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2019.04.17 Annual Report 2018 MIDEA REAL ESTATE HOLDING LIMITED 2018 ANNUAL REPORT www.mideadc.com COMPANY PROFILE Midea Real Estate Holding Limited (the ‘’Company’’ and together North China Region and Southwest China Economic Region. As with its subsidiaries, the “Group’’) (Stock Code: 3990) is a pioneer at 31 December 2018, the total gross floor area of the Group’s in providing China’s Smart Home living solutions and a leading land reserves reached approximately 45.07 million square metres. residential and industrial property developer and operator in China. Benefitting from the longstanding manufacturing and The Group was listed on the Main Board of The Stock Exchange technological strengths of the “Midea” brand, the Company of Hong Kong Limited (the “Stock Exchange”) on 11 October primarily engages in large complex property development 2018. Going forward, the Group will focus on leveraging its well- projects across the country, with a particular focus on the known brand, extending its footprint across China by executing development of Smart Home features. The Group provides its regional “deep penetration” strategy and fully adapting to quality living and systematic Smart Home solutions to customers. local market conditions. It will also deliver differentiated products It also operates in other high-growth areas along the property through its Smart Home solutions, and expand its coverage of development value chain, such as property management, Smart services in the property development value chain. The Group will Home solutions, investment and operation of commercial strive to obtain financing through diversified low-cost channels, properties, prefabricated construction, industry and city further expand its operational scale, enhance efficiency and integration and modular bathrooms. Our property development implement its “Property + Industrial” strategy. By taking these projects are evenly distributed across 48 cities in 15 provinces in steps, the Group will reinforce its leading market position and the Pearl River Delta Economic Region, Yangtze River Delta expand its market share in the industry. Economic Region, Midstream of Yangtze River Economic Region, BUSINESS SEGMENTS The Group will continue to focus on new high growth areas of its principal businesses. It will leverage its “Property + Industrial” strategy to drive steady business growth. Property Development Property Management Services Investment and Operation of Commercial Properties CONTENTS 1 Business Segments 52 Directors and Senior Management 2 Financial Overview 61 Corporate Governance Report 4 Milestones in 2018 76 Directors’ Report 8 Honours and Awards 88 Independent Auditor’s Report 10 Chairman’s Statement 94 Consolidated Statement of Comprehensive Income 14 Management Discussion and Analysis 95 Consolidated Balance Sheet 24 Property Previews 97 Consolidated Statement of Changes in Equity 27 Property Development 98 Consolidated Statement of Cash Flows 48 Property Management Services 99 Notes to the Consolidated Financial Statements 50 Investment and Operation of 187 Financial Summary Commercial Properties 188 Corporate Information 51 Prefabricated Construction We have 45.07 million square metres of land reserves in 48 cities in 15 provinces across five major regions in China. We provide a wide range of property management services forming an integrated service 27 spectrum covering property management, support services for preliminary sales of real estate developments, and other value-added property services. In December 2016, our subsidiary Guangdong Midea Property Management Company Limited (“Midea Property Management”), was listed on the National Equities Exchange and Quotations (the “NEEQ”) in the PRC (Stock code: 839955). Commercial properties which we have developed and operated include urban 48 complexes, community neighbourhood, shopping malls, characteristic commerce, cultural tourism projects and long-term rental apartments. 50 Financial Overview Overview of Results For the Year Ended 31 December 2018 2017 Change Revenue (RMB million) 30,119.8 17,716.9 70.0% Gross profit (RMB million) 9,853.9 4,897.1 101.2% Gross margin 32.7% 27.6% 5.1% Net profit (RMB million) 3,286.9 1,893.6 73.5% Net profit margin 10.9% 10.7% 0.2% Profit attributable to owners of the Company (RMB million) 3,210.0 1,912.4 67.8% Basic earnings per share (RMB) 3.08 2.54 21.3% Proposed final dividend per ordinary share to be distributed (RMB) 1.0768 0 N/A Overview of Balance Sheet As at 31 December 2018 2017 Change Total assets (RMB million) 177,319.1 112,978.9 56.9% Total cash and bank deposits (RMB million) 26,533.1 23,791.0 11.5% Short-term borrowings (RMB million) 16,601.2 9,070.6 83.0% Long-term borrowings (RMB million) 32,908.1 29,184.3 12.8% Total equity (RMB million) 23,584.4 