【穆迪：下调中国金茂(00817.HK)公司家族评级至"Ba2"，展望"负面"】 4月18日，穆迪将中国金茂控股集团有限公司(00817.HK)的公司家族评级及其全资子公司Franshion Brilliant Limited发行的美元票据的有支持 高级无抵押评级从"Ba1"下调至"Ba2"，并将有支持优先股评级从"Ba3"下调至"B1"。 穆迪认为，在该行业长期低迷的情况下，中国金茂2024年合同销售总额将持续下降。疲软的销售业绩给该公司降低其高债务杠杆的能力带 来了不确定性。根据公告披露，截至2024年2月29日两个月内，中国金茂累计取得的签约销售额已达到105.5亿元，同比减少56.28%；累计 销售面积约为61.17万平方米。前2月销售业绩增幅弱于行业百强平均水平。 中国金茂存续债券共 6 只，存续余额 24.500亿美元。 【穆迪：下调龙湖集团(00960.HK)公司家族评级至"Ba2"，展望"负面"】 4月17日，穆迪将龙湖集团控股有限公司(00960.HK)的公司家族评级由"Ba1"下调至"Ba2"，高级无抵押评级从"Ba2"下调至"Ba3"，展望维持 负面。 穆迪表示，下调评级的原因是穆迪预计 ...

2024年4月13日 公司研究 业绩压力释放较充分，股东及管理层增持积极推进 ——中国金茂（0817.HK）动态跟踪 要点 买入（维持） 当前价：0.51港元 事件：公司发布23年业绩、24年3月经营数据和股东、董事/管理层增持进展。 点评：减值压力释放较充分，控股股东、董事/管理层积极增持，彰显发展信心。 减值压力释放较充分，多元化业务支撑利润率企稳：2023年，公司实现营业收 作者 入724亿元（我们预测为734亿元），同比减少13%，主要因开发业务交付规 分析师：何缅南 模减少影响；归母净利润亏损69亿元，同比减少448%，剔除投资物业公平值 执业证书编号：S0930518060006 021-52523801 亏损后的归母净利润为-68亿元，同比减少846%，业绩亏损主要因公司综合毛 hemiannan@ebscn.com 利率同比降低3.4pct至12.5%（其中城市运营与物业开发毛利率为9%）、计 提存货及应收账款减值损失共48亿元、其他收入及收益同比减少73亿元、合 联系人：庄晓波 /联营公司投资亏损9亿元（同比减少14亿元）等因素；公司22-23年累计计 021-52523416 提存货及应收 ...

[Table_MainInfo] 公司研究/房地产/房地产 证券研究报告 中国金茂（0817）公司年报点评 2024年04月02日 [Table_InvestInfo] 投资评级 优于大市 维持 销售聚焦回款质量，年内债务压力减轻 股票数据 [Table_Summary] 0[4Ta月b0le1_日S收to盘ck价In（fo港]元） 0.56 投资要点： 52周股价波动（港元） 0.55-1.70 总股本（亿股） 135 总市值（亿港元） 76  收入同比下跌，核心业务有待修复。公司2023年收入达72403.6百万元， 相关研究 同比下降 13%。分业务看，2023 年公司城市运营及物业开发销售收入为 [《Ta中b国le金_R茂e年p报or点tI评nf：o]核心业务有待修复，后 62781.9百万元，占收入总额的85%，同比降低16%，主要为交付结算的销 续转化资源充足》2023.04.05 售物业较去年减少；商务租赁及零售商业运营收入为1802.3百万元，占收入 《中国金茂（0817.HK）2022年中报点评： 总额的2%，同比上升16%，主要由于2022年新开业物业本期新增收入所致； 攻坚克难砥砺前行 ...

