[中报]深深房Ｂ(200029):2023年半年度报告（英文版）
原标题:深深房Ｂ:2023年半年度报告（英文版） & PROPERTIES (GROUP) CO., LTD. INTERIM REPORT 2023 2023-031 【August 2023】 Part I Important Notes, Table of Contents and Definitions The Board of Directors (or the “Board”), the Supervisory Committee as well as the directors, supervisors and senior management of ShenZhen Special Economic Zone Real Estate & Properties (Group) Co., Ltd. (hereinafter referred to as the “Company”) hereby guarantee the factuality, accuracy and completeness of the contents of this Report and its summary, and shall be jointly and severally liable for any misrepresentations, misleading statements or material omissions therein. Tang Xiaoping, the Company’s General Manager, Wang Jianfei, the Company’s Chief Financial Officer, and Zhou Hongpu, head of the Company’s financial department (equivalent to financial manager) hereby guarantee that the Financial Statements carried in this Report are factual, accurate and complete. All the Company’s directors have attended the Board meeting for the review of this Report and its summary. Certain descriptions about the Company’s operating plans or work arrangements for the future mentioned in this Report and its summary, the implementation of which is subject to various factors, shall NOT be considered as promises to investors. Therefore, investors and interested parties are reminded to be sufficiently aware of the risks involved and understand the differences between plans, forecasts and promises. The Company has no interim dividend plan, either in the form of cash or stock. This Report and its summary have been prepared in both Chinese and English. Should there be any discrepancies or misunderstandings between the two versions, the Chinese versions shall prevail. Table of Contents Part I Important Notes, Table of Contents and Definitions ........................................................... 2 Part II Corporate Information and Key Financial Information ................................................... 6 Part III Management Discussion and Analysis ............................................................................... 9 Part IV Corporate Governance ...................................................................................................... 22 Part V Environmental and Social Responsibility .......................................................................... 23 Part VI Significant Events ............................................................................................................... 24 Part VII Share Changes and Shareholder Information ............................................................... 30 Part VIII Preferred Shares .............................................................................................................. 34 Part IX Bonds ................................................................................................................................... 35 Part X Financial Statements ........................................................................................................... 36 Documents Available for Reference 1. The financial statements with the personal signatures and stamps of the Company’s legal representative, Chief Financial Officer and head of the financial department; and 2. The originals of all the documents and announcements disclosed by the Company on Securities Times, China Securities Journal and Ta Kung Pao during the Reporting Period. Definitions
Part II Corporate Information and Key Financial Information I Corporate Information
1. Contact Information of the Company Indicate by tick mark whether any change occurred to the registered address, office address and their zip codes, website address, email address and other contact information of the Company in the Reporting Period. □ Applicable ? Not applicable No change occurred to the said information in the Reporting Period, which can be found in the 2022 Annual Report. 2. Media for Information Disclosure and Place where this Report is Kept Indicate by tick mark whether any change occurred to the information disclosure media and the place for keeping the Company’s periodic reports in the Reporting Period. □ Applicable ? Not applicable The website of the stock exchange, the media and other websites where the Company’s periodic reports are disclosed, as well as the place for keeping such reports did not change in the Reporting Period. The said information can be found in the 2022 Annual Report. 3. Other Information Indicate by tick mark whether any change occurred to other information in the Reporting Period. □ Applicable ? Not applicable IV Key Financial Information Indicate by tick mark whether there is any retrospectively restated datum in the table below. □ Yes ? No
? Applicable □ Not applicable Unit: RMB
No such differences for the Reporting Period. 3. Reasons for Accounting Data Differences Above □ Applicable ? Not applicable XI Exceptional Gains and Losses ? Applicable □ Not applicable Unit: RMB
No such cases for the Reporting Period. Explanation of why the Company reclassifies as recurrent an exceptional gain/loss item listed in the Explanatory Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to the Public—Exceptional Gain/Loss Items: □ Applicable ? Not applicable No such cases for the Reporting Period. Part III Management Discussion and Analysis I Principal Activity of the Company in the Reporting Period (I) Industry review for the Reporting Period In the first half of 2023, as the economy and society fully returned to normal operations, macro policies took effect, and the national economy rebounded. The Central Government actively expressed support for the real estate sector to guide its healthy development. Various regulatory policies were relaxed, financing channels for real estate companies expanded, interest rate cuts supported residential mortgages, but the policy effects were somewhat delayed, and market confidence is expected to further recover. (II) Review of the Company’s operations in the Reporting Period Facing an increasingly complex external context and tougher reform and development tasks in the Reporting Period, the Company conscientiously