合生创展集团(00754) - 2022 - 年度财报

Real Estate Segment Performance - Revenue from the real estate segment decreased to HK$19,081.4 million in 2022 from HK$22,224.5 million in 2021, a decline of 14.1%[4] - Contracted sales in the real estate segment amounted to RMB32,579 million in 2022, including decoration contracted sales[6] - The real estate segment focuses on high-end and improvement demand series, with signature projects located in core cities and areas with scarce landscape resources, emphasizing convenient transportation and improved ancillary facilities[7] - The Group's revenue from property development in 2022 was HK$19,081 million, a year-on-year decrease of 14$3,952.5 million in 2022, down from HK$4,217.0 million in 2021, a decrease of 6.3$3,953 million as of 31st December 2022[85][88] - The commercial sector has a land bank of approximately 7.26 million sq.m., with 95% located in first-tier cities (Beijing, Shanghai, Guangzhou, Shenzhen, and adjacent areas)[87][89] - The Group operates or is preparing 7 urban complexes, including Hopson One, Hopson Plaza, and Hopson Xintiandi, located in core commercial zones of first- and second-tier cities[86][89] - The Group actively pursued urban redevelopment projects in tier-one cities to avoid high land premiums and collaborated with other developers to share development costs[77][79] - The Group focused on improving cash inflow by shortening development and sales cycles for products targeting improvement and rigid demand, with no default loans under strict financial supervision[80][81] - The Group plans to further develop its "He Sheng · Man Series" brand, targeting high-end markets in first-tier cities like Beijing, Shanghai, and Guangzhou[78] - The Group prioritizes quality and stability, with a strategic focus on the Greater Bay Area, Yangtze River Delta, and Bohai Rim regions[87][89] - The Group's commercial segment maintained stable sales volume, customer traffic, and occupancy rates despite pandemic-related challenges[87][89] - The company's investment real estate business manages a total commercial area of approximately 1,000,000 sq.m. across various locations in Mainland China, including Beijing, Shanghai, Guangzhou, and Hangzhou[91][93] - The company holds a 100% interest in key properties such as the Beijing Hopson Desheng Building (55,656 sq.m.) and the Hopson International Plaza in Shanghai (320,927 sq.m.)[91] - The company is developing new commercial projects, including the C4 Commercial plot in Guangzhou (149,829 sq.m.) and a commercial plot in Tianhe District (371,832 sq.m.), both under construction[93] - The company's Hopson Commercial Technology Platform focuses on building a smart ecosystem for asset management, tenant recruitment, and customer engagement, aiming to transform into an asset-service, platform, and technology-based enterprise[95][100] - The company plans to optimize its tenant portfolio for investment properties to enhance rental income potential and explore new models for online and offline cooperation[98][99] - The company is leveraging its member base from Hopson Tone to empower offline physical businesses and merchants, focusing on internet marketing and digital operations[99] - The company is committed to becoming a leading integrated operator in commercial and pan-commercial ecological technologies globally, managing project lifecycles through advanced technology[96][100] - The company is actively innovating its products and services based on consumer trends, focusing on new types, new scenarios, and new models in the post-pandemic era[97][101] - Investment real estate business continues to expand, leveraging the company's high-quality land reserves to increase managed commercial area and business scale, optimizing tenant mix to enhance rental income potential[102] - The company is transitioning from traditional leasing to content incubation, acquiring brand companies to develop new intellectual properties, focusing on suburban entertainment product lines, and exploring new online-offline collaboration models[102] - Hopson Commercial Technology developed new business models, such as the MOHO series of high-end commercial complexes, and facilitated third-party customer cooperation through industry content and intellectual property integration[104] - The company is actively engaged in technological development, providing industry advisory services and smart solutions to empower the full life cycle of commercial projects, including design, development, renovation, and operation[107][108] Property Management Segment Performance - Property management segment income was approximately HK$2,989 million in 2022, compared to HK$3,641.3 million in 2021, a drop of 17.9%[6] - The property management segment launched the "Building Homes with Ingenuity" campaign in over 200 projects across 30 cities in 2022[6] - Esteem Property, a property management company, holds a national first-class qualification and won key industry awards, including "2022 TOP 1 China's Internet Community Operation Leading Enterprise" and "2022 TOP 1 Leading Enterprise in China Property Technology Empowerment"[7] - Hooplife has developed a unique "community operation strategy" to reduce costs, enhance efficiency, and create diversified operating income for property companies, while also assisting in the development of smart cities and communities[7] - The property management segment generated approximately HK$2,989 million in revenue as of December 31, 2022, divided into hooplife technology and property management[113] - The company has established dual headquarters in Beijing and Guangzhou, with operations covering Northern, Eastern, Southern, and Southwestern China, focusing on first- and second-tier cities like Beijing, Shanghai, and Guangzhou[115] - Hooplife Technology Group integrates property management, technological services, and community asset operations, aiming to create a harmonious community ecosystem through inclusive development of people, cities, and technology[119] - In 2022, the company continued to empower smart communities with technology and digitalization, expanding service boundaries and enhancing operational efficiency to establish convenient community life circles[120] - The Group's property management services, managed by Esteem Property, achieved a total transaction volume, order volume, transaction frequency, ARPU value, repurchase rate, and customer conversion rate that are among the best in the industry[124] - Esteem Property won over 40 key industry awards in 2022, including "2022 TOP 1 China's Internet Community Operation Leading Enterprise" and "2022 TOP 1 Leading Enterprise in China Property Technology Empowerment"[125] - Esteem Property provides high-quality property management services for over 100 large-scale projects in cities such as Guangzhou, Beijing, Shenzhen, Shanghai, Tianjin, Chengdu, and Xi'an[127] - The Tulip Service Mode offers basic property services for projects with a monthly management fee of less than RMB2 per sq.m.