12,164.8 93.9% Return on equity 19.9% 18.8% 1.1% Total liabilities/total assets 86.7% 89.2% -2.5% Net debt/equity ratio 97.4% 118.9% -21.5% 2 MIDEA REAL ESTATE HOLDING LIMITED Annual Report 2018 Financial Overview (Continued) GROSS PROFIT AND REVENUE GROSS PROFIT MARGIN (RMB ‘000) (RMB ‘000/%) 2018 30,119,811 2018 9,853,923 / 32.7% 2017 17,716,924 2017 4,897,060 / 27.6% 2016 11,992,340 2016 2,728,914 / 22.8% 2015 8,312,707 2015 1,788,142 / 21.5% NET PROFIT AND PROFIT ATTRIBUTABLE TO NET PROFIT MARGIN OWNERS OF THE COMPANY (RMB ‘000/%) (RMB ‘000) 2018 3,286,869 / 10.9% 2018 3,209,997 2017 1,893,569 / 10.7% 2017 1,912,442 2016 993,311 / 8.3% 2016 1,007,387 2015 383,504 / 4.6% 2015 391,076 TOTAL ASSETS TOTAL EQUITY (RMB ‘000) (RMB ‘000) 2018 177,319,110 2018 23,584,436 2017 112,978,899 2017 12,164,780 2016 57,888,411 2016 3,094,419 2015 34,745,172 2015 1,409,797 MIDEA REAL ESTATE HOLDING LIMITED Annual Report 2018 3 Milestones in 2018 FEB In February, the Group’s subsidiary Ningbo Liancheng Zhugong Technology Co., Ltd. (寧波聯城住工科技有 限公司) was registered and incorporated, making the Group’s official entry into the building industrialisation areas. In February, the Group received its first loan for its long-rental apartment project from the Guangdong Branch of China Construction Bank Corporation (“CCB”), which marked a breakthrough in the Group’s apartment rental business. MAR In March, the Group obtained an approval to issue a non-public corporate bond from Shenzhen Stock Exchange in an aggregate sum of RMB4.5 billion pursuant to which we had issued the first tranche in May 2018 in an aggregate principal amount of RMB1.44 billion, and the second tranche in January 2019 in an aggregate principal amount of RMB3.06 billion with a coupon interest rates of 5.3% per annum, which was lower than the interest rates for domestic non-public corporate bonds issued by our peers. In March, the Group collaborated with Aliyun Computing Co., Ltd. (阿 里雲計算有限公司) (“Aliyun”) to unveil the “Smart Life on Cloud” programme during The Computing Conference Shenzhen Summit (“Summit”). This is the second cooperation project between the Group and Aliyun since the Group entered into a framework cooperation agreement with Aliyun in 2017. During the Summit, the Group announced that it plans to build approximately 200 smart communities in the next three years. 4 MIDEA REAL ESTATE HOLDING LIMITED Annual Report 2018 Milestones in 2018 (Continued) MAY In May, the Group was recognised by the National Smart Home Standards Technical Committee of SAC/TC426* as the National Standard Creation Base for Smart Living (國家智慧居住區標準創制基地) in the PRC and was invited by the committee to participate in the drafting of the Intelligent Residence Community Standards White Papers (智慧居住區標準白皮書) and Intelligent Home Standards White Papers (智能家居標準白皮書). In May, the Group collaborated with Guangdong Shunde Holdings Group Co., Ltd. (廣東順德控股集團有限公司) to launch Shunde Shanghua Intelligent Manufacturing Industrial Park (順德上華智能製造產業園), a project of upgrading industrial parks at Lecong Town (樂從鎮) of Shunde District (順德區). This is the Group’s first industry and city integration project. * SAC/TC426: National Technical Committee of Digital Technique of Intelligent Building and Resident Community of Standardisation Administration of China MIDEA REAL ESTATE HOLDING LIMITED Annual Report 2018 5 Milestones in 2018 (Continued) JUN In June, the Group invested in the Revitalisation Foundation for In June, the Group entered into a strategic cooperation Rural Areas of Shaoguan (韶關市鄉村振興公益基金會), which agreement with Hangzhou Hikvision Digital Technology Co., Ltd. aims to help 5 local province-level poor villages and 4 city-level (杭州海康威視數字化技術股份有限公司)(“Hikvision”), under villages. which the companies will cooperate in, among others, the establishment of Smart Properties, Smart Communities, Smart Homes, property management and operation platforms as well as the research and application of artificial intelligence. 6 MIDEA REAL ESTATE HOLDING LIMITED Annual Report 2018 Milestones in 2018 (Continued) OCT In October, the Group was listed on the Main Board of the Stock Exchange, marking the Group’s successful entry into international capital markets. DEC In December, the Group signed a strategic cooperation framework agreement with the People’s Government of Heyuan City in Guangdong Province (廣東省河源市人民政府), under which the Group will develop five major projects in Heyuan City. These projects include the development of research and development (“R&D”) centres, smart solutions exhibition centres and cultural tourism projects. MIDEA REAL ESTATE HOLDING LIMITED Annual Report 2018 7 Honours and Awards Social Responsibilities 2018 Top 10 China Real Estate Developers in Innovation Award for Innovation in Poverty Alleviation in 2018, Ability,
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