Property Management and Commercial Operational Services - The GFA of residential and commercial properties under property management services was approximately 299.2 million sq.m. as of 31 December 2022[9] - The GFA of shopping malls and office buildings under commercial operational services was approximately 11.0 million sq.m. as of 31 December 2022[9] - The company managed 1,362 residential property projects and 142 commercial operational and property management projects as of 31 December 2022[8] - The contracted GFA for residential and commercial properties was 335.5 million sq.m. as of 31 December 2022[8] - Residential property management services contracted GFA increased by 80.5% to 335,467 thousand square meters, with the number of projects increasing by 80.8% to 1,882[22] - Shopping mall commercial operational services and property management services contracted GFA grew by 16.4% to 15,148 thousand square meters, with the number of projects increasing by 16.4% to 142[22] - Office property management services contracted GFA rose by 31.9% to 13,195 thousand square meters, with the number of projects increasing by 24.4% to 158[23] - The Group's property management business achieved a revenue of RMB 7.802 billion in 2022, representing a YoY increase of 46.9%[29] - Revenue from community value-added services increased by 73.3% YoY, accounting for 16.1% of the property management business revenue[29] - The Group completed the largest merger and acquisition in the industry, adding 143 million sq.m. of contracted GFA in 2022[29] - As of 31 December 2022, the Group's residential and other property management business covered 153 cities across China, with 280 million sq.m. GFA under management and 336 million sq.m. contracted GFA[29] - Revenue from residential property management services reached RMB7,802.1 million, a YoY increase of 46.9%, accounting for 64.9% of total revenue, driven by acquisitions and market expansion[41][42] - The total gross floor area (GFA) under management for residential and non-commercial properties increased to 280.0 million sq.m., a YoY growth of 133.1 million sq.m.[41][42] - The number of managed residential and non-commercial properties increased to 1,362, up by 608 projects compared to 2021[41][42] - Revenue from value-added services to property developers grew by 19.7% YoY to RMB973.4 million, accounting for 8.1% of total revenue, primarily due to acquisitions[48][49] - Revenue from commercial operational and property management services totaled RMB4,214.1 million, representing 35.1% of total revenue[40] - Shopping mall revenue contributed RMB2,482.3 million, a 16.5% YoY increase, while office building revenue grew to RMB1,731.8 million, up 20.7% YoY[40] - The contracted GFA for residential and non-commercial properties increased to 335.5 million sq.m., up 80.5% YoY, with 1,882 projects under contract[43] - Revenue from CR Land-managed residential properties reached RMB3,221.2 million, a 14.3% YoY increase, with GFA under management growing to 115.5 million sq.m.[47] - Revenue from third-party developer-managed properties surged to RMB2,351.5 million, a 146.7% YoY increase, with GFA under management reaching 164.4 million sq.m.[47] - Community value-added services revenue reached RMB1,256.0 million, a YoY increase of 73.3%, accounting for 10.4% of total revenue[50] - Revenue from commercial operational and property management services for shopping malls was RMB2,482.3 million, a YoY increase of 16.5%, accounting for 20.7% of total revenue[50] - The Group provided commercial operational services to 84 opened shopping mall projects with an aggregate GFA of 9.0 million sq.m. as of 31 December 2022[50] - Contracted GFA for shopping malls increased to 15,148 thousand sq.m. in 2022 from 13,014 thousand sq.m. in 2021[52] - Revenue from commercial operational and property management services for office buildings was RMB1,731.8 million, a YoY increase of 20.7%, accounting for 14.4% of total revenue[54] - The Group provided property management services for 145 office buildings with an aggregate GFA of 10.5 million sq.m. as of 31 December 2022[54] - Contracted GFA for office buildings increased to 13,195 thousand sq.m. in 2022 from 10,003 thousand sq.m. in 2021[57] - 92.7% of the office buildings segment revenue was generated from property management services, with the remaining from commercial operational services[56] - CR Land's commercial operational services managed GFA increased to 1,327 thousand sq.m. in 2022 from 1,255 thousand sq.m. in 2021, with revenue decreasing to RMB 107,111 thousand from RMB 128,551 thousand[59] - Total property management services GFA under management grew to 10,526 thousand sq.m. in 2022 from 8,213 thousand sq.m. in 2021, with revenue increasing to RMB 1,605,239 thousand from RMB 1,276,158 thousand[59] - The Group plans to selectively acquire or establish joint ventures with property management and commercial operational service providers to enhance market share and realize economies of scale[60] - The Group aims to secure new engagements of property management and commercial operational services for properties developed or owned by CR Land, ensuring stable business expansion[60] - The Group will continue to improve its professional operation and service system to achieve high-quality development and ongoing enhancement of customer experience[62] - The Group plans to pursue strategic investments in national or regional service providers with specialized businesses to build an ecosystem of service offerings that promotes customer loyalty[62] - The Group intends to further integrate residential communities, shopping malls, and office buildings under