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].

Financial Performance - Total revenue for 2023 reached RMB 635,006 thousand, an increase of 13.0% from RMB 561,854 thousand in 2022[6] - Gross profit for 2023 was RMB 333,555 thousand, up from RMB 313,039 thousand in 2022, reflecting a gross margin improvement[6] - Net profit attributable to the owners of the company increased to RMB 171,097 thousand in 2023, compared to RMB 154,275 thousand in 2022, representing an increase of 10.9%[6] - Basic earnings per share rose to RMB 16.84, up from RMB 15.15 in the previous year, indicating a growth of 11.1%[6] - The company's operating profit before tax for 2023 was RMB 238,829 thousand, an increase from RMB 208,345 thousand in 2022, representing a growth of approximately 14.7%[12] - The company reported a total comprehensive income of RMB 171,097 thousand for the year ended December 31, 2022, compared to RMB 154,275 thousand for the previous year, marking an increase of about 10.9%[10] Assets and Liabilities - Total assets as of 2023 amounted to RMB 1,956,802 thousand, compared to RMB 1,849,036 thousand in 2022, showing an increase of 5.8%[8] - Current liabilities increased to RMB 367,844 thousand in 2023 from RMB 288,486 thousand in 2022, reflecting a rise of 27.5%[7] - The company’s non-current assets totaled RMB 855,514 thousand in 2023, an increase from RMB 818,905 thousand in 2022, representing a growth of 4.5%[7] - The company’s total equity increased to RMB 1,271,670 thousand in 2023 from RMB 1,180,703 thousand in 2022, reflecting a growth of 7.7%[8] - The total equity as of December 31, 2023, was RMB 1,256,765 thousand, compared to RMB 1,154,397 thousand at the end of 2022, indicating a growth of approximately 8.9%[10] - Trade and other payables amounted to approximately RMB 287.0 million, a year-on-year increase of 37.9% from RMB 208.1 million as of December 31, 2022[153] - The asset-liability ratio as of December 31, 2023, was approximately 45.3%, relatively stable compared to 44.9% as of December 31, 2022[156] Cash Flow and Financing - The net cash generated from operating activities for 2023 was RMB 369,917 thousand, compared to RMB 236,792 thousand in 2022, reflecting an increase of approximately 56.1%[12] - The financing costs for 2023 were RMB 38,285 thousand, up from RMB 23,342 thousand in 2022, which is an increase of approximately 64%[12] - The net cash flow from financing activities decreased to RMB (85,720) thousand in 2023 from RMB (118,172) thousand in 2022, representing a reduction of approximately 27.5%[13] - The company paid dividends amounting to RMB (64,802) thousand in 2023, a decrease of 45.2% compared to RMB (118,252) thousand in 2022[13] - The company’s cash and cash equivalents decreased to RMB (436,248) thousand in 2023 from RMB (376,995) thousand in 2022, indicating a decline in liquidity[12] - The total cash and cash equivalents increased to RMB 546,914 thousand at the end of 2023, up from RMB 485,888 thousand at the end of 2022, indicating a growth of about 12.6%[13] Operational Highlights - Revenue from entrusted management services was approximately RMB 406.4 million, accounting for about 64.0% of total revenue, with a year-on-year increase of approximately 6.5%[84] - Revenue from brand and management output services was approximately RMB 145.0 million, accounting for about 22.8% of total revenue, with a year-on-year increase of approximately 5.2%[84] - Revenue from leasing services was approximately RMB 83.6 million, accounting for about 13.2% of total revenue, with a year-on-year increase of approximately 97.9%[85] - The company's gross profit for the year was approximately RMB 333.6 million, representing a year-on-year increase of about 6.6%[87] - The gross profit margin for the year was approximately 52.5%, a decrease of about 3.2 percentage points compared to the previous year[91] - The company operates under a commission management service model, which allows for higher autonomy in managing projects and potentially better operational performance[132] Strategic Initiatives - The group aims to enhance its operational quality by focusing on member strategies, tenant marketing platforms, and data strategies to improve customer shopping experiences[116] - The group plans to optimize its expansion model by concentrating on key markets, particularly in the Greater Bay Area and the Yangtze River Delta[102] - The group emphasizes a long-term approach to business, focusing on operational excellence and cultural insights to create localized commercial value[118] - The group has established a digital retail management system to drive continuous and effective business growth through data-driven decision-making[119] - The group will continue to implement a "big service system" to improve project management and service levels, aiming to provide warm and personalized services to customers[150] Employee and Market Presence - The total number of employees as of December 31, 2023, was 901, an increase from 826 in 2022[181] - As of December 31, 2023, the group has contracted to