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Monthly & annual sales results月度及年度销售业绩
30 · 2024-01-09 → 2026-06-09
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Regular reporting of contracted sales area and amount, including full-year, half-year, and monthly updates.定期报告合同销售面积和金额，包括全年、半年度和月度更新。
2024-01-09Announced 2023 full-year contracted sales: area 12.2341 million sqm (+2.49% YoY), amount 293.635 billion yuan (+0.35% YoY); Dec 2023 sales area 1.2908 million sqm, amount 22.759 billion yuan.公布2023年全年签约销售：面积1223.41万平方米（同比+2.49%），金额2936.35亿元（同比+0.35%）；12月销售面积129.08万平方米，金额227.59亿元。
2024-02-08January 2024 sales: contracted sales area 580,900 sqm, contracted sales amount RMB 12.021 billion.2024年1月销售简报：签约销售面积58.09万平方米，签约销售金额120.21亿元。
2024-03-14Announced February 2024 sales: contracted sales area 377,600 sqm, contracted sales amount 9.031 billion yuan; Jan-Feb cumulative contracted sales area 958,500 sqm, amount 21.052 billion yuan.公告2024年2月销售数据：签约销售面积37.76万平方米，签约销售金额90.31亿元；1-2月累计签约销售面积95.85万平方米，金额210.52亿元。
2024-03-182023 full-year contracted sales area 12.2341 million sqm (+2.49% YoY), contracted sales amount 293.635 billion yuan (+0.35% YoY), ranking top 5 in the industry.2023年全年累计签约销售面积1223.41万平方米（同比+2.49%），签约销售金额2936.35亿元（同比+0.35%），销售规模跻身行业前五。
2024-04-09March 2024 contracted sales: area 707,400 sqm, amount RMB 19.156 billion; Q1 cumulative area 1.6659 million sqm, amount RMB 40.208 billion.2024年3月签约销售面积70.74万平方米，金额191.56亿元；一季度累计面积166.59万平方米，金额402.08亿元。
2024-05-09China Merchants Shekou reported April 2024 sales: contracted sales area of 910,400 sqm and contracted sales amount of RMB 18.623 billion; Jan-Apr cumulative contracted sales area of 2.5763 million sqm and amount of RMB 58.831 billion.招商蛇口公布2024年4月销售数据：签约销售面积91.04万平方米，签约销售金额186.23亿元；1-4月累计签约销售面积257.63万平方米，金额588.31亿元。
2024-06-07Shekou reported May 2024 contracted sales of 190.16 billion yuan (area 792,800 sqm); Jan-May cumulative sales 778.47 billion yuan (area 3.3691 million sqm).招商蛇口2024年5月实现签约销售金额190.16亿元（面积79.28万平方米）；1-5月累计签约销售金额778.47亿元（面积336.91万平方米）。
2024-07-09China Merchants Shekou reported June 2024 contracted sales of 1.018 million sqm and RMB 23.105 billion; H1 cumulative sales 4.3871 million sqm and RMB 100.952 billion.招商蛇口2024年6月签约销售面积101.80万平方米，签约销售金额231.05亿元；1-6月累计签约销售面积438.71万平方米，金额1009.52亿元。
2024-08-09July 2024 contracted sales: 768,500 sqm area, 15.857 billion yuan amount; Jan-Jul cumulative: 5.1556 million sqm, 116.809 billion yuan.2024年7月签约销售面积76.85万平方米，金额158.57亿元；1-7月累计面积515.56万平方米，金额1168.09亿元。
2024-09-09August 2024 sales: contracted sales area 574,000 sqm, contracted sales amount 14.004 billion yuan. Jan-Aug cumulative: area 5.7296 million sqm, amount 130.813 billion yuan.2024年8月销售：签约销售面积57.4万平方米，签约销售金额140.04亿元。1-8月累计：面积572.96万平方米，金额1308.13亿元。
2024-10-09September 2024 sales: contracted sales area 694,800 sqm, contracted sales amount 14.358 billion yuan. Jan-Sep 2024 cumulative: contracted sales area 6.4244 million sqm, amount 145.171 billion yuan.2024年9月销售：签约销售面积69.48万平方米，签约销售金额143.58亿元。1-9月累计：签约销售面积642.44万平方米，金额1451.71亿元。
2024-11-08October 2024 contracted sales: area 917,700 sqm, amount 22.3 billion yuan; Jan-Oct cumulative sales 167.471 billion yuan.2024年10月签约销售面积91.77万平方米，金额223亿元；1-10月累计1674.71亿元。
2024-12-09November 2024 contracted sales: area 827,400 sqm, amount 21.592 billion yuan; Jan-Nov cumulative contracted sales area 8.1695 million sqm, amount 189.063 billion yuan.2024年11月签约销售面积82.74万平方米，金额215.92亿元；1-11月累计签约销售面积816.95万平方米，金额1890.63亿元。
2025-01-09China Merchants Shekou reported Dec 2024 contracted sales of 1.1895 million sqm for RMB 30.239 billion; full-year 2024 cumulative sales were 9.359 million sqm for RMB 219.302 billion.招商蛇口公告2024年12月签约销售面积118.95万平方米，金额302.39亿元；全年累计签约销售面积935.90万平方米，金额2193.02亿元。
2025-02-10Shekou reported Jan 2025 sales: contracted sales area 445,900 sqm, contracted sales amount 9.014 billion CNY.招商蛇口公告2025年1月销售数据：签约销售面积44.59万平方米，签约销售金额90.14亿元。
2025-03-07Feb 2025 sales: contracted sales area 417,300 sqm, contracted sales amount 10.439 billion yuan; Jan-Feb cumulative 863,200 sqm and 19.453 billion yuan.2025年2月销售：签约销售面积41.73万平方米，签约销售金额104.39亿元；1-2月累计86.32万平方米、194.53亿元。
2025-04-09March 2025 sales: contracted area of 595,000 sqm and contracted sales amount of RMB 15.617 billion. Q1 2025 cumulative: 1.4582 million sqm and RMB 35.07 billion.2025年3月签约销售面积59.50万平方米，销售金额156.17亿元；1-3月累计销售面积145.82万平方米，金额350.70亿元。
2025-05-09April 2025 sales: contracted area 601,200 sqm, contracted amount RMB 14.764 billion; Jan-Apr cumulative area 2.0594 million sqm, cumulative amount RMB 49.834 billion.2025年4月销售数据：签约销售面积60.12万平方米，签约销售金额147.64亿元；1-4月累计面积205.94万平方米，累计金额498.34亿元。
2025-06-09May 2025 sales: contracted area 595,900 sqm, contracted amount RMB 17.312 billion; Jan-May cumulative contracted area 2.6553 million sqm, cumulative amount RMB 67.146 billion. Acquired three residential land parcels in Changsha, Nanjing, and Wenzhou for total consideration of about RMB 4.357 billion.2025年5月签约销售面积59.59万平方米，签约金额173.12亿元；1-5月累计签约面积265.53万平方米，累计金额671.46亿元。在长沙、南京、温州新增三宗住宅地块，总地价约43.57亿元。
2025-07-09June 2025 contracted sales: 695,000 sqm area and RMB 21.748 billion value. H1 2025 cumulative: 3.35 million sqm and RMB 88.894 billion.2025年6月签约销售面积69.50万平方米，金额217.48亿元；上半年累计335.00万平方米，888.94亿元。
2025-08-08July 2025 sales: contracted area 584,100 sqm, contracted amount 15.659 billion yuan. Jan-Jul 2025 cumulative: contracted area 3.9341 million sqm, contracted amount 104.553 billion yuan.2025年7月销售：签约销售面积58.41万平方米，签约销售金额156.59亿元。1-7月累计：签约销售面积393.41万平方米，签约销售金额1045.53亿元。
2025-09-05In August 2025, China Merchants Shekou achieved contracted sales area of 518,600 sqm and contracted sales amount of 19.455 billion yuan. For Jan-Aug 2025, cumulative contracted sales area was 4.4527 million sqm and cumulative contracted sales amount was 124.008 billion yuan.2025年8月，招商蛇口实现签约销售面积51.86万平方米，签约销售金额194.55亿元；1-8月累计签约销售面积445.27万平方米，累计签约销售金额1240.08亿元。
2025-10-09China Merchants Shekou reports September 2025 contracted sales area of 634,000 sqm and contracted sales amount of RMB 16.698 billion; Jan-Sep cumulative contracted sales area 5.0867 million sqm, amount RMB 140.706 billion.招商蛇口2025年9月签约销售面积63.40万平方米，签约销售金额166.98亿元；1-9月累计签约销售面积508.67万平方米，金额1407.06亿元。
2025-11-07Oct 2025 sales: contracted area 559,000 sqm, contracted amount RMB 15.365 billion; Jan-Oct cumulative area 5.6457 million sqm, amount RMB 156.071 billion.2025年10月销售：签约面积55.9万平方米，签约金额153.65亿元；1-10月累计签约面积564.57万平方米，金额1560.71亿元。
2025-12-09Nov 2025 sales: contracted area 538,300 sqm, contracted amount 14.094 billion yuan; Jan-Nov cumulative contracted area 6.184 million sqm, amount 170.165 billion yuan.2025年11月签约销售面积53.83万平方米，金额140.94亿元；1-11月累计签约面积618.4万平方米，金额1701.65亿元。
2026-01-09Announced Dec 2025 contracted sales: area 977,200 sqm, amount RMB 25.844 billion; full-year 2025 cumulative contracted sales area 7.1612 million sqm, amount RMB 196.009 billion.公布2025年12月签约销售面积97.72万平方米，签约销售金额258.44亿元；2025年全年累计签约销售面积716.12万平方米，累计签约销售金额1960.09亿元。
2026-03-09Feb 2026 sales: contracted GFA 323,000 sqm, contracted sales amount CNY 7.765 billion; Jan-Feb cumulative: GFA 595,200 sqm, sales CNY 15.439 billion. No new land acquired since Jan.2026年2月签约销售面积32.3万平方米，金额77.65亿元；1-2月累计面积59.52万平方米，金额154.39亿元。自1月以来未新增土储。
2026-04-09March 2026 sales: contracted area 546,300 sqm, contracted amount 17.943 bln yuan; Q1 cumulative: 1.1415 mln sqm, 33.382 bln yuan.2026年3月销售：签约面积54.63万平方米，签约金额179.43亿元；一季度累计：114.15万平方米，333.82亿元。
2026-05-08April 2026 sales: contracted area 552,400 sqm, contracted amount RMB 21.73 billion; Jan-Apr cumulative contracted area 1.6939 million sqm, amount RMB 55.112 billion.2026年4月销售：签约销售面积55.24万平方米，签约销售金额217.3亿元；1-4月累计签约销售面积169.39万平方米，金额551.12亿元。
2026-06-09May 2026 sales: contracted area 655,100 sqm, contracted amount 20.923 billion yuan; Jan-May cumulative area 2.349 million sqm, amount 76.035 billion yuan.2026年5月签约销售面积65.51万平方米，金额209.23亿元；1-5月累计面积234.9万平方米，金额760.35亿元。
Land acquisition & bidding土地收购与竞标
64 · 2024-01-09 → 2026-06-23
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Acquisition of new land parcels across multiple cities, including winning bids at auctions and joint ventures.在多个城市收购新地块，包括在拍卖和合资企业中中标。
2024-01-09Since Nov 2023 sales report, acquired 11 new land parcels; total land cost about 15.871 billion yuan.自2023年11月销售简报以来，新增11宗地块，总地价约158.71亿元。
2024-01-10Won Songjiang Sijing TOD plot in Shanghai via lottery for 5.251 billion yuan (premium 9.33%), floor price 17,634 yuan/sqm; to build the 5th 'Zhaoshang Huayuan City' in Shanghai.以52.51亿元（溢价9.33%）摇号竞得上海松江泗泾TOD地块，楼面价17634元/平方米；将打造上海第5座招商花园城。
2024-02-08Acquired one new land parcel in Shanghai Songjiang Sijing Town (plot SJS20005 unit 14-01, 16-02, 17-07), GFA 297,800 sqm, 100% equity, consideration RMB 5.251 billion.新增一宗上海松江区泗泾镇地块（SJS20005单元14-01、16-02、17-07号），计容建筑面积29.78万平米，权益比例100%，需支付价款52.51亿元。
2024-02-29Won Hefei Binhu Science City plot BK202401号 at RMB 1.298 billion, residential floor price RMB 25,050/sqm, premium rate 54%, land area 43.2 mu, plot ratio ≤1.8.以12.98亿元竞得合肥滨科城BK202401号地块，住宅楼面价25050元/平方米，溢价率54%，占地面积43.2亩，容积率≤1.8。
2024-03-01Won Hefei Binhu plot BK202402 with a total price of about 1.299 billion yuan, a premium rate of 54.15%, setting a new unit-price 'land king' record.以总价约12.99亿元、溢价率54.15%竞得合肥滨湖BK202402号地块，创下新的单价'地王'纪录。
2024-03-08Won Nanjing Jianye plot NO.2024G01 at zero premium, total price 2.35 billion yuan, via subsidiary Nanjing Xuansheng Real Estate (CMSK Lefu Investment).通过子公司南京玄盛房地产开发有限公司（招商蛇口乐富投资）零溢价竞得南京建邺区NO.2024G01地块，总价23.5亿元。
2024-03-14Acquired two residential plots: Chengdu Chenghua (land area 31,100 sqm, consideration ~709 million yuan, 70% equity) and Hefei Binhu (land area 28,800 sqm, consideration ~1.299 billion yuan, 100% equity).近期新增两个住宅项目：成都成华区地块（土地面积3.11万平方米，需支付约7.09亿元，权益比例70%）和合肥滨湖区地块（土地面积2.88万平方米，需支付约12.99亿元，权益比例100%）。
2024-03-182023 land acquisition: 55 plots, total GFA ~5.9 million sqm, total land cost ~113.4 billion yuan, payable ~86.7 billion yuan. 29 projects opened in the same year, contributing ~34 billion yuan in sales.2023年累计获取55宗地块，总计容建面约590万平方米，总地价约1134亿元，需支付地价约867亿元。29个项目实现当年拿地当年开盘，贡献销售金额约340亿元。
2024-04-09Acquired Nanjing Jianye G01 residential plot (area 29,800 sqm, GFA 65,600 sqm) for ~RMB 1.1985 billion, holding 51% equity via subsidiary.以约11.985亿元获取南京建邺G01住宅地块（面积2.98万平米，建面6.56万平米），通过子公司持有51%权益。
2024-05-09China Merchants Shekou acquired a residential plot in Zhengzhou's Erqi District (plot Zhengzhengchu 2024-4) for RMB 179 million, with a land area of 43,100 sqm and a 49.5% equity stake.招商蛇口以1.79亿元获取郑州市二七区一宗住宅地块（郑政出2024-4号），土地面积4.31万平方米，权益比例49.5%。
2024-06-07Shekou acquired two new land parcels: Guangzhou Huangpu HPG-DS-26 (residential, 37,700 sqm, 33% stake, 1.316 billion yuan payable) and Sanya Yazhou Deep Sea Sci-Tech City YK02-11-01 (residential, 21,800 sqm, 13% stake, 45.99 million yuan payable).招商蛇口新增两个项目：广州黄埔区HPG-DS-26地块（住宅，3.77万平方米，权益33%，需付价款13.16亿元）和三亚崖州深海科技城YK02-11-01地块（住宅，2.18万平方米，权益13%，需付价款4599万元）。
2024-07-09China Merchants Shekou won a residential-commercial plot in Baoshan District, Shanghai for RMB 3.112 billion (floor price RMB 22,252/sqm).招商蛇口以31.1195亿元底价摘得上海宝山区顾村一宗住宅商业地块，成交楼面价22252元/㎡。
2024-08-08Consortium with Xuhui Chengtou and Nanchang Municipal won Shanghai Xinchangqiao project for 1.699 billion yuan, acquiring 100% equity.与徐汇城投、南昌市政组成的联合体以16.99亿元受让上海新长桥项目100%股权。
2024-08-09Added one land parcel in Shanghai Baoshan District Gucun community, residential/commercial, 60% equity, payment 1.867 billion yuan.新增上海宝山区顾村一宗住宅商业地块，权益比例60%，需支付价款18.67亿元。
2024-08-29Won Hangzhou Gongshu Shangtang plot (FG09-R21/S2-01) for 1.355 billion yuan, premium 24.87%, floor price 41,577 yuan/sqm, new home cap 56,820 yuan/sqm.以13.55亿元竞得杭州拱墅上塘地块，溢价率24.87%，楼面价41577元/㎡，新房限价56820元/㎡。
2024-09-09Acquired 3 land parcels since July: Zhengzhou Huiji (60% equity, 256 million yuan payable), Shanghai Xuhui (50% equity, 850 million yuan payable), Hangzhou Gongshu (details not disclosed). Total payable about 2.46 billion yuan.自7月以来新增3宗地块：郑州惠济区（权益60%，需支付价款2.56亿元）、上海徐汇区（权益50%，需支付价款8.5亿元）、杭州拱墅区，合计需支付约24.6亿元。
2024-09-14Joint venture with Nantong Ruicheng won Shanghai Jing'an Caijiadu plot (C050301-9A-20) for 5.65987 billion yuan, floor price 114,145 yuan/sqm, premium rate 31.2% (2024 record).与南通瑞城联合体以56.5987亿元竞得上海静安区曹家渡地块（C050301-9A-20），楼板价114145元/平方米，溢价率31.2%（2024年新高）。
2024-09-20Subsidiary Guangzhou Zhaosheng Real Estate won Guangzhou Nansha Hengli Island plot (2024NJY-3) at reserve price 1.018 billion yuan, floor area 77,950 sqm.子公司广州招盛房地产以底价10.18亿元摘得广州南沙横沥岛地块（2024NJY-3），计容建筑面积77950平方米。
2024-10-02Acquired a 68.851-mu residential plot in Xi'an Chanba International Port Olympic Sports Core Area for 998.6 million yuan, land unit price 14.5 million yuan/mu, floor unit price 9,889 yuan/sqm.以9.986亿元摘得西安浐灞国际港奥体片区68.851亩住宅地块，土地单价1450万元/亩，楼面单价9889元/平方米。
2024-10-09Acquired 3 new residential projects since August 2024: Shanghai Jing'an (80% equity, ~4.528 billion yuan), Guangzhou Nansha (100% equity, ~1.018 billion yuan), Xi'an Gangwu District (100% equity, ~999 million yuan).自2024年8月以来新增3个住宅项目：上海静安区（权益80%，价款约45.28亿元）、广州南沙区（权益100%，价款约10.18亿元）、西安港务区（权益100%，价款约9.99亿元）。
2024-10-23Won the Tongzhou Liyuan residential plot in Beijing at reserve price 992 million yuan, land area ~16,000 sqm, floor area ratio 2.17, floor price ~28,600 yuan/sqm, sales guidance price 62,000 yuan/sqm.以底价9.92亿元摘得北京通州区梨园镇住宅地块，土地面积约1.6万平方米，容积率2.17，楼面价约2.86万元/平方米，销售指导价6.2万元/平方米。
2024-11-08Acquired two land parcels since September: Beijing Tongzhou Lishu (992 million yuan, 100% equity) and Hong Kong New Territories (770 million yuan, 40% equity).9月以来新增两个项目：北京通州梨园地块（9.92亿元，100%权益）和香港新界地块（7.7亿元，40%权益）。
2024-11-11Jointly won R24013 plot in Nantong (low-density residential near Zilang Lake) with partners, land price 722 million yuan.联合体摘得南通R24013地块（紫琅湖边低密宅地），成交价7.22亿元。
2024-11-13Won Tianjin Wuqing plot Jinwu (2024)-013 for 349 million yuan, floor price 7,522 yuan/sqm.以3.49亿元摘得天津武清地块津武（2024）-013号，楼面价7522元/平方米。
2024-12-09Acquired two residential land parcels: Tianjin Wuqing (100% equity, consideration 349 million yuan) and Nantong Innovation District (51% equity, consideration 368.22 million yuan).新增两个住宅地块：天津武清区地块（100%权益，价款3.49亿元）和南通创新区地块（51%权益，价款3.6822亿元）。
2024-12-20Jointly with Suzhou Industrial Park Jianwu Development Group, won a residential plot in Suzhou Industrial Park at a reserve price of 766 million yuan, floor price 18,000 yuan/sqm.联合苏州工业园区建屋发展集团以底价7.66亿元竞得苏州工业园区一宗宅地，成交楼面价1.8万元/平方米。
2024-12-30Joint venture with China Jinmao won two Baoshan District plots in Shanghai: plot D1-04 for 2.9291 billion yuan (14.86% premium, floor price 38,479 yuan/sqm) and plot K1-11 for 4.30693 billion yuan (16.03% premium, floor price 34,496 yuan/sqm).联合中国金茂竞得上海宝山区两宗地块：D1-04地块29.291亿元（溢价率14.86%，楼面价38479元/平方米）和K1-11地块43.0693亿元（溢价率16.03%，楼面价34496元/平方米）。
2025-01-02China Railway Real Estate, China Merchants Shekou, and China Resources Land jointly won a land auction in Haidian District, Beijing, to build a high-quality residential project.中铁置业、招商蛇口与华润置地联合竞得北京海淀区一地块，将打造高品质住宅项目。
2025-01-09China Merchants Shekou acquired 8 new land parcels in Suzhou, Chengdu, Sanya, Xi'an, Shanghai, and Hangzhou since Nov 2024, with total consideration of RMB 10.115 billion.自2024年11月以来，招商蛇口在苏州、成都、三亚、西安、上海、杭州等地新增8个项目，需支付价款101.15亿元。
2025-01-20China Merchants Shekou won a land parcel in Beijing's Yizhuang New Town for RMB 3.48 billion at reserve price, with a floor price of RMB 45,100/sqm, planning a residential-commercial-park project as Yizhuang's first stilted-floor commercial housing project.招商蛇口以底价34.8亿元摘得北京亦庄新城一地块，楼面价4.51万元/平方米，将打造亦庄首个架空层商品房项目。
