Stock Code 股份代號 : 00754 惟實勵新 精進臻善 Grow with Pragmatism and Innovation Annual Report 年報 2024 Unit 4903–10 49/F., The Center 99 Queen's Road Central Central Hong Kong 16th Floor, South Tower Zhujiang Investment Building 421 Zhujiang East Road Zhujiang New City 主要辦事處 香港 中環 皇后大道中99號 中環中心49樓 4903–10室 廣州代表辦事處 廣州市 珠江新城 珠江東路421號 珠江投資大廈 23A West Dawang Road Chaoyang District Beijing 17th Floor Hopson One International Ofce Building 2218 Huangxing Road Yangbu District, Shanghai 北京代表辦事處 北京市 朝陽區 西大望路23號甲 合生創展辦公樓 上海代表辦事 ...

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 表聲明，並明確表示概不會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。 （在百慕達註冊成立的有限公司） （股份代號：754） 網址：http://www.irasia.com/listco/hk/hopson 截至二零二四年十二月三十一日止年度之全年業績 財務摘要 （截至二零二四年十二月三十一日止年度） * 僅供識別 – 1 – — 營業額為37,834百萬港元（二零二三年：34,292百萬港元）。 — 股權持有人應佔溢利為120百萬港元（二零二三年：2,922百萬港元）。 — 核心利潤為3,123百萬港元（二零二三年：2,314百萬港元）。 — 每股基本及攤薄盈利為每股0.03港元（二零二三年：每股0.77港元）。 業務回顧 行業概覽 二零二四年，全球經濟仍處於周期調整中，地緣政治對經濟復蘇形成壓力，保護主義浪潮 及政治選舉亦帶來風險。二零二四年也是新中國成立七十五周年，是實現「十四五」規劃目 標任務的關鍵一年。中國作為全球第二大經濟體，面對外部壓力加大、內部困難增多的多 重 ...

Financial Performance - The company's revenue for the year ending December 31, 2024, was HKD 37,834 million, an increase of 10.5% from HKD 34,292 million in 2023[2]. - Profit attributable to equity holders was HKD 120 million, a significant decrease of 95.9% compared to HKD 2,922 million in 2023[2]. - Core profit increased to HKD 3,123 million, up 35% from HKD 2,314 million in 2023[2]. - The group's revenue for the year ended December 31, 2024, was HKD 37,834,224, an increase of 10.5% compared to HKD 34,291,809 in 2023[15]. - The annual profit attributable to the company was HKD 1,103,377, a significant decrease of 67.6% from HKD 3,404,220 in the previous year[15]. - Basic and diluted earnings per share dropped to HKD 0.03 from HKD 0.77, indicating a challenging year for the company[15]. - The company's net profit for the year ended December 31, 2024, was HKD 1,103,377, down from HKD 3,404,220 in 2023, reflecting a decrease of around 68%[41][42]. - The group's pre-tax profit for the year ended December 31, 2024, was HKD 2,805,888, compared to HKD 6,294,102 in 2023, representing a decline of about 55%[41][42]. - The financial costs for the year ended December 31, 2024, were HKD (1,250,486), an increase from HKD (933,794) in 2023, indicating a rise of approximately 34%[41][42]. - The investment properties' fair value loss for the year ended December 31, 2024, was HKD (397,820), compared to a gain of HKD 2,495,968 in 2023[41][42]. Sales and Contracts - The total sales and pre-sale contracts for properties reached RMB 16,629 million, a decline of 48.9% from RMB 32,583 million in 2023[6]. - Revenue from property development for 2024 reached HKD 30,134,040, an increase of 13.8% compared to HKD 26,499,537 in 2023[44]. - The total contracted sales in 2024 amounted to approximately RMB 16,629 million, a decrease of 49% from RMB 32,583 million in 2023[66]. Assets and Liabilities - Total assets decreased to HKD 256,882,175 from HKD 288,694,135, a decline of 11.0%[19]. - The company's total liabilities also decreased to HKD 157,966,693 from HKD 187,709,286, a reduction of 15.9%[19]. - The group's total assets as of December 31, 2024, were HKD 256,882,175, down from HKD 288,694,135 in 2023, indicating a decrease of approximately 11%[43]. - The group's total liabilities increased to HKD 256,882,175 as of December 31, 2024, from HKD 288,694,135 in 2023, indicating a decrease of approximately 11%[43]. - The group had a net borrowing amount of HKD 68,109 million after accounting for cash and bank deposits[82]. Cash Flow and Liquidity - Cash and bank balances decreased to HKD 11,398,148 from HKD 15,368,332, a decline of 25.7%[18]. - The group has a total of HKD 25,037 million in short-term bank and other borrowings, with cash and cash equivalents of HKD 8,449 million[63]. - The current ratio improved to 1.61 as of December 31, 2024, up from 1.43 a year earlier, indicating better short-term financial health[75]. - The debt-to-asset ratio decreased to 62% from 65% year-over-year, reflecting improved leverage[75]. Future Outlook and Strategy - The company anticipates a challenging economic environment in 2025, with continued pressure on the real estate market and consumer confidence[11]. - The central government is expected to implement more proactive macro policies to stabilize economic growth and support the real estate market in 2025[11]. - The company plans to enhance its brand value and maintain a prudent development strategy to adapt to industry changes[12]. - The company aims to create long-term value for shareholders, customers, and society through high-quality development and diversified industry layout[12]. - The company plans to focus on residential property development and commercial real estate investment in mainland China moving forward[20]. - The company plans to focus on market expansion and new product development to improve future performance[41]. Corporate Governance and Compliance - The board approved the financial statements for publication on March 28, 2025[22]. - The audit committee, composed of three independent non-executive directors, reviewed the group's accounting principles and discussed risk management and internal controls[93]. - The independent auditor agreed with the financial figures presented in the preliminary announcement for the year ending December 31, 2024[94]. - A remuneration committee has been established, consisting of three independent non-executive directors, in accordance with corporate