INTERIM REPORT 2024 中期報告 Stock Code 股份代號: 00169 於百慕達註冊成立之有限公司 Incorporated in Bermuda with limited liability Contents 目錄 | --- | --- | --- | |--------------------------------------------------------------------------|------------------------------|---------------| | | | | | | | Contents 目錄 | | Corporate Information | 公司資料 | 2 | | Business Review | 業務回顧 | 4 | | Financial Review | 財務回顧 | 15 | | Other Information | 其他資料 | 30 | | Report on Review of Interim Condensed Consolidated Financial Information | 中期簡明綜合財 ...

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之內容概不負責， 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之任何損失承擔任何責任。 1 WANDA HOTEL DEVELOPMENT COMPANY LIMITED （於百慕達註冊成立之有限公司） （股份代號：169） 截至二零二四年六月三十日止六個月 中期業績公告 萬達酒店發展有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此宣佈本公司及其 附屬公司（「本集團」）截至二零二四年六月三十日止六個月（「本期間」）之未經審核簡 明綜合業績，連同二零二三年同期之比較數字如下： 簡明綜合損益表 截至二零二四年六月三十日止六個月 （以港元列示） | --- | --- | --- | --- | |-----------------------------------------------------------------------------------------------|-------|------------------------------------------ ...

Financial Performance - The Group recorded revenues of HK$983.1 million and profits of HK$165.2 million in 2023, compared to HK$816.8 million and HK$193.2 million respectively in 2022[31] - The Group's revenue increased by 20.4% to HK$983.1 million in 2023 (2022: HK$816.8 million)[49] - Hotel operation and management services revenue rose by 34.4% to HK$721.0 million in 2023 (2022: HK$536.4 million), driven by a 46.7% increase in hotel management services revenue to HK$545.1 million and a 6.7% increase in hotel operation revenue to HK$175.9 million[59][60] - Investment properties leasing revenue decreased by 9.4% to HK$89.0 million in 2023 (2022: HK$98.2 million), primarily due to lower rental rates[51][61] - Hotel design and construction management services revenue declined by 5.0% to HK$173.0 million in 2023 (2022: HK$182.2 million), mainly due to slower project progress[52][58] - The Group's gross profit and gross profit margin increased to HK$419.0 million and 42.6% respectively in 2023 (2022: HK$343.3 million and 42%)[71] - The Group's net valuation loss on investment properties was HK$7.8 million in 2023 (2022: HK$24.5 million), attributed to the valuation loss in the shopping mall of the Guilin Project[65] - The Group's cost of sales rose by 19.1% to HK$564.0 million in 2023 (2022: HK$473.5 million), primarily due to a 49.3% increase in hotel management services cost to HK$246.2 million as 33 new managed hotels commenced operation[70] - The Group's segment profit from hotel operation and management services increased by 62.5% to HK$212.8 million in 2023 (2022: HK$130.9 million), driven by higher revenue from hotel management services[68][69] - The Group's segment profit from hotel design and construction management services decreased by 75.1% to HK$8.4 million in 2023 (2022: HK$33.9 million), due to lower revenue and increased costs[78] - The Group's total segment profit increased by 34.7% to HK$268.6 million in 2023 (2022: HK$199.4 million)[77] - Net exchange loss amounted to approximately HK$2.1 million in 2023, compared to a net exchange gain of HK$6.8 million in 2022 due to foreign currency fluctuations[80] - Selling and administrative expenses increased by 21.3% to HK$139.2 million in 2023, with the ratio over revenue rising to 14.2%[80] - Finance costs decreased by 34.1% to HK$22.0 million in 2023, primarily due to partial repayment of a loan[80] - Income tax expense increased to HK$89.3 million in 2023, with the ratio over profit before tax rising to 31.8%[80] - Hotel operation and management services segment profit rose to HK$212.8 million in 2023, driven by improved RevPAR and increased revenue[83] - Hotel design and construction management services segment profit decreased sharply by 75.1% to HK$8.4 million in 2023 due to decreased revenue and increased costs[84] - Investment properties leasing segment profit increased by 37.0% to HK$47.4 million in 2023, mainly due to lower valuation loss[86] - Net other income and gains decreased significantly to HK$30.3 million in 2023 from HK$128.1 million in 2022, driven by reduced bank interest income and increased impairments[86] - Profit for the year decreased to HK$191.1 million in 