2025-02-10Shekou acquired two land parcels in Beijing: Haidian Zhufangcun 029 plot (10% stake, 91.52 million CNY payable) and Daxing Yizhuang X24 plot (100% stake, 348 million CNY payable), both for residential and commercial use.招商蛇口近期在北京新增两宗地块：海淀区朱房村029地块（权益10%，需付9.152亿元）和大兴区亦庄X24地块（权益100%，需付34.8亿元），用途为住宅和商业。
2025-02-27Shekou acquired a riverfront residential plot in Foshan New Town for 1.27 billion CNY (floor price ~7,000 CNY/sqm), its first 'Xu' series high-end product in Foshan, returning to the area after 18 years.招商蛇口以12.7亿元竞得佛山新城一线江景宅地（楼面价约7000元/㎡），将推出佛山首个“序系”高端产品，时隔18年重返佛山新城。
2025-03-03Won Shanghai Jiading新城 F03A-4 residential plot for 2.6603 billion yuan, 30% premium, floor price 31,850 yuan/sqm, with highest quality construction standards.以26.603亿元竞得上海嘉定新城F03A-4住宅地块，溢价率30%，楼面价31850元/平方米，并承诺最高品质建设指标。
2025-03-07Acquired 3 new residential projects: Foshan Nanhai (51% stake, 48.67 million yuan), Foshan Shunde (100%, 1.271 billion yuan), and Shanghai Jiading (100%, 2.66 billion yuan).近期新增3个住宅项目：佛山南海（权益51%，价款4867万元）、佛山顺德（权益100%，12.71亿元）、上海嘉定（权益100%，26.60亿元）。
2025-03-11Won Chengdu Gaoxin 64-mu residential plot for about 2.7 billion yuan, floor price 31,700 yuan/sqm, 70.4% premium, setting a new record for Chengdu land price.以约27亿元竞得成都高新区64亩住宅地块，楼面价31700元/平方米，溢价率70.4%，刷新成都楼面价纪录。
2025-03-27Jointly with Beike's Beihaijia won Changsha Yuhua residential plot for 665.8 million yuan (floor price 5,305 yuan/sqm), equity cooperation model; Beihaijia's first entry into Changsha.与贝壳旗下贝好家联合以6.658亿元底价竞得长沙雨花区住宅地块（楼面价5305元/平方米），采取股权合作模式开发；系贝好家首次进入长沙。
2025-03-28Won 5 plots in Wuhan Economic Development Zone for total 1.519 billion yuan via subsidiary Zhaoshang Shekou Urban Construction.通过旗下招商蛇口城建以总价15.19亿元竞得武汉经开区5宗地块。
2025-04-08Won the Tongzhou Baligiao plot (FZX-0401-6044, 6049) in Beijing for RMB 2.7082 billion, with a floor-area ratio of 2.5, a premium rate of 16.28%, and a floor price of RMB 31,200/sqm.以27.082亿元竞得北京通州八里桥地块（FZX-0401-6044、6049），容积率2.5，溢价率16.28%，楼面价3.12万元/平方米。
2025-04-10March 2025 added two new land parcels in Chengdu and Changsha, with a total investment of approximately RMB 3.166 billion.3月份新增2宗项目地块，分别位于成都和长沙，总计斥资约31.66亿元。
2025-04-29China Merchants Construction Management, together with China Merchants Shekou Sunan Company, won the bid for a residential plot in Kunshan Development Zone (41,067.4 sqm, FAR 1.2, starting price RMB 616 million).招商建管携手招商蛇口苏南公司获取昆山开发区南浜路北侧、洞庭湖路西侧地块（41067.4平方米，容积率1.2，起拍价6.16亿元）。
2025-05-09New land acquisitions: Hangzhou Yuhang Liangzhu East plot (residential, 59,400 sqm, 25% stake, RMB 416 million); Chengdu Qingyang outer Jinsha plot (residential, 110,000 sqm, 48% stake, RMB 1.636 billion); Beijing Tongzhou Baligiao plot (residential, 34,700 sqm, 100% stake, RMB 2.708 billion).新增土地：杭州余杭良渚东地块（住宅，5.94万平米，权益25%，价款4.16亿元）；成都青羊外金沙地块（住宅，11万平米，权益48%，价款16.36亿元）；北京通州八里桥地块（住宅，3.47万平米，权益100%，价款27.08亿元）。
2025-05-28China Merchants Shekou is the leading bidder for Beijing Tongzhou FZX-0101-0705 plot (8 parcels, starting price RMB 7.491 billion, total land area 11.28 ha, planned GFA over 260,000 sqm), the largest mixed-use project in Tongzhou in recent years.招商蛇口成为北京通州FZX-0101-0705等8幅地块的主要意向买家，起拍价74.91亿元，总用地面积11.28公顷，规划建筑规模超26万平方米，为通州近年最大综合体项目。
2025-05-30Joint venture with Poly Developments won Wenzhou Lucheng Hongdian plot (D-10, E-02) for RMB 1.7299 billion (premium rate 11.25%); land area 55,373 sqm, GFA 103,663 sqm, residential/commercial/office; each holds 50%.与保利发展联合以17.299亿元竞得温州鹿城洪殿单元D-10、E-02地块（溢价率11.25%）；土地面积55373平米，建面103663平米，住宅/商业/办公，双方各持股50%。
2025-07-10China Merchants Shekou acquired three land parcels in June 2025: Zhengzhou (100% equity, RMB 403.13M), Yichang (26% equity, RMB 56.74M), and Shenzhen Nanshan (51% equity, RMB 801.91M), totaling about RMB 1.261 billion.2025年6月招商蛇口新增三宗地块：郑州（权益100%，价款4.03亿元）、宜昌（权益26%，价款0.57亿元）、深圳南山（权益51%，价款8.02亿元），合计约12.61亿元。
2025-07-14China Merchants Shekou won Qianhai Guiwan residential plot T201-0232 in Shenzhen for RMB 2.155 billion (86.1% premium, floor price ~RMB 84,000/sqm), setting a new record for residential land price in Shenzhen.招商蛇口以21.55亿元（溢价86.1%，楼面价约8.4万元/平方米）竞得深圳前海桂湾宅地T201-0232，刷新深圳宅地楼面价纪录。
2025-07-25China Merchants Shekou and China Travel Service (Hong Kong) joint venture won Shanghai Pudong Tangzhen residential plot for RMB 2.7297 billion (40% premium, floor price RMB 52,360/sqm), with additional requirements of RMB 4,500/sqm decoration standard, 200 sqm public facilities, and 0.7% talent housing.招商蛇口与中旅投资联合体以27.297亿元（溢价40%，楼面价52360元/平方米）竞得上海浦东唐镇宅地，另需装修标准4500元/平方米、配建200平方米公共服务设施及0.7%人才房。
2025-08-08China Merchants Shekou acquired 5 land parcels in July 2025 (Zhengzhou, Shenzhen Qianhai, Shanghai Pudong, Wuhan, Xiamen) for a total consideration of over 5.668 billion yuan, with equity ratios from 40% to 100%.2025年7月，招商蛇口在郑州、深圳前海、上海浦东、武汉、厦门新增5宗地块，需支付价款总额超过56.68亿元，权益比例40%至100%。
2025-08-15China Merchants Shekou and China Resources Land joint venture won the Shenzhen Bao'an A002-0108 residential-commercial land parcel for 8.64 billion yuan (34.8% premium, floor price 59,600 yuan/sqm) after 187 rounds of bidding.招商蛇口与华润置地联合体以86.40亿元竞得深圳宝安A002-0108商住地块（溢价34.8%，楼面价5.96万元/平方米），竞价187轮。
2025-08-28In H1 2025, China Merchants Shekou acquired 16 land parcels with total GFA of about 1.67 million sqm and total land cost of about 35.3 billion yuan (company's share: about 21.9 billion yuan).2025年上半年，招商蛇口累计获取16宗地块，总计容建面约167万平方米，总地价约353亿元（公司需支付约219亿元）。
2025-09-05China Merchants Shekou, together with China Overseas Land, Xuhui City Investment, and China Travel Investment, completed the equity transaction for the Xuhui Dong'an urban renewal project in Shanghai, with a total land transfer price of 43.95 billion yuan, setting a national record for residential land transfer price.招商蛇口联合中海地产、徐汇城投、中旅投资完成上海徐汇东安城市更新项目股权交易，总出让金额439.5亿元，刷新全国涉宅用地出让总价纪录。
2025-10-09Since August 2025, China Merchants Shekou added 5 new residential land parcels in Hangzhou, Xi'an, Nantong, with total payable land price of RMB 3.055 billion.自2025年8月以来，招商蛇口在杭州、西安、南通新增5个住宅项目，需支付土地价款合计30.55亿元。
2025-10-10China Merchants Shekou's affiliate Hubei Zhaoyang Real Estate (湖北招阳置业) wins two commercial-residential parcels in Wuhan Economic Development Zone at total price of RMB 591 million, floor price ~RMB 6,218/sqm.招商蛇口关联公司湖北招阳置业以5.91亿元底价竞得武汉经开区两宗商住地块，楼面价约6218元/平方米。
2025-10-15China Merchants Shekou (via Sanya Zhaoshang Deep Sea Industry) and Sanya Sci-Tech City Holding Group joint venture acquire a residential parcel in Sanya Yazhou Bay Sci-Tech City for RMB 458 million, floor price RMB 6,132/sqm.招商蛇口（三亚招商深海产业）与三亚科技城控股集团联合体以4.58亿元摘得三亚崖州湾科技城住宅地块，楼面价6132元/平方米。
2025-11-07Acquired land use rights for 3 projects: Sanya Yazhou residential (33,900 sqm, 13% equity), Shanghai Jing'an commercial/residential (26,100 sqm, 50% equity), Hefei Baohe residential (30,400 sqm, 100% equity).新增3个土地项目：三亚崖州区住宅（3.39万平米，权益13%）、上海静安区商住（2.61万平米，权益50%）、合肥包河区住宅（3.04万平米，权益100%）。
2025-12-09Acquired 3 residential land parcels in Chengdu Chenghua, Nantong Qidong, and Yichang Dongshan, total land area 236,200 sqm, total consideration 1.383 billion yuan, with equity stakes of 33%, 83%, and 51%.新增3宗住宅用地，位于成都成华区、南通启东市、宜昌东山开发区，土地面积合计23.62万平方米，需支付价款13.83亿元，权益比例33%、83%、51%。
2025-12-30Jointly with Kangtian won a residential plot in Chongqing Liangjiang New Area for 582 million yuan (floor price 8,000 yuan/sqm), land area 48,461 sqm, planned GFA 72,691.5 sqm, plot ratio 1.5.与康田联合体以5.82亿元底价竞得重庆两江新区一宗住宅用地，楼面价8000元/平方米，土地面积48461平方米，容积率1.5。
2025-12-30Subsidiary Changsha Zhaosheng won a residential plot in Changsha Yuhua District for 447 million yuan, with an additional ~40 million yuan required to build an industrial heritage park.子公司长沙招盛以4.47亿元竞得长沙雨花区一宗住宅用地，另需投资约4000万元建设工业遗址公园。
2026-01-09Acquired 7 new land parcels in Hangzhou, Nanjing, Suzhou, Yantai, Wuhan, Chongqing and Changsha, with total land consideration payable of RMB 4.922 billion.在杭州、南京、苏州、烟台、武汉、重庆和长沙新增7个项目，累计需支付土地价款49.22亿元。
2026-04-09Acquired a residential plot in Guancheng District, Zhengzhou (area 15,900 sqm, GFA 55,700 sqm, 40% stake) for 86.8 mln yuan.在郑州管城区获取一宗住宅用地（面积1.59万平米，计容建面5.57万平米，权益40%），需支付价款8680万元。
2026-04-21Won Shanghai Xuhui Changqiao plot (21,036 sqm, GFA 37,865 sqm, 33 bln yuan, 25% premium, record high) and Putuo plot (joint with CSCEC 8th Bureau, 3.029 bln yuan, 0% premium); total 6.329 bln yuan.在上海徐汇长桥地块（2.1万平米，建面3.79万平米，33亿元，溢价25%创年内新高）和普陀地块（联合中建八局，30.29亿元，0%溢价）共斥资63.29亿元。
2026-05-012026 Q1 sales amount RMB 33.38 billion, -4.8% YoY; average selling price RMB 29,244/sqm, +21.6% YoY; acquired land in Hangzhou and Zhengzhou with total land cost RMB 2.76 billion, adding 116,000 sqm of new reserve.2026年一季度销售金额333.8亿元，同比下降4.8%；销售均价29244元/平米，同比上涨21.6%；在杭州、郑州获取土地，总地价27.6亿元，新增土储建面11.6万平米。
2026-05-08Acquired three residential plots: Shanghai Putuo (49% stake, consideration RMB 1.484 billion), Shanghai Xuhui (100% stake, RMB 3.3 billion), Hangzhou Yuhang (100% stake, RMB 1.025 billion).新增三个住宅地块：上海普陀区（权益49%，支付价款14.8421亿元）、上海徐汇区（权益100%，支付价款33亿元）、杭州余杭区（权益100%，支付价款10.2544亿元）。
2026-06-03Shekou won the Shuangqiao Unit XH020302-17 plot in Hangzhou for 1.21785 billion yuan, with a floor price of 14,147 yuan/sqm and a 35.64% premium.招商蛇口以12.1785亿元竞得杭州双桥单元XH020302-17地块，楼面价14147元/㎡，溢价率35.64%。
2026-06-23Shekou won the Jiukeshu South plot in Tongzhou, Beijing for 1.0217 billion yuan with a 20.95% premium, setting the highest residential land premium rate in Beijing for H1 2026.招商蛇口以10.217亿元竞得北京通州九棵树南地块，溢价率20.95%，创2026年上半年北京住宅用地溢价率最高纪录。
Debt servicing & bond payments债务偿还与债券付息
24 · 2024-01-11 → 2026-01-13
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Interest payments, redemptions, and repayments of medium-term notes, corporate bonds, and commercial paper.中期票据、公司债券和短期融资券的付息、赎回和偿还。
2024-01-112022 first tranche medium-term note (M&A, tranche A) with principal 645 million yuan and coupon 2.89% to pay interest on Jan 26, 2024.2022年度第一期中期票据（并购品种一）本金6.45亿元，利率2.89%，将于2024年1月26日付息。
2024-01-262023 ninth tranche super short-term commercial paper (23 Zhaoshang Shekou SCP009) of 1.3 billion yuan with coupon 2.26% to mature and pay interest on Feb 6, 2024.2023年度第九期超短期融资券（23招商蛇口SCP009）13亿元，利率2.26%，将于2024年2月6日兑付。
2024-02-05Announced interest payment for 10th ultra-short-term commercial paper (23 招商蛇口 SCP010, code 012383166.IB) due 2024-02-19, coupon rate 2.15%, total payment RMB 1,313,745,901.64.发布第十期超短期融资券（23招商蛇口SCP010）付息安排公告，本息兑付日2024年2月19日，利率2.15%，兑付总额13.1374590164亿元。
2024-03-04Announced interest payment for 2020 first-phase medium-term note (tranche B) with a coupon rate of 3.30%, total issuance 700 million yuan, due March 9, 2024.公告2020年度第一期中期票据(品种二)付息，债项利率3.30%，发行总额7亿元，付息日为2024年3月9日。
2024-04-28Announced repayment arrangement for 2024 2nd tranche ultra-short-term commercial paper (24招商蛇口SCP002): RMB 1.3 billion, 90-day tenor, 2.27% coupon, principal+interest ~RMB 1.307 billion due.公告2024年度第二期超短期融资券（24招商蛇口SCP002）兑付安排：发行额13亿元，期限90天，利率2.27%，本息约13.07亿元。
2024-06-05Shekou paid interest on bond '21 Shekou 03' (1 billion yuan, 3.66% coupon) on June 7, 2024, for the period June 7, 2023 to June 6, 2024.招商蛇口于2024年6月7日支付“21蛇口03”债券（10亿元，票面利率3.66%）2023年6月7日至2024年6月6日期间的利息。
2024-06-05Shekou redeemed bond '21 Shekou 04' (1.16 billion yuan, 3.37% coupon) on June 7, 2024, with principal and final interest payment and delisting.招商蛇口于2024年6月7日对“21蛇口04”债券（11.6亿元，票面利率3.37%）进行本息兑付并摘牌。
2024-06-06Shekou paid interest on bond '22 Shekou 02' (4 billion yuan, 3.50% coupon) on June 7, 2024.招商蛇口于2024年6月7日支付“22蛇口02”债券（40亿元，票面利率3.50%）的利息。
2024-06-20Shekou will pay interest on bonds '22 Shekou 03' (800 million yuan, 2.90% coupon) and '22 Shekou 04' (1 billion yuan, 3.40% coupon) on June 24, 2024.招商蛇口将于2024年6月24日支付“22蛇口03”（8亿元，票面利率2.90%）和“22蛇口04”（10亿元，票面利率3.40%）的利息。
2024-07-16China Merchants Shekou paid interest on 2023 corporate bonds (23 Snakekou 01 & 02) totaling RMB 5 billion, with coupon rates 2.79% and 3.15%.招商蛇口对2023年公司债券（23蛇口01、23蛇口02）付息，总额50亿元，票面利率分别为2.79%和3.15%。
2024-11-11Paid interest of 53.25 million yuan on 2021 first tranche medium-term notes (15 billion yuan, 3.55% rate).对2021年度第一期中期票据（15亿元，利率3.55%）付息5325万元。
2024-11-26Paid interest on 2023 third tranche corporate bonds (23 Snake 05): 38.4 billion yuan, 3.20% rate, 32 yuan per 1,000 yuan face value.对2023年第三期公司债券（23蛇口05）付息：总额38.4亿元，利率3.20%，每手派息32元。
2024-12-12Announced interest payment on 2022 corporate bonds (5th tranche): total 3.64 billion yuan, with tranche A (2.64 billion, 2.40% coupon) and tranche B (1.0 billion, 2.80% coupon), payment date Dec 16, 2024.公告2022年公司债券（第五期）2024年付息：总额36.4亿元，品种一26.4亿元利率2.40%，品种二10亿元利率2.80%，付息日2024年12月16日。
2025-01-15China Merchants Shekou announced it will redeem the '22 China Merchants Shekou MTN001A (M&A)' bond on Jan 26, 2025, with an outstanding principal of RMB 645 million and a coupon rate of 2.89%.招商蛇口公告将于2025年1月26日兑付“22招商蛇口MTN001A（并购）”债券，发行总额6.45亿元，票面利率2.89%。
2025-02-27Shekou announced interest payment for 2022 second-phase medium-term notes: tranche A (1 billion CNY, 3.2% rate) due Mar 7, 2025; tranche B (710 million CNY, 3.55% rate) interest due Mar 7, 2025, principal due Mar 7, 2027.招商蛇口公告2022年度第二期中期票据付息安排：品种一（10亿元，利率3.2%）2025年3月7日兑付；品种二（7.1亿元，利率3.55%）2025年3月7日付息，2027年3月7日到期。
2025-06-05Paid annual interest on '21 Snakekou 03' bond (RMB 1 billion, 3.66% coupon) and '22 Snakekou 02' bond (RMB 4 billion, 3.50% coupon) on June 9, 2025.于6月9日支付“21蛇口03”债券（10亿元，票面利率3.66%）和“22蛇口02”债券（40亿元，票面利率3.50%）的年度利息。
2025-06-19Redeemed '22 Snakekou 03' bond (RMB 800 million, 2.90% coupon) on June 23, 2025, with final interest and principal payment, and delisted from Shenzhen Stock Exchange.“22蛇口03”债券（8亿元，票面利率2.90%）于6月23日本息兑付并摘牌。
2025-10-24China Merchants Shekou redeems 2022 3rd tranche corporate bonds (tranche 1, 22 Shekou 05) of RMB 4 billion at maturity on Oct 28, 2025, with final interest payment.招商蛇口于2025年10月28日兑付2022年第三期公司债券（品种一，22蛇口05）本金40亿元及最后一期利息。
2025-11-13Bond '20 Shekou 01' (RMB 1.04 billion, 5-year, 4.15% coupon) to be redeemed and delisted on Nov 17, 2025.债券“20蛇口01”（10.4亿元，5年期，票面利率4.15%）将于2025年11月17日兑付并摘牌。
2025-11-13Bond '22 Shekou 07' (RMB 1.36 billion, 3-year, 2.75% coupon) to be redeemed and delisted on Nov 17, 2025.债券“22蛇口07”（13.6亿元，3年期，票面利率2.75%）将于2025年11月17日兑付并摘牌。
2025-12-11Bond '22 Shekou 10' (1 billion yuan, 2.80% coupon) to pay annual interest on Dec 15, 2025; per 1,000 yuan face value pays 28 yuan (22.40 yuan after tax for individuals).债券'22蛇口10'（10亿元，票面利率2.80%）于2025年12月15日付息，每手面值1000元派发利息28元（税后22.40元）。
2025-12-222024 second tranche medium-term note (24 Shekou MTN002) to pay interest of 30.6 million yuan on Dec 30, 2025.2024年度第二期中期票据（24招商蛇口MTN002）于2025年12月30日付息，应付利息3060万元。
2026-01-13Announced interest payment for 2022 first tranche medium-term note (merger variety II, '22 Zhaoshang Shekou MTN001B') of RMB 645 million at 3.3% rate, due on 26 Jan 2026.宣布2022年度第一期中期票据（并购品种二）‘22招商蛇口MTN001B’付息，发行总额6.45亿元，利率3.3%，付息日2026年1月26日。
2026-01-13Announced interest payment for 2025 first tranche medium-term note ('25 Zhaoshang Shekou MTN001') of RMB 1 billion at 2.05% rate, due on 23 Jan 2026.宣布2025年度第一期中期票据‘25招商蛇口MTN001’付息，发行总额10亿元，利率2.05%，付息日2026年1月23日。
Organizational restructuring & regional consolidation组织架构调整与区域合并
6 · 2024-01-17 → 2025-06-24
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Merger of regional companies, shift to two-tier management, and establishment of new departments.区域公司合并，转向两级管理，以及新部门的设立。
2024-01-17Board approved establishment of a dedicated construction management (daijian) subsidiary to consolidate and expand agency construction business.董事会批准设立代建业务专业公司，统筹管理并开展代建业务。
2024-02-07China Merchants Shekou announced organizational restructuring, merging 7 regional companies into 5 (East China, South China, North China, Jiangnan, West China) and establishing 'China Merchants Construction Management' to enter the construction management (agency construction) business.招商蛇口宣布组织架构调整，将7个区域公司合并为5个（华东、华南、华北、江南、华西），并成立“招商建管”进军代建业务。
