深物业B2025年半年度报告（英文版）

Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.12025 Semi-annual Report of Shenzhen Properties & ResourcesDevelopment (Group) Ltd.(Announcement No.: 2025-47)[August 2025]Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.2Section I Important Notes, Table of Contents and InterpretationsThe Board of Directors, Board of Supervisors, directors, supervisors andsenior officers of the Company guarantee the authenticity, accuracy andcompleteness of the contents of the semi-annual report, and bear individualand joint legal liabilities for any false records, misleading statements or majoromissions.Principal WANG Hangjun, Chief Finance Officer CAI Lili and ChiefAccountant (accounting officer) CAI Kelin declare that they guarantee theauthenticity, accuracy and completeness of the financial report in the Semi-annual Report.All directors have attended the board meeting at which this semi-annualreport was considered.Part of the Company's semi-annual report involves the description offuture business plans or business work arrangements. The implementation ofrelevant plans or arrangements is affected by many factors and does notconstitute the Company's substantive commitment to investors. Investors andrelevant persons should maintain sufficient risk awareness and understand thedifferences between plans, forecasts and commitments.The Company plans not to distribute cash dividends, issue bonus shares,or increase share capital through capitalization of reserves.Full text of 2025 Semi-annual Report of Shenzhen Properties & Resources Development (Group) Ltd.3Table of ContentsSection I Important Notes, Table of Contents and Interpretations............................................................. 2Section II Company Profile and Major Financial Indicators.......................................................................6Section III Management's Discussion and Analysis...................................................................................... 9Section IV Corporate governance, Environment and Society....................................................................28Section V Important Matters.........................................................................................................................30Section VI Changes in Shares and Shareholders.........................................................................................39Section VII. Bonds..........................................................................................................................................45Section VIII Financial Reports......................................................................................................................46Section IX Other Submitted Data...............................................................................................................241Full text of 2025 Semi-annual Report of Shenzhen Properties & Resource