringthereportingperiod,theCompanyranked271stinthelistof"Top500ShenzhenEnterprisesin2024"and wonthetitleof"2023-2024High-qualityDevelopmentStarEnterpriseinLuohuDistrict"grantedbythePeople'sGovernmentof LuohuDistrict.Itspropertymanagementsegmentranked27thinthenationalcomprehensivestrength,up6placesfrom2023,and 9thinthecomprehensivestrengthofstate-ownedpropertyservice.Ithasbeenconsecutivelyawardedthe"2024China'sTop100 PropertyServiceEnterpriseinComprehensiveStrength","2024ChinaPropertyFMLeadingEnterprise","2024China'sTop20 EnterprisesinParkPropertyService","2024ChinaIndustrialParkPropertyServiceLeadingEnterprise","2024ChinaOffice BuildingPropertyServiceLeadingEnterprise","2024SouthChina'sTop30BrandEnterprisesinPropertyService"andother awards;insubdivisions,ithassuccessivelywonthehonorof"ShenzhenBayScienceandTechnologyEcologicalPark"service capacity benchmarking project, "Shenzhen Bay Innovation and Technology Center" and "Shenzhen International Trade CommercialBuilding"managementexcellencebenchmarkingproject.Itsrealestatesegmentwontheawardsof"2024Integrity EnterpriseofShenzhenRealEstateDevelopmentIndustry","2024DevelopmentPowerEnterpriseofShenzhenRealEstate DevelopmentIndustry",amongothers.ShenzhenInternationalTradeCenterBuildingislistedinthefirstbatchofhistorical buildingsinShenzhenannouncedbytheShenzhenMunicipalPeople'sGovernment,andthehistoricalexhibitionofShenzhen InternationalTradeCenterisincludedinthelistofimportanthistoricalsitesofreformandopeningup,whichdemonstratesthe comprehensivestrengthoftheCompanyandreflectsthehighrecognitionoftheCompany'scomprehensivestrengthbythe industry,customersandgovernmentdepartments. Duringthereportingperiod,inthefaceofchangesinthesituationoftherealestateindustry,theCompanylockedinitsgoalsand sprintedthroughouttheyeartogenerallycompletevariousannualoperatingindicators.TheCompanyproactivelyadaptedto changesandimplementedflexiblestrategiestotacklemarketchallenges.TheCompanytookmultiplemeasurestofurtheradvance market-orientedtransformationofcommercialoperations.TheCompanytooktheinitiativeinproductionsafetyandproper handlingofpetition,ensuringthesteadydevelopmentoftheGroup'sbusiness.II.MainbusinessengagedinbytheCompanyduringthereportingperiodTheCompanyshallcomplywiththedisclosurerequirementsfortherealestateindustryassetoutintheGuidelinesforSelf- RegulationofListedCompaniesofShenzhenStockExchangeNo.3-IndustryInformationDisclosure(I)Overviewofmainbusiness SZPRDwasestablishedin1982.ItwasformerlyknownasLuohuEngineeringConstructionHeadquarters.InAugust1985,itwas renamedShenzhenPropertiesDevelopmentCorporation.In1988,itwasidentifiedbyShenzhengovernmentasthesecondbatch ofstate-ownedenterprisestopilotthejoint-stockreform.In1990,itcompletedthejoint-stockreformandwasofficiallyrenamed ShenzhenProperties&ResourcesDevelopment(Group)Ltd.InMarch1992,theCompany'sstock(SZPRDA/SZPRDB,000011/200011)wasofficiallylistedontheShenzhenStockExchange.SZPRD,asPartyAoftheconstructionoftheInternationalTradeCenterBuilding,playedaleadingroleinorchestratingtheentire processofitsconstructionandoperation.Itisakeycreatorandorganizeroftheworld-renowned"ShenzhenSpeed".The InternationalTradeCenterBuildingisalsofortunatetohavebecomeanimportanthistoricsiteofDENGXiaoping'sworld- renowned"southtourspeeches".TheCompanywasfoundedastheInternationalTradeCenterBuildingwasestablishedand thrivedthroughChina'sreformandopening-up,growingalongsidethemiraculouscityofShenzhen.Ithasbecomeasteadfast practitionerofthe"pioneercattle"spiritinthenewera,dedicatedtoinnovativeservices,andovercomingchallenges.The employeesofSZPRDupholdthespiritof"daringtobethefirstandstrivingforstrengththroughreformandinnovation",focuson