Investment Rating - The report maintains a "Recommend" rating for China Jinmao (0817 HK) [1][2] Core Views - Revenue and gross profit under pressure, with net profit turning negative due to significant impairment charges [1] - 2023 total revenue: RMB 72 404 billion, down 13% YoY - Urban operation and property development revenue: RMB 627 81 billion, down 16% YoY - Commercial leasing and retail operations revenue: RMB 18 02 billion, up 16% YoY - Hotel operations revenue: RMB 20 80 billion, up 80% YoY - Urban operation and property development gross margin: 9%, down 4 percentage points YoY - Net profit attributable to shareholders (excluding fair value gains of investment properties): -RMB 6 794 billion vs RMB 9 10 billion in 2022 - Contracted sales remain in the top tier, with successful REITs listing [1] - 2023 contracted sales: RMB 141 2 billion, ranking 13th in the industry - Collection rate: 104%, same as 2022 - Key sales regions: East China (35 6%) and North China (35 4%) - Core first- and second-tier cities account for over 88% of contracted sales - Huaxia Jinmao Shopping Center REIT listed with fund size of RMB 1 068 billion, expected 2024 distribution rate of 4 92% - Land reserve remains sufficient despite slower land acquisition [1] - 2023 new land reserve: 1 99 million sqm, located in core first- and second-tier cities - Undelivered area as of Dec 2023: 83 69 million sqm - Debt structure optimization continues, with all "three red lines" in green zone [1] - Average financing cost: 4 3% - Proportion of debt due within one year: 19% - Average debt maturity: 5 62 years - Total bond issuance in 2023: RMB 18 75 billion Financial Forecasts - Revenue and profit projections [1][2][5] - 2024E revenue: RMB 81 853 billion, +13 1% YoY - 2025E revenue: RMB 89 916 billion, +9 9% YoY - 2026E revenue: RMB 97 825 billion, +8 8% YoY - 2024E net profit attributable to shareholders: RMB 1 001 billion - 2025E net profit attributable to shareholders: RMB 1 513 billion - 2026E net profit attributable to shareholders: RMB 1 926 billion - Valuation metrics [1][2][5] - 2024E PE: 7X - 2025E PE: 5X - 2026E PE: 4X - PB ratio: 0 2X (2023-2026) - Key financial ratios [5] - Gross margin: 12 46% (2023A), 14 84% (2024E), 16 14% (2025E), 16 68% (2026E) - Net margin: -9 53% (2023A), 1 22% (2024E), 1 68% (2025E), 1 97% (2026E) - ROE: -17 55% (2023A), 2 48% (2024E), 3 62% (2025E), 4 41% (2026E) - Asset-liability ratio: 73 02% (2023A), 73 94% (2024E), 74 49% (2025E), 74 89% (2026E)

Financial Performance - For the year ending December 31, 2023, the signed sales amount reached RMB 2,704.4 million, an increase from RMB 2,436.0 million in 2022, representing a growth of approximately 11%[8] - Revenue for 2023 was RMB 72,403.6 million, a decrease of 13% from RMB 82,991.4 million in 2022[17] - Gross profit fell to RMB 9,021.5 million, down 31% from RMB 13,145.6 million in the previous year[17] - The company reported a net loss of RMB 4,858.3 million, compared to a profit of RMB 5,220.9 million in 2022, marking a 193% decline[17] - Basic earnings per share were -51.62 RMB cents, a decline of 432% from 15.56 RMB cents in 2022[17] - The company's annual profit for the year ended December 31, 2023, was RMB -4,858.3 million, a decrease of 193% compared to RMB 5,220.9 million in the previous year[117] - The attributable profit to owners for the year was RMB -6,896.6 million, down 448% from RMB 1,984.1 million in the previous year[118] Revenue Sources - Rental income from investment properties amounted to RMB 1,802.3 million in 2023, up from RMB 1,551.0 million in 2022, indicating a growth of about 16.2%[9] - Hotel operating revenue for the year was RMB 1,153.9 million, a decrease from RMB 2,080.4 million in 2022, reflecting a decline of approximately 44.5%[10] - Revenue from urban operations and property development was approximately RMB 62,781.9 million, accounting for 85% of total revenue, down 16% year-on-year[108] - Revenue from hotel operations increased by 80% year-on-year to RMB 2,080.4 million, driven by post-pandemic consumer recovery[108] Strategic Initiatives - The company is focusing on high-quality development, premium holding, and high-end service as part of its "One Core, Three Focuses" business strategy[7] - The company plans to focus on "deep cultivation and quality improvement" as part of its strategic direction[19] - The company aims to implement a new urban operation management model to enhance service quality and operational efficiency[19] - The company is actively participating in discussions on consumer-related infrastructure REITs, indicating a strategic interest in diversifying its investment approach[13] Market Position and Expansion - The company achieved a total contract value of RMB 141.2 billion for the year, maintaining its position in the top tier of the industry[21] - The company successfully increased land reserves in cities such as Shanghai, Tianjin, Suzhou, and Qingdao, totaling 141,200 square meters in 2023[8] - The company is expanding its market presence with new projects in key cities, indicating a strategic focus on growth and development in the residential sector[40] - The company has a significant presence in various cities, with notable undeveloped areas in Guizhou (3.3 million square meters) and Chongqing (1.2 million square meters)[31] Operational Efficiency - The company aims to enhance operational efficiency in its core business areas while leveraging synergies across its segments to strengthen its competitive edge[7] - The number of operational units decreased from 16 to 11, optimizing organizational structure and reducing personnel costs significantly year-on-year[21] - The company is focusing on optimizing real estate policies to meet rigid and improved housing demands, as part of the government's measures to stabilize the market[35] Awards and Recognition - The company was recognized with multiple awards, including the "Top 10 Competitiveness in Green Real Estate Development" and "2023 Sustainable Blue Chip Value Enterprise" awards[24][25] - The company received a MSCI ESG rating upgrade to A and was recognized with a four-star rating in the GRESB global real estate sustainability assessment[155] - The company has received over 100 awards in the hotel industry since its establishment, highlighting its service quality and landmark advantages[100] Environmental, Social, and Governance (ESG) - The company is committed to enhancing its ESG rating, receiving recognition from major international and domestic regulatory bodies[21] - The company emphasizes sustainable development and social responsibility through its community ecosystem initiatives[104] - The ESG committee, chaired by the executive director, is responsible for guiding and monitoring ESG management work and reviewing the annual ESG report[160] Leadership and Governance -陶天海先生自2023年4月起担任执行董事兼首席执行官，拥有超过20年的酒店及地产开发管理经验[175] - The company has complied with all provisions of its adopted corporate governance code in the 2023 fiscal year[189] - The board consists of twelve directors, each serving a term of three years from the date of appointment[190] - The board has established committees, including an Audit Committee and a Remuneration and Nomination Committee, to oversee specific areas of governance[193] Challenges and Risks - The company faces market risks due to potential declines in the domestic property market, which could affect asset liquidity and sales prices[141] - Interest rate fluctuations pose a risk, particularly affecting the cost of floating-rate borrowings and the fair value of outstanding debts[142] - The company faces moderate environmental risks due to severe and permanent climate changes in China, which could adversely affect real estate construction and operations[146]

2024年3月4日 公司研究 大额减值计提充分，股东增持彰显信心 ——中国金茂（0817.HK）2023 年业绩预告点评 要点 买入（维持） 当前价：0.62港元 事件：3月1日，公司发布23年业绩预告及控股股东增持计划。23年，公司 归母净利润预计亏损约67亿元。公司控股股东中化香港（集团）有限公司（简 称“中化香港”）拟自公司发布23年业绩公告之日次日起计约3个月内增持 作者 公司股票不超过港币2亿元。 分析师：何缅南 点评：市场下行等多因素承压致业绩短期下滑，集团资源支持提升经营稳健性。 执业证书编号：S0930518060006 021-52523801 上市以来首次业绩亏损，市场下行提升减值和毛利率压力：2023年，公司预计 hemiannan@ebscn.com 实现归母净利润亏损约67亿元，同比减少约87亿元，同时，不含投资物业公 平值收益的归母净利润预计为亏损66亿元，同比减少约75亿元，业绩表现低 联系人：庄晓波 于我们预期，主要原因包括：1）受国内房地产行业下行影响，公司继续计提存 021-52523416 zhuangxiaobo@ebscn.com 货减值；2）房地产一二级开发收入结算 ...

智通财经APP讯，中国金茂(00817)公布，董事会于近期收到公司主席兼执行董事张增根先生、执行董事 兼首席执行官陶天海先生、执行董事兼高级副总裁张辉先生、执行董事兼首席财务官乔晓洁女士、高级 副总裁刘光华先生及其他多位管理层通知，基于对公司未来发展的信心及对公司股票长期投资价值的认 可，董事及管理层计划在公司完成公布截至2023年12月31日止年度业绩公告之日次日起计约1个月内， 在公开市场以其自筹资金各自购买公司股票，预计总金额约港币2500万元。 公告称，公司将不会参与增持计划，亦不会为增持计划提供任何财务资助。 ...

