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10.08 港元15.80 +56.7% 新世界发展 (17 HK) 2024 财年上半年业绩平稳，投资物业组合进入收成期；维持买入  上半年业绩稳定：受可交付项目数量下降影响，新世界2024财年上半年 个股评级 收入同比下降25%至170 亿港元，较彭博一致预测低约22%。但来自持续 买入 经营业务之核心盈利同比上升12%至48.6亿港元，主要归因于利润率提升 以及成本椌制（销售、推销费用以及行政开支同比降16%）。中期股息每 1年股价表现 股0.2港元，较去年下降57%。 17 HK 恒生指数  内地市场房地产开发表现亮眼：尽管受香港缺少可交付项目之影响，整体 10% 0% 房地产开发收入同比下降40.2%至67.4 亿港元，但经营利润率同比大增 -10% 26.7个百分点至58.6%，经营利润同比上升9.7%至39.5亿港元，这在行业 -20% -30% 利润率下降的环境下显得尤为难得。另外，新世界上半年在内地的合同销 -40% 售额为76亿港元，实现全年目标的过半。此外，公司预期香港市场在政 -50% 策放松后 ...

Financial Performance - Core profit from continuing operations reached HKD 4,866 million, a year-on-year increase of 12%[4] - Revenue from continuing operations was HKD 17,066 million, a year-on-year decrease of 25%, primarily due to reduced property development revenue in Hong Kong and mainland China[4] - The group reported a loss of HKD 5,772.0 million for the period, compared to a profit of HKD 2,477.4 million in the previous year[65] - Total revenue for the six months ended December 31, 2023, was HKD 27,680.7 million, a decrease of 22.5% from HKD 35,729.3 million in the same period of 2022[119] - The company reported a net loss of HKD 5,772.0 million for the period, primarily due to a loss from discontinued operations amounting to HKD 8,257.1 million[124] Revenue Breakdown - Revenue from property development was HKD 6,741.5 million, down 40.5% from HKD 11,277.7 million year-on-year[119] - Revenue from hotel operations increased to HKD 683.4 million, up 47.2% from HKD 464.1 million year-on-year[119] - Revenue from discontinued operations for the six months ended December 31, 2023, was HKD 10,615.2 million, down from HKD 12,943.4 million in the same period of 2022[155] - Revenue from construction decreased to HKD 5,107.6 million, a decline of 25.0% compared to HKD 6,803.8 million in the previous year[119] Property Development and Investment - In Hong Kong, property development revenue was HKD 1,246 million, with a segment performance of HKD 817 million, primarily from residential projects[6] - The group holds approximately 8 million square feet of land reserves in Hong Kong, with 3.234 million square feet available for immediate development[10] - The group has a total land reserve of approximately 4.35 million square meters in mainland China, with about 2.30 million square meters designated for residential use[30] - The average contract sales price exceeded RMB 41,000 per square meter, with a total sales area of approximately 183,300 square meters[15] Cost Management - The group maintained strict cost control, with capital expenditures and administrative expenses decreasing by approximately 21% and 16% year-on-year, respectively[4] - Capital expenditures and administrative and operational costs decreased by approximately 21% and 16% respectively during the review period, indicating improved cost efficiency[52] Cash and Debt Management - The group has a total available cash of approximately HKD 52 billion, including cash and bank balances of about HKD 39 billion and available bank loans of around HKD 13 billion[4] - The net debt as of