Stock Code 股份代號: 2868
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Stock Code 股份代號 : 2868 CONTENTS 目錄 2 CHAIRMAN’S STATEMENT 董事長報告 6 MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論和分析 30 LATEST INFORMATION OF SHARE CAPITAL 最新股本概況和主要股東 AND MAJOR SHAREHOLDERS 34 OTHER INFORMATION 其他資料 36 CONSOLIDATED AND COMPANY 合併及公司資產負債表 BALANCE SHEETS 38 CONSOLIDATED AND COMPANY 合併及公司利潤表 INCOME STATEMENTS 40 CONSOLIDATED AND COMPANY 合併及公司現金流量表 CASH FLOW STATEMENTS 43 CONSOLIDATED STATEMENT OF CHANGES 合併股東權益變動表 IN EQUITY 45 COMPANY STATEMENT OF CHANGES IN 公司股東權益變動表 EQUITY 46 NOTES TO THE FINANCIAL STATEMENTS 財務報表附註 302 COMPANY INFORMATION 公司資料 CHAIRMAN’S STATEMENT 董事長報告 Dear Shareholders, 各位股東: On behalf of the board of directors (the “Board”) of Beijing 本人謹代表首創置業股份有限公司(「首創置業」 Capital Land Ltd. (“BCL” or the “Company”; together with 或「本公司」,連同其附屬公司統稱「集團」或 its subsidiaries, the “Group”), I am pleased to present the 「本集團」)之董事會(「董事會」),欣然提呈集 Group’s interim results for the six months ended 30 June 團截至二零一七年六月三十日止之中期業績。 2017. In the first half of 2017, growth in the global economy 二零一七年上半年,全球經濟普遍回暖。其中 picked up, while the US economy mostly recovered with 美國經濟全面復蘇,失業率達到經濟危機後最 unemployment rate falling to its lowest level since the 低水平,期內美聯儲完成兩次加息,並預計下 financial crisis. The Federal Reserve also raised interest rates 半年將啓動縮表進程;歐元區國家經濟復蘇强 twice during the first half of 2017 and the balance sheet 勁,歐洲央行繼續保持寬鬆的貨幣政策,區內 wind-down is expected in the second half. The euro zone 政治不確定性大幅降低;在發達經濟體的强 also continued to recover, and the European Central Bank 勢復蘇下,新興經濟體國家經濟也隨之回暖。 (ECB) maintained its ultra-loose monetary policy that appears 二零一七年上半年,中國經濟延續了穩中向好 to have significantly reduced the political uncertainty across 的態勢,在新常態基調下,以新發展理念引領 the region. Alongside the strong recovery from developed 經濟發展,有效推進供給側改革,提高經濟發 economies, emerging markets started to pick up as well. In 展質量和效益,全面落實改革創新政策,上半 the first half of 2017, China’s economy maintained stable 年GDP增速回升至6.9%。 growth, showing positive signs. Under the “new normal”, thanks to the new development concepts and effective supply-side structural reforms, the quality and efficiency of the economy improved. With innovation policies underway, GDP growth in China bounced back to 6.9% during the first half of the year. In the first half of 2017, a number of tightening policies were 二零一七年上半年,中央頻繁出台調控政策, released by the central government in order to ensure the 保障房地產市場總體平穩運行;同時,因城施 stable development of the property market. Concurrently, 策、分類調控政策得到有效落實,城市分化持 the enforcement of city-specific measures and category- 續,但不同城市形勢出現變化。一線城市及重 based regulation has taken effect. The property market in 點二線城市,在嚴格的調控政策下,商品房成 general saw continued divergence among cities. In first- 交量回落,房價增速放緩;三四線城市在去庫 and key second-tier cities, residential sales volume fell due 存政策的引導下,改善性需求釋放,商品房和 to tightening policies and growth in prices also slowed. In 土地成交均顯現較强回升態勢。 contrast, in third- and fourth-tier cities, both residential sales and land sales experienced relatively strong growth as a result of destocking policies that led to strong upgrade demand. 