JINMĄO中國�ႏ 中國金茂控股集團有限公司 CHINA JINMAO HOLDINGS GROUP LIMITED ( 於香港註冊成立的有限公司 ) (Incorporated in Hong Kong with limited liability) 股票代號 Stock Code: 00817 中期報告 2023Interim Report 中 国 中 化 成 员 企 业 a sinochem company 目錄 Contents 財務摘要 封面內頁 Financial Highlights Inside Cover 公司資料 1 Corporate Information 主席致辭 2 Chairman's Statement 管理層討論與分析 8 Management Discussion and Analysis 中期財務資料審閱報告 60 Report on Review of Interim Financial Information 中期簡明綜合財務資料 62 Interim Condensed Consolidated Financial Information 中期簡明綜合財務資料附註 ...

Financial Performance - Revenue for the six months ended June 30, 2023, was RMB 26,841.3 million, a decrease of 7% compared to RMB 28,745.0 million in the same period of 2022[5]. - Profit attributable to owners of the parent for the same period was RMB 432.9 million, down 83% from RMB 2,570.9 million in 2022[5]. - Basic earnings per share decreased to RMB 3.25, an 84% decline from RMB 20.26 in the previous year[5]. - The interim dividend declared is HK 1.5 cents per share, which is 83% lower than the HK 9.0 cents per share in 2022[5]. - The overall gross profit margin for the Group was 17%, down by 5 percentage points from the previous year[82]. - Selling and marketing expenses rose by 15% to approximately RMB 1,213.2 million, mainly due to increased advertising expenses linked to higher contracted sales[84]. - Administrative expenses decreased by 3% to approximately RMB 1,960.7 million, primarily due to lower employee and general office expenses[85]. - Other expenses and losses netted approximately RMB 678.9 million, an increase of 104% from RMB 332.2 million in the previous year, mainly due to higher impairment provisions[86]. - The Group recognized approximately RMB 340 million in impairment losses on properties under development and held for sale during the first half of 2023[87]. - For the six months ended June 30, 2023, profit before tax was RMB 2,053,655, a decrease from RMB 6,139,674 in the same period of 2022, representing a decline of approximately 66.5%[165]. Asset and Liability Management - Total assets as of June 30, 2023, increased by 2% to RMB 431,180.4 million from RMB 421,895.6 million as of December 31, 2022[5]. - The equity attributable to owners of the parent decreased by 3% to RMB 46,069.6 million from RMB 47,445.4 million at the end of 2022[5]. - Properties under development (current and non-current) amounted to approximately RMB 149,143.3 million, a 3% increase from RMB 145,044.5 million as of December 31, 2022, due to new projects and construction progress[93]. - Interest-bearing bank and other borrowings as of June 30, 2023, were approximately RMB 127,652.3 million, reflecting a 4% increase from RMB 122,665.1 million as of December 31, 2022[95]. - The net debt-to-adjusted capital ratio as of June 30, 2023, was 66%, compared to 64% as of December 31, 2022[99]. - Cash and cash equivalents as of June 30, 2023, were approximately RMB 32,919.0 million, down from RMB 37,089.2 million as of December 31, 2022[100]. - Other payables and accruals increased by 15% to approximately RMB 94,498.2 million as of June 30, 2023, from RMB 81,962.4 million as of December 31, 2022, primarily due to increased contract liabilities from pre-sale proceeds[94]. - Trade and bills payables decreased by 10% to approximately RMB 27,899.5 million as of June 30, 2023, from RMB 30,833.1 million as of December 31, 2022, mainly due to settled construction costs[94]. Market Position and Strategy - The company achieved a contracted sales amount of nearly RMB 86 billion, ranking 11th in the industry, maintaining its position in the first tier of the sector[8]. - The company aims to adapt its development strategy to focus on high-quality development and urban operation services, driven by technological innovation[8]. - The overall national commodity housing market showed signs of stabilization, with a year-on-year increase in sales of 1.1%[8]. - The company expresses confidence in the future market, supported by risk prevention and development stimulation policies[20]. - The company will continue to embrace innovation and entrepreneurship to maximize value for