首程控股：2023年報.pdf

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1、1 首程控股有限公司2023年年報CONTENTS目錄Corporate Information公司資料2Group Overview集團簡介4Milestones里程碑5Group Structure集團架構6Financial Highlights財務摘要7Chairmans Statement主席報告書8Directors Biographies董事簡介11Management Discussion and Analysis管理層論述與分析20Corporate Governance Report企業管治報告49Report of the Directors董事會報告書88Indepen

2、dent Auditors Report獨立核數師報告書138Audited Financial Statements經審核財務報表Consolidated Statement of Comprehensive Income綜合全面收益表152Consolidated Statement of Financial Position綜合財務狀況表154Consolidated Statement of Changes in Equity綜合權益變動表156Consolidated Statement of Cash Flows綜合現金流量表159Notes to the Consolidated

3、 Financial Statements綜合財務報表附註161Five-year Financial Summary五年財務摘要313Summary of Investment Properties投資物業摘要3142 Shoucheng Holdings LimitedAnnual Report2023CORPORATE INFORMATION公司資料BOARD OF DIRECTORSExecutive DirectorsZhao Tianyang(Chairman)Xu LiangNon-Executive DirectorsWu LishunLi Hao(Vice Chairman)

4、Peng JihaiHo Gilbert Chi HangLiu JingweiIndependent Non-Executive DirectorsWang XinChoi Fan Keung VicDeng YougaoZhang QuanlingZhuge WenjingAUDIT COMMITTEEWang Xin(Chairman)Ho Gilbert Chi HangLiu JingweiChoi Fan Keung VicDeng YougaoZhang QuanlingZhuge WenjingNOMINATION COMMITTEEZhao Tianyang(Chairman

5、)Wang XinDeng YougaoZhang Quanling董事會執行董事趙天暘（主席）徐量非執行董事吳禮順李浩（副主席）彭吉海何智恒劉景偉獨立非執行董事王鑫蔡奮強鄧有高張泉靈諸葛文靜審核委員會王鑫（主席）何智恒劉景偉蔡奮強鄧有高張泉靈諸葛文靜提名委員會趙天暘（主席）王鑫鄧有高張泉靈3 首程控股有限公司2023年年報CORPORATE INFORMATION公司資料薪酬委員會張泉靈（主席）彭吉海王鑫蔡奮強公司秘書陳詠梅核數師羅兵咸永道會計師事務所執業會計師及註冊公眾利益實體核數師股份過戶登記處卓佳登捷時有限公司香港夏慤道16號遠東金融中心17樓註冊辦事處及主要營業地點香港灣仔告士打道5

6、6號東亞銀行港灣中心7樓股份代號697網址REMUNERATION COMMITTEEZhang Quanling(Chairlady)Peng JihaiWang XinChoi Fan Keung VicCOMPANY SECRETARYChan Weng MuiAUDITORPricewaterhouseCoopersCertified Public Accountants and Registered PIE AuditorSHARE REGISTRARTricor Tengis Limited17/F,Far East Finance Centre16 Harcourt RoadHo

7、ng KongREGISTERED OFFICE AND PRINCIPAL PLACE OF BUSINESS7th FloorBank of East Asia Harbour View Centre56 Gloucester RoadWanchaiHong KongSTOCK CODE697WEBSITE4 Shoucheng Holdings LimitedAnnual Report2023GROUP OVERVIEW集團簡介To promote the cross-border integration of infrastructure assets,to enhance the o

8、perating efficiency,to build new infrastructure and to provide the leading infrastructure asset management serviceBecome the infrastructure assets service provider who continuously enhances the operating efficiency融通資產、提升效能、打造新基建，提供領先的基礎設施資產管理服務基礎設施資產持續改進者和服務商Our Mission and Vision使命願景 Our Value價值觀S

9、houcheng Holdings Limited(the“Company”/”Shoucheng Holdings”)relies on two core capabilities of FIME,which refers to fundraising,investment,management and exit and asset operation accumulated by the Company over the years,actively layout grid assets with long-term value,and aims to become the infrast

10、ructure assets service provider who continuously enhances the operating efficiency.首程控股有限公司（本公司 首程控股）融合公司多年來積累的資產融通與資產運營優勢，積極佈局具有長期價值的網格化資產，致力於成為基礎設施資產持續改進者和服務商。Customer first客戶第一Team cooperation團隊協作Teaching and learning mutualism教學相長Quality first品質至上Outcome-orientation成果導向Full of passion充滿激情Open-mi

11、ndedness and tolerance開放包容Embracing change擁抱變化Loyal dedication忠誠奉獻5 首程控股有限公司2023年年報MILESTONES里程碑1991The Company is listed on the main board of the Hong Kong Stock Exchange本公司於香港聯交所主板上市1992Shougang Group and Cheung Kong(Holdings)Limited(now known as CK Hutchison Holdings Limited)successfully acquired

12、 the Company in 1992首鋼集團聯合長江實業（集團）有限公司（現稱長江和記實業有限公司）於1992年成功收購本公司2016Commenced asset restructuring,and sold Qinhuangdao business,including steel manufacturing,mineral mining and processing開啟資產重組，出售秦皇島業務，包括鋼材製造、礦物開採及加工業務2017Completed business transformation完成業務轉型2018Insisted firmly on the transformat

13、ion strategy,developed new main business,reduced the side of old business,divested relevant assets,and introduced strategic shareholders for coordinated development堅定轉型戰略，發展新主營業務，縮減舊有業務規模，剝離相關資產，引入戰略股東，謀劃協同發展2019Completed business restructuring,enhanced capital reserves,spread out business in China,

14、and formed a solid foundation for business development完成業務結構調整，擴大資金儲備，鋪開全國業務，為業務發展奠定堅實的基礎2020The Company has officially changed its name to Shoucheng Holdings Limited,the new name reflects the Groups current strategic and business development direction公司正式更名為首程控股有限公司，新名稱反映本集團現有戰略及業務發展方向2022Deeply cu

15、ltivating the field of infrastructure assets represented by carparks,with stable income and good interoperability,with the opportunity of the era of public offering REITs in Mainland China,to realise the integration of industry and finance in infrastructure operation and asset securitisation積極擁抱中國基礎

16、設施領域重大變革，全面運用基礎設施公募REITs深度服務客戶，實現基礎設施資產運營和資產證券化的產融結合2021In line with national policy opportunities,the Company made every effort to deploy public offering REITs in Mainland China,seize the first-mover advantage,and cover all categories of public offering REITs;iterated the product matrix and improve

17、d the management efficiency,and strengthen the leading position in the field of parking business;divested partial equity interest in Shougang Fushan Resources Group Limited(“Shougang Resources”)to optimise the asset structure順應國家政策機遇，全力佈局中國內地基礎設施公募REITs，搶抓先發優勢，做到基礎設施公募REITs全品類覆蓋；產品矩陣持續迭代，管理效能不斷提升，停車

18、出行領域的領先地位得到鞏固；剝離首鋼福山資源集團有限公司（首鋼資源）部分股權，實現資產優化配置2023Our main business,asset operation and FIME continues to develop,with a larger scale and higher efficiency of infrastructure asset management,cementing the foundation for our stable growth資產營運及資產融通兩大主營業務持續發揮優勢作用，基礎設施資產管理規模及效率雙提升，逐步構建穩定業務護城河6 Shouchen

19、g Holdings LimitedAnnual Report2023GROUP STRUCTURE集團架構首程控股有限公司及其附屬公司（本集團）；立足中國基礎設施核心資產，致力於將本集團打造成中國領先的基礎設施資產持續改進者和服務商。Shoucheng Holdings Limited and its subsidiaries(the“Group”)focuse on Chinas core infrastructure assets,and are committed to become the infrastructure assets service provider in China

20、 who continuously enhance the operating efficiency.*僅供別*For identification purpose onlyAs at 31 December 2023於 2023 年 12 月 31日Shoucheng Holdings Limited首程控股有限公司(697.HK)Beijing Shoucheng Jishi Investment Limited*北京首程基石投資有限公司 Beijing West Fund Management Co.,Ltd.*北京京西創業 投資基金管理有限公司 E Park Investment Ma

21、nagement Co.,Ltd.*驛停車（北京）投資管理有限公司 Shoucheng Rongshi(Beijing)Fund Management Company Limited*首程融石（北京）基金管理有限公司Infrastructure asset management business基礎設施資產管理業務7 首程控股有限公司2023年年報FINANCIAL HIGHLIGHTS財務摘要For the year ended 31 December截至12月31日止年度20232022HK$MillionHK$Million港幣百萬元港幣百萬元Revenue收入8831,600Opera

