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Annual Report 2019

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Annual Report 2019 YINCHENG INTERNATIONAL HOLDING CO., LTD. (Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立之有限公司) Stock Code 股份代號: 1902 Annual Report 年報2019 YINCHENG INTERNATIONAL HOLDING CO., LTD. ANNUAL REPORT 2019 年報 CONTENTS 目錄 Corporate Profile 公司簡介 2 Awards 獎項 3 Milestones 里程碑 4 Corporate Information 公司資料 7 Financial Highlights 財務摘要 10 Financial Summary 財務概要 11 Chairman’s Statement 主席報告 12 Management Discussion and Analysis 管理層討論及分析 18 Biographical Details of Directors and Senior Management 董事及高級管理層之履歷詳情 49 Corporate Governance Report 企業管治報告 56 Directors’ Report 董事會報告 72 Environmental, Social and Governance Report 環境、社會及管治報告 95 Independent Auditor’s Report 獨立核數師報告 140 Consolidated Statement of Profit or Loss and 綜合損益及其他全面收益表 147 Other Comprehensive Income Consolidated Statement of Financial Position 綜合財務狀況表 149 Consolidated Statement of Changes in Equity 綜合權益變動表 151 Consolidated Statement of Cash Flows 綜合現金流量表 153 Notes to Financial Statements 財務報表附註 157 Five-Year Financial Summary 五年財務概要 307 Definitions 釋義 309 CORPORATE PROFILE 公司簡介 The Company is an established property developer in the PRC focusing on 本公司為中國發展成熟的房地產開發商，專注 developing quality residential properties in the Yangtze River Delta Megalopolis 於在長三角地區為全齡客戶開發優質住宅物 for customers of all ages. 業。 In pursuing the development strategy of “based in Nanjing, cultivate the 堅持「立足南京，深耕長三角，輻射都市圈」 Yangtze River Delta and radiate the urban area”, the Company has successfully 的發展策略，本公司的房地產開發業務已成功 expanded its real estate development business from Nanjing to other cities in 從南京擴張至長三角地區的其他城市。集團堅 the Yangtze River Delta Megalopolis. The Group persists in its core 持「品質領先，服務卓越、創新未來」的核心 development strategy of “leading quality, excellent services and innovative 開發策略，旨在開發「全齡宜居、健康舒適、 future”, which is aimed at developing quality property products “with healthy, 智慧便捷」的優質物業。本公司為中國房地產 comfortable, smart and convenient living environment for customers of all 百強企業，自2002年起連續17年被江蘇省房 ages”. As one of the top 100 real estate developers in China, the Company has 地產業協會評為江蘇省房地產開發行業綜合實 been recognised by the Jiangsu Real Estate Association as one of the top 50 力50強企業之一，並於2018年在該榜排名第二。 enterprises in the real estate development industry of Jiangsu Province in terms of comprehensive strength consecutively for 17 years since 2002 and ranked second on such list in 2018. As of 31 December 2019, the Company had 40 projects located in nine cities in 截止2019年12月31日，本公司擁有位於中國 the PRC, including Nanjing, Wuxi, Suzhou, Hangzhou, Xuzhou, Zhenjiang, 九個城市（包括南京、無錫、蘇州、杭州、徐 Ma’anshan, Hefei and Taizhou, and a land bank with an aggregate estimated 州、鎮江、馬鞍山、合肥及台州）的40個項目， GFA of approximately 5,220,000 sq.m., out of which the land bank with interests 並擁有估計總建築面積約522萬平方米的土地 attributable to the Group amounted to approximately 4,300,000 sq.m. The 儲備，其中應佔集團權益的土地儲備面積約 high-quality land bank has laid a solid foundation for the Company’s future 430萬平方米。優質的土地儲備為公司未來增 growth. In 2019, the total contracted sales and the total contracted GFA 長奠定了堅實的基礎。