2 BEIJING CAPITAL LAND LTD. Interim Report 2017 CHAIRMAN’S STATEMENT 董事長報告 During the first half of 2017, the Group adhered to 二零一七年上半年,本集團以「有質量的增長」 “achieving quality growth” and proactively adjusted its 為經營方針,積極應對核心城市調控政策,靈 sales strategies and product supply in response to tougher 活調整銷售策略及供貨節奏,加强核心城市核 tightening policies in core cities. BCL achieved a significant 心產品打造推廣,加快非核心城市庫存去化, increase in contracted sales by developing and promoting 穩步開拓海外市場,銷售業績實現大幅提升。 key projects in core cities, speeding up inventory clearance in 上半年,本集團實現簽約金額人民幣245.1億 non-core cities, and steadily expanding in overseas markets. 元,同比增長50.5%;實現簽約均價人民幣 During the first half, the Group recorded contracted sales of 22,721元╱平方米,同比增長26.7%。 RMB24.51 billion, an increase of 50.5% year-over-year, while the average selling price was RMB22,721 per square meter (“sq.m.”), an increase of 26.7% year-over-year. During the first half, the Group focused development on 上半年,本集團聚焦北京、上海、天津、深 six core cities in China, namely Beijing, Shanghai, Tianjin, 圳、重慶、成都六大核心城市及澳洲,於北 Shenzhen, Chongqing, Chengdu, as well as Australia, and 京、天津、深圳、澳洲等地獲得多個項目, acquired a number of projects in Beijing, Tianjin, Shenzhen 土地投資額人民幣約115.3億元,總建築面積 and Australia. The Group made approximately RMB11.53 約151.7萬平方米,核心聚焦進一步强化。期 billion of land investments with an aggregate GFA of 內,本集團拓寬戰略布局,成功進入深圳市 approximately 1,517,000 sq.m., which helped enhance 場,獲得深圳市龍華區核心地段項目,進一步 the Group’s footprint across core property markets. During 擴展核心城市版圖。 the period, the Group successfully entered the Shenzhen market through acquiring the centrally located Longhua project to expand its strategic presence and capture growth opportunities in core cities. During the first half, the Group’s outlets business continued 上半年,本集團奧特萊斯業務綫繼續快速拓 to see rapid growth. Beijing Capital Grand Limited (“Capital 展,首創鉅大有限公司(「首創鉅大」)新獲昆明 Grand”) acquired the Kunming outlets project and the 奧特萊斯、鄭州奧特萊斯A2地塊等項目,旗下 Zhengzhou outlets project land plot A2, etc. With those 奧特萊斯項目累計布局14座城市,布局數量繼 two newly-acquired projects, the Group has now deployed 續保持全國第一,向「五年二十城」戰略目標邁 outlets projects in 14 cities and remains No.1 nationwide 進;同時,土地一級開發及棚戶區改造業務戰 in terms of the number of outlets deployed. The Group will 略在京津冀全面落地,新獲北京順義北石槽棚 continue moving towards the strategic goal of developing 20 戶區改造項目,開發中項目累計達到6個,並 outlets projects in the current five-year period. Concurrently, 正在重點推進多個項目,土地一級開發及產業 the Group deployed a strategy to develop primary land and 園業務規模持續提升,已成為公司重要業務板 renovate shantytowns across the Beijing-Tianjin-Hebei region. 塊和核心資源獲取平台。 In particular, the Group acquired the Beishicao shantytown renovation project in Shunyi District, Beijing. The Group has six primary land projects under development and is now pushing forward multiple key projects. As a result, the primary land development and industrial park business are scaling up and have become a crucial business segment for the Group, and will serve as a strategic platform to acquire key resources. 首創置業股份有限公司 二零一七年中期報告 3 CHAIRMAN’S STATEMENT 董事長報告 During the first half, the Group carried out its “BCL Made 上半年,本集團高效貫徹「首創製造2020」產 品 2020” product strategy for “achieving quality growth”. 戰略,有效落實「有質量的增長」。一方面,著 With an emphasis on improving product quality, the 力提升產品品質,匠心打造龍頭核心產品,「天 Group continued to unveil flagship products with expert 閱」和「禧瑞」兩個高端產品線期內持續熱銷; craftsmanship, including the two best-selling high-end 另一方面,著力提升產品、營銷及物業管理能 product lines, “Tian Yue” and “Xi Rui”. Additionally, 力。