[年报]深物业B(200011):2025年年度报告摘要（英文版）
Properties&ResourcesDevelopment(Group)Ltd. I.Importantnotes Thesummaryoftheannualreportisextractedfromthefulltextoftheannualreport.InordertofullyunderstandtheCompany'soperatingresults,financialstatusandfuturedevelopmentplans,investorsshouldcarefullyreadthefulltextoftheannualreportonthemediadesignatedbytheCSRC.Alldirectorsattendedtheboardmeetingatwhichthisreportwasconsidered.Promptofamodifiedreport □Applicable?Notapplicable ProposedprofitdistributionplanortheproposalforcapitalizationofreservestoincreasesharecapitalforthereportingperioddeliberatedbytheBoardofDirectors ?Applicable ?Notapplicable Whethertoconvertcapitalreservestocapitalshares ?Yes?No TheBoardhasapprovedafinaldividendplanasfollows:basedonthetotalsharecapitalof595,979,092shares,acashdividendofRMB0.20(taxinclusive)per10sharesistobedistributedtotheshareholders,withnobonusissuefromeitherprofitorcapitalreserves.ProposedprofitdistributionplanforpreferredsharesforthereportingperiodresolvedbytheBoardofDirectors □Applicable?Notapplicable II.BasicinformationoftheCompany 1.Companyprofile
SZPRD was established in 1982. It was formerly known as Luohu Engineering ConstructionHeadquarters.InAugust1985,itwasrenamedShenzhenPropertiesDevelopmentCorporation.In1988,itwasidentifiedbyShenzhengovernmentasthesecondbatchofstate-ownedenterprisestopilotthejoint-stockreform.In1990,itcompletedthejoint-stockreformandwasofficiallyrenamedShenzhenProperties & Resources Development (Group) Ltd. In March 1992, the Company's stock (SZPRDA/SZPRDB,000011/200011)wasofficiallylistedontheShenzhenStockExchange.SZPRD,asPartyAoftheconstructionoftheInternationalTradeCenterBuilding,playedaleadingroleinorchestratingtheentireprocessofitsconstructionandoperation.Itisakeycreatorandorganizeroftheworld-renowned"ShenzhenSpeed".TheInternationalTradeCenterBuildingisalsofortunatetohavebecomeanimportanthistoricsiteofDENGXiaoping'sworld-renowned"southtourspeeches".TheCompanywasfoundedastheInternationalTradeCenterBuildingwasestablishedandthrivedthroughChina'sreformandopening-up,growingalongsidethemiraculouscityofShenzhen.Ithasbecomeasteadfastpractitionerofthe"pioneercattle"spiritinthenewera,dedicatedtoinnovativeservices,andovercomingchallenges.TheemployeesofSZPRDupholdthespiritof"daringtobethefirstandstrivingforstrengththroughreformandinnovation",focusonthefunctionalpositioningofstate-ownedassetsof"servingtheoverallsituation,servingthecity,servingtheindustry,andservingthepeople'slivelihood",sticktotheoriginalaspiration,andforgeaheadwithperseverance.TheCompanyhasnowdevelopedfromaprojectcompanywhenitfirstbuilttheInternationalTradeCenterBuildingtoalarge-scalecomprehensiveindustrialgroup.Intheneweraandnewstage,theCompanyassessesthesituationandactsaccordingly,strivingtomoveforwardtowardsthegoalofbecoming"China'sleadingsmartoperatorofindustrialandurbanspace". 1.Industrialandurbanspacedevelopment The Company's space development sector is committed to the development of different businessformatssuchasresidentialbuildings,high-endapartments,officebuildings,andindustrialparks.IthasbrandprojectssuchasITCBuilding,HuanggangPort,Tian'anInternationalBuilding,QianhaiPort,andJinlingHoliday.Basedontheexistingrealestatedevelopmentbusiness,theCompanywillpromotethestockoptimizationandincrementdevelopmentandconstructionsimultaneously.Takingthesubordinatecompanies,suchasHuangchengRealEstate,RongyaoRealEstateandWuheUrbanRenewal,asthedevelopmentandurbanrenewalentities,theCompanywillrelyonitslistingplatformtoincreasecapitaloperation and rationallyallocate urbanspace development sectors.During thereporting period,allprojects on sale had their promotion strategies adjusted in a timely manner according to marketconditions, ensuring a dynamic match between capital investment, construction pace, and marketdestockingwhilegoingallouttocompletetheannualsalescollectiontask.2.Propertymanagementservice