融创中国2025年度报告

Sunac China Holdings Limited (the “Company” and, together with itssubsidiaries, the “Group”) is a company incorporated in the CaymanIslands with limited liability, whose shares are listed on the Main Boardof The Stock Exchange of Hong Kong Limited (the “Stock Exchange”)from 2010. With the brand philosophy of “passion for perfection”,the Group is committed to providing wonderful living environmentand services for Chinese families through high-quality products andservices and integration of high-quality resources. With a focus on itscore business of real estate, the Group implements its strategic layout inreal estate development, property management, ice & snow operationmanagement, cultural and tourism and other business segments. Aftermore than 20 years of development, the Group has become one ofthe most influential high-quality property development enterprise andproperty service enterprise in China’s real estate industry, a leading ice& snow industry operator and a leading cultural and tourism industryoperator and property owner in China. 融創中國控股有限公司（「本公司」，連同其附屬公司統稱為「本集團」）是一家於開曼群島註冊成立的有限公司，其股份於2010年在香港聯合交易所有限公司（「聯交所」）主板上市。本集團以「至臻•致遠」為品牌理念，致力於通過高品質的產品與服務，整合優質資源，為中國家庭提供美好生活場景與服務。本集團以地產為核心主業，佈局房地產開發、物業管理、冰雪運營管理、文旅等業務板塊。經過20多年發展，本集團已是中國房地產行業最具影響力的高品質物業開發企業和物業服務企業之一，並成為中國領先的冰雪產業運營服務商、文旅產業運營商和物業持有者。 本集團依託優勢佈局的高質量土地儲備以及領先的產品能力，房地產開發業務主要佈局於長三角、環渤海、華南、中部和西部地區，並劃分為十個區域或公司進行管理，即北京區域（含北京、濟南及青島等城市）、華北區域（含天津、哈爾濱及大連等城市）、上海區域（含上海、南京及蘇州等城市）、東南區域（含杭州、福州及合肥等城市）、華中區域（含武漢、長沙及南昌等城市）、華南區域（含廣州及三亞等城市）、西北區域（含西安及太原等城市）、成渝區域（含重慶及成都等城市）、雲貴區域（含昆明、貴陽及西雙版納等城市）及河南公司（含鄭州及洛陽等城市）。 Relying on its high-quality land bank with an advantageous layoutand leading product development capabilities, the Group’s real estatedevelopment business is mainly located in the Yangtze River Delta,Bohai Rim, South China, Central region and Western region, and isdivided into 10 regions or companies for management, namely theBeijing region (including Beijing, Jinan and Qingdao, etc.), North Chinaregion (including Tianjin, Harbin and Dalian, etc.), Shanghai region(including Shanghai, Nanjing and Suzhou, etc.), Southeastern Chinaregion (including Hangzhou, Fuzhou and Hefei, etc.), Central Chinaregion (including Wuhan, Changsha and Nanchang, etc.), South Chinaregion (including Guangzhou and Sanya, etc.), Northwestern Chinaregion (including Xi’an and Taiyuan, etc.), Cheng Yu region (includingChongqing and Chengdu, etc.), Yun Gui region (including Kunming,Guiyang and Xishuangbanna, etc.) and Henan Companies (includingZhengzhou and Luoyang, etc.). SUNACCHINAHOLDINGSLIMITED 年度報告 20251231喆 20251120 131 B26F 2781 One Nexus Way Camana BayGrand Cayman, KY1-9005Cayman Islands Suntera (Cayman) LimitedSuite 3204, Unit 2ABlock 3, Building DP.O. Box 1586Gardenia Court Camana BayGrand Cayman, KY1-1100 Cayman Islands 183171712-1716 01918 www.sunac.com.cn 1.=+=+ 2025 20255.472.2 20252025122312 20251211285.82026 20252025451.239.0%6.428.9122.1%123.3257.052.0%20251,882.6714.1468.4341.7 年度報告 202510,777.27,651.38,6786,050 202501516.HK68.22.0202520252.6 202547.3+++11 REITsREITs 1 20251231 202512 31 20251231451.220241231740.2289.039.0%202512 31857.5202412311,770.6913.151.6%532.1202412 311,033.6501.548.5% 20251231330.573.3%20241231281.846.0%2025107.023.1%29.8% 2 20251231457.520241231711.3253.835.7% 3 202512316.42024123128.935.320251231-1.4%202412313.9% 年度報告 2025123115.22025123124.15.3% 4 2025123121.5 2024123136.50.22025123136.3 5 20251231355.7329.76.52.9 191.4230.835.2 6 20251231271.289.275.139.838.711.46.65.1 59.9 7 2025123127.8202412 3133.35.5 8 202512317.420241231109.4102.0 (i)35.3 (ii)5.5 (iii)191.459.9 9 20251231120.020241231118.31.7202412 311.50.6202512 310.9(i)2024123120241231113.114.920251231128.0(ii)202412315.3202512318.013.3 10 2025123110.42024123116.35.9 年度報告 11 20241231257.0133.720251231123.3 12 20241231197.520251231120.12024123177.32025123156.8 2025230.2112.747.8202564.1 13 202512 311,882.6202412312,596.7714.11,842.5202412312,563.23,027.8202412313,738.5 14 202512 3179.1%2024123181.3% 15 (a) 20251231485.020241231610.8(i)(ii) (b) 5,0005111,751.820251231 16 (1) 2025 (2) 202512312024123112321.4481.01554.254.1510.13.6385.7538.7121,218.71,379.915254.2569.1524.0109.01,496.92,058.01,882.62,596.7 年度報告 (3) (i) (ii)(iii) 202512318.0 (4) (i)(ii) 17 202520251231635.72025329.7441.0(1) 2025283.413.4(2)20262028144.22025 年度報告 20251231368.4 202512312025123168110,777.27,651.3 2025123147.39.2%20251231 1. 2. 202512.3202412.73.1%105 3. 202512.2202414.717.0%29 4. 202515.1202416.910.7%10853 年度報告 5. 20257.720247.81.3%5 63199419852000喆 55200620112015920208420032005200520061997 532003200320052005201520151998200020031995 年度報告 452007201120152012201520152005200720032004 36喆2014喆喆2011喆 63336208063128692362176320114202392789201192023612922017620236117120116 632006Morgan StanleyAsia Limited20061120135623200982015149320118202061002010720236468200993020161124 年度報告 741975199615061997520036200020086720091162