正荣地产2025年报

Stock Code : 6158 目錄Contents 248284247669499100101104105109256Corporate InformationChairman’s StatementManagement Discussion and AnalysisLand BankBiographies of the Directors and Senior ManagementDirectors’ ReportCorporate Governance ReportIndependent Auditor’s ReportConsolidated Statement of Profit or LossConsolidated Statement of Comprehensive IncomeConsolidated Statement of Financial PositionConsolidated Statement of Changes in EquityConsolidated Statement of Cash FlowsNotes to Consolidated Financial StatementsFive Years’ Financial Summary BOARD OF DIRECTORS Executive Directors Mr. LIU Weiliang(Chairman)(resigned with effect from 8 May 2025)Mr. LI Yang(resigned with effect from 8 May 2025)Mr. CHAN King Tak(Chairman)(appointed with effect from 8 May 2025)Mr. JIN Mingjie(appointed with effect from 8 May 2025) Non-executive Director Mr. OU Guowei(resigned with effect from 17 January 2025)Mr. CHOW Wai Shing Daniel(appointed with effect from 1 August 2025) Independent Non-executive Directors Mr. WANG ChuanxuMr. XIE JunMs. YANG Yongyi AUDIT COMMITTEE Ms. YANG Yongyi(Chairman)Mr. OU Guowei(resigned with effect from 17 January 2025)Mr. WANG ChuanxuMr. XIE Jun(appointed with effect from 17 January 2025) NOMINATION COMMITTEE Mr. LIU Weiliang(Chairman)(resigned with effect from 8 May 2025)Mr. CHAN King Tak(Chairman)(appointed with effect from 8 May 2025)Mr. WANG ChuanxuMr. XIE JunMs. YANG Yongyi(appointed with effect from 8 May 2025) REMUNERATION COMMITTEE Mr. WANG Chuanxu(Chairman)Mr. LIU Weiliang(resigned with effect from 8 May 2025)Mr. CHAN King Tak(appointed with effect from 8 May 2025)Mr. XIE Jun COMPANY SECRETARY (FCG, HKFCG) Mr. CHAN King TakMs. KWONG Yin Ping, Yvonne (FCG, HKFCG)(resigned with effect from 1 January 2026) AUTHORISED REPRESENTATIVES Ms. KWONG Yin Ping, Yvonne(resigned with effect from 1 January 2026)Mr. LIU Weiliang(resigned with effect from 8 May 2025)Mr. CHAN King Tak(appointed with effect from 8 May 2025)Mr. JIN Mingjie(appointed with effect from 1 January 2026) AUDITOR 38223 ZHONGHUI ANDA CPA LimitedCertified Public AccountantsRegistered Public Interest Entity Auditor23rd Floor Tower 2, Enterprise Square Five38 Wang Chiu Road, Kowloon BayKowloon, Hong Kong www.zhenrodc.com COMPANY’S WEBSITE www.zhenrodc.com 06158 STOCK CODE06158 CAYMAN ISLANDS REGISTERED OFFICE,PRINCIPAL SHARE REGISTRAR ANDTRANSFER AGENT 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 SHARE REGISTRAR 183171712–1716 Computershare Hong Kong Investor Services LimitedShops 1712–1716, 17th Floor, Hopewell Centre183 Queen’s Road East, Wanchai, Hong Kong HEAD OFFICE IN THE PRC 66673 3/F, Building 7, Hongqiao Zhenro Center666 Shenhong Road, Minhang District, Shanghai, PRC PRINCIPAL PLACE OF BUSINESS IN HONG KONG 24840 40/F, Dah Sing Financial Centre, 248 Queen’s Road East,Wanchai, Hong Kong Dear shareholders, On behalf of the Board, I hereby present to you the results and businessreview of the Group for the year ended 31 December 2025 and its outlookfor 2026. RESULTS 9,792.318,626.617,439.9 For the year ended 31 December 2025, the revenue of the Group wasRMB9,792.3 million; the loss was RMB18,626.6 million; and the lossattributable to owners of the parent was RMB17,439.9 million. The Boarddid not recommend the payment of a final dividend for the year ended 31December 2025. MARKET AND BUSINESS REVIEW 82,78817.2%3.1%211.2 In 2025, China’s real estate sector entered a new phase characterized byaccelerated risk elimination, targeted policy support, and gradual marketrecovery. The nationwide real estate development investment amounted toRMB8.2788trillion,representing a year-on-year decrease of 17.2%,indicating that the industry is still in a deep adjustment period. However,with the continuous policy efforts, financial measures such as optimizingthe re-lending of affordable housing and lowering the mortgage interestrate to 3.1%, the demand side’s willingness to purchase homes, both first-timeand upgrader,has significantly increased.Coupled with thecompletion of debt resolution for 21 troubled real estate enterprisesamounting to RMB1.2 trillion, the industry’s liquidity risk has graduallyconverged, and market expectations have steadily improved. Since 2024,thepolicy measures aimed at“stability the market and promotingrecovery”have continued to take effect. Governments at all levels havepromoted a smooth transition to a“new development model”throughmulti-dimensional measures such as differentiated credit and revitalisingexisting assets, creating a favorable policy environment for the recovery ofreal estate enterprises. 7,8179936 Overthe past year,against the backdrop of a profound industryconsolidation, the Group faced multiple challenges in its operations anddebt resolution efforts. In the face of complex situations, the Groupadhered to its ope