香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部 或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 E-Star Commercial Management Company Limited 星盛商業管理股份有限公司 （於開曼群島註冊成立的有限公司） （股份代號：6668） 截 至2024年6月30日止六個月的 中期業績公告 | --- | --- | |-------|--------------------------------------------------------------------------------------------------------------------------------------| | | | | | 業績摘要 | | • | 截 至 2024 年 6 月 30 日止六個月，本集團收入約為人民幣 313.8 百萬元，同比 增長約 8.8% 。 | | • | 截 至 2024 年 6 月 30 日 止 六 個 月，本 公 司 擁 有 人 應 佔 利 ...

这个倒不是很大那我们大约是整个的24年我们基本也是在24年也是在这个十五万方左右那25年26年大约基本来讲也是目前这么一个大概的体量 好的明白谢谢马总然后客户的第二个提问是关于20年的今年的外拓的面积还有数量有没有基因谢谢我们在年初的时候因为业绩汇的时候很多投资人包括股东也问过我们这个问题我们内部的其实现在对于轻资产的拓展大方向肯定是以稳健为主 不能讲叫不能为了项目拿项目就是正常的去推进然后我们整个的这种拓展的方式区域也比较聚焦合作伙伴可能也是更多的集中于国企了因为以前兴盛也能看得到历史上拓的比较猛但是很多的一些合作方都是有些资金的问题所以我们也就主动的退出了所以就是 整体来说24年我们当时预计的话是大约是在就是我们想法肯定是在稳重求进的基础上越来越好但是我们内部的话也有一个指标就是我们还是希望能够大约是在比如说两到三个项目 一个项目大概8万方到10万方这么一个情况目前因为之前业绩会上也提过我们现在有一个项目应该已经进入到最后的状态了所以如果到时候会有确定的消息我们会及时的发一个 发一个自愿性的公告也是在大湾区也是一个国企的项目而且那个项目位置也非常的好现在目前基本已经到了后期的用意大概这么一个流程了具体的金 ...

Investment Rating - The report maintains a "Buy" rating with a target price of HKD 2.05 [1][32]. Core Views - The company has shown steady revenue growth, achieving an annual revenue of HKD 635 million in 2023, a year-on-year increase of 13.0%, and a net profit attributable to the parent company of HKD 171 million, up 10.9% year-on-year [26]. - The report indicates a downward adjustment in revenue growth and gross margin forecasts for 2024-2025, with EPS estimates revised to HKD 0.17 and HKD 0.19 for 2024 and 2025 respectively, down from previous estimates of HKD 0.22 and HKD 0.27 [1][26]. - The company has successfully opened six high-quality projects in 2023, contributing to a 6.5% increase in management revenue, which accounted for 64% of total revenue [26]. Financial Summary - The company reported a revenue of HKD 635 million in 2023, with a gross margin of 52.5%, down 3.2 percentage points from the previous year [27]. - The net profit margin for 2023 was 26.9%, with a return on equity (ROE) of 13.6% [27]. - The company’s projected revenue for 2024 is HKD 702 million, with an expected growth rate of 10.5% [27]. - The company’s earnings per share (EPS) for 2024 is projected to be HKD 0.17, with a price-to-earnings (P/E) ratio of 7.4 times [27]. Business Performance - The company operates 27 retail commercial properties with a total area of approximately 1.65 million square meters, and has 20 projects in preparation, providing a solid foundation for future growth [26]. - Same-store sales increased by 18% and customer traffic grew by 39% in 2023, indicating strong operational performance [26]. - The company is well-positioned in the Greater Bay Area, with a focus on high-quality project development, supported by its parent company, Xinghe Holdings [26].