its management to create more business opportunities and promote the membership system[63] - The Group plans to promote digitization initiatives to enhance operational efficiency and users' experience by technology empowerment[63] Financial Performance - Total revenue increased by 35.4% to RMB 12,016 million, with gross profit growing by 30.9% to RMB 3,611 million[23] - Profit for the year attributable to owners of the parent increased by 27.9% to RMB 2,206 million, with core net profit attributable to owners of the parent growing by 30.7% to RMB 2,225 million[23] - Total assets increased by 19.7% to RMB 25,838 million, while total debt rose by 49.5% to RMB 11,512 million[23] - Gross profit margin decreased by 1.0 percentage point to 30.1%, while net profit margin decreased by 1.0 percentage point to 18.4%[23] - Basic earnings per share increased by 27.9% to RMB 0.967[23] - The company achieved a consolidated revenue of RMB12.016 billion, representing a YoY increase of 35.4%, and a core net profit of RMB2.225 billion, representing a YoY increase of 30.7%[26] - The company's earnings per share relating to core net profit was RMB0.975, with solid growth in all core performance indicators[26] - The company declared a final dividend of RMB0.312 per share, representing a YoY increase of 13.0%, and the annual payout rate increased from 37% in 2021 to 45%[26] - The company's commercial management business achieved an annual retail sales of RMB126.44 billion, representing a YoY increase of 6.3%, and an operating profit of RMB9.452 billion from the property owners side, representing a YoY increase of 2.2%[26] - The company's revenue from commercial operating services for shopping malls reached RMB2.48 billion, representing a YoY increase of 16.5%[26] - The company's office building operation and property management services achieved a revenue of RMB1.73 billion, representing a YoY increase of 20.7%, with an occupancy rate of 80.7%[28] - The company's office building operation and property management business covered 47 cities, with 27 projects under operation as of the end of 2022[28] - Revenue for the year ended 31 December 2022 was RMB12,016.2 million, a YoY increase of 35.4%, driven by the consolidation of acquired companies and market expansion[65] - Cost of sales for the year ended 31 December 2022 was RMB8,405.2 million, a YoY increase of 37.4%, due to increased costs from business scale expansion[65] - Gross profit for the year ended 31 December 2022 was RMB3,610.9 million, a YoY increase of 30.9%, with a gross profit margin of 30.1%, down 1 percentage point YoY[66][67] - Residential property management services gross profit margin was 18.9%, down 0.4 percentage points YoY, but increased to 19.8% excluding intangible asset amortization[70] - Commercial operational and property management services gross profit margin was 50.7%, up 2.1 percentage points YoY, due to effective cost control and improved operating efficiency[70] - Gain on changes in fair value of investment properties was RMB43.3 million, mainly from valuation changes of Lanzhou MIXC and Shenzhen Buji MIXONE[70] - Other income and gains for the year ended 31 December 2022 was RMB579.9 million, a YoY increase of 10.8%, primarily due to increased bank deposit interest income[70] - Marketing expenses for the year ended 31 December 2022 was RMB151.2 million, a YoY increase of 160.3%, driven by increased market expansion efforts[70] - Administrative expenses increased by 28.5% YoY to RMB1,052.8 million due to business expansion and higher staff and office costs[71] - Effective income tax rate decreased by 2.3 percentage points to 23.8% due to preferential taxation policies in Qianhai, Shenzhen[71] - Net profit grew by 28.2% YoY to RMB2,213.2 million[71] - Total bank deposits and cash decreased by 8.65% to RMB12,722.8 million, mainly due to acquisitions and repayment of overseas loans[71] - Gearing ratio increased by 8.9 percentage points to 44.6%[71] - Completed acquisition of Yuzhou Property for RMB1,058 million[73] - Completed acquisition of Nantong Changle and 1% of Jiangsu Zhongnan for RMB2,485 million[73] - Terminated acquisition of Zhuji Xiangsheng and 2% of Zhejiang Shinsun, which was not completed[74] - The company expects internal financial resources to be sufficient for future property development projects[74] - Total proceeds from the listing amounted to approximately RMB11,600.4 million after deducting underwriting fees and relevant expenses[76] - As of 31 December 2022, RMB3,223.3 million of the listing proceeds had been utilized, with the remaining amounts held as bank deposits[77] - Strategic investments and acquisitions to expand property management and commercial operational businesses accounted for 60% of the net proceeds, with RMB6,960.3 million allocated[78] - Investment in information technology systems and smart communities accounted for 15% of the net proceeds, with RMB1,740.1 million allocated[78] Corporate Governance and Leadership - The company ranked No. 7 among the Top 100 Property Service Enterprises in China for 2022[10] - The company ranked No. 6 among the Top 10 Listed Property Services Companies of 2022[10] - The company ranked No. 6 in terms of comprehensive strengths among property service enterprises in China for 2022[10] - The company received the Star Award for 2022 Excellent Operation and Management Enterprises of Shopping Malls[10] - Mr. YU Linkang was appointed as an executive Director and the president of the Company in August 2020, with approximately 30 years of experience in real estate investment, commercial operation, and corporate management[90] - Mr. Yu served as the deputy general manager of China