Company Overview and Shareholder Information - The company's shares are listed on the Main Board of The Stock Exchange of Hong Kong Limited, with 3,039,126,090 shares outstanding as of 31 December 2023, each with a nominal value of HK$0.10[10] - The company was incorporated in the Cayman Islands on 15 November 2007 and listed on the Hong Kong Stock Exchange on 6 June 2008[12] - Henan Tongsheng Zhiye Co., Ltd., a wholly-owned subsidiary of Henan Railway Construction & Investment Group, is one of the substantial shareholders of the company[12] Real Estate Development and Projects - The company focuses on real estate development and has been committed to improving urban construction standards, increasing tax collections, and creating job opportunities in Henan Province[13] - Accumulated delivered development projects reached 62.48 million sq.m., with 173 projects under development totaling 21.78 million sq.m. and land reserves of 37.69 million sq.m., including 28.65 million sq.m. of beneficially interested GFA[21] - In 2023, the company delivered 72 projects with a construction area of approximately 5.84 million sq.m.[35] - The company commenced construction of 14 new property projects in 2023 with a total GFA of 1,442,000 sq.m.[148][149] - As of 31 December 2023, the company had 173 projects under development with a total GFA of approximately 21,783,000 sq.m.[153] - The largest newly commenced project in 2023 was Zhengzhou Junlin Grand Courtyard Bamboo Court with a GFA of 197,245 sq.m.[151] - The largest project under development as of 31 December 2023 was Zhengzhou CCRE Tihome International City with a GFA of 1,204,319 sq.m.[154] - Luoyang Dingding Palace has the largest residential development area under construction at 573,711 sq.m.[157] - Anyang Junlin Grand Courtyard has a significant residential development area of 321,688 sq.m.[158] - Changyuan Forest Peninsula Courtyard in Xinxiang has the largest residential development area at 496,565 sq.m.[161] - Puyang Puyuan has a substantial residential development area of 264,415 sq.m.[161] - Xiangcheng CCRE Mall in Xuchang has the largest residential development area at 407,457 sq.m.[162] - Hebi Zhenyuehui is the only commercial property under development with an area of 92,187 sq.m.[158] - Xinxiang Honour Mansion has a significant residential development area of 375,491 sq.m.[161] - Luoyang Zhonghong City has a residential development area of 319,208 sq.m.[157] - Anyang Sky Mansion has a residential development area of 303,541 sq.m.[158] - Puyang Zhenyuehui has a residential development area of 141,559 sq.m.[162] - Total GFA under development for residential projects in Luohe is 1,000,435 sq.m., with the largest project being Luohe Art Mansion at 260,995 sq.m.[164] - Sanmenxia New District Forest Peninsula has the largest GFA under development in Sanmenxia at 134,846 sq.m.[164] - Shangqiu Shangheyuan has the highest GFA under development in Shangqiu at 231,549 sq.m.[166] - Zhoukou Hill Water Lake City is the largest residential project in Zhoukou with a GFA of 309,587 sq.m.[166] - Huaiyang Mingren Villa in Zhoukou has a significant GFA under development at 304,360 sq.m.[168] - Zhumadian West Lake Villa has the largest GFA under development in Zhumadian at 284,869 sq.m.[168] - Nanyang Shilihushan has a GFA under development of 124,448 sq.m., making it the largest project in Nanyang[170] - Xinyang Jianye City has the highest GFA under development in Xinyang at 213,644 sq.m.[170] - Total GFA under development for parking spaces in Zhumadian is 98,581 sq.m., with Zhengyang Jianye City contributing 60,148 sq.m.[168] - Xi County Jianye New City in Xinyang has a GFA under development of 173,542 sq.m.[170] - Total GFA under development is 21,783,291 sq.m., with major residential projects in Xinyang, Jiyuan, and Hainan[172] - The company delivered 72 projects with a total GFA of approximately 5,840,000 sq.m. by the end of 2023[174][175] - Key residential project deliveries include Zhengzhou Intelligent Palace (215,854 sq.m.) and Anyang Phoenix City North Bank (192,245 sq.m.)