December 31, 2023, was HKD 118.9 billion, down from HKD 130.8 billion as of June 30, 2023[54] - Financial expenses increased to HKD 2.91 billion due to interest rate hikes, with HKD 2.52 billion attributed to continuing operations[55] Strategic Initiatives - The group plans to continue focusing on the Greater Bay Area and key regions in the Yangtze River Delta for strategic expansion and diversification of rental income[26] - The group plans to launch over 2,500 residential units in the second half of the 2024 fiscal year, capitalizing on an expected supply of approximately 110,000 new private residential units in Hong Kong over the next three to four years[43] - The company aims to optimize its asset portfolio by divesting non-core assets and focusing on core business development to enhance shareholder value[52] Accounting and Financial Reporting - The company adopted new accounting standards related to insurance contracts, which may impact future financial reporting[74] - The transition to the new insurance contract standard is expected to enhance the measurement and disclosure of insurance liabilities[75] - The total equity adjustment of HKD 5,880.4 million reflects the impact of the new accounting standard on the company's financial position[83] Operational Highlights - K11 MUSEA's sales increased by 41% year-on-year, with total foot traffic exceeding 15 million, a 39% increase[7] - The K11 flagship project in Shenzhen, K11 ECOAST, is set to open by the end of 2024, alongside multiple urban renewal projects in the region[49] - The company has implemented a new presentation format for the consolidated statement of financial position, reporting all assets and liabilities in order of liquidity to enhance comparability and understanding[86] Employee and Governance - As of December 31, 2023, the company employed approximately 13,000 staff members, with compensation policies reviewed annually[165] - The company has complied with all applicable provisions of the Corporate Governance Code except for C.1.3 regarding employee trading of company securities[166]

(股份代號:0017) 世界發展有限公司 2 0 2 3 年報 we create we are artisan we are csv. THE ARTISANAL MOVEMENT The Artisanal Movement 是我們的文化願景，透過推崇手藝、傳 統和想像力，承載著人文的細膩、情感與溫度。 隨著我們的業務與社會一同發展，如今，我們為這文化願景帶來 一個嶄新的目標 — 為社會上不同的持份者創造共享價值，與社會 同創共贏。 我們相信以商業和創新的力量，可回饋社會，並透過聚焦於三大 核心 — 文化與創意，可持續發展和社會創新，讓業務成功與社會 進步緊扣一起。 BECAUSE TOGETHER WE CREATE, WE ARE ARTISANS, WE ARE CSV. 目錄 2 集團架構 3 財務摘要 4 主席報告書 6 行政總裁報告書 28 香港主要物業項目 30 中國內地主要物業項目 32 董事簡介 46 高級管理層簡介 48 企業可持續發展 92 企業管治報告 122 投資者關係 124 公司資料 125 董事會報告 148 管理層討論及分析 155 獨立核數師報告 162 綜合收益表 1 ...

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份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) (香港股份代號：0017) 2022/2023 全年業績公告 業績重點:  本集團錄得綜合收入為95,213.8百萬港元，按年增加40%。分部業績為14,550.6百萬港元，核 心盈利為11,011.0百萬港元，分別按年上升5%及21%  本集團香港應佔物業合同銷售為8,859.0百萬港元  本集團中國内地整體物業合同銷售金額為約人民幣151.3億元，以大灣區為首的南部地區及長 三角地區為首的東部地區貢獻超過94%  香港投資物業收入為3,087.0百萬港元及分部業績為2,262.7百萬港元，分別增長10%及7%。 增長主要受惠於位於九龍尖沙咀的K11 MUSEA人文購物藝術館、K11 Art Mall購物藝術館，以 及位於鰂魚涌的的甲級寫字樓K11 ATELIER King’s Road之營運效率提升及租用率改善  中國內地物業投資收入達到1,908.7百萬港元， ...

