Investment Rating - The report assigns a "Buy" rating for the company New World Development (17 HK) [2][6]. Core Insights - The company is expected to report a core operating profit of HKD 6.5 billion to HKD 6.9 billion for the fiscal year 2024, representing a year-on-year decline of 18% to 23% due to a lack of revenue recognition from major projects completed in the previous fiscal year [2][5]. - A significant non-cash impairment loss is anticipated, estimated between HKD 8.5 billion to HKD 9.5 billion, primarily related to the revaluation of investment and development properties [2][5]. - The target price has been adjusted down to HKD 10.18, reflecting an 80% discount to the forecasted net asset value, with a potential upside of 49% from the current price of HKD 6.83 [2][6]. Financial Summary - For the fiscal year ending June 30, 2024, the projected revenue is HKD 55.93 billion, a decrease of 41.3% compared to the previous year [5][7]. - The core profit is expected to drop to HKD 1.17 billion, a decline of 80.8% year-on-year [5][7]. - The company anticipates a net loss attributable to shareholders of HKD 19 billion to HKD 20 billion for the fiscal year 2024 [2][5]. - The earnings per share (EPS) for 2024 is projected at HKD 0.47, with a significant downward adjustment of 63.7% from previous forecasts [5][7]. Market Performance - The stock has seen a year-to-date decline of 43.65% and has a market capitalization of approximately HKD 17.19 billion [4][5]. - The stock's 52-week high was HKD 15.65, while the low was HKD 6.83 [4][5].

房地产/房地产开发 公 司 研 究 深资历港商沉潜蓄势,双市场布局厚积薄发 新世界发展(00017.HK) 2024 年 07 月 19 日 ——港股公司首次覆盖报告 投资评级:买入(首次) | --- | --- | |--------------------|--------------| | 日期 | 2024/7/18 | | 当前股价(港元) | 7.890 | | 一年最高最低(港元) | 19.540/7.100 | | 总市值(亿港元) | 198.56 | | 流通市值(亿港元) | 198.56 | | 总股本(亿股) | 25.17 | | 流通港股(亿股) | 25.17 | | 近 3 个月换手率(%) | 18.47 | 股价走势图 新世界发展 恒生指数 -60% -40% -20% 0% 20% 2023-07 2023-11 2024-03 2024-07 数据来源:聚源 齐东(分析师) 胡耀文(分析师) qidong@kysec.cn 证书编号:S0790522010002 huyaowen@kysec.cn 证书编号:S0790524070001 深资历港商沉潜蓄势,双市场 ...

Financial Performance - The company's core profit from continuing operations was HKD 4,866.3 million, an increase of 12% year-on-year[9]. - Revenue from continuing operations was HKD 17,065.5 million, a decrease of 25% year-on-year, primarily due to reduced property development revenue in Hong Kong and mainland China[9]. - Gross profit increased by 2% to HKD 7,257 million, benefiting from higher margins in the K11 project[9]. - Revenue for the six months ended December 31, 2023, was HKD 17,065.5 million, a decrease of 25.2% compared to HKD 22,785.9 million in 2022[66]. - Operating profit for the period was HKD 5,729.0 million, compared to HKD 5,333.0 million in 2022, reflecting a growth of 7.4%[66]. - The company reported a loss of HKD 5,772.0 million for the period, a significant decline from a profit of HKD 2,477.4 million in the same period last year[67]. - The company’s total comprehensive loss for the period was HKD 2,988.2 million, compared to a loss of HKD 6,280.9 million in the prior year[67]. - The company reported a net profit of HKD 1,021.0 million for the six months ended December 31, 2023, compared to a profit of HKD 1,265.0 million in the previous period, reflecting a decrease of approximately 19.3%[75]. - Total comprehensive loss for the period amounted to HKD 6,697.3 million, significantly impacted by other comprehensive losses including a foreign exchange loss of HKD 6,646.8 million[75]. Dividends and Shareholder Returns - The interim dividend for the fiscal year 2024 is set at HKD 0.20 per share[9]. - The company declared an interim dividend of HKD 0.2 per share, down from HKD 0.46 per share in 2022[66]. - The company paid dividends totaling HKD 4,756.0 million during the period, impacting retained earnings significantly[73]. - The interim cash dividend declared is HKD 0.2 per share for the fiscal year ending June 30, 2024, expected to be distributed on April 18, 2024[199]. Assets and Liabilities - Total assets decreased to HKD 470,168.6 million from HKD 609,014.0 million, representing a reduction of 22.8%[69]. - The company’s total liabilities decreased to HKD 231,955.0 million from HKD 334,921.2 million, a reduction of about 30.7%[71]. - As of December 31, 2023, total equity decreased to HKD 238,213.6 million from HKD 274,092.8 million as of June 30, 2023, representing a decline of approximately 13.1%[71]. - The company's cash and bank deposits fell to HKD 37,795.5 million, down from HKD 53,263.9 million, a decrease of 29.1%[69]. - The company’s cash and cash equivalents decreased by HKD 18,105.5 million, ending the period at HKD 34,725.7 million, compared to HKD 52,772.8 million at the end of the previous period[77]. Property Development and Investment - Revenue from Hong Kong property development was HKD 1,246 million, while revenue from mainland China property development was HKD 5,495 million[9]. - The group achieved a total property contract sales amount of RMB 7.55 billion in mainland China, completing 50% of the RMB 15 billion sales target for the 2024 fiscal year[24]. - The average contract sales price in mainland China exceeded RMB 41,000 per square meter, with a total sales area of approximately 183,000 square meters[24]. - The group’s sales in Guangzhou's residential project exceeded RMB 4 billion, indicating strong market demand in the Greater Bay Area[24]. - The group reported a fair value loss of HKD 365 million on investment properties, with total impairments amounting to HKD 1,801 million[17]. - The total floor area of completed projects in mainland China during the review period was approximately 550,000 square meters, primarily located in the Greater Bay Area, with an expected completion of approximately 1,312,000 square meters in the 2024 fiscal year[26]. Hotel and Other Operations - Hotel revenue in Hong Kong increased by 55% year-on-year, driven mainly by room business, with total visitor arrivals estimated at 21 million from July to December 2023[45]. - In mainland China, hotel revenue grew over 70%, with Beijing hotels experiencing a significant increase of 120% to 140% year-on-year[45]. - The company operates 17 hotel properties across Hong Kong, mainland China, and Southeast Asia, providing a total of 6,567 rooms as of December 31, 2023[47]. - The insurance segment reported a 12% increase in operating profit due to business growth and higher investment returns[52]. - The construction segment's performance rose by 9% year-on-year, with major projects including commercial and residential developments in Hong Kong[53]. Financial Management and Strategy - The company is actively managing cash flow and has reduced capital expenditures and operating costs by approximately 21% and 16%, respectively, during the review period[64]. - The company plans to continue optimizing its asset portfolio by selling non-core assets, aiming to enhance operational efficiency and create more value for shareholders[64]. - The company is committed to integrating environmental, social, and governance factors into its operational strategies to create long-term value for stakeholders[64]. - The company plans to continue expanding its market presence and investing in new technologies to enhance operational efficiency and customer engagement[78]. Accounting and Financial Reporting - The company has adopted new accounting standards related to insurance contracts, which may impact future financial reporting[79]. - The adoption of HKFRS 17 resulted in a total equity increase from HKD 268,491.4 million to HKD 274,371.8 million, reflecting an adjustment of HKD 5,880.4 million[90]. - The group has begun evaluating the impact of the amendments and interpretations of standards, which may lead to changes in accounting policies and disclosures[92]. - The group adopted Hong Kong Financial Reporting Standard No. 17, leading to changes in key accounting estimates and judgments related to insurance contracts[125].