governance codes[95]. - The company confirmed that its public float met the required levels during the review year[91]. Debt and Restructuring - The company has defaulted on borrowings totaling HKD 941,661,000, leading to cross-defaults triggering a total of HKD 9,269,709,000 in loans from banks and financial institutions[24]. - The company is actively negotiating debt restructuring plans with lenders related to the defaulted borrowings[25]. - The company is in discussions with several financial institutions regarding the extension of certain borrowings[25]. - There is significant uncertainty regarding the company's ability to implement the related plans and measures successfully[26]. - The company's ability to continue as a going concern depends on the successful completion of the debt restructuring and refinancing of existing bank borrowings[26]. Segment Performance - The company has five reportable operating segments based on products and services, including property development and commercial real estate investment[37]. - The property development segment engages in property development and sales, while the commercial real estate investment segment focuses on properties with rental income potential[40]. - The property development segment remains the core business, accounting for 80% of the group's operations, with revenue contributions from key regions: 14% from South China, 12% from East China, and 74% from North China[74]. Other Financial Metrics - The actual tax rate for 2024 was 61%, an increase of 15 percentage points compared to the previous year[72]. - Employee costs for the year reached HKD 1,628 million, down from HKD 2,022 million in 2023, with a total workforce of 8,506 employees[88]. - The group provided guarantees for mortgage loans to property buyers amounting to HKD 13,841 million as of December 31, 2024, down from HKD 18,300 million a year earlier[84]. - The company did not recommend any dividend payments for the years ending in 2024 and 2023[56]. - The group did not recommend a final dividend for the year ended December 31, 2024, to retain cash for future business development[64].

合 生 創 展 集 團 有 限 公 司 HOPSON DEVELOPMENT HOLDINGS LIMITED Stock Code 股份代號 : 00754 惟實勵新 精進臻善 Grow with Pragmatism and Innovation 2024 Interim Report 中期報告 Bohai Rim Economic Zone Qinhuangdao 秦皇島 Beijing 北京 Dalian 大連 Tangshan 唐山 Langfang 廊坊 Tianjin 天津 Taicang 太倉 Kunshan 昆山 Shanghai 上海 Guangzhou 廣州 Jiangmen 江門 Huizhou 惠州 Shenzhen 深圳 Zhongshan 中山 環渤海 經濟圈 Taiyuan 太原 Yangtze River Delta Economic Zone 長江三角洲 經濟圈 Hangzhou 杭州 Cixi 慈溪 P Ningbo 寧波 Pearl River Delta Economic Zone 珠江三角洲 經濟圈 Yangshuo 陽朔 10 CONTENTS 目 錄 Bohai ...

Financial Performance - Revenue for the six months ended June 30, 2024, was HKD 13,809 million, with a profit attributable to equity holders of HKD 1,073 million[2]. - The basic and diluted earnings per share were HKD 0.283[2]. - The company's revenue for the six months ended June 30, 2024, was HKD 13,809.26 million, a decrease of 8.4% compared to HKD 15,079.85 million in the same period of 2023[8]. - Gross profit for the same period was HKD 3,761.44 million, down 30% from HKD 5,377.24 million year-on-year[8]. - The net profit attributable to equity holders for the six months was HKD 1,072.88 million, a decline of 72.5% from HKD 3,902.82 million in the previous year[8]. - The company reported a pre-tax profit of HKD 2,069.70 million, down 66.5% from HKD 6,187.85 million in the prior period[8]. - The total comprehensive income for the period was HKD 462.64 million, significantly lower than HKD 793.12 million in the same period last year[9]. - The net profit for the period was HKD 1,083,067, compared to HKD 4,475,232 for the six months ended June 30, 2023, indicating a significant decrease of about 75.8%[20]. - The company reported a financial cost net of HKD 596,086 for the six months ended June 30, 2024, compared to HKD 459,217 in the same period of 2023[29]. - The company reported a total tax expense of HKD 986,633 for the six months ended June 30, 2024, compared to HKD 1,712,613 in the same period of 2023[30]. Property Sales and Development - Contract sales and pre-sales of properties reached RMB 8,850 million in the first half of 2024, down from RMB 16,062 million in the same period of 2023[4]. - The total area of properties sold but not yet delivered was 1,025,092 square meters as of June 30, 2024, with expected revenue of HKD 39,577 million to be recognized upon delivery[5]. - The total area delivered in the first half of 2024 was 438,051 square meters, compared to 543,253 square meters in the same period of 2023[5]. - Property development revenue for the six months ended June 30, 2024, was HKD 9,889,808, a decrease of 12.6% from HKD 11,320,244 in the same period of 2023[25]. - The average selling price of delivered properties increased by 9% to RMB 20,119 per square meter in the first half of 2024, compared to RMB 18,479 per square meter in the same period last year[43]. - The average selling price for property contract sales decreased by approximately 24% to RMB 26,955 per square meter in the first half of 2024, down from RMB 35,576 per square meter in the same period last year[44]. - Property development contributed HKD 9,890 million in revenue, accounting for 72% of total sales, while commercial property investment generated HKD 2,252 million, representing 16%[52]. Market Conditions - The Chinese economy showed a GDP growth of 5.0% year-on-year in the first half of 2024, indicating resilience amid global economic challenges[3]. - The real