Seazen Group Limited
分享喜悅
不負情懷
ANNUAL REPORT
年報
2025
公司資料 2
Corporate Information
財務概要╱ 財務回顧 5
Financial Summary/Financial Review
主要物業明細 6
Breakdown of Major Properties
管理層討論與分析 24
Management Discussion and Analysis
董事 42
Directors
董事會報告 47
Report of the Directors
企業管治報告 82
Corporate Governance Report
獨立核數師報告 104
Independent Auditor’s Report
合併財務報表
Consolidated Financial Statements
• 合併財務狀況表 116
Consolidated Statement of Financial
Position
• 合併損益表 118
Consolidated Statement of Profit or
Loss
• 合併全面收益表 120
Consolidated Statement of
Comprehensive Income
• 合併權益變動表 121
Consolidated Statement of Changes
in Equity
• 合併現金流量表 123
Consolidated Statement of Cash
Flows
• 合併財務報表附註 125
Notes to the Consolidated Financial
Statements
目錄 CONTENTS
2
新城發展控股有限公司 SEAZEN GROUP LIMITED
2025年年報 2025 ANNUAL REPORT
公司資料
Corporate Information
董事會
執行董事
呂小平先生（於2026年3月16日辭任）
陸忠明先生
周福東先生（於2025年4月1日獲委任）
非執行董事
王曉松先生
章晟曼先生（於2025年4月1日辭任）
獨立非執行董事
朱增進先生
鍾偉先生
吳科女士
審核委員會
吳科女士（主席）
朱增進先生
鍾偉先生
薪酬委員會
朱增進先生（主席）
鍾偉先生
吳科女士
提名委員會
朱增進先生（主席）
陸忠明先生
吳科女士（於2025年4月1日獲委任）
鍾偉先生（於2025年4月1日起不再擔任）
ESG委員會
王曉松先生（主席）
呂小平先生（於2026年3月16日辭任）
章晟曼先生（於2025年4月1日辭任）
陸忠明先生
周福東先生（於2025年4月1日獲委任）
BOARD OF DIRECTORS
Executive Directors
Mr. Lv Xiaoping (resigned on 16 March 2026)
Mr. Lu Zhongming
Mr. Zhou Fudong (appointed on 1 April 2025)
Non-executive Directors
Mr. Wang Xiaosong
Mr. Zhang Shengman (resigned on 1 April 2025)
Independent Non-executive Directors
Mr. Zhu Zengjin
Mr. Zhong Wei
Ms. Wu Ke
AUDIT COMMITTEE
Ms. Wu Ke (Chairman)
Mr. Zhu Zengjin
Mr. Zhong Wei
REMUNERATION COMMITTEE
Mr. Zhu Zengjin (Chairman)
Mr. Zhong Wei
Ms. Wu Ke
NOMINATION COMMITTEE
Mr. Zhu Zengjin (Chairman)
Mr. Lu Zhongming
Ms. Wu Ke (appointed on 1 April 2025)
Mr. Zhong Wei (ceased on 1 April 2025)
ESG COMMITTEE
Mr. Wang Xiaosong (Chairman)
Mr. Lv Xiaoping (resigned on 16 March 2026)
Mr. Zhang Shengman (resigned on 1 April 2025)
Mr. Lu Zhongming
Mr. Zhou Fudong (appointed on 1 April 2025)
3
新城發展控股有限公司 SEAZEN GROUP LIMITED
2025年年報 2025 ANNUAL REPORT
公司資料
Corporate Information
聯席公司秘書
張宛玲女士
伍秀薇女士
本公司網站
授權代表
陸忠明先生
香港
中環花園道3號
中國工商銀行大廈
10樓1006-1008號
伍秀薇女士
香港
銅鑼灣勿地臣街1號
時代廣場
二座31樓
註冊辦事處
Grand Pavilion
Hibiscus Way
802 West Bay Road
. Box 31119
KY1-1205, Cayman Islands
總部
中國
上海
普陀區中江路388弄6號
新城控股大廈A座15樓
香港主要營業地點
香港
銅鑼灣勿地臣街1號
時代廣場
二座31樓
JOINT COMPANY SECRETARIES
Ms. Zhang Wanling
Ms. Ng Sau Mei
COMPANY’S WEBSITE
AUTHORISED REPRESENTATIVES
Mr. Lu Zhongming
Suites 1006-1008, 10/F
ICBC Tower
3 Garden Road, Central
Hong Kong
Ms. Ng Sau Mei
31/F, Tower Two
Times Square
1 Matheson Street, Causeway Bay
Hong Kong
REGISTERED OFFICE
Grand Pavilion
Hibiscus Way
802 West Bay Road
. Box 31119
KY1-1205, Cayman Islands
HEAD OFFICE
15/F, Seazen Holdings Tower A
No. 6, Lane 388, Zhongjiang Road, Putuo District
Shanghai
PRC
PRINCIPAL PLACE OF BUSINESS IN HONG KONG
31/F, Tower Two
Times Square
1 Matheson Street, Causeway Bay
Hong Kong
4
新城發展控股有限公司 SEAZEN GROUP LIMITED
2025年年報 2025 ANNUAL REPORT
公司資料
Corporate Information
法律顧問
關於香港法律
競天公誠律師事務所有限法律責任合夥
關於開曼群島法律
Maples and Calder
核數師
致同（香港）會計師事務所有限公司
執業會計師
註冊公眾利益實體核數師
香港
銅鑼灣
恩平道28號利園二期11樓
香港證券登記處
卓佳證券登記有限公司
香港
夏 道16號
遠東金融中心17樓
主要股份過戶登記處
Maples Fund Services (Cayman) Limited
. Box 1093, Boundary Hall
Cricket Square
Grand Cayman, KY1-1102
Cayman Islands
上市信息
香港股份代號：1030
LEGAL ADVISERS
As to Hong Kong law
Jingtian & Gongcheng LLP
As to Cayman Islands law
Maples and Calder
AUDITOR
Grant Thornton Hong Kong Limited
Certified Public Accountants
Registered Public Interest Entity Auditor
11/F, Lee Garden Two, 28 Yun Ping Road
Causeway Bay
Hong Kong
HONG KONG SHARE REGISTRAR
Tricor Investor Services Limited
17/F, Far East Finance Centre
16 Harcourt Road
Hong Kong
PRINCIPAL SHARE REGISTRAR AND
TRANSFER OFFICE
Maples Fund Services (Cayman) Limited
. Box 1093, Boundary Hall
Cricket Square
Grand Cayman, KY1-1102
Cayman Islands
LISTING INFORMATION
Hong Kong Stock Code: 1030
5
新城發展控股有限公司 SEAZEN GROUP LIMITED
2025年年報 2025 ANNUAL REPORT
財務概要╱財務回顧
Financial Summary/Financial Review
截至12月31日止年度
For the year ended 31 December
2025年 2024年 2023年 2022年 2021年
2025 2024 2023 2022 2021
人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元
RMB’000 RMB’000 RMB’000 RMB’000 RMB’000
業績 RESULTS
收入 Revenue 53,135,901 89,226,520 119,463,530 116,540,630 169,537,320
除所得稅前利潤 Profit before income tax 3,923,500 4,193,946 5,019,671 3,694,506 21,397,129
所得稅開支 Income tax expense (3,601,708) (3,511,848) (5,486,705) (2,951,802) (8,036,135)
年度利潤 Profit for the year 321,792 682,098 784,572 742,704 13,360,994
應佔年度利潤：
本公司權益持有人
Profit for the year attributable to:
Equity holders of the Company 393,388 491,312 879,296 280,673 8,590,624
非控股權益 Non-controlling interests (71,596) 190,786 (94,724) 462,031 4,770,370
321,792 682,098 784,572 742,704 13,360,994
本公司權益持有人
應佔利潤的
每股盈利
Earnings per share for profit
attributable to equity holders
of the Company
基本 Basic 人民幣 元
人民幣元
人民幣元
人民幣元
人民幣元
攤薄 Diluted 人民幣 元
人民幣元
人民幣元
人民幣元
人民幣元
資產及負債 ASSETS AND LIABILITIES
資產總額 Total assets 266,608,936 309,124,937 377,088,556 463,473,896 540,108,900
負債總額 Total liabilities 185,050,332 222,335,178 286,579,215 370,459,555 442,689,564
81,558,604 86,789,759 90,509,341 93,014,341 97,419,336
本公司權益持有人
應佔股本及儲備：
Capital and reserves attributable
to equity holders of the Company:
股本：面值 Share capital: nominal value 5,822 5,822 5,822 5,822 5,081
儲備 Reserves 46,578,358 46,348,002 45,866,173 44,747,790 42,154,256
46,584,180 46,353,824 45,871,995 44,753,612 42,159,337
非控股權益 Non-controlling interests 34,974,424 40,435,935 44,637,346 48,260,729 55,259,999
81,558,604 86,789,759 90,509,341 93,014,341 97,419,336
6
新城發展控股有限公司 SEAZEN GROUP LIMITED
2025年年報 2025 ANNUAL REPORT
主要物業明細
Breakdown of Major Properties
項目 城市 項目類別 項目狀態 可租售面積
截至2025年
12月31日
累計簽約面積
Projects City Project Type Project Status
Leasable and
sellable area
As of
December 31,
2025
Cumulative
contracted area
（平方米） （平方米）
(.) (.)
常州武進區新城路勁西岸雲栖花園 常州市 住宅 竣工 107,578 87,010
Changzhou Wujin Seazen Lujin Xi’an Yunqi
Garden
Changzhou City Residential Completed
常州新北區新城綠都萬和城 常州市 綜合體 在建 1,383,945 942,183
Changzhou Xinbei Seazen Green City
Wanhecheng
Changzhou City Complex Under development
常州新北區新城華宇雲鏡花苑 常州市 住宅 竣工 196,263 188,531
Changzhou Xinbei Seazen Huayu Yunjing
Huayuan
Changzhou City Residential Completed
常州金壇區新城萃雋花園 常州市 住宅 竣工 140,075 127,443
Changzhou Jintan Seazen Cuijun Garden Changzhou City Residential Completed
常州市金壇區新城熙雋花園 常州市 住宅 竣工 153,304 134,201
Xijun Garden, Xincheng, Jintan District,
Changzhou City
Changzhou City Residential Completed
金壇萬建城 常州市 住宅 擬建 31,841 –
Jintan Wanjian City Changzhou City Residential Proposed for
development
常州金色新城西三期 常州市 住宅 擬建 23,953 –
Changzhou Golden Seazen West Phase III Changzhou City Residential Proposed for
development
常州新城長島東區 常州市 住宅 擬建 236,610 –
Changzhou Eastern Area of Seazen Long Island Changzhou City Residential Proposed for
development
泰州泰興市新城丹霞花園 泰州市 住宅 在建 445,658 351,674
Taizhou Taixing Seazen Danxia Garden Taizhou City Residential Under development
泰州泰興市新城水岸嘉苑 泰州市 住宅 在建 259,866 188,304
Taizhou Taixing Seazen Riverbank Jiayuan Taizhou City Residential Under development
泰州海陵項目 泰州市 綜合體 在建 567,632 380,899
Taizhou Hailing Project Taizhou City Complex Under development
泰州興化吾悅廣場項目 泰州市 綜合體 竣工 623,747 504,095
Taizhou Xinghua Wuyue Plaza Project Taizhou City Complex Completed
泰州泰興吾悅廣場項目 泰州市 綜合體 竣工 462,220 316,854
Taizhou Taixing Wuyue Plaza Project Taizhou City Complex Completed
連雲港東海縣新城東海府 連雲港市 住宅 在建 168,207 168,145
Lianyungang Donghai Seazen Donghaifu Lianyungang City Residential Under development
連雲港贛榆區新城海悅銘築 連雲港市 住宅 在建 107,247 106,989
Lianyungang Ganyu Seazen Haiyue Mingzhu Lianyungang City Residential Under development
鹽城大豐區新城悅雋名邸 鹽城市 住宅 竣工 339,302 309,714
Yancheng Dafeng Seazen Yuejun Mingdi Yancheng City Residential Completed
7
新城發展控股有限公司 SEAZEN GROUP LIMITED
2025年年報 2025 ANNUAL REPORT
主要物業明細
Breakdown of Major Properties
項目 城市 項目類別 項目狀態 可租售面積
截至2025年
12月31日
累計簽約面積
Projects City Project Type Project Status
Leasable and
sellable area
As of
December 31,
2025
Cumulative
contracted area
（平方米） （平方米）
(.) (.)
鹽城高新區新城悅雋時代花園 鹽城市 住宅 竣工 219,231 213,634
Yancheng High-tech Zone Seazen Yuejun
Shidai Garden
Yancheng City Residential Completed
鹽城高新區新城金樾府 鹽城市 住宅 竣工 223,040 212,781
Yancheng High-tech Zone Seazen Jinyuefu Yancheng City Residential Completed
鹽城經開區新城東樾府 鹽城市 住宅 在建 259,811 191,853
Yancheng Economic Development Zone Seazen
Dongyuefu
Yancheng City Residential Under development
鹽城亭湖區新城琅樾府 鹽城市 住宅 在建 110,653 60,124
Yancheng Tinghu Seazen Langyuefu Yancheng City Residential Under development
鹽城經開區新城雲圖花園 鹽城市 住宅 在建 197,887 95,412
Yancheng Economic Development Zone Seazen
Yuntu Garden
Yancheng City Residential Under development
淮安淮陰區新城悅雋 淮安市 住宅 竣工 459,711 456,211
Huai’an Huaiyin Seazen Yuejun Huai’an City Residential Completed
淮安淮陰區天瑞府 淮安市 住宅 竣工 201,173 175,421
Huai’an Huaiyin Tianruifu Huai’an City Residential Completed
淮安清江浦區新城金樾府 淮安市 住宅 在建 143,658 130,693
Huai’an Qingjiangpu Seazen Jinyuefu Huai’an City Residential Under development
淮安清江浦區新城清河印 淮安市 住宅 在建 82,974 75,412
Huai’an Qingjiangpu Seazen Qingheyin Huai’an City Residential Under development
淮安清江浦區海尚風華 淮安市 住宅 在建 619,319 102,962
Huai’an Qingjiangpu Haishang Fenghua Huai’an City Residential Under development
淮安漣水縣新城和樾府 淮安市 住宅 在建 142,261 69,570
Huai’an Lianshui Seazen Heyuefu Huai’an City Residential Under development
淮安漣水吾悅廣場項目 淮安市 綜合體 在建 613,506 462,677
Huaian Lianshui Wuyue Plaza Project Huai’an City Complex Under development
淮安盱眙項目 淮安市 綜合體 在建 364,598 337,754
Huai’an Xuyi Project Huai’an City Complex Under development
漣水濱河吾悅廣場項目 淮安市 綜合體 在建 202,259 99,582
Lianshui Binhe Wuyue Plaza Project Huai’an City Complex Under development
無錫惠山區新城天一新著 無錫市 住宅 竣工 332,016 326,278
Wuxi Huishan Seazen Tianyi Xinzhu Wuxi City Residential Completed
蘇州太倉市新城花語景岸 蘇州市 住宅 竣工 101,276 94,489
Suzhou Taicang Seazen Huayu Jing’an Suzhou City Residential Completed
蘇州相城區新城湖畔春曉 蘇州市 住宅 在建 134,275 85,058
Suzhou Xiangcheng Seazen Lakeview Chunxiao Suzhou City Residential Under development
8
新城發展控股有限公司 SEAZEN GROUP LIMITED
2025年年報 2025 ANNUAL REPORT
主要物業明細
Breakdown of Major Properties
項目 城市 項目類別 項目狀態 可租售面積
截至2025年
12月31日
累計簽約面積
Projects City Project Type Project Status
Leasable and
sellable area
As of
December 31,
2025
Cumulative
contracted area
（平方米） （平方米）
(.) (.)