provide services for 55 commercial property projects across 21 cities in China, covering a total contracted building area of approximately 2.8 million square meters[106] - The average occupancy rate for COCO Park was 94.2% in 2023, while the overall average occupancy rate for all properties was 92.8%, an increase from 92.5% in 2022[146] - The group reported a nearly 40% year-on-year increase in foot traffic across its shopping centers in 2023, reflecting a strong consumer return to offline shopping[118] Future Outlook - The company aims to enhance its flagship product line COCO Park's brand strength in 2024, targeting a younger consumer demographic[149] - The company plans to improve member services and marketing through digitalization, aiming to enhance operational efficiency and service levels[125] - The company emphasizes a dual focus on quality and management improvement for sustainable growth in 2024[149] - The group aims to enhance its customer service system and member operations significantly in 2024, focusing on precise marketing and customer retention strategies[150]

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 2.0 HKD, indicating a potential upside of 54% from the current price of 1.31 HKD [1][2][8]. Core Insights - The company reported a 10.9% year-on-year increase in net profit attributable to shareholders, with total revenue reaching 635 million HKD, a 13% increase from the previous year [1]. - The gross profit margin decreased to 52.5%, down 3.2 percentage points, primarily due to a decline in the gross margin of the leasing model, while the brand and management output model saw an increase [1]. - The company has maintained a strong cash position with cash on hand of 1.437 billion HKD, a 13% increase year-on-year, and achieved a net cash inflow from operations of 299 million HKD [1]. Financial Performance Summary - Revenue for 2023 was 635 million HKD, with a growth rate of 13% compared to 2022 [4][9]. - The net profit attributable to shareholders for 2023 was 171 million HKD, reflecting a 10.9% increase year-on-year [4][9]. - The company achieved a net profit margin of 25.6% in 2023, with a return on equity (ROE) of 13% [4][9]. Operational Highlights - The company operates 27 retail projects with a total area of 1.65 million square meters and has 20 projects in preparation, indicating a solid pipeline for future growth [1]. - Same-store sales increased by 18% and customer traffic rose by 39% year-on-year, demonstrating a recovery in market consumption post-pandemic [1]. - The overall occupancy rate improved to 92.8%, with a collection rate of 99.8% [1]. Dividend and Shareholder Returns - The company increased its dividend payout ratio to 70%, with a dividend of 0.13 HKD per share, marking a 23.8% increase from the previous year [1]. - Since the beginning of 2023, the company has repurchased approximately 384,700 shares, totaling 542,200 HKD, as part of its commitment to returning value to shareholders [1].

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 | | | | | --- | --- | --- | --- | --- ...

Financial Performance - The total revenue for the year ended December 31, 2023, was RMB 635.01 million, representing a year-on-year increase from RMB 561.85 million in 2022, with a growth rate of approximately 13.0%[48]. - The group's net profit for the year ended December 31, 2023, was approximately RMB 162.3 million, an increase of about 9.0% compared to approximately RMB 148.9 million for the year ended December 31, 2022[74]. - The company's profit attributable to shareholders for the year ended December 31, 2023, was approximately RMB 171.1 million, up about 10.9% from RMB 154.3 million for the year ended December 31, 2022[167]. - The company's gross profit for the year ended December 31, 2023, was approximately RMB 333.6 million, reflecting a year-on-year increase of about 6.6%[93]. - The group's operating cash flow for the year ended December 31, 2023, was approximately RMB 299.3 million, an increase of about 84.9% compared to RMB 161.9 million for the year ended December 31, 2022[167]. Revenue Breakdown - Revenue from entrusted management services was RMB 406.37 million, accounting for 64.0% of total revenue, while brand and management output services generated RMB 145.03 million, contributing 22.8%[48]. - Revenue from entrusted management services for the year ended December 31, 2023, was approximately RMB 406.4 million, representing a year-on-year growth of about 6.5% and accounting for approximately 64.0% of total revenue[91]. - Revenue from brand and management output services for the year ended December 31, 2023, was approximately RMB 145.0 million, an increase of about 5.2% year-on-year, accounting for approximately 22.8% of the group's total revenue[65]. - Income from the leasing service model increased by approximately 97.9% year-on-year to RMB 83.61 million, driven by new projects opening in recent years[49]. Operational Metrics - The average occupancy rate for retail commercial properties was 92.8% as of December 31, 2023, slightly up from 92.5% in 2022[15]. - The