[175] - Commercial project deliveries include Jiyuan Code One City Majestic Mansion (297,818 sq.m.) and Huaiyang Jianye CCRE Mall (26,502 sq.m.)[172][177] - Significant residential deliveries in Hebi include Hebi Chinoiserie Palace (156,551 sq.m.) and Hebi Taihe Mansion (121,228 sq.m.)[176] - Xinxiang's major residential deliveries include Xinxiang Dongjing Mansion (104,004 sq.m.) and Xinxiang Meidi Yunqi (70,430 sq.m.)[176] - Puyang's residential deliveries include Puyang Jianye Longcheng (101,040 sq.m.) and Taiqian Jianye Jianrun House (159,455 sq.m.)[176] - Xuchang's residential deliveries include Xuchang Pleasure Garden (155,430 sq.m.) and Xuchang Zhenyuehui (37,019 sq.m.)[176] - Luohe's residential deliveries include Luohe Blossom Garden (115,119 sq.m.) and Luohe Jianye Xicheng Forest Peninsula (58,792 sq.m.)[177] - Shangqiu's residential deliveries include Shangqiu Jianye Chinoiserie Palace (189,720 sq.m.) and Shangqiu Art Mansion (102,253 sq.m.)[177] - Total residential property delivered during the year reached 5,840,367 sq.m.[178] Financial Performance and Market Conditions - Total contracted sales for the year amounted to approximately RMB 14.69 billion, a year-on-year decrease of 38.9%[40] - Revenue decreased by 20.0% from RMB24,083 million in 2022 to RMB19,261 million in 2023, primarily due to macroeconomic challenges and a downturn in the property market[84] - Property sales revenue decreased by 22.1% from RMB23,467 million in 2022 to RMB18,272 million in 2023, with recognized GFA decreasing by 29.9% from 3,548,000 sq.m. to 2,486,000 sq.m.[85] - Rental income increased by 8.7% from RMB136 million in 2022 to RMB147 million in 2023, driven by the lifting of COVID-19 restrictions and recovery in mall foot traffic[86] - Hotel operation revenue increased by 54.4% from RMB232 million in 2022 to RMB357 million in 2023, due to the resumption of tourism and travel post-COVID-19[87] - Total property contract sales in 2023 amounted to RMB14,690 million, a year-on-year decrease of 38.9% compared to RMB24,049 million in 2022[76] - Cash and cash equivalents decreased by 50.7% from RMB4,352 million in 2022 to RMB2,144 million in 2023[73] - Net borrowings increased by 10.7% from RMB19,309 million in 2022 to RMB21,366 million in 2023, with a net gearing ratio of -3,176.3%[77] - Loss attributable to equity shareholders decreased by 56.8% from RMB7,561 million in 2022 to RMB3,264 million in 2023, driven by macroeconomic and property market challenges[78] - Unrecognized property contract sales as of 31 December 2023 amounted to RMB38,972 million, with corresponding gross profit of RMB3,430 million expected to be recognized in the next 1-3 years[79] - Revenue decreased by 20.0% from approximately RMB24.08 billion in 2022 to approximately RMB19.26 billion in 2023, primarily due to macroeconomic and real estate market downturns[88] - Property sales revenue decreased by 22.1% from approximately RMB23.47 billion in 2022 to approximately RMB18.27 billion in 2023, with the annual recognized area decreasing by 29.9% from 3.548 million square meters to 2.486 million square meters[88] - Rental income increased by 8.7% from approximately RMB136 million in 2022 to approximately RMB147 million in 2023, driven by the lifting of COVID-19 restrictions and increased foot traffic in malls[88] - Hotel operating income increased by 54.4% from approximately RMB232 million in 2022 to approximately RMB357 million in 2023, due to the recovery of travel and increased demand for accommodation and dining[89] - Gross profit increased by 3.1% from approximately RMB1.90 billion in 2022 to approximately RMB1.96 billion in 2023, with the gross profit margin rising from 7.9% to 10.2%[93] - Other revenue increased by 56.6% from approximately RMB121 million in 2022 to approximately RMB190 million in 2023, primarily due to increased government grants[94] - Selling and marketing expenses decreased by 41.4% from approximately RMB1.13 billion in 2022 to RMB665 million in 2023, with the