蘇州吳江區新城鄰水灣景苑 蘇州市 住宅 在建 688,594 589,338
Suzhou Wujiang Seazen Linshuiwan Jingyuan Suzhou City Residential Under development
蘇州吳江區外果圩項目 蘇州市 住宅 擬建 116,369 –
Suzhou Wujiang Waiguoyu Project Suzhou City Residential Proposed for
development
蘇州吳江區新城玖譽灣 蘇州市 住宅 竣工 64,738 62,212
Suzhou Wujiang Seazen Jiuyuwan Suzhou City Residential Completed
蘇州昆山市新城柏麗灣 蘇州市 住宅 在建 194,818 120,454
Suzhou Kunshan Seazen Beautiful Harbour Suzhou City Residential Under development
蘇州太倉市雲萃景園項目 蘇州市 住宅 竣工 109,457 102,734
Suzhou Taicang Yuncui Jingyuan Project Suzhou City Residential Completed
蘇州張家港市新城和樾花園 蘇州市 住宅 竣工 164,477 144,333
Suzhou Zhangjiagang Seazen Heyue Garden Suzhou City Residential Completed
蘇州張家港市新城雲悅時光花園 蘇州市 住宅 竣工 56,632 49,641
Suzhou Zhangjiagang Seazen Yunyue Shiguang
Garden
Suzhou City Residential Completed
蘇州張家港市新城江悅風華花園 蘇州市 住宅 在建 72,739 33,240
Suzhou Zhangjiagang Seazen Jiangyue Fenghua
Garden
Suzhou City Residential Under development
蘇州相城區新城雅樾瀾庭 蘇州市 住宅 竣工 101,585 95,156
Suzhou Xiangcheng Seazen Yayue Lanting Suzhou City Residential Completed
蘇州MOC芯城匯項目二部 蘇州市 住宅 竣工 61,361 61,361
Suzhou MOC Xinchenghui Project Part II Suzhou City Residential Completed
蘇州MOC芯城匯項目三部 蘇州市 住宅 在建 244,437 102,159
Suzhou MOC Xinchenghui Project Part III Suzhou City Residential Under development
蘇州MOC芯城匯項目六部 蘇州市 住宅 在建 92,488 79,103
Suzhou MOC Xinchenghui Project Part VI Suzhou City Residential Under development
蘇州MOC芯城匯項目七部 蘇州市 住宅 在建 170,740 –
Suzhou MOC Xinchenghui Project Part VII Suzhou City Residential Under development
蘇州MOC芯城匯項目八部 蘇州市 住宅 在建 220,374 159,033
Suzhou MOC Xinchenghui Project Part VIII Suzhou City Residential Under development
蘇州MOC芯城匯項目九部 蘇州市 住宅 在建 79,407 78,623
Suzhou MOC Xinchenghui Project Part IX Suzhou City Residential Under development
蘇州MOC芯城匯項目十部 蘇州市 住宅 竣工 39,836 39,836
Suzhou MOC Xinchenghui Project Part X Suzhou City Residential Completed
南通通州區新城上悅城 南通市 住宅 竣工 240,884 193,501
Nantong Tongzhou Seazen Shang Yuecheng Nantong City Residential Completed
9
新城發展控股有限公司 SEAZEN GROUP LIMITED
2025年年報 2025 ANNUAL REPORT
主要物業明細
Breakdown of Major Properties
項目 城市 項目類別 項目狀態 可租售面積
截至2025年
12月31日
累計簽約面積
Projects City Project Type Project Status
Leasable and
sellable area
As of
December 31,
2025
Cumulative
contracted area
（平方米） （平方米）
(.) (.)
南通港閘區新城香溢紫郡 南通市 住宅 在建 714,445 542,136
Nantong Gangzha Seazen Future France Nantong City Residential Under development
南通如皋市新城雲境雅苑 南通市 住宅 竣工 156,865 151,708
Nantong Rugao Seazen Yunjing Yayuan Nantong City Residential Completed
南通啟東市新城雲圖雅苑 南通市 住宅 在建 373,099 223,882
Nantong Qidong Seazen Yuntu Yayuan Nantong City Residential Under development
南通如皋市宸星雅苑 南通市 住宅 竣工 85,855 67,578
Nantong Rugao Chenxing Yayuan Nantong City Residential Completed
南通崇川區新城北緯31度 南通市 住宅 竣工 184,160 157,808
Nantong Chongchuan Seazen Latitude
31 Degree North
Nantong City Residential Completed
南通市如東縣新城招商雍華府項目 南通市 住宅 竣工 143,294 131,038
Nantong Rudong County Seazen Zhaoshang
Yonghuafu Project
Nantong City Residential Completed
南通海門三星鎮震蒙大道東項目 南通市 住宅 在建 153,055 –
Nantong Haimen Sanxing Town Zhenmeng
Avenue East Project
Nantong City Residential Under development
南通海門區新城大業風華花苑 南通市 住宅 在建 124,094 96,401
Nantong Haimen Seazen Daye Fenghua
Huayuan
Nantong City Residential Under development
上海青浦區新城璞樾門第 上海市 住宅 竣工 48,373 48,373
Shanghai Qingpu Seazen Puyue Mendi Shanghai City Residential Completed
上海青浦區新城盛世 上海市 住宅 竣工 73,858 58,606
Shanghai Qingpu Seazen Glorious Century Shanghai City Residential Completed
上海浦東新區新城西岸公園 上海市 住宅 竣工 160,117 141,733
Shanghai Pudong New District Seazen
Xi’an Park
Shanghai City Residential Completed
上海寶山區新城雲麓之城 上海市 住宅 在建 198,681 88,028
Shanghai Baoshan Seazen Yunluzhicheng Shanghai City Residential Under development
上海松江區佘山望 上海市 住宅 竣工 143,990 115,994
Shanghai Songjiang Sheshanwang Shanghai City Residential Completed
揚州邗江區新城拾光樾 揚州市 住宅 竣工 55,140 53,509
Yangzhou Hanjiang Seazen Shiguangyue Yangzhou City Residential Completed
鎮江潤州區新城江山樾 鎮江市 住宅 竣工 147,831 139,348
Zhenjiang Runzhou Seazen Jiangshanyue Zhenjiang City Residential Completed
鎮江揚中新城九里香畔 鎮江市 住宅 在建 249,180 228,072
Zhenjiang Yangzhong Seazen Jiuli Xiangpan Zhenjiang City Residential Under development
10
新城發展控股有限公司 SEAZEN GROUP LIMITED
2025年年報 2025 ANNUAL REPORT
主要物業明細
Breakdown of Major Properties
項目 城市 項目類別 項目狀態 可租售面積
截至2025年
12月31日
累計簽約面積
Projects City Project Type Project Status
Leasable and
sellable area
As of
December 31,
2025
Cumulative
contracted area
（平方米） （平方米）
(.) (.)
鎮江丁卯新區新城君和雅苑 鎮江市 住宅 竣工 88,638 85,192
Zhenjiang Dingmao New District Seazen
Junhe Yayuan
Zhenjiang City Residential Completed
揚州高郵吾悅廣場項目 揚州市 綜合體 在建 734,918 589,002
Yangzhou Gaoyou Wuyue Plaza Project Yangzhou City Complex Under development
鎮江揚中吾悅廣場項目 鎮江市 綜合體 在建 601,101 258,263
Zhenjiang Yangzhong Wuyue Plaza Project Zhenjiang City Complex Under development
宿遷泗陽吾悅廣場項目 宿遷市 綜合體 在建 887,307 756,208
Suqian Siyang Wuyue Plaza Project Suqian City Complex Under development
徐州新沂吾悅廣場項目 徐州市 綜合體 在建 839,429 494,892
Xuzhou Xinyi Wuyue Plaza Project Xuzhou City Complex Under development
宿遷泗洪吾悅廣場項目 宿遷市 綜合體 在建 851,617 697,882
Suqian Sihong Wuyue Plaza Project Suqian City Complex Under development
宿遷宿城區新城雲昱江山 宿遷市 住宅 在建 214,586 183,965
Suqian Sucheng Seazen Yunyu Jiangshan Suqian City Residential Under development
南京江寧區新城雲漾濱江 南京市 住宅 竣工 119,105 111,842
Nanjing Jiangning Seazen Yunyang Binjiang Nanjing City Residential Completed
南京江寧區新城上宸雲際 南京市 住宅 竣工 126,548 115,682
Nanjing Jiangning Seazen Shangchen Yunji Nanjing City Residential Completed
南京江寧區新城雲漾濱江二期 南京市 住宅 在建 155,438 105,432
Nanjing Jiangning Seazen Yunyang Binjiang
Phase II
Nanjing City Residential Under development
南京江寧區新城銘著風華項目 南京市 住宅 竣工 99,939 82,512
Nanjing Jiangning Seazen Mingzhu Fenghua
Project
Nanjing City Residential Completed
南京江北新區新城星悅天地廣場G01項目 南京市 住宅 在建 19,515 6,069
Nanjing Jiangbei New District Seazen Xingyue
Tiandi Plaza G01 Project
Nanjing City Residential Under development
南京江北新區新城水岸雲際 南京市 住宅 竣工 66,649 56,488
Nanjing Jiangbei New District Seazen Riverbank
Yunji
Nanjing City Residential Completed
鎮江句容新城天悅府 鎮江市 住宅 竣工 110,479 110,005
Zhenjiang Jurong Seazen Tianyuefu Zhenjiang City Residential Completed
南京江北新區越江時代項目 南京市 住宅 在建 202,815 162,365
Nanjing Jiangbei New District Yuejiang Shidai
Project
Nanjing City Residential Under development
南京秦淮區新城翡麗鉑灣 南京市 住宅 竣工 74,149 66,354
Nanjing Qinhuai Seazen Feili Bowan Nanjing City Residential Completed
11
新城發展控股有限公司 SEAZEN GROUP LIMITED
2025年年報 2025 ANNUAL REPORT
主要物業明細
Breakdown of Major Properties
項目 城市 項目類別 項目狀態 可租售面積
截至2025年
12月31日
累計簽約面積
Projects City Project Type Project Status
Leasable and
sellable area
As of
December 31,
2025
Cumulative
contracted area
（平方米） （平方米）
(.) (.)
南京栖霞區新城雲樾觀山府 南京市 住宅 竣工 160,973 141,902
Nanjing Qixia Seazen Yunyue Guanshanfu Nanjing City Residential Completed
亳州譙城區新城亳州璽樾府 亳州市 住宅 竣工 200,340 160,254
Bozhou Qiaocheng Seazen Bozhou Xiyuefu Bozhou City Residential Completed
滁州來安縣新城藝境花園 滁州市 住宅 竣工 149,525 130,859
Chuzhou Lai’an Seazen Yijing Garden Chuzhou City Residential Completed
阜陽潁州區新城京師國府 阜陽市 住宅 在建 490,696 418,099
Fuyang Yingzhou Seazen Jingshi Guofu Fuyang City Residential Under development
阜陽潁州區新城雲昱東方 阜陽市 住宅 在建 166,175 148,825
Fuyang Yingzhou Seazen Yunyu Dongfang Fuyang City Residential Under development
淮北杜集吾悅廣場項目 淮北市 綜合體 在建 664,098 455,708
Huaibei Duji Wuyue Plaza Project Huaibei City Complex Under development
滁州天長吾悅廣場項目 滁州市 綜合體 竣工 607,864 449,549
Chuzhou Tianchang Wuyue Plaza Project Chuzhou City Complex Completed
銅陵銅官吾悅廣場項目 銅陵市 綜合體 竣工 525,500 360,168
Tongling Tongguan Wuyue Plaza Project Tongling City Complex Completed
阜陽潁上吾悅廣場項目 阜陽市 綜合體 在建 899,167 461,214
Fuyang Yingshang Wuyue Plaza Project Fuyang City Complex Under development
阜陽潁州吾悅廣場項目 阜陽市 綜合體 在建 450,262 315,286
Fuyang Yingzhou Wuyue Plaza Project Fuyang City Complex Under development
徐州豐縣吾悅廣場項目 徐州市 綜合體 在建 910,199 714,504
Xuzhou Feng CountyWuyue Plaza Project Xuzhou City Complex Under development
徐州賈汪吾悅廣場項目 徐州市 綜合體 在建 824,994 617,733
Xuzhou Jiawang Wuyue Plaza Project Xuzhou City Complex Under development
徐州雲龍區新城璞樾御瓏湖(BC) 徐州市 住宅 竣工 128,919 90,665
Xuzhou Yunlong Seazen Puyue Yulonghu (BC) Xuzhou City Residential Completed
徐州雲龍區新城璞樾御瓏湖(A) 徐州市 住宅 在建 210,348 154,449
Xuzhou Yunlong Seazen Puyue Yulonghu (A) Xuzhou City Residential Under development
徐州邳州市新城邳州碧桂園 徐州市 住宅 在建 665,465 538,982
Xuzhou Pizhou Seazen Pizhou Country Garden Xuzhou City Residential Under development
徐州邳州市新城邳州熙悅府（75號地塊） 徐州市 住宅 竣工 182,360 157,124
Xuzhou Pizhou Seazen Pizhou Xiyuefu
(Land Parcel No. 75)
Xuzhou City Residential Completed
嘉興平湖市新城悅宸里 嘉興市 住宅 竣工 192,474 188,793
Jiaxing Pinghu Seazen Yuechenli Jiaxing City Residential Completed
嘉興平湖市悅宸庭 嘉興市 住宅 竣工 54,265 48,564
Jiaxing Pinghu Yuechenting Jiaxing City Residential Completed
12
新城發展控股有限公司 SEAZEN GROUP LIMITED
2025年年報 2025 ANNUAL REPORT
主要物業明細
Breakdown of Major Properties
項目 城市 項目類別 項目狀態 可租售面積
截至2025年
12月31日
累計簽約面積
Projects City Project Type Project Status
Leasable and
sellable area
As of
December 31,
2025
Cumulative
contracted area
（平方米） （平方米）
(.) (.)
嘉興海鹽吾悅廣場項目 嘉興市 綜合體 竣工 436,307 239,544
Jiaxing Haiyan Wuyue Plaza Project Jiaxing City Complex Completed
湖州南潯吾悅廣場項目 湖州市 綜合體 竣工 660,299 439,690
Huzhou Nanxun Wuyue Plaza Project Huzhou City Complex Completed
湖州吳興吾悅廣場項目 湖州市 綜合體 竣工 503,339 305,491
Huzhou Wuxing Wuyue Plaza Project Huzhou City Complex Completed
南昌進賢吾悅廣場項目 南昌市 綜合體 在建 451,767 290,054
Nanchang Jinxian Wuyue Plaza Project Nanchang City Complex Under development
南昌南昌縣新城高速 •昱江來 南昌市 住宅 在建 118,850 44,741
Nanchang Nanchang Seazen Gaosu • Yujianglai Nanchang City Residential Under development
南昌高新區新城湖城大境 南昌市 住宅 在建 513,159 271,820
Nanchang High-tech Zone Seazen Hucheng
Dajing
Nanchang City Residential Under development
南昌南昌縣新城天御城 南昌市 住宅 擬建 321,125 –
Nanchang Nanchang Seazen Tianyucheng Nanchang City Residential Proposed for
development
上饒廣信區新城桃李郡 上饒市 住宅 在建 209,626 179,193
Shangrao Guangxin Seazen Taolijun Shangrao City Residential Under development
台州溫嶺市雲樾天境小區 台州市 住宅 竣工 185,275 153,385
Taizhou Wenling Yunyuetianjing Xiaoqu Taizhou City Residential Completed
溫州市龍灣區凱迪 •新城博科園 溫州市 住宅 竣工 237,515 207,188
Wenzhou Longwan Kaidi • Seazen Boke Park Wenzhou City Residential Completed
溫州未來社區項目 溫州市 綜合體 竣工 294,086 268,839
Wenzhou Future Community Project Wenzhou City Complex Completed
台州溫嶺市新城雲樾東方 台州市 住宅 竣工 302,305 189,751
Taizhou Wenling Seazen Yunyue Dongfang Taizhou City Residential Completed
台州玉環市金麟府 台州市 住宅 竣工 180,376 167,621
Taizhou Yuhuan Jinlinfu Taizhou City Residential Completed
台州溫嶺市雲樾瓏灣苑 台州市 住宅 竣工 32,739 32,392
Taizhou Wenling Yunyue Longwanyuan Taizhou City Residential Completed
溫州洞頭區新城甌江灣 溫州市 住宅 竣工 423,575 386,319
Wenzhou Dongtou Seazen Oujiang Bay Wenzhou City Residential Completed
溫州金海園區江海名邸 溫州市 住宅 在建 404,969 153,191
Wenzhou Jinhai Lake District Jianghai Mingdi Wenzhou City Residential Under development
溫嶺市新城雲樾玖溪 台州市 住宅 竣工 107,696 87,543
Wenling Seazen Yunyuejiuxi Taizhou City Residential Completed
福州平潭吾悅廣場項目 福州市 綜合體 在建 507,870 204,417
Fuzhou Pingtan Wuyue Plaza Project Fuzhou City Complex Under development
13
新城發展控股有限公司 SEAZEN GROUP LIMITED
2025年年報 2025 ANNUAL REPORT
主要物業明細
Breakdown of Major Properties
項目 城市 項目類別 項目狀態 可租售面積
截至2025年
12月31日
累計簽約面積
Projects City Project Type Project Status
Leasable and
sellable area
As of
December 31,
2025
Cumulative
contracted area
（平方米） （平方米）
(.) (.)