estate market is experiencing a weak recovery, with ongoing challenges related to debt and buyer confidence[3]. - The real estate market is expected to enter a bottoming phase in the second half of the year, with a moderate recovery anticipated[6]. Financial Position - Total equity attributable to shareholders increased to HKD 95,847,477 thousand as of June 30, 2024, compared to HKD 95,358,213 thousand as of December 31, 2023, reflecting a growth of 0.51%[11]. - Total liabilities decreased slightly to HKD 186,939,900 thousand as of June 30, 2024, from HKD 187,709,286 thousand as of December 31, 2023, indicating a reduction of 0.41%[11]. - Total assets amounted to HKD 287,525,545 thousand as of June 30, 2024, down from HKD 288,694,135 thousand as of December 31, 2023, representing a decline of 0.41%[11]. - Current liabilities totaled HKD 111,876,664 thousand as of June 30, 2024, compared to HKD 120,838,785 thousand as of December 31, 2023, showing a decrease of 7.41%[11]. - The current ratio improved to 1.56 from 1.43 as of December 31, 2023, with net cash and bank balances reaching HKD 21,696 million[54]. - Total borrowings from banks and financial institutions increased by 7% to HKD 79,104 million, compared to HKD 74,199 million at the end of 2023[54]. Operational Strategy - The company is focusing on a dual-engine development model of light and heavy asset management to enhance operational efficiency[3]. - The company plans to enhance its operational standards by focusing on layout planning, brand resource accumulation, and market reputation recognition[6]. - The company aims to strengthen its core competitiveness while ensuring financial safety and improving profitability[6]. - The company will continue to adapt to market dynamics and seize opportunities from national policy implementation and urban high-quality development[6]. - The company plans to focus on market expansion and new product development to drive future growth[19]. Governance and Compliance - The company adhered to the corporate governance code as per the listing rules, except for the absence of the chairman at the annual general meeting[63]. - The audit committee, consisting of three independent non-executive directors, reviewed the group's accounting principles and discussed risk management and internal controls[65]. - The interim results for the six months ending June 30, 2024, were reviewed by the audit committee[65]. - The company confirmed that its public float met the required level as per the listing rules during the period[66]. - The board of directors consists of eight members, including five executive directors and three independent non-executive directors[66].

| --- | --- | --- | --- | --- | |-------------------------------------|-------------------------|-------|-------|-------| | | | | | | | HOPSON DEVELOPMENT HOLDINGS LIMITED | 創 展 集 图 有 限 公 司 | | | | | --- | --- | |-------|-------| | | | | | | | --- | --- | --- | --- | --- | |-------|---------|------------|--------------------------------------------------------------------------------------------------------------------------|-------| | | | | CONTENTS 目 錄 | | | | | 第一部分 | Part I Financial Overview 財務概覽 | 02 ...

Revenue and Profit Performance - Revenue for 2023 reached HKD 34,292 million, a 25.8% increase from HKD 27,252 million in 2022[2] - Revenue for the year ended December 31, 2023, increased to HKD 34,291,809 thousand, up from HKD 27,252,008 thousand in 2022, representing a growth of approximately 25.8%[8] - Total revenue for the year ended December 31, 2023, was HK$42.10 billion, with property development contributing HK$27.48 billion (65.3%) and commercial property investment contributing HK$4.94 billion (11.7%)[24] - The company's revenue for 2023 was RMB 30,854 million (HKD 34,292 million), a 32% increase in RMB terms and a 26% increase in HKD terms compared to 2022[45] - Profit attributable to equity holders was HKD 2,922 million, a significant decrease from HKD 8,762 million in 2022[2] - Core profit increased to HKD 2,314 million from HKD 1,081 million in 2022[2] - Net profit attributable to equity holders of the company was HKD 2,922,321 thousand in 2023, compared to HKD 8,762,461 thousand in 2022, a decline of 66.6%[8] - The company reported a pre-tax profit of HK$6.29 billion and a net profit of HK$3.40 billion for the year[24] - The company's profit attributable to equity holders for 2023 was HKD 2,922 million, with core profit increasing by 114.1% to HKD 2,314 million after adjustments[52] Property Development and Sales - Contract sales and pre-sales for properties totaled RMB 32,583 million, slightly up from RMB 32,579 million in 2022[4] - Total delivered property area in 2023 was 1,446,055 square meters, up from 1,014,411 square meters in 2022[5] - Sales in Shanghai increased significantly to RMB 15,148 million, driven by the new Mansion Shanghai project[4] - Sales in Beijing and Tianjin dropped to RMB 9,933 million from RMB 20,968 million in 2022[4] - Property development revenue in 2023 increased to HK$26,499,537 thousand from HK$19,081,399 thousand in 2022, reflecting significant growth in this segment[28] - The property development segment in East China generated the highest revenue at HK$14.13 billion, followed by North China at HK$8.37 billion and South China at HK$4.99 billion[24] - Property development remains the core business of the company, accounting for 77% of total revenue. The company's operations in the South China, East China, and North China regions contributed 22%, 46%, and 