shareholders[21]. - The Group's contracted sales of properties and land yet to be delivered and settled amounted to approximately RMB 237.1 billion as of the end of the reporting period[27]. - The company is focused on leveraging high-quality city-level facilities to enhance the value of its residential projects[36]. - The company is actively pursuing new strategies for market expansion and product development in response to market demands[43][45]. Project Development and Acquisitions - The company delivered 22,000 residential units, maintaining high customer satisfaction levels within the industry[14]. - The land bank for secondary development totals 43.55 million sq.m., supporting the company's ongoing development strategy[17]. - Major property development projects include Beijing Jinmao Palace with a saleable gross floor area of 169,635 square meters and Guangzhou Jinmao Vanke Metropolis Seasons with 511,419 square meters[38]. - The company continues to expand its property development projects across major cities, enhancing its market presence and competitiveness[39]. - The company reported significant project sizes in Zhejiang Province, including the Jinhua Dongmei Future Community at 657,032 square meters and the Taizhou Jinmao Zhongnan Haizhou Shangcheng at 182,344 square meters[42][48]. - The company reported a total of 71,178,000 share options as of February 8, 2019, with 1,500,000 options lapsed during the period[140]. - On March 15, 2023, the company acquired 37.7464% equity interests in Nanjing International for RMB 2,061,471,733, making it an indirect wholly-owned subsidiary[145]. - On March 30, 2023, the company acquired 50% equity interests in Wuhan Yumao for RMB 1,178,734,400, also resulting in it becoming an indirect wholly-owned subsidiary[146]. Hotel and Retail Operations - Hotel revenue increased by 109% year-on-year, returning to pre-pandemic levels, while commercial leasing and retail operations revenue grew by 24% year-on-year[17]. - The hotel operations segment saw significant improvement in overall revenue, occupancy rate, and RevPAR due to optimized pandemic control policies in China[27]. - The average room rate for Grand Hyatt Shanghai was RMB 1,247, with an occupancy rate of 76.9% and RevPAR of RMB 959[63]. - The average room rate for Hilton Sanya Yalong Bay Resort & Spa was RMB 1,548, with an occupancy rate of 86.4% and RevPAR of RMB 1,338[63]. - The average room rate for The Ritz-Carlton Sanya Yalong Bay was RMB 2,573, with an occupancy rate of 75.5% and RevPAR of RMB 1,942[63]. - The Group's retail operations include various business segments such as tourism boutique commercial operations and community operations[60]. - The Group aims to enhance commercial service quality and create a commercial IP, focusing on consumer insights and innovations through digital and green technology[60]. Share Options and Employee Management - The Group's share option scheme allows for the issuance of up to 1,155,352,832 shares, representing 8.68% of the issued shares as of the report date[115]. - The company continues to monitor the performance of its share option program to ensure it meets its strategic objectives[135]. - The Group employed a total of 10,295 staff, providing competitive salaries and benefits including retirement and medical insurance[114]. - The Group's salary levels are regularly reviewed against market standards to ensure competitiveness[114]. - The management discussion emphasized the importance of aligning share option grants with individual performance assessments to incentivize key personnel[127]. Regulatory and Compliance - The interim financial information was reviewed and found to comply with Hong Kong Accounting Standard 34 as of June 30, 2023[151]. - The company adopted new and revised Hong Kong Financial Reporting Standards for the first time in the current period, which did not have a significant impact on the financial position or performance[178]. - The Group is organized into four reportable operating segments: city and property development, commercial leasing and retail operations, hotel operations, and others[184].