2023, with net assets increasing to HK$3,286.4 million[91] - Profit attributable to owners of the parent decreased to HK$165,154,000 in 2023 from HK$193,242,000 in 2022, a decline of HK$28,088,000[98] - Total profit for the year decreased to HK$191,050,000 in 2023 from HK$232,976,000 in 2022, a decline of HK$41,926,000[98] Hotel Operations and Performance - The Group's RevPAR increased by approximately 43.1% to RMB279 in 2023 from RMB195 in 2022, driven by the lifting of COVID-19 lockdowns and travel restrictions[26] - The occupancy rate for managed hotels increased to 53.6% in 2023 from 40.6% in 2022, with an average daily rate of RMB253 and RevPAR of RMB275[29][30] - The Group's limited-service hotels saw a significant increase in occupancy rate to 59.7% in 2023 from 45.5% in 2022, with RevPAR reaching RMB284[27] - The Group's franchised hotels achieved an average daily rate of RMB398 and RevPAR of RMB397 in 2023, with occupancy rates increasing to 209% from 168% in 2022[33][41] - The Group's e-commerce sales during Double 11 reached a record high of RMB300 million, maintaining its top position on Fliggy for three consecutive years[34] - The Group's Wanda Moments and Wanda Encore brands are part of its limited-service hotel portfolio, targeting specific customer segments[8] Expansion and Development - The Group added 35 new managed hotels in 2023, expanding its portfolio to 157 hotels with over 33,000 rooms, and has over 300 hotels under construction or pending opening[31] - The Group plans to add 42 new hotels in 2024, continuing its expansion strategy in the domestic tourism market[45] - The Group's hotel design and construction management businesses focus on providing comprehensive services, charging fees based on building area and project costs[43] Financial Position and Liquidity - The Group's current ratio improved to 1.16 as of 31 December 2023, compared to 1.02 in 2022[104] - Cash and restricted bank balances as of 31 December 2023 were approximately HK$359,200,000, a significant decrease from HK$1,080,900,000 in 2022, with RMB accounting for 87% of total cash[106][104] - Interest-bearing loans decreased to HK$4,300,000 in 2023 from HK$11,400,000 in 2022, all due within one year[106] - The Group's cash (including restricted bank balance) amounted to approximately HK$359.2 million as of 31 December 2023, primarily consisting of RMB, a decrease from HK$1,080.9 million in 2022[123] - The Group's interest-bearing loan was approximately HK$4.3 million as of 31 December 2023, repayable within one year, down from HK$11.4 million in 2022[123] - The Group's total debts were HK$4,342 thousand as of 31 December 2023, a significant decrease from HK$11,404 thousand in 2022[127] - The Group's net cash position improved to HK$354,827 thousand as of 31 December 2023, compared to HK$1,069,517 thousand in 2022[127] - The Group's total equity increased to HK$3,286,433 thousand as of 31 December 2023, up from HK$3,187,483 thousand in 2022[127] - The Group's total assets decreased to HK$4,552,607 thousand as of 31 December 2023, down from HK$5,261,205 thousand in 2022[127] Corporate Governance and Leadership - Mr. He Zhiping has been an independent non-executive Director since March 2018 and has extensive experience in various leadership roles, including as a director and vice chairman of JA Solar Technology Co., Ltd. from December 2019 to December 2022[143][144] - Dr. Teng Bing Sheng, an independent non-executive director since March 2019, has extensive experience in mergers and acquisitions and strategic management, and currently serves as an independent non-executive director for several listed companies[145] - Dr. Chen Yan, an independent non-executive director since March 2019, has extensive experience in accounting and serves as a professor at Dongbei University of Finance and Economics, as well as an independent director for several companies[147] - Ms. Hui Wai Man, Shirley, the company secretary since December 2000, has over 22 years of professional experience in public accounting and corporate finance and holds memberships in several professional accounting and governance organizations[148][149] - Mr. Dong Jun, aged 52, has been vice president of Wanda Hotel Management Group since January 2018, responsible for the