2024-06-18Shekou's board approved an organizational restructuring proposal.招商蛇口董事会审议通过公司组织架构调整议案。
2025-01-04China Merchants Shekou restructured its East China region: Hangzhou city company was renamed Zhejiang company, and Ningbo company was merged into it as a business division.招商蛇口华东区域进行组织调整：杭州公司更名为浙江公司，宁波公司调整为事业部并入浙江公司管理。
2025-06-04Launched major organizational restructuring: abolished five regional companies (East China, South China, North China, West China, Jiangnan) and shifted from three-tier to two-tier 'Headquarters-City' management, directly managing over 50 city companies.启动重大组织架构调整：裁撤华东、华南、华北、华西、江南五大区域公司，从三级管控转为“总部-城市”二级管控，直接管理全国50余个城市公司。
2025-06-24Board approved organizational restructuring: established new Asset Management Department at headquarters, split Risk Management/Legal Compliance/Audit into two separate departments, and abolished five regional companies in development business.董事会审议通过组织架构调整议案：总部新设资产管理部，分拆风险管理/法律合规/审计稽核部，开发业务取消五大区域公司。
Quality disputes & safety incidents质量纠纷与安全事故
3 · 2024-01-18 → 2024-03-13
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Reports of quality issues at projects, false advertising fines, and a fatal safety accident.项目质量问题报告、虚假广告罚款和致命安全事故。
2024-01-18Quality issues reported at Shanghai Hongqiao Cuican Gongguan project (wall bulging, water leakage, false advertising); similar complaints at other CMSK projects like Zhaoshang Waitanxi.上海虹桥璀璨公馆项目出现外墙鼓包、漏水、虚假宣传等质量问题；招商外滩玺等项目也有类似投诉。
2024-03-12Subsidiary Suzhou Zhaorong Zhixin Real Estate fined 100,000 yuan for false advertising in the Qianshan Lanting project, involving misleading display of a master bedroom without a wall.子公司苏州市招融致新房地产有限公司因前山澜庭项目虚假宣传（样板间主卧未设实体墙误导购房者）被罚款10万元。
2024-03-13A fatal high-fall production safety accident occurred at the Suzhou Zhaoshang Qin Su Xi project on October 17, 2023, resulting in one death.2023年10月17日，苏州招商沁苏禧项目发生一起高处坠落生产安全事故，导致1人死亡。
Property & asset operation upgrades物业与资产运营升级
20 · 2024-01-26 → 2026-06-15
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Renovation and repositioning of properties, including commercial and apartment projects.物业的翻新和重新定位，包括商业和公寓项目。
2024-01-26Shekou Zhaoshang Huayuan City (Shenzhen) completed renovation and reopened, repositioned as 'Urban Life Art Gathering Place' with new 3D screen and themed scenes.深圳蛇口招商花园城完成改造重新开业，定位为“都市生活艺术聚场”，新增裸眼3D大屏和主题场景。
2024-01-29Tianjin Zhaoshang Meilun Huishengfang International Apartment renamed to Tianjin Aoti Yitang Service Apartment, management transferred from Frasers to Zhaoshang Yidun.天津招商美伦辉盛坊国际公寓更名为天津奥体壹棠服务公寓，管理权由辉盛国际转交招商伊敦。
2024-03-202023 asset operation revenue (full口径) reached 6.691 billion yuan, with EBITDA of 3.3 billion yuan; 38 centralized commercial projects in operation with total GFA of ~2.16 million sqm.2023年全口径资产运营收入66.91亿元，实现EBITDA 33亿元；管理范围内集中商业在营项目38个，总经营建筑面积约216万平方米。
2024-10-08Shanghai Hai Shang World (Phase 3.0 of Hai Shang World product line) opened in Baoshan District, including 66,000 sqm waterfront commercial, 38,000 sqm office, 25,000 sqm Yitang family resort apartments, and the first five-star hotel Yidun Cordis in Wusong.上海·海上世界（海上世界产品线3.0样板）在宝山区开业，包含6.6万方滨水商业、3.8万方写字楼、2.5万方壹棠亲子度假公寓及吴淞首家五星级酒店伊敦康得思。
2024-10-29Shanghai Hai Shang Qinghe Xi project in Xuhui Binjiang approved for sale, unit price 112,000 yuan/sqm, first batch of 124 units (112-134 sqm), total price over 10 million yuan each, pre-sale expected in November.上海徐汇滨江海上清和玺项目获批入市，单价11.2万元/平方米，首批124套房源（112-134平方米），总价均超1000万元，计划11月开始认筹。
2024-12-27Project 'Zhaoshang · Linyujing' in Nansha, Guangzhou, achieved 100% sell-out rate on opening day, setting a record for the shortest time from land acquisition to sales in Guangzhou.广州南沙项目“招商·林屿境”开盘实现100%去化率，创下广州新盘从拿地到开盘最短时间纪录。
2025-01-17China Merchants Shekou unveiled the project name 'Yunjing Lanyue' for its Tongzhou Liyuan project in Beijing, the first 'Lanyue' series product in 2025, with 12 residential buildings planned.招商蛇口北京通州梨园项目案名定为“云璟揽阅”，为2025年北京揽阅系新品首发，规划建设12栋住宅楼。
2025-02-25Shekou released the project name 'Kangding Yishijiu' for its Shanghai Jing'an Caojiadu plot, positioned as a national landmark luxury 'Xi' series product; land cost was 5.66 billion CNY (31.2% premium, floor price 114,100 CNY/sqm).招商蛇口发布上海静安曹家渡项目案名“康定壹拾玖”，定位为全国封面豪宅“玺”系产品；地块成交价56.6亿元（溢价31.2%，楼面价11.41万元/㎡）。
2025-03-03Beijing project 'Zhaoshang Yunjing Lanyue' opened, selling 208 units on day one, 90.43% sell-through rate, total sales 1.146 billion yuan.北京通州新盘“招商云璟揽阅”开盘，当日销售208套，去化率90.43%，销售总额11.46亿元。
2025-03-31Beijing Haidian Zhufang 29 plot named 'Zhenyun', jointly developed by China Resources Land, Zhaoshang Shekou, and China Railway Real Estate; land cost 9.152 billion yuan, 17.3% premium.北京海淀朱房29地块案名定为“臻沄”，由华润置地、招商蛇口、中铁置业联合打造，成交价91.52亿元，溢价率17.3%。
2025-05-30Joint venture with Poly Developments and Behaojia to develop Beijing Tongzhou Baligiao project 'Chaotang Lanyue'; total land cost RMB 2.7082 billion, floor price RMB 31,192/sqm, premium rate 16.28%, planning 902 units (72-124 sqm).与保利发展、贝好家合作开发北京通州八里桥项目“朝棠揽阅”；土地总价27.082亿元，楼面价31192元/平米，溢价率16.28%，规划902户（72-124平米）。
2025-07-29China Merchants Shekou's Beijing Tongzhou Chaotang Lanyue project opened on July 20, selling RMB 1.86 billion on the first day, with nearly 1,500 buyers. The land was acquired on April 8 for RMB 2.7082 billion (16.28% premium).招商蛇口北京通州朝棠揽阅项目7月20日开盘首日热销18.6亿元，吸引近1500名购房者；该地块于4月8日以27.082亿元（溢价16.28%）竞得。
2025-08-02On July 20, the Chaotang Lanyue project in Tongzhou, Beijing, opened and sold 1.86 billion yuan, a hot sale. The land was won by China Merchants Shekou on April 8, 2025, for 2.7082 billion yuan (16.28% premium, floor price 31,200 yuan/sqm).7月20日，北京通州朝棠揽阅项目开盘热销18.6亿元。该地块由招商蛇口于2025年4月8日以27.082亿元竞得（溢价率16.28%，楼面价3.12万元/平方米）。
2025-08-18China Merchants Shekou stated that its Garden City commercial project in Bao'an, Shenzhen, is progressing smoothly and is tentatively scheduled to open in 2027.招商蛇口表示，深圳宝安花园城商业项目开发进展顺利，暂定于2027年开业。
2025-12-29Launched 'Houhai China Merchants Xi' (Xi series 3.0) in Shenzhen Houhai, opening model rooms for 197-237 sqm luxury apartments designed by LSD, targeting high-end homebuyers.深圳后海招商玺（玺系3.0）开放实体展厅和样板间，推出建面197-237㎡大师样板间，由LSD葛亚曦团队设计。
2026-04-02Launched 'Good House 2.0' lab in Shenzhen HQ (160 sqm, 22 indoor scenarios); Shenzhen Houhai ZhaoShangXi project sold out, Qianhai Guiwan project to sell in April.在深圳总部启动‘好房子2.0’实验室（160平米，22个室内场景）；深圳后海招商玺项目售罄，前海桂湾项目计划4月销售。
2026-04-09Hong Kong Tseung Kwan O 'La Mirable' (Phase 13, 2,550 units) sold 363 units in 11 days, total over 3.4 bln HKD; March new-home sales champion.香港将军澳‘海瑅湾’（第13期，2550伙）11日内售出363伙，总成交超34亿港元；成为3月香港新房销售冠军。
2026-04-18Langham Hospitality Group signed management agreement for Ningbo Xiushui Langham Hotel (75 rooms, Michelin 'Tang Court' Zhejiang debut); Xiushui Street to open end-May 2026.朗廷酒店集团签约宁波秀水朗廷酒店管理协议（约75间客房，引入米其林‘唐阁’浙江首店）；秀水街2026年5月底开街。
2026-06-02Ningbo Xiushui Street opened on May 29, with 600,000 visitors and over 11 million yuan in sales in the first three days, showcasing Shekou's non-standard commercial operation capability.宁波秀水街5月29日开街，开业三日客流突破60万人次，销售额超1100万元，展示招商蛇口非标商业运营能力。
2026-06-15Shekou held a 'Good House' benchmark quality event in Shenzhen, visiting its Haofang experimental base, Guanchao project, and Prince Bay area.招商蛇口在深圳举办‘招商好房子’标杆品鉴活动，走访好房子实验基地、观潮项目及太子湾片区。
Financing guarantees & loans融资担保与贷款
43 · 2024-01-30 → 2026-04-22
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Provision of guarantees for subsidiaries' loans and credit facilities from banks.为子公司从银行获得的贷款和信贷额度提供担保。
2024-01-30Provided guarantees totaling 1.184 billion yuan for subsidiaries Changsha Zhaoyu, Zhaoshang Anye, and Shenzhen Shang'an.为子公司长沙招裕、招商安业、深圳商安置业提供合计11.84亿元担保。
2024-03-14Provided guarantee of up to 255 million yuan (51% equity share) for subsidiary Zhaoshang Renhe Taiyuan's 500 million yuan loan from Postal Savings Bank of China Taiyuan branch, term 3 years.为控股子公司招商仁和太原置业有限公司向邮储银行太原市分行申请的5亿元贷款按51%股权比例提供不超过2.55亿元担保，期限3年。
2024-03-18Planned to provide guarantee quota of up to 46.7 billion yuan for subsidiaries (including 35 billion yuan for those with debt ratio >70%), and up to 16.698 billion yuan for associates and joint ventures.计划为控股子公司提供不超过467亿元新增担保额度（其中对资产负债率超70%的子公司不超过350亿元），为联合营公司提供不超过166.98亿元担保额度。
2024-04-19Provided guarantee of up to RMB 240 million (60% share) for subsidiary Jinan Shenghua's 3-year, RMB 400 million loan from Postal Savings Bank of China Shandong branch.为子公司济南盛华向邮储银行山东省分行申请的4亿元3年期贷款提供不超过2.4亿元（60%股权比例）连带责任担保。
2024-05-22China Merchants Shekou provided a guarantee of RMB 34 million for its wholly-owned subsidiary Hangzhou Jiuhang Real Estate Development Co., Ltd. for a bank guarantee from ICBC Hangzhou Banshan Sub-branch, with a 3-year term.招商蛇口为全资子公司杭州玖航房地产开发有限公司向工商银行杭州半山支行申请的3400万元保函提供连带责任担保，期限3年。
2024-05-24China Merchants Shekou provided a guarantee of RMB 118 million for its wholly-owned subsidiary China Merchants Shekou (Zhengzhou) Real Estate Co., Ltd. for a bank guarantee from Bank of Communications Henan Branch, valid until November 1, 2024.招商蛇口为全资子公司招商蛇口（郑州）置业有限公司向交通银行河南省分行申请的1.18亿元保函提供连带责任保证，保函期限至2024年11月1日。
2024-06-25Shekou provided a guarantee of up to 1 billion yuan (50% of a 2 billion yuan loan) for subsidiary Shenzhen Zhaohua Huizhan Real Estate to Postal Savings Bank of China Shenzhen Nanshan branch, term 3 years.招商蛇口为控股子公司深圳招华会展置地向邮储银行深圳南山支行申请的20亿元贷款提供不超过10亿元（50%）的连带责任保证，期限3年。
2024-07-18Subsidiary Shanghai Zhaoshang Property provided guarantee of up to RMB 900 million for Qidong Zhaoyuan's loan from CMB Nantong Branch.招商蛇口全资子公司上海招商置业为启东招园向招商银行南通分行申请的9亿元贷款提供连带责任保证。
2024-07-24Subsidiary Changsha Zhaoyang Real Estate obtained RMB 900 million loan from CMB Changsha Branch, guaranteed by Shenzhen Zhaoshang Real Estate.招商蛇口控股子公司长沙招阳房地产向招商银行长沙分行申请9亿元贷款，由深圳招商提供全额担保。
2024-08-06Provided a guarantee of up to 336.6 million yuan for subsidiary Urumqi Xincheng Hengsheng to obtain a 660 million yuan loan from CCB.为子公司乌鲁木齐新城恒盛提供不超过3.366亿元担保，助其从建行获得6.6亿元贷款。
2024-08-22Provided guarantee of 81 million yuan for subsidiary Hangzhou Bei Hua Real Estate to ICBC Hangzhou Banshan sub-branch, term 3 years.为子公司杭州北桦房地产向工行杭州半山支行提供0.81亿元担保，期限3年。
2024-10-30Proposed to provide new guarantee of up to 1.368 billion yuan for certain joint ventures and associates, subject to shareholder approval.拟为部分联营及合营公司提供不超过13.68亿元的新增担保额度，需提交股东大会审议。
2024-11-06Provided guarantee of up to 102 million yuan for subsidiary Wenzhou Zhenxi to secure a 300 million yuan bank guarantee from CZB.为子公司温州臻玺向浙商银行申请的3亿元保函提供不超过1.02亿元担保。
2024-11-19Subsidiary Shenzhen Zhaoshang Runde obtained 850 million yuan loans from Ping An Bank; parent provided 433.5 million yuan guarantee.子公司深圳招商润德获平安银行贷款8.5亿元，母公司提供4.335亿元担保。
2024-11-25Subsidiary Changsha Xishang obtained 500 million yuan loan from Bank of Communications; parent provided 255 million yuan guarantee.子公司长沙溪尚获交通银行贷款5亿元，母公司提供2.55亿元担保。
2024-12-10Provided a guarantee of up to 400 million yuan for wholly-owned subsidiary Hangzhou Merchants Guanyu Elderly Care Services Co., Ltd. for a 20-year fixed-asset loan from ICBC.为全资子公司杭州招商观颐养老服务有限公司向工商银行申请的4亿元20年期固定资产贷款提供连带责任保证。
2024-12-19Wholly-owned subsidiary Hefei Zhuosheng provided a 1.05 billion yuan development loan from China Merchants Group Finance Company Shenzhen Branch, with a 100% guarantee from the company.全资子公司合肥卓盛向招商局集团财务有限公司深圳分公司申请10.5亿元开发贷款，公司按100%股权比例提供担保。
2024-12-26Subsidiary Shenzhen Merchants Runde obtained a guarantee facility of 128.5 million yuan from Ping An Bank Shenzhen Branch; the company's wholly-owned subsidiary provided a 51% proportional guarantee of up to 65.535 million yuan.控股子公司深圳招商润德向平安银行深圳分行申请1.285亿元保函额度，全资子公司按51%股权比例提供不超过0.65535亿元担保。
2025-01-20China Merchants Shekou's subsidiary Nantong Zhaorun applied for a RMB 1.3 billion syndicated loan; Shenzhen Shekou Real Estate will provide a 70% proportional guarantee of up to RMB 910 million.招商蛇口控股子公司南通招润申请银团贷款13亿元，深圳招商房地产按70%股权比例提供不超过9.1亿元连带责任担保。
2025-04-15Subsidiary Hua Bay Real Estate applied for a RMB 1 billion credit line from China Merchants Bank Shenzhen Branch; Shenzhen Real Estate will provide a guarantee of up to RMB 510 million (51% equity ratio).控股子公司华湾地产向招商银行深圳分行申请10亿元授信额度；深圳地产按51%股权比例提供不超过5.1亿元担保。
2025-04-28Subsidiary Xiamen West Bay Cruise City Investment Co., Ltd. applied for a RMB 450 million credit line from Xiamen Bank; the company will provide a guarantee of up to RMB 270 million (60% equity ratio).控股子公司厦门西海湾邮轮城投资有限公司向厦门银行申请4.5亿元授信额度；公司按60%股权比例提供不超过2.7亿元担保。
2025-05-06Controlled subsidiary Nantong Zhaochuang obtained a 7-year RMB 700 million development loan from China Merchants Bank Nantong Branch; China Merchants Shekou provides 51% proportional guarantee of up to RMB 357 million.控股子公司南通招创置业向招商银行南通分行获得7年期7亿元开发贷款；招商蛇口按51%股权比例提供不超过3.57亿元担保。
2025-05-19Controlled subsidiary Xiamen West Bay Cruise City Investment obtained a 15-year RMB 1.5 billion credit line from China Merchants Group Finance Shenzhen Branch; China Merchants Shekou provides 60% proportional guarantee of up to RMB 900 million.控股子公司厦门西海湾邮轮城投资向招商局集团财务深圳分公司获得15年期15亿元授信；招商蛇口按60%股权比例提供不超过9亿元担保。
2025-05-29Wholly-owned subsidiary Zhaoxin (Xiamen) Real Estate obtained an additional RMB 300 million credit line from China Everbright Bank Xiamen Branch for 3 years; China Merchants Shekou provides 100% guarantee of up to RMB 300 million.全资子公司招鑫（厦门）房地产向光大银行厦门分行追加3亿元授信额度，期限3年；招商蛇口按100%股权比例提供不超过3亿元担保。
2025-05-29Controlled subsidiary Nanning Zhaoshang Zhongxin obtained a 7-month RMB 21 million loan from SPD Bank Nanning Branch; China Merchants Shekou provides 51% proportional guarantee of up to RMB 10.71 million.控股子公司南宁招商众鑫从浦发银行南宁分行获得7个月期2100万元贷款；招商蛇口按51%股权比例提供不超过1071万元担保。
2025-06-25Provided guarantee of up to RMB 173 million for subsidiary China Merchants Property (Hangzhou) Co., Ltd. for a bank guarantee from ICBC Hangzhou Banshan Sub-branch, term 3 years.为全资子公司招商局地产（杭州）有限公司向工商银行杭州半山支行申请的1.73亿元保函提供连带责任保证，期限3年。
2025-06-27Provided guarantee of up to RMB 1.8 billion (60% equity share) for subsidiary Xiamen West Bay Cruise City Investment Co., Ltd. for a RMB 4 billion credit facility from five banks, term 15 years.为控股子公司厦门西海湾邮轮城投资有限公司向五家银行申请的40亿元授信额度（15年期）提供不超过18亿元连带责任保证（按60%股权比例）。
2025-07-16China Merchants Shekou provided a guarantee of up to RMB 1.02 billion (51% of RMB 2 billion credit line) for its subsidiary Foshan Zhaobao Baohua Real Estate at China Merchants Bank Foshan Branch, with a 5-year term.招商蛇口为控股子公司佛山招商宝华房地产在招商银行佛山分行的20亿元授信提供不超过10.2亿元（51%）连带责任担保，期限5年。
2025-08-08As of the announcement date, the total external guarantees of China Merchants Shekou and its controlled subsidiaries amounted to 36.132 billion yuan, accounting for 32.55% of the latest audited net assets attributable to the parent company.截至公告日，招商蛇口及控股子公司对外担保总额为361.32亿元，占最近一期经审计归属于母公司股东净资产的32.55%。
2025-08-09China Merchants Shekou provided a guarantee of up to 55 million yuan for its wholly-owned subsidiary Zhejiang Runhe Real Estate's 3-year guarantee letter from CZB Hangzhou Branch.招商蛇口为全资子公司浙江润和房产集团向浙商银行杭州分行申请的0.55亿元保函提供连带责任保证。
2025-08-20China Merchants Shekou provided a guarantee of up to 1.25 billion yuan for Hangzhou Beihong's fixed-asset loan from CMB Hangzhou Branch and ICBC Hangzhou Banshan Branch.招商蛇口为杭州北泓向招商银行杭州分行、工商银行杭州半山支行申请的12.5亿元固定资产贷款提供连带责任保证。
2025-09-10China Merchants Shekou agreed to provide a guarantee of up to 950 million yuan for Chengdu Beihu's debt financing from Zhongzai Asset, with a guarantee period of three years from the effective date of the guarantee contract.招商蛇口拟为成都北湖向中再资产的9.5亿元债权融资提供连带责任保证，保证期间自担保合同生效之日起三年。
2025-10-10China Merchants Shekou discloses total external guarantees of RMB 36.356 billion as of Oct 10, 2025, accounting for 32.75% of audited net assets attributable to parent.招商蛇口披露截至2025年10月10日对外担保总额363.56亿元，占归母净资产的32.75%。