• 就貴集團內實體或業務活動的財務資料獲取充足、適當的審計憑證，以便對綜合財務報表發表意見。吾等負責集團審計 的方向、監督和執行。吾等為審計意見承擔全部責任。 62 星盛商業管理股份有限公司 二零二三年年報 核數師就審計綜合財務報表承擔的責任（續） 吾等還向治理層提交聲明，說明吾等已符合有關獨立性的相關道德要求，並與彼等溝通有可能合理地被認為會影響吾等獨立性 的所有關係和其他事項，以及在適用的情況下，為消除威脅而採取的行動或應用的防範措施。 出具本獨立核數師報告的審計項目合夥人是黃錦添。 香港 2024年3月20日 綜合損益及其他全面收益表 | --- | --- | --- | --- | |----------------------------------------------------------|-------|----------------------|--------------------| | | 附註 | 2023 年 人民幣千元 | 2022 年 人民幣千元 | | 收入 服務成本 | 5 | 635,006 (301,451) | 561,854 (248,815) | | 毛利 ...

资料来源: 公司资料, 第一上海预测 资料来源: 彭博 买入 2024 年 4 月 10 日 归母净利润同比增长 10.9%，提升派息：2023 年公司营业收入为 6.35 亿元，同比增长 13%；毛利 3.34 亿元，同比增长 6.6%；归母净利 润为 1.71 亿元，同比增长 10.9%。毛利率为 52.5%，同比下降 3.2 个 百分点，主要由于整租模式毛利率下降 7.6 个百分点（受新开业租金 减免及租赁准则影响），而品牌及输出管理模式毛利率提升 2.5 个百 分点，委托管理模式毛利率维持稳定。随着疫情结束，市场消费缓慢 复苏，公司盈利能力持续提升。公司持续加大轻资产项目应收款项催 收，全年实现经营性现金净流入 2.99 亿元，净现比为 1.75。期末在 手现金 14.37 亿元，同比增长 13%，在手现金充足。公司提升派息率 至 70%，每股派息 13 港仙，同比增长 23.8%。 在营项目表现稳健，储备充足：公司作为大湾区领先的商用物业运 营服务供应商，截至 23 年末已开业零售商业项目数量 27 个，面积达 165 万平方，筹备中项目 20 个，未来发展具备确定性。受疫情复苏、 两地通关影响，2 ...

星盛商业·公司年报点评 现金流量表 单位：百万元 | --- | --- | --- | --- | --- | |--------------------------|------------------|------------------|-------|-------| | 会计年度 | 2023A | 2024E | 2025E | 2026E | | 税后经营利润 | | 135 173 196 222 | | | | 折旧与摊销 | | 0 105 105 105 | | | | 财务费用 | | 38 -2 -3 -4 | | | | 其他经营资金 | | 126 -154 -80 -78 | | | | 经营性现金净流量 | | 299 123 219 245 | | | | 投资性现金净流量 | | 0 7 3 7 | | | | 筹资性现金净流量 | | 0 52 59 66 | | | | 现金流量净额 | | 299 181 281 318 | | | | 资料来源：同花顺 iFinD | ，平安证券研究所 | | | | | --- | --- | --- | --- | --- ...

(ii) 於2023年1月 至2023年9月購回的普通股已於本年度註銷及於2023年12月購回的普通股 已 於2024年2月註銷。 本集團是大灣區領先的商用物業運營服務供應商，並具有全國佈局。截至2023年 12月31日，本集團訂立合約向55個商用物業項目（含8個諮詢服務項目）提供服務， 覆 蓋 中 華 人 民 共 和 國（「中 國」）21個 城 市，總 合 約 建 築 面 積（「建築面積」）約2.8百 萬 平 方 米（「平方米」）（不 含8個 諮 詢 服 務 項 目 的 面 積），當 中48.9%由獨立第三方開發 或擁有。其中，有27個已開業零售商業物業，已開業總建築面積約為1.7百萬平方 米。 – 16 – • 運營管理服務：主要包括制訂運營策略、舉行營銷及推廣活動、租戶管理服 務、物業管理服務及收租服務； 委託管理服務模式 – 17 – 品牌及管理輸出服務模式 • 收入來源：本集團的收入來源包括(i)就市場定位、設計及建築諮詢及租戶招 攬服務向業主收取固定費用；及(ii)就運營管理服務向業主收取收入及╱或利 潤的預定百分比及╱或固定費用。 整租服務模式 • 客戶：本集團的客戶包括(i)租戶；及(ii)增 ...