22、ting profit經營溢利6351,346For the year ended 31 December截至12月31日止年度20232022HK centsHK cents港仙港仙Basic and diluted earnings per share每股基本和稀釋盈利5.5712.97As at 31 December於12月31日20232022HK$MillionHK$Million港幣百萬元港幣百萬元Total assets資產總值13,52313,656Net assets attributable to owners of the Company本公司擁有人 應佔淨資產9,92

23、39,928Bank balances and cash銀行結餘及現金2,2633,574Time deposits with maturity over three months,wealth management products and other securities多於三個月內到期之 定期存款，理財產品 及其他證券1,982903Asset Liability ratio#資產負債比率#25.7%26.6%Debt Equity ratio負債資本比率8.0%10.5%#The calculation of Asset Liability ratio is set out in pa

24、ge 36 of this report.The definition of Debt Equity ratio is set out in page 37 of this report.#有關資產負債率的計算載列於本報告第36頁。有關負債資本比率的定義載列於本報告第37頁。8 Shoucheng Holdings LimitedAnnual Report2023CHAIRMANS STATEMENT主席報告書Dear shareholders,investors,clients and colleagues,As this is my seventh report as the Chairm

25、an of the board(“Board”)of directors(“Directors”)of Shoucheng Holdings Limited(the“Company”),I present it in a highly concise manner.The main reason is that the macroeconomic context is complex and arcane,our corporate strategy formulated several years ago at the mesoscopic level has been subject to

26、 continuous refinement and steadfast implementation,therefore it is dispensed with repeating the elaboration.In terms of operations,I am delighted to share with you that the corporate operations remain in an optimal phase,marked by soaring business growth.Since the fourth quarter of the previous yea

27、r,my team and I have been working around the clock,aiming to avail ourselves of all effective time slots to create greater value for all of you.Although there are certain regrets in the overall operations performance,the core business profit remains sound.The Group recorded revenue of HK$883 million

28、 and the profit attributable to owners of the Company of HK$404 million in 2023.There has been a significant decline in the Companys profit compared to 2022,The decline in recorded profits is primarily ascribed to significant downturn in the trading prices of several domestic strategic investments i

29、n C-REITs.On 8 February,2024,by the China Securities Regulatory Commission released the Application of Regulatory Rules Accounting No.4*（監管規則適用指引會計類第4號）.If adjusted in accordance with the Application of Regulatory Rules Accounting No.4,the profit attributable to the owners of the Company should be H

30、K$732 million in 2023,remain constant as compared to 2022 under the same calibre.If excluding the market fluctuations of the public offering REITs in PRC and the dividend income contributed by Shougang Fushan Resources Group Limited,the core business profit recorded a 20%increment as compared to 202

31、2 under the same calibre.In light of this,following deliberation by the Board,it has been decided to distribute all profits of 2023 to shareholders,continuing to return investors who have shown trust and long-term support by holding the Companys shares.Moreover,with endorsement from the Companys man

32、agement,all senior executives will not receive annual bonuses this year and the Companys entire bonus amount will be distributed to middle and junior level employees.尊敬的各位股東、投資人、客戶及員工：今年的報告是我的第七份主席報告，將以極簡的方式向大家匯報，主要原因是宏觀方面複雜難懂，中觀層面的企業戰略層面幾年前業已制定，並持續優化，始終堅持，不需要再重複報告。具體經營上，也要欣喜地告訴大家，公司經營處在最好的時期，業務發展迅速

33、，從去年4季度至今，我與團隊夜以繼日、極度繁忙，所以決定將有效的時間全部用於為大家創造更多的價值上。首先，經營結果雖有遺憾，但主業利潤良好。2023年，全年報表收入8.83億港元，歸母淨利潤4.04億港元。相較2022年有相當幅度的下降，報表利潤下降的主要原因在於境內戰略投資的幾支REITs市場交易價格大幅回撤所導致。2024年2月8日，中國證監會發佈了 監管規則適用指引-會計類第4 號。如果按此進行調整的話，2023年歸母淨利潤應為7.32億港元，與2022年同口徑持平。若剔除市場波動和首鋼資源股息收入貢獻的影響，主業利潤與2022年同口徑比較，實現了20%以上的增長。為此，經公司董事會審議

34、決定，一方面將2023年度的全部利潤向股東進行分配，繼續回饋廣大給予公司信任支持並長期持有公司股票的投資人。另一方面經公司管理層認可，全體高管今年不領取年度獎金，把公司獎金額度全部面向中基層員工進行分配發放。9 首程控股有限公司2023年年報CHAIRMANS STATEMENT主席報告書其次，公司資產結構持續保持健康水準，這是多年堅忍和努力的結果。2023年度公司貨幣資金為40.14億港元，約佔總資產比例為30%。年內我們償還了4.48億港元的境外債務，尚餘的1.06億港元，因利率僅為2.21%，特別便宜，我們計畫到期進行償還。我們在境內成功發行了停車類REITs，回流了更多資金，通過不斷地

35、努力，我們將公司有息負債從10.47億港元，下降到7.93億港元，降幅24%；公司有息負債率僅為5.9%，較2022年之7.7%下降1.8個百分點。年內，公司獲得了中誠信國際和聯合資信兩家頭部評級機構給予的主體AAA評級。在公司戰略股東的支持下，年內公司還設立了兩支百億基金：一支城市發展基金，聚焦推進存量基礎設施資產盤活、促進行業資源整合，這讓公司以REITs為基石的募、投、管、退 生態系統佈局更加完善；另一支百億基金將聚焦前沿科技產業，該基金主要來自政府資金，對於老百姓的錢，我們將以守護自己生命的態度來管理，佈局產業鏈鏈主企業，實現社會效益與經濟效益的雙豐收。我們堅定看好中國資產，優良的資產

36、結構和豐沛的基金讓我們有條件在市場調整期發揮長期資本的優勢，投資上更加進取。2024年，我們將加大在停車與充換電設施、保障房與社區商業資產領域的收購，加大在科技創新、機器人、新材料、新能源汽車等領域的投資。Furthermore,the robust asset structure of the Company serves as a testament to years of perseverance and efforts.By the end of 2023,the Companys bank balances and cash and time deposits at banks st

37、ood at HK$4.01 billion,accounting for approximately 30%of the total assets.We settled offshore liabilities of HK$448 million in 2023,curtailing the outstanding debts offshore to HK$106 million at a notably low interest rate of 2.21%.These remarkably inexpensive liabilities are scheduled to be cleare

38、d on its due date.The parking asset quasi-REITs successfully launched domestically facilitated the inflow of capital,and through relentless endeavor,the total borrowings and bond payable of the Company was decreased from HK$1.05 billion to HK$793 million,amounting to a decrease of 24%.The current ra

39、tio of interest-bearing debt significantly lowered to a mere 5.9%stands in contrast to 7.7%in 2022,representing a cutdown by 1.8%.Within the past year,the Company was rewarded with the AAA ratings from the leading rating agencies,namely,China Chengxin International Credit Rating Co.,Ltd.(CCXI)and Ch

40、ina Lianhe Credit Rating Co.,Ltd.Thanks to the support of our strategic shareholders,the Company has set up two funds each of RMB10 billion this year:the first is an urban development fund,focusing on revitalizing existing infrastructure assets and integrating sectoral resources,thereby perfecting t

41、he Companys REITs-based ecosystem featuring“fund-raising,investment,management and exit”;the other RMB10 billion fund,primarily financed by the government,which means stemming from taxpayers,targeting at frontier technology sectors.We will manage the fund with the utmost diligence to invest in key p

42、layers along with the industrial chain as if we were safeguarding our very lives,to realize both social and economic benefits.We remain unwaveringly positive in China assets,and our strong asset structure and ample funds empower us to leverage capital strengths in the long run in response to market

43、adjustments,and to forge ahead with investments.In 2024,we plan to acquire more parking and charging/swapping infrastructure,indemnificatory housing,and community commercial assets,as well as to expand our investments in sectors such as technological innovation,robotics,new materials,and electric ve

44、hicles.10 Shoucheng Holdings LimitedAnnual Report2023CHAIRMANS STATEMENT主席報告書最後，組織模式持續進化，員工隊伍充滿活力。年內最重要的變化是建立了戰略客戶的管理服務體系，做實了區域公司的業務發展模式。我們正逐步實現由 打獵 模式向 打獵與 耕田 相結合轉變，形成了 區域、戰略客戶經理+產品經理+大中臺快速支持 的公司級網格式拓展模型，實現了由單兵作戰向集團聯動作戰的轉變。以組合拳出擊的形式實際效果顯著，業務數據持續向好，增長速度越來越快。我們持續努力讓員工在公司平臺上能成長、有收穫。年內我們完成了公司職級體系的改革，提拔