福州晉安區新城卓越榕域風華 福州市 住宅 竣工 94,187 81,271
Fuzhou Jin’an Seazen Zhuoyue Rongyu
Fenghua
Fuzhou City Residential Completed
漳州龍文吾悅廣場項目 漳州市 綜合體 在建 469,721 167,350
Zhangzhou Longwen Wuyue Plaza Project Zhangzhou City Complex Under development
紹興越城區新城玖尚府 紹興市 住宅 竣工 132,459 117,863
Shaoxing Yuecheng Seazen Jiushangfu Shaoxing City Residential Completed
金華蘭溪市新城香悅蘭城 金華市 住宅 竣工 194,169 171,011
Jinhua Lanxi Seazen Xiangyue Lancheng Jinhua City Residential Completed
杭州建德市新城臻瓏府 杭州市 住宅 在建 179,667 2,913
Hangzhou Jiande Seazen Zhenlongfu Hangzhou City Residential Under development
日照東港吾悅廣場項目 日照市 綜合體 在建 608,780 136,367
Rizhao Donggang Wuyue Plaza Project Rizhao City Complex Under development
濰坊諸城市新城榮樾大都會 濰坊市 住宅 在建 485,000 251,344
Weifang Zhucheng Seazen Rongyue Daduhui Weifang City Residential Under development
濰坊諸城市新城榮樾大都會四五期 濰坊市 住宅 擬建 434,329 –
Weifang Zhucheng Seazen Rongyue Daduhui
Phases IV & V
Weifang City Residential Proposed for
development
威海榮成市新城悅雋公館 威海市 住宅 在建 235,777 227,818
Weihai Rongcheng Seazen Yuejun Mansion Weihai City Residential Under development
煙台芝罘區新城璞樾園著 煙台市 住宅 在建 153,680 75,917
Yantai Zhifu Seazen Puyue Yuanzhu Yantai City Residential Under development
青島膠州市新城璽樾 青島市 住宅 在建 622,634 331,453
Qingdao Jiaozhou Seazen Xiyue Qingdao City Residential Under development
青島城陽區新城羊毛灘1號地塊 青島市 商業 擬建 106,696 –
Qingdao Chengyang Seazen Wool Beach Land
Parcel No. 1
Qingdao City Commercial Proposed for
development
青島城陽區新城紅島灣 •朗雋 青島市 住宅 竣工 235,432 233,447
Qingdao Chengyang Seazen Hongdaowan •
Langjun
Qingdao City Residential Completed
青島膠州市樾府 青島市 住宅 在建 538,157 129,243
Qingdao Jiaozhou Yuefu Qingdao City Residential Under development
青島高新區新城雲樾曉院 青島市 住宅 竣工 385,239 369,773
Qingdao High-tech Zone Seazen Yunyue
Xiaoyuan
Qingdao City Residential Completed
青島城陽區保利羊毛灘5號地塊 青島市 商業 在建 167,031 49,812
Qingdao Chengyang Baoli Wool Beach Land
Parcel No. 5
Qingdao City Commercial Under development
14
新城發展控股有限公司 SEAZEN GROUP LIMITED
2025年年報 2025 ANNUAL REPORT
主要物業明細
Breakdown of Major Properties
項目 城市 項目類別 項目狀態 可租售面積
截至2025年
12月31日
累計簽約面積
Projects City Project Type Project Status
Leasable and
sellable area
As of
December 31,
2025
Cumulative
contracted area
（平方米） （平方米）
(.) (.)
青島城陽區保利紅島灣 青島市 住宅 在建 289,144 114,807
Qingdao Chengyang Baoli Hongdaowan Qingdao City Residential Under development
青島城陽區融創羊毛灘2號地塊 青島市 商業 擬建 186,728 –
Qingdao Chengyang Rongchuang Wool Beach
Land Parcel No. 2
Qingdao City Commercial Proposed for
development
青島平度市新城悅雋大都會 青島市 住宅 在建 121,394 110,009
Qingdao Pingdu Seazen Yuejun Daduhui Qingdao City Residential Under development
青島萊西市新城悅雋公園里 青島市 住宅 在建 152,090 141,839
Qingdao Laixi Seazen Yuejun Gongyuanli Qingdao City Residential Under development
青島平度市新城悅雋大都會二期 青島市 住宅 竣工 129,490 125,494
Qingdao Pingdu Seazen Yuejun Daduhui
Phase II
Qingdao City Residential Completed
日照莒縣新城金樾府 日照市 住宅 竣工 206,855 206,368
Rizhao Ju County Seazen Jinyuefu Rizhao City Residential Completed
日照東港區時代之光 日照市 住宅 竣工 107,363 106,846
Rizhao Donggang Time Glory Rizhao City Residential Completed
煙台高新吾悅廣場項目 煙台市 綜合體 在建 514,331 48,667
Yantai Hi-tech Wuyue Plaza Project Yantai City Complex Under development
煙台芝罘吾悅廣場項目 煙台市 綜合體 在建 527,605 143,677
Yantai Zhifu Wuyue Plaza Project Yantai City Complex Under development
日照東港區新城翡麗之光 日照市 住宅 在建 119,876 18,837
Rizhao Donggang Seazen Feili Glory Rizhao City Residential Under development
德州齊河縣新城璽樾（資產包一） 德州市 住宅 在建 231,905 187,677
Dezhou Qihe Seazen Xiyue (Asset Package I) Dezhou City Residential Under development
德州齊河縣新城璽樾（資產包二） 德州市 住宅 在建 559,523 25,928
Dezhou Qihe Seazen Xiyue (Asset Package II) Dezhou City Residential Under development
濟南曆城區翡麗公館 濟南市 住宅 竣工 201,394 173,837
Jinan Licheng Feili Mansion Jinan City Residential Completed
聊城度假區湖語上院 聊城市 住宅 在建 230,790 227,659
Liaocheng Resort Huyu Shangyuan Liaocheng Residential Under development
淄博周村區新城悅雋江山 淄博市 住宅 在建 407,924 349,545
Zibo Zhoucun Seazen Yuejun Jiangshan Zibo City Residential Under development
東營東營吾悅廣場項目 東營市 綜合體 在建 672,141 359,740
Dongying Dongying Wuyue Plaza Project Dongying City Complex Under development
淄博周村吾悅廣場項目 淄博市 綜合體 在建 871,108 379,429
Zibo Zhoucun Wuyue Plaza Project Zibo City Complex Under development
15
新城發展控股有限公司 SEAZEN GROUP LIMITED
2025年年報 2025 ANNUAL REPORT
主要物業明細
Breakdown of Major Properties
項目 城市 項目類別 項目狀態 可租售面積
截至2025年
12月31日
累計簽約面積
Projects City Project Type Project Status
Leasable and
sellable area
As of
December 31,
2025
Cumulative
contracted area
（平方米） （平方米）
(.) (.)
濱州濱城吾悅廣場項目 濱州市 綜合體 在建 739,365 392,352
Binzhou Bincheng Wuyue Plaza Project Binzhou City Complex Under development
泰安岱岳區新城五岳風華 泰安市 住宅 在建 583,578 453,565
Tai’an Daiyue Seazen Wuyue Fenghua Tai’an City Residential Under development
泰安岱岳區新城五岳首府 泰安市 住宅 竣工 174,522 147,561
Tai’an Daiyue Seazen Wuyue Capital Tai’an City Residential Completed
泰安岱岳區新城五岳熙湖 泰安市 住宅 在建 111,597 72,894
Tai’an Daiyue Seazen Wuyue Xihu Tai’an City Residential Under development
泰安新泰吾悅廣場項目 泰安市 綜合體 在建 678,250 537,343
Tai’an Xintai Wuyue Plaza Project Tai’an City Complex Under development
泰安肥城吾悅廣場項目 泰安市 綜合體 在建 753,838 255,075
Tai’an Feicheng Wuyue Plaza Project Tai’an City Complex Under development
濟寧太白湖吾悅廣場項目 濟寧市 綜合體 在建 577,359 434,195
Jining Taibai Lake Wuyue Plaza Project Jining City Complex Under development
長沙長沙縣新城朗雋 長沙市 住宅 竣工 242,256 190,631
Changsha Changsha Seazen Langjun Changsha City Residential Completed
長沙長沙縣新城匯雋風華 長沙市 住宅 竣工 113,209 95,964
Changsha Changsha Seazen Huijun Fenghua Changsha City Residential Completed
湘潭九華區新城璟雋 湘潭市 住宅 在建 664,935 391,845
Xiangtan Jiuhua Seazen Jingjun Xiangtan City Residential Under development
株洲荷塘區新城樾府 株洲市 住宅 竣工 251,088 222,108
Zhuzhou Hetang Seazen Yuefu Zhuzhou City Residential Completed
長沙岳麓區新城梅溪湖金茂灣 長沙市 住宅 竣工 623,299 496,731
Changsha Yuelu Seazen Meixi Lake Jinmaowan Changsha City Residential Completed
長沙岳麓區新城梅溪華府 長沙市 住宅 竣工 249,317 237,585
Changsha Yuelu Seazen Meixi Huafu Changsha City Residential Completed
長沙岳麓區新城觀山印 長沙市 住宅 在建 481,115 317,786
Changsha Yuelu Seazen Guanshanyin Changsha City Residential Under development
長沙長沙縣新城明昱東方 長沙市 住宅 在建 307,663 290,501
Changsha Changsha Seazen Mingyu Dongfang Changsha City Residential Under development
黃石大冶吾悅廣場項目 黃石市 綜合體 在建 479,230 347,835
Huangshi Daye Wuyue Plaza Project Huangshi City Complex Under development
鄂州鄂城吾悅廣場項目 鄂州市 綜合體 在建 1,222,786 400,491
Ezhou Echeng Wuyue Plaza Project Ezhou City Complex Under development
武漢洪山區武漢新城閱璟台 武漢市 住宅 竣工 466,498 371,507
Wuhan Hongshan Wuhan Seazen Yuejingtai Wuhan City Residential Completed
16
新城發展控股有限公司 SEAZEN GROUP LIMITED
2025年年報 2025 ANNUAL REPORT
主要物業明細
Breakdown of Major Properties
項目 城市 項目類別 項目狀態 可租售面積
截至2025年
12月31日
累計簽約面積
Projects City Project Type Project Status
Leasable and
sellable area
As of
December 31,
2025
Cumulative
contracted area
（平方米） （平方米）
(.) (.)
武漢東湖高新技術開發區武漢新城 •璞樾門第 武漢市 住宅 竣工 537,018 464,245
Wuhan Donghu High-tech Zone Wuhan
Seazen • Puyue Mendi
Wuhan City Residential Completed
武漢漢南區新城天悅觀瀾 武漢市 住宅 在建 240,468 58,316
Wuhan Hannan Seazen Tianyue Guanlan Wuhan City Residential Under development
黃岡黃州區黃岡碧桂園新城陽光城 •城品 黃岡市 住宅 在建 201,260 167,920
Huanggang Huangzhou Huanggang Country
Garden Seazen Yangguangcheng • Chengpin
Huanggang City Residential Under development
黃石下陸區新城黃石悅雋大都會 黃石市 住宅 在建 300,344 224,770
Huangshi Xialu Seazen Huangshi Yuejun
Daduhui
Huangshi City Residential Under development
武漢蔡甸吾悅廣場項目 武漢市 綜合體 在建 333,915 63,161
Wuhan Caidian Wuyue Plaza Project Wuhan City Complex Under development
永州零陵吾悅廣場項目 永州市 綜合體 在建 883,679 174,207
Yongzhou Lingling Wuyue Plaza Project Yongzhou City Complex Under development
長沙寧鄉吾悅廣場項目 長沙市 綜合體 竣工 596,432 435,941
Changsha Ningxiang Wuyue Plaza Project Changsha City Complex Completed
婁底婁星吾悅廣場項目 婁底市 綜合體 在建 740,921 469,152
Loudi Louxing Wuyue Plaza Project Loudi City Complex Under development
常德鼎城吾悅廣場項目 常德市 綜合體 在建 1,153,955 287,417
Changde Dingcheng Wuyue Plaza Project Changde City Complex Under development
宜昌西陵吾悅廣場項目 宜昌市 綜合體 竣工 382,870 220,575
Yichang Xiling Wuyue Plaza Project Yichang City Complex Completed
隨州曾都吾悅廣場項目 隨州市 綜合體 在建 674,128 516,916
Suizhou Zengdu Wuyue Plaza Project Suizhou City Complex Under development
孝感高新技術開發區孝感新城璽樾 孝感市 住宅 在建 383,134 304,515
Xiaogan High-tech Zone Xiaogan Seazen Xiyue Xiaogan City Residential Under development
孝感孝南區經濟開發區孝感碧桂園新城華府 孝感市 住宅 竣工 251,901 233,061
Xiaogan Xiaonan Economic Development Zone
Xiaogan Country Garden Seazen Huafu
Xiaogan City Residential Completed
武漢江夏區武漢新城 •金郡 武漢市 住宅 竣工 71,471 49,380
Wuhan Jiangxia Wuhan Seazen • Jinjun Wuhan City Residential Completed
武漢東西湖區武漢新城桃李郡 武漢市 住宅 在建 664,844 519,108
Wuhan Dongxihu Wuhan Seazen Taolijun Wuhan City Residential Under development
仙桃南城吾悅廣場項目 仙桃市 綜合體 在建 926,282 584,113
Xiantao Nancheng Wuyue Plaza Project Xiantao City Complex Under development
17
新城發展控股有限公司 SEAZEN GROUP LIMITED
2025年年報 2025 ANNUAL REPORT
主要物業明細
Breakdown of Major Properties
項目 城市 項目類別 項目狀態 可租售面積
截至2025年
12月31日
累計簽約面積
Projects City Project Type Project Status
Leasable and
sellable area
As of
December 31,
2025
Cumulative
contracted area
（平方米） （平方米）
(.) (.)
長沙長沙縣新城悅雋國際廣場 長沙市 住宅 在建 250,195 115,053
Changsha Seazen Yuejun International Plaza Changsha City Residential Under development
鄭州滎陽市新城尚郡 鄭州市 住宅 在建 1,310,627 754,238
Zhengzhou Xingyang Seazen Shangjun Zhengzhou City Residential Under development
鄭州管城區新城時光印象5號地（高層） 鄭州市 住宅 竣工 159,599 157,704
Zhengzhou Guancheng Seazen Shiguang
Yinxiang Land Parcel No. 5 (High-rise)
Zhengzhou City Residential Completed
鄭州滎陽市新城海棠曉月 鄭州市 住宅 在建 147,430 29,288
Zhengzhou Xingyang Seazen Haitang Xiaoyue Zhengzhou City Residential Under development
鄭州管城區新城時光印象4號地（洋房） 鄭州市 住宅 竣工 80,857 80,857
Zhengzhou Guancheng Seazen Shiguang
Yinxiang Land Parcel No. 4 (House)
Zhengzhou City Residential Completed
鄭州滎陽吾悅廣場項目 鄭州市 綜合體 竣工 266,657 105,162
Zhengzhou Xingyang Wuyue Plaza Project Zhengzhou City Complex Completed
唐山路北區新城瀾樾府 唐山市 住宅 竣工 526,243 479,457
Tangshan Lubei Seazen Lanyuefu Tangshan City Residential Completed
唐山路南區新城瑞府 唐山市 住宅 竣工 146,199 137,938
Tangshan Lunan Seazen Ruifu Tangshan City Residential Completed
保定蓮池區新城金樾萬象 保定市 住宅 竣工 196,691 174,395
Baoding Lianchi Seazen Jinyue Wanxiang Baoding City Residential Completed
保定蓮池區雙城佳苑 保定市 住宅 在建 282,950 –
Baoding Lianchi Shuangcheng Jiayuan Baoding City Residential Under development
北京石景山區新城五里春秋 北京市 住宅 竣工 658,759 517,021
Beijing Shijingshan Seazen Wulichunqiu Beijing City Residential Completed
滄州運河區新城璽樾春秋 滄州市 住宅 竣工 168,288 146,217
Cangzhou Yunhe Seazen Xiyuechunqiu Cangzhou City Residential Completed
滄州新華區新城悅雋風華 滄州市 住宅 竣工 305,419 267,718
Cangzhou Xinhua Seazen Yuejun Fenghua Cangzhou City Residential Completed
滄州新華區新城悅雋時代 滄州市 住宅 竣工 133,603 117,630
Cangzhou Xinhua Seazen Yuejun Shidai Cangzhou City Residential Completed
天津津南區新城和興府 天津市 住宅 竣工 172,013 140,075
Tianjin Jinnan Seazen Hexingfu Tianjin City Residential Completed
天津濱海新區新城中梁長風雅著 天津市 住宅 在建 233,888 184,196
Tianjin Binhai New Area Seazen Zhongliang
Changfeng Yazhu
Tianjin City Residential Under development
18
新城發展控股有限公司 SEAZEN GROUP LIMITED
2025年年報 2025 ANNUAL REPORT
主要物業明細
Breakdown of Major Properties
項目 城市 項目類別 項目狀態 可租售面積
截至2025年
12月31日
累計簽約面積
Projects City Project Type Project Status
Leasable and
sellable area
As of
December 31,
2025
Cumulative
contracted area
（平方米） （平方米）
(.) (.)