根據上市規則，本公司獲豁免取得其獨立股東批准。鑒於出售事項於2022年12月31日未完成，有關上海星聯及其附屬公 司的資產及負債於2022年12月31日的簡明綜合財務狀況表內分別重新分類為劃分為持有待售的資產及負債。出售事項已 於2023年2月完成。 簡明綜合財務報表附註 6. 出售附屬公司的收益（續） 上海星聯及其附屬公司於出售日期的淨資產如下： 7. 所得稅開支 根據中國企業所得稅法（「企業所得稅法」）及企業所得稅法實施條例，於中國運營的實體於兩個中期期間的稅率為25%， 惟下文所載情況除外。 34 星盛商業管理股份有限公司 二零二三年中期報告 二零二三年中期報告 星盛商業管理股份有限公司 35 8. 期內利潤 34 星盛商業管理股份有限公司 二零二三年中期報告 二零二三年中期報告 星盛商業管理股份有限公司 35 9. 股息 期內確認為分派的股息： 已宣派截至2022年12月31日止年度末期股息每股普通股7港仙，合共約71,297,000港元（相當於約人民幣64,802,000 元），已於2023年7月7日派付。 已建議派發截至2022年6月30日止六個月中期股息每股普通股3.5港仙，合共約35,701, ...

截 至2023年6月30日止六個月的 中期業績公告 截 至2023年6月30日止六個月的中期業績公告 | --- | --- | --- | --- | |------------------------------|---------|---------------------------------------------------------|--------------------------------------------------| | | 附 註 | 截 至 6 月 30 \n2023 年 \n人民幣千元 \n（未經審核） | 日止六個月 \n2022 年 \n人民幣千元 \n（未經審核） | | 收 入 | 3 | 288,487 | 259,586 | | 服務成本 | | (123,879) | (109,856) | | 毛 利 | | 164,608 | 149,730 | | 其他收入 | | 19,556 | 19,315 | | | | | | | 其他收益及虧損 | | 2,865 | 9,757 | | 預期信貸虧損模式項下的 | | | | | 撥 回（減 值 虧 ...