2025-10-11China Merchants Shekou provides guarantee of up to RMB 193 million for subsidiary Hangzhou Qiandao Lake Yidun Hotel's loan from CCB Hangzhou Zhongshan Sub-branch, term to Dec 2, 2032.招商蛇口为子公司杭州千岛湖伊敦酒店向建行杭州中山支行的1.93亿元贷款提供连带责任担保，期限至2032年12月2日。
2025-11-07Provided guarantee of up to RMB 800 million for wholly-owned subsidiary Hangzhou Ruisheng's 15-year fixed-asset loan from CMB Hangzhou Branch.为全资子公司杭州瑞盛向招商银行杭州分行申请的8亿元15年期固定资产贷款提供连带责任保证。
2025-12-23Total external guarantees reached 33.783 billion yuan, accounting for 30.43% of audited net assets attributable to parent; no overdue or litigated guarantees.对外担保总额337.83亿元，占归母净资产30.43%；无逾期担保或涉诉担保。
2025-12-24Provided 600 million yuan guarantee (50% equity share) for subsidiary Wuhan Zhaocheng Real Estate's 1.2 billion yuan syndicated loan from CCB and ICBC, 3-year term.为控股子公司武汉招城置业12亿元银团贷款按50%股权比例提供6亿元连带责任担保，贷款期限3年。
2025-12-25Provided 300 million yuan guarantee (100% equity) for wholly-owned subsidiary Shenzhen China Merchants Real Estate's 300 million yuan, 15-year loan from Industrial Bank Shenzhen Branch.为全资子公司深圳招商房地产向兴业银行深圳分行申请的3亿元、15年期贷款提供全额连带责任保证。
2026-01-21Provided guarantee for subsidiary Nantong Zhonghao's RMB 500 million development loan from China Merchants Bank Nantong Branch (3-year term), with 62% equity share guarantee of up to RMB 310 million.为控股子公司南通中豪向招商银行南通分行申请的5亿元开发贷款（期限3年）按62%股权比例提供不超过3.10亿元连带责任保证。
2026-03-03Subsidiary Hangzhou Zhexin obtained a CNY 118 million pre-sale fund guarantee from ICBC; CMSK provided a joint and several guarantee of up to CNY 60.18 million (51% stake).子公司杭州浙新从工商银行获得1.18亿元预售资金保函；招商蛇口按51%持股比例提供不超过6018万元的按份连带责任保证。
2026-03-17CMSK plans to provide up to CNY 13.678 billion in guarantees for 19 joint ventures and associates, subject to shareholder approval.公司拟为19家联合营公司提供不超过136.78亿元的担保额度，尚需股东大会审议。
2026-03-17CMSK plans to provide up to CNY 18.8 billion in new guarantees for subsidiaries (CNY 6.9 billion for those with >70% debt ratio), subject to shareholder approval.公司拟为控股子公司提供不超过188亿元的新增担保额度（其中为资产负债率超70%的子公司提供69亿元），尚需股东大会审议。
2026-04-22Provided full joint liability guarantee of 260 mln yuan for subsidiary Ganzhou CMSK's 180-month loan from China Merchants Bank Ganzhou branch.为全资子公司赣州招商向招商银行赣州分行申请的2.6亿元贷款（180个月）提供全额连带责任保证担保。
Capital raising & equity transfers资本筹集与股权转让
13 · 2024-01-30 → 2026-06-05
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Capital increases, equity transfers, and listing of subsidiaries' stakes to raise funds.增资、股权转让和挂牌子公司股权以筹集资金。
2024-01-30Beijing Zhaoshun Real Estate (wholly owned by CMSK subsidiary) launched second capital increase on Beijing Equity Exchange, seeking investor for up to 30.19% stake.北京招顺房地产（招商蛇口子公司全资）在北京产权交易所二次挂牌增资，拟征集投资方持股不超过30.19%。
2024-02-04Hangzhou Beize Real Estate Development (wholly owned by China Merchants Shekou) launched a capital increase project, seeking to raise at least RMB 153 million for 30% equity stake.杭州北泽房地产开发有限公司（招商蛇口全资持股）增资项目拟募集资金不低于15300万元，对应持股比例30%。
2024-05-14China Merchants Shekou listed 40% equity of its subsidiary Beijing Zhaosheng Real Estate Development Co., Ltd. for transfer at a base price of RMB 1.32 billion.招商蛇口挂牌转让子公司北京招盛房地产开发有限公司40%股权，转让底价13.2亿元。
2024-11-15Listed 46.12% equity of Nanjing Zhaoyang Real Estate for transfer at base price 922.38 yuan.挂牌转让南京招阳房地产开发有限公司46.12%股权，底价922.38元。
2024-11-21Listed 1% equity of Shenzhen Zhaoshang 1979 Development plus 854,000 yuan claims for transfer at base price 854,000 yuan.挂牌转让深圳招商一九七九发展有限公司1%股权及85.4万元债权，底价85.4万元。
2024-11-26Listed 35% equity of Hangzhou Huajing Real Estate for transfer at base price 1.508 billion yuan.挂牌转让杭州铧璟置业有限公司35%股权，底价15.08亿元。
2024-11-29Listed 25% equity of Tianjin Xuhao Real Estate for transfer at base price 22,500 yuan.挂牌转让天津旭浩房地产开发有限公司25%股权，底价2.25万元。
2024-12-19Listed 36% equity of Wenling Xincheng Yuejia Real Estate Development Co., Ltd. for transfer at a base price of 10.945656 million yuan.挂牌转让温岭新城悦嘉房地产开发有限公司36%股权，转让底价1094.5656万元。
2024-12-30Listed 35% equity of Hangzhou Huajing Real Estate Co., Ltd. for transfer at a base price of 1.427 billion yuan.挂牌转让杭州铧璟置业有限公司35%股权，转让底价14.27亿元。
2025-10-01China Merchants Shekou plans to issue up to 82 million preference shares to raise up to RMB 8.2 billion, proceeds for 11 'guarantee delivery, guarantee livelihood' real estate projects including Guangzhou Linyu Court, Shenzhen Exhibition Bay Yongjing Mingdi, Beijing Yixu Jiayuan, etc.招商蛇口计划发行不超过8200万股优先股，募集资金不超过82亿元，用于广州林屿院、深圳会展湾雍境名邸、北京亦序佳苑等11个“保交楼、保民生”房地产项目。
2026-05-12Updated prospectus for private placement of preferred shares: up to 78.405 million shares, total proceeds up to RMB 7.8405 billion, for 11 'guarantee delivery and livelihood' projects (e.g., Guangzhou Linyuyuan, Shenzhen Exhibition Bay Yongjing Mingdi, Beijing Yixu Jiayuan). Fixed dividend rate with single-step-up after 3 years, non-convertible, no put option.更新向特定对象发行优先股募集说明书：拟发行不超过7840.50万股，募集资金不超过78.405亿元，用于广州林屿院、深圳会展湾雍境名邸、北京亦序佳苑等11个“保交楼、保民生”项目；固定股息率附单次跳息安排，不可转换，不设回售条款。
2026-05-13Preferred share issuance application passed review by Shenzhen Stock Exchange listing review center; still requires CSRC registration.向特定对象发行优先股申请获得深交所上市审核中心审核通过；尚需中国证监会注册。
2026-06-05Shekou received CSRC approval for the registration of a private placement of preferred shares, with a total fundraising cap of 7.84 billion yuan for 11 projects in core cities.招商蛇口获中国证监会批复，同意向特定对象发行优先股注册申请，募集资金总额不超过78.4亿元，投向11个核心城市项目。
Funds allocation & management资金调配与管理
8 · 2024-02-07 → 2026-03-17
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Adjustment of raised fund usage, replacement of self-raised funds, and cash management of idle funds.调整募集资金用途、置换自有资金以及闲置资金现金管理。
2024-02-07Board approved adjustment of raised fund usage amounts for募投 projects, to be submitted to the 1st extraordinary general meeting on 2024-02-23.董事会审议通过调整募投项目募集资金使用金额的议案，将提交2024年2月23日第1次临时股东大会审议。
2024-02-26Board approved using RMB 966.2237 million of raised funds to replace self-raised funds previously invested in募投 projects and paid issuance expenses, and to use自有资金 for some募投 project payments with subsequent equivalent replacement from raised funds.董事会同意使用募集资金9.662237亿元置换预先投入募投项目及已支付发行费用的自筹资金，并使用自有资金支付募投项目部分款项后续以募集资金等额置换。
2024-09-27Board approved using up to 2 billion yuan of idle raised funds for cash management (principal-guaranteed products, rolling use, valid 12 months). As of June 30, 2024, 6.079 billion yuan of the 8.428 billion yuan net raised funds had been used.董事会同意使用不超过20亿元闲置募集资金进行现金管理（保本型产品，可滚动使用，有效期12个月）。截至2024年6月30日，募集资金净额84.28亿元中已累计使用60.79亿元。
2024-12-30Board approved an adjustment to the completion date of certain raised-fund investment projects.董事会审议通过《关于部分募集资金投资项目竣工时间调整的议案》。
2025-01-02China Merchants Shekou adjusted the completion timeline for some fund-raising investment projects using the RMB 8.5 billion raised from a 2023 private placement.招商蛇口调整了部分募集资金投资项目的竣工时间，该资金来自2023年非公开发行募集的85亿元。
2025-11-27Opened a special account at Bank of Communications Shenzhen Huaqiang Branch for RMB 1 billion of idle raised funds temporarily used to supplement working capital, signed tripartite supervision agreement with CITIC Securities.在交通银行深圳华强支行开设专户，存放10亿元闲置募集资金暂时补充流动资金，与中信证券签署三方监管协议。
2026-03-16CMSK and its subsidiaries plan to use up to CNY 10 billion of idle自有资金 for entrusted wealth management with non-CMB financial institutions, effective for one year.公司及子公司拟使用不超过100亿元闲置自有资金在非招商银行金融机构进行委托理财，有效期一年。
2026-03-17CMSK plans to use up to CNY 5 billion of idle自有资金 for entrusted wealth management with related-party CMB, subject to shareholder approval.公司拟使用不超过50亿元闲置自有资金在关联方招商银行进行委托理财，尚需股东大会审议。
Holiday & promotional sales performance节假日与促销销售业绩
5 · 2024-02-19 → 2026-02-26
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Sales results during Spring Festival, National Day holidays, and special promotional campaigns.春节、国庆假期及特殊促销活动的销售业绩。
2024-02-19During 2024 Spring Festival holiday, nationwide cumulative subscription amount reached RMB 3.4 billion; 28 malls received 6.35 million visitors (+26.4% YoY); hotels, serviced apartments and boutique commercial projects revenue grew nearly 20% YoY; Shekou Cruise Homeport passenger throughput 230,000 (+106% YoY); water passenger routes 81,000 (+133% YoY).2024年春节假期，全国累计认购金额34亿元；28家商场迎客635万人次（同比提升26.4%）；酒店、服务公寓及精品商业项目创收同比增长近20%；蛇口邮轮母港进出港旅客量23万人次（同比增长106%）；水上客运航线客流量8.1万人次（同比增长133%）。
2024-09-28Nanjing Jiangxinyinyuan project launched 'buy house, get stock subsidy' promotion (up to 200,000 yuan stock fund), but later withdrawn due to failed review; replaced with 200,000 yuan direct price discount.南京江心印园项目推出“买房送股票”活动（最高20万元股票基金），后因审核未通过下架，改为直接购房优惠20万元。
2024-10-09During National Day holiday (Oct 1-7), Beijing projects (Canlan Shidai, Zhaoshang Xi, Yuanxi, Zhaoshang Zhenyuan etc.) achieved total pre-sales over 2.5 billion yuan.国庆假期（10.1-10.7）期间，北京项目（璀璨时代、招商玺、元玺、招商臻园等）总认购额超25亿元。
2024-10-10National Day holiday (7 days) nationwide: 43,400 customer visits, sales amount exceeding 12.5 billion yuan across 39 cities and 129 projects.国庆假期（7天）全国：4.34万组客户到访，销售金额超过125亿元，覆盖39城129个项目。
2026-02-26Shanghai company of Shekou achieved total transaction amount exceeding 174 million yuan within 24 hours after new policy, following Shanghai's five departments jointly issuing a notice to further optimize real estate policies, including reducing purchase restrictions, optimizing housing provident fund, and improving property tax.招商蛇口上海公司在新政24小时内成交总金额突破1.74亿元，此前上海五部门联合印发通知，进一步优化调整房地产政策，涉及限购调减、公积金优化、房产税完善等。
Dividend & shareholder return policy分红与股东回报政策
5 · 2024-02-26 → 2026-03-17
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Announcement of dividend policies, profit distribution plans, and shareholder return commitments.宣布分红政策、利润分配计划和股东回报承诺。
2024-02-26Announced shareholder return plan for 2023-2025: annual cash dividend shall be no less than 40% of net profit attributable to shareholders.发布未来三年（2023-2025年）股东回报规划：现金分红占当年归属于上市公司股东净利润的比例均不低于40%。
2024-07-16China Merchants Shekou announced 2023 final dividend of RMB 3.20 per 10 shares (total RMB 2.899 billion), ex-dividend date July 23, 2024.招商蛇口2023年度利润分配：每10股派现金3.20元（含税），合计28.99亿元，除息日2024年7月23日。
2024-08-30Announced 'Quality Return Double Improvement' action plan, committing to annual cash dividend >=40% of net profit for 2023-2025.发布“质量回报双提升”行动方案，承诺2023-2025年度现金分红不低于归母净利润的40%。
2025-07-102024 annual dividend plan: RMB 1.940909 per 10 shares (pre-tax) on 9,016,032,171 eligible shares, total cash dividend approx. RMB 1.75 billion, ex-dividend date July 17, 2025.2024年度利润分配：每10股派1.940909元（含税），以9,016,032,171股为基数，现金红利总额约17.50亿元，除息日2025年7月17日。
2026-03-172025 profit distribution: CNY 0.0511 per 10 shares, total ~CNY 461 million; combined with share buybacks, total payout ratio reaches 80.43% of net profit.2025年度利润分配预案：每10股派0.511元，合计约4.61亿元；加上股份回购，现金分红与回购合计占归母净利润80.43%。
Annual & quarterly financial results年度与季度财务业绩
18 · 2024-03-18 → 2026-05-01
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Release of annual and quarterly financial results, including revenue, net profit, and margin trends.发布年度和季度财务业绩，包括收入、净利润和利润率趋势。
2024-03-182023 annual results: revenue 175.008 billion yuan (-4.37% YoY), net profit attributable to shareholders 6.319 billion yuan (+48.2% YoY). Proposed cash dividend of 3.2 yuan per 10 shares.2023年年报：营业收入1750.08亿元（同比-4.37%），归母净利润63.19亿元（同比+48.2%），拟每10股派发现金红利3.2元。
2024-04-092023 annual results: revenue RMB 175.007 billion (-4.37% YoY); net profit RMB 6.319 billion (+48.2% YoY); proposed cash dividend RMB 0.32 per 10 shares (payout ratio 45.88%).2023年营收1750.07亿元（同比-4.37%），归母净利润63.19亿元（同比+48.2%），拟每10股派3.2元（分红率45.88%）。
2024-04-29Q1 2024 results: revenue RMB 23.747 billion (+58.22% YoY); net profit RMB 332 million (+22.22% YoY); operating cash flow -RMB 10.611 billion.2024年一季度营收237.47亿元（同比+58.22%），归母净利润3.32亿元（同比+22.22%），经营活动现金流净额-106.11亿元。
2024-07-26China Merchants Shekou released H1 2024 results: revenue RMB 51.273 billion (-0.33% YoY), net profit RMB 1.417 billion (-34.17% YoY) due to lower gross margin and reduced investment gains.招商蛇口2024年上半年业绩快报：营业收入512.73亿元（同比-0.33%），净利润14.17亿元（同比-34.17%），主因结转毛利率下降及投资收益减少。
2024-08-302024 H1 results: revenue 51.273 billion yuan (-0.33% YoY), net profit 1.417 billion yuan (-34.17% YoY); contracted sales 100.952 billion yuan, top 5 industry rank.2024年上半年业绩：营业收入512.73亿元（同比-0.33%），净利润14.17亿元（同比-34.17%）；签约销售金额1009.52亿元，行业前五。
2024-09-01Released 2024 interim report: revenue 51.273 billion yuan, -0.33% YoY; net profit attributable to parent 1.417 billion yuan, -34.17% YoY; gross margin 11.98%, -26.31% YoY; net margin 3.6%, -51.25% YoY.发布2024年中报：营业收入512.73亿元，同比-0.33%；归母净利润14.17亿元，同比-34.17%；毛利率11.98%，同比-26.31%；净利率3.6%，同比-51.25%。
2024-10-30Q3 2024 results: revenue 26.737 billion yuan (+9.64% YoY), net profit 1.183 billion yuan (-26.78% YoY). Jan-Sep 2024: revenue 78.009 billion yuan (+2.88% YoY), net profit 2.601 billion yuan (-31.00% YoY).2024年第三季度业绩：营收267.37亿元（同比+9.64%），净利润11.83亿元（同比-26.78%）。前三季度：营收780.09亿元（同比+2.88%），净利润26.01亿元（同比-31.00%）。
2024-11-01Q3 2024 net profit 1.183 billion yuan, down 26.78% YoY; revenue 26.737 billion yuan, up 9.64% YoY.2024年第三季度净利润11.83亿元，同比下降26.78%；营业收入267.37亿元，同比增长9.64%。
2025-02-28Shekou released 2024 preliminary results: revenue 178.948 billion CNY (+2.25% YoY), net profit attributable to shareholders 4.039 billion CNY (-36.09% YoY), due to lower gross margin and higher impairment provisions.招商蛇口发布2024年度业绩快报：营业总收入1789.48亿元（同比+2.25%），归母净利润40.39亿元（同比-36.09%），主因结转毛利率下降及减值准备增加。
2025-03-01Released 2024 annual results: revenue 178.948 billion yuan (+2.25% YoY), net profit 4.039 billion yuan (-36.09% YoY), mainly due to lower gross margin and higher impairment provisions.发布2024年度业绩：营收1789.48亿元（同比+2.25%），归母净利润40.39亿元（同比-36.09%），主因毛利率下降及减值准备增加。
2025-03-172024 annual report: revenue 178.948 billion yuan (+2.25%), net profit 4.039 billion yuan (-36.09%), proposed cash dividend of 1.9353 yuan per 10 shares (total 1.75 billion yuan).2024年年报：营收1789.48亿元（+2.25%），归母净利润40.39亿元（-36.09%），拟每10股派发现金红利1.9353元（合计17.5亿元）。
2025-04-29Q1 2025 results: revenue of RMB 20.448 billion (down 13.9% YoY), net profit attributable to shareholders of RMB 445 million (up 34.02% YoY), basic EPS of RMB 0.04.2025年第一季度营业收入204.48亿元（同比降13.9%），归母净利润4.45亿元（同比增34.02%），基本每股收益0.04元。
2025-08-282025 H1 results: revenue 51.485 billion yuan (+0.41% YoY), net profit attributable to parent 1.448 billion yuan (+2.18% YoY), gross margin 14.38% (+2.39 ppt). No interim dividend.2025年上半年业绩：营业收入514.85亿元（同比+0.41%），归母净利润14.48亿元（同比+2.18%），综合税前毛利率14.38%（同比+2.39个百分点），不派发中期红利。
2025-10-30China Merchants Shekou reports Q3 2025 revenue of RMB 38.281 billion, +43.18% YoY; net profit attributable to parent of RMB 1.049 billion, -11.38% YoY. Jan-Sep 2025 revenue RMB 89.766 billion, +15.07% YoY; net profit RMB 2.497 billion, -3.99% YoY.招商蛇口2025年第三季度营业收入382.81亿元，同比增长43.18%；归母净利润10.49亿元，同比下降11.38%。前三季度营业收入897.66亿元，同比增长15.07%；归母净利润24.97亿元，同比下降3.99%。
2026-03-162025 annual results: revenue CNY 154.728 billion (-13.53% YoY), net profit attributable to shareholders CNY 1.024 billion (-74.65% YoY); proposed dividend CNY 0.0511 per 10 shares.2025年年报：营业收入1547.28亿元（同比-13.53%），归母净利润10.24亿元（同比-74.65%）；拟每10股派发现金红利0.511元。
2026-04-012025 annual results: revenue 154.728 bln yuan (-13.53% YoY), net profit 1.024 bln yuan (-74.65% YoY); asset impairment provisions over 4.2 bln yuan; three red lines all green.2025年度业绩：营收1547.28亿元（同比-13.53%），归母净利润10.24亿元（同比-74.65%）；资产减值计提超42亿元；三道红线保持绿档。
2026-04-29Q1 2026 results: revenue 23.667 bln yuan (+15.74% YoY), net profit 39.1186 mln yuan (-91.22% YoY); operating cash flow -3.771 bln yuan.2026年一季报：营收236.67亿元（同比+15.74%），归母净利润3911.86万元（同比-91.22%）；经营现金流净额-37.71亿元。
