2024-04-24-港交所-合生创展集团_二零二三年年报_319页_7mb

2023 Annual Report Summary

Core Content Overview

This document is the 2023 Annual Report of a real estate and property development company, detailing its financial performance, business segments, corporate structure, and key projects across various cities in China and the UK. The report is structured into ten main sections, with a focus on the company's strategic direction and operational achievements.

Main Business Segments

Real Estate Segment

• Contracted Sales: In 2023, the real estate segment achieved contracted sales of approximately RMB32,583 million (including decoration), with several projects exceeding RMB1,000 million in sales.
• Key Projects:
  • 縢雲上海 (YUNÉ Shanghai)
  • 缦合北京 (MAHA Beijing)
  • 合生缦雲 (Hopson YUNÉ)
  • 合生湖山國際 (Hopson Hushan Guoji Villa)
  • 緹雲廣州 (YUNÉ Guangzhou)
• Location: The company has a strong presence in major cities such as Beijing, Shanghai, Guangzhou, and others, with a focus on high-end urban living and projects located in core areas with convenient transportation and scarce landscape resources.

Commercial Segment

• Revenue: The commercial segment generated approximately HK$4,239 million in revenue in 2023.
• Landbank: As of December 31, 2023, the commercial segment had a landbank of approximately 7.27 million sq.m., with 95% located in first-tier cities.
• Technology: The company has developed a commercial technology platform, indicating its focus on integrating technology into commercial real estate operations.

Property Management Segment

• Revenue: The property management segment reported approximately HK$1,395 million in revenue in 2023.
• Technology Integration: The segment is divided into two parts: Hooplife Technology and Property Management.
• Campaign: In 2023, the group launched the "Building Homes with Ingenuity" campaign across over 200 projects in more than 30 cities, with 85 service contacts as the core of the initiative.

Investments Segment

• Losses: The investments segment reported losses of approximately HK$151 million in 2023.
• Financial Assets: As of December 31, 2023, the company held approximately HK$2,819 million in financial assets at fair value through other comprehensive income and HK$2,011 million in financial assets at fair value through profit or loss.

Infrastructure Segment

• Revenue: The infrastructure segment had a revenue of approximately HK$8,114 million before elimination.
• Construction Activities:
  • New construction area: 1.82 million sq.m.
  • Completed construction area: 1.53 million sq.m.
• Informatisation: The company made comprehensive improvements to its informatisation system, enhancing business management, operation control, system intelligence, automation, and user experience.

Corporate Structure and Governance

• Board of Directors:
  • Executive Directors: 朱桔榕 (Chairman), 張帆 (Co-president), 欧伟建, 谢宝鑫 (Resigned), 鲍文格, 罗泰彬 (Appointed).
  • Independent Non-executive Directors: 陈龙清, 程如龙, 叶伟伦.
• Committees:
  • Audit and Remuneration Committee: 陈龙清 (Chairman), 程如龙, 叶伟伦.
  • Nomination Committee: 朱桔榕 (Chairman), 陈龙清, 程如龙, 叶伟伦.
• Company Secretary: 张文海
• Authorized Representatives: 欧伟建, 谢宝鑫 (Resigned), 罗泰彬 (Appointed)
• Independent Auditor: Ernst & Young
• Legal Advisor: MinterEllison LLP

Corporate Information

• Listing: The company's shares are listed on the Main Board of The Stock Exchange of Hong Kong Limited with the stock code 00754.
• Mortgage-backed Securities: Listed on the Shanghai Stock Exchange for 4.80%, 5.30%, 4.35%, and 6.00% commercial mortgage-backed securities (restricted to certain qualified institutional members).
• Senior Notes: Listed on the Singapore Exchange Securities Trading Limited for 7.00% Senior Notes.
• Share Register: The register of shareholders is closed for the Annual General Meeting from June 11 to June 14, 2024.
• Registered Office: Clarendon House, 2 Church Street, Hamilton HM11, Bermuda.
• Principal Office: Unit 4903-10, 49/F., The Center, 99 Queen's Road Central, Central, Hong Kong.
• Representative Offices:
  • Guangzhou: 16th Floor, South Tower, Zhujiang Investment Building, 421 Zhujiang East Road, Zhujiang New City.
  • Beijing: Hopson Office Building, 23A West Dawang Road, Chaoyang District.
  • Shanghai: 19th Floor, Block 3, No. 695 Lingshi Road, Zhabei District.

Key Projects by Location

Beijing

• Hopson Regal Riviera: 100% ownership, completed area: 91,996 sq.m.
• MAHÁ Beijing: 82.50% ownership, completed area: 117,834 sq.m.
• Hopson Hushan Guoji Villa: 50.80% ownership, completed area: 0, incomplete area: 76,620 sq.m.
• Beijing Jinmao Palace Phase II: 22.73% ownership, completed area: 19,364 sq.m.
• Hopson MIYÅ: 100% ownership, completed area: 0, incomplete area: 181,582 sq.m.

