we create we are artisans we are csy. 2020年報 | 五十周年 UN 新世界登展有限公司 (股份代號:0017) fortisanal " Journent & The 7 目錄 24 集團架構 25 財務摘要 26 主席報告書 28 行政總裁報告書 44 香港主要物業項目 46 中國內地主要物業項目 48 董事簡介 57 高級管理層簡介 58 企業可持續發展 98 企業管治報告 122 投資者關係 124 公司資料 125 董事會報告 150 管理層討論及分析 161 獨立核數師報告 170 綜合收益表 171 綜合全面收益表 172 綜合財務狀況表 174 綜合權益變動表 178 綜合現金流量表 180 財務報表附註 299 五年財務概要 301 主要物業總覽 316 詞彙釋義 聲明 本年報內載列的相片、圖像、繪圖或素描顯示純屬畫家對有關發展項目之想像。有關相片、 圖像、繪圖或素描並非按照比例繪畫及╱或可能經過電腦修飾處理。準買家如欲了解發展項 目的詳情，請參閱售樓說明書。賣方亦建議準買家到有關發展地盤作實地考察，以對該發展 地盤、其周邊地區環境及附近的公共設施有較 ...

Financial Performance - Basic profit decreased by 27% to HKD 3,929.2 million, primarily due to no new property projects completed in Hong Kong [4]. - Revenue for the six months ended December 31, 2019, was HKD 32,464.4 million, a decrease of 34.1% from HKD 49,267.1 million in 2018 [39]. - Gross profit for the same period was HKD 12,264.7 million, down 19.7% from HKD 15,273.7 million in 2018 [39]. - Operating profit decreased significantly to HKD 6,398.8 million, a decline of 60.6% compared to HKD 16,220.2 million in the previous year [39]. - Net profit for the period was HKD 3,095.4 million, representing a 77.1% decrease from HKD 13,507.9 million in 2018 [42]. - Basic earnings per share dropped to HKD 0.10, down from HKD 1.11 in the same period last year [39]. - The company reported a significant increase in financial income to HKD 1,345.7 million, compared to HKD 854.4 million in the previous year [39]. - The company experienced a loss in fair value changes of investment properties amounting to HKD 2,269.2 million, contrasting with a gain of HKD 6,341.7 million in 2018 [39]. - The company reported a net profit of HKD 13,507.9 million for the same period, reflecting strong operational performance [102]. Property Development - Property development in mainland China rose by 59% supported by projects in the Greater Bay Area [4]. - Property development revenue in Hong Kong and Singapore amounted to HKD 3,666.9 million, with segment performance contributing HKD 1,777.0 million [12]. - The group's property sales in Hong Kong reached HKD 3 billion, primarily from projects such as Aolai and Baiwei Mountain [12]. - The group plans to launch a significant residential project in Shatin with over 3,000 units in phases starting in 2020 [12]. - The revenue from property development in mainland China for the review period is HKD 8,319.7 million, with a contribution from major cities like Guangzhou and Shenzhen [19]. - The total area of planned property development projects for the second half of fiscal year 2020 is 524,327 square meters, including residential, commercial, and office spaces [24]. - The company signed an agreement to sell its entire equity in Hunan Success New Century Investment Co., Ltd. for RMB 2,185 million, reflecting its strategy to manage non-core assets [19]. Rental Income - Rental income from property investment in Hong Kong and mainland China increased by 36% and 6% respectively [4]. - Rental income from Hong Kong properties increased by 36% to HKD 1,344.4 million, driven by the full operation of Victoria Dockside [15]. - Total rental income in mainland China reached HKD 844.1 million, an increase of 6% year-on-year, with occupancy rates for key projects such as Shanghai K11 at 97%, Beijing New World Center at 100%, and Wuhan New World International Trade Building at 74% [27]. Financial Position - Total available funds amount to approximately HKD 94.6 billion, consisting of cash and bank deposits of about HKD 63.6 billion and available bank loans of about HKD 31 billion [4]. - The net debt ratio increased to 42.2%, up from 32.1% due to acquisitions and project investments [6]. - The average financing cost remains stable at approximately 3.7% [9]. - The financial position remains robust, with all loans due in the 2020 fiscal year fully addressed, and refinancing for 2021 expected to be completed by