天津西青區精武鎮地塊 天津市 住宅 竣工 118,573 109,470
Tianjin Xiqing Jingwu Town Land Parcel Tianjin City Residential Completed
天津濱海新區吾悅廣場項目 天津市 綜合體 在建 468,359 304,141
Tianjin Binhai New Area Wuyue Plaza Project Tianjin City Complex Under development
滄州運河吾悅廣場項目 滄州市 綜合體 竣工 447,343 296,011
CangzhouYunhe Wuyue Plaza Project Cangzhou City Complex Completed
天津武清區新城悅雋央著 天津市 住宅 竣工 263,628 232,520
Tianjin Wuqing Seazen Yuejun Yangzhu Tianjin City Residential Completed
天津武清區新城悅雋年華 天津市 住宅 竣工 92,771 80,207
Tianjin Wuqing Seazen Yuejun Nianhua Tianjin City Residential Completed
天津武清區新城璽樾熙棠 天津市 住宅 竣工 169,340 142,692
Tianjin Wuqing Seazen Xiyue Xitang Tianjin City Residential Completed
天津武清區新城璽樾春秋 天津市 住宅 在建 285,853 180,568
Tianjin Wuqing Seazen Xiyue Chunqiu Tianjin City Residential Under development
天津武清區新城悅雋年華二期 天津市 住宅 在建 104,090 78,189
Tianjin Wuqing Seazen Yuejun Nianhua Phase II Tianjin City Residential Under development
天津寶坻區金地新城大境 天津市 住宅 竣工 576,479 532,935
Tianjin Baodi Jindi Seazen Dajing Tianjin City Residential Completed
天津北辰區新城樾風華 天津市 住宅 竣工 572,720 502,121
Tianjin Beichen Seazen Yuefenghua Tianjin City Residential Completed
天津寧河區新城悅雋公館 天津市 住宅 在建 358,577 235,775
Tianjin Ninghe Seazen Yuejun Mansion Tianjin City Residential Under development
天津寧河區新城悅雋公館（9號地） 天津市 住宅 在建 108,159 96,771
Tianjin Ninghe Seazen Yuejun Mansion
(Land Parcel No. 9)
Tianjin City Residential Under development
天津北辰區新城樾風華 •瓏悅 天津市 住宅 在建 70,542 34,769
Tianjin Beichen Seazen Yuefenghua • Longyue Tianjin City Residential Under development
天津寶坻吾悅廣場項目 天津市 綜合體 在建 313,208 148,936
Tianjin Baodi Wuyue Plaza Project Tianjin City Complex Under development
天津北辰區新城雲樾玖璋 天津市 住宅 竣工 86,428 64,403
Tianjin Beichen Seazen Yunyue Jiuzhang Tianjin City Residential Completed
天津寶坻區新城璽樾潮鳴 天津市 住宅 在建 294,596 118,248
Tianjin Baodi Seazen Xiyue Chaoming Tianjin City Residential Under development
天津寧河吾悅廣場項目 天津市 住宅 在建 159,833 29,564
Tianjin Ninghe Wuyue Plaza Project Tianjin City Residential Under development
天津寶坻區新城萬青 •時光里 天津市 住宅 竣工 62,539 55,955
Tianjin Baodi Seazen Wanqing • Shiguangli Tianjin City Residential Completed
19
新城發展控股有限公司 SEAZEN GROUP LIMITED
2025年年報 2025 ANNUAL REPORT
主要物業明細
Breakdown of Major Properties
項目 城市 項目類別 項目狀態 可租售面積
截至2025年
12月31日
累計簽約面積
Projects City Project Type Project Status
Leasable and
sellable area
As of
December 31,
2025
Cumulative
contracted area
（平方米） （平方米）
(.) (.)
天津北辰區新城悅雋風華 天津市 住宅 竣工 146,875 135,481
Tianjin Beichen Seazen Yuejun Fenghua Tianjin City Residential Completed
邯鄲叢台區新城公園尚府 邯鄲市 住宅 竣工 172,051 156,661
Handan Congtai Seazen Gongyuan Shangfu Handan City Residential Completed
石家莊正定縣新城正弘府 石家莊市 住宅 在建 174,704 140,664
Shijiazhuang Zhengding Seazen Zhenghongfu Shijiazhuang City Residential Under development
漯河源匯區熙河雲著 漯河市 住宅 在建 236,895 85,229
Luohe Yuanhui Xihe Celestial Mansion Luohe City Residential Under development
許昌建安區金玉堂 許昌市 住宅 在建 463,866 271,029
Xuchang Jian’an Jinyutang Xuchang City Residential Under development
商丘睢陽吾悅廣場項目 商丘市 綜合體 在建 776,130 515,129
Shangqiu Suiyang Wuyue Plaza Project Shangqiu City Complex Under development
安陽文峰吾悅廣場項目 安陽市 綜合體 在建 761,806 577,068
Anyang Wenfeng Wuyue Plaza Project Anyang City Complex Under development
唐山路北區新城璽樾春秋 唐山市 住宅 在建 196,440 –
Tangshan Road North District Seazen Xiyue
Chunqiu
Tangshan City Residential Under development
唐山路南區新城瑞府二期 唐山市 住宅 在建 133,168 –
Tangshan Road South District Seazen Ruifu
Phase II
Tangshan City Residential Under development
雲浮雲城吾悅廣場項目 雲浮市 綜合體 在建 653,270 296,111
Yunfu Yuncheng Wuyue Plaza Project Yunfu City Complex Under development
汕尾海豐縣新城和樾 汕尾市 住宅 在建 1,020,128 601,882
Shanwei Haifeng Seazen Heyue Shanwei City Residential Under development
新城燕瀾和鳴 深圳市 住宅 竣工 109,270 106,978
Seazen Yanlan Heming Shenzhen City Residential Completed
金樾江南花園 惠州市 住宅 在建 885,286 402,013
Jinyue Jiangnan Garden Huizhou City Residential Under development
雲昱花園 惠州市 住宅 竣工 574,057 503,117
Yunyu Garden Huizhou City Residential Completed
惠州博羅縣羅陽上頭塘地塊 惠州市 住宅 在建 201,270 69,851
Huizhou Boluo Luoyang Shangtoutang Land
Parcel
Huizhou City Residential Under development
南寧邕寧區招商新城臻樾府 南寧市 住宅 在建 101,029 76,115
Nanning Yongning Zhaoshang Seazen
Zhenyuefu
Nanning City Residential Under development
北海銀海吾悅廣場項目 北海市 綜合體 竣工 460,916 317,129
Beihai Yinhai Wuyue Plaza Project Beihai City Complex Completed
20
新城發展控股有限公司 SEAZEN GROUP LIMITED
2025年年報 2025 ANNUAL REPORT
主要物業明細
Breakdown of Major Properties
項目 城市 項目類別 項目狀態 可租售面積
截至2025年
12月31日
累計簽約面積
Projects City Project Type Project Status
Leasable and
sellable area
As of
December 31,
2025
Cumulative
contracted area
（平方米） （平方米）
(.) (.)
貴港港北吾悅廣場項目 貴港市 綜合體 竣工 589,105 461,276
Guigang Gangbei Wuyue Plaza Project Guigang City Complex Completed
南寧江南區新城錦樾府 南寧市 住宅 竣工 115,960 111,369
Nanning Jiangnan Seazen Jinyuefu Nanning City Residential Completed
佛山南海區壹鳴花園 佛山市 住宅 竣工 527,479 495,503
Foshan Nanhai Yiming Garden Foshan City Residential Completed
星盛花園 佛山市 住宅 竣工 303,259 224,148
Xingsheng Garden Foshan City Residential Completed
江門新會區新城博富領會國際名苑 江門市 住宅 竣工 165,580 131,269
Jiangmen Xinhui Seazen Bofu Linghui
International Mingyuan
Jiangmen City Residential Completed
中山嵐彩名苑 中山市 住宅 竣工 224,946 186,007
Zhongshan Lancai Mingyuan Zhongshan City Residential Completed
廣州市白雲區新城翡麗雲境 廣州市 住宅 在建 175,612 63,189
Guangzhou Baiyun Seazen Feili Yunjing Guangzhou Residential Under development
昆明晉寧區藍光新城碧桂園古滇水雲城 昆明市 住宅 在建 549,229 98,949
Kunming Jinning Languang Seazen Country
Garden Gudian Shuiyuncheng
Kunming City Residential Under development
昆明經開區中南新城雲樾 昆明市 住宅 在建 181,372 138,445
Kunming Economic Development Zone
Zhongnan Seazen Yunyue
Kunming City Residential Under development
保山隆陽吾悅廣場項目 保山市 綜合體 在建 969,384 412,297
Baoshan Longyang Wuyue Plaza Project Baoshan City Complex Under development
昆明安寧吾悅廣場項目 昆明市 綜合體 竣工 773,183 640,549
Kunming Anning Wuyue Plaza Project Kunming City Complex Completed
昆明晉寧吾悅廣場項目 昆明市 綜合體 在建 1,100,401 399,432
Kunming Jinning Wuyue Plaza Project Kunming City Complex Under development
昆明安寧酒店項目 昆明市 綜合體 在建 1,169,836 189,578
Kunming Anning Hotel Project Kunming City Complex Under development
遵義紅花崗區新城悅雋風華 遵義市 住宅 在建 157,591 117,903
Zunyi Honghuagang Seazen Yuejun Fenghua Zunyi City Residential Under development
貴陽龍里縣新城龍樾府 黔南布依族苗族
自治州
住宅 在建 241,474 37,853
Guiyang Longli Seazen Longyuefu Qiannan Buyi
and Miao
Autonomous
Prefecture
Residential Under development
21
新城發展控股有限公司 SEAZEN GROUP LIMITED
2025年年報 2025 ANNUAL REPORT
主要物業明細
Breakdown of Major Properties
項目 城市 項目類別 項目狀態 可租售面積
截至2025年
12月31日
累計簽約面積
Projects City Project Type Project Status
Leasable and
sellable area
As of
December 31,
2025
Cumulative
contracted area
（平方米） （平方米）
(.) (.)
貴陽龍里縣新城龍樾府五六期 黔南布依族苗族
自治州
住宅 擬建 282,492 –
Guiyang Longli Seazen Longyuefu
Phases V & VI
Qiannan Buyi
and Miao
Autonomous
Prefecture
Residential Proposed for
development
貴陽雲岩吾悅廣場項目 貴陽市 綜合體 在建 709,034 241,711
Guiyang Yunyan Wuyue Plaza Project Guiyang City Complex Under development
貴陽經開吾悅廣場項目 貴陽市 綜合體 在建 1,448,566 358,317
Guiyang Economic Development Zone Wuyue
Plaza Project
Guiyang City Complex Under development
遵義紅花崗吾悅廣場項目 遵義市 綜合體 在建 603,093 461,379
Zunyi Honghuagang Wuyue Plaza Project Zunyi City Complex Under development
新城 •鳳凰台 六盤水市 住宅 在建 733,681 366,802
Seazen • Fenghuangtai Liupanshui City Residential Under development
眉山仁壽縣新城悅雋天府 眉山市 住宅 竣工 178,763 168,481
Meishan Renshou Seazen Yuejun Tianfu Meishan City Residential Completed
成都青白江區美的新城公園天下 成都市 住宅 竣工 210,281 158,007
Chengdu Chingbaijiang Meidi Seazen
Gongyuan Tianxia
Chengdu City Residential Completed
成都青白江區新城悅雋盛世 成都市 住宅 竣工 398,324 372,785
Chengdu Chingbaijiang Seazen Yuejun
Glorious Century
Chengdu City Residential Completed
成都溫江區新城林嶼溪 成都市 住宅 竣工 47,503 39,641
Chengdu Wenjiang Seazen Linyuxi Chengdu City Residential Completed
成都金牛區新城德商蓉御天驕 成都市 住宅 竣工 60,003 51,576
Chengdu Jinniu Seazen Deshang Rongyu
Tianjiao
Chengdu City Residential Completed
宜賓翠屏吾悅廣場項目 宜賓市 綜合體 在建 448,832 246,114
Yibin Cuiping Wuyue Plaza Project Yibin City Complex Under development
內江市中吾悅廣場項目 內江市 綜合體 在建 521,863 339,423
Neijiang Shizhong Wuyue Plaza Project Neijiang City Complex Under development
重慶渝北吾悅廣場項目 重慶市 住宅 在建 417,989 147,784
Chongqing Yubei Wuyue Plaza Project Chongqing City Residential Under development
重慶沙坪壩區西著七里 重慶市 住宅 竣工 251,169 207,344
Chongqing Shapingba Xizhu Qili Chongqing City Residential Completed
22
新城發展控股有限公司 SEAZEN GROUP LIMITED
2025年年報 2025 ANNUAL REPORT
主要物業明細
Breakdown of Major Properties
項目 城市 項目類別 項目狀態 可租售面積
截至2025年
12月31日
累計簽約面積
Projects City Project Type Project Status
Leasable and
sellable area
As of
December 31,
2025
Cumulative
contracted area
（平方米） （平方米）
(.) (.)
重慶大渡口區新城琅樾江山 重慶市 住宅 在建 451,084 355,919
Chongqing Dadukou Seazen Langyue
Jiangshan
Chongqing City Residential Under development
重慶雙福新區新城和昱麟雲 重慶市 住宅 在建 474,325 376,633
Chongqing Shuangfu New District Seazen
Heyu Linyun
Chongqing City Residential Under development
重慶璧山區新城黛山道8號 重慶市 住宅 在建 376,398 240,709
Chongqing Bishan Seazen Daishandao No. 8 Chongqing City Residential Under development
重慶江北區新城琅翠 重慶市 住宅 在建 163,404 144,741
Chongqing Jiangbei Seazen Langcui Chongqing City Residential Under development
重慶萬州區雍江上境 重慶市 住宅 在建 349,880 111,007
Chongqing Wanzhou Yongjiang Shangjing Chongqing City Residential Under development
重慶萬州區雲樾上境 重慶市 住宅 在建 108,132 41,553
Chongqing Wanzhou Yunyue Shangjing Chongqing City Residential Under development
重慶江津吾悅廣場項目 重慶市 綜合體 在建 650,961 360,066
Chongqing Jiangjin Wuyue Plaza Project Chongqing City Complex Under development
廣安廣安吾悅廣場項目 廣安市 綜合體 在建 602,911 404,373
Guang’an Guang’an Wuyue Plaza Project Guang’an City Complex Under development
重慶北碚吾悅廣場項目 重慶市 綜合體 在建 340,678 173,101
Chongqing Beibei Wuyue Plaza Project Chongqing City Complex Under development
重慶大足吾悅廣場項目 重慶市 綜合體 在建 951,841 681,759
Chongqing Dazu Wuyue Plaza Project Chongqing City Complex Under development
咸陽新城雲境 咸陽市 住宅 在建 353,997 18,345
Xianyang Seazen Yunjing Xianyang City Residential Under development
咸陽秦都項目 咸陽市 住宅 在建 207,068 201,611
Xianyang Qindu Project Xianyang City Residential Under development
安康漢濱吾悅廣場項目 安康市 綜合體 在建 656,352 512,246
Ankang Hanbin Wuyue Plaza Project Ankang City Complex Under development
寶雞高新吾悅廣場項目 寶雞市 綜合體 竣工 540,854 380,349
Baoji Hi-tech Wuyue Plaza Project Baoji City Complex Completed
烏魯木齊會展吾悅廣場項目 烏魯木齊市 綜合體 在建 844,298 445,768
Urumqi Huizhan Wuyue Plaza Project Urumqi City Complex Under development
烏魯木齊米東吾悅廣場項目 烏魯木齊市 綜合體 在建 849,727 352,236
Urumqi Midong Wuyue Plaza Project Urumqi City Complex Under development
烏魯木齊高新吾悅廣場項目 烏魯木齊市 綜合體 在建 469,268 301,668
Urumqi Hi-tech Wuyue Plaza Project Urumqi City Complex Under development
瀋陽沈北吾悅廣場項目 瀋陽市 綜合體 在建 971,304 710,487
Shenyang Shenbei Wuyue Plaza Project Shenyang City Complex Under development
23
新城發展控股有限公司 SEAZEN GROUP LIMITED
2025年年報 2025 ANNUAL REPORT
主要物業明細
Breakdown of Major Properties
項目 城市 項目類別 項目狀態 可租售面積
截至2025年
12月31日
累計簽約面積
Projects City Project Type Project Status
Leasable and
sellable area
As of
December 31,
2025
Cumulative
contracted area
（平方米） （平方米）
(.) (.)