Full-service Hotel Division[150] - Mr. Chen Mengchao, aged 53, has been vice president of Wanda Hotel Management Group since October 2018, responsible for the Lifestyle Hotel Division[150] - Mr. Yang Bing, aged 56, joined the group in May 2017 and is responsible for the financial center, information, and supply chain of Wanda Hotel Management Group[150] - Mr. Wang Xin, aged 39, has been vice president of Wanda Hotel Management Group since May 2023, responsible for the marketing center, brand management center, and e-commerce company operations[152] - Mr. Ning Qifeng has extensive experience in property development and management, including hotel development and construction management, and holds a Ph.D. in engineering from Tongji University[161] - Mr. Liu Yingwu has extensive experience in commercial planning and design, including hotel design management, and holds a master's degree in business administration from Hefei University of Technology[161] - Mr. Zhang Lin has extensive experience in large-scale property development, property management, and entertainment enterprises, particularly in corporate strategy and investment, and holds an Executive MBA from Beijing University[163][164] - Dr. Teng Bing Sheng has extensive experience in mergers and acquisitions and strategic management, and holds a doctorate in strategic management from City University of New York[168] Sustainability and Compliance - The company emphasizes corporate sustainability through quality services and collaboration with suppliers, with 'Customer First' as a core value[155] - The company has established mechanisms for handling customer service, support, and complaints, and collaborates with suppliers to deliver sustainable products and services[155] - The company has allocated systems and human resources to ensure compliance with regulations and maintain good working relationships with regulatory authorities[156] - The Group has complied with all relevant laws and regulations during the year ended 31 December 2023[182] Employees and Human Resources - The Group had approximately 709 full-time employees as of 31 December 2023, located in the PRC (including Hong Kong) and the USA[112][133] - The Group operates a Mandatory Provident Fund scheme in Hong Kong and contributes to pension schemes in other regions, with the only obligation being ongoing contributions[195] Investments and Assets - Long-term receivables as of 31 December 2023 amounted to approximately HK$1,879.0 million, compared to HK$1,783.9 million in 2022, primarily consisting of deferred consideration from the Chicago Project Disposal and related interest[92] - The deferred amount from the Chicago Project Disposal is divided into two tranches: the first tranche of USD103.5 million with an interest rate ranging from 8% to 15%, and the second tranche of USD100 million with an interest rate ranging from 3% to 15%[92][95][96] - The Group's investment properties and property, plant, and equipment details are outlined in the financial statements notes 14 and 15[192][193] Suppliers and Customers - The Group's five largest suppliers accounted for approximately 66% of total purchases, with the largest supplier contributing 33.9% of total purchases[187] - The Group's five largest customers accounted for 50% of total sales in 2023, with the largest customer contributing approximately 30% of total sales[189] Post-Reporting Period Events - As of the date of approval of the consolidated financial statements, there were no significant events after the reporting period that required disclosure[159] Dividends and Shareholder Returns - The Directors did not recommend the payment of a final dividend for the year 2023 (2022: Nil)[115][132] Risk Management - The Group's exposure to currency risk is primarily through long-term receivables and payables denominated in USD, with no hedging instruments used as of 31 December 2023[109] Miscellaneous - The Group had no significant investment, material acquisition, or disposal of subsidiaries and associated companies during the year[111]