Financial Performance - The group recorded consolidated revenue of HKD 40,193 million, an increase of 13% compared to the first half of the 2022 fiscal year[9]. - Basic profit was HKD 3,360 million, with profit attributable to shareholders decreasing by 15% to HKD 1,209 million[9]. - Revenue for the six months ended December 31, 2022, was HKD 40,193.3 million, an increase of 12.3% from HKD 35,572.8 million in the same period of 2021[66]. - The company's operating profit for the same period was HKD 5,637.5 million, a decrease of 5.2% compared to HKD 5,944.3 million in 2021[66]. - The net profit for the six months ended December 31, 2022, was HKD 2,786.8 million, down 19.4% from HKD 3,456.0 million in the previous year[68]. - The total comprehensive income for the period was HKD 12,061.4 million, which includes other comprehensive income of HKD 8,605.4 million[78]. Property Development - The group's property contract sales in Hong Kong amounted to approximately HKD 7.87 billion, while in mainland China, it reached approximately RMB 9.24 billion[9]. - Hong Kong property development revenue for the review period was HKD 5,542 million, with a segment profit of HKD 909 million, primarily from the sale of residential units and commercial properties[13]. - In mainland China, property development revenue was HKD 5,736 million, with significant contributions from residential projects in Guangzhou, Hangzhou, and Shenyang[24]. - The cumulative sales amount for the Hangzhou New World City Art Center exceeded RMB 11 billion, demonstrating strong market appeal and potential in the Yangtze River Delta[9]. - The company plans to complete approximately 531,000 square meters of projects in the 2023 fiscal year, with a total completion area of about 181,000 square meters in the review period[27]. Investment Properties - The group's investment property income in Hong Kong was HKD 1,492 million, with segment performance growing by 9% year-on-year[9]. - The investment property income in mainland China reached HKD 896.4 million, with a stable overall occupancy rate for major projects in the investment property portfolio[33]. - Hong Kong property investment revenue was HKD 1,492 million, with a segment profit of HKD 1,095 million, and the K11 project recorded a year-on-year revenue growth of 4%[14]. Financial Position - The group has approximately HKD 92 billion in available funds, including cash and bank balances of about HKD 57 billion and available bank loans of about HKD 35 billion[9]. - Total assets decreased from HKD 635,883.9 million on June 30, 2022, to HKD 621,893.5 million on December 31, 2022, representing a decline of approximately 2.0%[70]. - Shareholders' equity decreased from HKD 213,360.1 million to HKD 202,461.2 million, a reduction of about 5.4%[72]. - The company reported a total equity of HKD 275,390.8 million as of December 31, 2022, with a capital securities value of HKD 47,441.1 million and non-controlling interests of HKD 25,488.5 million[76]. Dividends and Shareholder Returns - The interim dividend for the 2023 fiscal year is set at HKD 0.46 per share, with a review of the dividend policy to ensure long-term sustainable development[9]. - The company declared dividends amounting to HKD 4,242.7 million, which includes HKD 3,744.9 million from retained earnings and HKD 497.8 million from non-controlling interests[76]. Strategic Initiatives - The group is actively exploring strategic options to enhance shareholder returns and clarify the strategic focus of its subsidiaries[9]. - The company plans to increase its light asset management projects to 10 by the end of 2023, focusing on core business development[63]. - The company continues to focus on expanding its presence in key regions, particularly in the Greater Bay Area and Yangtze River Delta, to enhance recurring rental income[38]. Insurance Operations - The annualized premium total for Futu Insurance decreased by 31% to HKD 726.9 million, with gross premium income declining by 12% to HKD 6,347.4 million[50]. - The new business value for Futu Insurance dropped by 39% to HKD 220.5 million, with the new business value margin decreasing to 30%[50]. - The total insurance premium for the period was HKD 5,721.7 million, down 13.5% from HKD 6,613.1 million in the previous year[114]. Market Conditions - The residential sales area in China for 2022 was 1.15 billion square meters, a year-on-year decrease of 26.8%, with sales revenue of RMB 11.7 trillion, down 28.3%[23]. - The southern region (Greater Bay Area) contributed RMB 2.23 billion in sales, while the eastern region (Yangtze River Delta) contributed RMB 6.55 billion, accounting for over 95% of total sales[27]. Corporate Governance and Sustainability - The company complied with all applicable provisions of the Corporate Governance Code, except for specific provisions regarding employee trading guidelines[166]. - The company is committed to sustainable development, aligning its business success with positive impacts on humanity and the planet[173]. - The company actively engages in climate action and manages climate risks according to TCFD recommendations[173].