2019年，集團連同合營 recorded by the Group together with its joint ventures and associates 企業及聯營公司錄得的總合約銷售額約為人民 amounted to approximately RMB19,821.4 million and 1,129,071 sq.m., 幣19,821.4百萬元，同比增長107.7%，總合約 respectively, representing a year-on-year increase of 107.7% and 125.1%, 建築面積約為1,129,071平方米，同比增長 respectively, with the average contracted selling price of approximately 125.1%，平均合約售價約為每平方米人民幣 RMB17,555 per sq.m. In 2019, the Group recorded a revenue of RMB9,092.5 17,555元。2019年，本集團錄得收益人民幣 million, representing a year-on-year increase of 79.3%. GFA delivered amounted 9,092.5百萬元，同比增長79.3%，已交付面積 to approximately 439,865 sq.m., representing a year-on-year increase of 120.5%. 約439,865平方米，同比增長120.5%。 The Group adopts standardised development procedures to accelerate the 集團採用標準化的開發流程，在保證產品質量 turnover rate of properties and promote efficient operations while ensuring 的同時，加快周轉及促進高效營運。集團針對 product quality. For customers of different ages, the Group specifically 不同年齡客戶，精心打造五大優質住宅系列 designed five series of high-quality residential properties, being “Yi series”, —「頤」 「尚」「致」「中」「和」系列，滿足長者、 “Shang series”, “Zhi series”, “Zhong series” and “He series” to meet various needs 年輕一代、中等收入家庭、改善型家庭及高收 of the elderly, the younger generation, middle-income households, home 入家庭等客戶的不同需求。同時，集團採用多 upgraders and upper-middle income households. In the meantime, the Group 元化的開發策略，進軍康養產業及商業地產， introduces more flexibility to its business development by expanding into the 讓業務發展更加靈活。 health and wellness industry and commercial real estate under a diversified development strategy. 02 Yincheng International Holding Co., Ltd. Annual Report 2019 AWARDS 獎項 CORPORATION HONOURS AND AWARDS 企業榮譽 • Top 100 Real Estate Developers in China in 2020 (ranking 90th) • 2020中國房地產百強企業（第90名） • Ranking second in the real estate development industry of Jiangsu • 2018江蘇省房地產開發行業綜合實力 Province in terms of comprehensive strength in 2018 第二名 • Specialised Chinese Real Estate Enterprise with Excellence in Operation in 2020 • 2020中國特色地產運營優秀企業 • Top 20 Growing Enterprises in China’s Real Estate industry in 2019 • 2019中國房地產成長性企業二十強 • Chinese Real Estate Enterprise Professional Feature Award in 2019 • 2019中國房企專業特色獎 • Quality Chinese Real Estate in 2019 • 2019年度中國品質地產 • Market Leader for Digitalization in the Chinese Real Estate Market 2019 • 2019中國地產數字化領軍企業 • The Most Valuable Real Estate Enterprise for the Year in the Billboard of the • 2019中國價值地產總評榜年度價值地產企 Most Valuable Real Estate Enterprises of China for 2019 業公民 • The “Core Competitiveness Award” and “Best Investor Relations Award” of • 2019中國企業精英「最具核心競爭力獎」及 China Enterprise Elite in 2019 「最佳投資者關係獎」 PROJECT HONOURS AND AWARDS 項目榮譽 Peaceful the Paradise Healthcare Community 君頤東方康養社區 Pioneer of the Housing and Urban-Rural Construction System in Jiangsu 2019江蘇省住房和城鄉建設系統工人先鋒號 Province for 2019 Yuan Stream Mansion Project 原溪項目 Winner Award for Space category in Interior Design of the American 2019 AMP美國建築大師獎之室內設計空間區域 Architecture Master Prize (AMP) for 2019 類別winner大獎 銀城國際控股有限公司 03 二零一九年年報 MILESTONES 里程碑 MARCH 2019 • 3月 MAY 2019 • 5月 • Listing of the Company on the Main Board of the • Various projects reported impressive sales Stock Exchange performance on their launch The Listing introduced new financing channels to the Launch of Yuexi Mansion and further launch of Dream Company which was conducive to the optimization of Mansion its financial structure, enhancement of corporate 多個項目首開熱銷 governance and brand influence. 