company has established contracts to provide services for 55 commercial property projects, including 27 operational retail properties with a total operational area of approximately 1.7 million square meters[2]. - The company's trade receivables decreased to RMB 12,911 thousand from RMB 32,660 thousand in 2022, indicating improved collection efficiency[189]. Cost and Expenses - For the year ended December 31, 2023, the group's gross profit margin was approximately 52.5%, a decrease of about 3.2 percentage points from approximately 55.7% in the same period of 2022, primarily due to an increased revenue share from lower-margin leasing services[51]. - The gross profit margin for leasing services was approximately 7.1%, down about 7.6 percentage points from approximately 14.7% in the same period of 2022, mainly due to rent-free periods granted to merchants for newly opened leasing projects[52]. - The group's administrative expenses for the year ended December 31, 2023, were approximately RMB 75.8 million, a decrease of about 8.2% year-on-year, mainly due to reduced preparation costs for leasing projects[71]. - The company reported a total of RMB 208,642 thousand in employee costs, which is a 14.5% increase compared to RMB 182,322 thousand in 2022[185]. Strategic Plans - The company plans to enhance its customer service system and optimize its membership system to improve operational capabilities and service quality in 2024[43]. - The company aims to introduce new brands and innovative business formats to enhance project quality and attract high-quality tenants[42]. - The group plans to focus on quality improvement and strategic optimization in 2024, emphasizing product innovation and consumer experience enhancement[58]. - The company plans to allocate approximately 55% or RMB 463 million of the net proceeds for strategic acquisitions and investments in other small to medium-sized commercial property operation service providers[83]. Corporate Governance and Compliance - The company has complied with the corporate governance code and principles as outlined in the listing rules for the year ending December 31, 2023[123]. - The company aims to maintain high levels of corporate governance and compliance with statutory and regulatory requirements to maximize shareholder returns[141]. - The company's audit committee has reviewed the accounting principles and practices adopted by the group for the year ending December 31, 2023[124]. Shareholder Information - The board has proposed a final dividend of HKD 0.13 per ordinary share for the year ending December 31, 2023, subject to approval at the annual general meeting on June 7, 2024[116]. - The board proposed a final dividend of HKD 0.13 per ordinary share for the year ended December 31, 2023, with a payout ratio of approximately 70.0%[167]. - The company repurchased a total of 3,847,000 shares at a total cost of approximately HKD 5.42 million for the year ending December 31, 2023, which is expected to enhance net asset value and earnings per share[121]. Market Presence - The company is focused on expanding its market presence in the Greater Bay Area and other regions, with a strategic emphasis on high-growth potential projects[2]. - The company primarily provides commercial property management services in China, focusing on shopping centers and commercial complexes[154].

Financial Performance - The net profit attributable to the company's owners for the six months ended June 30, 2023, was RMB 96,962,000, compared to RMB 96,089,000 for the same period in 2022, representing a slight increase [10]. - The company reported overdue trade receivables totaling RMB 8,018,000 as of June 30, 2023, down from RMB 21,632,000 in 2022, indicating a significant improvement in receivables management [16]. - The total liabilities as of June 30, 2023, were RMB 200,011,000, compared to RMB 187,203,000 as of December 31, 2022, showing an increase of 6.8% [22]. - The group's revenue for the six months ended June 30, 2023, was approximately RMB 288.5 million, representing a year-on-year growth of about 11.1% [140]. - For the six months ended June 30, 2023, the group's profit was approximately RMB 92.0 million, a year-on-year decrease of about 2.5% [155]. - The core profit attributable to the owners of the company for the same period was approximately RMB 124.4 million, representing a year-on-year increase of about 12.6% [158]. - The group's gross profit for the six months ended June 30, 2023, was approximately RMB 164.6 million, representing a year-on-year growth of about 9.9% [145]. - The overall gross profit margin was approximately 57.1%, a decrease of about 0.6 percentage points compared to the same period in 2022 [146]. Dividends and Shareholder Returns - The company declared a final dividend of HKD 0.07 per share for the year ended December 31, 2022, totaling approximately HKD 71,297,000 (approximately RMB 64,802,000), which was paid on July 7, 2023 [8]. - The company has not proposed any interim dividend for the six months ending June 30, 2023 [9]. - The company did not declare