[0 -> 28] 各位投資界的朋友大家好歡迎參加新世界發展2023財政年度中期業績網上分析員會議我是投資者及利益相關方總監Christy在今天會議當中我會擔任主持人我先介紹一下出席會議的管理層執行部主席兼行政總裁鄭志剛博士Adrian新世界發展首席財務總監劉富強先生Edward [29 -> 58] 如果各位有任何問題可以在直播的聊天窗口裡面提問我們會選取部分問題解答現在有請劉富強先生Edward介紹集團在2023財政年度的中期業績謝謝Christy在介紹2023上半財年的業績之前我想強調我們這次有三大重點其一我們不會供股 [58 -> 85] 我們不會供股或者做任何股權集資其二我們的淨負債率已經見頂了我們很有信心集團會繼續去槓桿計劃在24年6月進一步下降到低40%的水平第三大家都看到我們今天業績公佈的公告 [86 -> 108] 我们集团正在对各个业务进行全面策略性的检讨我们正在审视如何完善旗下每一家公司的战略焦点并且释放他们的价值我们会分阶段在不同时间通过企业行动进一步提升股东的回报 [112 -> 140] 現在我介紹一下我們2023上半財年的業績大家都知道大環境非常嚴峻受到內地封城和防疫限制香港和內 ...

Financial Performance - The group recorded total revenue of HKD 68,212.7 million, remaining stable compared to the fiscal year 2021 [17]. - Basic profit increased by 1.8% to HKD 7,084.6 million, while profit attributable to shareholders rose by 8.5% to HKD 1,249.2 million [18]. - The group achieved a reduction of approximately 4.7% in recurring administrative and operational expenses due to strict cost control measures [18]. - Non-core asset sales for the fiscal year 2022 amounted to approximately HKD 13.9 billion, exceeding the annual target [18]. - Overall financing costs decreased from 2.8% in fiscal year 2021 to 2.5% in fiscal year 2022 [18]. - The final dividend for the fiscal year 2022 was HKD 1.5 per share, maintaining a sustainable and progressive dividend policy [18]. Property Development - Property contract sales in Hong Kong amounted to approximately HKD 8.24 billion, while total property contract sales in mainland China reached approximately RMB 171.0 billion, with the southern region contributing about 73% [18]. - The segment performance for mainland property development grew by 10.9% year-on-year, with profit margin increasing from 40% in fiscal year 2021 to 57% in fiscal year 2022 [18]. - In the fiscal year 2022, the company's property development revenue in Hong Kong, including joint ventures, was HKD 5,842.8 million, with segment performance contributing HKD 2,384.1 million [27]. - The company's attributable property contract sales in Hong Kong amounted to approximately HKD 8.24 billion, primarily from residential projects such as Ying Hai and Aloha, as well as the Grade A office project, South Commercial Financial Innovation Center [27]. - The South Commercial Financial Innovation Center, a Grade A office project, was completed in May 2022, with a total floor area of approximately 520,000 square feet, and 73% of the total floor area sold, contributing HKD 6.0 billion to property contract sales [27]. Investment and Land Reserves - Available funds totaled approximately HKD 105 billion, including cash and bank balances of about HKD 62.2 billion and available bank loans of approximately HKD 42.8 billion [18]. - The company has a land reserve in Hong Kong of approximately 9,318,700 square feet and agricultural land reserve of about 16,327,400 square feet as of June 30, 2022 [26]. - The company successfully acquired a residential project site in Kai Tak for a total consideration of HKD 7.948 billion, enhancing its land reserve in a prime location [29]. - The company plans to develop four agricultural land sites in Yuen Long, with a total floor area of approximately 500,000 square feet, expected to provide over 9,000 residential units [29]. Social Responsibility and Community Engagement - The group aims to align business success with social progress, contributing to national development and economic growth [19]. - The company established a non-profit social enterprise, "New World Build a Good Life," at the end of 2021 to alleviate housing pressure for young people in Hong Kong [22]. - The company is actively involved in social innovation initiatives, including the establishment of a non-profit housing organization aimed at addressing local housing issues [32]. - The group launched the "Share for Good" donation matching platform during the peak of the pandemic in March 2022, effectively delivering supplies to those in need [60]. - The group has initiated various community support measures, including the provision of 200 large heaters during a winter cold snap and offering hotel rooms for healthcare workers [60]. Sustainability and Environmental Initiatives - The company is committed to sustainable development with a "2030 Sustainable Development Vision," focusing on environmental protection, health, intelligence, and care [22]. - The company aims