implemented the decisions and arrangements of the State-owned Assets Supervision and Administration Commission of the People’s Government of Shenzhen Municipality (Municipal SASAC) and Shenzhen Investment Holdings Co., Ltd. (SIHC). Under the leadership of the new leadership team, SPG employees worked in unity, took concrete actions, demonstrated the Company’s resilience, and maintained an upward development trend. The main achievements are as follows: 1. Stable and orderly operations in the core business. The Company focused on project planning, schedule, and milestone management. Through BIM technology empowerment and adherence to high standards, we ensured the schedule and quality of projects under construction like SPG Guangmingli. We made full efforts to promote sales and marketing for projects. Since the opening in late April, the SPG Guangmingli project display centre has hosted over 1,000 customers. The Donghu Mingyuan project cleared out remaining units. We strengthened operations of our own properties, leveraged the development of “Buildings for Shenzhen-Hong Kong Specialty Industry” to promote leasing and operations for SPG Plaza’s existing properties. In the first half of the year, newly leased areas were 2,374 square meters, renewed leased areas were 10,690 square meters, and the occupancy rate reached 74.21%. We intensified efforts to sell existing housing inventory. Properties like Floors 1-2 of Guoshang Mansion and Buildings 25 and 26 of Wenjin Garden were successfully listed on The Stock Exchange of Hong Kong Limited. 2. Made full efforts to tap potentials and expand. We thoroughly explored internal business potentials and managed affiliated enterprises. The newly signed construction contracts worth RMB142 million for Zhentong Engineering. We added RMB49.775 million in online signed sales for Shantou Branch, expanded supervision projects by 2 for Huazhan Construction Supervision, and turned losses into profits for Petrel Hotel. We vigorously activated internal stock resources, accelerated the land title confirmation for the “Xinfeng Building” project, and signed a transaction agreement with the counterparty for the sale of commercial land in Los Angeles, USA. We proactively promoted land investment, tracked real estate market conditions, closely followed Shenzhen land auction dynamics, and continued land expansion research. 3. Accelerated exploration of future development. To implement high-quality development requirements, we systematically and deeply investigated the Company’s current management status and external environment, and examined and revised the Group’s “14th Five-Year” strategic plan from a higher perspective, clarifying future guidelines and strategic tasks to form a framework for the “14th Five-Year” strategic plan revision. We continued to strengthen tracking of the China Securities Regulatory Commission’s adjustments to optimise equity financing policies for real estate enterprises, conducted research on future development accordingly, and strove to achieve synergistic breakthroughs in the process of supporting the controlling shareholder’s development strategy. 4. Continuously consolidated the internal control foundation. Nearly 50 new management systems were formulated across the Company in the first half of the year. We optimized procurement and cost control systems, managed project costs throughout the entire process, conducted in-depth risk control and internal audits on capital usage and contract management, and continuously strengthened the internal control system foundation. Adhering to bottom-line thinking, in view of the growing risks in the industry, we made forward-looking assessments combining our project situations to effectively prevent and resolve operational risks and safeguard state-owned assets. We strengthened financial coordination to guarantee project development and operating capital needs, and persevered in production safety, petition management, public opinion monitoring and other efforts to create a harmonious and stable environment for development. 5. Party building provided cohesive strength. We adhered to high-quality Party building to lead high-quality development, giving full play to the Party organisation’s leadership role in “setting the direction, managing the big picture, and ensuring implementation”. We gradually built an internal Party supervision-led “mega supervision” system, with dedicated and business supervision mutually coordinated. We implemented responsibilities for Party management and governance, and continuously consolidated the Party building foundation in basic organisations, systems, and teams. Combining practice, we carried out in-depth education, focused strengths to solve problems and promote development, used “One Brand for One Enterprise” Party building brand as a carrier to pool internal strengths, and advanced the integration of Party building with business management. The Company is subject to the information disclosure requirements for the real estate industry in the Disciplinary and Regulatory Guideline No. 3 of the Shenzhen Stock Exchange for Listed Companies—Industry-specific Information Disclosure. Cumulative land bank:
□ Applicable ? Not applicable Financing channels:
Development strategy and operating plan for the coming year: In the second half of the year, the Company will anchor its annual key tasks and goals, focusing on completing the clearance of existing housing inventory, the construction and sales of the Guangmingli project, advancing the construction of “Buildings for Shenzhen-Hong Kong Specialty Industry”, and exploring new paths for future development. We will exert all efforts to “maintain sales, reduce inventory, prevent fluctuations, expand growth, improve quality, and enhance vitality”, effectively tackling the challenges of future development. 1. Prioritise “Sales Volume”. The Company will seize the market window, control marketing milestones, and strengthen marketing’s coordination and guidance for project sales across its affiliated enterprises. Through a multidimensional approach encompassing market analysis, product positioning, target audience identification, channel integration, and atmosphere enhancement, we will diversify customer acquisition and conversion methods. We are fully committed to achieving the annual sales target for the Guangmingli project and driving sales for projects such as Tianyuewan by the Shantou Branch. 