32% of total revenue, respectively[53] Land Reserves and Construction - Land reserves as of December 31, 2023, stood at 27.62 million square meters, down from 28.72 million square meters in 2022[6] - Expected completed construction area for 2024 is 2,382,389 square meters[6] Financial Position and Liabilities - The company maintains a low debt-to-asset ratio and strong cash flow, supporting its stable operations[3] - Total assets as of December 31, 2023, stood at HKD 288,694,135 thousand, slightly down from HKD 298,714,401 thousand in 2022[11] - Total equity attributable to equity holders of the company increased to HKD 95,358,213 thousand in 2023 from HKD 93,149,760 thousand in 2022, reflecting a 2.4% growth[12] - Total liabilities decreased to HKD 187,709,286 thousand in 2023 from HKD 200,336,235 thousand in 2022, a reduction of 6.3%[13] - The company's net asset value as of December 31, 2023, was HKD 100,984,849 thousand, up from HKD 98,378,166 thousand in 2022, indicating a 2.6% increase[13] - Net current assets of the group amounted to HK$52,319 million, including HK$130,204 million in prepayments for land acquisition, properties under development, and completed properties for sale, and HK$15,368 million in cash and bank balances[16] - The group has classified borrowings of HK$37,030 million as current liabilities[16] - The group successfully extended the repayment of approximately HK$4,553 million of the current portion of borrowings after the reporting period[17] - The company's total assets and total liabilities as of December 31, 2023, were HKD 288,694 million and HKD 187,709 million, respectively, representing a decrease of 3% and 6% compared to December 31, 2022[54] - The company's debt-to-asset ratio decreased to 65% as of December 31, 2023, from 67% as of December 31, 2022[54] - The company's net asset value per share as of December 31, 2023, was HKD 26.63[54] - The company's total bank credit facilities as of December 31, 2023, amounted to HKD 206,322 million, with HKD 119,467 million remaining unused[55] - The company's total assets and equity pledged as collateral for loans amounted to HKD 84,775 million and HKD 8,619 million, respectively, as of December 31, 2023[57] Investment and Fair Value Gains - Investment property fair value gain decreased significantly to HKD 2,495,968 thousand in 2023 from HKD 10,072,467 thousand in 2022, a drop of 75.2%[8] - The commercial property investment segment in East China recorded a significant fair value gain of HK$2.57 billion, contributing to a total fair value gain of HK$2.50 billion for the segment[24] - The company's fair value gain on investment properties for 2023 was HKD 2,496 million, a significant decrease from HKD 10,072 million in 2022[48] Segment Performance - The property development segment in East China generated the highest revenue at HK$14.13 billion, followed by North China at HK$8.37 billion and South China at HK$4.99 billion[24] - The commercial property investment segment in East China recorded a significant fair value gain of HK$2.57 billion, contributing to a total fair value gain of HK$2.50 billion for the segment[24] - The investment segment reported a loss of HK$424.06 million, primarily due to impairment provisions of HK$159.89 million for an associate and HK$51.24 million for joint ventures[24] - The infrastructure segment achieved revenue of HK$8.11 billion, with a segment profit of HK$455.05 million[24] - The property management segment generated revenue of HK$1.70 billion, with a segment profit of HK$21.86 million[24] - Commercial property investment revenue rose to HK$4,239,271 thousand in 2023, up from HK$3,952,516 thousand in 2022, indicating steady growth in this sector[28] - Property management revenue decreased to HK$1,395,193 thousand in 2023 from HK$2,989,241 thousand in 2022, showing a notable decline[28] - Infrastructure revenue dropped to HK$2,308,801 thousand in 2023 from HK$3,439,021 thousand in 2022, reflecting a significant reduction[28] - Investment losses improved to HK$150,993 thousand in 2023 from HK$2,210,169 thousand in 2022, indicating a substantial recovery in this area[28] Financial Costs and Income - The company's financial costs for the year were HK$933.79 million, offset by financial income of HK$519.06 million[24] - Financial income from bank deposits, loans to a joint venture, and interest income decreased to HK$519,062 thousand in 2023 from HK$563,138 thousand in 2022[32] - Total borrowing costs decreased to HK$5,711,647 thousand in 2023 from HK$7,884,138 thousand in 2022, with capitalised amounts for development properties reducing net borrowing costs to HK$933,794 thousand[32] - Net financial costs decreased to HK$414,732 thousand in 2023 from HK$952,679 thousand in 2022[32] - The company's financial costs before capitalization decreased by 28% to HKD 5,712 million in 2023, primarily due to lower bank and financial institution borrowings[50] Taxation - Hong Kong profits tax provision was calculated at 16.5% of estimated taxable profits, consistent with 2022[32] - Mainland China corporate income tax increased to HK$573,577 thousand in 2023 from HK$1,738,625 thousand in 2022[32] - The company's effective tax rate for 2023 was 45.9%, an increase of 15.5 percentage points from the previous year, mainly due to higher land value-added tax rates on key projects[51] Earnings and Dividends - Basic earnings per share decreased to HK$0.77 in 2023 from HK$2.31 in 2022, based on a weighted average of 3,792,541,000 ordinary shares[35] - No dividends