正商实业2024年年报

目錄TABLE OF CONTENTS Independent Auditor’s Report獨立核數師報告Consolidated Statement of Profit or Loss綜合損益賬Consolidated Statement of Comprehensive Income綜合全面收益賬Consolidated Statement of Financial Position綜合財務狀況報表Consolidated Statement of Changes in Equity綜合權益變動表Consolidated Statement of Cash Flows綜合現金流量表Notes to the Consolidated Financial Statements綜合財務報表附註Financial Summary財務概要Particulars of Major Investment Properties主要投資物業概要82858687899092195196 Corporate Profile公司簡介Corporate Information公司資料Chairman’s Message主席致詞Hong Kong and Overseas Property Portfolio香港及海外物業組合Property Development Project Summaryin the PRC在中國物業發展之項目概要Management Discussion and Analysis管理層討論及分析Board of Directors and Senior Management董事會及高級管理層Report of the Directors董事會報告書Corporate Governance Report企業管治報告236111429404566 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 reportare historical in nature and past performance is not a guarantee of future performance. This annual report may contain forward-looking statements and opinions (includingstatements, figures, plans, images and other information) that involve risks and uncertainties. Actual results may also differ materially from expectations discussed in suchforward-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 anyforward-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。 CORPORATE PROFILE公司簡介 Guangshan Zensun Scholar Mansion光山正商書香華府 Zensun Enterprises Limited (the “Company”) was founded in 1965 and listed onthe Main board of The Stock Exchange of Hong Kong Limited (“Stock Exchange”)since 1972. The Company and its subsidiaries (collectively, the “Group”) primarilyengages in property development, property investment, project management andsale services, hotel operations and securities trading and investment in Hong Kong,the People’s Republic of China (the “PRC”) and overseas. 正商實業有限公司（「本公司」）於1965年成立，自1972年起於香港聯合交易所有限公司（「聯交所」）主板上市。本公司及其附屬公司（統稱「本集團」）主要於香港、中華人民共和國（「中國」）及海外從事物業發展、物業投資、項目管理及銷售服務、酒店營運以及證券買賣及投資。 隨著2015年7月之本公司控股股東變更，本集團不斷擴張於中國物業發展行業之業務。自2015年年中至2024年，本集團透過招標及掛牌出售之公開拍賣會及其他合併及收購事項完成161幅位於河南省、北京及湖北省之土地收購以支持房地產發展業務之土地儲備。於2024年12月31日，本集團於中國擁有84個已落成之物業項目及╱或項目分期及22個現行發展及規劃中綜合物業項目（共90幅地塊）。有關項目構成本集團之土地儲備，總佔地面積約為6.3百萬平方米及估計總建築面積（「建築面積」）約為13.5百萬平方米。預期土地儲備將為本集團提供發展中估計可出售╱租賃建築面積約2.8百萬平方米及規劃中估計建築面積約2.4百萬平方米。本集團已於後續三至四年為中國物業發展業務打造堅實的土地儲備，在河南省佔有一席之地。在可見將來，本公司繼續集中在河南省及中國其他一綫及二綫城市物色新物業發展項目並競投中國其他經揀選地塊之土地使用權。自2022年起，本集團開始於鄭州營運一家酒店，即中國鄭州市首家LOFT主題空間藝術酒店－正商建國飯店。 With the change of controlling shareholder of the Company since July 2015, theGroup has been expanding its business in the property development sector in thePRC. From mid-2015 and up to 2024, the Group completed 161 land acquisitionsthrough tenders, public listings for sale auctions and other merger and acquisitionsin support of the land reserves for property development business in HenanProvince, Beijing and Hubei Province. As at 31 December 2024, the Group had84 completed property projects and/or sub-phases and 22 on-going complexproperty projects on hand with 90 land parcels under development and planningconstituting the Group’s land reserves with an aggregate site area of approximately6.3 million square metres (“sq.m.”) and aggregate estimated gross floor area (“GFA”)of approximately 13.5 million sq.m. in the PRC. In return, it is expected that theland reserves will bring to the Group an estimated saleable/leasable GFA underdevelopment of approximately 2.8 million sq.m. and estimated GFA under planningof approximately 2.4 million sq.m. The Group has built up strong land reserves forthe Group’s property development business in the PRC for the next three to fouryears with a strong presence in Henan Province. In the foreseeable future, theCompany will continue to identify new property development projects and bid forland use rights of selective land parcels in the PRC with focus on Henan Province,as well as other selective first and second tier cities in the PRC. Since 2022, theGroup has started to operate a hotel, namely, Zensun Jianguo Hotel, the first LOFTthemed space art hotel in Zhengzhou City, the PRC. In the United States (“USA” or “U.S.”), the Group holds approximately 5.6% equityinterest over a real estate investment trust (“REIT”) listed on the New York StockExchange (“NYSE”), Global Medical REIT, Inc. (“GMR”) as of 31 December 2024,and continues to share GMR’s growth through receipt of dividend income, there