2026-05-01Released 2026 Q1 report: revenue RMB 23.67 billion, +15.7% YoY; net profit attributable to parent RMB 40 million, -91.2% YoY; gross margin 10.2%, -1.6ppt YoY; investment income decreased by RMB 220 million; minority interest share increased 96.2ppt.发布2026年一季报：营业收入236.7亿元，同比上升15.7%；归母净利润0.4亿元，同比下降91.2%；毛利率10.2%，同比下降1.6个百分点；投资收益同比减少2.2亿元；少数股东损益占比同比提升96.2个百分点。
Related-party transactions & financial services agreement关联交易与金融服务协议
5 · 2024-03-18 → 2026-03-17
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Signing of financial services agreements with parent company and related-party transaction estimates.与母公司签署金融服务协议及关联交易预估。
2024-03-18Proposed to sign a Financial Services Agreement with China Merchants Group Finance Company, with daily deposit balance not exceeding 20 billion yuan and daily outstanding loan balance not exceeding 50 billion yuan, term 3 years.拟与招商局集团财务有限公司签署《金融服务协议》，日终存款余额不超过200亿元，每日最高未偿还贷款结余不超过500亿元，协议期限三年。
2025-12-24Subsidiary China Merchants Property Operation Service (CMPO) estimated 2026 related-party transactions with China Merchants Group at 1.512 billion yuan in total contract value, with 1.5 billion yuan in revenue and 12.2 million yuan in expenses.控股子公司招商积余预计2026年度与招商局集团日常关联交易签订合同总金额15.122亿元，其中收入15亿元、支出1220万元。
2026-03-172026 related-party transactions estimated at CNY 295.35 million (income CNY 213.21 million, expenditure CNY 82.14 million) with parent China Merchants Group and its units.2026年度日常关联交易预计总额约2.9535亿元，其中关联交易收入2.1321亿元，支出0.8214亿元。
2026-03-17CMSK plans to conduct deposit and credit business with CMB in 2026: max deposit balance CNY 50 billion, max credit balance CNY 50 billion.2026年度拟在招商银行开展存贷款业务，最高存款余额和最高信贷余额均不超过500亿元。
2026-03-17CMSK plans to provide up to CNY 48.826 billion in financial assistance to project companies outside consolidation scope or with ≤50% equity, subject to shareholder approval.公司拟为合并报表范围外或权益比例不超过50%的项目公司新增不超过488.26亿元的财务资助授权额度，尚需股东大会审议。
Asset impairment provisions资产减值准备
4 · 2024-03-18 → 2026-03-16
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Provisions for asset impairments including inventory write-downs, credit losses, and goodwill.资产减值准备，包括存货跌价、信用损失和商誉减值。
2024-03-182023 asset impairment provisions totaled 2.345 billion yuan, including credit loss provisions of 69 million yuan and inventory decline provisions of 2.276 billion yuan.2023年度计提资产减值准备总额23.45亿元，其中信用损失准备0.69亿元，存货跌价准备22.76亿元。
2025-02-28Shekou announced 2024 asset impairment provisions totaling 5.944 billion CNY, including credit loss 1.461 billion, inventory write-down 3.575 billion, long-term equity investment impairment 726 million, goodwill impairment 160 million, reducing net profit by 4.344 billion CNY.招商蛇口公告2024年度计提资产减值准备合计59.44亿元，包括信用损失14.61亿元、存货跌价35.75亿元、长期股权投资减值7.26亿元、商誉减值1.6亿元，减少归母净利润43.44亿元。
2025-03-01Announced 2024 asset impairment provisions totaling 5.943 billion yuan, including 3.575 billion yuan for inventory write-downs, reducing net profit by 4.344 billion yuan.公告2024年度计提资产减值准备共计59.43亿元，其中存货跌价准备35.75亿元，减少归母净利润43.44亿元。
2026-03-162025 asset impairment provisions totaled CNY 4.27 billion, reducing net profit by CNY 2.918 billion; includes inventory write-downs of CNY 3.269 billion, credit losses of CNY 755 million, and goodwill impairment of CNY 222 million.2025年计提资产减值准备合计42.7亿元，减少归母净利润29.18亿元；其中存货跌价准备32.69亿元，信用损失准备7.55亿元，商誉减值准备2.22亿元。
Auditor changes审计机构变更
4 · 2024-03-18 → 2024-07-03
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Proposals and approvals to change the company's auditor for enhanced independence.提议并批准变更公司审计师以增强独立性。
2024-03-18Proposed to change auditor from Deloitte to PricewaterhouseCoopers Zhong Tian LLP to enhance audit independence.拟变更会计师事务所，由德勤华永变更为普华永道中天，以提升审计独立性和客观性。
2024-06-05Shekou plans to change its 2024 auditor from Deloitte to KPMG Huazhen to enhance independence and objectivity.招商蛇口拟将2024年度会计师事务所由德勤华永变更为毕马威华振，以提升审计独立性和客观性。
2024-06-05Shekou's board approved a proposal to change the accounting firm, to be voted at the June 26 shareholder meeting.招商蛇口董事会审议通过变更会计师事务所议案，将提交6月26日股东大会审议。
2024-07-03China Merchants Shekou changed its 2024 auditor to KPMG Huazhen, approved by the 2023 annual general meeting on June 26.招商蛇口拟聘请毕马威华振为2024年度会计师事务所，该提议于2024年6月26日经股东大会审议通过。
Financial assistance & guarantee quotas财务资助与担保额度
3 · 2024-03-18 → 2025-03-17
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Board approved financial assistance up to ~RMB 60 billion and guarantee quotas for joint ventures and subsidiaries.董事会批准最高约600亿元财务资助及对合营公司和子公司的担保额度。
2024-03-18Planned to provide financial assistance of up to 59.862 billion yuan to non-consolidated or ≤50% owned project companies engaged in real estate development.计划为从事房地产业务但不在合并报表范围内或权益比例不超过50%的项目公司提供不超过598.62亿元的财务资助。
2025-03-17Board approved authorization to provide financial assistance to project companies, with total new amount not exceeding 50% of audited net assets (55.5 billion yuan), subject to shareholder approval.董事会审议通过授权为项目公司提供财务资助，新增总额度不超过最近一期经审计净资产的50%（即555亿元），尚需股东大会审议。
2025-03-17Board approved providing guarantee quotas of up to 17.567 billion yuan for joint ventures/associates and up to 31.6 billion yuan for subsidiaries, subject to shareholder approval.董事会审议通过为联合营公司提供不超过175.67亿元担保额度，以及为控股子公司提供不超过316亿元新增担保额度，均需股东大会审议。
Agency construction (daijian) business代建业务
11 · 2024-03-19 → 2026-04-29
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Establishment of dedicated subsidiary and winning of agency construction management contracts.设立专业子公司并中标代建管理合同。
2024-03-19Guangzhou branch launched a land-seeking plan covering residential, industrial parks, commercial, municipal, public works, affordable housing, and urban village redevelopment, offering agency construction, sales, operation, and property management services.广州分公司发布寻地计划，涵盖住宅、产业园区、集中商业、市政工程、公建配套、保障房、城中村改造等，提供代建、代售、代运营、物业管理等服务。
2024-03-202023 new agency construction projects: 28 projects added, total managed area of ~2.69 million sqm. In early 2024, established a professional platform company 'Zhaoshang Jianguan' to expand agency construction business.2023年新增28个代建项目，合计管理面积约269万平方米；2024年初成立专业平台公司'招商建管'，发力代建业务。
2024-03-23Won the bid for the whole-process agency construction management and design service of Hefei Luyang urban renewal plot LY202310, with a land area of ~88.91 mu and construction area of ~240,000 sqm.中标合肥庐阳城市更新LY202310地块全过程代建管理及设计服务，用地面积约88.91亩，建筑面积约24万平方米。
2024-09-22Zhaoshang Jiangguan signed project management agreement for Suzhou High-tech Zone Taihu Science City Longkang Road West Z12 plot, cooperating with Shekou Su'nan Company.招商建管签约苏州高新区太湖科学城龙康路西Z12号地块项目代建服务，与招商蛇口苏南公司合作。
2024-12-30Won the bid for the Dacun project in Xiaodian District, Taiyuan, through a joint effort of Zhaoshang Jianguan and the Taiyuan business unit.招商建管携手招商蛇口太原事业部中标太原市小店区大村项目。
2025-02-26Shekou won the bid for Nantong R24009 plot (total floor area ~110,000 sqm) via project management arm, with estimated total investment of 1.3 billion CNY for full-process construction management.招商建管联合招商蛇口江南区域苏南公司中标南通R24009地块全过程代建项目，总用地4.81万㎡，总建面约11万㎡，总投资暂估13亿元。
2025-03-18At results conference, management said construction management (daijian) business targets 300-500 million yuan in revenue over next 5 years, with profit of 70-100 million yuan.在业绩会上，管理层表示代建业务未来5年营收目标3-5亿元，利润水平约0.7-1亿元。
2025-08-07China Merchants Shekou, via its subsidiary China Merchants Jian Guan, won the construction management service contract for the Hefei Composite Materials Center of China Merchants Chuangke. The project, with a Phase I investment of 650 million yuan, focuses on bio-based polyamide composite production and R&D.招商蛇口（通过招商建管）中标招商创科合肥复材中心代建服务。项目一期投资6.5亿元，聚焦生物基聚酰胺复合材料的生产及研发。
2026-03-03CMSK's construction management unit and Xi'an branch won the full-process development management mandate for the Yangfu Mansion project (total GFA ~191,200 sqm).招商建管联合招商蛇口西安公司中标央序府全过程开发管理项目，总建筑面积约19.12万平方米。
2026-03-10CMSK's construction management unit and Northeast China branch won the full-process development management service project for Guanguan Road South plots 1 & 4 in Shenyang (total GFA ~333,500 sqm).招商建管联合招商蛇口东北公司中标沈阳观泉路南-1、-4地块全过程开发管理服务项目，总建筑面积约33.35万平方米。
2026-04-29Won agency construction service for plot P(2025)102 in Wuhan, jointly with Wuhan Gaoke State-owned Holding Group.携手武汉高科国有控股集团，中标武汉P(2025)102号地块的代建服务。
Strategy & management outlook战略与管理展望
7 · 2024-03-20 → 2026-06-10
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Management commentary on strategic focus, market outlook, and financial guidance.管理层对战略重点、市场展望和财务指引的评论。
2024-03-20At the 2023 performance meeting, management stated that the 2024 strategic focus is on long-term rental apartments, centralized commercial properties, and industrial parks, with a 'light and heavy asset combined' approach.在2023年度业绩发布会上，管理层表示2024年战略重点集中在长租公寓、集中商业、产业园区三个板块，采取轻重并举策略。
2024-03-20CFO Huang Junlong said the company expects gross margin to stabilize and recover to above 20% in the coming years, citing improving land acquisition margins and high-margin projects in Shenzhen.财务总监黄均隆表示，随着拿地端利润率改善及深圳高毛利项目结转，预计未来毛利率水平将企稳回升至20%以上。
2024-03-20Announced 2024 saleable resources of 450 billion yuan (excluding new additions in the year), 77% residential, with first-half supply accounting for 60%.宣布2024年可售货值4500亿元（不含年内新增），其中77%为住宅，上半年供货占比60%。
2024-04-24At the collective results briefing, GM Zhu Wenkai stated the company will stabilize its development business, target industry top-5, and focus on cash flow safety.在集体业绩说明会上，总经理朱文凯表示开发业务稳住基本盘，锚定行业五强目标，聚焦现金流安全。
2024-06-26At the 2023 annual general meeting, Shekou management said post-517 policy, project visits increased but improvement is not significant; consumer confidence recovery lags; company remains cautiously optimistic, focusing on core cities and land parcels.在2023年度股东大会上，招商蛇口管理层表示517新政后项目来访量增加但改善力度不够明显，消费者信心恢复滞后；公司保持谨慎乐观，聚焦核心城市和核心地段。
2025-03-18At results conference, management guided 2025 saleable resources of 325 billion yuan, 79% residential, with H1/H2 each 50% of launches.在业绩会上，管理层预计2025年全年可售货值3250亿元，其中79%为住宅，上下半年推货节奏各占50%。
2026-06-10Shekou's chairman Zhu Wenkai stated at the AGM that the company will not bid recklessly for land and strictly follows investment discipline with preset IRR and profit margin targets.招商蛇口董事长朱文凯在股东大会上表示，公司不会不计代价拿地，严格遵循投资纪律，预设利润率及IRR指标区间。
Credit rating affirmations信用评级确认
3 · 2024-03-26 → 2026-05-15
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Affirmation of AAA credit rating by rating agencies with stable outlook.评级机构确认AAA信用评级，展望稳定。
2024-03-26United Credit Ratings affirmed the company's long-term主体 credit rating at 'AAA' with a stable outlook, citing strong shareholder support from China Merchants Group and brand competitiveness.联合资信维持公司主体长期信用等级为'AAA'，评级展望'稳定'，认为公司股东实力及品牌竞争力优势显著。
2024-05-16China Chengxin International affirmed China Merchants Shekou's 2023 main credit rating at AAA with a stable outlook, citing strong support from parent China Merchants Group and sound operations.中诚信国际维持招商蛇口2023年主体信用评级AAA/稳定，认为其信用水平未来12-18个月将保持稳定。
2026-05-15Joint Ratings maintained company's long-term credit rating at AAA with stable outlook; cited strong shareholder background, optimized land layout, and sales ranking rising to 4th industry-wide in 2025.联合资信维持公司主体长期信用等级AAA，评级展望稳定；指出股东背景强、土地布局优化、2025年销售排名升至行业第四。
Strategic partnerships & joint ventures战略合作与合资企业
23 · 2024-03-29 → 2026-06-04
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Signing of strategic cooperation agreements with McDonald's, New World Development, and other entities.与麦当劳、新世界发展等实体签署战略合作协议。
2024-03-29Signed a strategic cooperation agreement with McDonald's China to jointly build a new community commercial model, with 9 new commercial projects totaling over 900,000 sqm planned for 2024.与麦当劳中国签署战略合作协议，共建社区商业新模式；2024年计划推出9个全新商业项目，总面积超90万平方米。
2024-05-07China Merchants Shekou and New World Development signed a cooperation agreement for the Fanling North project in the Northern Metropolis, developing a commercial-residential project providing at least 2,000 residential units, with construction expected to start in early 2025.招商蛇口与新世界发展签署北部都会区粉岭北项目合作协议，联手发展商住项目，提供不少于2000伙住宅单位，预计明年初动工。
2024-05-13China Merchants Shekou and McDonald's China announced a strategic partnership to jointly develop next-generation community business models, focusing on digital and smart community construction.招商蛇口与麦当劳中国宣布战略合作，合力打造下一代社区商业模式，推进社区数字化和智能化建设。
2024-06-25Shekou signed a strategic cooperation agreement with Nanshan District Government, CITIC Offshore Helicopter, and Shenzhen Telecom to build the 'Qianhai-Shekou Low-Altitude Economy Pilot Zone', planning sea-air passenger hubs, industrial parks, and logistics hubs.招商蛇口与南山区政府、中信海直、深圳电信签署战略合作协议，共建“前海-蛇口低空经济先导区”，规划海空一体客运枢纽、低空产业园区、物流枢纽等。
2024-07-02China-LAC Joint Industrial Base, co-established by China-LAC Technology Transfer Center and China Merchants Shekou, was officially inaugurated in Shenzhen.中拉技术转移中心与招商蛇口共建的“中拉—招商蛇口联合产业基地”在深圳正式揭牌。
2024-07-12China Merchants Shekou and Haimen SASAC jointly develop Tong'anli project in Yangpu, Shanghai, with 1.7万 sqm GFA and 1.35 FAR, offering 185-305 sqm villas.招商蛇口与海门国资委联合开发上海杨浦区桐安里项目，建筑面积1.7万平方米，容积率1.35，推出185-305平方米叠加联排别墅。
2024-10-02Reached land premium agreement with New World Development for the Fanling North Project in Hong Kong (15.6万 sqft, ~2,300 units); total premium below HK$2.2 billion; joint development with New World, construction expected to start early 2025.与新世界发展就香港粉岭北项目（15.6万平方呎，约2300个单位）达成换地协议，补地价总额低于22亿港元；与新世界共同开发，预计明年初动工。
2025-01-20China Merchants Shekou and China Jinmao jointly established Shanghai Zhaozhen Real Estate Co., Ltd. with registered capital of RMB 3 billion, for real estate development and leasing.招商蛇口与中国金茂共同成立上海招臻置业有限公司，注册资本30亿元，从事房地产开发经营和住房租赁等业务。
2025-01-21China Merchants Shekou, China Resources Land, and China Railway jointly established Beijing China Resources China Railway Shekou Haize Real Estate Co., Ltd. with registered capital of RMB 5 billion.华润置地、中铁置业与招商蛇口共同成立北京华润招铁海泽置业有限公司，注册资本50亿元。
2025-02-05Shekou and Yuexiu Group established a JV company Shanghai Yuezhao Real Estate Co., Ltd. with registered capital of 1.092 billion CNY; Shekou holds 30% via Shanghai Hongrun Real Estate.招商蛇口与越秀集团合资成立上海越招置业有限公司，注册资本10.92亿元，招商蛇口通过上海虹润置业持股30%。
2025-02-05Shekou and New World Development co-develop the Fanling commercial-residential project in Hong Kong's Northern Metropolis, providing about 2,300 residential units; land premium paid and construction started.招商蛇口与新世界发展合作开发的香港北部都会区粉岭商住项目完成补地价并动工，将提供约2300套住宅。
2025-03-11Signed cooperation agreement with Zhengzhou Huiji District state-owned Tianhe Konggu for urban village redevelopment, urban renewal, and city services; total investment in Huiji District since 2021 reached 4.786 billion yuan.与郑州惠济区国企天河控股就老鸦陈、固城、张砦等项目签约合作，涉及城中村改造、城市更新等；自2021年在惠济区累计投资额达47.86亿元。
2025-03-21Joint development with New World Development of Hong Kong Northern Metropolis 'PAVILIA COLLECTION' project broke ground; will provide ~2,300 residential units, total GFA over 100,000 sqm.与新世界发展联合开发的香港北部都会区“PAVILIA COLLECTION”大型商住项目动工，将提供约2300套住宅，总楼面面积逾10万平方米。
2025-06-06Established Nanjing Shengxi Investment Co., Ltd. with China Resources Land, registered capital RMB 1.65 billion, for real estate development in Nanjing.与华润置地共同成立南京盛玺投资有限公司，注册资本16.5亿元，用于南京房地产开发。
2025-06-17Signed strategic cooperation framework agreement with Beihaijia (Beike's housing development platform) for residential and commercial project cooperation, including equity and asset-light models; already cooperated on two projects in Beijing and Changsha.与贝壳旗下贝好家签署战略合作框架协议，开展住宅及商业项目合作，包括股权和轻资产模式；已在京、长达成两个项目合作。