45、了表現優異、忠誠擔當的同事，年輕同事的成長路徑也更加清晰；我們優化了績效管理和分配模型，讓能幹的、有實際業績的同事能夠在更長的時間獲得更多收益；我們在人才成長與培訓上繼續加大投入，中高管專項培訓、管培生培訓、日常業務培訓常態化進行，組織始終保持學習狀態；我們開始啟動外包人員的管理和支持專項工作，在外包人員選拔、任用和成長上將會出臺更多政策。我們在組織管理上的種種努力，目的就是讓奮鬥者可以分享公司成長的紅利，也將進一步提升基層員工的收入，讓每一個首程人都充滿鬥志與公司共進退。面向未來，我們堅定看好中國經濟的發展韌性與前景空間，我們將通過持續迭代創新，讓公司保持在最佳狀態。展望2024，唯有將勇氣

46、、創造力投入到 十倍好 創新奮鬥之中，才能激發我們的潛能，保持高速的發展，創造更大的價值。Last but not least,we delivered an ongoing evolution of the organizational structure,while our team is brimming with vitality.The most notable change of this year refers to the establishment of a management and service system for strategic customers,which

47、 has strengthened our business development model at the regional level.In the transition from a Hunting Mode to a mixture of Hunting and Farming Mode,a company-wide,grid-based business development model that joins the Regional and Strategic Customer Managers with Product Managers in rapidly accessin

48、g logistic support from the platform of functional department has been structured,thanks to which“soldiers”(employees)no longer work in silos,instead,the whole Group would be mobilized to make concerted efforts.The combination of endeavors from various units has delivered significantly enhanced upsh

49、ots,embodied as elevated business metrics and accelerated growth rates.We are committed to providing employees with opportunities for growth and achievement within the Company.This year,we have reformed our job grading system to promote those who have demonstrated excellence,loyalty and responsibili

50、ty,thereby charting the course for junior colleagues to advance their careers.The optimized performance management and allocation models allowed competent colleagues with concrete contributions to receive higher rewards over a longer period of time.Further input in the growth and cultivation of tale

51、nts highlighted by the targeted training programs for middle management and senior leadership,the nurturing of management trainees,and the normalization of routine business training,fostered a culture of continuous learning within the organization.On the heel of a special project initiated to manage

52、 and support outsourced personnel will follow more policies in support of their selection,appointment,and development.Efforts in optimizing our organizational management aim to share the dividends of the Companys growth with our diligent employees,further increasing the income of junior staff and en

53、suring that every member of the Shoucheng family is fully motivated with a commitment to making strides together with the Company.Looking into the future,we remain unswervingly optimistic about the resilience and prospects of the Chinese economy.Continuous iterative innovation will keep the Company

54、in its prime condition.Looking forward to 2024,we are fully aware that only by investing our courage and creativity in innovative endeavors to create“ten times better”can we unleash our potential,sustain rapid development,and create greater value.11 首程控股有限公司2023年年報DIRECTORS BIOGRAPHIES董事簡介EXECUTIVE

55、DIRECTORSMr.Zhao Tianyang,aged 43,was appointed an Executive Director and the Chairman of the Board of Directors of the Company on 6 January 2018 and is also a member and the chairman of the Nomination Committee of the Company.He holds a Bachelor degree in science and a Master degree in economics fr

56、om Peking University and an Executive Master of Business Administration degree from Cheung Kong Graduate School of Business.Mr.Zhao joined Shougang Group Co.,Ltd.（首鋼集團有限公司，“Shougang Group”)in December 2011.He is a deputy general manager of Shougang Group,a director of Shougang Holding(Hong Kong)Limi

57、ted(“Shougang Holding”),and the vice chairman and general manager of Beijing Shougang Fund Co.,Ltd.（北京首鋼基金有限公司，“Shougang Fund”).Both Shougang Holding and Shougang Fund are wholly-owned subsidiaries of Shougang Group.Each of Shougang Group,Shougang Holding and Shougang Fund is a substantial sharehold

58、er of the Company within the meaning of Part XV of the Securities and Futures Ordinance.Mr.Zhao worked in the China Securities Regulatory Commission,Beijing Municipal Commission of Development and Reform and Peking University.He has extensive experience in company operation and management,investment

59、 and capital operation.Mr.Xu Liang,aged 58,was appointed as an Executive Director of the Company on 21 May 2018.He graduated from Fudan University with a Bachelor degree in Statistics and obtained a Master degree in Business Administration from Tsinghua University and is a senior accountant.Mr.Xu jo

60、ined the group of Shougang Group in 1988 and held various senior positions.He is the managing director of Shougang Holding.Mr.Xu is also an executive director and the chairman of Global Digital Creations Holdings Limited,a company listed on The Stock Exchange of Hong Kong Limited(the“Stock Exchange”

61、).He was an executive director and the chairman(resigned on 5 August 2022),and the managing director(resigned on 29 March 2021)of Capital Industrial Financial Services Group Limited,a company listed on the Stock Exchange.Mr.Xu has extensive experience in management.執行董事趙天暘先生，43歲，於2018年1月6日獲委任為本公司執行董

62、事兼董事會主席，並為本公司提名委員會成員兼主席。彼持有北京大學理學學士及經濟學碩士學位，以及長江商學院高級工商管理碩士(EMBA)學位。趙先生於2011年12月加入首鋼集團有限公司（首鋼集團）。彼現擔任首鋼集團副總經理、首鋼控股（香港）有限公司（首鋼控股）董事及北京首鋼基金有限公司（首鋼基金）副董事長兼總經理。首鋼控股及首鋼基金均為首鋼集團之全資附屬公司。首鋼集團、首鋼控股及首鋼基金均為本公司主要股東（根據證券及期貨條例第XV部賦予之涵義）。趙先生曾任職於中國證券監督管理委員會、北京市發展和改革委員會及北京大學。彼在公司經營與管理、投資及資本運作等方面具有豐富的經驗。徐量先生，58歲，於201

63、8年5月21日獲委任為本公司執行董事。彼畢業於復旦大學並取得數理統計學士學位，其後取得清華大學工商管理碩士學位，並為高級會計師。徐先生於1988年加入首鋼集團，並曾擔任多個高級職位。彼現擔任首鋼控股董事總經理。徐先生亦出任於香港聯合交易所有限公司（聯交所）上市之環球數碼創意控股有限公司執行董事兼主席。彼曾出任於聯交所上市之首惠產業金融服務集團有限公司執行董事兼主席（於 2022年8月5日辭任）及董事總經理（於2021年3月29日辭任）。徐先生於管理方面具有豐富經驗。12 Shoucheng Holdings LimitedAnnual Report2023DIRECTORS BIOGRAPHI

64、ES董事簡介非執行董事吳禮順先生，49歲，於2023年12月5日獲委任為本公司非執行董事。吳先生於1997年畢業於對外經濟貿易大學國際工商管理學院並取得經濟學士學位，並於2013年取得美國馬里蘭大學史密斯商學院工商管理碩士學位。吳先生現出任北京國有資本運營管理有限公司（北京國管）黨委書記及董事長。彼亦擔任於深圳證券交易所上市之京東方科技集團股份有限公司非獨立董事及第一創業證券股份有限公司董事長。吳先生於加入北京國管前，曾任北京首都創業集團有限公司黨委常委及副總經理、以及北京市人民政府國有資產監督管理委員會黨委委員及副主任。NON-EXECUTIVE DIRECTORSMr.Wu Lishun,

65、aged 49,was appointed as a Non-executive Director of the Company on 5 December 2023.Mr.Wu graduated from the International Business Administration School of University of International Business and Economics and obtained a Bachelor degree in Economics in 1997,and obtained a Master of business admini

66、stration degree from University of Maryland Robert H.Smith Business School in 2013.Mr.Wu is the party secretary（黨委書記）and the chairman of Beijing State-owned Capital Operation and Management Company Limited（北京國有資本運營管理有限公司，“Beijing State-owned Capital”).He is also a non-independent director of BOE Tec

67、hnology Group Co.,Ltd.（京東方科技集團股份有限公司）and the chairman of First Capital Securities Co.,Ltd.（第一創業證券股份有限公司）,both of which are being listed on Shenzhen Stock Exchange.Before joining Beijing State-owned Capital,Mr.Wu was a standing member of the party committee（黨委常委）and a deputy general manager of Beijin

68、g Capital Entrepreneurship Group Co.,Ltd.（北京首都創業集團有限公司）,and a member of the party committee（黨委委員）and a deputy chief of the State-owned Assets Supervision and Administration Commission of the Beijing Municipal Peoples Government（北京市人民政府國有資產監督管理委員會）.13 首程控股有限公司2023年年報DIRECTORS BIOGRAPHIES董事簡介李浩先生，42歲，