June 2020 [38]. - The company's total liabilities increased to HKD 316,310.9 million from HKD 227,920.4 million, marking a significant rise of 38.7% [46]. - The consolidated net debt as of December 31, 2019, was HKD 116,868.7 million, up from HKD 88,288.0 million as of June 30, 2019, indicating an increase of approximately 32.4% [142]. Acquisitions and Investments - The acquisition of FTLife Insurance Company has been completed, contributing to the company's new core business [9]. - The acquisition of Futu Insurance was completed in November 2019 for a total consideration of HKD 21.812 billion, with a deposit of HKD 3.12 billion paid during the fiscal year ending June 30, 2019 [157]. - The company successfully bid for the operating rights of Changsha-Liujiang Expressway in July 2019 for RMB 4.571 billion, equivalent to approximately HKD 5.194 billion, with the concession expiring on October 15, 2043 [157]. - The company secured the usage rights for a commercial and residential plot in Hangzhou for approximately RMB 9.792 billion, equivalent to about HKD 11.127 billion, on July 30, 2019 [158]. Land Reserves - As of December 31, 2019, the group held land reserves in Hong Kong totaling approximately 9 million square feet, with 4.2 million square feet available for immediate development [16]. - The total land reserve area for property development is 4,215.2 thousand square feet in Hong Kong Island, 2,941.5 thousand square feet in Kowloon, and 5,974.8 thousand square feet in New Territories, totaling 9,081.6 thousand square feet [17]. - The total area of land reserves in Yuen Long District is 12,410.4 thousand square feet, with an attributable land area of 11,411.6 thousand square feet [17]. - The total area of land reserves in the New Territories is 18,181.2 thousand square feet, with an attributable land area of 16,633.1 thousand square feet [17]. Insurance Business - The insurance segment reported total premiums of HKD 1,931.5 million, with net premiums after reinsurance of HKD 1,887.3 million [95]. - The total insurance contract liabilities as of December 31, 2019, amounted to HKD 32,710.3 million, with HKD 4,718.5 million due within one year [73]. - The company has established a deferred acquisition cost policy for new insurance contracts, which will be amortized based on expected future premiums [68]. - The adequacy of insurance liabilities is tested regularly to ensure they are sufficient to cover future obligations [68]. - The group maintains a solvency ratio above the regulatory requirement of 150%, ensuring sufficient surplus to support its operations [76]. Corporate Governance and Sustainability - The company has adhered to the Corporate Governance Code, with exceptions noted for specific guidelines due to the large employee base exceeding 45,000 [161]. - The company emphasizes investor relations and transparency, ensuring timely and equal access to information for investors [165]. - New World Group has established performance targets aligned with the United Nations Sustainable Development Goals and has begun annual progress reporting [166]. - The group issued its first sustainability performance-linked loan to promote long-term sustainability goals and enhance building resilience against climate change [166]. - The company is committed to resource conservation and waste reduction initiatives [200].

un 新 世界 假份代號：0017 发 2019 年報 CD onement 150 WE CREATE, WE ARE ARTISANS 放縱想像 貼心打 造 工 匠 手 藝 傾心歷 史 現代焦點 THE ARTISANAL MOVEMENT 『 The Artisanal Movement 是一種生活信念， 承載著我們對於文化的希冀。 當時代越趨電子化，人文的細膩、情感與溫度更顯珍貴。 透 過 Collect．Connect．Collide，我們孵化世界各地的美好想法， 讓大家在感受之間，喚醒一直都在的匠心。』 點 端 妹 像 釋 放 無 限 創 意 ・ 用 夢 想 燃 亮 生 活 釋放無限創意，用夢想燃亮生活 VICTORIA DOCKSIDE 貼 心 打 造 珍惜每個相遇，唯一心思，給唯一的人 K11 ATELIER 珍惜每個相遇，唯一心思，給唯一的人 工 匠 手 藝 在心與手之間來回琢磨，是不移的深刻 ROSEWOOD HONG KONG 在心與手之間來回琢磨，是不移的深刻 心 真补 歷 史 把 悠 久 故 事 的 溫 熱 ・ 捧 在 手 心 K11 ARTUS 把悠久故事的溫熱，捧在手心 課 東 ...

