招商局置地2025 中期报告

2025INTERIM REPORT CONTENTS目 錄 25253739424345CORPORATE INFORMATIONMANAGEMENT DISCUSSION AND ANALYSISOTHER INFORMATIONCONDENSED CONSOLIDATED STATEMENT OFPROFIT OR LOSS AND OTHER COMPREHENSIVE INCOMECONDENSED CONSOLIDATED STATEMENT OFFINANCIAL POSITIONCONDENSED CONSOLIDATED STATEMENT OFCHANGES IN EQUITYCONDENSED CONSOLIDATED STATEMENT OF CASH FLOWSNOTES TO THE CONDENSEDCONSOLIDATED FINANCIAL STATEMENTS CORPORATE INFORMATION公 司 資 料 T h e b o a r d ( t h e “B o a r d” ) o f d i r e c t o r s ( t h e“Directors”) of China Merchants Land Limited (the“Company”, and together with its subsidiaries,the “Group”) presents its interim report forthe six months ended 30 June 2025. As at thelatest practicable date of this interim report, i.e.5 September 2025, the composition of the Board andthe committees of the Company is set out below: 本公司本 集 團董事董事會 DIRECTORS 董事 Non-executive Directors Mr. JIANG Tiefeng(Chairman)Mr. YU ZhiliangMr. LI Yao Executive Directors Dr. SO Shu FaiMr. WONG King YuenMs. CHEN Yan Independent Non-executive Directors Dr. WONG Wing Kuen, AlbertMs. CHEN YanpingDr. SHI XinpingMr. IP Man Ki Ryan 審核委員會 AUDIT COMMITTEE Dr. WONG Wing Kuen, Albert(Chairman)Dr. SHI XinpingMr. LI Yao NOMINATION COMMITTEE 提名委員會 Mr. JIANG Tiefeng(Chairman)Ms. CHEN YanpingDr. SHI Xinping REMUNERATION COMMITTEE 薪酬委員會 Ms. CHEN Yanping(Chairman)Mr. YU ZhiliangDr. WONG Wing Kuen, Albert 公司秘書 COMPANY SECRETARYMr. Ng Ho AUDITORKPMGRegistered Public Interest Entity Auditors 核數師 註冊辦事處 REGISTERED OFFICE P.O. Box 309, Ugland House,Grand Cayman,KY1-1104,Cayman Islands P.O. Box 309, Ugland House,Grand Cayman,KY1-1104,Cayman Islands 總辦事處及主要營業地點 HEAD OFFICE ANDPRINCIPAL PLACE OF BUSINESS 22nd Floor, 308 Central Des Voeux,No. 308 Des Voeux Road Central,Hong Kong 30830822 PRINCIPAL BANKERS 主要來往銀行 Agricultural Bank of China LimitedBank of China (Hong Kong) LimitedBank of China LimitedBank of Communications Co., Ltd.Bank of Communications Co., Ltd.Hong Kong BranchChina Construction Bank CorporationChina Construction Bank (Asia) CorporationLimitedChina Everbright Bank Co., Ltd.China Merchants Bank Co., Ltd.DBS Bank LimitedIndustrial and Commercial Bank of China (Asia)LimitedIndustrial and Commercial Bank of China LimitedIndustrial Bank Co., Ltd.Shanghai Pudong Development Bank Co., Ltd. CORPORATE INFORMATION公 司 資 料 主要股份過戶及登記總處 PRINCIPAL SHARE REGISTRARS ANDTRANSFER OFFICE Suntera (Cayman) LimitedSuite 3204, Unit 2A, Block 3,Building D, P.O. Box 1586,Gardenia Court, Camana Bay,Grand Cayman, KY1-1100,Cayman Islands Suntera (Cayman) LimitedSuite 3204, Unit 2A, Block 3,Building D, P.O. Box 1586,Gardenia Court, Camana Bay,Grand Cayman, KY1-1100,Cayman Islands 香港股份過戶及登記分處 HONG KONG BRANCH SHAREREGISTRAR AND TRANSFER OFFICE 1617 TRICOR INVESTOR SERVICES LIMITED17/F, Far East Finance Centre16 Harcourt RoadHong Kong SOLICITORSJun He Law Offices 律師 WEBSITEhttp://ir.cmland.hk 網址http://ir.cmland.hk 股份代號978 STOCK CODE978 MANAGEMENT DISCUSSION AND ANALYSIS管 理 層 討 論 及 分 析 市場形勢分析 MARKET OVERVIEW ANALYSIS GDP5.4%GDP5.2%8.48GDP6.3%4.2564130 T h e c u r r e n t g l o b a l l a n d s c a p e i s m a r k e d b ya c c e l e r a t e d e v o l u t i o n w i t h i n a o n c e - i n - a -c e n t u r y t r a n s f o r m a t i o n , c h a r a c t e r i z e d b yheightened instability, unpredictability, andcomplexity. Domestically, China’s macroeconomicperformance reflects a pattern of “steadyingg r o w t ha m i d p e r s i s t e n t p r e s s u r e s . ”T h eeconomy achieved a strong start in Q1 2025with GDP growth reaching 5.4%, followed by a5.2% expansion in Q2, demonstrating the dualimpact of preemptive policy measures and theresilience of market entities. The residential realestate sector, having peaked in 2021, has sinceundergone rapid contraction, with its value-addedoutput declining to RMB8.48 trillion in 2024,accounting for 6.3% of GDP. Since the beginningof this year, the April 25th Politburo meetingreaffirmed the policy goal of “arresting thedownturn and stabilizing the market,” explicitlycalling for “sustained efforts to consolidate thestability of the real estate sector” for the firsttime. The State Council’s June executive meetingf u r t h e r m a n d a t e d “ i n t e n s i f i e d m e a s u r e s t oaccelerate market stabilization.” Over 130 localgovernments have rolled out supporting policiessince April, with a focus on optimizing housingprovident fund mechanisms to bolster both supplyand demand. MANAGEMENT DISCUSSION AND ANALYSIS管 理 層 討 論 及 分 析 MARKET OVERVIEW ANALYSIS(CONTINUED) 市場形勢分析 169.78-10 S i n c e2 0 2 1 ,t h e i n d u s t r y f a c e d p r o f o u n dadjustments, with new commercial housing salesplunging from a peak of 1.6 billion square metersto 970 million square meters. In the medium term,annual sales are projected to stabilize between800 million and 1 billion square meters, markinga pivotal phase of “transition between old andnew operational paradigms, balancing risks andopportunities.”