69、於2018年9月27日獲委任為本公司非執行董事，並於2022年2月15日起出任董事會副主席一職。彼持有大連理工大學學士學位及日本早稻田大學工商管理（金融學）碩士學位。李先生於2007年10月加入歐力士股份有限公司（歐力士，本公司主要股東）。彼現擔任歐力士執行董事（分管大中華區）及大中華區總裁，歐力士是一間提供多元化金融服務的公司，其股份分別於東京證券交易所及於紐約證券交易所上市。李先生亦分別擔任歐力士（中國）投資有限公司及歐力士亞洲資本有限公司董事兼總裁（上述兩間公司均為歐力士之全資附屬公司），以及歐力士（中國）實業控股有限公司董事兼總經理（該公司為歐力士之聯屬公司）。彼亦出任於聯交所上市之北

70、京能源國際控股有限公司非執行董事。彼曾出任於聯交所上市之海昌海洋公園控股有限公司非執行董事（於 2023年7月3日辭任）。彭吉海先生，54歲，於2023年5月25日獲委任為本公司非執行董事，並為本公司薪酬委員會成員。彼於1993年取得中央財政金融學院（現稱中央財經大學）農業財政與信用專門化學士學位，並分別於1998年及2017年取得中國社會科學院研究生院貨幣銀行學研究生學歷及清華大學高級管理人員工商管理碩士學位。彭先生為中國註冊會計師協會會計師。彭先生現出任於聯交所上市之陽光保險集團股份有限公司執行董事、聯席首席執行官兼副總經理、財務負責人、投資負責人及首席投資官。彼亦擔任陽光信用保證保險股份

71、有限公司董事長及陽光資產管理股份有限公司董事及總經理。Mr.Li Hao,aged 42,was appointed as a Non-executive Director of the Company on 27 September 2018 and became the Vice Chairman of the Board of Directors on 15 February 2022.He holds a Bachelor degree from Dalian University of Technology and a Master of Business Administratio

72、n degree in Finance from Waseda University,Japan.Mr.Li has been with ORIX Corporation(“ORIX”,a substantial shareholder of the Company)since October 2007.He is currently the executive officer(responsible for Greater China Group)and general manager of Greater China Group at ORIX,a diversified financia

73、l services company and whose shares are listed on both Tokyo Stock Exchange and New York Stock Exchange.Mr.Li also serves as the director and president of each of ORIX(China)Investment Company Limited and ORIX Asia Capital Limited,both of which are wholly-owned subsidiaries of ORIX,and the director

74、and the chief executive officer of ORIX China Industrial Holdings Limited,which is an affiliate of ORIX.He is also a non-executive director of Beijing Energy International Holding Co.,Ltd.,a company listed on the Stock Exchange.He was a non-executive director(resigned on 3 July 2023)of Haichang Ocea

75、n Park Holdings Ltd.,a company listed on the Stock Exchange.Mr.Peng Jihai,aged 54,was appointed as a Non-executive Director of the Company on 25 May 2023 and is also a member of the Remuneration Committee of the Company.He obtained a Bachelor degree in Agricultural Finance and Credit Specialization

76、from Central Institute of Finance and Banking(now known as Central University of Finance and Economics)in 1993 and obtained a postgraduate diploma in Monetary Banking from Graduate School of Chinese Academy of Social Sciences and an EMBA from Tsinghua University in 1998 and 2017 respectively.Mr.Peng

77、 is a CPA of The Chinese Institute of Certified Public Accountants.Mr.Peng is an executive director,co-chief executive officer and deputy general manager,chief financial officer,head of investment and chief investment officer of Sunshine Insurance Group Company Limited,a company listed on the Stock

78、Exchange.He also serves as the chairman of Sunshine Surety Insurance Company Limited（陽光信用保證保險股份有限公司）and the director and the general manager of Sunshine Asset Management Corporation Limited（陽光資產管理股份有限公司）.14 Shoucheng Holdings LimitedAnnual Report2023DIRECTORS BIOGRAPHIES董事簡介何智恒先生，47歲，於2018年5月21日獲委任為

79、本公司非執行董事，並為本公司審核委員會成員。彼持有澳洲悉尼大學商業學士及法律學士學位，並為澳洲新南威爾斯省、英格蘭及威爾斯認可的律師以及澳洲高等法院認可的律師及大律師。何先生亦為澳洲會計師公會資深會員。彼現擔任香港物流發展局成員、香港上市公司商會常務委員會委員、澳洲會計師公會大灣區委員會副主席、香港總商會中國委員會委員、香港科技大學商學院職業發展顧問委員會成員、內蒙古自治區青年聯合會常務委員及內蒙古香港青年交流促進會副主席。彼曾於2020年6月至2022年5月期間出任保險業監管局業界諮詢委員會委員以及於2007年至2021年期間出任中國人民政治協商會議瀋陽市委員會委員。何先生現出任新創建集團有

80、限公司（本公司主要股東）執行董事及聯席行政總裁、惠記集團有限公司非執行董事，以及錦興國際控股有限公司及亞洲聯合基建控股有限公司獨立非執行董事，該等公司均於聯交所上市。彼曾出任於聯交所上市之新世界發展有限公司（本公司主要股東之聯繫人）高級投資總監，以及為新世界策略投資有限公司執行董事。何先生亦曾擔任一家國際律師事務所法朗克律師行(Fried,Frank,Harris,Shriver&Jacobson LLP)合夥人。何先生於企業管理、投資、企業融資、併購交易及國際品牌及零售管理範疇擁有豐富經驗。Mr.Ho Gilbert Chi Hang,aged 47,was appointed as a N

81、on-executive Director of the Company on 21 May 2018 and is also a member of the Audit Committee of the Company.He holds a Bachelor of Commerce degree and a Bachelor of Laws degree from University of Sydney,Australia and was admitted as a solicitor in New South Wales,Australia and England and Wales a

82、nd as a solicitor and barrister in the High Court of Australia.Mr.Ho is also a fellow member of CPA Australia.He is a member of the Hong Kong Logistics Development Council,a member of the General Committee of the Chamber of Hong Kong Listed Companies,Deputy Chairperson of CPA Australia Greater Bay A

83、rea Committee,a member of the China Committee of Hong Kong General Chamber of Commerce,a member of the Hong Kong University of Science and Technology Business School Career Development Advisory Council,a standing committee member of the Youth Federation of Inner Mongolia and a vice chairman of Inner

84、 Mongolia&Hong Kong Youth Exchange Association.He was a committee member of the Industry Advisory Committee of Insurance Authority from June 2020 to May 2022 and a committee member of the Chinese Peoples Political Consultative Conference of Shenyang from 2007 to 2021.Mr.Ho is the executive director

85、and co-chief executive officer of NWS Holdings Limited,a substantial shareholder of the Company,a non-executive director of Wai Kee Holdings Limited and an independent non-executive director of each of Kam Hing International Holdings Limited and Asia Allied Infrastructure Holdings Limited,all being

86、listed on the Stock Exchange.He was the senior investment director of New World Development Company Limited,an associate of a substantial shareholder of the Company and a company listed on the Stock Exchange,and an executive director of New World Strategic Investment Limited.Mr.Ho was also a partner

87、 of an international law firm Fried,Frank,Harris,Shriver&Jacobson LLP.Mr.Ho has extensive experience in the area of corporate management,investments,corporate finance,merger and acquisition transactions and international brand and retail management.15 首程控股有限公司2023年年報DIRECTORS BIOGRAPHIES董事簡介劉景偉先生，56

88、歲，於2018年1月6日獲委任為本公司非執行董事，並為本公司審核委員會成員。彼於1989年畢業於北京林業大學經濟管理學院，並於2016年畢業於上海高級金融學院，取得碩士學位。劉先生現為中國註冊會計師。彼現擔任信永中和會計師事務所高級合夥人，亦擔任首鋼集團外部董事。劉先生亦出任於聯交所上市之遠洋集團控股有限公司獨立非執行董事，於深圳證券交易所上市之北京星網宇達科技股份有限公司及北京燕京啤酒股份有限公司獨立董事，以及於上海證券交易所上市之湖北華強科技股份有限公司獨立董事。彼曾出任於深圳證券交易所上市之貴陽朗瑪信息技術股份有限公司獨立董事（於2023年3月10日退任），於聯交所上市之幸?？毓桑ㄏ愀郏?/p>

89、有限公司獨立非執行董事（於2022年1月31日辭任）及中國有色礦業有限公司獨立非執行董事（於2023年12月27日辭任），以及於上海證券交易所上市之上海耀皮玻璃集團股份有限公司獨立董事（於2021年7月23日退任）。Mr.Liu Jingwei,aged 56,was appointed as a Non-executive Director of the Company on 6 January 2018 and is also a member of the Audit Committee of the Company.He graduated from the School of Eco