were recommended for the years ended December 31, 2023, and 2022[36] Borrowings and Debt Management - The group has classified borrowings of HK$37,030 million as current liabilities[16] - The group successfully extended the repayment of approximately HK$4,553 million of the current portion of borrowings after the reporting period[17] - Non-current bank and financial institution borrowings decreased to HK$49,173,293 thousand in 2023 from HK$59,520,917 thousand in 2022[39] - Commercial mortgage-backed securities issued in 2021 with interest rates of 4.80% and 5.30% had a carrying value of HK$1,454,393 thousand as of December 31, 2023[40] - The company issued commercial mortgage-backed securities with a face value of RMB 635,000,000 at an interest rate of 6.00%, maturing in 2041, and had a book value of HKD 662,091,000 as of December 31, 2023[41] - The company issued unsecured senior notes with a face value of USD 300,000,000 at an interest rate of 7.00%, maturing in May 2024, and had a book value of HKD 2,337,350,000 as of December 31, 2023[41] - The company issued unsecured senior notes with a face value of USD 237,500,000 at an interest rate of 6.80%, maturing in 2023, and fully repaid the remaining outstanding amount of USD 224,500,000 in December 2023[41] - The company's total bank and financial institution borrowings as of December 31, 2023, decreased by 7% to HKD 74,199 million compared to December 31, 2022[55] - The company repurchased $13,000,000 of the outstanding 2021 June notes, representing approximately 5.5% of the total outstanding principal amount at that time[67] - The total outstanding principal amount of the 2021 June notes after the repurchase was $224,500,000, which was fully repaid on December 28, 2023, along with accrued interest[67] - The company issued $250,000,000 of 8.00% guaranteed convertible bonds on January 10, 2022, which were fully redeemed on January 6, 2023, along with accrued interest[68] Accounting and Financial Reporting - The group has adopted new and revised Hong Kong Financial Reporting Standards (HKFRS), including HKFRS 17, HKAS 1, and HKAS 12, with no material impact on the financial statements[18] - The group has not yet applied the temporary exception for deferred taxes related to the OECD's Pillar Two model rules, as the rules have not been enacted or substantively enacted in the jurisdictions where the group operates[20] - The group plans to apply the revised HKFRS 10 and HKAS 28, which address inconsistencies in the treatment of asset sales or contributions between investors and their associates or joint ventures, when they become effective[21] - The company's audit committee reviewed the accounting principles, risk management, internal controls, and financial reporting for the year ended December 31, 2023[69] - The company's preliminary financial figures for the year ended December 31, 2023, were agreed upon by the auditors, but no audit opinion or conclusion was provided[70] Corporate Governance and Shareholder Information - The board of directors consists of eight members, including six executive directors and three independent non-executive directors as of the announcement date[73] - The company will suspend share transfer registration from June 11, 2024, to June 14, 2024, to determine the list of shareholders eligible to attend and vote at the annual general meeting on June 14, 2024[71] - The 2023 annual report containing all information required by the listing rules will be published on the stock exchange and company websites in due course[72] Employee and Operational Costs - The company's total employee count as of December 31, 2023, was 9,654, a decrease from 10,482 as of December 31, 2022[65] - The company's employee costs, including director remuneration, for the year ended December 31, 2023, amounted to HKD 2,022 million, a decrease from HKD 2,399 million in the previous year[65] - Employee benefit costs, including director remuneration, decreased to HK$2,021,623 thousand in 2023 from HK$2,399,121 thousand in 2022, showing a reduction in personnel expenses[31] - Advertising expenses increased to HK$608,447 thousand in 2023 from HK$444,802 thousand in 2022, reflecting higher marketing efforts[31] Impairment and Depreciation - Impairment provisions for completed properties and properties under development amounted to HK$1.03 billion and HK$36.35 million, respectively[24] - Depreciation of property, plant, and equipment amounted to HK$223.54 million, while depreciation of right-of-use assets totaled HK$180.22 million[24] Accounts Receivable and Other Financial Items - Accounts receivable aged over 12 months decreased to HK$2,731,609 thousand in 2023 from HK$3,046,732 thousand in 2022[38] - The company's cash and bank deposits as of December 31, 2023, amounted to HKD 15,368 million, with 97.97% denominated in RMB[54]

合 生 創 展 集 團 有 限 公 司 HOPSON DEVELOPMENT HOLDINGS LIMITED Stock Code 股份代號 00754 GROW WITH PRAGMATISM AND INNOVATION 惟實勵新_精進臻善 2023 Interim Report 中期報告 Footprints of Hopson in 合生創展在（CHINA 中國 | --- | --- | --- | --- | --- | --- | --- | |-------|-------|-------|-----------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------- ...

All amount million/ 人民幣/港幣etc in same line!!! 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 表聲明，並明確表示概不會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之任何損失承擔任 何責任。 （於百慕達註冊成立之有限公司） （股份代號：754） 網址：http://www.irasia.com/listco/hk/hopson 截至二零二三年六月三十日止六個月之中期業績 | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | 財務摘要 （截至二零二三年六月三十日止六個月） | | — 營 ...

