For the year ended 31 December 2025, the Group recorded a total revenue of approximately HK$16,345 million, representing an increase of 5% as compared to the same period last year.

Profit attributable to shareholders decreased by 22% to approximately HK$2,249 million, mainly due to the recognition of profit after tax of approximately HK$587 million in 2024 from the injection of two logistics hub projects to an infrastructure public REIT, which was absent during 2025, as well as the recognition of an impairment-related investment loss of approximately HK$436 million in an associate for 2025.

As at 31 December 2025, the Group has established its presence in 42 cities nationwide, managing and operating 59 logistics hub projects with a total operating area of approximately 7.54 million square meters. The overall occupancy rate of mature logistics parks was approximately 87%.

For 2026, adhering to the strategy of "prioritizing core regions and cultivating quality assets", the Group will strictly control the investment pace and scale, prioritizing investment in projects in core regions characterized by strong supply-demand dynamics and long-term value support. The Group will accelerate operational preparations for key projects, including the Pinghunan Project and the Beijing Fangshan Project, ensuring timely and high-quality delivery. Meanwhile, the Group will further promote the rollout of innovative models such as "Logistics + Bus" and "Logistics + Metro", while expanding high-value-added services. The Group will continue to intensify business promotion efforts targeting strategic emerging industries, including new energy vehicles, intelligent manufacturing and biopharmaceuticals, while deepening direct management engagement in strategic customer visits, aiming to stabilize occupancy rates and rental levels. The Group will also advance the lean management of the existing projects, benchmark against industry leaders to optimize service processes, and enhance customer loyalty and improve asset yields.

The South China Logistics Park Transformation Project is progressing steadily in phases as planned.

The phase 1 of the Reserved Land (plot number 02-20-04) is planned as Class II residential land. It has an area of approximately 21,968 square meters and a stipulated gross floor area of approximately 126,520 square meters, of which 120,540 square meters is for residential use. Relevant arrangements concerning this land parcel were approved by the Longhua District Government at the end of 2024, and the Group recognized profit after tax from land consolidation and preparation of approximately HK$2,367 million in 2024. Subsequently, in July 2025, the Group entered into a land transfer agreement with the Longhua Administration Bureau for this land parcel, with the transfer price of approximately RMB266 million (equivalent to approximately HK$290 million). As the transfer price was lower than the originally estimated, the profit from the land consolidation and preparation of this land parcel increased accordingly, contributing an additional profit after tax of approximately HK$54.36 million to the Group. Construction of phase 1 of the Reserved Land commenced in the second half of 2025, marking the official entry of the South China Logistics Park Transformation Project into the development and construction phase.

The phase 2 of the Reserved land (stage 1) (plot number 02-20-02) is planned as Class II residential land. It has an area of 25,008 square meters and a stipulated gross floor area of 145,940 square meters, of which 137,240 square meters is for residential use. Relevant arrangements concerning this land parcel were approved by the Longhua District Government in December 2025, signifying the Group's acquisition of development rights for this land parcel. The Group recognized profit after tax of approximately HK$2,878 million from the land consolidation and preparation of this land parcel during 2025. In March 2026, the Group entered into a land transfer agreement with the Longhua Administration Bureau for this land parcel, at a transfer price of approximately RMB287 million.

Looking ahead, the Group will expedite the development and construction of the above land parcels and endeavor to develop a high-quality residential flagship project, so as to facilitate the timely receipt of sale proceeds and recovery of cash flow. Meanwhile, the Group will continue to push forward with the securing and obtaining of land use rights for the remaining Reserved Land and proceed with its development and construction in an orderly manner. This will gradually unlock the land's value appreciation potential, so as to realize the closed-loop "Investment, Construction, Operation and Transformation" business model, and provide strong momentum for the Group's long-term sustainable development.

The Group's capital expenditures for 2025 amounted to approximately RMB9,400 million (equivalent to HK$10,500 million), primarily comprising investments of approximately RMB2,600 million in the logistics park projects, investments of approximately RMB2,900 million in Shenzhen Expressway's projects, investments of approximately RMB2,740 million in the Pinghunan Project, and investments of approximately RMB290 million in the SZI South China Logistics Park transformation and upgrading projects.

The Group expects that capital expenditures for 2026 will amount to approximately RMB8,500 million (equivalent to HK$9,500 million), including approximately RMB1,800 million for the logistics park projects, approximately RMB4,600 million for Shenzhen Expressway's projects, approximately RMB880 million for the Pinghunan Project, and approximately RMB200 million for the SZI South China Logistics Park transformation and upgrading projects.

