Viewpoint.com Hong Kong tourists "going north" have exceeded the peak level of mainland tourists "going south". The number of tourists between Hong Kong and the mainland has experienced a rare reversal.
On March 21, Xingsheng Commercial released its 2023 performance announcement and held a performance conference. According to the announcement, Xingsheng Commercial’s strategy of focusing on the Greater Bay Area has achieved remarkable results, and Futian Coco Park has become a hotspot for attracting Hong Kong tourists to go north for consumption. .
In 2023, Xingsheng’s commercial revenue will be approximately RMB 635 million, a year-on-year increase of approximately 13%. Gross profit was 333 million yuan, and gross profit margin was approximately 52.5%, a decrease of 3.2% from the same period in 2022. Looking at
segments, the entrusted management service business revenue was 406 million yuan, a year-on-year increase of approximately 6.4%, accounting for 64% of the total revenue; the brand and management output business revenue was 145 million yuan, a year-on-year increase of approximately 5.1%, accounting for 22.8% of the total revenue. %; the revenue from the entire rental business was 830.6 billion yuan, a year-on-year increase of approximately 97.9%, accounting for 13.2% of the total revenue. The three major business management export services all achieved year-on-year growth.
’s full-year profit attributable to the company’s owners was approximately RMB 171 million, a year-on-year increase of approximately 10.9%. Net operating cash inflow was RMB 299 million, an increase of approximately 84.9% compared to 2022, with a net cash ratio of 1.75. Cash on hand at the end of the period was RMB 1.437 billion, and bank balances and cash were approximately RMB 547 million, an increase of approximately 482% from 2022. 100 million yuan increased by 13.3%. The annual capital income was RMB 39.2 million. Ma Chaoqun, chief financial officer of
, said that these funds can circulate freely and the funds raised have not been used up. 99% of the funds on the account are in China.
's full-year dividend is HK13 cents per share, a year-on-year increase of approximately 23.8%, with a dividend payout ratio of 70%. It attaches great importance to reasonable returns to shareholders and rewards shareholders with cash. Huang Delin, chairman of the board of directors, said that when the company was listed, it promised that the dividend payout rate would not be less than 30%. Giving a dividend payout rate of 70% to shareholders shows the company's attitude and promised to strive for no less than 50% in the next three years. Payout ratio. It is reported that the dividend payout rates in 2020, 2021 and 2022 are 40%, 45% and 62% respectively, increasing year by year. The asset-liability ratio of
enterprises is approximately 45.3%, which remains relatively stable compared with 44.9% in 2022.
It is worth noting that the core net profit attributable to the parent company was not disclosed in the 2023 financial report. Some shareholders raised questions about this. The core net profit attributable to the parent company announced in the 2022 financial report was 199 million yuan. Management's response is that this is an accounting issue.
Focus on development
At the performance meeting, Xingsheng Commercial Management also introduced that Galaxy Holdings has still achieved good sales results despite the current downturn in the real estate industry, in order to highlight the stability of its operations.
According to reports, Galaxy’s sales and repayments in 2023 will be close to 30 billion, a year-on-year increase of 18%, which has also improved its ranking in major real estate-related lists, and it is also one of the few private companies on the list. . In 2023, Galaxy Real Estate delivered a total of 31 projects throughout the year, totaling 18,000 units, with a delivery rate as high as 99%, and many of the projects were delivered ahead of schedule. Ou Qunping, chief financial officer of
, said that of the 30 billion repayments, 90% were from the Greater Bay Area and the Yangtze River Delta, and 80% were from the Pearl River Delta reserve value, with most of them concentrated in the Greater Bay Area and reserves in East China. The value of goods accounts for 11%. This also means that Mingxing Sheng Commercial has been very thorough in implementing the overall strategy of focusing on the Greater Bay Area and developing the Yangtze River Delta, and has not followed the trend and deployed in Internet celebrity cities such as Northeast and North China.