樾溪台項目首開、悅見山項目加推 公司在聯交所主板上市 開啓新的融資渠道有利於公司優化財務結構、提升 公司治理水平、增強品牌影響力 JUNE 2019 • 6月 • Convened the first annual general meeting after • APRIL 2019 4月 Listing 召開上市後首次股東周年大會 • The first investor reverse roadshow was successfully held 成功舉辦第一次投資人反向路演 • Yungu Tianjing Mansion, the Company’s first project in Hangzhou, was sold out upon its launch 本公司杭州首個項目 — 雲谷天境項目首開售罄 • Official launch of various projects Official launch of Yuexi Mansion (joint development with CIFI Real Estate), Land Parcel C of Huijian Weilai, and Changjiang Fu • Strategic cooperation with the Riverside Group 多項目正式發佈 與山水文園集團達成戰略合作 樾溪台項目正式公佈（聯合旭輝地產）、薈見未來C 地塊產品發佈會、長江賦項目正式發佈 • Impressive sales performance of various projects during Yincheng Good Housing Festival Launch of Changjiang Fu, Rongyue Dongfang in Yixing and further launch of Honor Mansion 銀城好房節多項目熱銷 長江賦項目開盤、宜興融悅東方項目首開、雲台天 境項目加推 • Mass delivery of various projects at a delivery rate over 95% • Official engagement of the Xianlin Lishui Campus Delivery of Dream Mansion, Honor Mansion and phase II of Nanjing Foreign Language School in the of Dongyue Mansion Airport Exhibition Town Project in Lishui District 多項目迎來批量交付，交付率超過95% 南京外國語學校仙林分校溧水校區正式入駐溧水空 悅見山項目、雲台天境項目、東岳府項目二期交付 港會展小鎮項目 04 Yincheng International Holding Co., Ltd. Annual Report 2019 MILESTONES 里程碑 JULY 2019 • 7月 SEPTEMBER 2019 • 9月 • Acquisition of the entire equity interests of • Impressive sales of RMB4.15 billion recorded in a Zhejiang Lin’an Zhongdu Properties Limited and single month with the launch of various projects Hangzhou Zhongdu Qingshan Wonderland Hotel 多盤聯動，單月熱賣人民幣41.5億元 Company Limited At a total consideration of RMB2.43 billion with a total GFA of 656,000 sq. m., the acquisition will expand the land bank of the Group and enhance its sustainable development. 收購浙江臨安中都置業有限公司及杭州中都青山湖 畔大酒店有限公司全部股權 總代價人民幣24.3億元，項目總建築面積65.6萬平方 米，為本集團拓展土地儲備，並提升可持續發展能力 • Won the bidding of a land parcel located in the core area of Nanjing for commercial and residential purpose • The land parcel situated at Central Road, Xuanwu OCTOBER 2019 10月 Avenue, Xuanwu District, Nanjing City is worth a total • Won the bidding of a land parcel located in Liuhe, consideration of RMB2.51 billion with a total planned Nanjing for residential purpose GFA of 166,000 sq.m., which will be developed into The land parcel situated at Liuhe District, Nanjing City was residential and commercial properties. acquired by the Group and Nanjing State-owned Real 競得一宗位於南京核心地段之商住用地 Estate at a total consideration of RMB1.03 billion with a 地塊位於南京市玄武區玄武門街道中央路，總代價 total planned GFA of approximately 230,000 sq.m., which 25.1 16.6 人民幣 億元，總規劃建築面積約 萬平方米， will be developed into residential properties. 將發展為住宅及商業物業 競得一宗位於南京六合之住宅用地 • Continuing impressive sales of various projects 地塊位於南京市六合區，由集團攜手南京國資置業 The launch of phase I (shop units) of Dream Mansion and 獲得，總代價人民幣10.3億元，總規劃建築面積約 Yungu Tianjing Mansion in Zhejiang 23萬平方米，將發展為住宅物業 多項目持續熱銷 • Won the bidding of a land parcel located in the 悅見山項目一期商鋪開盤、浙江雲谷天境項目開盤 core area of Nanjing for medical purpose The land parcel situated at Xincheng Jiangkang Industrial Park, South of Qinhuai District, Nanjing City is
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