新世界发展（17） 更新报告 买入 2024年3月6日 核心盈利同比增长 12%，旗舰项目深圳 K11 Eocast 年內开业 罗凡环  来自持续经营业务的核心盈利同比增长 12%：23/24 上半财年，公司的持 + 852-25321962 续经营业务收入 170.6 亿港元，同比下跌 25%，主要由于香港的物业发展收 入减少 40.2%至 67.4 亿元。公司严格控制成本，持续经营业务的资本开支 simon.luo@firstshanghai.com.hk 及营运费用分别减少 21%及 16%。来自持续经营业务核心盈利同比增长 12% 至48.6亿港元，拟派发中期股息每股0.2港元。  土储丰富，有望支持销售回稳：受高息环境影响，期内公司在香港合同销 主要资料 售额明显下降至1.43亿港元；内地实现合同销售额75.5亿元，已完成全年 目标的50%。2024年2月底，香港财政预算案宣布全面“撤辣”刺激楼市。 行业 地产 公司在香港拥有 800 万平方尺权益土储（其中物业发展面积 323.4 万平方 尺）；另外公司在新界约1634万平方尺的农地面积，其中90%位于“北部都 股价 8.77港元 会区”，发展 ...

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]

财联社2月28日讯（记者 成孟琦）今日，香港特区政府财政司司长陈茂波发表2024至2025财政年度《财政预算案》，由于现在困扰香港的三大因素为息口高企、“辣招”、以及股票市场不景气，所以股票市场和地产方面的政策受到各界关注与讨论。 股票市场方面，香港证监会及港交所正探讨一系列措施，包括：完善上市机制，研究优化首次公开招股的价格发现流程，以及审视上市公司的公众持股量要求；优化交易机制，探索收窄最低上落价位，以缩窄买卖差价；下一步研究优化股票现货买卖单位。 楼市方面，全面撤销楼市辣招无疑是最重磅的一颗“炸弹”，包括取消买家印花税、新住宅印花税及额外印花税。受“全面撤辣”消息影响，香港本地地产股午后大涨。截至收盘，新世界发展涨2.86%，盘中曾高涨近10%；恒基地产涨超3.83%，盘中最高涨幅达7.66%。 业内人士火速解读香港全面“撤辣” 香港楼市全面撤辣，市场又恢复到2012年颁布“辣招”之前。业内人士指出，2012年楼市供求失衡、炒楼盛行，所以政府引入3项“辣招税”，希望抑制炒楼情况。最近，政府一直不断检视市况，考虑成交量、楼价转变的速度及幅度、息口走势及市场展望气氛等，现时已是“撤辣”的时机。此外，金管局也 ...

(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].