The Company's property management segment is based on International Trade Center PropertyManagement.Asoneofthefirstbatchofnationalfirst-classpropertymanagementqualifiedenterprises,International Trade Center Property Management has, after more than 30 years of development,become a domestic first-class property service provider with diversified business capabilities andtechnologicalstrength.Ithasbeenratedas"Top100propertymanagementEnterprisesinChina"and"ExcellentEnterpriseforChinaIndustrialParkPropertyManagement"formanyyearsinarow.Theprojectsunderitsmanagementarespreadalloverthecountry,anditsbusinessradiatestovariousregionsofthecountry,includingSouthChina,SouthwestChina,EastChina,NorthChina,aswellastheVietnam-VietnamCooperationZone.Theexistingbusinesshascoveredvariousformatssuchasindustrialparks, culturaltourismscenicspots,governmentagencies,railtransit,housing,hospitals,schools,hotels,etc.,andisbeingarrangedtoenterthefieldofgrassrootssocialgovernance,cooperatewith the government to create a safe, harmonious, civilized and orderly urban environment, andbasicallyformagoodpatternofmulti-formatcomprehensivedevelopment.InternationalTradeCenterProperty Management has more than 20 subsidiaries, leveraging its headquarters' functionaldepartmentsasaplatformtoactivelybuildthreemajorcenters,namely"market,empowerment,andsupervision".Ithasestablishedbusinesscentersandprofitcentersbasedonthethreemajormodulesfeaturingprofessionalbusinesscompanies,professionalcompanies,andregionalcompanies,aimingtoachieveasustainableandeffective"1+1>2"coordinateddevelopmentnewpattern.3.Industrialecologicaloperation TheindustrialecologicaloperationsectormakesfulluseoftheCompany'sdevelopmentfoundationandentireindustrialchaindevelopmentadvantagesinthethreebasicindustriesofrealestatedevelopment,property management and leasing, focuses on the two strategic starting points of "value-addedoperationofstockassets"and"lightassetoperationoutput",strengthensinternalandexternalstrategiccooperation, is committed to building a closed-loop of the whole industry ecology covering projectdevelopment services, park operation services, supporting leasing operations, etc., continuouslyoptimizesthespaceserviceandleasingecosysteminthepark,andhasinitiallypossessedthewholechain capabilities and experience of various assets from the early planning, project clearance,constructioncontrol,investmentpromotion,operation,on-sitecontrol,etc.,formingauniqueandmaturebusinessdevelopmentmodel.TheCompanyisacceleratingtheinventoryandevaluationofexistingpropertiesandstrengtheningmanagement.Inthefuture,itwillgraduallyexpandthescopeofitsleasingbusinessandenhancepropertyleasingdevelopmentcapabilities.Onthisbasis,itwillgraduallyshiftthefocus of its industrial ecological operations to science and technology parks, providing supportingservices for the entire value chain, including industrial ecological introduction, project development services,andparkoperationservices,toshapetheroleofa"spaceserviceprovider"withscienceandtechnologyparksasthecore. 4.Otherbusiness During the reporting period, the Company's business also includes catering business and projectsupervision business. The catering business is operated by Shenzhen Guomao Catering Co., Ltd.GuomaoCateringwasestablishedin1986andbecamefamousathomeandabroadastheplacewherethe"SouthernTourSpeech"wasdeliveredin1992.Sinceitsopening,ithasreceivedmorethan600 Chineseandforeign dignitaries, celebritiesand countlessChinese andforeign guests, and itsreputationhasspreadfarandwidebothathomeandabroad.Theengineeringsupervisionbusinessisoperated by a supervision company, which has Class A supervision qualification for housingconstructionprojectsfromtheMinistryofConstruction.ItspredecessorwastheSZPRDManagementDepartment.ItwasdirectlyinvolvedintheconstructionandmanagementoftheShenzhenInternationalTradeBuildingandwitnessedtheentireprocessofcreatingthe"ShenzhenSpeed".Ithaslongbeenmainlyservingthegroup'sdevelopmentprojects. (II)Industrydevelopmentchanges,marketcompetitionpatternandtheCompany'spositionintheindustry 