90、nomics of Beijing Forestry University in 1989 and from Shanghai Advanced Institute of Finance with a Master degree in 2016.Mr.Liu is a PRC Certified Public Accountant.He currently serves as a senior partner of Shinewing Certified Public Accountants and is an external director of Shougang Group.Mr.Li

91、u is also an independent non-executive director of Sino-Ocean Group Holding Limited,a company listed on the Stock Exchange,an independent director of each of BeiJing StarNeto Technology Co.,Ltd.and Beijing Yanjing Brewery Co.,Ltd.,both are listed on Shenzhen Stock Exchange,and an independent directo

92、r of Hubei Huaqiang High-tech Co.,Ltd.,a company listed on Shanghai Stock Exchange.He was an independent director of Guiyang Longmaster Information&Technology Co.,Ltd.(retired on 10 March 2023),a company listed on Shenzhen Stock Exchange,an independent non-executive director of each of AVIC Joy Hold

93、ings(HK)Limited(resigned on 31 January 2022)and China Nonferrous Mining Corporation Limited(resigned on 27 December 2023),both are listed on the Stock Exchange and an independent director of Shanghai Yaohua Pilkington Glass Group Co.,Ltd.(retired on 23 July 2021),a company listed on Shanghai Stock E

94、xchange.16 Shoucheng Holdings LimitedAnnual Report2023DIRECTORS BIOGRAPHIES董事簡介獨立非執行董事王鑫博士，46歲，於2018年5月18日獲委任為本公司獨立非執行董事，並為本公司審核委員會成員兼主席，以及本公司提名委員會及薪酬委員會成員。彼於2006年自杜克大學取得其會計學博士學位，並於1999年及2001年自清華大學分別取得會計學學士學位及碩士學位。王博士為澳洲會計師公會會計師。彼現時擔任香港大學經濟及工商管理學院會計學教授。王博士自2011年於香港大學任教，並於2014年憑藉其優異的學術研究而被香港大學授予終身教職。

95、於加入香港大學前，王博士自2006年至2011年於香港中文大學任教。彼的學術研究領域主要包括管理層薪酬、財務披露品質、公司治理及內幕交易。王博士的研究曾於多家國際頂級學術期刊發表，包括Journal of Accounting and Economics、The Accounting Review、Contemporary Accounting Research及Review of Accounting Studies等。王博士具有多個會計課程的教學經驗，包括初級財務會計、中級財務會計（一階及二階）及管理會計。彼亦負責博士學位課程並教授（作為聯席講師之一）商學研究方 法。王 博 士 亦 出 任

96、 於 上 海 證 券 交 易 所 上市之貴州茅臺酒股份有限公司（股份代碼：600519）獨立董事。INDEPENDENT NON-EXECUTIVE DIRECTORSDr.Wang Xin,aged 46,was appointed as an Independent Non-executive Director of the Company on 18 May 2018 and,is also a member and the chairman of the Audit Committee of the Company and a member of each of the Nominat

97、ion Committee and the Remuneration Committee of the Company.He received his Ph.D.degree in Accounting from Duke University in 2006 and obtained a Bachelor degree and a Master degree in Accounting from Tsinghua University in 1999 and 2001 respectively.Dr.Wang is a CPA of CPA Australia.He is a profess

98、or of accounting at the Faculty of Business and Economics,The University of Hong Kong(“HKU”).Dr.Wang joined HKU in 2011 and was awarded a tenured position by HKU for his excellent academic performance in 2014.Before he joined HKU,Dr.Wang worked at The Chinese University of Hong Kong from 2006 to 201

99、1.He has research interests in the fields of executive compensation,financial disclosure quality,corporate governance and insider trading.Dr.Wangs papers were published on various world leading academic journals,such as Journal of Accounting and Economics,The Accounting Review,Contemporary Accountin

100、g Research and Review of Accounting Studies.Dr.Wang has teaching experience in several accounting courses,including Introductory Financial Accounting,Intermediate Financial Accounting I and II,and Management Accounting.He also teaches(as one of co-instructors)the Ph.D.course of Research Methods for

101、Business Studies.Dr.Wang is also an independent director of Kweichow Moutai Co.,Ltd.(stock code:600519),a company listed on Shanghai Stock Exchange.17 首程控股有限公司2023年年報DIRECTORS BIOGRAPHIES董事簡介蔡奮強先生，59歲，於2018年5月18日獲委任為本公司獨立非執行董事，並為本公司審核委員會及薪酬委員會成員。彼分別於1997年、1998年及2001年取得香港大學法律學士學位、法學專業證書及法律碩士學位。蔡先生現為香

102、港高等法院律師。彼亦擔任何韋律師行顧問律師。蔡先生曾於匯豐銀行（中國）有限公司先後出任合規副總監，中國區合規官及合規總監等職位，管理逾160名合規人員，負責中國區逾60個城市的監管合規及金融犯罪防控工作。彼曾於高偉紳律師事務所及史密夫律師事務所工作，專職合規、反洗黑錢、反舞弊和企業融資等諮詢事務。蔡先生曾於香港警務處任職並擔任高級督察。彼擁有超過30年的合規管理、商業犯罪防控及調查經驗；以及擁有豐富的法務工作經驗及罪案調查和檢控經驗。Mr.Choi Fan Keung Vic,aged 59,was appointed as an Independent Non-executive Direc

103、tor of the Company on 18 May 2018 and is also a member of each of the Audit Committee and the Remuneration Committee of the Company.He obtained a Bachelor degree,Postgraduate Certificate and a Master degree in Laws from HKU in 1997,1998 and 2001 respectively.Mr.Choi is a solicitor of the High Court

104、of Hong Kong.He also serves as a consultant at Howse Williams.Mr.Choi served as deputy head of compliance,area compliance officer in China and head of compliance with HSBC Bank(China)Co.Ltd.,where he managed over 160 compliance officers and was responsible for regulatory compliance and prevention an

105、d control of financial crime in over 60 cities in China.He worked at Clifford Chance and Herbert Smith and was specialized in compliance,anti-money laundering,anti-fraud and corporate finance and other advisory work.Mr.Choi served in the Hong Kong Police Force and was a senior inspector.He has over

106、30 years of experience in compliance management,prevention and control of commercial crime and investigation,and has extensive experience in legal practice and,crime investigation and prosecution.18 Shoucheng Holdings LimitedAnnual Report2023DIRECTORS BIOGRAPHIES董事簡介鄧有高先生，57歲，於2018年5月18日獲委任為本公司獨立非執行

107、董事，並為本公司審核委員會及提名委員會成員。彼於1994年自江西財經學院（現稱江西財經大學）取得商業經濟專業經濟學碩士學位，並於1988年自哈爾濱船舶工程學院（現稱哈爾濱工程大學）取得船舶工程專業工程學學士學位。鄧先生現擔任深圳恆固納米科技有限公司董事、廣東恆固嘉業納米科技有限公司（前稱盛世恆固控股（深圳）有限公司）執行董事兼總經理、盛世恆固（深圳）管理中心（有限合夥）執行事務合夥人以及上海天澐納米科技有限公司之監事。彼亦出任於聯交所上市之勝龍國際控股有限公司獨立非執行董事。鄧先生擁有於不同行業多間公司擔任各類職位的豐富經驗。Mr.Deng Yougao,aged 57,was appoint

108、ed as an Independent Non-executive Director of the Company on 18 May 2018 and is also a member of each of the Audit Committee and the Nomination Committee of the Company.He obtained a Master degree in Business Economics from Institute of Finance and Economics of Jiangxi（江西財經學院，now known as Jiangxi U

109、niversity of Finance and Economics）in 1994 and a Bachelor degree in Shipbuilding Engineering from Harbin Shipbuilding Engineering Institute（哈爾濱船舶工程學院，now known as Harbin Engineering University）in 1988.Mr.Deng is a director of Shenzhen Henggu Nano Technology Co.Ltd.（深圳恆固納米科技有限公司）,the executive direct

110、or and the general manager of Guangdong Henggu Jiaye Nano Technology Co.Ltd.（廣東恆固嘉業納米科技有限公司）(formerly known as Shengshi Henggu Holdings(Shenzhen)Co.Ltd.（盛世恆固控股（深圳）有限公司）,the executive partner of Shengshi Henggu(Shenzhen)Administrative Center(Limited Partnership)（盛世恆固（深圳）管理中心（有限合夥）and a supervisor of

111、Shanghai Tianyun Nano Technology Co.,Ltd.（上海天澐納米科技有限公司）.He is also an independent non-executive director of Success Dragon International Holdings Limited,a company listed on the Stock Exchange.Mr.Deng has numerous experiences in different roles in various companies in different industries.19 首程控股有限公