Revenue Growth - Revenue increased by 20.4% to approximately HKD 983.1 million in 2023 (2022: HKD 816.8 million)[3] - Revenue increased to 983,068 thousand yuan in 2023, up from 816,780 thousand yuan in 2022, representing a growth of approximately 20.4%[54] - Revenue from external customers in China (including Hong Kong) increased to HK$978,390,000 from HK$813,698,000 year-over-year[88] - Revenue from customer contracts rose to 894,062 thousand yuan in 2023 from 718,589 thousand yuan in 2022, an increase of 24.4%[110] Cost and Profit Analysis - Sales cost rose by 19.1% to approximately HKD 564.0 million in 2023 (2022: HKD 473.5 million), driven by a 49.3% increase in hotel management service costs to HKD 246.2 million (2022: HKD 164.9 million)[4] - Gross profit rose to 419,021 thousand yuan in 2023, compared to 343,306 thousand yuan in 2022, an increase of 22.1%[54] - Net profit attributable to the parent company's owners decreased to 165,154 thousand yuan in 2023 from 193,242 thousand yuan in 2022, a decline of 14.5%[54] - The company's profit for the year was HK$191,050,000, compared to HK$232,976,000 in the previous year[73] Segment Performance - Hotel operation and management services segment profit increased to HKD 212.8 million in 2023 (2022: HKD 130.9 million), partially offset by a HKD 19.7 million increase in general and administrative expenses[7] - Investment property leasing segment profit increased by 37.0% to HKD 47.4 million in 2023 (2022: HKD 34.6 million), mainly due to lower valuation losses[8] - Segment revenue from external customers was 816,780 thousand yuan in 2022, with the largest contribution from management services at 536,424 thousand yuan[68] - Segment profit for 2022 was 199,358 thousand yuan, with management services contributing 130,917 thousand yuan[68] - Revenue from hotel management services rose to HK$545,102,000 from HK$371,624,000 in the previous year[90] - Revenue from hotel design and construction management services decreased to HK$173,035,000 from HK$182,165,000 year-over-year[90] - Total revenue from investment property operating leases was HK$89,006,000, down from HK$98,191,000 in the previous year[90] - Hotel management service revenue increased to 545,102 thousand yuan in 2023 from 371,624 thousand yuan in 2022, representing a growth of 46.7%[110] Financial Position and Ratios - The group's current ratio improved to 1.16 as of December 31, 2023 (2022: 1.02)[24] - Total comprehensive income for the year was 160,016 thousand yuan in 2023, significantly higher than 21,397 thousand yuan in 2022[55] - Non-current assets increased to 3,791,098 thousand yuan in 2023 from 3,751,112 thousand yuan in 2022[56] - Current assets decreased to 761,509 thousand yuan in 2023 from 1,510,093 thousand yuan in 2022, a drop of 49.6%[56] - Total equity grew to 3,286,433 thousand yuan in 2023, up from 3,187,483 thousand yuan in 2022[57] - Retained earnings increased to 842,276 thousand yuan in 2023 from 678,436 thousand yuan in 2022, a rise of 24.1%[57] - The company's total assets increased to HK$4,552,607,000 from HK$3,672,048,000 year-over-year[84][88] - Total liabilities stood at HK$1,266,174,000, compared to HK$909,088,000 in the previous year[84] Employee and Expense Management - The group employed approximately 709 full-time employees in China (including Hong Kong) and the U.S. as of December 31, 2023[18] - Employee benefit expenses increased to HK$241,399,000 from HK$202,303,000 year-over-year[95] - Employee benefit expenses rose to 84,800 thousand yuan in 2023 from 69,399 thousand yuan in 2022[115] Dividend and Financial Policies - No final dividend was recommended for the year (2022: none)[28] - The company did not recommend the payment of a final dividend for the year ended December 31, 2023[162] Interest and Deferred Payments - Bank interest income decreased by HKD 16.1 million due to reduced cash and cash equivalents[9] - The first deferred amount of approximately USD 103.5 million accrues interest at 9% per annum from the first anniversary of the completion date[13] - The second deferred amount of USD 100.0 million accrues interest at 7% per annum from the second anniversary of the completion date[14] - Bank interest income decreased to 5,672 thousand yuan in 2023 from 21,726 thousand yuan in 2022[114] - Long-term receivables interest income dropped to 100,810 thousand yuan in 2023 from 119,323 thousand yuan in 2022[114] Lease and Rental Information - Lease liabilities decreased to 355,192 