an interim dividend for the six months ended June 30, 2023, compared to an interim dividend of HKD 0.035 per share for the same period in 2022 [181]. Assets and Liabilities - As of June 30, 2023, total assets amounted to RMB 1,376,912 thousand, an increase from RMB 1,322,952 thousand as of December 31, 2022, reflecting a growth of approximately 4.1% [197]. - Total liabilities were RMB 370,111 thousand, an increase from RMB 292,821 thousand, representing a growth of around 26.4% [197]. - The company's equity increased to RMB 1,204,753 thousand from RMB 1,180,703 thousand, marking a rise of about 2.0% [197]. - Trade and other payables rose to RMB 224,239 thousand, compared to RMB 208,054 thousand, reflecting an increase of approximately 7.8% [197]. - Lease liabilities increased to RMB 39,159 thousand from RMB 28,321 thousand, indicating a growth of around 38.3% [197]. Share Capital and Incentives - The weighted average number of ordinary shares used to calculate basic earnings per share was 1,016,782,000 for the six months ended June 30, 2023, slightly down from 1,018,610,000 for the same period in 2022 [10]. - The company has granted a total of 19,650,000 restricted share units during the period, with 300,000 units forfeited, resulting in 19,350,000 units remaining unexercised [33]. - The company has adopted a share incentive plan on April 17, 2023, granting a total of 54,800,000 shares to 136 eligible participants, including 19,650,000 shares to qualified participants [36]. - No stock options were granted under the stock option plan as of June 30, 2023, with a total of 100,000,000 shares available for grant, representing approximately 9.80% of the issued share capital [178]. Operational Performance - The company provides services to 58 commercial property projects across 22 cities in China, covering a total contracted area of approximately 2.95 million square meters [90]. - The average occupancy rate for retail commercial properties was 93.5% as of June 30, 2023, with COCO Park achieving 96.6% [125]. - The company aims to enhance operational performance and increase revenue through the entrusted management service model, which provides a higher level of autonomy [96]. - The company signed new commercial operation service contracts for a total of 12,000 square meters in the first half of 2023, including 7,000 square meters in Shenzhen and 5,000 square meters in Shanghai [112]. - The company is focusing on strategic and regional concentration, particularly in the Greater Bay Area and Yangtze River Delta [128]. Expenses and Costs - Selling expenses increased by approximately 208.1% to about RMB 4.9 million, primarily due to increased marketing costs for new leasing projects [150]. - Administrative expenses increased by approximately 27.5% to about RMB 35.8 million, mainly due to preparation costs for new leasing projects [151]. - Financing costs increased by approximately 312.1% to about RMB 19.1 million, primarily due to increased interest expenses related to leasing liabilities for new projects [152]. Cash Flow and Receivables - As of June 30, 2023, the group's cash and cash equivalents were approximately RMB 453.6 million, a decrease of about 6.1% compared to December 31, 2022 [160]. - The group's trade and other receivables as of June 30, 2023, were approximately RMB 26.3 million, a decrease of about 43.1% compared to December 31, 2022, due to active collection efforts [158]. - The expected credit loss reversal under the expected credit loss model for the six months ended June 30, 2023, was approximately RMB 2.4 million, compared to a net impairment loss of approximately RMB 5.2 million for the same period in 2022 [170]. Strategic Initiatives - The company is actively seeking acquisition targets but faces increased risks due to the fluctuating domestic pandemic situation and changes in the real estate market [64]. - The company’s board of directors has decided to change the intended use of the net proceeds to seize opportunities in the leasing service market [64]. - The company plans to utilize 10% of the net proceeds for general corporate purposes and working capital, amounting to RMB 84.2 million [66].

Financial Performance - Revenue for the six months ended June 30, 2023, was RMB 288,487,000, an increase of 11.1% compared to RMB 259,586,000 for the same period in 2022[3] - Gross profit for the same period was RMB 164,608,000, representing a gross margin of 57.1%, up from RMB 149,730,000 in 2022[3] - Net profit attributable to the owners of the company was RMB 96,962,000, slightly up from RMB 96,089,000 in the previous year[3] - Basic earnings per share increased to RMB 9.54 from RMB 9.43, reflecting a growth of 1.2%[3] - Other income for the period was RMB 19,556,000, slightly up from RMB 19,315,000 in the previous year[3] - The profit attributable to the owners of the company for the six months ended June 30, 2023, was RMB 96,962,000, a slight increase from RMB 96,089,000 in the same period of 2022[51] - For the six months ended June 30, 2023, the group's profit was approximately RMB 92.0 million, a