美的置业2025年度报告

CONTENTS 2Corporate Structure and Culture3Corporate Information7Financial Overview8Milestones10Major Honours and Awards14Chairman’s Statement20Management Discussion and Analysis26Directors and Senior Management33Corporate Governance Report52Risk Management and Internal Control57Directors’Report84Property Development85Independent Auditor’s Report94Consolidated Statement of Comprehensive Income96Consolidated Balance Sheet98Consolidated Statement of Changes in Equity100Consolidated Statement of Cash Flows102Notes to the Consolidated Financial Statements223Five-Year Financial Summary CORPORATE STRUCTURE AND CULTURE 3990.HK Midea Real Estate Holding Limited (the“Company”and together with itssubsidiaries, the“Group”or“Midea Real Estate”) (Stock Code: 3990.HK) isa listed company of The Stock Exchange of Hong Kong Limited (the“StockExchange”). The Group is based in the PRC and operates the following majorbusinesses: CORPORATE INFORMATION Executive Directors 2025102720253282025328 Mr. Wang Dazai (Co-Chairman and President)(re-designated on 27 October 2025)Mr. Hao Hengle (Co-Chairman)Ms. Liu Min (appointed on 28 March 2025)Mr. Lin Ge (resigned on 28 March 2025) Non-Executive Directors Mr. He JianfengMr. Zhao JunMs. Ren Lingyan Independent Non-Executive DirectorsMr. Tan JinsongMr. O’Yang WileyMr. Lu Qi Audit Committee Mr. Tan Jinsong (Chairman)Mr. Zhao JunMr. O’Yang Wiley Remuneration Committee Mr. O’Yang Wiley (Chairman)Mr. Wang DazaiMr. Zhao JunMr. Tan JinsongMr. Lu Qi Nomination Committee Mr. Wang Dazai (Chairman)Ms. Ren LingyanMr. Tan JinsongMr. O’Yang WileyMr. Lu Qi Authorised RepresentativesMr. Wang DazaiMs. Wan Jingli Joint Company SecretariesMs. Wan JingliMs. Chan Bo Shan Corporate Information (Continued) Principal Place of Business and Head Officein the Mainland China 1434 34/F, Tower 4, Midea Real Estate PlazaNo. 1 Chengde Road, Beijiao TownShunde District, Foshan CityGuangdong Province, the PRC 96393906–3910 Place of Business in Hong Kong, China Suites 3906–3910, 39/F, Tower 6, The GatewayHarbour City, No. 9 Canton RoadTsim Sha Tsui, Kowloon, Hong Kong Walkers Corporate Limited190 Elgin Avenue, George TownGrand Cayman KY1-9008, Cayman Islands Registered Office Walkers Corporate Limited190 Elgin Avenue, George TownGrand Cayman KY1-9008, Cayman Islands Cayman Islands Principal Share Registrarand Transfer Office Walkers Corporate Limited190 Elgin Avenue, George TownGrand Cayman KY1-9008, Cayman Islands Walkers Corporate Limited190 Elgin Avenue, George TownGrand Cayman KY1-9008, Cayman Islands Hong Kong Branch Share Registrarand Transfer Office 1617 Tricor Investor Services Limited17/F, Far East Finance Centre16 Harcourt Road, Hong Kong Auditor 22 PricewaterhouseCoopersCertified Public AccountantsRegistered Public Interest Entity Auditor22nd Floor, Prince’s BuildingCentralHong Kong 88111 Legal Adviser Hogan Lovells11th Floor, One Pacific Place88 QueenswayHong Kong Principal Banks in the Mainland China(in Alphabetical Order) Agricultural Bank of China LimitedBank of China LimitedBank of Communications Co., Ltd.China Construction Bank CorporationChina Merchants Bank Co., Ltd.China Minsheng Banking Corporation LimitedGuangdong Shunde Rural Commercial Bank Company LimitedIndustrial and Commercial Bank of China LimitedIndustrial Bank Co., Ltd.Postal Savings Bank of China Co., Ltd. Principal Banks in Hong Kong, China(in Alphabetical Order) Bank of China (Hong Kong) LimitedChina Minsheng Banking Corporation Limited, Hong Kong Branch 3990 Stock Code3990 investor@mideazy.com Email of Investor Relationsinvestor@mideazy.com http://www.mideadc.com Company’s Websitehttp://www.mideadc.com Corporate Information (Continued) Key Dates •Annual Results Announcement. . . . . . . . . . . . . . . . . . . . . .•Closure of Register of Members (for determination ofshareholders who are entitled to attend and voteat annual general meeting). . . . . . . . . . . . . . . . . . . . . . . . •Annual General Meeting. . . . . . . . . . . . . . . . . . . . . . . . . . . . .•Ex-dividend Date. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .•Closure of Register of Members (for determination ofshareholders who qualify for the final dividend). . . •Record Date. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .•Payment of Final Dividend(HK$0.19 per share). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . FINANCIAL OVERVIEW 20241022 MILESTONES MAR3 Asset operation: Industrial park securedfirst third-party operation project— Shunbei•Ruichuang IntelligentManufacturing Park, achieving a newbreakthrough in light-asset model • We won the bid for Shunbei•Ruichuang IntelligentManufacturing Park, taking the lead in agency investment promotion and operational management, further expanding itsindustrial park operation footprint.• JUN6 Project management services: The inaugural representative workof project management services, exceedin