1.Industrydevelopmentstatus In2025,theglobalrealestatemarketshowedadivergentperformance,withhousingpricesinsomedevelopedeconomiesremainingresilient,whileemergingmarketsgenerallyfacingpressure.Capitalflowsandmarketsentimentinthedomesticmarketwerestillaffectedbychangesinglobalmonetarypolicy.TheChineseeconomyexperiencedamoderaterecovery,andrealestate,asanimportantpillar,continuedtoplayasupportingrole.Atthecentrallevel,thepolicyorientationof"stabilizingexpectations,reducinginventoryandoptimizingsupply"wasstrengthened,andacombinationofmeasures,suchaspurchasingexistinghousingforaffordablehousing,optimizingthehousingprovidentfund,andloweringdownpaymentsandinterestrates,wasusedtosystematicallysupportthemarket.Thereformofthehousingprovidentfundsystemwascomprehensivelydeepened,andtheconstructionof"goodhouses"was included in the national action plan to promote the implementation of standards for safe,comfortable,greenandsmarthousing;thewhitelistmechanismfor"guaranteeinghousingdelivery"continuedtoexpand,ensuringprojectfinancinganddelivery.Atthesametime,weexploredwaystorevitalizetheexistinglandandhousing,promotedurbanrenewalandtherenovationofdilapidatedhouses,andbuiltanewdevelopmentmodelcenteredon"allocatinghousingbasedonpopulationandfundingbasedonhousing".Thepolicypackageexertedsynergisticeffectsfromboththesupplyanddemandsides,markingtheindustry'sacceleratedtransitionfromtheoldhigh-leveragecycletoanewstageofhigh-qualityandsustainabledevelopment. 2.Industrypolicyenvironment In2025,thenationalrealestatemarketcontinueditsoveralladjustmenttrend.Sincethesecondquarter,thesalesofnewhouseshaveshownamarginalweakeningtrend.Thesecond-handhousingmarkethasbeencontinuously"reducingpricestoincreasesalesvolume",andtheoverallmarketisstillinthe"takeeffectivemeasurestoconsolidatethetrendoftherealestatemarketstabilizingandrecoveringfromdecline",sendingoutapositivesignal.InOctober,itwasclearlystatedinthe"Recommendationsforthe15thFive-YearPlan"thatitisessentialto"promotethehigh-qualitydevelopmentofrealestate",andproposedtocleanupunreasonablerestrictivemeasuresonhousingconsumption.InDecember,itwaspointedoutonameetingofthePoliticalBureauoftheCPCCentralCommitteethat"theeconomicworkinthenextyearshouldadheretotheprincipleofseekingprogresswhilemaintainingstability,improvingqualityandefficiency,continuetoimplementamoreproactivefiscalpolicyandamoderatelyloosemonetarypolicy,leveragetheintegratedeffectsofexistingandincrementalpolicies,increasecounter-cyclicalandcross-cyclicaladjustments,andeffectivelyenhancemacroeconomicgovernanceeffectiveness,"andemphasizedthat"wemustadheretodomesticdemandasthemainstayandbuildastrongdomesticmarket,"settingthetoneformacroeconomicpolicyin2026.Demand-side policies have been synergistically implemented from multiple dimensions toactivate the market. Core cities have completely lifted purchase and sales restrictions, and thethresholdfornon-householdresidentstopurchasehomeshasbeensignificantlylowered;theweightedaverageinterestrateforpersonalhousingloanshasdecreased,thedownpaymentratioforfirst-timehomebuyershasbeenlowered,andtheinterestratesonexistingmortgageloanshavecontinuedtodecline;theindividualincometaxrefundpolicyforexchangingoldhousesfornewoneshasbeenextendeduntil2027.Thevalue-addedtaxisexemptedforhousesthathavebeenownedforatleast2years,andisreducedto3%forthosethathavebeenownedforlessthan2years.Theprovidentfundpolicyhasbeencontinuouslyoptimizedalongthreemaindirections:"supportingfamilieswithmultiplechildren","expandingusageacrossdifferentregions",and"expandingthescopeofwithdrawals".Thishasdriventheprovidentfundtotransformfrombeing"exclusiveforhomepurchases"to"providingsupportthroughouttheentireperiodofresidence".Encouragingthepurchaseofexistingcommercialhousingforaffordablehousing,therebyreleasingthedemandforimprovement.Thepoliciesaccuratelyfocusonnewurbanresidents,multi-childfamilies,andhome-swappinggroups,promotingthemarket'stransformationfrom"rigiddemand-led"to"qualityimprovement,"andenhancingresidents'willingnessandabilitytopurchasehouses. Thesupply-sidereformfocuseson"controllingnewsupply,reducinginventory,andoptimizingsupply"toreshapethemarketstructurethroughsystematicpolicies.Bystrictlycontrollingthestartofnewconstructionprojectsandlandsupply,theareaofnewhousingstartsacrossthecountryin2025declinedyear-on-year,facilitatingtheconcentrationofresourcesinhigh-qualityprojectsincorecities.Toacceleratetherevitalizationofexistingcommercialhousing,thecentralbankhasestablishedarelendingfacilityforaffordablehousingtosupportlocalgovernmentsinacquiringexistinghousingforaffordablehousingandtalenthousing,therebystrengtheningthemarket-basedincentivemechanisms.Thenationalstandardfor"goodhousing"hasbeenpromoted,with15provincesissuingregulationsforsafe,comfortable,greenandsmartresidences.Thedetailedstandardstailoredtotheirownneeds,suchasoptimizingthecalculationofbalconyfloorareaandusinggreenbuildingmaterials,havebeenintroducedinmanyregions.Thewhitelistmechanismfor"guaranteeinghousingdelivery"achievedlarge-scaleexpansionandmechanismoptimizationin2025.RealestateenterprisesaresupportedtobroadenequityfinancingchannelsthroughREITs,privateplacements,etc.,tostabilizetheircapitalchains and promote the industry's transition from a high-turnover model to a high-quality andsustainableone. 3.Regionalmarketstructure In2025,theShenzhenrealestatemarketischaracterizedbyacorepatternof"policysupport,demanddifferentiation,enterpriseconcentration,andstructuraloptimization."Therealestatepoliciescontinuedto be accommodative, focusing on both the demand and supply sides. The market was graduallyrecoveringamidstadjustments,withsignificantdifferencesacrossvarioussub-sectors.Thesupplyofnewhousinghascontracted,withthesecond-handhousingmarkettakingadominantrole.Thepricetrend shows significant structural differentiation, with high-quality residential and commercial office projects in core areas demonstrating strong resilience, while those in non-core areas face greaterpressuretoreduceinventory;theconcentrationofrealestateenterpriseshasincreased,withcentralandstate-ownedenterprisesandlocalleadingcompaniesdominatingthemarket;thecommercialofficemarketneedstowaitforthefurtherreleaseofindustrialdemand.In2026,policiesareexpectedtobefurther optimized, and the market may achieve a dynamic balance through "stabilizing demand,4.SituationandtasksfacedbytheCompany Currently,themacroeconomicsituationandindustrystructureareundergoingprofoundchanges.TheCentralUrbanWorkConferencehasclarifiedanewmodelforrealestatedevelopment,andpoliciessuchastheconstructionof"goodhousing"andurbanrenewalhaveprovideduswithdevelopmentopportunities;itisproposedinShenzhen's"15thFive-YearPlan"tobuild"fivecenters,"whichhasexpandedthebroadspaceforenterprisedevelopment;therealestateindustryhastransitionedfromthe"incrementalgrowthera"tothe"stockera"andthe"qualityera".Themarketlogichasshiftedfromscaleexpansiontovaluecreation,andthefocusofcompetitionhasmovedfromresourcecontentiontocapabilitycompetition.Therefinedtransformationoftherealestateindustry,thequalityupgradeofthepropertymanagementindustry,andthelarge-scaledevelopmentoftheassetoperationindustryhaveopenedupnewtransformationspacefortheCompany'sdevelopment.Currently,theCompany'stoppriorityistoensurecashflowsecurityandstrictlypreventliquidityrisks.Thekeyistoreducetheinventory and recover the funds, while accelerating the high-quality development of the