以客為先 品牌卓越 實力雄厚 年報 2023/24 股份代號 : 16 (港幣櫃台) 及80016 (人民幣櫃台) Clean不用Markup 年報 2023/24 股份代號 : 16 (港幣櫃台) 及80016 (人民幣櫃台) 以客為先 品牌卓越 實力雄厚 4 5 1 2 3 6 1. 上海市徐家匯ITC 2. 上海市陸家嘴上海國金中心 3. 香港啟德天璽 • 海 4. 香港西九龍環球貿易廣場 5. 香港中環國際金融中心二期 6. 香港高鐵西九龍總站發展項目 目錄 Clean不用Markup | --- | --- | --- | |-------|-------|--------------------------------| | | | | | 2 | | 董事局及委員會 | | 3 | | 公司資料及股東資訊 | | 4 | | 財務概要及土地儲備 | | 6 | | 五年財務摘要 | | 7 | | 業務架構 | | 8 | | 董事局主席報告書 | | 24 | | 業務模式及策略方向 | | 26 | | 業務概況 | | | 28 | 香港地產業務 | | | 58 | 內地地產業務 | | ...

交银国际研究 公司更新 | --- | --- | --- | --- | --- | |----------------|--------------|---------------|----------|-----------------------------| | | | | | | | | | | | | | 中国香港房地产 | 收盘价 | 目标价 | 潜在涨幅 | 2024 年 9 月 3 日 | | | 港元 74.45 | 港元 96.10↓ | +29.1% | | | 新鸿基地产 | (16 HK) | | | | | | | | | | 2024 财年业绩预览：预计租金收入达 200 亿港元，核心利润微降 预计 2024 财年业绩维持平稳：因去年香港开发物业交付量之低基数，加 上其余各线业务的复苏，我们预期 2024 年收入同比增 8.9%至约 775 亿港 元。因市场调整关系，我们预期物业开发毛利率将降至约 35%，整体毛利 率同比降约 2-3 个百分点至 45%。因此，我们预期核心净利润将同比微降 约 7%至 223 亿港元。另外，我们相信公司预期全年分派比率会更接近 40- 50% ...

Financial Performance - The company's underlying profit attributable to shareholders, excluding the impact of investment property fair value changes, was HKD 21.739 billion, compared to HKD 23.885 billion last year[2] - Revenue for the fiscal year ending June 30, 2024, was HKD 71,506 million, compared to HKD 71,195 million in the previous year[44] - Gross profit for the fiscal year ending June 30, 2024, was HKD 32,214 million, down from HKD 34,458 million in the previous year[44] - Operating profit for the fiscal year ending June 30, 2024, was HKD 26,752 million, compared to HKD 27,545 million in the previous year[44] - Net profit attributable to shareholders for the fiscal year ending June 30, 2024, was HKD 19,046 million, down from HKD 23,907 million in the previous year[44] - Basic and diluted earnings per share for the fiscal year ending June 30, 2024, were HKD 6.57, compared to HKD 8.25 in the previous year[44] - The company's underlying profit, excluding investment property valuation changes, was HKD 21,739 million for 2024[58] - The company's attributable profit to shareholders for 2024 was HK$19,046 million, a decrease from HK$23,907 million in 2023[59] - The fair value decrease in investment properties for 2024 was HK$1,481 million for subsidiaries and HK$1,352 million for joint ventures, compared to an increase of HK$593 million and HK$77 million respectively in 2023[59] - The total dividends declared and paid for 2024 were HK$10,867 million, down from HK$14,344 million in 2023[60] - The company's underlying profit attributable to shareholders for 2024 was HK$21,739 million, a decrease of 9% from HK$23,885 million in 2023[68] - The total revenue for the company's business segments (including joint ventures and associates) for 2024 was HK$83,636 million, slightly up from HK$83,381 million in 2023[69] - The operating profit for the company's business segments decreased by 7% to HK$32,359 million in 2024[69] - Underlying profit for the year was HKD 21.739 billion, excluding unrealized revaluation losses of HKD 2.412 billion and including realized revaluation gains of HKD 281 million from the sale of investment properties[78] Dividends and Shareholder Returns - The total dividend per share for the year was HKD 3.75, a decrease of 24% compared to the previous year[3] - The board proposed a final dividend of HKD 2.80 per share for the year ended June 30, 2024, bringing the total annual dividend to HKD 3.75 per share[93] Property Development and Sales - Profit from property sales was HKD 7.85 billion, down from HKD 11.299 billion last year, with total contract sales of approximately HKD 37.5 billion[4] - The company added three residential sites with a total gross floor area of approximately 1.548 million square feet[7] - As of June 30, 2024, the company's land reserve in Hong Kong was approximately 57.8 million square feet, with 38.2 million square feet being diversified completed properties[8] - The company recorded contract sales of approximately HKD 25.6 billion in Hong Kong, primarily from projects such as YOHO WEST Phase 1 and The YOHO Hub II[9] - Six projects in Hong Kong were completed during the year, with a total gross floor area of approximately 3.5 million square feet, including 2.5 million square feet of residential properties for sale[10] - The company's unbooked contract sales in Hong Kong as of June 30, 2024, reached HKD 24.9 billion, with approximately HKD 19.6 billion expected to be recognized in the 2024/25 fiscal year[11] - The company's land reserves in mainland China total approximately 66.7 million square