thousand yuan in 2023 from 387,997 thousand yuan in 2022[124] - The company's office lease expenses decreased to 12,263 thousand yuan in 2023 from 18,013 thousand yuan in 2022[122] - Total lease-related expenses recognized in profit or loss decreased to 59,625 thousand yuan in 2023 from 63,575 thousand yuan in 2022[125] - Rental income from investment properties in Guilin decreased to 89,006 thousand yuan in 2023 from 98,191 thousand yuan in 2022[126] - Lease liabilities decreased to 231,768 thousand yuan in 2023 from 256,142 thousand yuan in 2022[149] - The company's lease terms for hotels typically range from 15 to 20 years, with an initial rent-free period of 2 to 15 months[200] - Fixed rent is paid quarterly or semi-annually during the first 3 to 5 years of the lease, followed by annual rent increases based on agreed-upon rates[200] - Lease agreements allow for extensions through mutual agreement[200] - As of December 31, 2023, none of the company's leases are expected to expire within one year[200] Trade and Receivables - Trade receivables impairment loss increased to 48,344 thousand yuan in 2023 from 10,114 thousand yuan in 2022[114] - Trade receivables and notes increased to 189,110 thousand yuan in 2023 from 214,665 thousand yuan in 2022[150] - Expected credit loss rate for trade receivables increased to 23.785% in 2023 from 6.508% in 2022, with total expected credit loss of 58,985 thousand yuan[132] - Impairment loss on trade receivables increased to 162,974 thousand yuan in 2023 from 116,742 thousand yuan in 2022[153] - Trade receivables amounted to 103,989,000 yuan as of December 31, 2023, with no credit enhancement arrangements for the unrecovered amounts[155] - Trade payables aged over 12 months decreased to 63,769 thousand yuan in 2023 from 76,274 thousand yuan in 2022[153] - Trade payables increased to 34,443 thousand yuan in 2023 from 23,479 thousand yuan in 2022, while other payables and accrued expenses rose to 274,315 thousand yuan from 254,864 thousand yuan[159] Other Financial Metrics - Depreciation and amortization expenses totaled 48,751 thousand yuan in 2023, with 47,142 thousand yuan allocated to segment assets[106] - Capital expenditures for segment assets amounted to 13,585 thousand yuan in 2023[106] - Prepayments, other receivables, and other assets increased to 18,016 thousand yuan in 2023 from 15,064 thousand yuan in 2022[134] - Long-term receivables related to the sale of Parcel C LLC amounted to 1,938,247 thousand yuan, including deferred amount of 1,590,508 thousand yuan and interest of 347,739 thousand yuan[135] - Prepayments decreased to 22,834 thousand yuan in 2023 from 37,251 thousand yuan in 2022, while deposits and other receivables increased to 88,727 thousand yuan from 70,249 thousand yuan[157] - Long-term receivables increased to 1,963,471 thousand yuan in 2023 from 1,832,874 thousand yuan in 2022, with impairment provisions rising to 84,500 thousand yuan from 48,937 thousand yuan[157] Legal and Tax Matters - The company faced a legal claim of approximately 11,800,000 yuan from a hotel owner, resulting in a restricted bank account with a balance of 13,021,000 yuan[186] - Total tax expense for the year increased to 89,284 thousand yuan in 2023 from 66,055 thousand yuan in 2022[141] - The company's deferred tax balance was not significantly impacted due to the adoption of new and revised Hong Kong Financial Reporting Standards[79] Business Expansion and Branding - The hotel business expanded from 122 hotels with 28,656 rooms as of December 31, 2022, to 157 hotels with over 33,900 rooms as of December 31, 2023, with an additional 312 hotels under development[190] - The company's hotel brands include luxury, premium, and select service categories, with a focus on providing tailored experiences for different customer segments[166][170][174][175][176][191][192][194][195][197]

| --- | --- | --- | --- | |---------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------|-----------------------------------------------------------------------------------|-------------------------| | | | For six-month period ended 30 June \n截至六月三十日止六個月期間 2023 二零二三年 | 2022 二零二二年 | | Occupancy rate (%) All hotels Leased-and-operated hotels Managed hotels Franchised hotels | 入住率 (%) 所有酒店 租 ...