包頭東河吾悅廣場項目 包頭市 綜合體 竣工 571,048 381,699
Baotou Donghe Wuyue Plaza Project Baotou City Complex Completed
包頭昆北項目 包頭市 住宅 竣工 129,664 120,604
Baotou Kunbei Project Baotou City Residential Completed
包頭昆區吾悅廣場項目 包頭市 綜合體 竣工 577,695 361,059
Baotou Kunqu Wuyue Plaza Project Baotou City Complex Completed
蘭州安寧吾悅廣場項目 蘭州市 綜合體 竣工 421,328 223,799
Lanzhou Anning Wuyue Plaza Project Lanzhou City Complex Completed
西寧城北吾悅廣場項目 西寧市 綜合體 在建 574,629 379,033
Xining Chengbei Wuyue Plaza Project Xining City Complex Under development
銀川興慶吾悅廣場項目 銀川市 綜合體 在建 599,832 435,946
Yinchuan Xingqing Wuyue Plaza Project Yinchuan City Complex Under development
大同雲岡吾悅廣場項目 大同市 綜合體 在建 835,099 288,891
Datong Yungang Wuyue Plaza Project Datong City Complex Under development
太原萬柏林吾悅廣場項目 太原市 綜合體 在建 891,795 615,465
Taiyuan Wanbailin Wuyue Plaza Project Taiyuan City Complex Under development
太原大井峪項目 太原市 住宅 在建 194,703 194,082
Taiyuan Dajingyu Project Taiyuan City Residential Under development
運城鹽湖吾悅廣場項目 運城市 綜合體 在建 775,639 615,982
Yuncheng Yanhu Wuyue Plaza Project Yuncheng City Complex Under development
合計 Total 106,737,483 66,902,559
歸屬於本公司的 Attributable to the Company 57,594,601 35,708,139
24
新城發展控股有限公司 SEAZEN GROUP LIMITED
2025年年報 2025 ANNUAL REPORT
管理層討論與分析
Management Discussion and Analysis
回顧與展望
2025年，中國房地產市場在深度調整中砥礪
前行，伴隨宏觀政策組合拳精準發力、行業積
弊逐步紓解，整體呈現出「築底企穩、格局分
化、轉型提速」的態勢，市場運行愈發理性、
回歸居住本源。
在這個充滿不確定性的時代，新城經受住了市
場週期的考驗，堅守保信用、保交付目標，穩
步書寫了屬於自己的「確定性」，向利益相關人
交出了一份兼具責任擔當與發展質效的年度答
卷。
面對行業調整壓力，本公司嚴守現金流安全底
綫，持續優化資產負債結構，平穩渡過償債高
峰，經營風險持續緩釋。2025年，新城發展成
為三年來首家成功發行純信用境外債券的民營
房企，子公司新城控股成功發行三期中票，落
地全國首單消費類持有型不動產ABS。
商業管理和地產開發雙輪驅動戰略，是本公司
穿越週期的根本。回顧2025，逾萬套住宅
品質交付、5座吾悅廣場精彩綻放、2座吾悅廣
場煥新開業，是新城對客戶信賴的溫暖回應，
更是企業擔當的具象展現。
REVIEW AND PROSPECTS
In 2025, China’s real estate market forged ahead amidst deep
adjustments. With the precise implementation of a combination of macro-
policies and gradual alleviation of long-standing industry challenges, the
overall market exhibited a trend characterized by “bottoming out and
stabilizing, diverging, and accelerating transformation”. Market operations
became increasingly rational and returned to the fundamental purpose of
providing housing.
In this era of uncertainties, Seazen withstood the test of market cycles.
By adhering to its commitments to creditworthiness and ensuring
project delivery, Seazen steadily forged its own path of “certainty”. It has
delivered an annual report to the stakeholders, reflecting both its sense of
responsibility and the commitment to quality development.
Facing the industry adjustment pressure, the Company strictly adhered to
its bottom line of safeguarding cash flow security, continuously optimized
its gearing structure, smoothly navigated through its peak debt maturity
period, continuously mitigating its operational risks. In 2025, Seazen
Group became the first private real estate enterprise to successfully issue
unsecured offshore bonds in three years. Seazen Holdings, its subsidiary,
successfully issued three tranches of medium-term notes and completed
the nation’s first consumer-facing held property ABS.
The dual-wheel driving strategy of commercial management and real
estate development is the foundation for the Company to navigate market
cycles. Looking back at 2025, the delivery of over 38,000 premium
residential units, the grand opening of five Wuyue Plazas, as well as the
renovation and reopening of two Wuyue Plazas, are a warm response to
customers’ trust and a concrete manifestation of the Company’s sense
of responsibility.
25
新城發展控股有限公司 SEAZEN GROUP LIMITED
2025年年報 2025 ANNUAL REPORT
管理層討論與分析
Management Discussion and Analysis
2025年，吾悅商管持續穩健經營，成為穿越
週期的核心壓艙石，為後續高質量發展築牢根
基。本公司全年實現商業運營總收入達人民幣
億元，同比增長%，銷售、客流及會
員消費等關鍵指標均實現同比提升。截至2025
年末，全國在營吾悅廣場合計178座。
2025年，新城不斷推進ESG理念與業務深度融
合，將綠色發展融入日常。目前本公司所有開
發項目100%堅持綠色開發理念，共106座吾
悅廣場獲得了省級以上綠色商場稱號。本公司
著力推進「公益三小時」活動，號召全體新城人
從身邊小事做起，讓公益融入每個人的生活。
2026年3月，國際權威評級機構明晟（MSCI）發
佈ESG評級結果，新城發展評級由「BBB」上調
至「A」，評級上調既是新城長期深耕ESG領域
的成果體現，也彰顯了國際資本市場對本公司
ESG治理能力與實踐水平的高度認可。
「深耕厚植，守正創新」。展望2026，新城將以
「駱駝精神」為底色，堅守財務穩健原則，把信
用優勢轉化為發展動能，提升資產經營質量，
用堅守兌現承諾，以深耕創造價值。新城將始
終與時代同頻，在行業變革中穩步前行，與每
一位股東、投資者、合作夥伴，信任並支持我
們的業主、消費者攜手，共赴未來新程。
In 2025, Wuyue Business Management continued to operate steadily,
serving as the core ballast stone for navigating market cycles and
laying a solid foundation for subsequent high-quality development. The
Company achieved a total commercial operation revenue of
billion for the year, representing a year-on-year increase of %. All key
indicators, such as sales, foot traffic and member spending, recorded
year-on-year improvements. As of the end of 2025, a total of 178 Wuyue
Plazas were in operation nationwide.
In 2025, Seazen continued to deepen the integration of ESG concept
with its business operations, embedding green development into daily
practices. Currently, 100% of the Company’s development projects
adhere to green development concepts, and a total of 106 Wuyue Plazas
have been designated as green shopping malls at or above the provincial
level. The Company also actively promoted the “Three Hours for Public
Welfare” campaign, calling upon everyone in Seazen to start small, and
integrate public welfare into their daily lives. In March 2026, MSCI, an
internationally authoritative credit rating agency, published the ESG rating
results, of which Seazen Group was upgraded from BBB to A, reflecting
Seazen’s long term efforts in delving into ESG aspect. It also underscored
that the Company’s ESG governance capability and practice have been
highly recognized by the international capital market.
“Rooted in integrity, driven by innovation”. Looking ahead to 2026,
Seazen will remain rooted in the “Camel Spirit,” adhering to the
principle of financial prudence. We will convert our credit advantages
into development momentum, enhance the quality of asset operations,
and honor our commitments through steadfast dedication, creating
value through deep cultivation. Seazen will continue to move forward in
step with the times, advancing steadily amidst industry transformation.
Together with every shareholder, investor, partner, and the owners and
consumers who trust and support us, we embark on a new journey
towards the future.
26
新城發展控股有限公司 SEAZEN GROUP LIMITED
2025年年報 2025 ANNUAL REPORT
管理層討論與分析
Management Discussion and Analysis
業務回顧
開發業務
截至2025年12月31日止年度，本集團錄得物業
銷售收入約為人民幣39,004百萬元，交付物業
總建築面積（「建築面積」）約6,295,183平方米。
2025年交付及確認為銷售的物業平均銷售價格
為每平方米人民幣6,196元。
表1：本集團2025年物業銷售收入明細
收入 建築面積 平均售價
省份 Province Revenue GFA
Average
selling price
（人民幣百萬元） （平方米）（人民幣╱平方米）
(RMB million) (.) (RMB/.)
江蘇省 Jiangsu Province 10,414 1,251,886 8,319
天津市 Tianjin City 4,349 586,487 7,415
湖北省 Hubei Province 2,912 606,552 4,801
山東省 Shandong Province 2,617 460,916 5,678
福建省 Fujian Province 2,194 184,755 11,875
青海省 Qinghai Province 2,141 246,013 8,702
河北省 Hebei Province 2,095 247,803 8,455
河南省 Henan Province 1,872 380,620 4,917
重慶市 Chongqing City 1,666 315,418 5,283
湖南省 Hunan Province 1,543 317,648 4,859
貴州省 Guizhou Province 1,317 226,098 5,826
廣東省 Guangdong Province 1,138 328,996 3,458
浙江省 Zhejiang Province 1,110 129,090 8,601
其他 Others 3,636 1,012,901 3,590
合計 Total 39,004 6,295,183 6,196
截至2025年12月31日，本集團涉及總建築面積
約為830萬平方米及價值約人民幣51,363百萬
元的物業經已預售但尚未交付（含本集團合營
及聯營項目）。
2025年，本集團的合約銷售額約人民幣19,270
百萬元，合約銷售建築面積約萬平方
米。全年累計合約銷售價格（不含車位銷售）為
每平方米人民幣9,868元。
BUSINESS OVERVIEW
Development Business
For the year ended 31 December 2025, revenue from sale of properties
by the Group was approximately RMB39,004 million. Properties with a
total gross floor area (“GFA”) of approximately 6,295,183 . were
delivered. Average selling price of properties delivered and recognized as
sales was RMB6,196 per . in 2025.
Table 1: Details of revenue from sale of properties of the Group in
2025
As at 31 December 2025, the Group’s pre-sold but yet to be delivered
(including joint ventures and associates) properties had a total GFA of
approximately million . with value of approximately RMB51,363
million.
In 2025, the Group recorded contracted sales of approximately
RMB19,270 million. Contracted sales was approximately 2,535,800
. in GFA. The aggregate contracted selling price (excluding carparks
sales) for the year was RMB9,868 per ..
27
新城發展控股有限公司 SEAZEN GROUP LIMITED
2025年年報 2025 ANNUAL REPORT
管理層討論與分析
Management Discussion and Analysis
Table 2: Details of contracted sales of the Group in 2025
The following table sets out the geographic breakdown of the Group’s
contracted sales in 2025:
表2：2025年本集團合約銷售額明細
下表載列於2025年本集團合約銷售金額的區域
分佈詳情：
合約銷售
建築面積
合約銷售
金額
省份╱區域 Province/Region
Contracted
GFA sold
Contracted
sales
（平方米） （人民幣百萬元）
(.) (RMB million)
長三角地區 Yangtze River Delta Region
江蘇省 Jiangsu Province 550,974 4,921
浙江省 Zhejiang Province 118,778 1,018
安徽省 Anhui Province 51,388 208
上海市 Shanghai City 11,625 68
中西部地區 Central and Western Regions
湖北省 Hubei Province 207,503 1,074
河南省 Henan Province 142,971 688
重慶市 Chongqing City 162,400 1,190
湖南省 Hunan Province 69,549 420
四川省 Sichuan Province 56,526 236
新疆維吾爾自治區 Xinjiang Uygur Autonomous Region 61,168 458
雲南省 Yunnan Province 57,659 317
江西省 Jiangxi Province 61,855 402
山西省 Shanxi Province 31,141 148
貴州省 Guizhou Province 64,027 451
陝西省 Shaanxi Province 26,211 109
廣西壯族自治區 Guangxi Zhuang Autonomous Region 35,378 135
甘肅省 Gansu Province 4,272 20
青海省 Qinghai Province 20,105 152
內蒙古自治區 Inner Mongolia Autonomous Region 4,402 13
環渤海地區 Bohai Rim Region
山東省 Shandong Province 288,618 1,954
天津市 Tianjin City 192,331 2,197
河北省 Hebei Province 28,704 239
北京市 Beijing City 16,624 324
遼寧省 Liaoning Province 6,887 45
大灣區及其他地區 Greater Bay Area and Other Regions
廣東省 Guangdong Province 169,171 1,417
福建省 Fujian Province 95,546 1,065
合計 Total 2,535,813 19,270
28
新城發展控股有限公司 SEAZEN GROUP LIMITED
2025年年報 2025 ANNUAL REPORT
管理層討論與分析
Management Discussion and Analysis
可租售土地資源
本集團於2025年12月31日的可租售土地資源地
域分佈如下，其中可用於未來住宅銷售的土地
資源約2,815萬平方米：
表3：本集團的可租售土地資源明細
可租售面積
截至2025年
12月31日
累計簽約面積
省份╱區域 Province/Region
Rentable and
saleable area
Accumulative
contracted
area as at
31 December
2025
（平方米） （平方米）
(.) (.)
長三角地區 Yangtze River Delta Region
江蘇省 Jiangsu Province 23,036,537 16,995,672
浙江省 Zhejiang Province 4,521,517 3,160,099
安徽省 Anhui Province 4,153,626 2,899,962
上海市 Shanghai City 625,018 452,734
中西部地區 Central and Western Regions
湖北省 Hubei Province 7,136,150 4,525,913
湖南省 Hunan Province 6,558,065 3,724,921
雲南省 Yunnan Province 4,743,406 1,879,250
重慶市 Chongqing City 4,535,863 2,840,617
貴州省 Guizhou Province 4,175,931 1,583,965
河南省 Henan Province 4,203,867 2,575,704
四川省 Sichuan Province 2,468,479 1,780,400
廣西壯族自治區 Guangxi Zhuang Autonomous Region 1,267,010 965,888
陝西省 Shaanxi Province 1,758,271 1,112,552
山西省 Shanxi Province 2,697,236 1,714,420
新疆維吾爾自治區 Xinjiang Uygur Autonomous Region 2,163,292 1,099,671
江西省 Jiangxi Province 1,614,528 785,809
內蒙古自治區 Inner Mongolia Autonomous Region 1,278,406 863,361
寧夏回族自治區 Ningxia Hui Autonomous Region 599,832 435,946
青海省 Qinghai Province 574,629 379,033
甘肅省 Gansu Province 421,328 223,799
Rentable and Saleable Land Resources
The geographic spread of the rentable and saleable land resources of the
Group as at 31 December 2025 was as follows, among which the area
for future residential sales is about million .:
Table 3: Details of rentable and saleable land resources of the
Group
29
新城發展控股有限公司 SEAZEN GROUP LIMITED
2025年年報 2025 ANNUAL REPORT
管理層討論與分析
Management Discussion and Analysis
可租售面積
截至2025年
12月31日
累計簽約面積
省份╱區域 Province/Region
Rentable and
saleable area
Accumulative
contracted
area as at
31 December
2025
（平方米） （平方米）
(.) (.)
環渤海地區 Bohai Rim Region
山東省 Shandong Province 13,120,923 6,818,519
天津市 Tianjin City 4,658,470 3,407,017
河北省 Hebei Province 2,883,100 1,916,690
北京市 Beijing City 658,759 517,021
遼寧省 Liaoning Province 971,304 710,487
大灣區及其他地區 Greater Bay Area and Other Areas
廣東省 Guangdong Province 4,840,158 3,080,068
福建省 Fujian Province 1,071,778 453,039
合計 Total 106,737,483 66,902,559
投資性物業
本集團投資物業主要源於截至2025年12月31日
已開業的178座吾悅廣場，開業面積1,
萬平方米。
表4： 2025年本集團投資物業租金及管理費收
入明細
省份 Province 廣場數量 出租率
2025年租金及
管理費收入
2024年租金及
管理費收入
Number of
plazas
Occupancy
rate
Rental and
management
fee income
for 2025
Rental and
management
fee income
for 2024
人民幣千元 人民幣千元
RMB’000 RMB’000
江蘇 Jiangsu 44 % 3,542,402 3,335,528
浙江 Zhejiang 18 % 1,605,334 1,507,338
安徽 Anhui 14 % 937,030 883,395
陝西 Shaanxi 7 % 696,690 627,085
山東 Shandong 16 % 835,425 745,515
湖南 Hunan 6 % 394,183 408,094
Investment Properties
The Group’s investment properties were mainly deduced from the
178 Wuyue Plazas in operation as of 31 December 2025, with area in
operation amounted to million ..