year-on-year decrease of about 2.5%[162] - The core profit attributable to the company's owners for the same period was approximately RMB 124.4 million, representing a year-on-year increase of about 12.6%[162] Assets and Liabilities - Total assets as of June 30, 2023, were RMB 1,872,633,000, compared to RMB 1,849,036,000 at the end of 2022[6] - The company’s cash and cash equivalents stood at RMB 453,568,000, down from RMB 482,835,000 at the end of 2022[4] - Trade receivables as of June 30, 2023, amounted to RMB 11,794,000, reflecting a decrease from RMB 31,650,000 as of December 31, 2022[57] - Trade and other payables increased to RMB 224,239,000 as of June 30, 2023, compared to RMB 208,054,000 as of December 31, 2022[58] - The asset-liability ratio as of June 30, 2023, was approximately 46.3%, slightly up from about 44.9% on December 31, 2022[169] - The group has no bank loans or other borrowings as of June 30, 2023[168] Revenue Breakdown - The total revenue for the commercial property operation services reached RMB 271,316,000 for the six months ended June 30, 2023, representing an increase of 7.3% compared to RMB 252,804,000 for the same period in 2022[34] - The operating management services revenue decreased to RMB 169,292,000, down 3.3% from RMB 175,737,000 year-on-year[34] - The value-added services revenue increased significantly to RMB 52,774,000, up 37.7% from RMB 38,351,000 in the previous year[34] - Revenue from entrusted management services for the six months ended June 30, 2023, was RMB 189.98 million, accounting for 65.9% of total revenue, with a year-on-year increase of 0.6%[148] - Revenue from brand and management output services was RMB 63.32 million, representing a year-on-year growth of approximately 7.7% and accounting for 21.9% of total revenue[148] Operational Performance - The average occupancy rate for the group's shopping centers as of June 30, 2023, was 93.5%, compared to 92.3% in the same period of 2022[117] - The group operated a total of 58 properties with a contracted building area of 2,946,000 square meters as of June 30, 2023, compared to 65 properties with a contracted building area of 3,700,000 square meters as of December 31, 2022[133] - The group reported a total of 1,013,750 square meters of shopping center area, with 394,448 square meters of parking space, resulting in a total operational building area of 1,408,198 square meters[136] Strategic Initiatives - The company plans to expand its market presence and invest in new product development to drive future growth[3] - The group plans to enhance operational management and customer satisfaction through strategies focused on member restructuring, precision marketing, and smart retail[124] - The group aims to maintain a "one store, one policy" leasing strategy to strengthen operational management and improve project profitability and asset value[123] - The group will continue to focus on high-quality expansion, emphasizing quality over quantity in its operational models and suitable development areas[121] - The group has adjusted its strategy in response to changes in the real estate industry, resulting in the termination of contracts for five projects to focus resources on high-quality developments[88] Cost Management - The company reported a decrease in financing costs to RMB 19,094,000 from RMB 4,633,000, indicating increased financial leverage[3] - The income tax expense for the period was RMB 29,815,000, down from RMB 34,841,000 in the previous year[46] - Sales expenses for the six months ended June 30, 2023, were approximately RMB 4.9 million, a year-on-year increase of about 208.1% due to increased marketing costs for new projects[156] - Administrative expenses for the same period were approximately RMB 35.8 million, reflecting a year-on-year increase of about 27.5% due to preparation costs for new rental projects[157] Market Position and Future Outlook - The group emphasizes high-quality development and strategic focus on the Greater Bay Area and Yangtze River Delta regions[141] - The group aims to enhance brand influence by establishing new benchmark projects, including the Shenzhen Xinghe WORLD • COCO Park[143] - The group has been actively seeking acquisition targets since its listing, but faces increased risks due to the fluctuating domestic pandemic situation[171] - The board has revised the intended use of net proceeds to seize opportunities in the leasing service market, aiming for long-term sustainable income from leasing projects[171]

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]

会议即将开始请稍候下面有请主持人开场尊敬的各位投资者分析师朋友上午好欢迎参加新盛商业管理股份有限公司2022年度业绩发布会出席本次会议的管理层嘉宾是新盛商业执行董事董事会主席黄德林先生大家好执行董事总裁陶牧民先生 各位大家好本次会议我们也特别邀请到关联方新和控股集团财务管理中心副总经理欧群平女士出席 本次发布会分为两个环节第一个环节将先由管理层介绍公司2022年业绩以及未来工作计划第二个环节是问答环节下面首先有请陶总进行分享尊敬的投资者和分析师朋友大家上午好首先由我来向各位介绍公司在2022年的业绩概要及业务回顾 2022年面对疫情的反复以及行业和经济环境的变化我们依然取得了一定的经营业绩各项关键性指标表现的较为平稳我们的营业收入同比微跌1.8%达到5.62亿元毛利润同比下降了 5.3%达到3.13亿元毛利率为55.7%依然保持在行业的较高水平剔除租赁准则对整租项目的影响经调整后的核心规模净利润为1.99亿元同比增长6个百分点核心规模净利润率达到35.4% 同比上升了2.6个百分点截止到2022年底的在首现金为12.7亿元进限比为1.05以此同时2022年我们新签约6个项目新增合约面积共计44万平方米 截止1 ...