Financial Performance - The company reported a consolidated revenue of HKD 49,267.1 million for the first half of the 2019 fiscal year, representing a 76% increase compared to the previous year[6]. - The group's basic earnings per share increased by 23% to HKD 0.53, with a net debt ratio of 35.6%[168]. - The net profit for the period was HKD 13,507.9 million, compared to HKD 12,630.5 million in 2017, reflecting an increase of 6.9%[43]. - The gross profit for the same period was HKD 15,273.7 million, up from HKD 10,186.4 million, indicating a growth of 50.6%[198]. - The operating profit decreased to HKD 16,220.2 million from HKD 14,153.8 million, reflecting a decline of 14.6%[198]. - The company reported a profit of HKD 11,284.4 million for the period, contributing to a total comprehensive income of HKD 8,327.0 million[47]. - The company reported a significant increase in investment property fair value changes amounting to HKD 6,341.7 million[73]. Property Development - The property development segment's revenue surged by 202%, driven by proactive sales strategies implemented in the second quarter of 2018, significantly boosting property sales contributions[8]. - The revenue from property development in mainland China reached HKD 8,898.0 million, with a segment performance of HKD 3,150.5 million during the review period[27]. - The group's property sales in Hong Kong contributed HKD 21,007.3 million in revenue, with segment performance at HKD 5,734.6 million[170]. - The group plans to launch over 840 residential units in upcoming projects, including those in To Kwa Wan and Yuen Long, with approximately 3,000 units expected to be released in the Sha Tin area in the 2020 fiscal year[170]. - The total contracted sales area for properties in mainland China was 313,000 square meters, generating total sales of RMB 9,338 million, with an average residential contract sales price of RMB 32,700 per square meter, an increase of 61%[27]. Property Investment - The property investment segment's revenue grew by 33%, attributed to full-period contributions from K11 ATELIER in Hong Kong and Wuhan, along with improved operational and cost management[8]. - The overall performance of investment properties in Hong Kong was strong, with K11 ATELIER achieving an occupancy rate exceeding 80% and rental rates reaching HKD 110 per square foot[164]. - The investment property segment in mainland China experienced a growth of 48%, primarily due to flagship projects in Beijing, Wuhan, Shanghai, and Guangzhou[9]. - Total rental income in Hong Kong reached HKD 940.4 million, an increase of 13% due to improved leasing performance and contributions from K11 ATELIER[17]. - The K11 MUSEA cultural shopping art museum has pre-leased over 80% of its space, indicating strong market interest[17]. Debt and Equity - The debt-to-equity ratio increased to 35.6% from 29.3% year-on-year, indicating a rise in net debt[6]. - The company reported a significant decrease in revenue from construction services provided to joint ventures and associates, totaling HKD 156.4 million for the six months ended December 31, 2018, down from HKD 574.6 million for the same period in 2017[106]. - The total liabilities decreased from HKD 226,272.9 million to HKD 222,307.0 million, a reduction of approximately 1.4%[46]. - The total equity increased to HKD 258,964.3 million as of December 31, 2018, from HKD 255,181.9 million as of June 30, 2018[45]. Strategic Initiatives - The company aims to expand its presence in the Guangdong-Hong Kong-Macau Greater Bay Area through urban complex and urban renewal projects[7]. - The company is collaborating with the Hong Kong Applied Science and Technology Research Institute to create a blockchain platform for property transactions, set to launch in Q2 2019[14]. - The company is actively negotiating the conversion of approximately 1.6 million square feet of agricultural land in Yuen Long and Fanling[23]. - The company is focusing on stabilizing the real estate market and preventing risks, as emphasized by the central government's policies[26]. - The company plans to optimize and adjust its strategies based on local market conditions to further mitigate real estate risks[26]. Market Conditions - The company expressed confidence in the national development prospects and aims to leverage its strengths to meet diverse urban development needs[163]. - Global economic forecasts for 2019 have been downgraded by multiple international organizations, indicating increased risks and uncertainties in the market[195]. - The company is committed to enhancing its operational efficiency and expanding its market presence in mainland China[27]. Employee and Governance - The company has over 43,000 employees, which necessitated a tailored employee trading guideline deviating from the standard code[121]. - The company regularly reviews its compensation policy based on individual performance and market practices[127]. - The company complies with all applicable provisions of the Corporate Governance Code, except for a specific deviation regarding employee securities trading guidelines[121].