feet, with 21 million square feet completed and 45.7 million square feet under development, over 50% of which will be developed into high-quality residential and office properties[17] - The company achieved contracted sales of approximately RMB 11 billion in mainland China, primarily from two landmark projects: Binjiang Triumphal Gate Phase 3 in Shanghai and Hangzhou International Finance Centre (Huidong) Phase 3 in Hangzhou[18] - The company completed approximately 1.45 million square feet of properties in mainland China, including the Suzhou Four Seasons Hotel, which opened at the end of 2023[19] - Unrecognized contracted sales in mainland China amounted to RMB 12.6 billion as of June 30, 2024, with approximately RMB 8 billion expected to be recognized in the 2024/25 fiscal year[20] - Hong Kong property development revenue increased by 4% to HKD 24.745 billion, driven by sales of residential projects such as NOVO LAND 2A & 2B, University Hill 2A & 2B, and Silicon Hill[71] - Mainland China property development revenue decreased by 49% to HKD 2.677 billion due to reduced residential unit sales[71] Property Rental Income - Total rental income increased by 3% year-on-year to HKD 24.991 billion, with net rental income also rising by 3% to HKD 19 billion[5] - Total rental income from the company's diversified investment property portfolio in Hong Kong increased by 1% year-on-year to HKD 17.942 billion[12] - The retail property portfolio achieved an average occupancy rate of 94%, with rental income recording moderate growth despite challenges in the retail sector[13] - The company's office property portfolio maintained an average occupancy rate of 91%, with flagship properties like International Finance Centre and Global Trade Plaza exceeding 90% occupancy[15] - Total rental income in mainland China increased by 12% year-on-year to RMB 5.822 billion, driven by new contributions from completed projects and strong performance of the company's premium shopping malls[21] - Hong Kong property investment rental income increased by 1% to HKD 17.942 billion, with retail property rental income up 3% to HKD 9.283 billion[71] - Mainland China property investment rental income increased by 8% to HKD 6.305 billion, with a 12% increase in RMB terms to RMB 5.822 billion[71] Investment Properties - The fair value of completed investment properties in Hong Kong increased to HK$274,585 million in 2024 from HK$263,266 million in 2023, with a weighted average capitalization rate of 5.1%[64] - The fair value of investment properties under development in Hong Kong decreased to HK$25,578 million in 2024 from HK$33,151 million in 2023, with a capitalization rate range of 3.5%-5.5%[65] - Investment properties recorded a net fair value loss of HKD 1.481 billion, primarily due to declining market rents for office properties[75] Debt and Financial Position - The group's debt ratio as of June 2024 is 18.3%, with a strong financial position and A+ credit rating from S&P[29] - The group secured a HKD 23 billion syndicated loan agreement with 23 banks in May 2024[29] - The group issued offshore RMB bonds totaling RMB 8 billion (5-year) and RMB 2.85 billion (2-year) in 2024[29] - The group's total borrowings as of June 2024 include 46% in HKD fixed-rate or RMB-denominated debt[30] - Net debt increased to HKD 110.866 billion (2023: HKD 109.773 billion), with a debt-to-equity ratio of 18.3% (2023: 18.2%)[80] - Total debt amounted to HKD 127.087 billion, with 68% being bank loans and 32% being notes and bonds, all maturing by June 2033[81] - Approximately 76% of the total debt is due after two years, with a weighted average repayment period of 3.3 years[82] - Debt composition by currency (post-currency swap) shows 79% in HKD, 20% in RMB, and 1% in GBP[83] - Fixed-rate debt accounts for 31% of total debt, primarily consisting of medium-term notes and RMB 2 billion commercial mortgage-backed securities issued in mainland China[84] - The company maintains a strong financial position with ample liquidity, supported by recurring income, property sales cash inflows, and substantial unused credit facilities[85] - Foreign exchange risk is minimal, with RMB-denominated net assets accounting for approximately 17% of total net assets, and a RMB depreciation of 0.5% against HKD resulting in a HKD 450 million exchange loss[86] - The total nominal principal amount of interest rate swaps, cross-currency interest rate swaps, and foreign exchange forward contracts used to manage interest rate and foreign exchange risks was HKD 16.389 billion as of June 30, 2024[87] - Bank deposits and cash amounted