112、司2023年年報DIRECTORS BIOGRAPHIES董事簡介張泉靈女士，50歲，於2018年1月6日獲委任為本公司獨立非執行董事，並為本公司薪酬委員會成員兼主席，以及本公司審核委員會及提名委員會成員。彼持有文學士學位。張女士於1997年加入中央電視臺，曾主持知名欄目東方時空 及 焦點訪談 等。彼參與了大量新聞現場直播報道，曾獲得 金話筒獎、金鷹獎 及中國新聞界的最高獎項 範長江獎 及第19屆 中國十大傑出青年。張女士現為紫?；饎撌己镶啡思翱岬蒙倌辏ㄌ旖颍┪幕瘋鞑ビ邢薰径麻L。彼在新聞媒體、品牌建設、戰略規劃等方面具有豐富經驗。諸葛文靜女士，46歲，於2021年5月28日獲委任為本公司

113、獨立非執行董事，並為本公司審核委員會成員。彼持有中國人民大學學士學位、美國西北大學凱洛格商學院及香港科技大學工商管理學碩士學位。彼現為普洛斯中國控股有限公司（一間於香港成立的公眾有限公司，普洛斯）董事、普洛斯中國區常務副董事長、普洛斯資本中國區總裁，負責中國區的戰略規劃、投資與融資、法務、內部審核及人力資源管理等。彼曾擔任普洛斯中國區聯席總裁及首席財務官，負責中國區的基金管理、資本配置、併購交易及戰略合作以及財務與人力資源管理等工作。加入普洛斯前，諸葛女士曾於摩根士丹利資產管理公司及德勤會計師事務所任職。Ms.Zhang Quanling,aged 50,was appointed as an

114、 Independent Non-executive Director of the Company on 6 January 2018 and is also a member and the chairlady of the Remuneration Committee of the Company and a member of each of the Audit Committee and the Nomination Committee of the Company.She holds a Bachelor degree in Arts.Ms.Zhang joined China C

115、entral Television in 1997 and has hosted the famous programmes such as“Oriental Horizon”and“Focus Interview”.She participated in numerous news live coverage and was awarded the“Golden Microphone Awards”,the“Golden Eagle Awards”,the“Fan Changjiang Journalism Award”,the most prestigious journalism awa

116、rd in China,and the 19th“Top Ten Outstanding Chinese Youths”.Ms.Zhang is the founding partner of Ziniu Fund（紫?；穑゛nd the chairlady of Cool Youth(Tianjin)Culture Communication Co.,Ltd.（酷得少年（天津）文化傳播有限公司）.She has extensive experience in news media,brand building and strategic planning.Ms.Zhuge Wenjing,

117、aged 46,was appointed as an Independent Non-executive Director of the Company on 28 May 2021 and is also a member of the Audit Committee of the Company.She obtained a Bachelor degree from Renmin University of China and a Master of Business Administration degree from each of the Kellogg School of Bus

118、iness at Northwestern University in the United States and the Hong Kong University of Science and Technology School respectively.She is currently a director of GLP China Holdings Limited(“GLP”)which is a public limited company incorporated in Hong Kong,an executive vice chairman of GLP China and the

119、 president of China at GLP Capital Partners,who is responsible for strategic planning,investment and financing,legal affairs,internal audit and human resources management in China.She has served as the co-president and chief financial officer of GLP China responsible for fund management,capital allo

120、cation,mergers and acquisitions and strategic cooperation in China,as well as financial and human resources management.Prior to joining GLP,Ms.Zhuge worked in Morgan Stanley Asset Management Company and Deloitte Touche Tohmatsu.20 Shoucheng Holdings LimitedAnnual Report2023MANAGEMENT DISCUSSION AND

121、ANALYSIS管理層論述與分析COMPANY OVERVIEWThe year 2023 was the third year of the development of Infrastructure Real Estate Investment Trusts(“REITs”)in PRC.It was also a year full of challenges and opportunities that deserves in-depth consideration.In 2023,the market prices of public offering REITs were affe

122、cted by fundamental pressures,weak liquidity and deviations of expectation in the operation of some assets,thus,resulting in a significant decline in market prices.At the same time,favorable long-term policies were frequently introduced in the market.In terms of public offering REITs market issuance

123、:there were 5 new listings in 2023,and the market issuance is progressing steadily;the first batch of public offering REITs has been expanded successfully,which helped the public offering REITs to form a benign cycle of capital expansion and asset injection during their existence;the pilot asset typ

124、es of public offering REITs have been extended to include consumer infrastructure and other assets,and the first four consumer infrastructure public offering REITs have all been approved.In terms of participants:in 2023,a total of 29 fund companies announced that public offering REITs will be offici

125、ally included in the investment scope of fund of funds(“FOF”),involving a fund size of more than RMB100 billion.On 6 December 2023,the Ministry of Finance and the Ministry of Human Resources and Social Security of the Peoples Republic of China jointly issued the“Draft Measures for the Administration

126、 of Domestic Investment of the National Social Security Fund(for soliciting opinions)*”（全國社會保障基金境內投資管理辦法（徵求意見稿）,proposing to include public offering REITs in the investment scope of the National Social Security Fund;on 8 February 2024,the China Securities Regulatory Commission issued the“Guidelines

127、for the Application of Regulatory Rules Accounting No.4”*（監管規則適用指引會計類第4號）,which stipulates that,under certain conditions,REITs held by holders other than the original equity holders of the REITs may be listed as equity instruments;for non-trading long-term investors in the public offering REITs mark

128、et,it can avoid the impact of secondary market price fluctuations on the investors income statement,which is conducive to encouraging and strengthening the logic of long-term holding investment,and enhancing asset allocation value.The abovementioned favorable policies will greatly promote the stable

129、 operation and healthy development of the public offering REITs market in PRC.The Group firmly adheres to a long-term investment strategy and remains confident in investing in public offering REITs in PRC.公司縱覽2023年是中國基礎設施不動產投資信託基金（REITs）發展的第三年，也是挑戰與機遇並存、值得深度思考的一年。2023年公募REITs受基本面壓力、流動性疲軟、部分資產經營預期存在偏

130、離影響，市場價格大幅度回檔；同時，市場長期利好政策頻發。公募REITs市場發行方面：2023年新增發行上市5支，發行穩步推進；首批公募REITs成功擴募，助力公募REITs存續期間通過資金擴容與資產注入形成良性循環；公募REITs試點資產類型拓展至消費基礎設施等資產，且首批四單消費基礎設施公募REITs已全部獲批。參與主體方面：2023年共有29家基金公司宣佈將公募REITs正式納入基金中的基金的投資範圍，涉及基金規模達人民幣千億元。2023年12月6日，中華人民共和國財政部聯合人力資源和社會保障部出臺 全國社會保障基金境內投資管理辦法（徵求意見稿），擬將公募REITs納入全國社?；鹜顿Y範圍

131、；2024年2月8日，中國證券監督管理委員會發佈 監管規則適用指引會計類第4號，在滿足相關條件下，除原始權益人之外的其他方持有的REITs份額可以列為權益工具；對於公募REITs市場中非交易型的長期投資人，可避免二級市場價格波動對投資人利潤表的影響，有利於鼓勵和增強長期持有投資邏輯，提升資產配置價值。上述多項利好政策，將極大促進中國境內公募REITs市場的平穩運行和健康發展。本集團堅定長期投資的策略，對中國境內公募REITs投資依然充滿信心。21 首程控股有限公司2023年年報MANAGEMENT DISCUSSION AND ANALYSIS管理層論述與分析2023年，本集團錄得收入港幣8.