2025-08-19Shanghai Zhaoding Real Estate Co., Ltd. was established with a registered capital of 1.4 billion yuan, jointly held by China Merchants Shekou subsidiary Shanghai Hongrun Real Estate and China Tourism Group subsidiary Hangzhou Lv Tou Real Estate Development.上海招鼎置业有限公司成立，注册资本14亿元，由招商蛇口旗下上海虹润置业与中国旅游集团旗下杭州旅投房地产开发共同持股。
2025-09-09Shenzhen Zhaorun Real Estate Co., Ltd. was registered with a registered capital of 9.5 billion yuan, jointly held by China Merchants Shekou (via Shenzhen Zhaoshun Real Estate) and China Resources Land (via Shenzhen Runkun Real Estate).深圳市招润置业有限公司注册成立，注册资本95亿元，由招商蛇口（通过深圳市招顺置业）与华润置地（通过深圳市润昆房地产）共同持股。
2025-10-10China Merchants Shekou and Hangzhou Zhaorui jointly establish Hangzhou Zhaosheng Real Estate Co., Ltd. with registered capital of RMB 25.5 million, for real estate development and property management.招商蛇口与杭州兆瑞合资成立杭州兆晟房地产有限公司，注册资本2550万元，主营房地产开发及物业管理。
2025-10-16China Merchants Shekou (via subsidiary China Merchants Property Suzhou) and Nantong Xinhao Real Estate jointly establish Nantong Zhaorui Real Estate Co., Ltd. with registered capital of RMB 1.8 billion, for real estate development and commercial management.招商蛇口（通过招商局地产苏州）与南通新豪置业合资成立南通招瑞置业有限公司，注册资本18亿元，主营房地产开发及商业管理。
2025-12-04Set up Shenzhen Zhaofeng Real Estate Co., Ltd. with Shenzhen Zhaoping Peifeng Investment Center, registered capital 900 million yuan, for engineering management and property services.与深圳市招平沣沛投资中心共同设立深圳市招沣置业有限公司，注册资本9亿元，主营工程管理及物业服务。
2026-03-27CMSK signed a strategic cooperation framework agreement with Zhengzhou Jianzhong Group for cooperation in community development, urban renewal, asset operations, and industry-city integration.招商蛇口与郑州建中集团签署战略合作框架协议，拟在社区开发、城市更新、资产运营、产城融合等领域开展合作。
2026-05-11Established Shanghai Jintongda Real Estate Co., Ltd. with registered capital RMB 1.25 billion, jointly held by subsidiary Shanghai Hongrun Real Estate and Suzhou CSCEC Dongfu Investment Development.成立上海锦通达置业有限公司，注册资本12.5亿元，由子公司上海虹润置业与苏州中建东孚投资发展共同持股。
2026-06-04Shekou's subsidiary established Zhengzhou Erqi District Zhaozhong Real Estate Co., Ltd. with a registered capital of 10 million yuan, jointly held with a local partner.招商蛇口全资子公司与郑州中交城市更新有限公司共同持股成立郑州市二七区招中置业有限公司，注册资本1000万元。
Sale-and-leaseback agreements售后回租协议
2 · 2024-03-29 → 2024-06-28
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Entered sale-and-leaseback agreements for port equipment with Chengtong Finance Leasing and CCT Development Group.与诚通融资租赁及中旅集团签订港口设备售后回租协议。
2024-03-29Entered a sale-and-leaseback agreement with Chengtong Finance Leasing for port equipment (including berthing bridges, fixed cranes, floodgate systems) with a lease term of 4 years.与诚通融资租赁订立售后回租协议，租赁资产为突堤机动乘船桥、固定起重机及防洪水闸系统等港口设备，租赁期4年。
2024-06-28Shekou entered into a sale-and-leaseback agreement with CCT Development Group for port equipment (including mobile passenger bridges and floodgate systems) for a 4-year lease term.招商蛇口与中国诚通发展集团就港口设备（包括突堤机动乘船桥及防洪水闸系统等）订立售后回租协议，租期4年。
Share lock-up expiry & trading限售股解禁
2 · 2024-04-17 → 2025-04-15
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Restricted shares from 2023 asset acquisition and China Merchants Group Investment Development became tradable.2023年资产收购及招商局投资发展所持限售股解禁上市。
2024-04-17584,468,300 restricted shares (6.45% of total) from the 2023 asset-acquisition placement become tradable on April 22, 2024.2023年资产收购配套募资的5.84亿股限售股（占总股本6.45%）于2024年4月22日上市流通。
2025-04-15135 million restricted shares (1.49% of total equity) held by China Merchants Group Investment Development will be unlocked and tradable from April 21, 2025.1.35亿股限售股份（占总股本1.49%）将于2025年4月21日解禁上市流通，持有方为招商局投资发展有限公司。
ESG & green initiativesESG与绿色倡议
4 · 2024-04-22 → 2025-10-23
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Launch of green initiatives, carbon neutrality achievements, and green bond issuances.启动绿色倡议、实现碳中和以及发行绿色债券。
2024-04-22Launched '2024 Green Pothos Action' on Earth Day, achieving carbon neutrality (certificate from Shenzhen Emissions Exchange), co-launched green initiative with 45 brands, announced 100 'Green Pothos Gardens' community plan, and unveiled supply-chain carbon reduction report.世界地球日启动2024绿萝行动，获深圳排放权交易所碳中和证明，联合45个品牌发起绿色倡议，宣布共建100座绿萝花园计划，发布供应链减碳报告。
2024-10-25Issued 24 Zhaoshang Shekou GN001 green medium-term notes, actual issuance 260 million yuan, 3-year term, interest rate 2.35%, maturity 2027-10-24.发行24招商蛇口GN001绿色中期票据，实际发行总额2.6亿元，期限3年，发行利率2.35%，兑付日2027年10月24日。
2025-10-17China Merchants Shekou discloses issuance documents for 2025 5th tranche green medium-term notes (MTN), with registered amount of RMB 8.87 billion, proceeds for green project development.招商蛇口披露2025年度第五期绿色中期票据发行文件，注册金额88.7亿元，募集资金用于绿色项目开发。
2025-10-23China Merchants Shekou issues 2025 5th tranche green MTN (25招商蛇口MTN005(绿色)) with actual issuance of RMB 500 million, 3-year term, interest rate 1.94%.招商蛇口发行2025年度第五期绿色中期票据（25招商蛇口MTN005(绿色)），实际发行5亿元，3年期，利率1.94%。
Overseas & Hong Kong projects海外及香港项目
2 · 2024-04-28 → 2026-05-08
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Development and investment in projects in Belarus, Hong Kong, and other overseas locations.在白俄罗斯、香港等海外地区的项目开发和投资。
2024-04-28The Minsk International Exhibition Center project in Belarus (co-invested with Chengdu Xingcheng Renju) completed final acceptance; project started in 2021, located in China-Belarus Industrial Park.与成都兴城人居联合投资的白俄罗斯明斯克国际展会中心项目正式竣工备案，位于中白工业园。
2026-05-08Acquired 15% interest in Hong Kong Yuen Long Kam Sheung Road Station Phase II commercial-residential project via subsidiary China Merchants Land (74.35% owned); land area ~24,800 sqm, residential GFA 71,300 sqm, commercial max GFA 40,800 sqm.通过子公司招商局置地（持股74.35%）获取香港元朗锦上路站二期商住发展项目15%权益；土地面积约2.48万平方米，住宅计容建面7.13万平方米，商业部分可建容积率面积上限4.08万平方米。
Executive & board changes高管与董事会变更
24 · 2024-05-07 → 2026-06-03
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Resignations, appointments, and transfers of senior management and board members.高级管理人员和董事会成员的辞职、任命和调动。
2024-05-07Nie Liming resigned as Vice President of China Merchants Shekou due to job transfer, and will take a position at the controlling shareholder China Merchants Group.聂黎明因工作调动辞任招商蛇口副总经理职务，将在控股股东招商局集团任职。
2024-07-08China Merchants Shekou appointed Yu Zhiliang as CFO and Board Secretary, replacing Huang Junlong who resigned due to age.招商蛇口聘任余志良为财务总监、董事会秘书，接替因年龄原因辞职的黄均隆。
2024-07-08China Merchants Shekou appointed Peng Yiliang as Deputy General Manager.招商蛇口聘任彭以良为公司副总经理。
2024-07-19General manager of Boshi Shekou Industrial Park REIT's operating agency changed from Shang Gang to Zhang Tao due to age limit.博时蛇口产园REIT运营管理机构总经理由尚钢变更为张涛（因年龄原因）。
2024-08-02Liu Ye appointed as deputy general manager, general legal counsel, and chief compliance officer; 2023 salary 3.146 million yuan.刘晔被任命为副总经理、总法律顾问、首席合规官；2023年薪酬314.6万元。
2024-08-23Third board 2024 tenth interim meeting adjusted members of board special committees; appointed Nie Liming as non-independent director candidate.第三届董事会2024年第十次临时会议调整专门委员会委员；提名聂黎明为非独立董事候选人。
2024-11-20Completed board and supervisory board election; appointed senior management and Zhu Yu as securities representative.完成董事会、监事会换届选举，聘任高级管理人员及证券事务代表朱瑜。
2024-12-20Appointed Nie Liming, Ye Jianfang, and Qin Yuxiu as new directors, approved by the third board's 13th meeting and the 4th extraordinary general meeting.任命聂黎明、叶建芳、秦玉秀为公司新董事，经第三届董事会第十三次会议及2024年第四次临时股东大会审议通过。
2025-04-01Liu Ye resigned as General Counsel and Chief Compliance Officer, remaining as Deputy General Manager; Tang Jian was appointed as the new General Counsel and Chief Compliance Officer.刘晔辞去总法律顾问、首席合规官职务，仍任副总经理；唐坚被聘任为新任总法律顾问、首席合规官。
2025-07-21Yu Haibo, former Vanke Beijing regional marketing head, left his post as VP and marketing director of China Merchants Shekou Beijing Company after only about 5 months (joined March 2025).前万科北京区域营销总于海波在2025年3月出任招商蛇口北京公司副总经理兼营销总监后，约5个月后闪电离职。
2025-09-05Jiang Tiefeng was appointed as Vice General Manager of China Merchants Group, while concurrently serving as Chairman of China Merchants Shekou.蒋铁峰任招商局集团有限公司副总经理，同时兼任招商蛇口董事长。
2025-11-03Vice general manager Peng Yiliang resigned due to job transfer, will take a post at subsidiary Zhangzhou Development Zone Co.副总经理彭以良因工作调动辞职，将任职于控股子公司招商局漳州开发区有限公司。
2025-11-13Completed industrial and commercial registration change: Jiang Tiefeng stepped down as legal representative and chairman; Zhu Wenkai succeeded as legal representative and chairman.完成工商变更：蒋铁峰卸任法定代表人、董事长；朱文凯接任法定代表人、董事长。
2025-12-05Board meeting on Dec 5 nominated candidates for non-independent directors, to be voted at the second extraordinary general meeting of 2025.12月5日董事会会议提名第四届董事会非独立董事候选人，待2025年第二次临时股东会表决。
2025-12-24Second extraordinary general meeting of 2025 elected Xu Xin as non-independent director, with 99.59% approval from voting shareholders.2025年第二次临时股东会选举徐鑫为非独立董事，获99.59%同意票。
2026-03-03Vice President Liu Ye resigned due to job transfer and will take a post at China Nanshan Development (Group) Co., Ltd.副总经理刘晔因工作调动辞任，将在中国南山开发（集团）股份有限公司任职。
2026-03-04Independent director Kong Ying's term expired after six consecutive years; he will remain in role until a replacement is elected.独立董事孔英连续任职满六年届满离任，在新任独立董事选举产生前继续履职。
2026-03-18Li Hongyuan appointed as Vice President; previously Deputy Director of Strategy Development/Technology Innovation Dept of China Merchants Group.聘任李弘远为公司副总经理，此前任招商局集团战略发展部/科技创新部副部长。
2026-04-08Former VP Liu Ye moved to China Nanshan as VP; since 2025, 4 senior execs from CMSK transferred to China Nanshan, including chairman Jiang Tiefeng.原副总经理刘晔调任中国南山副总经理；自2025年起已有4位招商蛇口高管调任中国南山，包括董事长蒋铁峰。
2026-04-15Appointed Zhao Fang as VP; Zhao was previously GM of Product Management Dept, with engineering background.聘任赵方为公司副总经理；赵方此前任产品管理部总经理，工学硕士。
2026-05-152026 first extraordinary general meeting approved: election of Chen Keqin as independent director (98.92% approval); amendment to articles of association (99.98%); second expansion of Boshi Shekou Industrial Park REIT and purchase of new properties (99.95%).2026年第一次临时股东会审议通过：补选陈克勤为独立董事（赞成98.92%）；修订《公司章程》（99.98%）；博时蛇口产园REIT第二次扩募并新购入不动产项目（99.95%）。
2026-05-15Board adjusted committee members: Strategy & Sustainability Committee led by Zhu Wenkai; Audit Committee led by Ye Jianfang; Remuneration & Appraisal Committee led by Qin Yuxiu; Nomination Committee led by Chen Keqin.董事会调整专门委员会委员：战略与可持续发展委员会由朱文凯召集；审计委员会由叶建芳召集；薪酬与考核委员会由秦玉秀召集；提名委员会由陈克勤召集。
2026-05-20Multiple China Merchants Shekou executives transferred to China Nanshan system, including Li Fengchun appointed as general manager of Nanshan Real Estate, deepening cross-platform support.多名招商蛇口系骨干空降中国南山体系，李逢春出任南山地产总经理，深化跨平台统筹支持。
2026-06-03Director Yu Zhiliang resigned from the board due to personal reasons, effective immediately, and will no longer hold any position at the company.董事余志良因个人原因辞任公司董事及董事会相关委员会委员职务，辞职后不再担任公司任何职务。
Large-scale venue & infrastructure projects大型场馆与基建项目
2 · 2024-05-22 → 2024-12-02
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Announced trial operation of Hangzhou Convention Center Phase I and won pre-consulting bid for Dongguan Sports Center.杭州会展中心一期试运营，中标东莞综合体育中心前期咨询。
2024-05-22Hangzhou Convention and Exhibition Center Phase I, invested by China Merchants Shekou with a total investment of about RMB 20 billion, announced trial operation in July 2024, with a net exhibition area of 155,000 sqm.招商蛇口投资的杭州大会展中心一期宣布将于2024年7月开馆试运营，净展面积15.5万平方米，总投资约200亿元。
2024-12-02China Merchants Shekou won the pre-consulting service bid for Dongguan Municipal Comprehensive Sports Center, with a planned total investment of about 5 billion yuan, covering 774 mu, and a total construction area of about 400,000 sqm.招商蛇口中标东莞市级综合体育中心前期咨询服务项目，规划总投资约50亿元，用地约774亩，总建筑面积约40万平方米。
Rental housing REIT (Shekou Rental Housing REIT)租赁住房REIT（招商蛇口租赁住房REIT）
15 · 2024-05-27 → 2026-04-29
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Application, approval, listing, and operational updates of the rental housing REIT.租赁住房REIT的申请、批准、上市和运营更新。
2024-05-27China Merchants Shekou announced its subsidiary Shenzhen China Merchants Apartment Development Co., Ltd. will act as the original equity holder to initiate the application and issuance of a rental housing infrastructure public REIT (CMF CMSK Rental Housing REIT) on the Shenzhen Stock Exchange.招商蛇口公告，下属全资子公司深圳市招商公寓发展有限公司拟作为原始权益人，开展招商基金招商蛇口租赁住房封闭式基础设施证券投资基金的申报发行。
2024-05-28The underlying assets of the proposed CMSK Rental Housing REIT, Yizhan Taiziwan and Yizhan Linxia projects, were disclosed: total GFA of about 67,800 sqm, 927 rental housing units, with average occupancy rates of 92% and 98% in 2023.招商蛇口租赁住房REIT底层资产壹栈太子湾和壹栈林下项目披露：总建筑面积约6.78万平方米，租赁住房927套，2023年平均出租率92%和98%。
2024-05-30The CMSK Rental Housing REIT was formally accepted by the Shenzhen Stock Exchange, becoming China Merchants Shekou's second onshore REIT platform after the Shekou Industrial Park REIT.招商蛇口租赁住房REIT正式获深交所受理，成为招商蛇口继蛇口产园REIT后的第二只境内REITs上市平台。
2024-06-03The 'China Merchants Fund Shekou Rental Housing Closed-End Infrastructure Securities Investment Fund' (Shekou Rental Housing REIT) project status was updated to 'accepted' on the Shenzhen Stock Exchange fixed-income platform.“招商基金招商蛇口租赁住房封闭式基础设施证券投资基金”（招商蛇口租赁住房REIT）项目状态在深交所固收平台更新为“已受理”。
2024-08-22China Merchants Fund Shekou Rental Housing Closed-end Infrastructure Securities Investment Fund (REIT) approved by Shenzhen Stock Exchange; underlying assets valued at ~1.287 billion yuan.招商基金招商蛇口租赁住房REIT获深交所审批通过；底层资产估值约12.87亿元。
2024-08-30China Merchants Fund Shekou Rental Housing REIT received CSRC registration approval; fund size 500 million units, 52-year term, raising ~1.2895 billion yuan.招商基金招商蛇口租赁住房REIT获证监会注册批文；基金份额5亿份，期限52年，募集规模约12.895亿元。
2024-09-09China Merchants Fund Shekou Rental Housing REIT issued inquiry announcement: inquiry range 2.485-2.871 yuan/unit, total fund shares 500 million units, underlying assets are 927 rental apartments in Shenzhen Nanshan Shekou Free Trade Zone.招商基金招商蛇口租赁住房REIT发布询价公告：询价区间2.485-2.871元/份，基金总份额5亿份，底层资产为深圳南山蛇口自贸区927套租赁住房。
2024-09-12Shekou Rental Housing REIT completed offline inquiry: 79 institutional investors, 207 accounts, subscription multiple 103.66 times (2024 record), final issue price 2.727 yuan/unit, expected total proceeds 1.3635 billion yuan.招商蛇口租赁住房REIT完成网下询价：79家网下投资者207个配售对象，认购倍数103.66倍（2024年新高），最终发售价格2.727元/份，预计募集资金13.635亿元。
2024-10-23Zhaoshang Shekou Rental Housing REIT (code 180502) listed on Shenzhen Stock Exchange, the third REIT platform after Zhaoshang Commercial REIT and Shekou Industrial Park REIT. Fund size 500 million units at 2.727 yuan/unit, net proceeds 1.3635 billion yuan. Underlying assets: Yizhan Taiziwan and Yizhan Linxia projects in Nanshan, Shenzhen (927 rental units, 65,300 sqm).招商蛇口租赁住房REIT（代码180502）在深交所上市，为继招商局商业房托、蛇口产园REIT后第三个REITs平台。基金份额5亿份，发售单价2.727元/份，募集资金净额13.635亿元。底层资产为深圳南山壹栈太子湾和壹栈林下项目（927套租赁住房，6.53万平方米）。
2024-12-20The infrastructure project companies of the China Merchants Shekou Rental Housing REIT completed absorption mergers: Shenzhen Linxia and Prince Bay Leyi, with registered capital of 286 million and 169 million yuan respectively.招商蛇口租赁住房REIT基础设施项目公司完成吸收合并：深圳市林下住房租赁有限公司和太子湾乐宜置业（深圳）有限公司，注册资本分别为2.86亿元和1.69亿元。
2024-12-24China Merchants Shekou Rental Housing REIT's Linxia project saw a key corporate tenant vacate 143 units upon lease expiry on Dec 25, causing a 30.86% drop in occupancy rate; remedial leasing measures implemented.招商蛇口租赁住房REIT林下项目关键企业租户于12月25日退租143套，出租率下降30.86%；已制定并执行综合租赁去化方案。
2025-01-10China Merchants Shekou's rental housing REIT (established Sep 2024) reported Q4 2024 operations: Linxia project occupancy dropped to 70.37% in Dec due to a major tenant vacating; Prince Bay project rental housing occupancy stayed around 93%.招商蛇口租赁住房REIT（2024年9月成立）发布2024年四季度运营数据：林下项目12月出租率因重要租户退租降至70.37%；太子湾项目租赁住房出租率保持在93%左右。