Table 4: Details of rental and management fee income from
investment properties of the Group in 2025
30
新城發展控股有限公司 SEAZEN GROUP LIMITED
2025年年報 2025 ANNUAL REPORT
管理層討論與分析
Management Discussion and Analysis
省份 Province 廣場數量 出租率
2025年租金及
管理費收入
2024年租金及
管理費收入
Number of
plazas
Occupancy
rate
Rental and
management
fee income
for 2025
Rental and
management
fee income
for 2024
人民幣千元 人民幣千元
RMB’000 RMB’000
廣西 Guangxi 5 % 294,567 263,652
雲南 Yunnan 6 % 371,544 332,477
湖北 Hubei 8 % 613,869 544,970
江西 Jiangxi 4 % 270,935 266,820
四川 Sichuan 6 % 340,194 294,224
吉林 Jilin 2 % 205,826 182,747
海南 Hainan 1 % 154,256 169,172
天津 Tianjin 4 % 277,699 254,433
河北 Hebei 2 % 197,364 177,851
上海 Shanghai 3 % 184,636 163,470
貴州 Guizhou 2 % 135,514 116,819
青海 Qinghai 2 % 206,077 115,637
內蒙古 Inner Mongolia 2 % 90,260 79,060
福建 Fujian 3 % 202,851 161,355
遼寧 Liaoning 3 % 175,440 212,472
河南 Henan 6 % 324,119 167,102
寧夏 Ningxia 1 % 80,116 78,426
重慶 Chongqing 5 % 177,188 161,026
廣東 Guangdong 3 % 182,443 159,357
山西 Shanxi 1 % 131,911 113,090
甘肅 Gansu 1 % 113,090 97,380
新疆 Xinjiang 2 % 229,307 212,671
合計 Total 179 % 13,145,738 11,949,876
附註：
1、 上海包含上海新城控股大廈B座辦公樓出租情
況。
2、 租金收入包含租金、管理費、停車場、多種經
營及其他零星管理費收入。
3、 2025年1-12月，本公司商業運營總收入為人民
幣億元（即含稅租金收入），包含：商舖及
購物中心的租金、管理費、停車場、多種經營
及其他零星管理費收入。
4、 出租率為2025年12月31日當日商業物業出租情
況。
5、 2025年，吾悅廣場總銷售額人民幣970億元（不
含車輛銷售），同比增長%。
Notes:
1. The data of Shanghai includes the occupancy of the offices of Shanghai
Seazen Holdings Tower B.
2. Rental income includes rentals, management fee, carpark, various operation
and other sporadic management income.
3. The Company’s total commercial operating income from January to
December 2025 was billion (. tax-included rental income),
including: rentals, management fee, carpark, various operation and other
sporadic management income from shops and shopping centres.
4. The occupancy rate represents the occupancy of the commercial property on
31 December 2025.
5. In 2025, the retail sales of Wuyue Plazas was billion (excluding
vehicle sales), increased by % year-on-year.
31
新城發展控股有限公司 SEAZEN GROUP LIMITED
2025年年報 2025 ANNUAL REPORT
管理層討論與分析
Management Discussion and Analysis
財務回顧
營業額
本集團的營業額包括來自物業銷售、物業管
理、租金以及於年內提供其他相關服務而賺取
的收入。截至2025年12月31日止年度，本集團
的營業額為人民幣53,百萬元，同比截至
2024年12月31日止年度減少的原因是房地產行
業下行致地產業務收縮。
截至12月31日止年度
For the year ended
31 December
2025年 2024年
2025 2024
人民幣百萬元 人民幣百萬元
RMB million RMB million
物業銷售收入 Revenue from sale of properties 39, 76,
商業物業管理服務收入 Revenue from commercial property management services 6, 5,
租金收入 Rental income 6, 6,
其他收入 Other income 1, 1,
53, 89,
銷售及服務成本
銷售及服務成本主要包括本集團在物業開發活
動、租賃和物業管理以及其他業務中直接產生
的成本。銷售及服務成本包括土地使用權成
本、建築開支、資本化利息、稅金及附加費、
完工待售及在建銷售物業減值撥備及其他開
支。本集團截至2025年12月31日止年度的銷售
及服務成本約人民幣40,百萬元。
FINANCIAL REVIEW
Revenue
The Group’s revenue comprises income from sale of properties, property
management, rental and other related services earned during the year.
The Group’s revenue amounted to RMB53, million for the year
ended 31 December 2025. Such year-on-year decrease compared to
the year ended 31 December 2024 was attributable to the contraction in
the real estate industry due to the industry downturn.
Cost of Sales and Services
Cost of sales and services consists primarily of the costs the Group
incurred directly in relation to property development activities, leasing
and property management and other businesses. Cost of sales and
services includes land use rights costs, construction costs, capitalised
interest, tax and surcharges, provision for impairment of properties held
or under development for sale and other expenses. The Group’s cost of
sales and services for the year ended 31 December 2025 amounted to
approximately RMB40, million.
32
新城發展控股有限公司 SEAZEN GROUP LIMITED
2025年年報 2025 ANNUAL REPORT
管理層討論與分析
Management Discussion and Analysis
下表載列所示年度有關本集團銷售成本的資
料：
表5： 本集團銷售及服務成本明細
截至12月31日止年度
較2024年
同比變動
本集團銷售及服務成本明細
Details of the Group’s cost of
sales and services
For the year ended
31 December
Year-on-
year change
compared to
2024
2025年 2024年
2025 2024
人民幣千元 人民幣千元 %
RMB’000 RMB’000 %
土地使用權成本 Land use rights costs 13,437,165 23,395,605 -43
建築開支 Construction costs 22,218,443 41,175,629 -46
資本化利息 Capitalised interest 2,295,107 5,489,351 -58
稅金及附加費 Tax and surcharges 1,007,025 1,088,135 -7
完工待售及在建銷售物業減值
撥備
Provision for impairment of properties held
or under development for sale 1,151,418 1,635,020 -30
其他開支 Other expenses 625,548 1,458,374 -57
合計 Total 40,734,706 74,242,114 -45
已交付建築面積總額（平方米） Total GFA delivered (.) 6,295,183 9,854,354 -36
已售每平方米平均成本
（人民幣）（附註）
Average cost per . sold (RMB) (Note)
6,029 7,110 -15
已售每平方米平均售價
（人民幣）
Average selling price per . sold (RMB)
6,196 7,716 -20
平均成本佔平均售價的百分比 Average cost as percentage of average
selling price % % 6
附註： 已售每平方米的平均成本指本集團物業銷售
的平均成本（不包括本集團的租賃及物業管
理營運等），以年內土地使用權成本、建築
開支及資本化利息總和除以年內已交付建築
面積總額得出。
本集團按完工待售或在建銷售物業的成本高於
其可變現淨值的差額計提減值撥備，可變現淨
值為根據現行市況釐定在通常業務過程中的估
計銷售價，減預計至竣工需要產生的其他成本
及銷售時需產生的營銷成本確定。本集團計
提完工待售或在建銷售物業減值撥備人民幣
1,百萬元，與上年相比減少人民幣
百萬元。
The following table sets forth information relating to the Group’s cost of
sales for the years indicated:
Table 5: Details of the Group’s cost of sales and services
Note: Average cost per . sold refers to the average cost of the Group’s
property sales (excluding the Group’s leasing and property management
operations, etc.) and is derived by dividing the sum of land use rights
costs, construction costs and capitalized interest by the total GFA
delivered in that year.
The Group makes provision for impairment based on the difference
between the cost of properties held or under development for sale and
its net realisable value. Net realisable value is based on estimated selling
price in the ordinary course of business as determined with reference
to the prevailing market conditions, less further costs expected to be
incurred to completion and selling and marketing costs. The Group’s
provision for impairment of properties held or under development for sale
was RMB1, million, representing a decrease of million
from the previous year.
33
新城發展控股有限公司 SEAZEN GROUP LIMITED
2025年年報 2025 ANNUAL REPORT
管理層討論與分析
Management Discussion and Analysis
毛利
截至2025年12月31日止年度，本集團錄得毛利
約人民幣12,百萬元，毛利率%。毛
利率較上年的%提高個百分點，提高的
主要原因是毛利率較高的商業物業管理服務收
入和租賃收入在總收入中的佔比較上年提高。
投資物業公允價值虧損
本集團開發並持有若干商業物業，以賺取租金
收入或取得資本增值，例如購物廣場及停車位
等。本集團的投資物業每年由獨立物業估值師
進行評估。本集團投資物業的升值或貶值部份
於本集團合併損益表中確認為公允價值收益或
虧損。截至2025年12月31日止年度，投資物業
估值稅前損失約人民幣百萬元，主要由於
若干細分市場的部分投資物業受市場競爭加劇
的影響，導致估值略有下降。
金融資產減值虧損淨額
截至2025年12月31日止年度，金融資產減值虧
損淨額約人民幣百萬元，同比截至2024
年12月31日止年度減少%，主要受貿易及
其他應收款、債務投資等規模和可回收性的綜
合影響。
銷售及營銷成本
銷售及營銷成本由截至2024年12月31日止年度
約人民幣4,百萬元下降%至截至2025
年12月31日止年度約人民幣1,百萬元，
主要因為銷售佣金、廣告宣傳費、職工薪酬等
減少。
行政開支
行政開支由2024年12月31日止年度約人民幣
3,百萬元下降%至截至2025年12月
31日止年度約人民幣2,百萬元，主要是因
為節約開支。
Gross Profit
The Group recorded a gross profit of approximately RMB12, million
with a gross profit margin of % for the year ended 31 December
2025. The gross profit margin increased by percentage points
compared to % of the last year, mainly attributable to the higher
proportion of revenue from commercial property management services
and revenue from leasing with higher gross profit margins to total revenue
as compared to the previous year.
Fair Value Losses on Investment Properties
The Group develops and holds certain of its commercial properties
such as shopping malls and carparks for rental income or capital
appreciation. The Group’s investment properties are appraised annually
by an independent property valuer. Any appreciation or depreciation in
the Group’s investment property value is recognized as fair value gains
or losses in the Group’s consolidated statements of profit or loss. For the
year ended 31 December 2025, valuation loss on investment properties
was approximately million before tax, mainly because some
investment properties in certain market segments experienced a slight
decline in valuation due to intensified market competition.
Net Impairment Losses on Financial Assets
For the year ended 31 December 2025, the net impairment losses
on financial assets amounted to approximately million,
representing a year-on-year decrease of % compared to the year
ended 31 December 2024, mainly attributable to the combined effect
of the scale and recoverability of trade and other receivables, debt
investments, and others.
Selling and Marketing Costs
Selling and marketing costs decreased by %, to approximately
RMB1, million for the year ended 31 December 2025 from
approximately RMB4, million for the year ended 31 December
2024, which was primarily attributable to the decrease in sales
commission, advertising and publicity costs, and staff payroll etc.
Administrative Expenses
Administrative expenses decreased by % from approximately
RMB3, mil l ion for the year ended 31 December 2024 to
approximately RMB2, million for the year ended 31 December
2025, mainly because of the reduction of costs.
34
新城發展控股有限公司 SEAZEN GROUP LIMITED
2025年年報 2025 ANNUAL REPORT
管理層討論與分析
Management Discussion and Analysis
所得稅開支
本集團的所得稅開支包括年內土地增值稅撥
備、中國企業所得稅和遞延所得稅。截至2025
年12月31日止年度，本集團錄得所得稅開支約
人民幣3,百萬元，與截至2024年12月31
日止年度約人民幣3,百萬元基本持平。
年度利潤
截至2025年12月31日止年度，歸屬於本公司權
益持有人的淨利潤約人民幣百萬元，同
比截至2024年12月31日止年度下降%，變
動主要受營業額、銷售及服務成本、銷售及營
銷成本、行政開支、金融資產減值虧損淨額、
所得稅開支等的綜合影響。
為補充根據香港財務報告準則編製及呈列的合
併財務報表，我們採用非香港財務報告準則 經
調整歸屬於本公司權益持有人的核心盈利作為
額外財務計量。歸屬於本公司權益持有人的核
心盈利為一項非香港財務報告準則計量，有助
評估本集團核心業務營運的財務表現，其主
要排除歸屬於本公司權益持有人以下項目的影
響：(i)投資物業及金融資產公允價值虧損約人
民幣百萬元；(ii)與借款及金融資產有關的
未變現外匯收益約人民幣百萬元；及(iii)收
購處置子公司等的損失約人民幣百萬元。
Income Tax Expense
The Group’s income tax expense includes provisions made for land
appreciation tax, PRC corporate income tax and deferred income tax
during the year. For the year ended 31 December 2025, the Group
recorded an income tax expense of approximately RMB3, million,
generally on par with approximately RMB3, million for the year
ended 31 December 2024.
Profit for the Year
Net profit attributable to equity holders of the Company amounted to
approximately million for the year ended 31 December 2025,
representing a year-on-year decrease of % compared to the year
ended 31 December 2024, the change was mainly due to the combined
effect of, among others, revenue, cost of sales and services, selling and
marketing expenses, administrative expenses, net impairment losses on
financial assets, and income tax expense etc.
To supplement the consolidated financial statements prepared and
presented in accordance with HKFRS, we use the non-HKFRS adjusted
core earnings attributable to the equity holders of the Company as an
additional financial measure. The core earnings attributable to the equity
holders of the Company is a non-HKFRS measure that helps assess the
financial performance of the Group’s core business operations. It mainly
excludes the impact of the following items attributable to the equity
holders of the Company: (i) fair value losses of approximately
million on investment properties and financial assets; (ii) unrealized
foreign exchange gains relating to borrowings and financial assets
of approximately million; and (iii) losses on acquisition and
disposal of subsidiaries and others of approximately million.
35
新城發展控股有限公司 SEAZEN GROUP LIMITED
2025年年報 2025 ANNUAL REPORT
管理層討論與分析
Management Discussion and Analysis
董事會認為，排除上述屬非經常性質且未能反
映本集團於報告期間的經營表現的項目，將有
助於本公司股東（「股東」）及潛在投資者評估本
集團核心業務的財務表現。
然而，使用非香港財務報告準則計量作為分析
工具有局限性，故不應將其與根據香港財務報
告準則所報告的經營業績或財務狀況的分析分
開考慮或予以取代。此外，其他公司所用的類
似詞彙可能會對該非香港財務報告準則計量有
不同定義，因此可能無法與其他公司使用的類
似計量進行比較。
歸屬於本公司權益持有人的淨利潤與非香港財
務報告準則經調整核心盈利的對賬如下：
截至12月31日止年度
For the year ended
31 December
2025年 2024年
2025 2024
人民幣百萬元 人民幣百萬元
RMB million RMB million
歸屬於本公司權益持有人的淨利
潤（香港財務報告準則計量）
Net profit attributable to equity holders
of the Company (HKFRS measure)
加：投 資物業及金融資產
公允價值虧損
Add: Fair value losses on the investment properties
and financial assets
與借款及金融資產
有關的未變現外匯
（收益）╱虧損
Unrealized foreign exchange (gains)/losses
relating to borrowings and financial assets
()
收購處置子公司等
的損失
Losses on acquisition and disposal of subsidiaries
and others
歸屬於本公司權益持有人的
核心盈利（非香港財務報告
準則計量）
Core earnings attributable to equity holders of
the Company (non-HKFRS measure)
The Board believes that the exclusion of the above items, which are
of a non-recurring nature and do not reflect the Group’s operating
performance during the Reporting Period, will help the shareholders of
the Company (the “Shareholders”) and potential investors assess the
financial performance of the Group’s core business.
However, there are limitations on the adoption of non-HKFRS measure as
an analytical tool, as such it should not be considered separately from or
used to replace the analysis of the operating results or financial position
reported in accordance with HKFRS. In addition, similar terms used
by other companies may have different definitions of this non-HKFRS
measure and therefore may not be comparable to similar measures
adopted by other companies.
