JINMAO中国�淼 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 2024Interim 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 3 Chairman's Statement 管理層討論與分析 9 Management Discussion and Analysis 中期財務資料審閱報告 67 Report on Review of Interim Financial Information 中期簡明綜合財務資料 69 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, 2024, was RMB 21,974.9 million, a decrease of 18% compared to RMB 26,841.3 million in the same period of 2023[5]. - Profit attributable to owners of the parent increased by 133% to RMB 1,010.0 million, up from RMB 432.9 million in the previous year[5]. - Basic earnings per share rose by 123% to RMB 7.26, compared to RMB 3.25 in the same period last year[5]. - The Group's revenue for the same period decreased by 18% to approximately RMB 21,974.9 million, down from RMB 26,841.3 million in the previous year, primarily due to declines in city operations, property development, and hotel operations[89][91]. - Profit before tax increased to RMB 2,189,227, representing a growth of 6.6% from RMB 2,053,655 in the previous year[149]. - The company reported a total of RMB 22,109,686 from the sale of completed properties, marking a significant revenue source[196]. Dividends and Shareholder Returns - The interim dividend per share was declared at 3 HK cents, representing a 100% increase from 1.5 HK cents in the previous year[5]. - The company anticipates the distribution of the interim dividend on or before October 31, 2024[8]. Assets and Liabilities - Total assets as of June 30, 2024, amounted to RMB 419,376.0 million, reflecting a 3% increase from RMB 407,119.2 million as of December 31, 2023[5]. - Total liabilities as of December 31, 2023, were RMB 297,282,084, indicating a strategic management of debt levels[186]. - The company reported segment liabilities of RMB 371,012,988, with intersegment liabilities eliminated amounting to RMB 257,729,298[186]. Market Conditions and Strategic Focus - The real estate industry continues to face challenges, with new residential property sales down 25% year-on-year in the first half of 2024[8]. - The company has revised its strategic plan to focus on becoming a leading urban operator with good efficiency and quality[8]. - The company is focusing on "destocking" and optimizing additional projects to enhance competitiveness and promote high-quality development[23]. - The overall downward pressure on the real estate market remains significant, with the market expected to continue to dip in the short term[23]. Project Development and Sales Performance - In the first half of 2024, the contract amount reached RMB 44.54 billion, ranking 12th in the industry and maintaining stability[18]. - The company delivered approximately 14,000 houses in 27 batches in the first half of the year, achieving a delivery satisfaction score of 90%[21]. - The company achieved a "100% success rate" for new project launches, demonstrating strong product competitiveness[15]. - The sales performance of the Qingdao project ranked No. 1 in online contract signing during the review period, indicating strong market demand[33]. Operational Efficiency and Cost Management - The three expenses recorded a significant decrease year-on-year, supporting the achievement of performance targets[18]. - Selling and marketing expenses decreased by 19% to approximately RMB 982.8 million, primarily due to reduced employee and advertising expenses[96]. - Administrative expenses amounted to approximately RMB 1,285.0 million, representing a decrease of 34% from the previous year, mainly due to lower employee and general office expenses[96]. Cash Flow and Financing Activities - The Group reported a net cash inflow of approximately RMB 2,829.6 million for the six months ended June 30, 2024[109]. - Cash outflow from operating activities was approximately RMB 3,683.2 million, primarily due to land and construction costs[109]. - Cash inflow from financing activities was approximately RMB 10,704.0 million, driven by new bank loans and issuance of perpetual capital instruments[109]. Employee and Shareholder Engagement - As of June 30, 2024, the Group employed a total of 9,640 staff and provides competitive salaries, bonuses, and various benefits including retirement and medical insurance[113]. - The Company may issue up to 1,155,352,832 shares under the New Scheme, representing 8.56% of the issued shares as of the report date[113]. Sustainability and ESG Performance - The company was rated as an enterprise with the "highest rating" in the Asia-Pacific region in 2024 by Morningstar, highlighting its strong ESG performance[21]. - Jinmao is committed to sustainable development, promoting low-carbon and environmentally friendly practices while enhancing community well-being[82]. Future Outlook and Growth Strategies - The company aims to transform towards "high quality, new technology, good service" to better meet the needs of the public[23]. - The management is optimistic about future growth, with ongoing projects expected to contribute significantly to revenue in the upcoming quarters[44]. - The company is exploring potential mergers and acquisitions to strengthen its market position and diversify its portfolio[187].