132、83億元，較2022年同期港幣16.00億元下降45%。其中資產運營收入港幣6.58億元，較2022年同期上升13%；資產融通收入港幣2.25億元，較2022年同期下降78%；本公司擁有人應佔溢利港幣4.04億元，去年本集團之本公司擁有人應佔溢利則為港幣9.22億元。受REITs二級市場價格的大幅波動影響，本集團資產融通下持有的按公允價值計入損益的REITs資產價格下跌產生未變現虧損，該虧損並非現金性質及對本集團的現金流並無任何影響，亦不影響本集團正常的經營活動。在撇除本集團資產融通下持有的按公允價值計入損益的REITs資產價格下跌產生未變現虧損，2023年為港幣13.2億元，與去年同期同口徑

133、的收入港幣13.7億元基本持平。本集團在資產營運和資產融通持續發揮優勢。在資產營運方面，本集團資產運營管理規模與效率在2023年雙雙提升；在資產融通方面，2023年也落地了最少兩支重要基金，兩支重要基金的進一步詳情截於本報告的第33頁，這些都為本公司業務長期健康發展奠定了堅實的基礎。在中國經濟高質量發展轉型期及整體經濟增速放緩的情況下，本集團憑藉在主營業務規模、運營能力、資金和資源等方面的不斷積累，逐步構建了相對穩固的業務護城河，使得本集團在重壓之下，依然保持了高位值的業績。The Group recorded revenue of HK$883 million in 2023,represe

134、nting a decrease of 45%compared to the year of 2022,which was HK$1,600 million.Revenue from asset operation in 2023 was HK$658 million,representing an increase of 13%compared to the year of 2022.Revenue from FIME in 2023 was HK$225 million which decreased by 78%compared to the year of 2022.The profi

135、t attributable to owners of the Company in 2023 was HK$404 million,as compared to HK$922 million for last year.As a result of the significant price fluctuations in the secondary market of REITs,unrealized loss was recorded from the decline in REITs measured at fair value through profit or loss under

136、 the Groups FIME(FIME is defined as fundraising,investment,management and exit)business.The unrealized loss is not cash in nature and did not have any impact on the cash flows nor the normal business operation of the Group.Excluding the decline in REITs measured at fair value through profit or loss

137、under the Groups FIME business,the Groups revenue was HK$1,320 million in 2023,which is roughly the same as the revenue recorded in same period last year of HK$1,370 million.The Group continues to leverage its advantages in asset operations and FIME.In terms of asset operation,the scale of the Group

138、s asset operation and the efficiency of the management have both been enhanced in 2023;in terms of FIME,at least two important funds have also been established,further details of the two important funds are set out in P.33 of this report,laying a solid foundation for the long-term healthy developmen

139、t of the Companys business.During the transformation of high-quality development of Chinas economy and the slowdown of the overall economic growth,the Group has gradually built up a relatively solid business moat through the continuous accumulation of its scale of main business,operational capabilit

140、ies,capital and resources,which has enabled the Group to maintain a high level of performance despite the heavy pressure.22 Shoucheng Holdings LimitedAnnual Report2023MANAGEMENT DISCUSSION AND ANALYSIS管理層論述與分析國君首程控股智慧停車資產支持專項計劃本集團以四個自持的產權停車場項目作為底層資產的市場首單停車資產類REITs產品 國君首程控股智慧停車資產支持專項計劃 於2023年6月在深圳證券交

141、易所成功發行。本次產品的成功發行體現了本集團資產運營能力在資本市場得到了充分認可，打通了從 資產收購運營提效資產證券化現金回流再投資 的商業閉環，是本集團在打造資產營運+資產融通商業閉環上取得的又一重大突破。2024年本集團將繼續發行第二期停車資產類REITs產品，一方面為本集團實現輕資產運營、擴大資產規模補充流動資金，另一方面進一步擴大資本市場對本集團營運停車資產的認可。獲取頭部評級機構AAA市場評級 中誠信國際信用評級有限責任公司與聯合資信評估股份有限公司給予本集團的主體評級結果AAA，展望穩定。這是本集團在取得AAA債項評級並成功設立全國首單停車資產類REIT後，再次獲得來自境內頭部評級

142、機構的認可，標誌著本集團在債券市場打開通路，有利於進一步發揮資產融通與資產營運的雙輪驅動效應，徹底打通基礎設施資產管理的生態閉環。Guojun Shoucheng Holdings Smart Parking Asset-backed Special PlanThe Groups first parking asset quasi-REITs product,“Guojun Shoucheng Holdings Smart Parking Asset-backed Special Plan*”（國君 首程控股智慧停車資產支持專項計劃）which used four of the Groups

143、self-owned parking lot projects as underlying assets was successfully issued on the Shenzhen Stock Exchange in June 2023.The successful issuance of this product reflects the full recognition of the Groups asset operation capability in the capital market,and has opened up a commercial loop from“asset

144、 acquisition operation efficiency improvement asset securitization cash flow reinvestment”.It is another major breakthrough made by the Group in building a commercial loop of asset operation+FIME.In 2024,the Group will continue to issue the second phase of parking asset quasi-REITs products,which wi

145、ll,on the one hand,help the Group to achieve light asset operations and expand its asset scale to supplement working capital,while on the other hand,further expand the recognition of the Groups operating parking assets in the capital market.Obtain AAA market rating from leading rating agenciesThe Gr

146、oup has been assigned a principal rating of AAA with a stable outlook by China Chengxin International Credit Rating Co.,Ltd.and China Lianhe Credit Rating Co.,Ltd.This is the second time that the Group has been recognised by leading domestic rating agencies in PRC after obtaining a AAA debt rating a

147、nd successfully establishing PRCs first parking asset quasi-REIT.This marks the opening of channels for the Group in the bond market,which is conducive to further leveraging the dual driving effect of FIME and asset operation business,and thoroughly opening up the ecological loop of infrastructure a

148、sset management.*僅供識別*For identification purpose only23 首程控股有限公司2023年年報MANAGEMENT DISCUSSION AND ANALYSIS管理層論述與分析關鍵財務指標概覽 資產融通代表募資，投資，管理及退出*有關經調整的EBITDA的計算載列於本報告第27頁#有關資產負債率的計算載列於本報告第36頁 有關負債資本比率的計算載列於本報告第37頁KEY PERFORMANCE INDICATORS REVIEWFor the year ended31 December截至12月31日止年度20232022HK$millionH

149、K$million港幣百萬元港幣百萬元Revenue收入8831,600Including:Revenue from asset operation其中：資產營運收入658583Revenue from FIME資產融通收入2251,017Adjusted EBITDA*經調整EBITDA*6711,466Operating profit經營溢利6351,346Profit attributable to the owners of the Company本公司擁有人應佔溢利404922For the year ended31 December截至12月31日止年度20232022HK cen

150、tsHK cents港仙港仙Basic and diluted earnings per share每股基本和稀釋盈利5.5712.97As at 31 December於12月31日20232022HK$millionHK$million港幣百萬元港幣百萬元Total assets資產總值13,52313,656Net assets資產淨值10,04110,024Asset Liability ratio#資產負債比率#25.7%26.6%Debt Equity ratio負債資本比率8.0%10.5%FIME is defined as fundraising,investment,man

151、agement and exit.*The calculation of Adjusted EBITDA is set out in page 27 of this report.#The calculation of Asset Liability ratio is set out in page 36 of this report.The calculation of Debt Equity ratio is set out in page 37 of this report.24 Shoucheng Holdings LimitedAnnual Report2023MANAGEMENT

152、DISCUSSION AND ANALYSIS管理層論述與分析財務回顧截至2023年12月31日止年度與截至2022年12月31日年度之比較：收入及銷售成本本集團收入主要由資產營運收入和資產融通收入兩部分構成。資產營運收入包括了基於產業的基礎運營服務，以及圍繞核心基礎設施資產服務產生的各類科技、諮詢、行研、創新增值等服務收入。資產融通收入包括基於公募REITs諮詢、公募REITs發展基金管理及投資、戰略配售基金管理及投資等產生的綜合收入。本集團於本年錄得收入港幣8.83億元，對比去年之港幣16.00億元，下降45%。其中：資產營運收入港幣6.58億元，較去年同期上升13%。資產融通收入港幣2.

153、25億元，較去年同期下降78%。本年整體毛利率為40.7%，對比去年同期之66.5%，絕對值下跌25.8%。資產融通收入及整體毛利下降主要由於前述中國公募REITs市場價格回落，本集團持有的按公允價值計入損益之中國公募REITs出現未變現虧損。儘管中國公募REITs價格回落對資產融通業務產生了一定的不利影響，但本集團在管資產持續帶來穩定的管理費收入以及成熟項目和部分基金的退出持續穩定貢獻，上述在2023年為本集團貢獻港幣3.78億元收益。FINANCIAL REVIEWThe year ended 31 December 2023 compared to the year ended 31 D

154、ecember 2022:Revenue and Cost of SalesThe Groups revenue mainly consists of revenue from asset operation and revenue from FIME.Revenue from asset operation includes the industry-based operation services,as well as the service income of various technologies,consulting,research,innovation and value-ad

155、ding and other services generated surround the core infrastructure asset services.Revenue from FIME includes comprehensive income generated from the consultancy of public offering REITs,the management and investment of public offering REITs development funds,and the management and investment of stra

156、tegic placement funds.The Group recorded revenue of HK$883 million in 2023 which decreased 45%as compared with the revenue of HK$1,600 million last year.Revenue from asset operation in 2023 was HK$658 million,representing an increase of 13%as compared to the same period last year.Revenue from FIME i