A reconciliation of the net profit attributable to the equity holders of the
Company and the non-HKFRS adjusted core earnings is as follows:
36
新城發展控股有限公司 SEAZEN GROUP LIMITED
2025年年報 2025 ANNUAL REPORT
管理層討論與分析
Management Discussion and Analysis
財務狀況
本集團的借款包括銀行及非銀行金融機構的
貸款、中期票據、企業債券、證券化安排下
的融資及優先票據。於2025年12月31日，本
集團的借款總額約為人民幣億元，在手
現金約為人民幣億元*。淨負債權益比率
**為%，剔除預收款後的資產負債率***為
%。
本集團截至2025年12月31日止的長期借款佔
總借款的比重為%，確保了本集團未來現
金流的健康穩定。董事會相信，本集團負債水
平和財務結構的持續優化為本集團抵禦市場波
動、減低財務風險奠定了良好基礎。
本集團借款的加權平均借貸成本為年利率
%；非抵押借款佔總借款比例為%。
抵押債務金額為人民幣億元。抵押債務
由以下一種或幾種方式的組合擔保：物業、廠
房及設備、投資物業、完工待售或在建銷售物
業，使用權資產及子公司股權等。本集團的銀
行借款向主要商業銀行（全部為獨立第三方）借
入。
一年內到期借款為人民幣億元，佔總借
款比例為%。借款的到期組別如下：
於12月31日
As at 31 December
2025年 2024年
借款年限 Borrowing terms 2025 2024
人民幣百萬元 人民幣百萬元
RMB million RMB million
1年以內 Within 1 year 14, 16,
1年以上但未超過2年 Over 1 year but within 2 years 8, 9,
2年以上但未超過5年 Over 2 years but within 5 years 17, 12,
5年以上 Over 5 years 14, 19,
54, 57,
* 其中受限資金約人民幣億元，主要為預售
監管資金，按揭貸款保證金等。
** 淨負債權益比率=期末淨負債╱總權益。淨負債
=總借款–（應付利息+現金及現金等價物+受限
制現金）。
*** 剔除預收款後的資產負債率=（總負債–預收款
項–合同負債）╱（總資產–預收款項–合同負
債）。
Financial Position
The Group’s borrowings include loans from banks and non-bank financial
institutions, medium-term notes, corporate bonds, financing under
securitization arrangements and senior notes. As at 31 December 2025,
the total borrowings of the Group amounted to approximately
billion and cash on hand amounted to approximately billion*.
Net debt-to-equity ratio** was %, and the debt-to-asset ratio
excluding advances received*** was %.
As of 31 December 2025, the proportion of long-term borrowings to total
borrowings of the Group was %, ensuring the healthy and stable
future cash flow of the Group. The Board believes that the continuous
optimisation of the Group’s debt level and financial structure has laid a
solid foundation for the resilience to the market fluctuations and mitigation
of financial risks.
The weighted average borrowing cost of the Group’s borrowings was
% per annum; the unsecured borrowings accounted for %
of the total debt amounted to billion.
Secured debt were secured by one or a combination of the following
methods: property, plant and equipment, investment properties, property
held or under development for sale, right-of-use assets and shareholding
in subsidiaries. The Group’s bank borrowings are from major commercial
banks, all of which are independent third parties.
Borrowings due within one year amounted to billion,
accounting for % of the total borrowings. The maturity groupings of
the borrowings are as follows:
* Among which, the restricted funds amounted to billion, which
mainly comprises pre-sale regulatory funds and security for mortgage loans.
** Net debt-to-equity ratio = net debts/total equity at the end of the period. Net
Debts = total borrowings – (interests payable + cash and cash equivalents +
restricted cash).
*** The debt-to-asset ratio excluding advances received = (total debt–advances-
contract liabilities)/(total assets–advances-contract liabilities).
37
新城發展控股有限公司 SEAZEN GROUP LIMITED
2025年年報 2025 ANNUAL REPORT
管理層討論與分析
Management Discussion and Analysis
2025年，本公司成功發行億美元債，票息
%，期限3年。子公司新城環球有限公
司（「新城環球」）成功發行億美元債，票息
%，期限2年。
2025年，本集團在境內成功發行共計人民幣
億元中期票據，票息介乎%至4%之
間，期限5年。
於2025年12月31日，本集團持有現金結餘情況
如下：
於12月31日
As at 31 December
2025年 2024年
現金結餘 Cash balances 2025 2024
人民幣百萬元 人民幣百萬元
RMB million RMB million
以人民幣計價 Denominated in RMB 6, 10,
以港幣計價 Denominated in HKD
以美元計價 Denominated in USD
6, 10,
或然負債
根據按揭合約，銀行要求本集團向買家的按揭
貸款提供擔保。本集團的擔保期通常自授出按
揭日期開始。預售住宅物業按揭擔保一般於
下列最早者解除：(i)政府機關向買家發放房地
產所有權證時；或(ii)買家結清物業的按揭貸款
時。本集團已就授予本集團物業購買者的按揭
貸款融資向金融機構提供擔保。
於2025年12月31日，本集團就給予本集團的
物業買家的按揭貸款融資而向金融機構提供擔
保的或然負債約為人民幣11,百萬元（於
2024年12月31日：約人民幣21,百萬元）。
In 2025, the Company successfully issued USD350 million senior notes
with a coupon rate of % and a maturity period of 3 years. New
Metro Global Limited (新城環球有限公司) (“New Metro Global”), our
subsidiary, successfully issued USD160 million senior notes with a
coupon rate of % and a maturity period of 2 years.
In 2025, the Group successfully issued domestic medium-term notes
totaling billion, with coupon rates ranging from % to 4%
and a maturity period of 5 years.
As at 31 December 2025, the cash balances held by the Group are as
follows:
Contingent Liabilities
Pursuant to the mortgage contracts, banks require the Group to
guarantee its purchasers’ mortgage loans. The Group’s guarantee period
typically starts from the date of the grant of the mortgage. Guarantees
for mortgages on pre-sold residential properties are generally discharged
at the earlier of: (i) the issue of the real estate ownership certificate
by government authorities to the purchasers; or (ii) the satisfaction of
mortgage loans by the purchasers of the properties. The Group has
provided guarantees to financial institutions for mortgage loan facilities
granted to purchasers of the Group’s properties.
As at 31 December 2025, the Group’s contingent liabilities in respect
of the guarantees given to the financial institutions for mortgage loan
facilities granted to purchasers of the Group’s properties amounted
to approximately RMB11, million (as at 31 December 2024:
approximately RMB21, million).
38
新城發展控股有限公司 SEAZEN GROUP LIMITED
2025年年報 2025 ANNUAL REPORT
管理層討論與分析
Management Discussion and Analysis
於2025年12月31日，本公司的子公司就借款相
互提供若干企業擔保。董事認為本公司的子公
司有足夠財務資源償付其債務。
於2025年12月31日，本集團以持有的部分合聯
營股權為該合聯營公司的借款提供質押擔保。
於2025年12月31日，本集團向其合營企業及
聯營公司提供人民幣1,百萬元之擔保（於
2024年12月31日：人民幣2,百萬元）。
除本年報所披露者外，本集團於2025年12月31
日並無其他重大或然負債。
所持重大投資、重大收購及出售
於2025年12月31日，本集團並無持有任何重大
投資。
截至2025年12月31日止年度，本集團並無任何
重大收購或出售子公司、聯營公司或資產。
重大投資或資本資產的未來計劃
董事確認，於本年報日期，除本集團在物業發
展的日常業務外，目前並無意收購任何重大投
資或資本資產。
僱員及薪酬政策
於2025年12月31日，本集團在中國及香港僱用
18,954名全職僱員。
本集團依據員工個人表現、工作經驗和現行市
場薪金水平釐定全體員工（包括董事）的薪酬組
合，並參照個人的優勢和潛力進行提撥。員工
的薪酬組合包括基本薪金、現金花紅及以股份
為基礎的報酬。本集團已訂立每年覆核表現系
統，用以評估僱員的表現，並按此釐定是否增
加其薪金及升職。
As at 31 December 2025, there were certain corporate guarantees
provided by the Company’s subsidiaries for each other in respect of
borrowings. The Directors considered that the Company’s subsidiaries
are sufficiently and financially resourceful to settle their obligations.
As at 31 December 2025, the Group provided pledge guarantee for the
borrowings of such joint ventures and associates with equity held by the
Group. As at 31 December 2025, the Group provided guarantee with the
amount of RMB1, million (as at 31 December 2024: RMB2,
million) to its joint ventures and associates.
Save as those disclosed in this annual report, the Group had no other
material contingent liabilities as at 31 December 2025.
Significant Investments Held, Material Acquisition and
Disposal
As at 31 December 2025, the Group did not hold any significant
investments.
During the year ended 31 December 2025, the Group did not have any
material acquisition or disposal of subsidiaries, associates or assets.
Future Plans for Material Investment or Capital Assets
The Directors confirmed that as at the date of this annual report, there
are no current plans to acquire any material investment or capital assets
other than in the Group’s ordinary business of property development.
Employees and Compensation Policy
As at 31 December 2025, the Group had 18,954 full-time employees in
the PRC and Hong Kong.
The Group determines the remuneration packages of all employees
(including the Directors) based on their performance, work experience
and the prevailing market wage level, and provides promotional
opportunities for them with reference to their individual strengths and
potentials. The remuneration package of the employees consists of
basic salary, cash bonus and share-based payments. The Group has
established a performance appraisal system so as to evaluate the
performance of its employees on an annual basis and use the evaluation
results to determine their salary increment or promotion accordingly.
39
新城發展控股有限公司 SEAZEN GROUP LIMITED
2025年年報 2025 ANNUAL REPORT
管理層討論與分析
Management Discussion and Analysis
報告期內重大事項
非執行董事辭任及委任執行董事
於2025年3月28日，本公司宣佈，章晟曼先生
因欲投放更多時間在其他事務，故已辭任非執
行董事及董事會環境、社會及管治委員會（「環
境、社會及管治委員會」）成員職務，自2025年
4月1日起生效。此外，本公司宣佈委任周福東
先生為執行董事及環境、社會及管治委員會成
員，自2025年4月1日起生效。根據上市規則及
本公司組織章程細則，周先生已於2025年5月8
日舉行的股東週年大會上退任，並於上述股東
大會上獲股東重選為執行董事。有關詳情，請
參閱本公司日期為2025年3月28日及2025年5
月8日的公告及本公司日期為2025年4月17日的
通函。
發行優先票據
於報告期內，本公司完成發行將於2028年6月
26日到期的本金總額350,000,000美元%
優先票據。於2025 年9月30日，本公司的附屬
公司，新城環球完成發行將於2027年9月30日
到期的本金總額160,000,000 美元%優
先票據。有關詳情，請參閱本公司日期為2025
年6月12日、2025年6月30日及2025年9月23日
的公告。
回購優先票據
作為本集團積極管理其資產負債表負債及優化
其債務結構策略的一部分，本集團回購以下優
先票據：
於2025年6月27日，本公司的附屬公司，新城
環球已接納並回購其發行的50,000,000美元的
2025年10月優先票據，該等票據已於2025年
6月27日註銷。註銷後，2025年10月優先票據
的未償還本金總額為250,000,000美元並已於
到期日償付。有關詳情，請參閱本公司日期為
2025年6月12日、2025年6月13日、2025年6
月25日及2025年6月27日的公告。
於2025年6月27日，本公司已接納並回購其
發行的158,864,000美元的2025年7月優先票
據，該等票據已於2025年6月27日註銷。註銷
後，2025年7月優先票據的未償還本金總額為
141,136,000美元並已於到期日償付。有關詳
情，請參閱本公司日期為2025年6月12日、
2025年6月25日及2025年6月27日的公告。
MATERIAL EVENTS DURING THE REPORTING
PERIOD
Resignat ion of Non-Execut ive D i rector and
Appointment of Executive Director
On 28 March 2025, the Company announced that Mr. Zhang Shengman
has resigned as a non-executive Director and a member of the
environmental, social and governance committee of the Board (the “ESG
Committee”) due to his desires to devote more time to other endeavours
with effect from 1 April 2025. Further, the Company announced the
appointment of Mr. Zhou Fudong as an executive Director and a member
of the ESG Committee, with effect from 1 April 2025. In accordance with
the Listing Rules and the Company’s Articles of Association, Mr. Zhou
retired at the annual general meeting held on 8 May 2025 and he was re-
elected as an executive Director by the Shareholders at the said general
meeting. For details, please refer to the announcements of the Company
dated 28 March 2025 and 8 May 2025 and the circular of the Company
dated 17 April 2025.
Issue of Senior Notes
During the Reporting Period, the Company completed the issuance
of the % senior notes in the aggregate principal amount of
US$350,000,000 which will mature on 26 June 2028. On 30 September
2025, New Metro Global, a subsidiary of the Company completed the
issuance of the % senior notes in the aggregate principal amount of
US$160,000,000 which will mature on 30 September 2027. For details,
please refer to the announcements of the Company dated 12 June 2025,
30 June 2025 and 23 September 2025.
Repurchase of Senior Notes
As part of the Group’s strategies to actively manage its balance sheet
liabilities and optimize its debt structure, the Company repurchased the
following senior notes:
On 27 June 2025, New Metro Global, a subsidiary of the Company, has
accepted and repurchased its issued US$50,000,000 of the October
2025 Senior Notes, which were cancelled on 27 June 2025. Upon
cancellation, principal amount of US$250,000,000 in aggregate of the
October 2025 Senior Notes remained outstanding and were settled
on maturity date. For details, please refer to the announcements of the
Company dated 12 June 2025, 13 June 2025, 25 June 2025 and 27
June 2025.
On 27 June 2025, the Company has accepted and repurchased its
issued US$158,864,000 of the July 2025 Senior Notes, which were
cancelled on 27 June 2025. Upon the cancellation, principal amount of
US$141,136,000 in aggregate of the July 2025 Senior Notes remained
outstanding and were settled on maturity date. For details, please refer to
the announcements of the Company dated 12 June 2025, 25 June 2025
and 27 June 2025.
40
新城發展控股有限公司 SEAZEN GROUP LIMITED
2025年年報 2025 ANNUAL REPORT
管理層討論與分析
Management Discussion and Analysis
報告期後事項
關連交易－出售子公司
於2026年1月20日，新城晉峰資本投資管理有
限公司（本公司的全資子公司）（「SRCIM」）與
晉峰資本控股有限公司（「Resocore」，由王
曉松先生及本公司控股股東王先生的聯繫人
Wang Kelly女士間接全資擁有的公司）訂立兩
項股份轉讓協議（「轉讓協議」），據此，SRCIM
向Resocore出售新城晉峰資產管理有限公司的
全部已發行股本及新城晉峰證券有限公司的全
部已發行股本，代價分別為25,230,000港元及
62,820,000港元（「出售事項」）。有關出售事項
的詳情，請參閱本公司日期為2026年1月20日
的公告。
2026年2月配售現有股份及根據一般
授權先舊後新認購新股份
於2026年2月5日，富域香港投資有限公司（「富
域香港」）、本公司、Citigroup Global Markets
Limited（「Citi」）、中國國際金融香港證券有限
公司（「中金公司」）及華泰金融控股（香港）有
限公司（「華泰」，連同Citi及中金公司統稱「配
售代理」）訂立配售及認購協議（「配售及認購
協議」），據此：(a)富域香港同意委聘配售代
理作為代理，而配售代理同意個別（而非共同
或共同及個別）盡最大努力促使不少於六名買
方按配售價每股股份港元（「配售價」）購買
198,000,000股現有股份（「銷售股份」）；及(b)
富域香港同意認購，而本公司同意按認購價
每股股份港元（與配售價相同）向富域香港
配發及發行新股份（股份數目應與富域香港根
據配售及認購協議實際出售的銷售股份數目相
同）（「認購股份」）。認購價淨額（扣除本公司
承擔的所有相關成本及開支後）估計約為每股
港元。股份於2026年2月4日（即公告日期
前的最後完整交易日）在聯交所所報收市價每
股港元。認購股份的總面值為198,000港
元。配售銷售股份已於2026年2月9日完成，而
本公司於2026年2月11日根據於2025年5月8日
舉行的本公司股東週年大會上通過的一項決議
案授予董事的一般授權向富域香港配發及發行
198,000,000股認購股份（「認購事項」）。
EVENTS AFTER THE REPORTING PERIOD
Connected transaction – Disposal of Subsidiaries
On 20 January 2026, Seazen Resources Capital Investment Management
Limited (新城晉峰資本投資管理有限公司) (a wholly-owned subsidiary of
the Company) (“SRCIM”) entered into two share transfer agreements (the
“Transfer Agreements”) with Resocore Capital Hong Kong Investments
Limited (晉峰資本控股有限公司) (“Resocore”) (a company indirectly
wholly-owned by Ms. Wang Kelly, an associate of Mr. Wang Xiaosong
and Mr. Wang, Controlling Shareholder of the Company), pursuant to
which SRCIM sold to Resocore, the entire issued share capital of the
Seazen Resources Asset Management Limited (新城晉峰資產管理有限
公司) and the entire issued share capital of Seazen Resources Securities
Limited (新城晉峰證券有限公司) at the consideration of HK$25,230,000
and HK$62,820,000, respectively (the “Disposals”). For details of the
Disposals, please refer to the announcement of the Company dated 20
January 2026.