to HKD 16.221 billion as of June 30, 2024, with 61% in HKD, 33% in RMB, and 6% primarily in USD[88] - Subsidiaries pledged bank deposits totaling HKD 48 million and assets with a book value of HKD 5.84 billion as collateral for bank guarantees and loans[89] - Contingent liabilities related to guarantees for joint venture loans and other guarantees totaled HKD 1.907 billion as of June 30, 2024[90] ESG and Sustainability - The group ranked in the top 20% of the Dow Jones Sustainability Asia Pacific Index for ESG performance[32] - The group achieved the highest AAA rating in the Hang Seng Corporate Sustainability Index[32] - The group received an A rating in the MSCI ESG Ratings[32] - The company has achieved a 25% reduction in greenhouse gas emissions from its major commercial properties over four years[33] - The company plans to double the number of fast EV charging stations in its shopping malls in the coming months, currently having installed nearly 40 stations[33] - The company is developing Hong Kong's first solar power plant on a landfill site, expected to generate 1.2 million kWh annually[33] - The company has purchased several electric construction equipment, becoming a pioneer in this area among Hong Kong developers[34] Corporate Governance and Compliance - The company complied with the Corporate Governance Code during the year, except for not separating the roles of Chairman and CEO, as major decisions are made collectively by the board and senior management[97] - The 2023-2024 annual report will be published on the Hong Kong Exchanges and Clearing Limited website and the company's website by the end of October 2024[98] Employee and Community Initiatives - The company has lent a plot of land in Yuen Long to the government for the construction of 2,100 simplified public housing units, expected to be completed by 2025[35] - The company is supporting the "2024 Hong Kong Reading +" carnival to promote reading culture and cross-border exchanges with Shenzhen[35] - The company is collaborating with the Hong Kong Sports Association to promote the 2024 Paris Olympics across its shopping malls[35] - The company is launching comprehensive training programs for employees, covering AI, data mining, and blockchain technologies[37] - The company's total employee compensation before reimbursements was approximately HKD 14.888 billion for the year, with over 40,000 employees as of June 30, 2024[91] Market Outlook and Economic Environment - The company expects moderate economic growth in Hong Kong, driven by government measures to attract international talent and investment[38] - The company anticipates a recovery in inbound tourism and a positive impact on the property market due to potential interest rate cuts[38] Infrastructure and Transportation - Infrastructure and transportation business performance varies, with the Hong Kong Commercial Aviation Center recording strong growth, nearing pre-pandemic passenger levels[27] - Cross-border transport volume remains below pre-pandemic levels, impacting traffic flow[27] - The Hong Kong Airport Air Cargo Terminal plans a major renovation to upgrade facilities to world-class standards[28] Telecommunications and Data Centers - SmarTone's 5G user base has reached nearly 40%, with 5G home broadband services driving growth[25] - SmarTone's roaming service revenue increased significantly after Hong Kong reopened its borders[25] - SUNeVision's MEGA IDC Phase 1, a state-of-the-art data center, was launched in H1 2024 and has attracted inquiries from major cloud service providers and financial institutions[26] - SUNeVision's data centers are nearly fully leased, with significant rental growth[26] - Data center business revenue increased by 14% to HKD 2.674 billion, driven by growing demand for data center services[73] New Projects and Developments - TOWNPLACE WEST KOWLOON, operational since October 2023, offers mixed lease options and has successfully attracted young professionals and corporate clients[15] - The newly opened YOHO MIX in Yuen Long, with a total retail area of 107,000 sq ft, integrates with the existing YOHO MALL to form the largest retail property in the Northwest New Territories, totaling approximately 1.1 million sq ft[15] - The high-speed rail West Kowloon Terminus development project is expected to contribute to the company's recurring income, with the International Gateway Centre (IGC) office tower already leased by UBS for 460,000 square feet[16] - The Nanjing International Finance Centre Mall, with a total gross floor area of approximately 1 million square feet, officially opened in July 