thefunctionalpositioningofstate-ownedassetsof"servingtheoverallsituation,servingthecity,servingtheindustry,andserving thepeople'slivelihood",sticktotheoriginalaspiration,forgeaheadwithperseverance,takethelead,andbravelyactasthe vanguard.Inrecentyears,boththedevelopmentspeedandqualityhavebeengreatlyimproved.TheCompanyhasnowdeveloped fromaprojectcompanywhenitfirstbuilttheInternationalTradeCenterBuildingtoalarge-scalecomprehensiveindustrialgroup. Intheneweraandnewstage,theCompanyassessesthesituationandactsaccordingly,strivingtomoveforwardtowardsthegoal ofbecoming"China'sleadingsmartoperatorofindustrialandurbanspace."1.Industrialandurbanspacedevelopment TheCompany'sspacedevelopmentsectoriscommittedtothedevelopmentofdifferentbusinessformatssuchasresidential buildings,high-endapartments,officebuildings,andindustrialparks.IthasbrandprojectssuchasITCBuilding,HuanggangPort, Tian'anInternationalBuilding,QianhaiPort,andJinlingHoliday.Basedontheexistingrealestatedevelopmentbusiness,the Company will promote the stock optimization and increment development and construction simultaneously. Taking the subordinatecompanies,suchasHuangchengRealEstate,RongyaoRealEstateandWuheUrbanRenewal,asthedevelopmentand urbanrenewalentities,theCompanywillrelyonitslistingplatformtoincreasecapitaloperationandrationallyallocateurban spacedevelopmentsectors.Duringthereportingperiod,theGroupsteadilypromotedthedevelopmentoflocalandoff-site projectsinShenzhen,acceleratedthesalesofprojectinventory,andimprovedthespeedofcapitalrecovery.Onthisbasis,it focusedonthedevelopmentandconstructionofindustry-citycomplexes,andacceleratedthecreationofanintegratedand symbioticdevelopmentmodelofurbanboutiquehousingandhigh-endindustrialspace.TheCompany'spropertymanagementsegmentisbasedonInternationalTradeCenterPropertyManagement.Asoneofthefirst batchofnationalfirst-classpropertymanagementqualifiedenterprises,InternationalTradeCenterPropertyManagementhas,after morethan30yearsofdevelopment,becomeadomesticfirst-classpropertyserviceproviderwithdiversifiedbusinesscapabilities andtechnologicalstrength.Ithasbeenratedas"Top100propertymanagementEnterprisesinChina"and"ExcellentEnterprisefor ChinaIndustrialParkPropertyManagement"formanyyearsinarow.Theprojectsunderitsmanagementarespreadalloverthe country,anditsbusinessradiatestovariousregionsofthecountry,includingSouthChina,SouthwestChina,EastChina,North China,aswellastheVietnam-VietnamCooperationZone.Theexistingbusinesshascoveredvariousformatssuchasindustrial parks,culturaltourismscenicspots,governmentagencies,railtransit,housing,hospitals,schools,hotels,etc.,andisbeing arrangedtoenterthefieldofgrassrootssocialgovernance,cooperatewiththegovernmenttocreateasafe,harmonious,civilized andorderlyurbanenvironment,andbasicallyformagoodpatternofmulti-formatcomprehensivedevelopment.International TradeCenterPropertyManagementhasmorethan20subsidiaries,leveragingitsheadquarters'functionaldepartmentsasa platformtoactivelybuildthreemajorcenters,namely"market,empowerment,andsupervision".Ithasestablishedbusinesscenters andprofitcentersbasedonthethreemajormodulesfeaturingprofessionalbusinesscompanies,professionalcompanies,and regionalcompanies,aimingtoachieveasustainableandeffective"1+1>2"coordinateddevelopmentnewpattern.3.Industrialecologicaloperation TheindustrialecologicaloperationsectormakesfulluseoftheCompany'sdevelopmentfoundationandentireindustrialchain developmentadvantagesinthethreebasicindustriesofrealestatedevelopment,propertymanagementandleasing,focusesonthe twostrategicstartingpointsof"value-addedoperationofstockassets"and"lightassetoperationoutput",strengthensinternaland