Placing of Existing Shares and Top-up Subscription of
New Shares under General Mandate in February 2026
On 5 February 2026, Wealth Zone Hong Kong Investments Limited
(“Wealth Zone Hong Kong”), the Company, Citigroup Global Markets
Limited (“Citi”), China International Capital Corporation Hong Kong
Securities Limited (“CICC”)and Huatai Financial Holdings (Hong Kong)
Limited (“Huatai”, together with Citi and CICC, the “Placing Agents”)
entered into the placing and subscription agreement (the “Placing and
Subscription Agreement”), pursuant to which: (a) Wealth Zone Hong
Kong agreed to appoint the Placing Agents as agents, and the Placing
Agents agreed to procure, on a several (and not joint or joint and several)
and best effort basis, not less than six purchasers to purchase the
198,000,000 existing shares (the “Sale Shares”) at the placing price
(the “Placing Price”) of per share; and (b) Wealth Zone Hong
Kong agreed to subscribe for, and the Company agreed to allot and
issue to Wealth Zone Hong Kong, the new shares (which shall be the
same number as the number of the Sale Shares actually sold by Wealth
Zone Hong Kong pursuant to the Placing and Subscription Agreement)
(the “Subscription Shares”) at the subscription price of per
share (which is the same as the Placing Price). The net subscription price
(after deducting all related costs and expenses borne by the Company)
is estimated to be approximately HK$ per share. The closing price
of the shares as quoted on the Stock Exchange on 4 February 2026,
being the last full trading day prior to the date of the announcement, was
HK$ per share. The aggregate nominal value of the Subscription
Shares is HK$198,000. The completion of the placing of the Sale Shares
took place on 9 February 2026, and the Company allotted and issued
198,000,000 Subscription Shares to Wealth Zone Hong Kong on 11
February 2026 (the “Subscription”) under the general mandate granted
to the Directors pursuant to a resolution passed at the annual general
meeting of the Company held on 8 May 2025.
41
新城發展控股有限公司 SEAZEN GROUP LIMITED
2025年年報 2025 ANNUAL REPORT
管理層討論與分析
Management Discussion and Analysis
本公司已收取認購事項所得款項淨額總額約
百萬港元。董事認為，配售及認購將加
強本集團的財務狀況及流動性，並為本集團的
未來發展、償還本公司日後到期的債務為本集
團提供資金及用作本集團一般營運資金。本公
司擬將認購事項所得款項淨額用於本集團的未
來發展、償還本公司日後到期的債務及用作本
集團一般營運資金。有關進一步詳情，請參閱
本公司日期分別為2026年2月5日及2026年2月
11日的公告。
發行優先票據
於2026年3月9日，新城環球完成發行將於
2029年3月9日到期的本金總額355,000,000美
元%優先票據。有關發行的詳情，請參閱
本公司日期為2026年2月26日及2026年3月10
日的公告。
回購優先票據
作為本集團積極管理其資產負債表負債及優化
其債務結構策略的一部分，本集團回購以下優
先票據：
於2026年3月11日，新城環球已接納並回購
其發行167,978,000美元的2026年5月優先票
據，該等票據已於2026年3月10日註銷。註銷
後，2026年5月優先票據的未償還本金總額為
236,022,000美元。有關詳情，請參閱本公司
日期為2026年2月26日、2026年3月6日及2026
年3月11日的公告。
於2026年3月11日，新城環球已接納並回購
其發行65,973,000美元的2027年9月優先票
據，該等票據已於2026年3月10日註銷。註銷
後，2027年9月優先票據的未償還本金總額為
94,027,000美元。有關詳情，請參閱本公司日
期為2026年2月26日、2026年3月6日及2026年
3月11日的公告。
執行董事辭任
呂小平先生由於需要投放更多時間及精力於其
他事務上，故辭任本公司執行董事、行政總裁
及環境、社會及管治委員會成員，自2026年3
月16日起生效。有關詳情，請參閱本公司日期
為2026年3月16日的公告。
除上文所披露者外，於報告期末至本年報日
期，本集團並無任何重大事件。
The Company received total net proceeds from the Subscription of
approximately HK$ million. The Directors are of the view that
the placing and subscription will strengthen the financial position and
liquidity of the Group and provide funding to the Group for the future
development of the Group, the repayment of the Company’s debts when
they fall due in the future and as general working capital of the Group.
The Company intends to use the net proceeds from the Subscription
for future development of the Group, the repayment of the Company’s
debts when they fall due in the future and as general working capital of
the Group. For further details, please refer to the announcements of the
Company dated 5 February 2026 and 11 February 2026, respectively.
Issue of Senior Notes
On 9 March 2026, New Metro Global completed the issuance
of the % senior notes in the aggregate principal amount of
US$355,000,000 which will mature on 9 March 2029. For details of the
issuance, please refer to the announcements of the Company dated 26
February 2026 and 10 March 2026.
Repurchase of Senior Notes
As part of the Group’s strategies to actively manage its balance sheet
liabilities and optimize its debt structure, the Company repurchased the
following senior notes:
On 11 March 2026, New Metro Global has accepted and repurchased
its issued US$167,978,000 of the May 2026 Senior Notes, which were
cancelled on 10 March 2026. Upon cancellation, principal amount of
US$236,022,000 in aggregate of the May 2026 Senior Notes remained
outstanding. For details, please refer to the announcements of the
Company dated 26 February 2026, 6 March 2026 and 11 March 2026.
On 11 March 2026, New Metro Global has accepted and repurchased
its issued US$65,973,000 of the September 2027 Senior Notes, which
were cancelled on 10 March 2026. Upon cancellation, principal amount
of US$94,027,000 in aggregate of the September 2027 Senior Notes
remained outstanding. For details, please refer to the announcements
of the Company dated 26 February 2026, 6 March 2026 and 11 March
2026.
Resignation of Executive Director
Mr. Lv Xiaoping has resigned as an executive Director, the chief executive
officer and a member of the ESG Committee of the Company with effect
from 16 March 2026, due to his desires to devote more time and effort
to other endeavours. For details, please refer to the announcement of the
Company dated 16 March 2026.
Save as disclosed above, the Group did not have any significant events
as at the end of the Reporting Period and up to the date of this annual
report.
42
新城發展控股有限公司 SEAZEN GROUP LIMITED
2025年年報 2025 ANNUAL REPORT
董事
Directors
執行董事
陸忠明先生（「陸先生」），54歲，於2016年1月
獲委任為本公司執行董事及提名委員會（「提名
委員會」）成員，並於2020年11月獲委任為本
公司環境、社會及管治委員會成員。彼現為本
公司的首席財務官，監管本集團的會計和融資
部。陸先生在江蘇新城地產股份有限公司（「江
蘇新城」）於上海證券交易所（「上交所」）上市後
於2001年加盟本集團，並自2002年起任江蘇新
城財務總經理。自2010年起，陸先生一直為江
蘇新城董事和新城萬博置業有限公司副總裁，
並於2011年至2014年12月任新城控股集團股
份有限公司（「新城控股」）的副總裁及2015年12
月至2025年5月擔任新城控股監事並於2018年
4月至2025年5月擔任監事會主席。新城控股目
前於上交所上市（股票代號：601155），而江蘇
新城先前於上交所上市（股票代號：900950），
兩者均為本公司的子公司。於2018年4月至
2025年10月，陸先生擔任新城悅服務集團有限
公司（香港聯合交易所有限公司（「聯交所」）主
板上市公司（股份代號：1755））（「新城悅」）的
非執行董事。陸先生於1999年在南京財經學院
完成會計學業，及於2013年畢業於同濟大學，
取得工商管理碩士學位。於加盟本集團前，陸
先生於1998年至2001年曾任江蘇五菱柴油機股
份有限公司（由新城控股於2001年收購）的財務
審核部副部長。
EXECUTIVE DIRECTORS
Mr. Lu Zhongming (“Mr. Lu”), aged 54, was appointed as an executive
Director and a member of the nomination committee of the Company
(the “Nomination Committee”) in January 2016, and was appointed
as a member of the ESG Committee in November 2020. He is currently
the chief financial officer of the Company, overseeing the accounting
and finance functions of the Group. Mr. Lu joined the Group in 2001
after Jiangsu Seazen Co., Ltd* (江蘇新城地產股份有限公司) (“Jiangsu
Seazen”), acquired its listing status on the Shanghai Stock Exchange (the
“SSE”) and has served as the finance general manager of Jiangsu Seazen
since 2002, a director of Jiangsu Seazen and a vice president of Future
Land Wanbo Property Co., Ltd. since 2010, the vice president of Seazen
Holdings Co., Ltd.* (新城控股集團股份有限公司) (“Seazen Holdings”)
between 2011 and December 2014 and a supervisor of Seazen Holdings
between December 2015 and May 2025, and served as the chairman
of supervisory committee between April 2018 and May 2025. Seazen
Holdings is currently listed on the SSE (stock code: 601155) and Jiangsu
Seazen was previously listed on the SSE (stock code: 900950), both
of which are subsidiaries of the Company. Between April 2018 and
October 2025, Mr. Lu has served as a non-executive director of S-Enjoy
Service Group Co., Limited, a listed company on the Main Board of The
Stock Exchange of Hong Kong Limited (the “Stock Exchange”) (stock
code: 1755) (“S-Enjoy Service”). Mr. Lu completed his accounting
study in Nanjing Institute of Finance & Economics (南京財經學院) in
1999, and obtained his master’s degree in business administration from
Tongji University (同濟大學) in 2013. Prior to joining the Group, Mr. Lu
served as the deputy head of finance and audit department of Jiangsu
Wuling Diesel Engine Holdings Co., Ltd* (江蘇五菱柴油機股份有限公司)
(acquired by Seazen Holdings in 2001) between 1998 and 2001.
43
新城發展控股有限公司 SEAZEN GROUP LIMITED
2025年年報 2025 ANNUAL REPORT
董事
Directors
周福東先生（「周先生」），46歲，於2025年4月1
日獲委任為執行董事及ESG委員會委員。周先
生自2013年6月起加入本公司，並先後擔任財
務管理部助理總經理、副總經理及總經理等。
彼現時亦為本公司若干子公司的董事。在加入
本集團之前，周先生曾於2005年8月至2012年
10月歷任普華永道中天會計師事務所有限公司
的審計員、高級審計員及審計經理，於2012年
11月至2013年5月擔任天職國際會計師事務所
（特殊普通合夥）上海分所的高級審計經理。周
先生於2002年獲得中國同濟大學的工學學士學
位，並於2005年獲得該校的工學碩士學位。周
先生自2009年12月起成為中國註冊會計師。
周先生於2025年3月26日取得上市規則第
條所指的法律意見，並確認彼知悉其作
為董事的責任。
Mr. Zhou Fudong (“Mr. Zhou”), aged 46, was appointed as the
executive Director and a member of the ESG Committee on 1 April
2025. Mr. Zhou has served in the Company since June 2013, and has
consecutively served as the assistant general manager, deputy general
manager and general manager of the Financial Management Department,
etc. He is also currently a director of several subsidiaries of the Company.
Prior to joining the Group, Mr. Zhou successively served as the auditor,
the senior auditor and the audit manager at PricewaterhouseCoopers
Zhong Tian CPAs Limited Company (普華永道中天會計師事務所有限公
司) from August 2005 to October 2012, and the senior audit manager at
the Shanghai branch of Baker Tilly China Certified Public Accountants (天
職國際會計師事務所（特殊普通合夥）上海分所) from November 2012
to May 2013. Mr. Zhou obtained a bachelor’s degree in engineering
from Tongji University in the PRC in 2002, and subsequently a master’s
degree in engineering from the same university in 2005. Mr. Zhou has
been a certified public accountant in the PRC since December 2009.
Mr. Zhou obtained the legal advice referred to in Rule of the Listing
Rules on 26 March 2025 and confirmed that he understood his obligation
as a Director.
44
新城發展控股有限公司 SEAZEN GROUP LIMITED
2025年年報 2025 ANNUAL REPORT
董事
Directors
NON-EXECUTIVE DIRECTOR
Mr. Wang Xiaosong (“Mr. Wang”), aged 38, was appointed as a
non-executive Director in October 2013, chairman of the Board in July
2019 and the chairman of the ESG Committee in November 2020. Mr.
Wang joined Jiangsu Seazen in 2009 as civil engineer and subsequently
as project manager. Between November 2011 and January 2013, Mr.
Wang became the vice president and general manager of the marketing
department of Jiangsu Seazen where he was responsible for and gained
valuable experience in sales and market research. Mr. Wang has served
as a director of Jiangsu Seazen since April 2013. In February 2013, Mr.
Wang was appointed as the president of Jiangsu Seazen, and has been
responsible for its general management; and from 14 December 2015 to
26 October 2016, he served as the general manager of Seazen Holdings.
In addition, since March 2015, Mr. Wang has been a director of Seazen
Holdings, and was appointed as the chairman of Seazen Holdings in July
2019. He served as the President of Seazen Holdings from 24 August
2018 to January 2021 and was appointed as the President of Seazen
Holdings on 19 January 2023. From July 2019 to October 2025, Mr.
Wang acted as a non-executive director of S-Enjoy Service. Mr. Wang
graduated from Nanjing University (南京大學) with a bachelor’s degree in
Environmental Sciences in 2009.
非執行董事
王曉松先生（「王先生」），38歲，於2013年10
月獲委任為非執行董事，於2019年7月獲委任
為董事長，並於2020年11月獲委任為ESG委
員會主席。王先生於2009年加入江蘇新城，
先後擔任土木工程師及項目經理。於2011年
11月至2013年1月，王先生成為江蘇新城副總
裁及營銷部總經理，負責銷售業務及市場研究
工作，並獲得寶貴經驗。自2013年4月起，王
先生擔任江蘇新城董事。於2013年2月，王先
生獲委任為江蘇新城總裁，負責其全面管理工
作。於2015年12月14日至2016年10月26日，
彼獲委任為新城控股總經理。此外，自2015年
3月起，王先生擔任新城控股董事，並於2019
年7月獲委任為新城控股董事長。於2018年8月
24日至2021年1月，彼擔任新城控股總裁，並
於2023年1月19日獲委任為新城控股總裁。於
2019年7月至2025年10月，王先生擔任新城悅
服務的非執行董事。王先生於2009年自南京大
學畢業，取得環境科學學士學位。
45
新城發展控股有限公司 SEAZEN GROUP LIMITED
2025年年報 2025 ANNUAL REPORT
董事
Directors
INDEPENDENT NON-EXECUTIVE DIRECTORS
Mr. Zhu Zengjin (“Mr. Zhu”), aged 62, was appointed as an
independent non-executive Director, the chairman of the Nomination
Committee and the Remuneration Committee, and a member of the
Audit Committee in November 2012. Mr. Zhu joined the Group in
November 2012. He graduated from Nanjing University (南京大學) with
a bachelor’s degree in law in 1985 and from Beijing University (北京大
學) with an EMBA degree in 2005. Prior to joining the Group, Mr. Zhu
has successively served as the head of the business department, the
deputy head and partner of Jiangsu C&T Partners Law Firm (江蘇世紀同
仁律師事務所) from July 1985 to the present. Mr. Zhu was also a listing
committee member of the GEM Board of the China Securities Regulatory
Commission between August 2009 and August 2011.
Mr. Zhong Wei (“Mr. Zhong”), aged 57, was appointed as an
independent non-executive Director and a member of the Audit
Committee, the Remuneration Committee and the Nomination Committee
in December 2014 and on 1 April 2025, ceased to be a member of the
Nomination Committee. Mr. Zhong has been a professor at the Business
School, Beijing Normal University (北京師範大學) since July 2003. Mr.
Zhong was appointed as an independent non-executive director of China
Resources Land Limited, a listed company on the Main Board of the
Stock Exchange (stock code: 1109) in April 2017. He was appointed as
an independent non-executive director of China Jinmao Holdings Group
Limited, a listed company on the Main Board of the Stock Exchange (stock
code: 817), in August 2020 and an independent non-executive director
of Yunnan Water Investment Co., Limited* (雲南水務投資股份有限公
司), a listed company on the Main Board of the Stock Exchange (stock
code: 6839), in November 2020. Mr. Zhong received his doctorate’s
degree in 1999 from Beijing Normal University (北京師範大學) majoring
in international economics. Between September 2001 and July 2004,
Mr. Zhong engaged in postdoctoral research in management science at
Tongji University (同濟大學).
獨立非執行董事
朱增進先生（「朱先生」），62歲，於2012年11月
獲委任為獨立非執行董事、提名委員會及薪酬
委員會主席，以及審核委員會成員。朱先生於
2012年11月加盟本集團。朱先生於1985年畢
業於南京大學，取得法律學學士學位及於2005
年畢業於北京大學，取得高級工商管理碩士學
位。於加盟本集團前，朱先生於1985年7月至
今曾歷任江蘇世紀同仁律師事務所業務部的主
管、副主任及合夥人。朱先生亦於2009年8月
至2011年8月擔任中國證監會創業板發審委委
員。
鍾偉先生（「鍾先生」），57歲，於2014年12月
獲委任為獨立非執行董事兼審核委員會、薪酬
委員會及提名委員會成員。於2025年4月1日起
不再擔任提名委員會成員。鍾先生自2003年7
月至今於北京師範大學經濟與工商管理學院擔
任教授。
