Share Repurchase and Capital Structure - The company repurchased a total of 2,894,000 ordinary shares at a total purchase price of HKD 1,321,960 during the year ended December 31, 2023[1]. - The repurchased shares included 1,700,000 shares bought on December 29, 2023, at a price of HKD 0.35 per share[1]. - The issued share capital of the company was reduced by the par value of the repurchased shares that were cancelled on February 27, 2023[1]. - As of December 31, 2023, the company's issued and paid-up share capital was HKD 191,659,327.56, consisting of 4,791,483,189 ordinary shares with a par value of HKD 0.04 each[13]. - The group completed four share buybacks during the year, totaling 2,894,000 shares, with 1,194,000 shares canceled, involving an expenditure of HKD 1,321,960, accounting for 0.06% of the issued shares[87]. Financial Performance - Total revenue decreased by 27.8% to HKD 7,953,596,000 from HKD 11,022,496,000 in the previous year[30]. - Gross profit increased by 11.9% to HKD 3,325,390,000, with a gross margin of 41.8%, up from 26.9%[30]. - The net profit attributable to the company's owners was HKD 494,570,000, compared to HKD 305,001,000 in the previous year[21]. - Basic earnings per share rose to 10.32 HKD from 8.47 HKD, representing a 21.8% increase[21]. - The company's net asset value per share decreased to 2.92 HKD from 3.04 HKD, a decline of 3.9%[30]. - The group’s net profit increased by 60.9% to HKD 490,713,000, with earnings attributable to shareholders rising by 21.6% to approximately HKD 494,570,000[133]. Revenue Breakdown - Total revenue for 2023 was HKD 7,180,575, a decrease of 31.0% from HKD 10,480,999 in 2022[63]. - Property sales revenue was HKD 6,870,636, down 33.0% from HKD 10,275,286 in the previous year[63]. - Hotel operations revenue increased to HKD 299,672, up 47.5% from HKD 203,272 in 2022[63]. - Property sales revenue reached HKD 6,870,636,000, accounting for 86.4% of total revenue, down from 93.2% in the previous year[114]. Expenses and Liabilities - The income tax expense for the year was HKD 1,466,007 thousand in 2023, up from HKD 1,055,893 thousand in 2022, reflecting a significant increase of approximately 39%[45]. - The total trade payables decreased to HKD 1,007,357 thousand in 2023 from HKD 1,810,201 thousand in 2022, showing a reduction of about 44%[54]. - The total land value tax for the year was HKD 773,188 thousand in 2023, an increase from HKD 558,780 thousand in 2022, representing a rise of approximately 38%[45]. - The group recorded a net loss of approximately HKD 223,018,000 in other expenses, compared to a net loss of HKD 156,171,000 in 2022[119]. Cash Flow and Financing - Cash and cash equivalents rose to HKD 5,985,911, up 33.7% from HKD 4,477,602 in the previous year[63]. - The net debt-to-equity ratio decreased from 63.0% to 58.4%, with a current ratio of 1.4 times compared to 1.1 times at the end of 2022[93]. - The total loans of the group, including bank loans and other loans, amounted to approximately HKD 18,002,416,000, an increase from HKD 17,658,754,000 as of December 31, 2022[135]. Corporate Governance and Compliance - The company confirmed compliance with the corporate governance code as per the listing rules for the year ended December 31, 2023[10]. - The audit committee, composed of three independent non-executive directors, reviewed the audited financial statements for the year ended December 31, 2023[12]. - The company has adopted a custom code of conduct for securities trading by directors and relevant employees, ensuring compliance with the standard code[3]. - The company maintains the required public float as per the listing rules[15]. Future Outlook and Strategic Plans - The outlook for 2024 indicates a potential recovery in the real estate market, supported by favorable policy adjustments and improving consumer confidence[96]. - The group plans to continue expanding its property management and hotel operations in the upcoming year[63]. - The group aims to enhance its digital transformation through a three-phase plan in collaboration with Mingyuan Cloud, with the second phase already initiated in February 2023[86]. - The group plans to continue its rental housing business, with completed projects contributing stable rental income and new projects expected to be completed in 2024[112]. - The group aims to enhance land reserves and focus on high-quality real estate projects in key cities, particularly in the Yangtze River Delta region, to promote stable market development[139]. Dividends - The company proposed a final dividend of HKD 0.021 per ordinary share and a special dividend of HKD 0.008 per ordinary share, subject to shareholder approval[50]. - The board proposed a final cash dividend of HKD 0.021 per share and a special cash dividend of HKD 0.008 per share for the year ending December 31, 2023, subject to shareholder approval[140].
上实城市开发(00563) - 2023 - 年度业绩