期內,本集團落實產品精准定位,精准研 the Group strove to improve product quality, marketing 發,構建大數據及產品設計運營體系;營銷管 effectiveness and property management capabilities. During 理系統正式上線,全面推進自銷平線建設,營 the period, the Group leveraged Big Data to drive product 銷管理體系提質增效;發布新客服戰略體系, positioning, product design and product innovation. The 首萬物業「睿服務」體系落地,全面提升客戶服 Group also officially launched a sales management system for 務及物業管理;通過參與投資優客工場股權, its in-house sales team, thus improving the sales process. In 輸入品牌與管理,提升自身存量資產價值及管 addition, a new customer service system, the “Rui Service” 理能力。 property management brand that was developed by the BCL-Vanke joint venture Shouwan Property Management Service Company, boosted the quality of customer service and the Group’s overall property management capabilities. The Group also made an equity investment in UrWork, whereby BCL would be able to leverage on their brand resources and extensive management expertise that would bring along synergies to increase BCL’s asset value and enhance its management capabilities. During the first half, while the Group’s financing activities 上半年,本集團各項融資工作穩步推進,並積 were all on track, it actively considered new financing 極研究開展新型融資業務,不斷拓寬融資渠 methods with the aim of broadening financing channels as 道,優化債務結構和融資成本。本集團於年初 well as optimizing debt structure and lowering financing 成功獲得國家發改委年內首單外債備案登記, costs. The Group successfully filed an offshore debt 並分兩筆成功發行5億美元境外高級債券,獲 application with the National Development and Reform 得惠譽BBB投資評級,年利率分別為3.875%與 Commission (“NDRC”), which was the first of its kind been 3.7%,有效降低融資成本;積極推進A股IPO accepted during the year. With the approval, the Group 申報工作,並於期內獲得中國證監會第一輪反 issued two tranches of offshore senior notes for an aggregate 饋意見;積極推進100億公司債項目的申報, principle amount of USD500 million, one with a coupon rate 並已研究開展新型資本市場融資業務,包括以 of 3.875% and another at 3.7%. Both tranches were rated 購房尾款資產證券化及以持有物業資產支持專 BBB by Fitch Ratings and helped effectively lower the Group’s 項計劃等。 financing costs. Also, during the first half, the Group actively pushed forward with its A-Share IPO plan and received the first round of review feedback from the China Securities Regulatory Commission (“CSRC”). The Group’s application for RMB10 billion of corporate bonds is in progress, and the Group also explored new financing sources, including the securitization of final payment from home buyers and programs backed by investment properties. 4 BEIJING CAPITAL LAND LTD. Interim Report 2017 CHAIRMAN’S STATEMENT 董事長報告 During the period, the Group recorded revenue of RMB7.37 回顧期內,本集團實現營業收入人民幣73.7億 billion, representing an increase of 43.5% compared with 元,較去年同期人民幣51.4億元上升43.5%, RMB5.14 billion in the corresponding period last year. It 歸屬於母公司淨利潤為人民幣6.46億元,較去 recorded net profit attributable to equity holders of the 年同期人民幣5.73億元上升12.7%。 Company of RMB646 million, representing an increase of 12.7% compared with RMB573 million in the corresponding period last year. In the second half of 2017, in response to changing industry 二零一七年下半年,本集團將繼續以「有質量的 policies and market dynamics, the Group will continue to 增長」為經營方針,靈活應對行業政策及市場形