刚才更新一下您的一个概念说这个公司投2300亿的资金是什么概念就是刚才我们讲的这个2300亿是我的一个供货的货值它的这个投入它不会是在某一年集中投入因为刚才我们也讲了它分为新盘老盘 然后这里面我们讲的是货值的概念其实倒挂跟成本它可能就没有这么多而且新盘呢一般来说投入可能会相对集中一些它的投入但是老盘以前的就是相当于历史的一些投入了所以从投资的角度来看它倒不是说不是说意味着就是2300亿要投进去就是可能是两个概念了解那平年计划投入多少资金呢 我不知道您这个投入资金指的是投资拿地还是什么投资拿地的话我们就提款基本上这几年每年是希望投个两百亿当然每年情况不太一样可能会稍微有一些节奏上的调整比如说今年到现在我们可能投资因为整体考虑到今年一到五月整个的行业的这个交售数据还是有一些下滑的就在投资上我们也是 以回定投嘛所以在整体投资上我们也会控制一下节奏所以现在一到五月份我记得全预投资也就三十亿吧对就相对来说会少一些但基本上这几年每年我们大概会维持一个两百亿的一个买地的这样的一个投资力度吧好的好的了解了我还有最后一个问题就是请问一下公司对新增拿利的利润率要求是多少 这我刚才说了 我们定位率是要求10%以上好的 我的问题问完 ...

刚才更新一下您的一个概念说这个公司投2300亿的资金是什么概念就是刚才我们讲的这个2300亿是我的一个供货的货值它的这个投入它不会是在某一年集中投入因为刚才我们也讲了它分为新盘老盘 然后这里面我们讲的是货值的概念其实倒挂跟成本它可能就没有这么多而且新盘呢一般来说投入可能会相对集中一些它的投入但是老盘以前的就是相当于历史的一些投入了所以从投资的角度来看它倒不是说不是说意味着就是2300亿要投进去就是可能是两个概念了解那平年计划投入多少资金呢 我不知道您这个投入资金指的是投资拿地还是什么投资拿地的话我们就提款基本上这几年每年是希望投个两百亿当然每年情况不太一样可能会稍微有一些节奏上的调整比如说今年到现在我们可能投资因为整体考虑到今年一到五月整个的行业的这个交售数据还是有一些下滑的就在投资上我们也是 以回定投嘛所以在整体投资上我们也会控制一下节奏所以现在一到五月份我记得全预投资也就三十亿吧对就相对来说会少一些但基本上这几年每年我们大概会维持一个两百亿的一个买地的这样的一个投资力度吧好的好的了解了我还有最后一个问题就是请问一下公司对新增拿利的利润率要求是多少 这我刚才说了 我们定位率是要求10%以上好的 我的问题问完 ...

刚才更新一下您的一个概念说这个公司投2300亿的资金是什么概念就是刚才我们讲的这个2300亿是我的一个供货的货值它的这个投入它不会是在某一年集中投入因为刚才我们也讲了它分为新盘老盘 然后这里面我们讲的是货值的概念其实倒挂跟成本它可能就没有这么多而且新盘呢一般来说投入可能会相对集中一些它的投入但是老盘以前的就是相当于历史的一些投入了所以从投资的角度来看它倒不是说不是说意味着就是2300亿要投进去就是可能是两个概念了解那平年计划投入多少资金呢 我不知道您这个投入资金指的是投资拿地还是什么投资拿地的话我们就提款基本上这几年每年是希望投个两百亿当然每年情况不太一样可能会稍微有一些节奏上的调整比如说今年到现在我们可能投资因为整体考虑到今年一到五月整个的行业的这个交售数据还是有一些下滑的就在投资上我们也是 以回定投嘛所以在整体投资上我们也会控制一下节奏所以现在一到五月份我记得全预投资也就三十亿吧对就相对来说会少一些但基本上这几年每年我们大概会维持一个两百亿的一个买地的这样的一个投资力度吧好的好的了解了我还有最后一个问题就是请问一下公司对新增拿利的利润率要求是多少 这我刚才说了 我们定位率是要求10%以上好的 我的问题问完 ...