During 2025, the port and related services business recorded a revenue of approximately HK$4,059 million, representing an increase of 13% as compared to the same period last year, mainly driven by the increase in revenue from the port supply chain business. Profit attributable to shareholders dropped by 35% as compared to the same period last year to approximately HK$39.35 million, the decline was mainly attributable to the intensified competition in the port industry which compressed profit margins, along with the ongoing nurturing stage of the newly launched project, and increased depreciation and amortization costs arising from fixed assets.

For 2026, aligned with the port network strategy of "linking ports together to create a seamless network spanning rivers and coastlines", the Group will steadily advance the approval and construction of the shoreline at the Foshan Fuwan Port, accelerate the implementation of key projects such as the expansion and renovation of the Nanjing Xiba Port, thereby unlocking the throughput capacity of existing projects. The Group will deepen regional coordination and collaboration, promoting resource sharing and business complementarity between mature ports and new projects, while expanding into new cargo segments, such as grain, to optimize the cargo mix. Focusing on key regions including the Greater Bay Area and the Yangtze River Economic Belt, the Group will prudently evaluate high-quality ports investment opportunities under strict risk control, thereby strengthening network synergies and the overall competitiveness.

The Group's toll road and general-environmental protection businesses are managed and operated through Shenzhen Expressway Corporation Limited (the "Shenzhen Expressway"), a listed subsidiary of the Company. During 2025, the overall revenue of Shenzhen Expressway was approximately HK$10,095 million, maintained at a similar level with that of last year. Its net profit slightly dropped by 2% as compared to the same period last year to approximately HK$1,292 million, mainly attributable to the absence of gains from the disposal of the Yichang Expressway project company, which were recognized in the same period last year. During 2025, the Group's share of profits from Shenzhen Expressway was approximately HK$565 million, remaining largely flat compared to the same period last year.


For 2026, leveraging the platform of Shenzhen Expressway, the Group will continue to consolidate its toll road business and accelerate its digital and intelligent transformation to improve smart toll collection, road maintenance capabilities, reducing costs and increasing traffic efficiency. The Group will fully advance major projects, including the reconstruction and expansion of Phase III of the Shenzhen Outer Ring Project, the Jihe Expressway, and the Guangzhou to Shenzhen section of the Beijing-Hong Kong-Macao Expressway, while tapping into the value of resources along these expressways to enhance overall investment returns. In the general-environmental protection business, the Group will focus on improving the quality and efficiency of existing projects. In terms of clean energy power generation segment, the Group will concentrate on the operation of wind and photovoltaic power projects and explore an integrated model combining "Transportation/Industrial Park + Energy". In terms of the solid waste treatment segment, the Group will optimize its business structure by exiting non-core and loss-making operations, deepen smart operations and technological upgrades, expand into businesses such as grease and residue resource utilization, and develop new energy storage business. The Group will also strengthen cost control and receivables management, while continuously refining its business model and financial performance.

In 2025, the intelligent and cold chain business maintained a steady growth momentum, with its operational scale continuing to expand. The newly added operating area was approximately 47,000 square meters. As at 31 December 2025, the Group's operating area for intelligent and cold chain projects was approximately 233,000 square meters, including approximately 28,000 square meters of intelligent cold storage and approximately 4,000 square meters of ambient temperature intelligent warehousing, representing an increase of approximately 94% and 25%, as compared to the end of 2023 and 2024, respectively. The successful launch of multiple projects strongly supported the simultaneous growth of business scale and revenue. In 2025, revenue from the intelligent and cold chain business reached HK$84.68 million, representing a year-on-year increase of approximately 59%.

Additionally, the Group has approximately 248,000 square meters of cold storage warehouses currently under construction or in planning. Upon commencement of operations, this will further solidify the Group's market position in the cold chain storage and intelligent logistics sectors.

Meanwhile, the Group is committed to implementing green and low-carbon principles. By vigorously promoting the construction and application of photovoltaic systems, it continues to develop a modern cold chain warehousing system that is highly energy-efficient, low-carbon, and environmentally friendly. The Nanjing Jiangning Project pioneered the "green energy + cold chain" model, completing the grid connection of its photovoltaic power generation in August 2025, thereby achieving low-carbon operations and fostering the development of green cold chain logistics. Furthermore, the Shanghai Minhang Project has commenced the rooftop photovoltaic construction, which is expected to be connected to the grid for power generation in the first half of 2026.