Resources (Shenzhen) Co., Ltd. from November 2004 to May 2011, and concurrently as the general manager of China Resources Shenzhen Bay Development Co., Ltd. from December 2008 to May 2011[90] - Mr. Yu was appointed as the senior vice president of CR Land in July 2016, managing the Group's business, particularly the commercial operational services business[90] - Mr. Yu received the Commercial Real Estate Leader Award in 2018 and 2020 from the China Commercial Real Estate Industry Annual Award Panel[92] - Mr. WANG Haimin was appointed as an executive Director and the vice president of the Company in August 2020, with extensive experience in real estate and corporate management[92] - Mr. Wang served as the deputy general manager of China Southern Airlines Tourism Development Co., Ltd. from August 2003 to April 2010[92] - Mr. Wang also served as the deputy general manager of Yuexiu Property Shenyang Co., Ltd. from October 2012 to October 2013[92] - Mr. Wang joined CR Land in October 2013 and has held various roles including deputy general manager of China Resources Land (Shenyang) Co., Ltd. and general manager of the marketing management department of the Shenyang region[93] - Mr. Wang was appointed as the Group's vice president in August 2020 to continue managing the Group's business and ceased his appointment at CR Land[93] - Ms. Wei Xiaohua was appointed as an executive Director and the vice president of the Company in August 2020, with experience in real estate and corporate management[93] - Ms. Wei served as the marketing manager of Ericsson (China) Co., Ltd. from May 1998 to September 2003[93] - Ms. Wei was appointed as the Group's vice president in August 2020 to continue managing the Group's business and ceased her appointment at CR Land[95] - Ms. Yang Hongxia was appointed as an executive Director and the chief financial officer of the Company in August 2020 and the secretary to the Board in December 2022[96] - Ms. Yang has been responsible for the management of the Group and is in charge of the financial management of the Group since November 2016[96] - Ms. Yang was appointed as the Group's chief financial officer in August 2020 to continue managing the Group's business[96] - Ms. Yang obtained a bachelor's degree and a master's degree in accounting from School of Management, Xiamen University in 2001 and 2004, respectively[96] - Ms. Yang was qualified as a certified accountant in 2003 and has been holding the title of intermediate accountant from 2006[96] - Mr. LI Xin, aged 51, has been the Director of the Company since July 2020 and was appointed as a non-executive Director in August 2020[98] - Mr. Li joined CRH in August 1994 and has held various senior positions including senior vice president of CR Land and chairman of the board of directors of CR Land since May 2022[98] - Mr. Li obtained a bachelor of economics degree in investment economics management from Dongbei University of Finance and Economics and a master of engineering degree in project management from The Hong Kong Polytechnic University[99] - Mr. GUO Shiqing, aged 53, has been a Director since December 2018 and was appointed as a non-executive Director in August 2020[99] - Mr. Guo served as the accountant of Guangdong Electric Power First Engineering Bureau from July 1994 to October 2001 and joined CR Land in October 2001[99] - Mr. Guo was appointed as the chief financial officer of CR Land in June 2020 and has been serving as an executive director since December 2020[99] - Mr. Guo was further appointed as the secretary of the board of directors of CR Land in December 2022[99] - Mr. Lau Ping Cheung Kaizer, aged 71, was appointed as an independent non-executive Director on 25 November 2020, with over 30 years of experience in the real estate industry[101] - Mr. Lau has served as an independent non-executive director of SEM Holdings Limited (stock code: 9929) since January 2020[101] - Mr. Cheung Kwok Ching, aged 62, was appointed as an independent non-executive Director on 25 November 2020, with over 30 years of experience in the real estate industry[102] - Mr. Cheung is the founder and chairman of ACR Asset Management, founded in March 2019[102] - Mr. Chan Chung Yee Alan, aged 56, was appointed as an independent non-executive Director on 25 November 2020, and is the chairman of the audit committee[103] - Mr. Chan is currently the chief operations officer of Miramar Hotel and Investment Company, Limited (stock code: 00071)[104] - Mr. Chan served as an independent non-executive director of Upbest Group Limited (stock code: 00335) from September 2007 to August 2022[104] - Mr. Chan was the managing director of Chinalink Express Holdings Limited from 2003 to 2021[104] - Mr. Chan was appointed as a member of the Board of Review (Inland Revenue Ordinance) of the HKSAR from 2009 to 2011[104] - Mr. Chan became an elected member of the Election Committee of the HKSAR since 2021[104] - Mr. Chan holds multiple professional qualifications including a master's degree in Practising Accounting and Business Law from Monash University, and is a fellow of the Hong Kong Institute of Certified Public Accountants and CPA Australia[105] - Ms. Qin Hong, aged 60, was appointed as an independent non-executive Director on 25 November 2020 and has extensive real estate research experience[105] - Ms. Qin is currently an independent non-executive director and a member of the Strategy and Investment Committee of Red Star Macalline Group Corporation Ltd[107] - Ms. Qin served as an independent non-executive director, the chair of the nominating and corporate governance committee, and a member of the audit committee and compensation
华润万象生活(01209) - 2022 - 年度财报