瑞安房地产：2025年度中期业绩报告

SHUI ON LAND LIMITEDIncorporated in the Cayman islands with limited liability於開曼群島註冊成立之有限責任公司STOCK CODE股份代號272瑞安房地產有限公司 CONTENTS目錄 2Chairman’s Statement6Management Discussion and Analysis29Independent Review Report30Interim Condensed ConsolidatedStatement of Profit or Loss31Interim Condensed ConsolidatedStatement of Comprehensive Income32Interim Condensed ConsolidatedStatement of Financial Position34Interim Condensed ConsolidatedStatement of Changes in Equity36Interim Condensed ConsolidatedStatement of Cash Flows38Notes to Interim CondensedConsolidated Financial Information58Interim Dividend 58Directors’ Interests in Securities59Substantial Shareholders’ Interestsin Securities59Share Option Scheme and Share Award Schemes60Corporate Governance62Purchase, Sale or Redemption/Cancellation of Listed Securities63Disclosure Under Rule 13.21 of theListing Rules13.2163Changes In Information ofDirectors Under Rule 13.51B(1) ofthe Listing Rules13.51B(1)63Employees and Remuneration Policy64Corporate Information 中國領先的 城市發展解決方案提供者 20042006 2001 2025630780790 2025202420253.5%5.5% 「儘管面臨嚴峻複雜的宏觀經濟環境，我們的投資物業組合依然展現出較強的韌性，2025年上半年的租金及相關收入較上年同期取得了溫和增長。」 20258,1005,10020.74 51%5520256302025334.9 1%17.81 94%10.5%Urban Retreat4,5002025 2025 202563090% 200530020 2025 5C2025 202534.736.99 20253,00031.358% •Best-in-Class Urban Retreat9 650%15% 10 20255LEEDLEED 714272030 2025828 202520258,1005,100 17.8110.5% 202563051%559%202202534.9020258272021462 2025650%15% 2025Carbon Disclosure Project, CDP2024A1.5ºC20255LEEDT1T2LEED 2025 •20251.4511.9334.7332.901.83•457%175.212025 280 •20251%17.8178%10.5% •2025630%70% •CDP2024A1.5ºC20255LEEDT1T2LEED 50% •20256100%57.63%6.83 202511.9318,300 20252024 202534.732024457%95%2025202571,700202437,300• 2025630 i)6.99 2025175.21 2025 2025131,000 202112751,000B4135,00020239202563059,20040350% 1222021687,0006,00019,0003,60020249•57,0001086,1242025202550% B1271,0001,000202352025630B221,1002025 20221230,0008,50090160-410202420256308,20016.78202560% 2017R7R873,000202111180202563051,00058,10031250% 2025630980.912,622,00081%9%6%3%1% 20256302025 202563094%2025202410.5% 90%2025630 20259.65202412.5723%20241120252.2620242.45 20251%17.8178% 123124132274,00013230,0002023123T2124T120241231242025 2025630520256305751,209,000 500 18 10 13141996II5 48 1012 Inno 17232020MIPIM Asia AwardsBest Futura Mega Project202342025972025 Inno 271348,00014,000202392024165% 202411202412 17320219 202563098% 2021250% 20162025630%70%50%2025630 20256307805702101536057026080230 42193010%41%8711102025GDP2.8%3.0%2026GDP3.0%3.1% 2025GDP5.3% 202511.2%3.7%5.2%202550%3.5% 202512.8%1514.8% 20255%GDP5.6%3.2%4.5%202533.82019266% 2025156,000 20255.9%5G156.3%2024-2027 20255.1%9.1%20%1.7% 2025GDP2.3%511.7202510.7% 2025GDP5.5%2025644% 5% 20256306202520.7420246306202420.7320251.4520241.43 202523%9.65202412.57202420252.2620242.4520255% 6.3720249.2566%202474%6%20253.2820243.32 20257%2.8120243.032.0020242.258,10020247,80020253% 20252.8620241.70 20253.9720242.00 202513.69202413.5566%202465% 202579%6,50020243.08 20255,30020245,400 20256%3.8220244.08 20251.3320243,3004,00020241,4001.7320244,700 2.351.21•167A8,0004,800 20258.88202410.768.0120249.908,70020248,60025%8.23202410.9420255.67%20245.98%3%202410%2,20020241.0497%202490% 20251.0820245,300 20257,30020242.431.0520248007,60020241,6003,2003,1002024 20256,80020249,90025%30%60% 20258,10020241.83 20255,10020247,200 20250.64202580.0920240.9080.09 20256100%57.63%2025731 202563020252024 202534.90 2025630 202563055.002024123177.3416.182024123127.8016.292024123120.83 202572.4202579% 2025630202.6120241231221.93399.9220241231426.69202563051%2024123152% 202120256301.04 202563055.7120241231112.7922%2024123138% 115 202563043.132024123132.35 20256301.04 2025630412.6320241231399.84193.2120241231193.37 202563047.412024123150.99 2025630 Ernst & Young27/F, One Taikoo Place979 King’s RoadQuarry Bay, Hong Kong 致瑞安房地產有限公司董事會 引言 305720256306343434 審閱範圍 2410 結論 34 安永會計師事務所 2025828 2025630 20246306 2025630 1.一般事項 20256306D23420241231 2.會計政策變動及披露 20241231 21 21 3A.收入資料 3A.收入資料（續） 3B.分部資料 3B.分部資料（續） 3B.分部資料（續） 20246306 6.稅項前溢利 2025630 7.稅項 25% 8.股息 202563020252024 9.每股盈利 10.投資物業 10.投資物業（續） 202563020241231 2025630359.6820241231340.3120 11.於聯營公司的權益╱聯營公司欠款╱聯營公司所提供貸款╱應付聯營公司款項 5.7320246.1364%202462%9%202411%9027%2024 27%90 1.5720241.6390 14.合約資產 17.優先票據 20256305.59%20245.50%5.59% 18.證券化安排收款 2023427100%44.01(i)44.003.9%(ii)1002041326 19.儲備 19.儲備（續） 20.資產抵押 202563028.722024123129.24 21.承諾及或然事件 (a) 21.承諾及或然事件（續） (b) 2025630 2025630 22.有關連人士交易 23.報告期後事項 100%57.63%6.83 2025731 24.批准中期簡明綜合財務資料 2025828 中期股息 2025630202563062024 董事於證券的權益 2025630XV(i)XV78(ii)352(iii) XV1,849,521 (2)Shui On Company LimitedSOCLNew RainbowInvestments LimitedNRI1,725,493,9962,756,414,31829,847,937NRI2025630SOCL63.29%SOCLBosrich Unit TrustBosrich Holdings (PTC) Inc.BosrichBosrich Unit TrustHS