to achieve net-zero emissions by 2050, with short-term targets approved by the Science Based Targets initiative [91]. - The company has launched the "Create Shared Value Leasing" program to enhance tenant awareness of sustainability and reward performance in energy saving and waste management [84]. - The company has been recognized with over 40 sustainability awards for corporate and construction projects in the fiscal year 2022 [82]. - The company has committed to linking its 2030 sustainability vision performance with the compensation of its CEO and employees [84]. Governance and Leadership - Dr. Zheng Jiachun has been the chairman since March 2012 and has extensive experience in various public companies in Hong Kong [68]. - Dr. Zheng Zhigang has been the executive vice chairman and CEO since May 2020, overseeing strategic directions for property development and investment projects [70]. - The board includes independent non-executive directors who contribute to the audit and remuneration committees, ensuring corporate governance [72]. - The company emphasizes the importance of risk management and wealth management in its strategic planning [76]. - The company is committed to enhancing its governance structure through the appointment of qualified and experienced board members [73][74][75][76]. Employee Engagement and Development - The employee satisfaction survey covered 16 categories, with sustainability, culture, performance management, diversity and inclusion, and corporate governance receiving the highest scores [199]. - The company emphasizes diversity and inclusion in its recruitment and training processes, ensuring equal opportunity for all applicants [199]. - Mandatory ESG and innovation training is provided to all employees, including board members, to address climate change and business redesign needs [200]. - The company is committed to professional development through various training opportunities, including workshops led by internal and external experts [199]. - The employee satisfaction working group was established to gather feedback and improve employee engagement and satisfaction [199]. Technology and Innovation - The company has implemented a blockchain platform for property transactions, enhancing customer service and streamlining the buying process [185]. - The company has established Asia's largest hybrid solar photovoltaic and thermal energy system, producing 177,000 kWh of energy annually [145]. - The company has integrated IoT monitoring devices in 11 SKIES to manage indoor air quality in real-time, reducing the risk of air pollution transmission [184]. - The company collaborates with Tencent Cloud to develop smart screens in the Guangfo New World project, integrating information and data effectively [193]. - The implementation of Building Information Modeling (BIM) technology has optimized resource usage across project lifecycles, contributing to improved efficiency [174]. Market Expansion and Future Projects - The company aims to launch 28 K11 projects in Hong Kong and mainland China by fiscal year 2026, enhancing the unique shopping experience nationwide [22]. - The "11 Sky" project at Hong Kong International Airport is set to open in phases from 2022 to 2025, with a total floor area of 3.8 million square feet [58]. - The company plans to increase the proportion of female board members to 30% in the fiscal year 2023 to enhance board diversity [86]. - The K11 ECOAST project in Shenzhen, set to open by the end of 2024, covers a total floor area of 228,500 square meters and aims to promote sustainable living through innovative design and environmental protection [110]. - The company has successfully generated 36 business integrations with 30 startups over the past three years, addressing social and environmental challenges [126].

we create we are artisans we are csv. JL 新世界發展有限公司 (股份代號 : 0017) l 2021年 報 Z f a production of the later of the later of the late 4 f A N Z I TAVA DAPAR TAZAY D control of 11:22 pict of the last 25 - 5 � � 0 0 c 0 r 0 www.sk 0 0 0 0 0- 2 儿 THE ARTISANAL MOVEMENT The Artisanal Movement 是我們的文化願景， 透過推崇手藝、傳統和想像力，承載著人文的 細膩、情感與溫度。 隨著我們的業務與社會一同發展，如今，我們 為這文化願景帶來一個嶄新的目標 — 為社會 上不同的持份者創造共享價值，與社會同創共 贏。 我們相信以商業和創新的力量, 可回饋社會，並 透過聚焦於三大核心 — 文化與創意，可持續發 展和社會創新，讓業務成功與社會進步緊扣一 起。 we create, we are artisans, we are CSV. 目錄 | --- ...