Financial Performance - The company achieved a signed sales amount of RMB 155,000 million in 2022, compared to RMB 235,603 million in 2021, indicating a significant decrease [10]. - In 2022, the company's revenue was RMB 82,991.4 million, a decrease of 8% compared to RMB 90,059.9 million in 2021 [16]. - The gross profit for 2022 was RMB 13,145.6 million, down 22% from RMB 16,757.6 million in the previous year [16]. - The profit attributable to owners of the company was RMB 1,984.1 million, reflecting a significant decline of 58% from RMB 4,689.9 million in 2021 [16]. - The overall gross profit margin for 2022 was 16%, down from 19% in the previous year, primarily due to declines in the urban operations and hotel segments [104]. - The gross profit margin for hotel operations dropped to 30% in 2022 from 45% in 2021 [105]. - The company's net profit attributable to owners for the year ended December 31, 2022, was RMB 1,984.1 million, a decrease of 58% from RMB 4,689.9 million in the previous year [101]. - Total revenue for the year ended December 31, 2022, was RMB 82,991.4 million, down 8% from RMB 90,059.9 million in the previous year [102]. Operational Strategy - The company is focusing on a dual-driven strategy of "technology + service" to enhance operational efficiency and competitiveness in the market [6]. - The company aims to transform into a technology-driven innovative enterprise, focusing on digital and technological advancements [9]. - The company plans to deepen its "city-people-industry" operational model and upgrade its "dual-wheel two-wing" business strategy [19]. - The company aims to enhance quality and efficiency while maintaining a leading competitive position in the market [19]. - The company is committed to upgrading urban functions and consumption through its high-quality residential and commercial projects [9]. Market Position and Growth - The company achieved a contract signing amount of RMB 15,500 million, ranking 12th in the industry [20]. - The company ranked 153rd in the 2022 Fortune China 500, improving by 36 places from the previous year, with brand value exceeding RMB 50 billion [23]. - The company has successfully entered into strategic cooperation agreements with major banks to support its capital expansion efforts [12]. - The company has received "full investment" ratings from three major international rating agencies, indicating stable overall performance [20]. - The company is exploring new opportunities in urban renewal and digitalization, which are expected to drive future growth [39]. Customer Satisfaction and Service Quality - The company’s customer satisfaction score reached 91 points, achieving industry benchmark levels [20]. - The company reported a substantial increase in customer satisfaction due to improved service quality and project management [39]. - The company has launched a large membership system to enhance customer experience and provide diverse, personalized services [156]. - Customer satisfaction is continuously monitored through a Voice of the Customer (VOC) system, ensuring timely and effective feedback collection [157]. Sustainability and ESG Initiatives - The company is committed to sustainable development and has implemented a three-year ESG action plan, improving its ESG international rating [22]. - The company has established seven sustainable development policies in 2022, enhancing its ESG governance framework [147]. - The company actively engages in community development and social welfare, embodying the principle of giving back to society [153]. - The company has set greenhouse gas reduction targets and is among the first real estate companies to publicly disclose scientific carbon reduction goals [163]. - The company received the "Global Zero Carbon City Innovation Model Award" for its low-carbon demonstration area project in Jinhua, which significantly reduces energy consumption through photovoltaic systems [164]. Project Development and Land Acquisition - The company has successfully increased land reserves in major cities including Beijing, Shanghai, and Nanjing, enhancing its development pipeline [10]. - The company holds a total of 363 projects with an uncompleted area of approximately 98.46 million square meters [30]. - The company has acquired multiple high-quality land parcels in cities such as Qingdao, Chengdu, and Beijing, significantly enhancing its land reserves [39]. - The company is actively pursuing new residential and commercial projects, with a significant number of developments expected to complete between 2023 and 2028 [44][45][46]. Financial Management and Risk - The company maintained a net debt to adjusted capital ratio of 64%, up from 58% in the previous year [16][17]. - The company faces market risks due to potential declines in the domestic property market, which could affect asset liquidity and sales prices [132]. - The company has implemented hedging strategies since March 2017 to mitigate currency risk from holding USD and HKD borrowings, although future effectiveness cannot be guaranteed [134]. - The company emphasizes the importance of cash flow management and cost control in response to the economic impacts of the pandemic [137]. Corporate Governance - The company has adopted its own corporate governance code, which includes all provisions of the Corporate Governance Code as stated in Appendix 14 of the Listing Rules, and has complied with all provisions except for F.2.2 during the 2022 fiscal year [189]. - The board of directors is responsible for the overall strategy, internal controls, and risk management systems of the group, ensuring effective management of assets, liabilities, and financial performance [190]. - The company has committed to continuous improvement in corporate governance practices, enhancing transparency and accountability to shareholders [189]. - The board consists of twelve members, with a diverse range of professional backgrounds, providing expertise in various fields [191]. Employee Engagement and Development - The company has established various talent development programs, including "Gold Ark," "Golden Color," and "Golden Sail," to enhance the depth of the young talent pool [160]. - The company has implemented a comprehensive employee care program, providing various support measures during the pandemic, including masks and disinfectants [160]. - The company has established a democratic management system centered on employee representation, continuously responding to employee needs [159]. Innovation and Technology - The company aims to leverage digital technologies like big data and AI to enhance service efficiency and user experience, focusing on digital transformation [38]. - The J-SPEED open innovation platform has gathered 632 technology companies in 2022, achieving over 70 innovation results, promoting carbon neutrality and smart construction [158]. - The company has integrated advanced technologies such as IoT, AI, and 5G into its operations, fostering cross-industry collaboration [158].