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].

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Financial Performance - China Jinmao Holdings Group Limited reported a signed sales amount of RMB 155,000 million for 2022, a decrease from RMB 235,603 million in 2021, representing a decline of approximately 34%[11]. - In 2022, the company's revenue was RMB 82,991.4 million, a decrease of 8% from RMB 90,059.9 million in 2021[17]. - The gross profit for 2022 was RMB 13,145.6 million, down 22% from RMB 16,757.6 million in 2021[17]. - The profit attributable to owners of the company was RMB 1,984.1 million, a decline of 58% compared to RMB 4,689.9 million in 2021[17]. - The basic earnings per share decreased to RMB 15.56, down 58% from RMB 36.95 in 2021[17]. - 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[102]. - 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[103]. - Revenue from urban operations and property development accounted for 90% of total revenue, amounting to RMB 74,708.3 million, a decrease of 10% year-on-year[103]. Operational Strategy - The company aims to enhance operational efficiency in its core business areas while upgrading its dual-wing strategy to focus on "Technology + Services"[7]. - The company plans to deepen its "city-human-industry" operational model and upgrade its "dual-wheel two-wing" business strategy for high-quality development[19]. - The company is actively expanding its green and smart energy services, aligning with national carbon neutrality goals and new infrastructure strategies[100]. - The company continues to enhance its property management services and urban operation capabilities, leveraging its strong brand reputation and extensive resources[101]. - The company is exploring investment opportunities in the dual-carbon technology, smart city, and smart healthcare sectors to expand its financing channels and project scale[101]. Market Position and Development - China Jinmao is actively increasing land reserves in key cities such as Beijing, Shanghai, and Nanjing, indicating a strategic focus on urban development[11]. - The company successfully acquired multiple land parcels in various cities, including Qingdao and Beijing, throughout 2022[15]. - The company has a diversified portfolio with a mix of commercial, retail, and hotel properties across major cities in China, enhancing its market position[40][41]. - The company is focused on strategic acquisitions and expansions to strengthen its operational capabilities and market reach[40]. - The company has established a strategic cooperation framework with Hubei Lian Investment New City Group, indicating ongoing partnerships for growth[13]. Sustainability and ESG Initiatives - The company implemented a three-year ESG action plan, improving its ESG international rating and being included in the "Central Enterprise ESG Governance Pioneer 50 Index"[22]. - The company has publicly disclosed its greenhouse gas reduction targets, becoming one of the first real estate companies in mainland China to do so[164]. - The company has established a comprehensive green management strategy, adhering to environmental protection laws and continuously managing and reducing the environmental impact of its operations[164]. - The company has actively engaged in community volunteer activities, leveraging its resources and professional advantages to promote social welfare and charity initiatives[163]. - The company has established a reward fund for outstanding young teachers to support educational development in impoverished areas[162]. Hotel and Hospitality Performance - Hotel operating revenue decreased to RMB 1,143.9 million in 2022 from RMB 1,638.1 million in 2021, reflecting a decline of approximately 30.2%[12]. - The hotel segment has adopted various operational strategies to optimize personnel structure and improve per capita efficiency amidst the ongoing impact of COVID-19, resulting in a stable average room rate despite market volatility[92]. - The average occupancy rate for 2022 varied by hotel, with the Shanghai Jin Mao Hotel at 68.9% and the Beijing Jin Mao Hotel at 50.2%[94]. - The hotel business saw a 32% year-on-year increase in new signed rooms, with the successful opening of the Nansha Jinmao Marriott Hotel[21]. - The company is focusing on creating unique hotel products through self-owned IP, specialty dining, themed events, and cross-industry collaborations to maintain market leadership[92]. Financial Health and Debt Management - The net debt to adjusted capital ratio increased to 64% from 58% in the previous year[17][18]. - The group's net other expenses and losses for the year ended December 31, 2022, amounted to RMB 5,954.1 million, an increase of 112% compared to RMB 2,806.6 million in the previous year, primarily due to increased impairment provisions for development properties and receivables[110]. - Total interest expenses for the year ended December 31, 2022, were RMB 6,534.6 million, a 15% increase from RMB 5,702.2 million in the previous year, driven by a rise in average loan amounts[111]. - Interest-bearing bank loans and other borrowings increased by 15% to RMB 122,665.1 million as of December 31, 2022, from RMB 107,028.1 million as of December 31, 2021, mainly due to new borrowings[124]. Corporate Governance - The board of directors oversees the company's ESG-related matters, assessing risks and opportunities associated with ESG[151]. - The company emphasizes the importance of maintaining good corporate governance for long-term stable development and shareholder interests[190]. - The board consists of twelve members with diverse professional backgrounds, providing specialized advice in their respective fields[192]. - The company has a rigorous project approval process and procurement procedures to ensure effective management of capital investments and new projects[191]. - The board actively reviews corporate governance policies, including compliance with legal and regulatory requirements, and the training of directors and senior management[199].