externalstrategiccooperation,iscommittedtobuildingaclosed-loopofthewholeindustryecologycoveringprojectdevelopment services, parkoperationservices, supportingleasingoperations, etc.,continuously optimizes thespaceservice andleasing ecosysteminthepark,andhasinitiallypossessedthewholechaincapabilitiesandexperienceofvariousassetsfromtheearly planning,projectclearance,constructioncontrol,investmentpromotion,operation,on-sitecontrol,etc.,formingauniqueand maturebusinessdevelopmentmodel.TheCompanyisacceleratingtheinventoryandevaluationofexistingpropertiesand strengtheningmanagement.Inthefuture,itwillgraduallyexpandthescopeofitsleasingbusinessandenhancepropertyleasing developmentcapabilities.Onthisbasis,itwillgraduallyshiftthefocusofitsindustrialecologicaloperationstoscienceand technologyparks,providingsupportingservicesfortheentirevaluechain,includingindustrialecologicalintroduction,project developmentservices,andparkoperationservices,toshapetheroleofa"spaceserviceprovider"withscienceandtechnology parksasthecore. 4.Otherbusiness Duringthereportingperiod,theCompany'sbusinessalsoincludescateringbusinessandprojectsupervisionbusiness.Thecatering businessisoperatedbyShenzhenITCCateringCo.,Ltd.ITCCateringwasestablishedin1986andbecamefamousathomeand abroadastheplacewherethe"SouthernTourSpeech"wasdeliveredin1992.Sinceitsopening,ithasreceivedmorethan600 Chineseandforeigndignitaries,celebritiesandcountlessChineseandforeignguests,anditsreputationhasspreadfarandwide bothathomeandabroad.Theengineeringsupervisionbusinessisoperatedbyasupervisioncompany,whichhasClassAsupervisionqualificationforhousingconstructionprojectsfromtheMinistryofConstruction.ItspredecessorwastheSZPRD ManagementDepartment.ItwasdirectlyinvolvedintheconstructionandmanagementoftheShenzhenInternationalTrade Buildingandwitnessedtheentireprocessofcreatingthe"ShenzhenSpeed".Ithaslongbeenmainlyservingthegroup's developmentprojects. (II)Operationin2024 In2024,inthefaceofinternalandexternalchallenges,themanagementteamoftheCompanyhasalwaysadheredtotheoverall leadershipoftheParty,maintainedstrategicfocus,strictlyimplementedthedecisionsanddeploymentsoftheBoardandtheParty Committee,madeeveryeffortwithfirmconfidence,closelyfocusedonthekeytasksproposedatthebeginningoftheyear,and adoptedmanymeasurestoactivelyrespondtomarketchanges.Therealestatecompanyflexiblyadjusteditssalesstrategy accordingtothesituation,andaccuratelyseizedthefavorableopportunitytostartprojectpre-saleandlate-marketreferral,layinga foundationforachievingannualbusinessindicators;thepropertymanagementcompanyimprovedtheoverallprofitabilityand corecompetitivenessoftheenterprisethroughorganizationalrestructuring,systemprocessreengineering,talentoptimizationand allocation,etc.;withthegoal ofacceleratingtransformationandupgrading, theShenzhenPropertyCommercial Operation continuouslyimproveditsoperationandmanagementmode,andmaintainedastableandhealthydevelopmenttrendineach businesssegment.Duringthereportingperiod,theGroup'stotalassetswereaboutRMB15.293billion,andtheannualoperating revenuewasaboutRMB2.73billion,andtheannualmaineconomicindicatorsweregenerallycompleted.First,fortheindustry-cityspacedevelopmentsector,we'vetakentheinitiativetoadaptandflexiblyimplementpoliciesto facemarketchallenges.TherealestatebusinessachievedanoperatingrevenueofRMB1.003billionthroughouttheyear, accountingfor36.71%ofthetotalrevenue.Duringthereportingperiod,thefourmajorrealestateprojects,JinlingProject, GuangmingYutangShangfuProject,LakeCityProject,andHumenBinhaiHarbourPalaceProject,werelaunchedsimultaneously. Marketingmanagementactivelyrespondedtomarketchanges,prudentlyanalyzedandevaluatedmarketconditions,closely