2025-09-02The underlying asset of the Zhaoshang Fund Shekou Rental Housing REIT, the Prince Bay project, had 15 commercial facilities available for lease with an occupancy rate of 53.08%, down 14.98 percentage points.招商基金蛇口租赁住房REIT底层资产太子湾项目共有15套配套商业设施可供租赁，出租率为53.08%，下降14.98个百分点。
2026-04-15Planned expansion of CMSK Rental Housing REIT (180502.SZ) by acquiring 'OneStop·ShanQian' public rental housing project in Nanshan, Shenzhen (GFA 98,723.77 sqm, 1,008 units, since 2017).筹划招商基金蛇口租赁住房REIT（180502.SZ）扩募，购入深圳南山‘壹栈·山前’公租房项目（建面98723.77平米，8栋，2017年运营）。
2026-04-29Approved second expansion of Boshi Shekou Industrial Park REIT to acquire Guangming project (Phase 2) and Nanyou project; submitted to NDRC and SZSE.董事会审议通过博时蛇口产园REIT第二次扩募，拟购入光明项目（二期）和南油项目；已向发改委和深交所提交材料。
Bond & note issuances债券与票据发行
12 · 2024-05-28 → 2026-06-18
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Issuance of corporate bonds, medium-term notes, and green bonds to raise capital.发行公司债券、中期票据和绿色债券以筹集资金。
2024-05-28China Merchants Shekou's application for a public issuance of corporate bonds to professional investors of up to RMB 9 billion was accepted by the Shenzhen Stock Exchange, with a maturity of up to 15 years.招商蛇口面向专业投资者公开发行不超过90亿元公司债券的申请获深交所受理，期限不超过15年。
2024-08-09Issued first tranche of corporate bonds to professional investors: '24 Shekou 01' (3yr, 2.10%) 2.1 billion yuan, '24 Shekou 02' (5yr, 2.30%) 2.9 billion yuan, total 5 billion yuan.面向专业投资者发行第一期公司债券：'24蛇口01'（3年期，2.10%）21亿元，'24蛇口02'（5年期，2.30%）29亿元，合计50亿元。
2024-09-04Issued 2024 second tranche corporate bonds to professional investors: total size up to 4 billion yuan; 3-year tranche (24 Snake 03) 2.5 billion yuan at 2.25%; 5-year tranche (24 Snake 04) 1.5 billion yuan at 2.35%.面向专业投资者发行2024年第二期公司债券：总规模不超过40亿元；品种一（24蛇口03）3年期25亿元，票面利率2.25%；品种二（24蛇口04）5年期15亿元，票面利率2.35%。
2025-01-23China Merchants Shekou issued the 2025 first tranche medium-term notes '25 China Merchants Shekou MTN001' for RMB 1 billion, with a 3-year term and a coupon rate of 2.05%, attracting subscription of RMB 2.34 billion.招商蛇口成功发行2025年度第一期中期票据“25招商蛇口MTN001”，金额10亿元，期限3年，票面利率2.05%，合规申购金额23.4亿元。
2025-06-09Issued 2025 second tranche medium-term notes '25 CMSK MTN002' for RMB 1.3 billion, 3-year term, interest rate 1.91% (SHIBOR 3M+26BP), with 25 bidders subscribing RMB 4.64 billion.发行2025年度第二期中期票据“25招商蛇口MTN002”，金额13亿元，期限3年，利率1.91%（SHIBOR 3M+26BP），25家申购，合规申购金额46.4亿元。
2025-07-14China Merchants Shekou issued the first tranche of its 2025 corporate bond (up to RMB 8 billion registered) with a size of RMB 800 million, 3-year tenor, and a coupon rate of 1.70%, listed on Shenzhen Stock Exchange on July 22.招商蛇口发行2025年公司债券（第一期），规模8亿元，期限3年，票面利率1.70%，于7月22日在深交所上市。
2025-08-14China Merchants Shekou issued the 2025 3-year MTN (ticker 102583442) for 1 billion yuan at a coupon rate of 1.75%, effective August 13, 2025, maturing August 13, 2028.招商蛇口发行2025年度第三期中期票据（25招商蛇口MTN003），金额10亿元，期限3年，发行利率1.75%，起息日2025年8月13日。
2025-10-22China Merchants Shekou issues 2025 2nd tranche corporate bonds (tranche 1, code 25 Shekou 02) with size up to RMB 4 billion, 3-year fixed rate at 1.90%; tranche 2 not issued.招商蛇口发行2025年第二期公司债券（品种一，25蛇口02），规模不超过40亿元，3年期票面利率1.90%；品种二未发行。
2025-10-28China Merchants Shekou's 2025 2nd tranche corporate bonds (tranche 1, 25 Shekou 02) to list on Shenzhen Stock Exchange from Oct 29, 2025, maturity Oct 23, 2028.招商蛇口2025年第二期公司债券（品种一，25蛇口02）自2025年10月29日起在深交所上市，到期日2028年10月23日。
2025-11-24Issued 2025 corporate bond (3rd tranche) '25 Shekou 04' (3-year, RMB 5.04 billion, coupon rate 1.77%); '25 Shekou 05' (5-year) not issued.完成2025年第三期公司债券发行：品种一“25蛇口04”（3年期，50.4亿元，票面利率1.77%）；品种二未发行。
2025-12-01Issued 5.04 billion yuan 3-year corporate bond '25 Shekou 04' at 1.77% coupon, listed on Shenzhen Stock Exchange on Dec 2.发行50.4亿元3年期公司债券'25蛇口04'，票面利率1.77%，12月2日在深交所上市。
2026-06-18Shekou's 2026 corporate bond (Tranche 1, Variety 1) with a coupon rate of 1.50% and a 5-year term will be listed on the Shenzhen Stock Exchange on June 22.招商蛇口2026年面向专业投资者公开发行公司债券（第一期）（品种一）票面利率1.50%，5年期，将于6月22日在深交所上市。
Project launches & construction starts项目启动与开工
3 · 2024-05-31 → 2025-07-15
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Launched new projects in Hefei, Beijing Tongzhou, and started construction on Qianhai Guiwan plot.在合肥、北京通州启动新项目，并开工建设前海桂湾地块。
2024-05-31China Merchants Shekou launched a new project in Hefei's Luyang District, plot LY202310, named 'Zhaoshang Luzhou Xu', with a total GFA of about 240,000 sqm, covering commercial, residential, and kindergarten uses.招商蛇口合肥庐阳区LY202310号地块项目推广名为招商·庐州序，总建筑面积约24万平方米，规划商业、居住、幼儿园。
2025-02-14Shekou held product launch for 'Zhaoshang Yunjing Lanyue' in Beijing Tongzhou sub-center, a new 'Lanyue' series project under the 'good housing' policy.招商蛇口在北京城市副中心举行招商云璟揽阅产品发布会，为“揽阅系”新作，顺应好房子新政。
2025-07-15China Merchants Shekou started construction on the Qianhai Guiwan plot on the same day of winning the bid, with a banner reading 'groundbreaking' at the site.招商蛇口在竞得前海桂湾地块当晚即进场开工，现场拉起“开工大吉”横幅。
Industrial park REIT (Boshi Shekou Industrial Park REIT)产业园REIT（博时招商蛇口产业园REIT）
6 · 2024-06-18 → 2026-01-21
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Lock-up expiry, operational data, dividend distribution, and expansion plans of the industrial park REIT.产业园REIT的锁定期到期、运营数据、分红派息和扩募计划。
2024-06-181.08 billion units of the Boshi Shekou Industrial Park REIT held by Shekou's related party will be unlocked on June 21; the holder stated it will continue to hold and has no plan to sell.博时招商蛇口产业园REIT中招商蛇口关联方持有的1.08亿份份额将于6月21日解除限售；持有人表示将继续持有，暂无卖出计划。
2025-01-09Bosera China Merchants Shekou Industrial Park REIT reported H2 2024 operational data: occupancy rates of 88.96%-97.41% for its properties, and forecast 2024 distributable income of RMB 146.7 million with an annualized cash distribution yield of 5.12%.博时招商蛇口产业园REIT发布2024年下半年运营数据：资产出租率88.96%-97.41%，预测2024年可供分配金额1.467亿元，年化净现金流分派率5.12%。
2025-04-16Plans to launch the second expansion of the Boshi Shekou Industrial Park REIT by acquiring new infrastructure projects: Guangming Phase II and Nanyou projects in Shenzhen.筹划开展博时蛇口产园REIT第二次扩募，新购入基础设施项目为深圳光明项目（二期）和南油项目。
2025-04-24Boshi Shekou Industrial Park REIT announced a dividend distribution of RMB 0.2830 per 10 fund units, with a distribution ratio of 93.43% and total distributable amount of RMB 43.144 million.博时招商蛇口产业园REIT公告分红，每10份派发0.2830元，分红比例93.43%，可供分配金额4314.4万元。
2026-01-19Bosera Zhaoshang Shekou Industrial Park REIT replaced M&A loan with a RMB 293.7 million operating-property mortgage loan from China Merchants Bank Shenzhen Branch, with lower rate and longer tenor.博时招商蛇口产业园REIT通过招商银行深圳分行借入2.937亿元经营性物业抵押贷款，用于置换并购贷款，利率更低、期限更长。
2026-01-21Bosera Zhaoshang Shekou Industrial Park REIT reported Q4 2025 revenue of RMB 45.6174 million, net profit of RMB 9.6138 million, and annualized cash distribution rate of 4.52%.博时招商蛇口产业园REIT 2025年第四季度收入4561.74万元，净利润961.38万元，年化现金流分派率4.52%。
Rental housing & apartment operations租赁住房与公寓运营
5 · 2024-06-26 → 2026-05-09
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Opened Yijian Apartment projects in Shanghai Songjiang and Hefei, and acquired rental units in Wuhan for affordable housing.在上海松江、合肥开业壹间公寓项目，并在武汉收购保障性租赁住房。
2024-06-26Shekou's subsidiary Yitang Service Apartment will launch its first Shanghai project at Shanghai International Cruise Port in H2 2024.招商蛇口旗下壹棠服务公寓将于2024年下半年在上海国际邮轮港首次推出上海项目。
2024-08-16Wuhan first batch of re-lending for affordable housing: Wuhan Anjia signed with Shekou Yuyue and Airport Center Phase III, acquiring over 20,000 sqm for 500+ rental units.武汉首单保障性住房再贷款落地：武汉安家签约招商蛇口愉樾和空港中心三期，收购面积超2万㎡，提供500余套保租房。
2025-10-23China Merchants Shekou's long-term rental apartment project 'Yijian·Sijing No.9 Mansion' (壹间·泗泾9号公馆) in Shanghai Songjiang Sijing to commence operation, targeting young white-collar and family tenants.招商蛇口长租公寓项目“壹间·泗泾9号公馆”在上海松江泗泾投入运营，面向青年白领及家庭客群。
2025-11-25Long-term rental brand 'Yijian Apartment' opened Songjiang Sijing 9th Mansion project (approx. 45,000 sqm, ~900 units) in Shanghai.长租公寓品牌“壹间公寓”上海松江泗泾9号公馆项目开业（约4.5万平米，约900套）。
2026-05-09Yijian Apartment Gaoxin Community in Hefei officially opened, the first large-scale self-operated rental community in Hefei; 2,734 units, total GFA ~126,900 sqm, with ~3,000 sqm commercial space.合肥壹间公寓·高新社区正式启幕，为合肥首个全链条自主运营的大型租赁社区；共2734套租赁住房，总建筑面积约12.69万平方米，配备约3000平方米社区商业。
Awards & certifications奖项与认证
1 · 2024-07-02
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Ranked first in China Industrial Park Operators and Light-Asset Industrial Park Operators.在中国产业园区运营商及轻资产产业园区运营商排名中位列第一。
2024-07-02China Merchants Shekou ranked first in '2024 Top 50 China Industrial Park Operators' and first in 'Top 10 Light-Asset Industrial Park Operators'.招商蛇口在“2024中国产业园区运营商50强”中蝉联第一，并获“中国产业园区轻资产运营商10强”首位。
Product brand & system launches产品品牌与体系发布
8 · 2024-07-08 → 2026-06-05
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Launch of new residential product series, 'Good House' technical system, and brand upgrades.推出新的住宅产品系列、“好房子”技术体系和品牌升级。
2024-07-08China Merchants Shekou launched its decade-long 'Xi' (Seal) series high-end residential brand in Hefei, Anhui province.招商蛇口在安徽合肥发布十年玺系全国高定居住品牌。
2025-01-06China Merchants Shekou launched a new 3+1 product series in 2024, including the upgraded 'Xi' series, 'Tianqing' modern Chinese style, and 'Qixu' cultural luxury series, and upgraded its 'One Shekou' smart service platform for 20 million+ members.招商蛇口2024年推出3+1全新产品系，包括升级版玺系、天青系现代中式、启序系文化豪宅，并升级一站式智慧服务平台“One蛇口”，服务2000万+会员。
2025-04-29Launched the 'China Merchants Good House' technical system, covering seven dimensions: safe living, comfort and health, green and low-carbon, smart convenience, exquisite craftsmanship, aesthetic renovation, and attentive service.推出“招商好房子”技术体系，涵盖安居无忧、舒适健康、绿色低碳、智能便捷、精工匠心、美学焕新、贴心服务七大维度。
2025-07-25China Merchants Shekou launched the Yijian 3.0 brand and opened the Yijian·Xinqiao G60 Sci-tech Cloud Corridor community in Shanghai Songjiang, with a new brand slogan 'Simple and beautiful, Yijian is enough' and a 'refined apartment' product standard.招商蛇口发布壹间3.0品牌，并启幕上海松江壹间·新桥G60科创云廊社区，新品牌主张为“简单美好，壹间就好”，推出“精致寓所”产品设计标准。
2025-08-29China Merchants Shekou launched its 'Good House' technical system covering 7 dimensions, 28 scenario modules, and 485 technologies, featuring proprietary IP scenarios such as 'Deep Sleep System' and 'Happy Kitchen'.招商蛇口推出“好房子”技术体系，涵盖7大维度、28个场景模块、485项技术，包括“深度睡眠系统”、“幸福厨房”等特色IP场景。
2025-10-29China Merchants Shekou's Yijian apartment brand launches version 3.0, with new brand proposition 'Simple and Good, Yijian is Enough', focusing on refined living and smart integration.招商蛇口壹间公寓发布3.0版本，以“简单美好，壹间就好”为新品牌主张，聚焦精致寓所与智能整合。
2025-11-14Launched 'Zhaoshang Good House' quality standard and 'Zhaoshang Good House+' brand at the 27th CHTF C³ Future Building Conference, covering 7 dimensions, 28 modules, 485 technologies.在第27届高交会C³未来建筑大会上发布“招商好房子”品质标准及“招商好房+”品牌，涵盖7大维度、28个模块、485项技术。
2026-06-05Shekou registered the copyright for 'Zhaoshang Haofang' (Good House) fine art work.招商蛇口新注册《招商好房》美术作品著作权。
Litigation & legal disputes诉讼与法律纠纷
2 · 2024-07-14 → 2026-04-21
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Faced consumption restriction order on Nanning subsidiary and lawsuit from Guangzhou Shiyiman Home Furnishing.南宁子公司收到消费限制令，被广州诗逸漫家居起诉。
2024-07-14Wholly-owned subsidiary Nanning Zhaoshang Huitian Real Estate received a consumption restriction order (case No. (2023)桂0103执11533).招商蛇口全资子公司南宁招商汇天房地产有限公司新增一条限制消费令（案号：(2023)桂0103执11533）。
2026-04-21Lawsuit: Guangzhou Shiyiman Home Furnishing Co. sued CMSK and subsidiary Taicang Jingyuan for sales contract dispute; court TaiCang, case (2026) Su 0585 Min Chu 2070.买卖合同纠纷：广州诗尼曼家居股份有限公司起诉招商蛇口及子公司太仓璟源置业，案号（2026）苏0585民初2070号，太仓市人民法院审理。
Industry standards & policy行业标准与政策
2 · 2024-08-07 → 2025-10-10
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Led release of group standard for cruise tenders and denied holding shares in Moore Threads.牵头发布邮轮接驳艇团体标准，否认工业基金持有摩尔线程股份。
2024-08-07China Navigation Society released the group standard 'Technical and Operational Guidelines for Cruise Tenders', led by China Merchants Cruise, effective September 1, 2024.中国航海学会发布《邮轮接驳艇安全技术与操作指南》，由招商邮轮牵头制定，2024年9月1日实施。
2025-10-10China Merchants Shekou denies that its industrial funds hold shares in Moore Threads (摩尔线程).招商蛇口否认其产业基金持有摩尔线程股份。
New subsidiary & JV company formations新子公司与合资公司设立
13 · 2024-08-09 → 2026-06-17
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Establishment of new wholly-owned or joint venture companies for real estate development and leasing.设立新的全资或合资公司，用于房地产开发和租赁。
2024-08-09Subsidiary Shenzhen Wanwei Dasha and Shenzhen Pingying Investment established Shenzhen Chuangyi Wanwei Enterprise Service Partnership with 10 million yuan capital.全资子公司深圳市万维大厦管理与深圳市平盈投资共同成立深圳市创壹万维企业服务合伙企业，出资额1000万元。
2024-08-15Established Shanghai Zhaorun Hongyue Housing Leasing Co., Ltd., wholly owned, registered capital 635 million yuan, legal representative Zhao Qingyu.成立上海招润虹悦房屋租赁有限公司，全资持股，注册资本6.35亿元，法定代表人赵清宇。
2024-10-01Established Shanghai Zhaorun Hongyue Housing Leasing Co., Ltd. with a registered capital of 635 million yuan, wholly owned, engaged in housing leasing and related services.成立上海招润虹悦房屋租赁有限公司，注册资本6.35亿元，全资持股，从事住房租赁及相关服务。
2024-10-16Established Shanghai Zhaorui Real Estate Co., Ltd. with registered capital 25 million yuan, held by Taicang Shaqiao and Nantong Ruicheng, engaged in real estate development and brokerage.成立上海招瑞置业有限公司，注册资本2500万元，由太仓沙桥置业和南通瑞城置业持股，从事房地产开发经营及房地产经纪业务。
2024-11-01Established Beijing Zhaoxin Real Estate Development Co., Ltd. with registered capital of 500 million yuan, wholly owned by China Merchants Property Development (Beijing).成立北京招鑫房地产开发有限公司，注册资本5亿元，由招商局地产（北京）有限公司全资持股。
2024-11-04Established Hefei Zhaohui Enterprise Management Co., Ltd. with registered capital of 600 million yuan, jointly held by subsidiaries.成立合肥招汇企业管理有限公司，注册资本6亿元，由旗下公司共同持股。
2024-11-21Established Nantong Zhaochuang Real Estate Co., Ltd. with registered capital of 450 million yuan, jointly held with partners.成立南通招创置业有限公司，注册资本4.5亿元，与合作伙伴共同持股。
2025-03-20Established two real estate development companies in Chengdu: Chengdu Zhaozelin (registered capital 1.6 billion yuan) and Chengdu Zhaohui (1.4 billion yuan), jointly held with local partner.在成都成立2家房地产开发公司：成都兆泽麟（注册资本16亿元）和成都招辉（14亿元），与当地合作方共同持股。
2025-04-21Established a wholly-owned subsidiary, Pinghu Zhaoyi Real Estate Co., Ltd., with a registered capital of RMB 10 million, for real estate development and operation.全资设立平湖招壹置业有限公司，注册资本1000万元，经营范围含房地产开发经营。
2025-07-01China Merchants Shekou established a wholly-owned property leasing subsidiary, Shenzhen Zhaoming Property Leasing Co., Ltd., covering property management, parking, and EV charging operations.招商蛇口全资设立深圳市招明物业租赁有限公司，经营范围包括物业管理、停车场服务及电动汽车充电基础设施运营。
2025-11-21Wholly-owned subsidiary Pinghu Zhaolu and others established Shanghai Zhaoyue Real Estate Co., Ltd., registered capital RMB 20 million, for real estate development.全资子公司平湖招陆等共同设立上海招越置业有限公司，注册资本2000万元，主营房地产开发。
2026-03-19CMSK wholly established Shenzhen Qianhai Yigang Park Operation Co., Ltd. (registered capital CNY 1 million) for park management and leasing services.招商蛇口全资成立深圳市前海易港园区运营有限公司，注册资本100万元，主营园区管理及租赁服务。
2026-06-17Shekou established Shenzhen Shanqian Housing Leasing Co., Ltd. with a registered capital of 5 million yuan, wholly owned by its subsidiary Shenzhen Zhaoshang Apartment Development Co., Ltd.招商蛇口旗下深圳市招商公寓发展有限公司全资持股成立深圳市山前住房租赁有限公司，注册资本500万元。
Share buyback & capital reduction股份回购与减资
20 · 2024-10-14 → 2026-04-30
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Announcement, execution, and completion of share buyback plans for cancellation.宣布、执行并完成股份回购计划以注销。
2024-10-14Chairman Jiang Tiefeng proposed a share buyback of A-shares via centralized竞价 trading, with total funds between 351 million yuan and 702 million yuan, price cap at 150% of 30-day average, shares to be cancelled.董事长蒋铁峰提议通过集中竞价交易回购A股，资金总额不低于3.51亿元、不超过7.02亿元，价格上限为前30个交易日均价150%，回购股份全部注销。
