As at 31 December 2024, the Group has established its presence in 42 cities nationwide and obtained the operation rights of approximately 8.36 million square meters of land. It manages and operates 46 logistics hub projects with a total operating area of approximately 5.79 million square meters, with the overall occupancy rate of mature logistics parks reaching approximately 91%, underlining the ongoing expansion of its logistics business. Among these, the Group's operating area in the Guangdong-Hong Kong-Macao Greater Bay Area (the "Greater Bay Area") reaches 1.18 million square meters, with approximately 469,000 square meters newly put into operation in 2024, further reinforcing and enhancing its position as a premier logistics warehousing leader in the Greater Bay Area.

Looking ahead, the Group will continue to strengthen and improve its core logistics business by adhering to the principle of "Prioritizing Excellence". The Group will exercise prudence in controlling the pace of investments, focusing on exploring segmental markets based on actual demand, and conducting thorough feasibility validations and analysis of each project. By capitalizing the opportunity presented by the "Shenzhen Modern Logistics Hub Configuration Optimization" initiative, the Group will accelerate to the acquisition of the land parcel for the Fumin Project and actively pursue the development rights of the intended land. The Group will also closely monitor the development potential of the land parcels in Guangming and Luohu Districts, while expediting the strategic layout in Shenzhen's low-altitude economy. The Group will further explore and deepen the implementation of the models of "Public Transportation + Logistics" and "Metro + Logistics", with the goal of establishing a replicable profit growth model. Leveraging its extensive asset-heavy resource network, the Group will further explore opportunities and strive to enhance the supply chain value of its logistics parks.

While focusing on the Greater Bay Area, the Group has optimized the strategic configuration of its nationwide network through its "Prioritizing Excellence" strategy. It also stepped up its investments in key cities of economically affluent regions such as the Yangtze River Delta and the Beijing-Tianjin-Hebei region, in order to increase its market share, enhance penetration rate and project density in key cities, solidify the foundation of its high-standard warehouse network, and create synergies nationwide.

In 2024, major breakthroughs were achieved in the transformation and upgrading of SZI South China Logistics Park. In October 2024, Shenzhen Longhua City Renewal and Land Development Bureau announced the land consolidation and preparation unit planning, outlining the Reserved Land and its planning. In December 2024, Longhua Administration of Planning and Natural Resources Bureau of Shenzhen Municipality announced that the approval of the Shenzhen Longhua District People's Government for the first phase of the Reserved Land had been obtained, and that the relevant works for land provision would commence. This signifies the Group's ownership of the development rights of the above plot of land. Meanwhile, the Parties signed a supplementary agreement based on the Land Preparation Agreement, further refining the implementation details. The first phase of the Reserved Land involves plot 02-20-04, covering an area of 21,968 square meters.

In 2024, the Group achieved profits after tax of approximately HK$2,367 million from the land preparation and consolidation. Moving forward, the Group plans to accelerate the demolition and clearance of logistics buildings to swiftly transition into the development and construction phase, thereby ensuring timely sale proceed and cash flow recovery.

Over the coming years, the Group will continue to expedite the obtaining and the development of the Reserved Land according to the designated land functions under the new planning, gradually realizing the gains from land value appreciation and land development.

The Group's capital expenditures for 2024 amounted to approximately RMB8,300 million (equivalent to HK$8,800 million), primarily comprising investments of approximately RMB3,200 million in the logistics hubs projects, investments of approximately RMB1,900 million in Shenzhen Expressway's projects and investments of approximately RMB1,960 million in the Pinghunan Project.

The Group expects that the capital expenditures for 2025 will amount to approximately RMB13,100 million (equivalent to HK$13,900 million), including approximately RMB3,000 million for logistics parks projects, approximately RMB5,300 million for Shenzhen Expressway's projects, approximately RMB2,500 million for the Pinghunan Project and approximately RMB1,000 million for SZI South China Logistics Park transformation and upgrading projects.

In 2024, the Group recorded a total revenue of approximately HK$15,571 million, representing a decrease of 24% as compared to the corresponding period of the previous year. The decline was mainly attributable to the absence of the revenue contribution from the delivery of units under the Qianhai residential project (Yicheng Qiwanli), which contributed approximately HK$5,500 million in the previous year. The operating profit of the Group amounted to approximately HK$5,221 million, representing a decrease of 19% as compared to the corresponding period of the previous year, primarily due to the Group's assets impairment losses of approximately HK$867 million, and the fair value losses of approximately HK$242 million, respectively.

In 2024, the Group's profit attributable to shareholders increased by 51% as compared to the corresponding period of the previous year to approximately HK$2,872 million, mainly benefiting from the recognition of profits after tax of approximately HK$2,367 million from the land preparation and consolidation of SZI South China Logistics Park, as well as the completion of transfer of two logistics hub projects to ChinaAMC-Shenzhen International Warehousing & Logistics Close-end Infrastructure Securities Investment Fund, which recorded profits after tax of HK$587 million.

In 2024, revenue from the port and related services business increased by 28% as compared to the corresponding period of the previous year to approximately HK$3,586 million, mainly driven by the increase in revenue from the port supply chain business and the new revenue contribution following the full operation of Jiangsu Jingjiang Port. However, profit attributable to shareholders saw a decline of 31% as compared to the corresponding period of the previous year to HK$60.40 million, due to the decline in profit margin of the port business resulting from the intense competition in the domestic market, along with substantial initial operating costs and expenses for the newly launched port project which was still in the nurturing stage.

The Group is committed to the strategic development of its core port business, with the spin-off listing as its long-term goal, the Group will persist in executing its "Port Connection" strategy, which focuses on enhancing port nodes and extending its supply chains to improve operational efficiency and expand market coverage. The Group will maintain a strong focus on strategic regions, particularly the Greater Bay Area and the Xijiang River Basin. By conducting thorough market researches and analyzing supply and demand dynamics, the Group will identify and target high-quality port investment opportunities. It will prioritize the development of Foshan Fuwan Port while striving to actively promote the development of Phase II of Henan Shenqiu Port by 2025.

The Group's toll road business and general-environmental protection business are managed and operated through its listed subsidiary Shenzhen Expressway.

In 2024, the overall revenue of Shenzhen Expressway was approximately HK$10,029 million, representing a decrease of 3% as compared to the corresponding period of the previous year, primarily due to the results of the project company of Yichang Expressway no longer be consolidated into the financial statements of the Group since 21 March 2024, coupled with the year-on-year decline in the revenue from the general-environmental protection business. Shenzhen Expressway recorded a net profit of approximately HK$1,322 million, representing a decrease of 50% as compared to the corresponding period of the previous year, which was mainly attributable to a substantial decline in investment returns contributed by Shenzhen International United Land Co., Ltd., which is an associate of Shenzhen Expressway, along with an increase in assets impairment losses and a decline in operating profit as compared to year 2023. In 2024, the Group's share of profit from Shenzhen Expressway was approximately HK$560 million, representing a decrease of 44% as compared to the corresponding period of the previous year.

As at 31 December 2024, the Group's total operating cold storage area was approximately 186,000 square meters, mainly located in the SZ Liguang Project, Shanghai Minhang Project, Shijiazhuang Zhengding Project, Chengdu Qingbaijiang Project and Tianjin Xiqing Project, respectively. Among these, the operating area of intelligent cold storage is approximately 28,000 square meters. Meanwhile, the area under construction, proposed for construction or in the planning stage for cold storage and intelligent warehouses amounts to approximately 276,000 square meters.