expense-to-revenue ratio dropping from 4.7% to 3.5%[98] - General and administrative expenses decreased by 28.9% from approximately RMB1.25 billion in 2022 to approximately RMB889 million in 2023, with the expense-to-revenue ratio decreasing from 5.2% to 4.6%[99] - Finance costs decreased by 7.5% from approximately RMB1.05 billion in 2022 to approximately RMB971 million in 2023, mainly due to reduced interest expenses on borrowings[101] - The company's cash and cash equivalents, along with restricted bank deposits, amounted to approximately RMB2.14 billion as of 31 December 2023, compared to RMB4.35 billion in 2022[110] - The company's share of profits from associates increased to RMB 40 million in 2023, up from RMB 16 million in 2022, reflecting a gain of RMB 24 million[111] - The company's share of profits from joint ventures was RMB 147 million in 2023, compared to a loss of RMB 185 million in 2022[111] - Investment property valuation gains were RMB 223 million in 2023, a significant improvement from a loss of RMB 1.414 billion in 2022, driven by increased commercial leasing demand post-pandemic[111] - The company's income tax expense rose by 24.7% to RMB 968 million in 2023, up from RMB 776 million in 2022, due to a narrowing of pre-tax losses[111] - The annual loss for 2023 was RMB 3.103 billion, a substantial reduction from the RMB 7.819 billion loss in 2022[111] - Cash and cash equivalents, including restricted bank deposits, decreased to RMB 2.144 billion in 2023 from RMB 4.352 billion in 2022[112] - Total borrowings as of December 31, 2023, amounted to RMB 23.511 billion, with senior notes making up RMB 13.865 billion of this total[114][116] - The company's net gearing ratio worsened to -3,176.3% in 2023, compared to 580.2% in 2022, indicating a significant increase in net borrowings relative to equity[116] - The company had pledged assets with a carrying amount of RMB 17.372 billion as of December 31, 2023, to secure bank credit facilities and loans[118] - Contingent liabilities for guarantees provided by the company stood at RMB 39.569 billion as of December 31, 2023, down from RMB 54.694 billion in 2022[119] - The company's total property contracted sales amount was approximately RMB14.69 billion, with a total contracted sales GFA of approximately 2.176 million sq.m., representing year-on-year decreases of 38.9% and 36.9% respectively[146] - In 2023, China's GDP exceeded RMB126 trillion, with a year-on-year increase of 5.2%, while fixed asset investment growth narrowed to 2.9% and real estate development investment continued to decline[131] - The cumulative supply GFA of commercial properties in Henan Province was 55.48 million sq.m., a year-on-year decrease of 14.3%, while the cumulative GFA sold was 71.91 million sq.m., a year-on-year decrease of 7%[142] - The average price of commercial properties in Henan Province was RMB6,382 per sq.m., rebounding from 2022 but not reaching pre-2021 levels[142] - China's property market entered its "most relaxed" cycle in history in 2023, with policies aimed at "guaranteed delivery, securing operations, and preventing risks"[136] - The national property sales area in 2023 was 1,117.35 million sq.m., a year-on-year decrease of 11.2%, while new construction starts fell over 20% year-on-year, hitting a 10-year low[139] - Henan Province's GDP grew by 4.1% in 2023, with real estate development and sales showing a downward trend compared to the previous year[132] - The company's property development projects saw a significant decline in sales performance, reflecting broader market challenges[146] - Platform companies accounted for over 70% of land acquisitions in Henan Province in Q4 2023, while local private enterprises' share decreased[142] - Total contracted sales amount for 2023 was RMB 14,690 million, a decrease of 39% compared to RMB 24,049 million in 2022[147] - Total contracted GFA for 2023 was 2,176,000 sq.m., a decrease of 37% compared to 3,449,000 sq.m. in 2022[147] - Zhengzhou had the highest contracted sales amount in 2023 