[128] - The Sunflower Service Mode, for mid-to-high-end projects with a monthly management fee of RMB2 to RMB4 per sq.m., provides 24/7 services through full-time housekeepers and a dedicated service phone[130] - The Golden Lily Service Mode, for high-end projects with a monthly management fee of RMB4 to RMB7 per sq.m., focuses on proactive, caring, and thoughtful personalized high-end services[131] - The Sunflower Service Model offers mid-to-high-end property management services with a monthly fee ranging from RMB 2 to 4 per square meter, featuring dedicated 24/7 customer service and personalized care[132] - The Golden Lily Service Model targets high-end residential projects with a monthly fee of RMB 4 to 7 per square meter, emphasizing proactive, transparent, and premium services[132] - The MAHÁ Service Model provides luxury property management services with a monthly fee exceeding RMB 7 per square meter, including platinum housekeepers and asset management for top-tier residential projects[133][134] - Starting mid-2022, Esteem Property launched the "Building Homes with Ingenuity" campaign across 200+ projects in over 30 cities, focusing on quality improvement and smart community development[138] - In 2023, the company plans to deepen community economy cultivation, leverage technology empowerment, and expand into public construction, urban services, and digital construction projects[139] - The company has developed over 100 resource partners and deployed in several key cities for market expansion[139] - The property management segment faces industry risks due to strict government regulations on service fees and management area[142] - Business risks include potential increases in labor costs, challenges in securing new contracts, and difficulties in collecting management fees[143] Infrastructure Segment Performance - Infrastructure segment income before elimination was HK$9,229 million in 2022[6] - The total annual output of the infrastructure segment in 2022 was approximately HK$9,229 million, with an area under construction of approximately 4.21 million sq.m. and completed area of approximately 0.87 million sq.m.[154] - The fine furnishing contracted sales of the infrastructure segment in 2022 was RMB2,047 million, remaining stable compared to the previous year[154] - Infrastructure segment's total output value in 2022 was approximately HKD 9.229 billion, with a construction area of 4.21 million square meters and a completed area of 870,000 square meters[155] - Infrastructure segment's pre-sale area in 2022 was HKD 9.229 billion, a 13$2,210.2 million in 2022, an improvement from the HK$2,964.7 million loss in 2021[4] - The Group's investment losses in the primary and secondary markets amounted to HK$2,210 million in 2022, compared to HK$2,965 million in 2021[146][147] - Financial assets at fair value through other comprehensive income decreased to HK$3,562 million in 2022 from HK$4,206 million in 2021[146][147] - Financial assets at fair value through profit or loss dropped significantly to HK$2,643 million in 2022 from HK$8,317 million in 2021[146][147] - The Group focuses on investments in high-and-new technology and medical science and technology companies, aiming for medium to long-term holdings to mitigate short-term market volatility[149][152] - The investments segment emphasizes risk management, investing only in highly liquid securities that can be converted into cash at any time[150][153] - The Group closely monitors stock price risk, tracking investment scale and value-at-risk (VaR) of securities positions daily to manage market risks effectively[151][153] Financial Performance and Metrics - Earnings per share (basic and diluted) decreased to HK 305 cents in 2022 from HK 337 cents in 2021[4] - Dividends per share were not declared in 2022, compared to HK 65 cents in 2021[4] - The Group recorded a turnover of RMB23,312 million (HK$27,252 million) in 2022, down 9% in RMB and 11% in HKD compared to 2021[172] - Total contracted sales in 2022 were approximately RMB32,579 million, a 23% decrease from approximately RMB42,299 million in 2021[172] - Guangzhou and Huizhou contributed RMB8,312 million in contracted sales, representing 26% of the Group's total contracted sales in 2022[172] - Shanghai's contracted sales amounted to RMB3,299 million, accounting for 10% of the Group's total contracted sales in 2022[172] - Beijing and Tianjin combined contributed RMB20,968 million in contracted sales, representing 64% of the Group's total contracted sales in 2022[172] - The Group delivered a total GFA of 1,014,411 square meters in 2022, down from 1,235,695 square meters in 2021[172] - Major projects delivered in 2022 include MAHÁ Beijing, Hopson Dreams World, Metropolis Light, and Hopson Xijing Garden[172] - Guangzhou and Huizhou had 27 projects on sale in 2022, with major projects including Hopson YUN Ē, Hopson Ziyue Mansion, Hopson Hushan Guoji Villa, and Hopson Yunshan Regal[172] - Shanghai had 17 projects on sale in 2022, including Hesong Lanting, Hopson Sheshan Dongziyuan, and Hopson Dongjiao Villa[172] - Beijing and Tianjin had 20 projects on sale in 2022, with major projects including MAHÁ Beijing, Hopson YUN Ē, Dongsan Jinmao Palace, and Hopson me Yue[172] - Gross profit in 2022 decreased to HK$8,281 million with a gross profit margin of 30$13,145 million and 43% in 2021, primarily due to higher project costs in the property development segment[173] - Fair value gain on investment properties as of 31st December 2022 was HK$10,072 million, slightly down from HK$10,451 million in 2021, with the Group owning 19 investment properties compared to 18 in 2021[173] - Operating costs decreased by 39% to HK$4,498 million in 2022, mainly due to a reduction in asset impairment provisions[173] - Gross interest expenses before capitalisation increased by 5$7,884 million in 2022, driven by higher borrowing rates, with an effective interest rate of 6.5% compared to 6.3% in 2021[173] - The effective tax rate in 2022 was 30.4%, a decrease of 6.1 percentage points from the previous year, primarily due to lower