2024, featuring high-end brands and innovative design[21] - Shanghai ITC Phase 3A has been completed with a total floor area of 1.1 million sq. ft. and a leasing rate exceeding 70%[22] - Shanghai ITC Phase 3B, a 370-meter skyscraper with 2.4 million sq. ft. of office space, is expected to be completed by 2025[22] - ITC Maison, a flagship mall with 2.6 million sq. ft. of retail space, is set to open in phases and has received positive initial market response[22] - Hangzhou International Finance Centre, located in the CBD of Qianjiang New Town, is progressing well and expected to be completed in phases by 2025[22] - The Millennity base mall in Kwun Tong is planned to open in phases starting from the end of 2024[39] - The first office tower at IGC above the West Kowloon High-Speed Rail Station is expected to be delivered to tenants in early 2026[39] - ITC Phase III in Shanghai, including the B office tower and ITC Maison mall, is expected to be completed in phases by 2025[39] - The company plans to launch several major Hong Kong projects in the next ten months, including The YOHO Hub II in Yuen Long and YOHO WEST Phase 2 in Tin Shui Wai[40] - The company is developing the West Saddle Mountain project, which includes the West Saddle GO PARK, a new sports and entertainment landmark[40] Membership Programs and Retail Initiatives - The Point membership program expanded its coverage to approximately 60% of tenants in the company's major shopping malls, with stable member spending despite a challenging environment[14] - The "Di Rewards" membership program has grown to over 180,000 members, with a significant increase in mainland China members[24] - The company's retail properties, including Shanghai IAPM and Guangzhou Tianhuan, maintained high occupancy rates and introduced new brand concepts and pet-friendly events to enhance their market positioning[21] Other Financial Metrics - Total assets increased to HKD 756,082 million in 2024 from HKD 752,577 million in 2023, reflecting growth in non-current and current assets[46] - Property development revenue in Hong Kong reached HKD 24,745 million with a profit of HKD 6,513 million, while mainland China contributed HKD 2,677 million in revenue and HKD 1,337 million in profit[50] - Property rental revenue in Hong Kong was HKD 17,942 million with a profit of HKD 13,423 million, and mainland China contributed HKD 6,305 million in revenue and HKD 5,027 million in profit[50] - Hotel business revenue totaled HKD 5,261 million with a profit of HKD 650 million, while telecommunications revenue was HKD 6,221 million with a profit of HKD 701 million[50] - Transport infrastructure and logistics revenue reached HKD 8,612 million with a profit of HKD 1,712 million, and data center business revenue was HKD 2,674 million with a profit of HKD 1,266 million[50] - Total segment revenue for the year was HKD 83,636 million, with a combined segment profit of HKD 32,359 million[50] - Operating profit for the year was HKD 32,042 million, including other net gains of HKD 1,671 million and unallocated administrative expenses of HKD 1,988 million[50] - Investment property fair value changes resulted in a loss of HKD 2,780 million, with significant losses in Singapore (HKD 1,299 million) and mainland China (HKD 1,030 million)[50] - Net finance costs for the year were HKD 4,281 million, contributing to a pre-tax profit of HKD 24,981 million[50] - The company reported a net profit of HKD 19,605 million for the year, after accounting for taxes of HKD 5,376 million[50] - Property development revenue in Hong Kong reached HKD 23,853 million, with a performance of HKD 8,467 million, accounting for 13% of total revenue[51] - Property leasing revenue in Hong Kong was HKD 14,996 million, with a performance of HKD 11,081 million, contributing significantly to the overall leasing segment[51] - The company recorded other net gains of HKD 1,766 million, including HKD 1,095 million from land resumption by the Hong Kong government[52] - Revenue from the Hong Kong market increased to HKD 65,267 million in 2024, up from HKD 63,512 million in 2023[53] - Net financial expenses for 202

1. IFC in Central, Hong Kong 香港中環國際金融中心 2. ICC in West Kowloon, Hong Kong 2 香港西九龍環球貿易廣場 1 3. ITC in Xujiahui, Shanghai 上海市徐家匯ITC 3 4. Shanghai IFC in Lujiazui, Shanghai 4 上海市陸家嘴上海國金中心 5. High Speed Rail West Kowloon Terminus Development, 6 Hong Kong 5 香港高鐵西九龍總站發展項目 6. TOWNPLACE WEST KOWLOON, West Kowloon, Hong Kong 香港西九龍TOWNPLACE WEST KOWLOON 目錄 70 董事局及委員會 71 財務概要及公司資料 72 董事局主席報告書 86 簡明綜合財務資料的審閱報告 87 綜合收益表 88 綜合全面收益表 89 綜合財務狀況表 90 簡明綜合現金流量表 91 綜合權益變動表 93 簡明綜合財務報表說明 110 財務檢討 ...