Real Estate Segment Performance - Revenue from the real estate segment decreased to HK$19,081.4 million in 2022 from HK$22,224.5 million in 2021, a decline of 14.1%[4] - Contracted sales in the real estate segment amounted to RMB32,579 million in 2022, including decoration contracted sales[6] - The real estate segment focuses on high-end and improvement demand series, with signature projects located in core cities and areas with scarce landscape resources, emphasizing convenient transportation and improved ancillary facilities[7] - The Group's revenue from property development in 2022 was HK$19,081 million, a year-on-year decrease of 14%[52] - Property contracted sales in 2022 amounted to approximately RMB30,532 million, a 24% year-on-year decrease, with an average selling price of RMB22,362 per sq.m.[52] - The top-tier residential project MAHÁ Beijing achieved sales of over RMB4,700 million in 2022[53] - Dongshan Jinmao Palace contributed contracted sales of over RMB3,400 million in 2022[53] - Hopson Dreams World, Hesong Lanting, Hopson Hushan Guoji Villa, and Hopson YUNĒ collectively brought in contracted sales of RMB5,400 million, with each project exceeding RMB1,000 million[53] - The total completed area in 2022 was 865,533 sq.m., compared to 1,230,794 sq.m. in 2021[57] - The total completed area for property development in 2023 is projected to be 2,897,327 sq.m., with significant contributions from projects like Hopson Gallopade Park (107,041 sq.m.) and Hopson Hushan Guoji Villa (224,983 sq.m.)[60] - The company acquired new lands with an area of 293,593 sq.m. in 2022, bringing the total land bank to 28.72 million sq.m. as of December 31, 2022[62] - The land bank is distributed across first-tier cities, with residential properties accounting for 20.38 million sq.m., shopping arcades for 1.89 million sq.m., and offices for 1.49 million sq.m.[63] - Completed properties in the land bank total 4.98 million sq.m., with residential properties making up 1.93 million sq.m. and shopping arcades 0.83 million sq.m.[67] - Properties under development account for 7.65 million sq.m., with residential properties comprising 5.43 million sq.m. and shopping arcades 0.41 million sq.m.[67] - Properties to be developed total 16.09 million sq.m., with residential properties making up 13.02 million sq.m. and shopping arcades 0.65 million sq.m.[67] - The land bank in Guangzhou includes 4.21 million sq.m. for residential properties, 1.02 million sq.m. for shopping arcades, and 0.62 million sq.m. for offices[63] - In Beijing, the land bank includes 3.66 million sq.m. for residential properties, 0.26 million sq.m. for shopping arcades, and 0.20 million sq.m. for offices[63] - The land bank in Shanghai comprises 1.74 million sq.m. for residential properties, 0.31 million sq.m. for shopping arcades, and 0.27 million sq.m. for offices[63] - The total land bank in Tianjin is 5.82 million sq.m., with residential properties accounting for 5.44 million sq.m. and shopping arcades for 0.05 million sq.m.[63] - Total saleable area for land use rights certificates and construction works planning permits obtained is 15.84 million sq.m., with Guangzhou contributing 3.80 million sq.m. and Huizhou 4.00 million sq.m.[68] - The real estate industry's growth value dropped by 5.1% compared to the previous year, reflecting market adjustments and challenges in housing delivery[70] - In December 2022, the decline in real estate development investment narrowed by 7.7 percentage points compared to November, indicating a potential market recovery[74] - The urbanization rate in China reached 65.22% in 2022, still below the 80% level seen in developed countries, suggesting room for future growth[74] - The company plans to focus on residential products targeting improvement and rigid demand in key regions like Beijing-Tianjin-Hebei, Yangtze River Delta, and Guangdong-Hong Kong-Macao Greater Bay Area in 2023[75] - The company will continue to launch its Hopson M-Series brand in first-tier cities such as Beijing, Shanghai, and Guangzhou, aiming to establish it as a leading high-end lifestyle real estate IP[75] - The company emphasizes a "cash flow-based" strategy, adjusting marketing and business approaches to maximize sales recovery and control capital expenditures[72] - The company will implement prudent operational and financial policies to mitigate risks from market uncertainties, focusing on diversified property development across key economic zones[76] Commercial Segment Performance - The commercial segment revenue was HK$3,952.5 million in 2022, down from HK$4,217.0 million in 2021, a decrease of 6.3%[4] - The commercial segment has a landbank of approximately 7.26 million sq.m. as of 31st December 2022, with 95% located in first-tier cities[6] - The commercial segment operates a heavy asset management platform with properties in multiple cities, including urban complexes, boutique office buildings, and community-focused businesses, laying a solid foundation for future income and high investment returns[7] - Revenue from commercial properties investment reached HK$3,953 million as of 31st December 2022[85][88] - The commercial sector has a land bank of approximately 7.26 million sq.m., with 95% located in first-tier cities (Beijing, Shanghai, Guangzhou, Shenzhen, and adjacent areas)[87][89] - The Group operates or is preparing 7 urban complexes, including Hopson One, Hopson Plaza, and Hopson Xintiandi, located in core commercial zones of first- and second-tier cities[86][89] - The Group actively pursued urban redevelopment projects in tier-one cities to avoid high land premiums and collaborated with other developers to share development costs[77][79] - The Group focused on improving cash inflow by shortening development and sales cycles for products targeting improvement and rigid demand, with no default loans under strict financial supervision[80][81] - The Group plans to further develop its "He Sheng · Man Series" brand, targeting high-end markets in first-tier cities like Beijing, Shanghai, and Guangzhou[78] - The Group prioritizes quality and stability, with a strategic focus on the Greater Bay Area, Yangtze River Delta, and Bohai Rim regions[87][89] - The Group's commercial segment maintained stable sales volume, customer traffic, and occupancy rates despite pandemic-related challenges[87][89] - The company's investment real estate business manages a total commercial area of approximately 1,000,000 sq.m. across various locations in Mainland China, including Beijing, Shanghai, Guangzhou, and Hangzhou[91][93] - The company holds a 100% interest in key properties such as the Beijing Hopson Desheng Building (55,656 sq.m.) and the Hopson International Plaza in Shanghai (320,927 sq.m.)