WEBSITE 網址 www.zensunenterprises.com Zensun Enterprises Limited Annual Report 2020 正商實業有限公司二零二零年年報 STOCK CODE 股份代號 Stock Exchange 聯交所 : 185 Bloomberg 彭博資訊 : 185 HK Reuters 路透社 : 0185.HK CHINA 中國 No. 1 Gangwan Road, Guancheng District, Zhengzhou City, Henan Province, PRC 中國河南省鄭洲市管城區 , 港灣路 1 號 ANNUAL REPORT 年報 HONG KONG 香港 24th Floor, Wyndham Place, 40-44 Wyndham Street, Central, Hong Kong 2020 香港中環雲咸街 40-44 號 , 雲咸商業中心 24 樓 UNITED STATES OF AMERICA 美國 2 Bethesda Metro Center, Suite 440 Bethesda, MD 20814, United States of America 封面及封底 : 鄭州正商瓏水上境 本年報以再造紙印制。 This annual report is printed on recycled paper. Cover & Back cover : Zhengzhou Zensun Longshuishangjing TABLE OF CONTENTS 目錄 2 Corporate Profile 75 Independent Auditor’s Report 公司簡介 獨立核數師報告 3 Corporate Information 85 Consolidated Statement of Profit or Loss 公司資料 綜合損益賬 4 Chairman’s Message 86 Consolidated Statement of Comprehensive Income 主席致詞 綜合全面收益賬 7 Hong Kong and Overseas Property Portfolio 87 Consolidated Statement of Financial Position 香港及海外物業組合 綜合財務狀況報表 8 Property Development in the PRC 89 Consolidated Statement of Changes in Equity and Project Summary 綜合權益變動表 在中國之物業發展及項目概要 90 Consolidated Statement of Cash Flows 24 Management Discussion and Analysis 綜合現金流量表 管理層討論及分析 92 Notes to Financial Statements 37 Board of Directors and Senior Management 財務報表附註 董事會及高級管理層 199 Financial Summary 43 Report of the Directors 財務概要 董事會報告書 200 Particulars of Major Investment Properties 62 Corporate Governance Report 主要投資物業概要 企業管治報告 Past Performance and Forward Looking Statements The performance and the results of operations of Zensun Enterprises Limited (the “Company”) and its subsidiaries (collectively, the “Group”) as set out in this annual report are historical in nature and past performance is not a guarantee of future performance. This annual report may contain forward-looking statements and opinions (including statements, figures, plans, images and other information) that involve risks and uncertainties. Actual results may also differ materially from expectations discussed in such forward-looking statements and opinions. Neither the Group nor any of its directors, employees or agents shall assume any obligations or liabilities in the event that any forward-looking statements or opinions does not materialise or turns out to be incorrect. 過往表現及前瞻性陳述 正商實業有限公司（「本公司」）及其附屬公司（統稱「本集團」）在本年報所載的業務表現及營運業績僅屬歷史數據，過往表現並不保證日後表現。本年報或載有前瞻 性陳述及意見（包括陳述、數字、計劃、圖像及其他資料）而當中涉及風險及不明朗因素。實際業務表現可能與前瞻性陳述及意見中論及的預期表現有重大差異。 本集團、及其任何董事、僱員、代理均不承擔倘因任何前瞻性陳述或意見不能實現或變得不正確而引致的任何責任。 In case of any inconsistency between the English text and the Chinese translation of this annual report, the English text shall prevail. 本年報之英文版本與中文版本如有歧義，概以英文版本為準。 2 Zensun Enterprises Limited 正商實業有限公司 CORPORATE PROFILE 公司簡介 Zensun Enterprises Limited (the “Company”) was founded in 1965 and listed on 正商實業有限公司（「本公司」）於1965年成立，自 the Main board of the Stock Exchange of Hong Kong since 1972. The Company 1972年起於香港聯交所主板上市。本公司及其附屬 and its subsidiaries (collectively, the “Group”) primarily engages in property 公司（統稱「本集團」）主要於香港、中華人民共和國 development, property investment, project management and sales services and （「中國」）及海外從事物業發展、物業投資、項目管 securities trading and investment in Hong Kong, People’s Republic of China (the 理及銷售服務以及證券買賣及投資。 “PRC”) and overseas. With the change of controlling shareholder of the Company since July 2015, the 隨著2015年7月之本公司控股股東變更，本集團不 Group has been expanding its business in the property development sector in the 斷擴張於中國物業發展行業之業務。自2015年年中 PRC. From mid 2015 and up to 2020, the Group completed 146 land acquisitions 至2020年，本集團透過招標及掛牌出售之公開拍賣 through tenders, public listings for sale auctions and other merger and acquisitions 會及其他合併及收購事項完成146幅位於河南省、 in support of the land reserves for property development business in Henan 北京及湖北省之土地收購以支持房地產發展業務之 Province, Beijing and Hubei Province. As at 31 December 2020, the Group had 土地儲備。於2020年12月31日，本集團於中國擁 19 completed property projects and/or sub-phases and 55 on-going complex 有19個已落成之物業項目及╱或項目分期及55個 property projects on hand with 122 land parcels under development and planning 現行發展及規劃中綜合物業項目（共122幅地塊）。 constituting the Group’s land reserves with an aggregate site area of approximately 有關項目構成本集團之土地儲備，總佔地面積約為 5.19 million square meters (“sq.m.”) and aggregate estimated GFA of approximately 5.19百萬平方米及估計總建築面積約為10.52百萬 10.52 million sq.m. in the PRC. In return, the land reserves will bring to the Group 平方米。土地儲備為本集團提供發展中估計可出 an estimated saleable/leasable GFA under development of approximately 6.26 售╱租賃建築面積約6.26百萬平方米及規劃中估計 million sq.m. and estimated GFA under planning of approximately 4.26 million 建築面積約4.26百萬平方米。自近這些年度積極完 sq.m. After the ambitious land acquisitions completed in recent years, the Group 成土地收購後，本集團將於後續三至四年為中國物 built up strong land reserves for the Group’s property development business in 業發展業務打造堅實的土地儲備，在河南省佔有一 the PRC for the next three to four years with a strong presence in Henan Province. 席之地。在可見將來，本公司繼續集中在河南省及 In the foreseeable future, the Company will continue to identify new property 中國其他一綫及二綫城市物色新物業發展項目並競 development projects and bid for land use rights of selective land parcels in the 投中國其他經揀選地塊之土地使用權。 PRC with focus on Henan Province, as well as other selective first and second tier cities in the PRC. In the United States (“USA” or “U.S.”), the Group currently holds approximately 7.5% 在美國，本集團目前持有在紐約證券交易所上市 equity interest over the NYSE-listed real estate investment trust (“REIT”), Global 的房地產投資信託基金Global Medical REIT, Inc. Medical REIT, Inc. (“GMR”), and continues to share GMR’s growth through receipt （「GMR」）約7.5%的股權，並透過收取股息收入繼 of dividend income, thereby achieving long-term capital appreciation of the Group’s 續分享GMR的增長，藉此實現本集團投資之長期資 investment. 本增值。 The Company will make use of the Group’s financial, human and technological 本公司將善用本集團之財務、人力及技術資源，以 resources to enhance its portfolio, asset base and brand image in the PRC, USA 提升其於中國、美國及海外的投資組合、資產基礎 and overseas with an aim to create new sustainable revenue streams and enhance 及品牌形象去開闢可持續之新收益來源，藉以提高 its shareholder value. 股東價值。 