2. Focus on “Reducing Inventory”. The Company will align with market demand, leverage resources from agency platforms, refine broad-based marketing incentives, explore self-developed customer channels, and strive to achieve the annual sales target for legacy projects. We will strengthen intermediary channel engagement and promotion, facilitating transactions for properties such as Guoshang, Yitai, and Wenjin Garden. Benchmarking against the market, we will proactively enhance existing products, intensify self-owned property leasing efforts, and endeavour to fulfill the overall annual task target. 3. Expand “Sales Growth”. The Company will consistently drive the activation of internal assets and unearth operational potential, continually expanding resources and performance in the core business. Following the annual task objectives set at the beginning of the year, we will focus on managing affiliated enterprise activate legacy internal resources and bolster core business reserves. We will vigorously advance the revision and development of the “14th Five-Year” strategic plan, guiding future corporate reform and development. 4. Enhance “Quality”. The Company will concentrate on elevating operational planning capabilities, centering on high-efficiency coordination of projects, cycles, and expertise across the entire spectrum of our core business. Operating plans will serve as the main thread, aiming for development progress and quality, focusing on key milestones, optimizing project organisation, and controlling development timelines to improve operational quality and efficiency. A comprehensive optimisation of the marketing system will be pursued from dimensions such as market research, product positioning, customer analysis, and channel integration, continuously enhancing marketing capabilities for new and existing projects. The construction of the organisational system and supportive capacity will be reinforced, actively securing specialised talents for future development, enhancing incentive and restraint mechanisms, and unlocking internal value creation. 5. Mitigate “Variable Risks”. The Company will thoroughly assess potential risks in investment and project expansion, establish risk assessment and early warning mechanisms, and minimise future project risks. We will proactively address and mitigate potential risks, explore financing channels, and ensure project funding requirements are met. 6. Boost “Energy”. The Company will persistently uphold its Party building responsibilities, strengthen ethical and clean governance, safeguard ideological positions, promote the deep integration of Party building and operations, and harness the “red engine” of Party building to drive high-quality development. We will translate the results of theme education into tangible work outcomes, leveraging the “One Brand for One Enterprise” Party building brand to explore new paths for integrating Party building and business, fortify our “battle fortress”, and strive to be the “pioneers of challenges”, continuously harnessing the guiding and safeguarding power of Party building. Provision of guarantees for homebuyers on bank mortgages: ? Applicable □ Not applicable
Joint investments by directors, supervisors and senior management and the listed company (applicable for such investments where the directors, supervisors and senior management are the major source of investment): ? Applicable □ Not applicable
As the earliest real estate developer founded in the Shenzhen Special Economic Zone, the Company helped build the early city, and has created a number of "first places" in the history of real estate development in China. For example, the first to use the paid state-owned land, the first to introduce the foreign investment for the cooperative land development, the first to raise development funds by means of pre-sale of buildings, the first to carry out public bidding for construction projects in accordance with international practices, the first to set up a property management company to the buildings and residences developed in an all-rounded manner, as well as winning the bid in the new China’s first auction of land use rights held in the Shenzhen Special Economic Zone. After more than 40 years of development, the Company has grown into a business group with real estate development and operation as its main business, integrating engineering and construction, project supervision, asset management and other diversified operations. It has paid great efforts to the establishment of a modern enterprise HR management system and works hard in building a professional and high-quality development team. It also keeps improving the management mechanism and processes for project development. As a result, its planning, construction, cost control, sales ability and brand image have been effectively improved. More importantly, its main business operation ability and core competitiveness have been greatly enhanced. The Company has been granted the titles of “Socially Responsible Company” and “Honest (Quality) Company” in the real estate sector of Shenzhen for two consecutive years. Additionally, it was selected as one of the "Most Valuable Brands for Investment of Chinese Listed Companies" and "Most Socially Responsible Brands of Chinese Listed Companies" in the 2022 Brand Power (Longcheng) Forum & the Fourth Conference on Top 500 Brands of Chinese Listed Companies. III Core Business Analysis Overview: See contents under the heading “I Principal Activity of the Company in the Reporting Period” above. Year-on-year changes in key financial data: Unit: RMB
Net profit largely came from recurrent business operations in the current period, while in the same period of last year, exceptional gains such as income from the disposal of subsidiary were the primary sources of net profit. Breakdown of operating revenue: Unit: RMB
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