[91] - The company is developing new commercial projects, including the C4 Commercial plot in Guangzhou (149,829 sq.m.) and a commercial plot in Tianhe District (371,832 sq.m.), both under construction[93] - The company's Hopson Commercial Technology Platform focuses on building a smart ecosystem for asset management, tenant recruitment, and customer engagement, aiming to transform into an asset-service, platform, and technology-based enterprise[95][100] - The company plans to optimize its tenant portfolio for investment properties to enhance rental income potential and explore new models for online and offline cooperation[98][99] - The company is leveraging its member base from Hopson Tone to empower offline physical businesses and merchants, focusing on internet marketing and digital operations[99] - The company is committed to becoming a leading integrated operator in commercial and pan-commercial ecological technologies globally, managing project lifecycles through advanced technology[96][100] - The company is actively innovating its products and services based on consumer trends, focusing on new types, new scenarios, and new models in the post-pandemic era[97][101] - Investment real estate business continues to expand, leveraging the company's high-quality land reserves to increase managed commercial area and business scale, optimizing tenant mix to enhance rental income potential[102] - The company is transitioning from traditional leasing to content incubation, acquiring brand companies to develop new intellectual properties, focusing on suburban entertainment product lines, and exploring new online-offline collaboration models[102] - Hopson Commercial Technology developed new business models, such as the MOHO series of high-end commercial complexes, and facilitated third-party customer cooperation through industry content and intellectual property integration[104] - The company is actively engaged in technological development, providing industry advisory services and smart solutions to empower the full life cycle of commercial projects, including design, development, renovation, and operation[107][108] Property Management Segment Performance - Property management segment income was approximately HK$2,989 million in 2022, compared to HK$3,641.3 million in 2021, a drop of 17.9%[6] - The property management segment launched the "Building Homes with Ingenuity" campaign in over 200 projects across 30 cities in 2022[6] - Esteem Property, a property management company, holds a national first-class qualification and won key industry awards, including "2022 TOP 1 China's Internet Community Operation Leading Enterprise" and "2022 TOP 1 Leading Enterprise in China Property Technology Empowerment"[7] - Hooplife has developed a unique "community operation strategy" to reduce costs, enhance efficiency, and create diversified operating income for property companies, while also assisting in the development of smart cities and communities[7] - The property management segment generated approximately HK$2,989 million in revenue as of December 31, 2022, divided into hooplife technology and property management[113] - The company has established dual headquarters in Beijing and Guangzhou, with operations covering Northern, Eastern, Southern, and Southwestern China, focusing on first- and second-tier cities like Beijing, Shanghai, and Guangzhou[115] - Hooplife Technology Group integrates property management, technological services, and community asset operations, aiming to create a harmonious community ecosystem through inclusive development of people, cities, and technology[119] - In 2022, the company continued to empower smart communities with technology and digitalization, expanding service boundaries and enhancing operational efficiency to establish convenient community life circles[120] - The Group's property management services, managed by Esteem Property, achieved a total transaction volume, order volume, transaction frequency, ARPU value, repurchase rate, and customer conversion rate that are among the best in the industry[124] - Esteem Property won over 40 key industry awards in 2022, including "2022 TOP 1 China's Internet Community Operation Leading Enterprise" and "2022 TOP 1 Leading Enterprise in China Property Technology Empowerment"[125] - Esteem Property provides high-quality property management services for over 100 large-scale projects in cities such as Guangzhou, Beijing, Shenzhen, Shanghai, Tianjin, Chengdu, and Xi'an[127] - The Tulip Service Mode offers basic property services for projects with a monthly management fee of less than RMB2 per sq.m.