Project Management and Resource Allocation - The company terminated contracts with 6 projects (Zhanjiang Xinghe COCO City, Nanchang Boneng Xinghe iCO, Nanchang Shanglian Xinghe COCO Park, Shanghai Bowan Lanyun Xinghe COCO City, Putian Xinghe COCO Park, Ningxiang Xinghe COCO City) to focus resources on high-quality projects, enhancing sustainable development[1] - The company successfully signed commercial operation service contracts for 5 third-party projects in 2022, including Maoming Xinyi Xinghe COCO City, Jining Xinghe COCO City, Jining Xinghe iCO, Shanshui Outlets · Lu'an Xinghe COCO City, and Zhuhai Lailai Xinghe COCO City[30] - In 2022, the company successfully opened four new projects: Enshi COCO City, Jiaxing COCO City, Guannan Hengji COCO City, and Guangzhou Dachong COCO Garden[51] - The company plans to complete the grand opening of 5-7 projects in 2023, supported by a "Guaranteed Opening Task Force" mechanism[112] - The company transitioned the operation model of 4 projects (Shenzhen Galaxy WORLD COCO Park Phase II, Shenzhen Guangming Galaxy COCO City, Nanjing Galaxy COCO City, Jiangyin Galaxy COCO City) from "entrusted management services" to "whole leasing services" with a pure revenue-sharing rental model (no fixed rent)[101] Business Performance and Financials - The company achieved a profit attributable to shareholders of RMB 15.15 per share in 2022[50] - The company declared a final dividend of HKD 0.07 per share, with a full-year dividend payout ratio of approximately 62%[50] - Revenue for the year ended December 31, 2022, was approximately RMB 561.9 million, a decrease of 1.8% year-on-year[166] - Revenue from entrusted management services was approximately RMB 381.7 million, an increase of 8.5% year-on-year, accounting for 67.9% of total revenue[167] - Gross profit margin for entrusted management services increased to 53.9% in 2022 from 49.1% in 2021[170] - Gross profit margin for brand and management output services remained relatively stable compared to 2021[171] - Other income for the year ended December 31, 2022, was approximately RMB 40.0 million, an increase of 28.5% year-on-year, mainly due to increased bank interest income[172] - Sales expenses for the year ended December 31, 2022, were approximately RMB 12.0 million, an increase of 41.4% year-on-year, primarily due to increased marketing expenses for the Jiaxing Xinghe COCO City project[173] - Total contracted building area as of December 31, 2022, was 3,700 thousand square meters, with a total revenue of RMB 561.854 million[119] - The Greater Bay Area accounted for 81.4% of the total revenue, generating RMB 457.541 million from 39 properties[119] - The Yangtze River Delta region contributed 9.8% of the total revenue, with RMB 55.186 million from 9 properties[119] Operational Strategies and Innovations - The company plans to deepen consumer demand research, enhance product competitiveness, and achieve breakthrough product innovation in 2023, while balancing innovative design and cost control[4] - The company will prioritize efficiency and promote collaboration between headquarters, regions, and projects, ensuring project design novelty and layout rationality through "one store, one strategy" to achieve accurate project positioning and high-quality openings[9] - The company aims to use data to drive consumer and brand demand alignment, leveraging intelligent empowerment for more precise marketing and decision-making[33] - The company is committed to building a digital platform to become a data-driven, open, and asset-light operation platform[54] - The company will use digital operation systems to monitor sales and foot traffic data in real-time, enabling refined operation and timely assistance for tenants[55] - The company plans to construct a smart business operation system, digitizing on-site customers and building a full-scenario data chain to improve operational efficiency[55] - The company aims to achieve a rental rate of no less than 95% in 2023 by deepening strategic joint development opportunities and introducing first-entry brands and innovative formats[109] - The company will focus on refining and solidifying operational highlights, creating benchmark merchants such as "Million-Yuan Stores" and "Ten Million-Yuan Stores" to enhance performance[111] - The company will enhance the value of the membership management system, which will serve as a "ballast stone" for shopping center performance[111] - The company plans to focus on quality and efficiency improvements in 2023, aiming for high-quality development[124] - The company's core strategy for 2023 includes prioritizing efficiency, cooperation, and high-quality expansion[127][128] Brand and Market Position - The company ranked 10th in the "2022 China Commercial Real Estate Top 100 Enterprises" and was awarded the "2022 China Commercial Real Estate Operation Top 10 Enterprises" and "2022 China Commercial Real Estate Operation Excellent Brand" by the China Index Research Institute[21] - The company's COCO Park brand was recognized as one of the "2022 China Commercial Real Estate Project Brand Value Top 10"[21] - The company's Shenzhen Futian Xinghe COCO Park was awarded the "Annual Night Economy Landmark Project" at the China Commercial Real Estate Golden Tripod Awards[21] - The company's brand system includes urban shopping centers "COCO Park," regional shopping centers "COCO City" and "iCO," community shopping centers "COCO Garden," and high-end home furnishing shopping centers "Third Space"[40] - The company's core brands include "COCO Park," "COCO City," "iCO," and "COCO Garden," reflecting its commitment to urban development and quality of life[57] Geographic and