propertymanagementsegment,deepeningthevaluerealizationofthecommercialmanagementsegment,andexploringanintegrateddevelopmentecosystemforthemainbusiness.Weadheretothegeneralworkprincipleof"seekingprogresswhilemaintainingstability,andimprovingqualityandefficiency,"andfirmlyfollowtheworkapproachof"reducinginventory,preventingrisks,improvingqualityandefficiency,andpromotingtransformation."Wecoordinatehigh-qualitydevelopmentwithhigh-levelsecurity.Withahigherperspective,abroadervision,andmoreconcreteactions,wewillpromotethecomprehensivecompletionofannualtasksandgoals,andstartanewchapterinallourundertakings.5.PositionoftheCompanyintheindustry SZPRDaccompaniedthereformandopeningupofShenzhen.Ithasbeendeeplyinvolvedinrealestateandpropertymanagementformorethan40years.Itsindustrypositionandbrandinfluencehavebeenimproving,andithaswonmanyhonorsandawardsovertheyears.Duringthereportingperiod,wewereawardedthe"2025AnnualServiceCapabilityParkBenchmarkProject","Top100PropertyServiceEnterprisesintheGuangdong-HongKong-MacaoGreaterBayArea"and"Top10PropertyServiceEnterprisesinIndustrialParks".Ontheoccasionofthe45thanniversaryoftheestablishmentofthe Shenzhen Special Economic Zone, the Company was selected as a "Typical Case of BrandDevelopment," awarded the "ExcellentBrand" certificate,and participated in the compilation of theShenzhengroupstandardsforthe integration ofPartybuilding andpropertyservicesinresidentialcommunities. 3.Keyaccountingdataandfinancialindicators (1)MajoraccountingdataandfinancialindicatorsinthepastthreeyearsWhethertheCompanyneedstoretroactivelyadjustorrestatetheaccountingdataofpreviousyears?Yes?No Unit:RMB
Unit:RMB
4.Sharecapitalandshareholders (I)Numberofordinaryshareholders,numberofpreferredshareholderswhosevotingrightshavebeenrestored,andshareholdingsofthetop10shareholders Unit:share
Changesofthetop10shareholdersandthetop10shareholdersofunrestrictedtradablesharescomparedwiththepreviousperiodduetorefinancinglending/repayment□Applicable?Notapplicable (2)TotalnumberofpreferredshareholdersoftheCompanyandsharesheldbytop10preferredshareholders □Applicable?Notapplicable TheCompanyhadnopreferredshareholdersduringthereportingperiod.(3)Disclosethepropertyrightsandcontrolrelationshipbetweenthecompanyandtheactual ownerintheformofablockdiagram5.Bondsexistingontheapprovaldateoftheannualreport ?Applicable ?Notapplicable (1)Basicinformationofbonds
OnJuly23,2025,CSCIPengyuanCreditRatingCo.,Ltd.issuedacreditratingreportfortheCompany's"25SZPRD01"bond,assigningacorporatecreditratingofAA+withastableoutlook,whilemaintainingthecreditratingofthesaidbondatAA+. (3)Asoftheendofthereportingperiod,themainaccountingdataandfinancialindicatorsoftheCompanyfortherecenttwoyears Unit:RMB10,000
(I)Mattersconcerningthenon-publicissuanceofcorporatebonds TheCompanyheldthe36thmeetingofthe10thBoardofDirectorsandthe3rdextraordinarygeneralmeetingof2025onJuly7,2025andJuly23,2025,respectively,atwhichtheProposalontheNon-publicIssuanceofCorporateBondswasreviewedandapproved.AccordingtotheNo-objectionLetterontheComplianceofNon-publicIssuanceofCorporateBondsbyShenzhenProperties&ResourcesDevelopment(Group)Ltd.withtheListingConditionsofShenzhenStockExchange(SZSELetter[2025]No. 850) issued by Shenzhen StockExchange, the Company was approved to non-publicly issuecorporate bondswith a total amount not more than RMB1.2 billion to professional investors. TheCompany has completed the issuance of the 2025 non-public issuance of corporate bonds toprofessionalinvestors(TrancheI)(Bondabbreviation"25SZPRD01",Bondcode"134664.SZ").Fordetails,pleaserefertotheAnnouncementonNon-publicIssuanceofCorporateBonds(AnnouncementNo.:2025-34),theAnnouncementonObtainingNo-objectionLetterfromShenzhenStockExchangefortheListingandTransferofNon-publiclyIssuedCorporateBonds(AnnouncementNo.:2025-49),andthe Announcement on Issuance Results of 2025 Non-public Issuance of Corporate Bonds toProfessionalInvestors(TrancheI)(AnnouncementNo.:2025-69)disclosedbytheCompanyonCninfo(http://www.cninfo.com.cn). (II)Mattersrelatedtotheguaranteeforsubsidiary'sapplicationforfacilityamountfrombanksTheCompanyheldthe37thmeetingofthe10thBoardofDirectorsandthe4thextraordinarygeneralmeeting