In 2023, Xingsheng Commercial has signed a total of 55 commercial property projects, 8 of which are consulting services, with a contracted construction area of approximately 2.84 million square meters (49% of which are developed or owned by third parties), and 27 projects have been opened , the area of opened projects is 1.65 million square meters, and there are 20 projects in reserve.
27 opening projects, including 18 opening projects in the Greater Bay Area, and 11 projects are concentrated in Shenzhen. Its flagship product line, Coco Park, has also expanded beyond Shenzhen and is located in Nansha, Liwan, Guangzhou and Xiamen, Fujian, realizing the dual-center strategy in the Bay Area formulated by Xingsheng Commercial. Its entry into Xiamen is also an important step in its national strategic layout. Chen Qunsheng, CEO of
, disclosed other data. In 2023, same-store sales increased by 18%, same-store customer traffic increased by 39%, the occupancy rate and collection rate also further increased, reaching 92.8% and 99.8% respectively, and the number of cooperative merchants also increased to 5,500 , a year-on-year increase of 4.2%.
In terms of future prospects, Chen Qunsheng also emphasized again that Xingsheng Group will not spread the pie and adhere to the regional focus strategy, giving priority to the development of the Greater Bay Area and the Yangtze River Delta. He believes that although there are already three projects in Guangzhou, there are still many opportunities, and also revealed that in the future, Guangzhou and Shenzhen will be the core for development in western Guangdong and eastern Guangdong respectively.
Hong Kong passengers going north
At the performance meeting, the Futian Coco Park project was specially mentioned as a benchmark project to attract Hong Kong passengers to go north. In May 2023, the only Hong Kong fashion event in the country was launched in Futian Coco Park, attracting the Chief Executive of Hong Kong to the scene. More than 100 well-known Hong Kong brands participated in the on-site event, which brought a very high passenger flow and attention, creating a brand for Hong Kong customers. First destination.
Chen Chunsheng announced data when answering questions. The passenger flow of the Futian Coco Park project has increased by 60% compared with 2022, and sales have increased by 40%, which has brought very good results to the overall performance.
In 2023, the target is to open 6 new projects throughout the year, all of which are the group's first cities, including Xiamen Galaxy Coco Park, Rizhao Galaxy ICO, Shanshui Outlet·Lu'an Galaxy Coco City, Guangzhou Nansha Galaxy Coco Park, Jiangyin Galaxy Coco City, Jining Galaxy ICO and other projects play a role in revitalizing the local economy.
Among them, the coco park series was launched in Guangzhou and Xiamen, Fujian for the first time. Xiamen Galaxy Coco Park is the first project to open in the new year, with an opening rate of 92%, while Nansha Galaxy Coco Park, which is the first to enter Guangzhou, has achieved an opening rate of 95%, with more than 60 first-time brands.
As of December 31, 2023, 6 urban shopping malls coco park have opened, 10 regional shopping malls coco city have opened, 10 community shopping malls coco garden have opened, and high-end home shopping mall Galaxy·Third One space has been opened.
In order to adapt to the new development of commercial real estate, Xingsheng Commercial has created a new membership level system to achieve high-quality services, and launched five friendly service systems to greatly improve membership services through refined operational foundations. During the reporting period, the group's membership scale, v-card membership, high-end membership, online orders, and member repurchase rate increased by 30%, 38%, 70%, 83%, and 41% respectively year-on-year.
In April 2023, Xingsheng Commercial ushered in the resignation of three board members at one time. CEO Tao Muming, financial general manager Wenyi and other veterans left one after another due to retirement and other reasons. The team also welcomed a batch of new blood. Chen Qunsheng, Yu Nan, Ma Chaoqun and others who attended the meeting entered the management of Xingsheng Commercial during that period, completing the transition between the old and the new.
When talking about the new team, Chairman of the Board Huang Delin said, "We are not a conservative team, we are an innovative and pioneering team. This is our goal."