Operational Coverage - As of December 31, 2022, the company provided services to 65 commercial property projects (including 13 consulting service projects) across 24 cities in China, with a total contracted building area of approximately 3.7 million square meters, 60.0% of which were developed or owned by independent third parties[13] - The company provided services to 65 commercial property projects across 24 cities in China as of December 31, 2022, with 26 projects in operation and 39 projects not yet operational[60] - The total contracted building area reached approximately 3.7 million square meters, excluding 13 consulting service projects[79] - In 2022, the company signed commercial operation service agreements for 5 third-party projects, adding a contracted area of 408,000 square meters[98] - The Greater Bay Area accounted for 39 projects, while the Yangtze River Delta region had 9 projects[59][84] - The company operates the largest number of shopping centers in Shenzhen and has a scale advantage in core cities of the Greater Bay Area[36] Revenue and Operational Models - The company's revenue sources include fixed fees for market positioning, design, and tenant recruitment, as well as a predetermined percentage of income or profit from operational management services[89][93] - The company's operational models include entrusted management, brand and management output, and leasing services, with varying levels of involvement and cost structures[87][90][94][96] - The company's consulting service projects serve as a foundation for future sustainable operations and stable growth[79] - In 2022, the company's related parties contributed an additional contracted area of 32,000 square meters[98] - The company's operational management services include strategy formulation, marketing activities, tenant management, property management, and rent collection[62] - Rental income from the company's daily operations is recognized as revenue[134] Financial and Accounting Policies - Government grants are recognized in the income statement on a systematic basis, offsetting related costs[139] - Deferred tax assets and liabilities are recognized based on temporary differences between the book value and tax base of assets and liabilities[144] - The company's financial assets are measured at fair value, with changes recognized in profit or loss unless they meet specific criteria for amortized cost or other comprehensive income[180] - The company recognizes expected credit losses for trade receivables and lease receivables, with individual assessments for each asset[159] - The company's investment properties are measured at cost less accumulated depreciation and impairment losses[175] - The company's financial assets are measured at amortized cost, and interest income is recognized using the effective interest method, unless the financial asset subsequently becomes credit-impaired[182] - The company assesses whether there has been a significant increase in credit risk since initial recognition by comparing the risk of default at the reporting date with the risk of default at initial recognition[185] - The company considers both quantitative and qualitative information, including historical experience and forward-looking information, when assessing credit risk[185] Organizational Structure and Leadership - The company's board of directors consists of three executive directors, two non-executive directors, and three independent non-executive directors as of the annual report date[194] - Huang Delin, the Chairman and Executive Director, is responsible for overall business development and the formulation and implementation of the company's business strategies[195] - Tao Muming, the Executive Director and President, oversees business development, strategy implementation, and daily operations of the company[196] - Wen Yi, the Executive Director and General Manager of the Financial Management Center, is responsible for the company's overall financial management, IT systems, legal affairs, and contract management[200] Employee and Workforce Management - The company's total number of employees increased significantly to 826 in 2022, up from 436 in 2021, primarily due to increased self-managed property services and project preparations[190] Strategic and Market Analysis - The company optimized its city strategy, identifying 4 "breakthrough cities," 23 "deep cultivation cities," and 8 "reserve cities" based on commercial attractiveness and strategic layout[164] - The company aims to deepen emotional connections with consumers and explore co-creation of product content, targeting the "Z Generation" as the future main consumer group[53] Operational Metrics and Performance - Total contracted construction area decreased from 3,900 thousand square meters in 2021 to 3,700 thousand square meters in 2022, with the number of properties decreasing from 84 to 65[101] - The total operating retail commercial properties as of December 31, 2022, had a combined shopping center area of 1,451,866 square meters and a parking area of 456,614 square meters, totaling 1,908,480 square meters[108] - Ordos Galaxy COCO City Phase I suspended operations due to an accident, reducing the operating construction area by 48,000 square meters[108] - The average occupancy rate for COCO Park was 96.0% in 2022, down from 98.3% in 2021[121] - The total operating shopping center area as of December 31, 2022, was 1,452 thousand square meters, excluding parking areas[121] Investments and Acquisitions - The company did not have any significant investments, acquisitions, or disposals of subsidiaries, associates, or joint ventures during the year ended December 31, 2022[191]