of 2025 on July 25, 2025 and August 11, 2025, respectively, at which the Proposal onProvidingAssetMortgageGuaranteeforaWholly-ownedSubsidiary'sApplicationforCreditFacilitiesfrom a Bank was reviewed and approved. The Company agreed to sign a mortgage guaranteeagreementwith the ShenzhenBranchofChina Minsheng BankingCorporation Limited(hereinafterreferredtoas"CMBC")toprovideamortgageguaranteeforthefacilityappliedforbyitswholly-ownedsubsidiary,ShenzhenInternationalTradeCenterPropertyManagementCo.,Ltd.,fromCMBC,withtheguaranteedprincipalnotexceedingRMB900million.Fordetails,pleaserefertotheAnnouncementonProvidingAssetMortgageGuaranteeforaWholly-ownedSubsidiary'sApplicationforFacilitiesfromaBank (Announcement No.: 2025-40) and the Announcement on the Progress of Providing AssetMortgage Guarantee for a Wholly-owned Subsidiary's Application for Facilities from a Bank(AnnouncementNo.:2025-45)disclosedbytheCompanyonCninfo(http://www.cninfo.com.cn).(III)MattersconcerningreappointmentoftheBoardofDirectorsandseniormanagementDuring the reporting period, the Company elected 5 non-independent directors and 3 independentdirectors for the 11th Board of Directors. The above 8 directors, together with 1 employeerepresentativedirectorelectedbytheCompany'semployeerepresentativeconference,formthe11thBoard of Directors of the Company. At the same time, the new Board of Directors elected theCompany'sgeneralmanager,deputygeneralmanagers,chieffinancialofficer,secretaryoftheBoardofDirectors, and other senior management. For details, please refer to the Announcement onReappointmentoftheBoardofDirectors(AnnouncementNo.:2025-52)andtheAnnouncementonCompletionofReappointmentoftheBoardofDirectorsandtheAppointmentofSeniorManagementand SecuritiesAffairsRepresentative (AnnouncementNo.:2025-64)disclosed bythe CompanyonCninfo(http://www.cninfo.com.cn). (IV)Mattersconcerningmajorarbitrationofthesubsidiaries Duringthereportingperiod,RongyaoRealEstate,asubsidiaryoftheCompany,receivedtheArbitralAward(2023)SZCIAANo.2970issuedbytheShenzhenCourtofInternationalArbitration,requiringtherespondent to repay all loan principal and interest to Rongyao Real Estate. It also received theEnforcementRuling(2025)Y03ZBNo.5646andtheNoticeofSeizure,ImpoundmentandFreezingofProperty (2025) Y03 ZB No. 5646 from the Shenzhen Intermediate People's Court of GuangdongProvince,rulingto seize,freezeandimpound the relevantpropertyoftherespondent. Fordetails,pleaserefertotheAnnouncementonProgressofMajorArbitrationofaSubsidiary(AnnouncementNo.:2025-48)andtheAnnouncementonProgressofMajorArbitrationofaSubsidiary(AnnouncementNo.:2025-73)disclosedbytheCompanyonCninfo(http://www.cninfo.com.cn).(V)Mattersconcerningmajorrelatedpartytransactions OnDecember30,2025,theCompanyheldthe3rdmeetingofthe11thBoardofDirectors,atwhichtheProposalonSigningtheSupplementaryAgreementIVtotheEntrustedOperationandManagementAgreementforDivestedLandandPropertywithaRelatedPartyandtheRelatedPartyTransactionwasreviewed and approved. The Company jointly signed an agreement with Shenzhen InvestmentHoldingsandShenzhenShentouPropertyDevelopmentCo.,Ltd.(hereinafterreferredtoas"ShentouProperty Development"), stipulating that the Company would exercise the rights and obligations ofShenzhenInvestmentHoldingswithrespecttothetargetassets.Meanwhile,theCompanyshallmakeaone-timepaymenttoShentouPropertyDevelopmentforthepreviousyear'srentalincomeshare,calculatedas25%oftheauditedtotalannualrentalincome(taxincluded)ofthetargetassets.Fordetails, please refer to the Announcement on Signing the Supplementary Agreement IV to theEntrustedOperationandManagementAgreementforDivestedLandandPropertywithaRelatedPartyandtheRelatedPartyTransaction(AnnouncementNo.:2025-72)disclosedbytheCompanyonCninfo(http://www.cninfo.com.cn). 中财网
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