[128] - The Sunflower Service Mode, for mid-to-high-end projects with a monthly management fee of RMB2 to RMB4 per sq.m., provides 24/7 services through full-time housekeepers and a dedicated service phone[130] - The Golden Lily Service Mode, for high-end projects with a monthly management fee of RMB4 to RMB7 per sq.m., focuses on proactive, caring, and thoughtful personalized high-end services[131] - The Sunflower Service Model offers mid-to-high-end property management services with a monthly fee ranging from RMB 2 to 4 per square meter, featuring dedicated 24/7 customer service and personalized care[132] - The Golden Lily Service Model targets high-end residential projects with a monthly fee of RMB 4 to 7 per square meter, emphasizing proactive, transparent, and premium services[132] - The MAHÁ Service Model provides luxury property management services with a monthly fee exceeding RMB 7 per square meter, including platinum housekeepers and asset management for top-tier residential projects[133][134] - Starting mid-2022, Esteem Property launched the "Building Homes with Ingenuity" campaign across 200+ projects in over 30 cities, focusing on quality improvement and smart community development[138] - In 2023, the company plans to deepen community economy cultivation, leverage technology empowerment, and expand into public construction, urban services, and digital construction projects[139] - The company has developed over 100 resource partners and deployed in several key cities for market expansion[139] - The property management segment faces industry risks due to strict government regulations on service fees and management area[142] - Business risks include potential increases in labor costs, challenges in securing new contracts, and difficulties in collecting management fees[143] Infrastructure Segment Performance - Infrastructure segment income before elimination was HK$9,229 million in 2022[6] - The total annual output of the infrastructure segment in 2022 was approximately HK$9,229 million, with an area under construction of approximately 4.21 million sq.m. and completed area of approximately 0.87 million sq.m.[154] - The fine furnishing contracted sales of the infrastructure segment in 2022 was RMB2,047 million, remaining stable compared to the previous year[154] - Infrastructure segment's total output value in 2022 was approximately HKD 9.229 billion, with a construction area of 4.21 million square meters and a completed area of 870,000 square meters[155] - Infrastructure segment's pre-sale area in 2022 was HKD 9.229 billion, a 13% decrease year-on-year, and intra/inter-segment income was HKD 5.79 billion, a 17% decrease year-on-year[156] - The infrastructure segment promoted the application of smart construction cloud platforms, automated settlement, and talent evaluation systems to enhance technological transformation and work efficiency[157][160] - The infrastructure segment faced risks such as subcontractor mismanagement, inadequate engineering pipeline control systems, and wage payment issues for migrant workers[158] - The company implemented measures to manage risks, including grading subcontractors, introducing third-party construction, and improving migrant worker management through a smart labor system[159][161] Investment Segment Performance - The investment segment reported a loss of HK$2,210.2 million in 2022, an improvement from the HK$2,964.7 million loss in 2021[4] - The Group's investment losses in the primary and secondary markets amounted to HK$2,210 million in 2022, compared to HK$2,965 million in 2021[146][147] - Financial assets at fair value through other comprehensive income decreased to HK$3,562 million in 2022 from HK$4,206 million in 2021[146][147] - Financial assets at fair value through profit or loss dropped significantly to HK$2,643 million in 2022 from HK$8,317 million in 2021[146][147] - The Group focuses on investments in high-and-new technology and medical science and technology companies, aiming for medium to long-term holdings to mitigate short-term market volatility[149][152] - The investments segment emphasizes risk management, investing only in highly liquid securities that can be converted into cash at any time[150][153] - The Group closely monitors stock price risk, tracking investment scale and value-at-risk (VaR) of securities positions daily to manage market risks effectively[151][153] Financial Performance and Metrics - Earnings per share (basic and diluted) decreased to HK 305 cents in 2022 from HK 337 cents in 2021[4] - Dividends per share were not declared in 2022, compared to HK 65 cents in 2021[4] - The Group recorded a turnover of RMB23,312 million (HK$27,252 million) in 2022, down 9% in RMB and 11% in HKD compared to 2021[172] - Total contracted sales in 2022 were approximately RMB32,579 million, a 23% decrease from approximately RMB42,299 million in 2021[172] - Guangzhou and Huizhou contributed RMB8,312 million in contracted sales, representing 26% of the Group's total contracted sales in 2022[172] - Shanghai's contracted sales amounted to RMB3,299 million, accounting for 10% of the Group's total contracted sales in 2022[172] - Beijing and Tianjin combined contributed RMB20,968 million in contracted sales, representing 64% of the Group's total contracted sales in 2022[172] - The Group delivered a total GFA of 1,014,411 square meters in 2022, down from 1,235,695 square meters in 2021[172] - Major projects delivered in 2022 include MAHÁ Beijing, Hopson Dreams World, Metropolis Light, and Hopson Xijing Garden[172] - Guangzhou and Huizhou had 27 projects on sale in 2022, with major projects including Hopson YUN Ē, Hopson Ziyue Mansion, Hopson Hushan Guoji Villa, and Hopson Yunshan Regal[172] - Shanghai had 17 projects on sale in 2022, including Hesong Lanting, Hopson Sheshan Dongziyuan, and Hopson Dongjiao Villa[172] - Beijing and Tianjin had 20 projects on sale in 2022, with major projects including MAHÁ Beijing, Hopson YUN Ē, Dongsan Jinmao Palace, and Hopson me Yue[172] - Gross profit in 2022 decreased to HK$8,281 million with a gross profit margin of 30%, down from HK$13,145 million and 43% in 2021, primarily due to higher project costs in the property development segment[173] - Fair value gain on investment properties as of 31st December 2022 was HK$10,072 million, slightly down from HK$10,451 million in 2021, with the Group owning 19 investment properties compared to 18 in 2021[173] - Operating costs decreased by 39% to HK$4,498 million in 2022, mainly due to a reduction in asset impairment provisions[173] - Gross interest expenses before capitalisation increased by 5% to HK$7,884 million in 2022, driven by higher borrowing rates, with an effective interest rate of 6.5% compared to 6.3% in 2021[173] - The effective tax rate in 2022 was 30.4%, a decrease of 6.1 percentage points from the previous year, primarily due to lower