monitoreddynamicsinkeyregionalmarkets,andseizedmarketopportunitiestoacceleratesalesandinventoryclearance.The Companyhasconsistentlystrengthenedthecoordinationofmilestonetargetsandresourceallocationguarantees.Adheringtoa market-orientedmanagementphilosophy,allbusinesslinesincludingdesign,procurement,andengineeringwithintheGrouphave maintainedhigh-levelcollaboration,enhancedrefinedcontroltoadapttomarketchanges,andimplementedcomprehensive coordinationandguidanceforprojectdevelopment.Proactiveplanningwasconductedforcriticaltaskssuchasprojectdesign schemes, tendering and procurement, target cost determination, and on-site construction, ensuring efficient and orderly developmentofallongoingprojects.Arefinedcontrolsystemcoveringtheentirerealestateprojectdevelopmentprocesshasnow takenshape.SubstantialprogresshasalsobeenmadeinprojectssuchasShenyangDigitalIntelligentCity,HaikouHongqiTown, FuyuanIndustrialZone,HuiyangDanshuiandothers. Second,theexternalexpansionofthepropertymanagementsegmentandinternalcoordinationgohandinhand,andthemarket expansion continues to be strengthened. The property management business reported an operating revenue of RMB1.594bn,accountingfor58.32%ofthetotalrevenue,higherthanin2023.Duringthereportingperiod,theCompany deepenedthecoordinateddevelopmentandinternalintegrationofthesystem,developedvalue-addedservicessuchastourism salespromotionandcommunity-to-homeservices,andachievedbreakthroughsinnewformatsofcultureandsportsandvalue- 2 addedserviceboundaries.Theareaundermanagementreachedarecordhigh,exceeding45millionm forthefirsttime.Further enrichthebusinessformatsofofficebuildings,industrialparks,schools,hospitals,farmers'marketsandmilitaryregions,and providestrongsupporttobuildingamunicipal-levelbenchmarkpropertymanagementplatform.Atthesametime,theremodeling oforganizationalstructureandtheestablishmentofcostmanagementsystemwereinitiatedtofurtherconsolidatethepositionof the only property management platform in the system. Shenzhen International Trade Center Property Management has consecutivelywonthetitlesof"2024ChinaPropertyServiceEnterpriseComprehensiveStrengthTop100","2024ChinaProperty FMFacilityManagementLeadingEnterprise","2024ChinaParkPropertyServiceTOP20Enterprise","2024ChinaIndustrial ParkPropertyServiceLeadingEnterprise",andotherawards,withitsbrandvalueandreputationcontinuouslyimproving. Third,industrialecologicaloperationandothersectorsshalltakemultiplemeasuressimultaneouslytocultivatecore operationcapabilities.TheleasingandoperationbusinessreportedanoperatingrevenueofRMB135mn,accountingfor4.97%of thetotalrevenue.Inrecentyears,theCompanyhastakenmultiplemeasurestoacceleratetransformationandupgrading,adopted measuressuchasexploringandestablishinganincrementalsharingmechanismandincreasingtheintensityofprojectexpansion, promotedthetransformationofthecurrentsimpleleasingbusinesstoacommercialoperationmodel,andhelpedrealizethe developmentandgrowthoftheindustrialecologicaloperationsector.Duringthereportingperiod,therenovationofITCShopping MallandtheinaugurationceremonyofShenzhenITCChuntianunveiled.ByoperatingITCShoppingMallinalight-asset managementandchartermode,theCompanytookfirmstepsincreatingtheGroup'sindependentcommercialbrandandexploring market-oriented commercial operations. Through measures such as improving asset quality and efficiency, exploring and establishinganincrementalsharingmechanism,theindustrialoperationsectorcultivatedcoreoperationcapabilitiesinmultiple paths,adherestoimprovingqualityandefficiencyasthecore,andacceleratesthetransformation,upgradingandrevitalizationof（未完）  |