Financial Performance - Revenue for the first half of 2022 was RMB 28,745 million, a 1% increase from RMB 28,456 million in 2021[4] - Profit attributable to owners of the parent decreased by 40% to RMB 2,571 million, down from RMB 4,301 million in the previous year[4] - Basic earnings per share fell by 40% to 20.26 RMB cents, compared to 33.88 RMB cents in 2021[4] - Profit attributable to owners of the parent, net of fair value gains on investment properties, was RMB 2,570 million, a 26% decrease from RMB 3,455 million[4] - The interim dividend per share was set at 9 HK cents, a decrease of 25% from 12 HK cents in the previous year[4] - The overall performance of the real estate market showed a decline, with national commodity housing sales down by 28.9% year-on-year[6] - Profit attributable to owners of the parent for the first half of 2022 was RMB 2,571 million, representing a year-on-year decrease of 40%, and RMB 2,570 million excluding fair value gains on investment properties, a decrease of 26%[10] - Revenue from city operations and property development remained stable at approximately RMB 24,951.8 million, while revenue from commercial leasing and retail operations decreased by 5% and hotel operations decreased by 41%[121] - The overall gross profit margin improved to 22%, an increase of 2 percentage points compared to the previous year[121] Assets and Liabilities - The total assets increased by 5% to RMB 431,843 million from RMB 412,002 million in 2021[4] - Equity attributable to owners of the parent increased by 2% to RMB 51,042 million from RMB 49,961 million in 2021[4] - Properties under development increased by 17% to approximately RMB 169,427.0 million from RMB 144,824.2 million as of December 31, 2021[134] - Properties held for sale increased from approximately RMB 27,477.6 million as of December 31, 2021, to approximately RMB 28,668.8 million as of June 30, 2022[141] - Interest-bearing bank and other borrowings increased by 7% to approximately RMB 114,172.4 million as of June 30, 2022, from RMB 107,028.1 million as of December 31, 2021[150][156] - The net debt-to-adjusted capital ratio as of June 30, 2022, was 59%, compared to 58% as of December 31, 2021[158][160] Market Position and Strategy - The company achieved a contracted sales amount of RMB 69.9 billion, ranking 11th in the industry[6] - The company emphasized its commitment to urban operations and scientific principles to enhance quality and efficiency[6] - The company aims to transform from a conventional development model to an innovation-driven model, focusing on quality and efficiency improvement[21] - The company is positioned as a "city operator" and will continue to leverage its strategic advantages to maximize shareholder value[113] - The company has established a new materials segment to explore new business opportunities in city operations[16] Project Development and Sales - The company completed strategic contract signing with 263 companies in the first half of the year, facilitating city and industrial upgrading[12] - The total number of city operation projects reached 34, contributing 25% of contracted sales and nearly half of the company's profits in the first half of the year[12] - The Group's contracted sales of properties and land yet to be delivered and settled amounted to approximately RMB 288.5 billion as of the end of the reporting period[28] - The total gross floor area of projects acquired by the Group since 2022 amounts to approximately 1.88 million sq.m., ensuring future development[29] - The company has several ongoing property development projects across China, with notable saleable areas including 537,969 square meters for the Nanjing Greenland Haiyue Project and 511,574 square meters for the Guangzhou Jinmao Vanke Metropolis Seasons Project[53] Customer Satisfaction and Operational Efficiency - Customer satisfaction score reached 87, achieving industry benchmark level, following successful project delivery in the first half of the year[12] - The turnover of merchants in operational projects increased by 10% year-on-year in the first half of the year, despite pandemic impacts[12] - The Company adjusted the number of city companies from 40 to 26, improving operational efficiency and decision-making[17] Technology and Innovation - The company emphasized technology empowerment, focusing on new materials and potential business growth areas[12] - The Company applied for 65 patents in the first half of 2022, including 26 invention patents, and currently holds 391 valid patents[16] - Jinmao Green Building is actively responding to the national green development goal of "carbon neutrality" and has deployed comprehensive energy service businesses, photovoltaic and zero-carbon construction businesses, and green big data center businesses[109] Hotel Operations - The hotel business established a brand system with four self-operated hotels and 11 opened apartments, along with two self-operated hotels under contract and 21 asset-light service contracts[12] - The hotel operations segment experienced a decline in overall revenue, occupancy rate, and RevPAR due to the impact of the pandemic[27] - Average room rates across various hotels as of June 30, 2022, ranged from RMB 264 to RMB 2,831, with average occupancy rates between 22.7% and 54.8%[89] Environmental and Social Responsibility - The company has set carbon reduction targets and launched a carbon neutrality demonstration area in the Jinhua Dongmei Future Community Project[20] - The company provided nearly 80,000 hours of service and completed 650,000 service provisions related to pandemic prevention and control[20] - The Company faces moderate environmental risks due to potential climate change impacts on property construction and operations in China[182] Share Options and Employee Incentives - The Company granted 172,350,000 share options under the 2007 Scheme on October 17, 2016, with an exercise price of HK$2.196 per share[186] - The total number of shares that may be issued under the New Scheme is capped at 1,155,352,832 shares, representing 9.10% of the issued share capital as of the report date[184] - The Company’s share options will lapse if the pre-set performance targets are not achieved[186]

中國金茂控股集團有限公司 ( 於香港註冊成立的有限公司 ) 股票代號：00817 釋放城市 未來生命力 二零二零年年報 中國金茂控股集團有限公司 二零二零年年報 以城聚人 以城促產 城 產 人 拉 動 引 領 促 進 吸 引 城 人 產 品質高 環境佳 配套優 活力強 高素質 高知識 高視野 高需求 科技引領 創新活躍 知識密集 協作頻繁 目 錄 | 2 | 關於中國金茂 | | --- | --- | | 4 | 公司大事記 | | 6 | 公司資料 | | 7 | 財務摘要 | | 8 | 主席致辭 | | 14 | 榮譽和獎項 | | 16 | 管理層討論與分析 | | 88 | 投資者關係 | | 91 | 企業社會責任 | | 97 | 董事及高級管理層簡介 | | 106 | 企業管治報告 | | 126 | 董事會報告 | | 161 | 獨立核數師報告 | | 168 | 合併損益表 | | 169 | 合併全面收益表 | | 170 | 合併財務狀況表 | | 172 | 合併權益變動表 | | 174 | 合併現金流量表 | | 177 | 財務報表附註 | 312 五年財務資料 中國金茂 ...