Financial Performance - The signed sales amount for the year 2023 reached RMB 141.2 billion, a decrease of 8.8% from RMB 155 billion in 2022[8]. - The company's revenue for 2023 was RMB 72,403.6 million, a decrease of 13% compared to RMB 82,991.4 million in 2022[18]. - Gross profit fell to RMB 9,021.5 million, down 31% from RMB 13,145.6 million in the previous year[18]. - The annual loss was RMB 4,858.3 million, a significant decline from a profit of RMB 5,220.9 million in 2022, representing a 193% change[18]. - The company's total assets decreased by 4% to RMB 407,119.2 million from RMB 421,895.6 million[18]. - The net profit attributable to owners for the year ended December 31, 2023, was a loss of RMB 6,896.6 million, a decrease of 448% compared to a profit of RMB 1,984.1 million in the previous year[137]. - Excluding fair value losses on investment properties, the adjusted net profit attributable to owners was a loss of RMB 6,793.5 million, down 846% from RMB 910.1 million in the prior year[137]. - Total revenue for the year ended December 31, 2023, was RMB 72,403.6 million, a decrease of 13% from RMB 82,991.4 million in the previous year[138]. - The gross margin for hotel operations improved to 46% in 2023 from 30% in 2022, indicating recovery in the hospitality sector[145]. - 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[153]. Revenue Sources - Rental income from investment properties amounted to RMB 1,802.3 million in 2023, up 16.1% from RMB 1,551 million in 2022[8]. - Hotel operating revenue for the year was RMB 2,080.4 million, significantly increasing from RMB 1,153.9 million in 2022, reflecting a recovery in the hospitality sector[8]. - Revenue from urban operations and property development was RMB 62,781.9 million, accounting for 85% of total revenue, down 16% year-on-year[143]. - Hotel operations revenue increased by 80% to RMB 2,080.4 million, driven by post-pandemic consumer recovery[143]. Strategic Initiatives - The company focuses on high-quality property development, premium holdings, and high-end services as part of its core business strategy[6]. - The company aims to enhance urban operational models while improving the operational efficiency of its core businesses[6]. - The company plans to focus on high-quality development and urban operation management, emphasizing product upgrades and service quality[20][24]. - The company is committed to enhancing urban operation management models and advancing product upgrades as part of its strategic initiatives[28]. - The company is focusing on digital transformation and enhancing service efficiency through technology integration, aiming to improve user experience[135]. - The company is committed to achieving carbon neutrality goals through its smart energy initiatives and green data centers[136]. Market Position and Expansion - The company has a total contracted construction area of approximately 106.4 million square meters across 70 cities in China, enhancing its market presence[9]. - The company successfully increased its land reserves in cities such as Shanghai, Tianjin, and Suzhou, contributing to its strategic expansion[8]. - The company has successfully acquired several key projects in major cities, including Shanghai and Xi'an, as part of its growth strategy[11]. - The company is actively expanding its market presence, with projects in various cities including Beijing, Shanghai, and Guangzhou[41]. - The company holds a total of 382 projects in urban operations, property development, commercial leasing, and hotel operations, with an unsold area of approximately 8.36 million square meters[43][44]. Awards and Recognition - In 2023, China Jinhui was awarded the 8th place in the "H-share 2023 Real Estate Comprehensive Competitiveness" ranking[31]. - The company received multiple awards in 2023, including "Top 9 in Brand Value of Chinese Real Estate Enterprises" and "Outstanding Value Real Estate Enterprise" at various industry forums[32][33]. - China Jinhui's property service division was recognized as one of the "Top 10 Leading Enterprises in Property Management" and "Top 3 in Investment Potential" among listed property companies[37]. - The company received multiple awards in 2023, including the "Outstanding Green Quality Award" and "Top 10 BIPV Brands"[39]. Challenges and Risks - The decline in profitability is attributed to the downturn in the real estate sector, leading to impairment provisions for development properties and reduced revenue from property development projects[137]. - The group faces market risks due to potential declines in the domestic property market, which could affect asset liquidity and sales prices[181]. - The company faces moderate environmental risks due to severe and permanent climate changes in China, which could adversely affect real estate construction and operations[186]. Investor Relations - In 2023, the company participated in multiple investor relations activities, including online and offline investor meetings, enhancing communication with over 100 investors throughout the year[188]. - The company actively seeks investor feedback to improve communication quality and enhance investor relations effectiveness[193]. - The company aims to expand its investor relations efforts to ensure compliance with disclosure responsibilities and enhance transparency[194]. - The company has organized site visits for investors to improve understanding of its projects and operations[192].

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]

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].