Xinxiang Zensun Smart City 新鄉正商智慧新城 Annual Report 2020 二零二零年年報 3 CORPORATE INFORMATION 公司資料 BOARD OF DIRECTORS COMPANY SECRETARY 董事會 公司秘書 Executive Directors Yuen Ping Man 執行董事 源秉民 Zhang Jingguo (Chairman and Kwok Pak Shing (resigned on 張敬國 郭柏成（於2020年9月8日辭任） Chief Executive Officer) 8 September 2020) （主席及行政總裁） Zhang Guoqiang 張國強 AUDITOR 核數師 Non-Executive Director Ernst & Young 非執行董事 安永會計師行 Huang Yanping Huang Yanping SOLICITOR 律師 Independent Non-Executive Howse Williams 獨立非執行董事 何韋律師行 Directors Liu Da PRINCIPAL BANKERS 劉達 主要往來銀行 Liu Qiao China CITIC Bank (International) 劉俏 中信銀行（國際） Ma Yuntao Limited 馬運弢 有限公司 China Construction Bank (Asia) 中國建設銀行（亞洲）股份 AUDIT COMMITTEE Corporation Limited 審核委員會 有限公司 Liu Da (Chairman) Credit Suisse AG 劉達（主席） 瑞士信貸銀行 Liu Qiao Deutsche Bank AG 劉俏 德意志銀行股份有限公司 Ma Yuntao East West Bank 馬運弢 華美銀行 Hang Seng Bank Limited 恒生銀行有限公司 REMUNERATION Industrial and Commercial Bank 薪酬委員會 中國工商銀行（亞洲） COMMITTEE of China (Asia) Limited 有限公司 Ma Yuntao (Chairman) United Overseas Bank Limited 馬運弢（主席） 大華銀行有限公司 Zhang Jingguo 張敬國 Liu Qiao SHARE REGISTRAR 劉俏 股份過戶登記處 Tricor Friendly Limited 卓佳準誠有限公司 NOMINATION Level 54, Hopewell Centre, 提名委員會 香港 COMMITTEE 183 Queen’s Road East, 皇后大道東183號 Liu Qiao (Chairman) Hong Kong 劉俏（主席） 合和中心54樓 Zhang Jingguo 張敬國 Liu Da REGISTERED OFFICE 劉達 註冊辦事處 24th Floor 香港中環 AUTHORISED Wyndham Place 授權代表 雲咸街40-44號 REPRESENTATIVES 40-44 Wyndham Street 雲咸商業中心 Zhang Jingguo Central, Hong Kong 張敬國 24樓 Zhang Guoqiang 張國強 CORPORATE WEBSITE 公司網址 www.zensunenterprises.com* www.zensunenterprises.com* STOCK CODE 股份代號 Stock Exchange: 185 聯交所：185 * Information on the website does not form part of this annual report 網站內的資訊並不構成本年報一部份 Xinxiang Zensun Smart City 新鄉正商智慧新城 4 Zensun Enterprises Limited 正商實業有限公司 CHAIRMAN’S MESSAGE 主席致詞 Dear shareholders, I, on behalf of the board of directors (the “Board”) of Zensun Enterprises Limited (hereinafter referred to as the “Company”, and its subsidiaries, collectively, the “Group”), am pleased to present you the consolidated annual results and business review of the Group for the year ended 31 December 2020 (the “Year”). 尊敬的各位股東： 本人謹代表正商實業有限公司（以下簡稱「本公司」，及 其附屬公司（統稱「本集團」）董事會（「董事會」）欣然向 各位股東提呈本集團截至2020年12月31日的年度（「本 年度」）綜合業績及業務回顧。 張敬國先生 Mr. Zhang Jingguo 主席、執行董事兼行政總裁 Chairman, Executive Director and Chief Executive Officer 2020 has been an extraordinary year with the sudden outbreak of COVID-19 2020年是極不平凡的一年，COVID-19疫情突如其來， pandemic. Currently, there have been more than 100 million people who were 目前全球感染COVID-19人數超過1億，在此我謹代 infected with COVID-19 at a global scale. I would like to hereby, on behalf of all 表本集團全體員工，向所有不幸感染的病患者表示慰 staff of the Group, express my sympathy for all the people unfortunately infected. 問！受疫情影響，年初大部分行業均受到衝擊，房地 Due to the impact of the pandemic, most industries were hard hit at the beginning 產行業也不例外，但隨著疫情逐漸得到控制，且受益 of the year, and the real estate industry is no exception. Nevertheless, as the 於壓制需求積極釋放、供應放量及信貸環境改善等積 pandemic gradually got under control, benefiting from the fact that the pent- 極因素推動，商品房銷售業績逐漸改善、銷售增速持 up demand of homebuyers was actively released and driven by positive factors 續修復。 such as the release of supply volume and the improved credit environment, the sales performance of commodity property is improving with the growth in sales continuing to recover. For the financial year ended 31 December 2020, the Group’s revenue and 截至2020年12月31日止的財政年度，本集團之收益及 gross profit amounted to approximately RMB8,069.1 million and approximately 毛利分別約人民幣8,069.1百萬元及約人民幣1,746.3百 RMB1,746.3 million, representing a decrease of approximately 9.2%