Shenzhen Investment Limited reported record revenue of HK$40.40 billion for the year ended 31 December 2025, a 159.3% surge year-on-year, powered by a 274.5% jump in property development income to HK$34.20 billion. Revenue from real-estate asset-management and integrated-operations businesses (property investment, urban integrated operations and hotels) exceeded HK$5.00 billion.

Gross profit rose 47.7% to HK$6.56 billion, translating into a gross margin of 16.2% (2024: 28.5%). Core net profit (excluding fair-value changes, impairments and associate/JV results) stood at HK$0.50 billion.

Large non-cash charges reversed the operating gains. Inventory write-downs (HK$2.41 billion) and impairments on associates, joint ventures and other long-term investments (HK$2.19 billion) combined with a HK$1.78 billion loss from associates and JVs, pushing the loss attributable to owners to HK$4.37 billion (2024: HK$1.82 billion loss). Basic and diluted losses per share widened to HK49.06 cents from HK20.48 cents.

Segment performance remained mixed: • Property development: HK$34.20 billion revenue, 15.2% gross margin. Booked sales area reached 0.93 million sq m, up 129.8%. • Property investment: HK$1.36 billion revenue, 62.5% gross margin; overall occupancy held at 88.1%. • Urban integrated operations (property management): HK$3.24 billion revenue, 14.5% gross margin. • Hotel operations: HK$0.46 billion revenue, 11.7% gross margin, with flagship Mandarin Oriental Shenzhen maintaining the city’s highest average room rate.

Contracted sales totalled RMB13.31 billion (≈HK$14.53 billion), down 21.6% year-on-year, on 617,900 sq m of area sold. Projects in the Guangdong-Hong Kong-Macao Greater Bay Area contributed 74.9% of sales value.

Operating cash flow turned positive at HK$8.82 billion (2024: outflow of HK$1.84 billion). Cash and restricted deposits totalled HK$8.30 billion at year-end. Interest-bearing debt stood at HK$37.77 billion, 68.9% of which was long-term, with an average funding cost of 3.47% (-0.50 ppt YoY). The net gearing ratio rose to 82.7%, while the asset-liability ratio (excluding contract liabilities) was 67.4%.

No final dividend was proposed for 2025. Management affirmed the strategic shift from traditional development toward a “real-estate asset management and urban integrated-operation service” model, targeting HK$50 billion of assets under management and HK$10 billion in annual rental and operating revenue during the upcoming 15th Five-Year Plan period.