at RMB 2,204 million, a decrease of 28% compared to 2022[147] - Zhoukou was the only city with a positive change in contracted sales amount, increasing by 4% to RMB 2,015 million in 2023[147] - The company had 24 projects under development in Zhengzhou, 147 in other cities of Henan Province, and 2 in Hainan as of 31 December 2023[153] Business Strategy and Future Plans - The company aims to upgrade and transform into a new lifestyle services provider by coordinating resources in property, hotel, commerce, and cultural tourism[16] - The company adheres to the philosophy of providing customers with zero-defect products and first-rated services[16] - The company applies scientific decision-making, management standardization, and operation professionalization in its business management to ensure product and service quality[16] - The company will prioritize guaranteeing project delivery in 2024, with increased efforts in cash collection and financing to support delivery[53] - The company will advance the restructuring of US dollar senior notes, aiming to gradually restore credit and return operations to normal[54] - The company plans to enhance profitability by optimizing operations, improving management models, and prioritizing profit[55] - The company will promote refined management by optimizing the management model and refining the management system to respond to market changes[61] - The company encourages front-line business units to explore new project expansion and innovate new paths for sustainable operations[62] - The company will adhere to the business objective of "guaranteeing delivery and ensuring operations" in 2024, focusing on six major tasks including debt resolution and new project expansion[51] - The company aims to establish a scientific work evaluation system and assessment mechanism to ensure stable operations and achieve key objectives[52] - The company will continue to uphold its core values of "Taking root in Central China and Contributing to Society" in 2024[63] - The company has spent 16 years "doing real estate in Henan" from 2008 to 2024 and will continue to promote urbanization and social progress in Central China[64] - The company is diversifying into hotels, cultural tourism, and green houses to expand its revenue base and reduce operational risks[83] Cultural Tourism and Brand Influence - The company's two major cultural tourism projects, "Jianye Movie Town" and "Unique Henan Land of Dramas," attracted over 16 million visitors, with 70% from outside Henan Province and 85% being post-1985 young viewers[41] - The two cultural tourism projects generated over 5 billion online impressions and received continuous attention from mainstream media, enhancing the company's brand influence[41] Hotel Operations and Investments - The company's total investment in hotels has reached RMB 4.93 billion, with 16 hotels invested in Henan[179][180] - Le Méridien Zhengzhou, the first international brand hotel in central China, opened on 30 November 2013 and features 337 deluxe rooms and suites[182][184] - Aloft Zhengzhou Shangjie, opened on 6 August 2011, offers 172 stylish rooms, including 8 deluxe suites and 2 accessible rooms[187][188] - Holiday Inn Nanyang, opened on 8 August 2012, is the first internationally renowned five-star hotel in Nanyang, covering an area of 66,700 sq.m.[193] - Holiday Inn Nanyang offers 353 guestrooms and suites, a 1,000 sq.m. banquet hall, and wireless internet access throughout the hotel[194] - Four Points by Sheraton Luohe opened on 29 November 2012, located near Luohe International Convention and Exhibition Centre, with a 10-minute drive to downtown and 90-minute drive to Zhengzhou Xinzheng International Airport[195] - The hotel in Luohe has 244 rooms, an international buffet restaurant, a Chinese restaurant, an indoor heated swimming pool, sauna equipment, a fitness centre, and a pillarless banquet hall[196] - Pullman Kaifeng Jianye opened on 1 November 2015, covering a total GFA of 43,536 sq.m. and a site area of
建业地产(00832) - 2023 - 年度财报