2024-10-16Board approved share buyback plan: repurchase 351-702 million yuan at ≤15.68 yuan/share, all shares to be cancelled, funded by自有资金 or自筹资金, valid 12 months from shareholder approval.董事会通过回购方案：回购金额3.51-7.02亿元，价格不超过15.68元/股，全部注销，资金来源为自有或自筹资金，有效期自股东大会通过起12个月。
2024-10-20Signed cooperation agreement with CMB Shenzhen Branch, obtaining a loan commitment of up to 702 million yuan for share repurchase, 12-month term, interest rate ≤2.25% and not exceeding market rate. This is the first A-share repo loan.与招商银行深圳分行签署合作协议，获得不超过7.02亿元贷款额度用于股票回购，期限12个月，利率不超过2.25%且不高于市场利率。此为A股首单回购贷款。
2024-11-01Announced share buyback plan: up to 702 million yuan, price cap 15.68 yuan/share, shares to be cancelled and capital reduced.公告股份回购计划：金额不超过7.02亿元，价格上限15.68元/股，回购股份全部注销并减少注册资本。
2024-11-19First share buyback executed: 4.43 million shares repurchased at 47.61 million yuan, price range 10.67-10.78 yuan/share.首次实施股份回购：回购443万股，金额4761万元，价格区间10.67-10.78元/股。
2025-01-02China Merchants Shekou repurchased 6,326,858 shares (0.070% of total equity) for RMB 67.50 million as of Dec 31, 2024, under a plan to cancel shares and reduce registered capital.截至2024年12月31日，招商蛇口累计回购6,326,858股（占总股本0.070%），耗资6750万元，用于注销并减少注册资本。
2025-01-26China Merchants Shekou repurchased 9,841,400 shares (0.109% of total equity) for RMB 103 million as of Jan 26, 2025, with a repurchase loan agreement signed with China Merchants Bank Shenzhen Branch.截至2025年1月26日，招商蛇口累计回购984.14万股（占总股本0.109%），耗资1.03亿元，已与招商银行深圳分行签署股票回购增持贷款合同。
2025-02-05Shekou announced share buyback progress: as of Jan 31, 2025, it repurchased 10.0234 million shares (0.111% of total) for 104.5 million CNY, with price range 9.58-10.78 CNY/share; total buyback plan is 351-702 million CNY at ≤15.68 CNY/share, funded by a loan from CMB Shenzhen Branch.招商蛇口公告回购进展：截至2025年1月31日，累计回购1002.34万股（占总股本0.111%），耗资1.045亿元，价格区间9.58-10.78元/股；回购总额3.51-7.02亿元，上限15.68元/股，资金来源于招商银行深圳分行贷款。
2025-03-04Share buyback progress: as of Feb 28, 2025, repurchased 14.06 million shares (0.155% of total) for 144 million yuan, max price 10.78 yuan/share, min 9.27 yuan/share.股份回购进展：截至2025年2月28日，已回购1406万股（占总股本0.155%），支付资金1.44亿元，最高成交价10.78元/股，最低9.27元/股。
2025-04-01As of March 31, 2025, the company repurchased 26.68 million shares (0.294% of total equity) for RMB 265 million, with a high of RMB 10.78/share and low of RMB 9.16/share.截至2025年3月31日，公司累计回购2668.17万股（占总股本0.294%），耗资2.65亿元，最高成交价10.78元/股，最低9.16元/股。
2025-04-08The company announced it will accelerate the pace of its share buyback plan, with the repurchased shares to be cancelled to reduce registered capital.公司公告将加快实施回购公司股份，回购股份将用于注销并减少注册资本。
2025-05-06Share buyback progress: as of April 30, 2025, China Merchants Shekou repurchased 35.77 million shares (0.395% of total) for RMB 351 million, with a price range of RMB 8.98-10.78 per share; the buyback plan has a cap of RMB 15.68 per share and total budget of RMB 351-702 million.股份回购进展：截至2025年4月30日，招商蛇口已回购3577万股（占总股本0.395%），耗资3.51亿元，成交价区间8.98-10.78元/股；回购计划上限15.68元/股，总预算3.51-7.02亿元。
2025-06-03Announced cumulative share buyback of 41.04 million shares (0.453% of total equity) for RMB 398 million, price range RMB 8.75-10.78/share, with a loan agreement with China Merchants Bank Shenzhen Branch.公告累计回购4104万股（占总股本0.453%），金额3.98亿元，价格区间8.75-10.78元/股，并与招商银行深圳分行签署股票回购贷款合同。
2025-07-02As of June 30, 2025, China Merchants Shekou had repurchased 44,804,006 shares (0.494% of total equity) for RMB 430.27 million, at prices between RMB 8.48 and 10.78 per share, for cancellation and capital reduction.截至2025年6月30日，招商蛇口累计回购44,804,006股（占总股本0.494%），耗资4.30亿元，成交价区间8.48-10.78元/股，用于注销减资。
2025-08-01As of July 31, 2025, China Merchants Shekou repurchased 44.80 million shares (0.494% of total shares) for a total of 430 million yuan, at a price range of 8.48-10.78 yuan/share.截至2025年7月31日，招商蛇口已回购4480万股（占总股本0.494%），回购资金总额4.3亿元，回购价格区间8.48-10.78元/股。
2025-09-03As of August 31, 2025, China Merchants Shekou repurchased 44.804 million shares (0.494% of total shares) for a total of 430 million yuan, with a repurchase price range of 8.48-10.78 yuan per share, for cancellation and capital reduction.截至2025年8月31日，招商蛇口累计回购股份4480.4万股（占总股本0.494%），资金总额4.3亿元，回购价格区间8.48-10.78元/股，用于注销减资。
2025-10-09China Merchants Shekou repurchased 44,804,006 shares (0.494% of total equity) via centralized竞价 as of Sep 30, 2025, total amount RMB 430.27 million, for cancellation and capital reduction.截至2025年9月30日，招商蛇口累计回购44,804,006股（占总股本0.494%），总金额4.30亿元，用于注销减资。
2025-10-31China Merchants Shekou completes share buyback plan, repurchasing 44,804,006 shares (0.494% of total equity) with total amount RMB 430.27 million, price range RMB 8.48-10.78/share, for cancellation.招商蛇口完成股份回购计划，累计回购44,804,006股（占总股本0.494%），总金额4.30亿元，价格区间8.48-10.78元/股，用于注销。
2025-11-01Completed share buyback: repurchased 44,804,006 shares (0.494% of total) for RMB 430.27 million; all shares to be cancelled to reduce registered capital.完成股份回购：累计回购44,804,006股（占总股本0.494%），总金额4.30亿元；全部注销以减少注册资本。
2026-04-30Reduced registered capital by 448 mln yuan (from 9.061 bln to 9.016 bln) due to share buyback cancellation of 44,804,006 shares; changed registered address.因股份回购注销（44,804,006股），注册资本减少4.48亿元（由90.61亿元调整为90.16亿元）；变更公司住所。
Low-altitude economy & new ventures低空经济与新业务
2 · 2024-11-05 → 2025-12-07
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Participation in low-altitude economy pilot zone and related strategic partnerships.参与低空经济试点区及相关战略合作。
2024-11-05Confirmed participation in Qianhai-Shekou low-altitude economy pilot zone, building infrastructure and industrial ecosystem.确认参与前海-蛇口低空经济先导区建设，打造基础设施和产业生态。
2025-12-07Co-hosted the 2025 Greater Bay Area Science Forum low-altitude technology sub-forum in Shenzhen, proposing the 'Qianhai-Shekou Low-Altitude Economy Pilot Zone' concept.联合主办2025大湾区科学论坛低空技术与工程分论坛，提出'前海-蛇口低空经济先导区'概念。
Urban renewal & redevelopment projects城市更新与改造项目
4 · 2024-11-06 → 2025-08-21
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Involvement in urban village redevelopment, old renovation projects, and urban renewal initiatives.参与城中村改造、旧改项目和城市更新计划。
2024-11-06Signed education resource cooperation agreement for TianTuo urban renewal project in Nankai District, Tianjin, introducing Wuma Road Primary School and Nankai Middle School groups.签署天津南开区天拖城市更新项目教育资源配套合作协议，引入五马路小学和南开中学办学集团。
2024-12-30Held the renewal launch ceremony for the former United Biscuit Factory urban renewal unit in Shekou, Shenzhen, planning a total GFA of 98,754 sqm including 88,449 sqm of residential and 2,100 sqm of commercial/office.在深圳招商街道举行原联合饼干厂城市更新单元美好焕新启动仪式，规划计容建面98754平方米，其中住宅88449平方米，商业办公2100平方米。
2025-03-18At 2024 results conference, management disclosed ~20 incubating urban village redevelopment projects with ~7 million sqm of reserve land, mainly in Yangtze River Delta and Greater Bay Area.在2024年度业绩会上，管理层披露正在孵化近20个城中村改造项目，储备土地面积约700万平方米，主要聚焦长三角和粤港澳大湾区。
2025-08-21The old renovation project of the former United Biscuit Factory in Nanshan, Shenzhen, taken over by China Merchants Shekou from Evergrande, was approved under the name 'Houhai Xijia Yuan' and has started construction. Planned residential area: 88,449 sqm.招商蛇口从恒大接盘的深圳南山原联合饼干厂旧改项目获批备案名“后海玺家园”，已开工，规划住宅88449平方米。
Light-asset & entrusted operation agreements轻资产与委托运营协议
1 · 2024-12-24
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Signed light-asset entrusted operation agreement for Guanggu Naji Center in Wuhan.签署武汉光谷纳杰中心轻资产委托运营协议。
2024-12-24Signed a light-asset entrusted operation agreement with Hubei Naji Human Resources Co., Ltd. for the Guanggu Naji Center project in Wuhan, with total investment of 650 million yuan and floor area of 93,000 sqm.与湖北纳杰人力资源有限公司签署轻资产委托运营协议，打造武汉光谷纳杰中心项目，总投资6.5亿元，建筑面积约9.3万平方米。
Charitable donations & rural revitalization慈善捐赠与乡村振兴
2 · 2024-12-30 → 2025-01-03
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Donated RMB 18 million each in 2024 and 2025 to China Merchants Charity Foundation for rural revitalization.2024年和2025年各向招商局慈善基金会捐赠1800万元用于乡村振兴。
2024-12-30Donated 18 million yuan of its own funds to China Merchants Charity Foundation for rural revitalization in Xinjiang Yecheng, Shache, Hubei Qichun, and Guizhou Weining counties.以自有资金向招商局慈善基金会捐赠1800万元公益金，用于新疆叶城县、莎车县、湖北蕲春县、贵州威宁县的乡村振兴。
2025-01-03China Merchants Shekou donated RMB 18 million to China Merchants Charity Foundation for rural revitalization in Xinjiang, Hubei, and Guizhou counties.招商蛇口向招商局慈善基金会捐赠1800万元，用于新疆、湖北、贵州等县的乡村振兴。
Equity acquisitions & intra-group restructuring股权收购与内部重组
3 · 2025-01-13 → 2026-03-06
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Acquired equity in Shanghai Jianghan Real Estate and Xi'an Mao'an, and sold Taiziwan Shangchu to China Merchants Energy Shipping.收购上海江瀚置业及西安茂安股权，向招商轮船出售太子湾商储。
2025-01-13China Merchants Shekou's subsidiary Shanghai Zhaoguang置业 acquired equity in Shanghai Jianghan Real Estate from Greenland Group, taking joint ownership with other Shekou units and Shanghai Wusongkou International Cruise Terminal.招商蛇口旗下上海招广置业受让绿地地产所持上海江瀚房地产开发经营有限公司股权，与招商蛇口其他子公司及上海吴淞口国际邮轮港发展有限公司共同持股。
2025-08-27China Merchants Shekou agreed to sell 100% equity of Shenzhen Taiziwan Shangchu Real Estate (owner of China Merchants Jiyu Tower) to China Merchants Energy Shipping for approximately 716 million yuan, a related-party transaction.招商蛇口拟将全资子公司深圳市太子湾商储置业有限公司（持有招商积余大厦）100%股权转让予招商轮船，转让价款约7.16亿元，构成关联交易。
2026-03-06CMSK's subsidiary Xi'an Mao'an acquired 100% equity of a target company from Wuhan Gutian for CNY 79.59 million, an intra-group restructuring.招商局置地间接全资附属公司西安茂安以7958.96万元收购武汉古田持有的目标公司100%股权，属集团内部重组。
Shareholder meetings & corporate governance股东大会与公司治理
4 · 2025-05-21 → 2025-12-24
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Held annual and extraordinary general meetings, approved profit distribution, bond issuance, director election, and board committee adjustments.召开年度及临时股东大会，批准利润分配、债券发行、董事选举及董事会委员会调整。
2025-05-21Annual general meeting to consider 2024 profit distribution, bond issuance general mandate, subsidiary guarantee quotas, and election of Huang Chuanjing as non-independent director.年度股东大会将审议2024年度利润分配方案、发行债券一般性授权、为子公司提供担保额度及选举黄传京为非独立董事等议案。
2025-06-032024 annual general meeting approved 15 proposals including profit distribution, related-party transactions, and election of director Huang Chuanjing with 96.87% support; bond issuance general mandate passed with 99.66% approval.2024年年度股东大会审议通过15项议案，包括利润分配、关联交易及选举黄传京为董事（得票率96.87%）；债券发行一般性授权以99.66%赞成率通过。
2025-12-19Announced the second extraordinary general meeting of 2025 to be held on Dec 24, 2025.公告将于2025年12月24日召开2025年第二次临时股东会。
2025-12-24Board meeting on Dec 24 approved adjustment of board committee members, 2025 and 2025-2027 management performance contracts and compensation plan, and revision of financial management system.12月24日董事会审议通过调整专门委员会成员、经理层2025年度及2025-2027年任期合同与薪酬方案、修订财务管理制度。
Other regulatory & financial disclosures其他监管与财务披露
5 · 2025-08-28 → 2026-05-12
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Issued reply on stock fluctuation, changed signing lawyer for preference shares, disclosed 2025 profit warning, and provided operational data.回复股价波动问询、变更优先股签字律师、披露2025年业绩预告及运营数据。
2025-08-28As of end-H1 2025, China Merchants Shekou managed 50 operational shopping malls (total GFA ~3.09 million sqm) and 19-city apartment operations (~1.64 million sqm, over 40,000 units).截至2025年6月末，招商蛇口管理范围内集中商业在营项目50个（总经营建筑面积约309万平方米），公寓布局19个城市（已开业约164万平方米，房源超4万间）。
2025-10-01Shenzhen Stock Exchange accepts China Merchants Shekou's application for the above preference share issuance; approval still pending.深交所受理招商蛇口上述优先股发行申请，尚需审核及注册。
2026-01-30Announced 2025 annual results forecast: net profit attributable to shareholders RMB 1.005-1.254 billion, down 69%-75% YoY; core net profit RMB 154-231 million, down 91%-94% YoY, due to impairment provisions, lower delivery volume, and reduced investment income.发布2025年度业绩预告：归母净利润10.05-12.54亿元，同比下降69%-75%；扣非净利润1.54-2.31亿元，同比下降91%-94%，因计提减值准备、交付规模减少及投资收益下降。
2026-05-11Issued reply on abnormal stock trading fluctuation: confirmed compliance with 'three red lines' (ex-advance-pay liability ratio 64.17%, net debt ratio 72.46%, cash-short debt ratio 1.19 as of end-2025); no major debt default; bank credit lines RMB 318.7 billion; all bonds rated AAA.发布股票交易异常波动回复函：确认符合“三道红线”要求（2025年末剔除预收款后资产负债率64.17%，净负债率72.46%，现金短债比1.19）；无大额债务违约；银行授信额度3187亿元；债券信用评级均为AAA。
2026-05-12Changed signing lawyer for preferred share issuance: Liu Chengfeng replaced by Rao Xiaomin and Zhou Jun due to resignation from Zhong Lun Law Firm.优先股发行项目变更签字律师：原签字律师刘成峰因离职被替换，变更为饶晓敏、周俊。
Strategy & service transformation战略与服务转型
1 · 2025-10-15
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Beijing Company launched 'Full-Region Service' strategy shifting from building houses to creating life.北京公司发布“全域服务”战略，从建房转向创造生活。
2025-10-15China Merchants Shekou Beijing Company launches 'Full-Region Service' (全域服务) strategy, shifting from 'building good houses' to 'creating good life', integrating finance, culture, travel, health resources.招商蛇口北京公司发布“全域服务”战略，从“造好房”迈向“造好生活”，整合金融、文化、旅居、健康资源。
Project termination & land rezoning项目终止与土地调规
1 · 2025-11-25
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Nanjing Dingjiazhuang TOD commercial complex terminated and land rezoned.南京丁家庄TOD商业综合体终止，土地调规为住宅和社区中心。
2025-11-25Nanjing Dingjiazhuang TOD commercial complex plan (total investment >RMB 5 billion, 449,000 sqm) terminated; land rezoned to residential and community center.南京丁家庄站上盖商办综合体项目（总投资超50亿元，44.9万方）规划终止，地块调整为住宅及社区中心。
Strategic cooperation MoUs战略合作备忘录
1 · 2026-04-17
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Nippon Paint China won floor coating procurement contract for national projects.立邦中国中标全国项目地坪涂料集中采购合同。
2026-04-17Nippon Paint China won 2026-2027 floor coating centralized procurement contract for CMSK's national projects, covering epoxy, polyurethane systems.立邦中国中标招商蛇口2026-2027年度地坪产品集采项目，覆盖全国在建及拟建项目，提供环氧、聚氨酯等地坪系统。
Commercial REIT (Shekou Commercial REIT)商业REIT（招商蛇口商业REIT）
3 · 2026-05-19 → 2026-06-18
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Board approval and application for a new commercial real estate REIT.董事会批准并申请新的商业地产REIT。
2026-05-19Board approved launch of commercial real estate REIT (Shekou Commercial REIT) application, with underlying assets: Shenzhen Prince Plaza (office, 63,738.27 sqm) and Kunshan Huayuan City (retail, 118,459.18 sqm); fund manager and plan manager is CMS Asset Management; original owners are subsidiary Zhaoshang Licai and controlled entity CPMC.董事会审议通过开展商业不动产REITs（蛇口商业REIT）申报发行工作，标的资产为深圳太子广场（办公，63738.27平方米）和昆山招商花园城（商业零售，118459.18平方米）；基金管理人和计划管理人为招商资管；原始权益人为子公司招商理财和控股子公司招商积余。
2026-06-02Shekou submitted REIT applications for Shenzhen Prince Plaza and Kunshan Garden City, becoming the first developer to cover industrial park, rental housing, and commercial real estate REITs in China.招商蛇口申报深圳太子广场与昆山招商花园城商业不动产REITs，成为国内首个集齐产业园、保障性租赁住房、商业不动产三大REITs赛道的房企。
2026-06-18The Shenzhen Stock Exchange accepted the application for 'Zhaoshang Asset Management Shekou Closed-End Commercial Real Estate Securities Investment Fund' (Shekou Commercial REIT).深交所受理‘招商资管招商蛇口封闭式商业不动产证券投资基金’（招商蛇口商业不动产REIT）项目申请。
Tender plans & project bids招标计划与项目投标
1 · 2026-05-20
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Beijing subsidiary issued tender plans for Fengtai and Tongzhou plots.北京子公司发布丰台、通州地块招标计划。
2026-05-20Beijing subsidiary issued tender plans for Fengtai Puhuangyu plot (total GFA ~32,900 sqm, investment estimate RMB 1.4 billion) and Tongzhou Jiukeshu plot (total GFA 54,800 sqm, investment estimate RMB 1.38 billion).北京子公司发布丰台蒲黄榆地块（总规模约3.29万平米，投资估算14亿元）和通州九棵树地块（总规模5.48万平米，投资估算13.8亿元）的招标计划。