交银国际研究 公司更新 香港房地产 收盘价 目标价 潜在涨幅 2024年2月29日 港元78.00 港元110.10↓ +41.2% 新鸿基地产 (16 HK) 2024 财年中期业绩大致平穏；租金水平回升 个股评级  2024 财年中期业绩维持平稳：上半财年内地项目交付减少导致物业销售 入账下降，但其余各线业务有所复苏。总收入同比上升0.4%至275 亿港 买入 元。核心净利润同比下降5.9%至约89亿港元，大致符合预期(彭博预测为 90亿)。中期股息同比下降24%至每股0.95港元，派息率减少7.3个百分 点至30.9%，但因应政府刚公布之放松措施，公司预期全年分派比率会更 1年股价表现 接近40-50%之上限，我们预计全年股息约同比下降12.3%至约4.3港元。 16 HK 恒生指数 10%  物业开发收入下降主要受內地交付时间影响：2024 财年上半年香港物业 5% 0% 开发收入（包括合/联营公司）同比上升25%至36.1亿港元，交付项目主 -5% 要包括 Grand YOHO 2, Park YOHO Bologna, Park YOHO Napoli, Wetland -10% -15% S ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該 等內容而引致的任何損失承擔任何責任。 (於香港註冊成立之有限公司) 股份代號 : 16 (港幣櫃台)及80016 (人民幣櫃台) 二 ○ 二 三 /二 四 年 度 中 期 業 績 董事局主席報告書 本人謹向各位股東報告： 業績 截至二○二三年十二月三十一日止六個月，本集團在撇除投資物 業公平值變動的影響後，可撥歸公司股東基礎溢利為港幣 八十九 億零六百萬元，去年同期為港幣九十四億六千五百萬元。每股基 礎溢利為港幣三元七仙，去年同期為港幣三元二角七仙。 賬 目 所 示 可 撥 歸 公 司 股 東 溢 利 及 每 股 溢 利 分 別 為 港 幣 九 十 一 億 四千五百萬元及港幣三元一角六仙，去年同期為港幣八十四億一 ...

以客為先 品牌卓越 實力雄厚 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該 等內容而引致的任何損失承擔任何責任。 (於香港註冊成立之有限公司) 股份代號 : 16 (港幣櫃台)及80016 (人民幣櫃台) 二 ○ 二 二 /二 三 年 度 全 年 業 績 董事局主席報告書 本人謹向各位股東報告： 業績 截至二○二三年六月三十日止的年度，本集團在撇除投資物業公 平值變動的影響後，可撥歸公司股東基礎溢利為港幣 二百三十八 億八千五百萬元，去年為港幣二百八十七億二千九百萬元。每股 基礎溢利為港幣八元二角四仙，去年為港幣九元九角一仙。基礎 溢利下跌的主要原因是物業銷售溢利減少。而出租物業組合及非 地產業務則繼續為集團帶來龐大且相對穩定的經常性溢利。 ...

目錄 74 董事局及委員會 75 財務概要及公司資料 76 董事局主席報告書 90 簡明綜合財務資料的審閱報告 91 綜合收益表 92 綜合全面收益表 93 綜合財務狀況表 94 簡明綜合現金流量表 95 綜合權益變動表 97 簡明綜合財務報表說明 114 財務檢討 120 其他資料 智能手機及平板電腦用戶可透過QR碼閱讀器下載PDF版本 二○二二 / 二三年中期報告 新鴻基地產發展有限公司 73 ...

以客為先 品牌卓越 實力雄厚 年報 2021/22 股份代號 : 16 | --- | --- | --- | --- | |---------|-------|-------|----------------------------| | | | | | | | | | | | | 6 | 2. | 香港西九龍凱旋門 | | | 7 | 3. | 上海市徐家匯 ITC | | 1 3 5 4 | | 4. | 香港灣仔新鴻基中心 | | 2 | 8 | 5. | 香港西九龍天璽 | | | | 6. | 香港西九龍環球貿易廣場 | | | | 7. | 香港中環國際金融中心二期 | | | | 8. | 香港高鐵西九龍總站發展項目 | 1. 上海市陸家嘴上海國金中心 目 錄 | --- | --- | --- | |-------|----------|--------------------| | | | | | 2 | | 董事局及委員會 | | 3 | | 公司資料及股東資訊 | | 4 | | 財務概要及土地儲備 | | 6 | | 五年財務摘要 | | 7 | 業務架構 | | | 8 | | 董 ...