新城发展二零二五年年报

Seazen Group Limited CONTENTS 2Corporate Information Consolidated Financial Statements 5Financial Summary/Financial Review •116Consolidated Statement of FinancialPosition 6Breakdown of Major Properties 24Management Discussion and Analysis •118Consolidated Statement of Profit orLoss 42Directors •120Consolidated Statement ofComprehensive Income 47Report of the Directors •121Consolidated Statement of Changesin Equity 82Corporate Governance Report 104Independent Auditor’s Report •123Consolidated Statement of CashFlows •125Notes to the Consolidated FinancialStatements Corporate Information BOARD OF DIRECTORS Executive Directors 20263 1620254 1 Mr. Lv Xiaoping(resigned on 16 March 2026)Mr. Lu ZhongmingMr. Zhou Fudong(appointed on 1 April 2025) Non-executive Directors Mr. Wang XiaosongMr. Zhang Shengman(resigned on 1 April 2025) 20254 1 Independent Non-executive Directors Mr. Zhu ZengjinMr. Zhong WeiMs. Wu Ke AUDIT COMMITTEE Ms. Wu Ke(Chairman)Mr. Zhu ZengjinMr. Zhong Wei REMUNERATION COMMITTEE Mr. Zhu Zengjin(Chairman)Mr. Zhong WeiMs. Wu Ke NOMINATION COMMITTEE 20254 120254 1 Mr. Zhu Zengjin(Chairman)Mr. Lu ZhongmingMs. Wu Ke(appointed on 1 April 2025)Mr. Zhong Wei(ceased on 1 April 2025) ESG COMMITTEE ESG 20263 1620254 120254 1 Mr. Wang Xiaosong(Chairman)Mr. Lv Xiaoping(resigned on 16 March 2026)Mr. Zhang Shengman(resigned on 1 April 2025)Mr. Lu ZhongmingMr. Zhou Fudong(appointed on 1 April 2025) Corporate Information JOINT COMPANY SECRETARIES Ms. Zhang WanlingMs. Ng Sau Mei www.seazengroup.com.cn COMPANY’S WEBSITE www.seazengroup.com.cn AUTHORISED REPRESENTATIVES 3101006-1008 Mr. Lu ZhongmingSuites 1006-1008, 10/FICBC Tower3 Garden Road, CentralHong Kong 131 Ms. Ng Sau Mei31/F, Tower TwoTimes Square1 Matheson Street, Causeway BayHong Kong REGISTERED OFFICE Grand PavilionHibiscus Way802 West Bay RoadP.O. Box 31119KY1-1205, Cayman Islands Grand PavilionHibiscus Way802 West Bay RoadP.O. Box 31119KY1-1205, Cayman Islands HEAD OFFICE 15/F, Seazen Holdings Tower ANo. 6, Lane 388, Zhongjiang Road, Putuo DistrictShanghaiPRC 3886A15 PRINCIPAL PLACE OF BUSINESS IN HONG KONG 131 31/F, Tower TwoTimes Square1 Matheson Street, Causeway BayHong Kong Corporate Information LEGAL ADVISERS As to Hong Kong lawJingtian & Gongcheng LLPAs to Cayman Islands lawMaples and Calder AUDITOR 2811 Grant Thornton Hong Kong LimitedCertified Public AccountantsRegistered Public Interest Entity Auditor11/F, Lee Garden Two, 28 Yun Ping RoadCauseway BayHong Kong HONG KONG SHARE REGISTRAR Tricor Investor Services Limited17/F, Far East Finance Centre16 Harcourt RoadHong Kong 䢭1617 PRINCIPAL SHARE REGISTRAR ANDTRANSFER OFFICE Maples Fund Services (Cayman) LimitedP.O. Box 1093, Boundary HallCricket SquareGrand Cayman, KY1-1102Cayman Islands Maples Fund Services (Cayman) LimitedP.O. Box 1093, Boundary HallCricket SquareGrand Cayman, KY1-1102Cayman Islands LISTING INFORMATION Hong Kong Stock Code: 1030 1030 Breakdown of Major Properties Breakdown of Major Properties Breakdown of Major Properties Breakdown of Major Properties Breakdown of Major Properties Breakdown of Major Properties Breakdown of Major Properties Breakdown of Major Properties Management Discussion and Analysis REVIEW AND PROSPECTS In 2025, China’s real estate market forged ahead amidst deepadjustments. With the precise implementation of a combination of macro-policies and gradual alleviation of long-standing industry challenges, theoverall market exhibited a trend characterized by “bottoming out andstabilizing, diverging, and accelerating transformation”. Market operationsbecame increasingly rational and returned to the fundamental purpose ofproviding housing. 2025 In this era of uncertainties, Seazen withstood the test of market cycles.By adhering to its commitments to creditworthiness and ensuringproject delivery, Seazen steadily forged its own path of “certainty”. It hasdelivered an annual report to the stakeholders, reflecting both its sense ofresponsibility and the commitment to quality development. 2025ABS Facing the industry adjustment pressure, the Company strictly adhered toits bottom line of safeguarding cash flow security, continuously optimizedits gearing structure, smoothly navigated through its peak debt maturityperiod, continuously mitigating its operational risks. In 2025, SeazenGroup became the first private real estate enterprise to successfully issueunsecured offshore bonds in three years. Seazen Holdings, its subsidiary,successfully issued three tranches of medium-term notes and completedthe nation’s first consumer-facing held property ABS. 20253.852 The dual-wheel driving strategy of commercial management and realestate development is the foundation for the Company to navigate marketcycles. Looking back at 2025, the delivery of over 38,000 premiumresidential units, the grand opening of five Wuyue Plazas, as well as therenovation and reopening of two Wuyue Plazas, are a warm respo