2025年年度报告（英文版）

2025 Annual Report of Shenzhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd.1Shenzhen Special Economic Zone Real Estate &Properties (Group) Co., Ltd.2025 Annual ReportAnnouncement No.: 2026-010[March 20, 2026]2025 Annual Report of Shenzhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd.22025 Annual ReportSection I Important Notes, Table of Contents andInterpretationsThe Board of Directors, the directors, and the executives of the Companyguarantee thattherearenosignificantomissions,fictitiousormisleadingstatementscarriedintheReportandwe willacceptindividualandjointresponsibilities for the truthfulness, accuracy and completeness of the Report.Principal CHEN Ming, Chief Finance Officer WANG Jianfei and Chief Accountant(accounting officer) ZHOU Hongpu declare that they guarantee the authenticity,accuracy and completeness of the financial report in the Annual Report.All directors attended the board meeting at which this report was considered.Certain descriptions about the Company’s operating plans or work arrangementsfor the future mentioned in this Report, the implementation of which is subject tovarious factors, shall not be considered as promises to investors. Therefore,investors are reminded to exercise caution when making investment decisions.The Board has approved a final dividend plan as follows: based on the total sharecapital of 1,011,660,000 shares, a cash dividend of RMB0.35 (tax inclusive) per 10shares is to be distributed to the shareholders, with no bonus issue from eitherprofit or capital reserves.2025 Annual Report of Shenzhen Special Economic Zone Real Estate & Properties (Group) Co., 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 ........................... 10Section IV Corporate Governance, Environment and Society ...................32Section V Significant Events ............................................... 57Section VI. Share Changes and Shareholder Information ...................... 67Section VII Bonds ........................................................ 74Section VIII Financial Statements ...........................................752025 Annual Report of Shenzhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd.4List of Reference Documents1. The financial statements with the personal signatures and stamps of the Company’slegal representative, Chief Financial Officer and head of the financial department.2. The original of the Auditor’s Report with the stamp of the CPA firm, as well as thepersonal signatures and stamps of the CPAs.3. The originals of all the documents and announcements disclosed by the Company onthe designated information disclosure media during the Reporting Period.2025 Annual Report of Shenzhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd.5Interpretati