| --- | --- | --- | --- | --- | |------------------|-------------------------------------------------------------------------|----------------------|----------------------------------------|-------------------------------------------------------| | | 來自外部客戶之分部收益 \n未經審核 \n截至六月三十日止六個月 \n二零二三年 | \n \n \n二零二二年 | 未經審核 \n二零二三年 \n六月三十日 | 指定非流動資產 \n經審核 \n二零二二年 \n十二月三十一日 | | | 千元 | 千元 | 千元 | 千元 | | 中國（包括香港） | 461,785 | 355,053 | 1,819,514 | 1,888,111 | | 海外 | 2,304 | 477 | 1,859,583 | 1,783,937 | | | 464,089 | | 3,6 ...

2 4 6 14 26 32 ANNUAL REPORT 2022年報 Stock Code 股份代號: 00169 於百慕達註冊成立之有限公司 Incorporated in Bermuda with limited liability Contents 目錄 Contents 目錄 1 萬達酒店發展有限公司 二零二二年年報 | --- | --- | |------------------------------------------------|----------------------| | | | | Corporate Information | 公司資料 | | Chairman's Statement | 主席致辭 | | Business Review | 業務回顧 | | Financial Review | 財務回顧 | | Directors and Senior Management | 董事及高級管理層 | | Directors' Report | 董事會報告書 | | Corporate Governance Report | 企業管治報告 | | Environmenta ...

於二零二二年及二零二一年十二月三十一日，分配至酒店設計及建設管理服務之餘下履 約責任（未獲達成或部分未獲達成）之交易價格金額如下： 本集團就使用撥備矩陣計量貿易應收款項之其餘部分而面臨之信貸風險資料載列如下： | --- | --- | --- | --- | --- | --- | --- | |-----------------------|--------|--------|-------------|----------|----------|---------| | | | 少於 | 逾期 \n三至 | 六至 | 超過 | | | | 即期 | 三個月 | 六個月 | 十二個月 | 十二個月 | 總計 | | 預期信貸虧損率 | 0.686% | 0.715% | 0.942% | 2.310% | 30.728% | 6.791% | | （千元） | 83,846 | 7,697 | 11,672 | 35,755 | 32,885 | 171,855 | | 總賬面值 | | | | | | | | 預期信貸虧損 （千元） | 575 | 55 | 110 | 826 | 10,105 | 1 ...

INTERIN REPORT 2022中期報告 NDA HOTEL DEVELOPMENT COMPANY LIMITED Stock Code 股份代號: 169 於百慕達註冊成立之有限公司 Incorporated in Bermuda with limited liability Corporate Information 公司資料 | --- | --- | |---------------------------------------------------------------|-----------------------------------------| | | | | BOARD OF DIRECTORS | 董事會 | | Executive Director | 執行董事 | | Mr. Ning Qifeng (Chairman) | 寧奇峰先生 （主席） | | Non-executive Directors | 非執行董事 | | Mr. Ding Benxi Mr. Han Xu Mr. Zhang Lin | 丁本錫先生 韓旭先生 張霖先生 | | Independen ...

UAL REPORT 2021年報 Stock Code 股份代號: 169 於百慕達註冊成立之有限公司 Incorporated in Bermuda with limited liability Contents 目錄 | --- | --- | |------------------------------------------------|----------------------| | | | | Corporate Information | 公司資料 | | Chairman's Statement | 主席致辭 | | Business Review | 業務回顧 | | Financial Review | 財務回顧 | | Directors and Senior Management | 董事及高級管理層 | | Directors' Report | 董事會報告書 | | Corporate Governance Report | 企業管治報告 | | Environmental, Social and Governance Report | 環境、社會及管治報告 | | Inde ...