正商实业2025年年报

2025ANNUAL REPORT年報 TABLE OF CONTENTS The performance and the results of operations of Zensun Enterprises Limited (the “Company”) and its subsidiaries (collectively, the “Group”) as set out in this annual reportare historical in nature and past performance is not a guarantee of future performance. This annual report may contain forward-looking statements and opinions (includingstatements, figures, plans, images and other information) that involve risks and uncertainties. Actual results may also differ materially from expectations discussed in suchforward-looking statements and opinions. Neither the Group nor any of its directors, employees or agents shall assume any obligations or liabilities in the event that anyforward-looking statements or opinions does not materialise or turns out to be incorrect.The performance and the results of operations of Zensun Enterprises Limited (the “Company”) and its subsidiaries (collectively, the “Group”) as set out in this annual reportare historical in nature and past performance is not a guarantee of future performance. This annual report may contain forward-looking statements and opinions (includingstatements, figures, plans, images and other information) that involve risks and uncertainties. Actual results may also differ materially from expectations discussed in suchforward-looking statements and opinions. Neither the Group nor any of its directors, employees or agents shall assume any obligations or liabilities in the event that anyforward-looking statements or opinions does not materialise or turns out to be incorrect. 過往表現及前瞻性陳述過往表現及前瞻性陳述 正商實業有限公司（「本公司」）及其附屬公司（統稱「本集團」）在本年報所載的業務表現及營運業績僅屬歷史數據，過往表現並不保證日後表現。本年報或載有前瞻性陳述及意見（包括陳述、數字、計劃、圖像及其他資料）而當中涉及風險及不明朗因素。實際業務表現可能與前瞻性陳述及意見中論及的預期表現有重大差異。本集團、及其任何董事、僱員、代理均不承擔倘因任何前瞻性陳述或意見不能實現或變得不正確而引致的任何責任。正商實業有限公司（「本公司」）及其附屬公司（統稱「本集團」）在本年報所載的業務表現及營運業績僅屬歷史數據，過往表現並不保證日後表現。本年報或載有前瞻性陳述及意見（包括陳述、數字、計劃、圖像及其他資料）而當中涉及風險及不明朗因素。實際業務表現可能與前瞻性陳述及意見中論及的預期表現有重大差異。本集團、及其任何董事、僱員、代理均不承擔倘因任何前瞻性陳述或意見不能實現或變得不正確而引致的任何責任。 In case of any inconsistency between the English text and the Chinese translation of this annual report, the English text shall prevail.本年報之英文版本與中文版本如有歧義，概以英文版本為準。In case of any inconsistency between the English text and the Chinese translation of this annual report, the English text shall prevail.本年報之英文版本與中文版本如有歧義，概以英文版本為準。 CORPORATE PROFILE Zensun Enterprises Limited (the “Company”) was founded in 1965 and listed onthe Main board of The Stock Exchange of Hong Kong Limited (“Stock Exchange”)since 1972. The Company and its subsidiaries (collectively, the “Group”) primarilyengages in property development, property investment, project management andsale services, hotel operations and securities trading and investment in Hong Kong,Chinese Mainland and overseas. 正商實業有限公司（「本公司」）於1965年成立，自1972年起於香港聯合交易所有限公司（「聯交所」）主板上市。本公司及其附屬公司（統稱「本集團」）主要於香港、中國內地及海外從事物業發展、物業投資、項目管理及銷售服務、酒店營運以及證券買賣及投資。 With the change of controlling shareholder of the Company since July 2015, theGroup has been expanding its business in the property development sector in theChinese Mainland. From mid-2015 and up to 2025, the Group completed 161 landacquisitions through tenders, public listings for sale auctions and other merger andacquisitions in support of the land reserves for property development business inHenan Province, Beijing and Hubei Province. As at 31 December 2025, the Grouphad 88 completed property projects and/or sub-phases and 18 on-going complexproperty projects on hand with 90 land parcels under development and planningconstituting the Group’s land reserves with an aggregate site area of approximately6.3 million square metres (“sq.m.”) and aggregate estimated gross floor area(“GFA”) of approximately 13.5 million sq.m. in the Chinese Mainland. In return, itis expected that the land reserves will bring to the Group an estimated saleable/leasable GFA under development of approximately 2.5 million sq.m. and estimatedGFA under planning of approximately 2.3 million sq.m. The Group has built upstrong land reserves for the Group’s property development business in the ChineseMainland for the next three to four years with a strong presence in Henan Province.In the foreseeable future, the Company will continue to identify new propertydevelopment projects and bid for land use rights of selective land parcels in theChinese Mainland with focus on Henan Province, as well as other selective firstand second tier cities in the Chinese Mainland. Since 2022, the Group has startedto operate a hotel, namely, Zensun Jianguo Hotel, the first LOFT themed space arthotel in Zhengzhou City, the Chinese Mainland. 隨著2015年7月之本公司控股股東變更，本集團不斷擴張於中國內地物業發展行業之業務。自2015年年中至2025年，本集團透過招標及掛牌出售之公開拍賣會及其他合併及收購事項完成161幅位於河南省、北京及湖北省之土地收購以支持房地產發展業務之土地儲備。於2025年12月31日，本集團於中國內地擁有88個已落成之物業項目及╱或項目分期及18個現行發展及規劃中綜合物業項目（共90幅地塊）。有關項目構成本集團之土地儲備，總佔地面積約為6.3百萬平方米及估計總建築面積（「建築面積」）約為13.5百萬平方米。預期土地儲備將為本集團提供發展中估計可出售╱租賃建築面積約2.5百萬平方米及規劃中估計建築面積約2.3百萬平方米。本集團已於後續三至四年為中國內地物業發展業務打造堅實的土地儲備，在河南省佔有一席之地。在可見將來，本公司繼續集中在河南省及中國內地其他一綫及二綫城市物