Langfang

• Hopson Regal: 91% ownership, completed area: 11,585 sq.m.
• Hopson Regal Mansion: 100% ownership, completed area: 0, incomplete area: 123,333 sq.m.
• Hopson Dragon River 1st: 100% ownership, completed area: 9,249 sq.m., incomplete area: 105,240 sq.m.
• Hopson Garden: 90% ownership, completed area: 0, incomplete area: 201,791 sq.m.

Tianjin

• Jingjin New Town: 92.30% ownership, completed area: 293,329 sq.m., total area: 4,234,206 sq.m.
• Hopson Belvedere Bay: 92.30% ownership, completed area: 27,876 sq.m.
• Tianjin Hopson International Tower: 98.90% ownership, completed area: 135,429 sq.m.
• Dongli Lake Project: 92.30% ownership, total area: 1,130,000 sq.m.

Dalian

• Hopson Regal Seashore: 100% ownership, completed area: 27,579 sq.m., incomplete area: 100,052 sq.m.

Taiyuan

• Hopson International City: 66.11% ownership, completed area: 15,149 sq.m., incomplete area: 52,940 sq.m.

Qinhuangdao

• Hopson Seasky Villa: 51% ownership, total area: 1,271,834 sq.m.

Tangshan

• Hopson Regal Park (Caofeidian): 98.75% ownership, completed area: 56,236 sq.m., incomplete area: 67,249 sq.m.

Shanghai

• Hopson Town: 100% ownership, completed area: 16,969 sq.m., incomplete area: 523 sq.m., total area: 17,492 sq.m.
• Hopson Golf Mansion: 100% ownership, completed area: 856 sq.m.
• Hopson Sheshan Dongziyuan: 100% ownership, completed area: 25,561 sq.m.
• Hopson Lantern Villa: 100% ownership, completed area: 2,125 sq.m.
• Hopson International Garden: 94% ownership, completed area: 1,045 sq.m.
• Hopson Dongjiao Villa: 100% ownership, completed area: 8,551 sq.m.
• Hopson Yuting Garden: 100% ownership, completed area: 4,182 sq.m.
• Hopson International Plaza: 100% ownership, completed area: 374,016 sq.m.
• Hopson Fortune Plaza: 100% ownership, completed area: 53,357 sq.m.
• Hopson Guangfuhui: 100% ownership, completed area: 7,749 sq.m.
• Hopson Times Garden: 100% ownership, completed area: 3,794 sq.m.
• Hopson Asset Seascape Residence: 100% ownership, completed area: 52,091 sq.m.
• Shanghai Tea Factory Project: 100% ownership, total area: 37,366 sq.m.
• YUNÉ in Shanghai: 100% ownership, total area: 654,761 sq.m.

Hangzhou

• Hopson World Trade Centre: 95% ownership, completed area: 87,456 sq.m.
• Hangzhou Hopson Mansion: 100% ownership, completed area: 216 sq.m.

Kunshan

• Hopson International Garden: 100% ownership, completed area: 340 sq.m.
• Metropolis Light: 55.37% ownership, completed area: 43,255 sq.m.
• Hesong Lanting: 50.21% ownership, completed area: 61,308 sq.m.

Ningbo

• Hopson International City: 100% ownership, completed area: 4,690 sq.m.

Cixi

• The Town of Hangzhou Bay: 95% ownership, completed area: 386,109 sq.m., incomplete area: 736,269 sq.m., total area: 1,122,378 sq.m.

Taicang

• Hopson Sea Block: 97.30% ownership, completed area: 68,399 sq.m.
• Hopson Crystal Garden: 98.10% ownership, incomplete area: 90,571 sq.m.

Financial Highlights

• Total Revenue: Approximately HK$32,353 million in 2023, compared to HK$25,264 million in 2022.
• Segment Results:
  • Real Estate: HK$1,925,733 million (2023) vs. HK$3,249,698 million (2022)
  • Commercial: HK$4,892,941 million (2023) vs. HK$12,320,982 million (2022)
  • Property Management: HK$21,862 million (2023) vs. HK$55,083 million (2022)
  • Infrastructure: HK$455,046 million (2023) vs. HK$715,951 million (2022)
  • Investments: (HK$424,062 million) (2023) vs. (HK$2,281,636 million) (2022)

Earnings Per Share

• Basic Earnings Per Share: HK 77 cents
• Diluted Earnings Per Share: HK 77 cents (restated)

Summary

The company demonstrated a strong performance in the real estate and commercial segments, with significant contracted sales and a substantial landbank in first-tier cities. The property management segment showed a decline in revenue but remained a key part of the business. The infrastructure segment saw a notable reduction in revenue but maintained a robust construction activity. The investments segment experienced losses, indicating potential challenges in the market. The company has a well-structured corporate governance framework with a diverse board and active committees, and it continues to expand its operations across major cities in China, including Beijing, Shanghai, Guangzhou, and others, with a focus on high-end urban living and technology integration.