157、n 2023 was HK$225 million,representing a decrease of 78%as compared to the same period last year.The overall gross profit margin in 2023 was 40.7%,representing a decrease of 25.8%in absolute value as compared to the same period last year at 66.5%.The decline in revenue and overall profit margin from

158、 FIME was mainly attributable to the unrealized loss recorded by public offering REITs in China measured at fair value through profit or loss in 2023 due to the aforementioned decrease in market price of public offering REITs in China.Although the decrease in the market price of public offering REIT

159、s in China imposes certain adverse effects on the Groups FIME,the funds under the Groups management continue to generate stable management fee income,and the exit of mature investment projects and some of the funds also continue to contribute excess return to the Group,which contributed HK$378 milli

160、on revenue to the Group in 2023.25 首程控股有限公司2023年年報MANAGEMENT DISCUSSION AND ANALYSIS管理層論述與分析財務成本財務成本主要為因採納香港財務報告準則第16號租賃而產生之租賃負債利息，借款利息及於本集團於本年度發行的停車資產類REITs結構資產證券化產品產生的利息。財務成本的進一步詳情載於本報告的第200頁。年內，本集團財務成本為港幣1.06億元，較去年上升3.3%。財務成本增加主要源於本集團於本年度發行的停車資產類REITs結構資產證券化產品產生的利息。稅項所得稅費用主要包括本集團於中國成立的主要附屬公司主要以稅率

161、25%計算之企業所得稅。本集團於截至2023年12月31日止年度就所得稅計提撥備約港幣0.07億元，去年就所得稅計提撥備則為港幣2.69億元。Finance costsThe finance costs are mainly attributable to the interest on lease liabilities arising from the adoption of HKFRS 16 Leases,interest on borrowings and the interest generated by the Quasi-REITs Structured Asset Securi

162、tization Products of parking asset issued by the Group during the year.Further details of finance costs are set out in P.200 of this report.During the year,finance costs of the Group amounted to HK$106 million,representing an increase of 3.3%compared to last year.The increase in finance costs was pr

163、imarily attributed to the interest generated by the Quasi-REITs Structured Asset Securitization Products of parking asset issued by the Group during the year.TaxationIncome tax expenses mainly include the enterprise income tax calculated at a tax rate mainly of 25%for the Groups major subsidiaries i

164、ncorporated in China.Provision for income tax expense amounting to approximately HK$7 million was made for the year ended 31 December 2023,while provision for income tax expense of approximately HK$269 million was made for the last year.26 Shoucheng Holdings LimitedAnnual Report2023MANAGEMENT DISCUS

165、SION AND ANALYSIS管理層論述與分析非香港財務報告準則準則計量除 所 得 稅 前 溢 利 加 上 非 控 股 權 益、財 務 成本、處置持有待售的資產之收益、折舊和攤銷被定義為本集團經調整EBITDA（經調整EBITDA）。有關經調整的EBITDA的計算載列於本報告第27頁。負債總值除以資產總值被定義為本集團的資產負債比率（資產負債比率）。有關資產負債率的計算載列於本報告第36頁。借款總值除以本公司擁有人應佔股本及儲備被定義為本集團的負債資本比率（負債資本比率）。有關負債資本比率的計算載列於本報告第37頁。經調整EBITDA、資產負債比率及負債資本比率乃用作額外財務計量指標，以補

166、充本集團根據香港財務報告準則呈列的綜合財務報表。本集團認為，經調整EBITDA、資產負債比率及負債資本比率提供了有關本集團業績和核心經營業績的實用輔助信息，增強了對本集團過往表現及未來前景的整體理解，並且有助於更清晰地了解本集團管理層在財務和運營決策中所使用的核心指標。這將有助於本公司投資者和其他持份者以與管理層相同的方式了解和評估本集團的綜合經營業績，並比較不同會計期間的財務業績。Non-HKFRSs MeasuresProfit before income tax plus non-controlling interest,finance costs,gain on disposal of

167、 assets classified as held for sale,depreciation,and amortisation is defined as the adjusted EBITDA(the“Adjusted EBITDA”)of the Group.The calculation of Adjusted EBITDA is set out in page 27 of this report.The total liabilities divided by total assets is defined as the Asset Liability ratio(the“Asse

168、t Liability ratio”)of the Group.The calculation of Asset Liability ratio is set out in page 36 of this report.The total borrowings divided by capital and reserves attributable to owners of the Company is defined as the Debt Equity ratio(the“Debt Equity ratio”)of the Group.The calculation of Debt Equ

169、ity ratio is set out in page 37 of this report.The Adjusted EBITDA,Asset Liability ratio and Debt Equity ratio are used as additional financial measures to supplement the Groups consolidated financial statements which are presented in accordance with HKFRSs.The Group believes that the Adjusted EBITD

170、A,Asset Liability ratio and Debt Equity ratio provide meaningful supplemental information regarding the Groups performance and the core operating results,enhance the overall understanding of the Groups past performance and future prospects and allow for greater visibility with respect to key metrics

171、 used by the Groups management in its financial and operational decision-making.It would help the investors of the Company and other stakeholders understand and evaluate the Groups consolidated results of operations in the same manner as management and in comparing financial results across different

172、 accounting periods.27 首程控股有限公司2023年年報MANAGEMENT DISCUSSION AND ANALYSIS管理層論述與分析經調整EBITDA經調整EBITDA的呈列乃因為管理層使用該等財務指標評估經營表現。經調整EBITDA通過剝離1）非現金交易包括折舊、攤銷和處置持有待售的資產之收益；2）取決於不同國家不同稅率所得稅費用的；3）取決於本集團資本結構的財務成本的兩種非直接影響本集團之核心業務業績的費用；以及4）不直接歸屬於本公司擁有人的非控股權益。本年度，本集團經調整EBITDA為港幣6.71億元，對比去年之港幣14.66億元，下降54.2%。下表載列於呈

173、列年度本集團的除所得稅前溢利與經調整EBITDA的對賬：Adjusted EBITDAThe Adjusted EBITDA is presented because they are used by management to evaluate operating performance.The Adjusted EBITDA attempts to represent cash profit generated by the core operations by stripping out the 1)non-cash items,including depreciation,amorti

174、sation and gain on disposal of assets classified as held for sale;2)income tax expenses depending on different tax rates in different countries;3)finance costs depending on the Groups capital structure and not directly attributable to the Groups core operating results;and 4)non-controlling interest,

175、which is not directly attributable to owners of the Company.During the year,the Adjusted EBITDA of the Group amounted to HK$671 million,representing a decrease of 54.2%as compared to HK$1,466 million last year.The following table reconciles the Groups profit before income tax to adjusted EBITDA for

176、the years presented:For the year ended31 December截至12月31日止年度20232022HK$millionHK$million港幣百萬元港幣百萬元Profit before income tax除所得稅前溢利4661,1831.Non-controlling interests1.非控股權益(72)(8)2.Finance costs2.財務成本1061023.Gain on disposal of assets classified as held for sale3.處置持有待售的資產之收益(17)4.Depreciation of pro

177、perty,plant and equipment4.物業、廠房及設備折舊17125.Depreciation of right-of-use assets5.使用權資產折舊1321636.Amortisation of other non-current assets6.其他非流動資產攤銷2231Adjusted EBITDA經調整EBITDA6711,46628 Shoucheng Holdings LimitedAnnual Report2023MANAGEMENT DISCUSSION AND ANALYSIS管理層論述與分析業務回顧REITs市場的發展將有效銜接實體經濟和資本市場，有

178、助於形成存量資產和新增投資的良性循環。本集團秉持 精準投資+精益運營 的核心經營理念，在聚焦投資經營各類具有長期價值的基礎設施資產的基礎上，綜合公募REITs具有的盤活資產構建投融資新模式和助力提升資產運行效能兩大特性，以強大的資產融通能力和豐富的資產營運經驗，全面運用公募REITs深度服務客戶，致力於REITs全產業鏈佈局，致力於實現 中國基礎設施資產持續改進者和服務商 的戰略目標，打造全鏈條閉環運作模式。資產營運通過向 資產流轉+運營科技化 的3.0商業模式迭代，本集團堅持投資核心領域、核心區域、核心城市，充分利用資產運營和資產融通的融合方式，通過資產證券化實現在管資產的商業循環。本集團2

179、023年進一步擴大對京津冀區域北京市、大灣區區域廣州市等一線城市在機場、鐵路等重大交通樞紐領域的佈局。同時，本集團繼續通過精準的投資能力，獲取各類效能表現優異、具有長期運營價值的基礎設施資產，為未來資產證券化退出儲備優質資產。本集團在2023年年內成功中標了大灣區區域廣州市白雲國際機場停車場經營權項目（廣州白雲機場停車場經營權），運營車位總數超過10,000個。獲取年輸送量自2020年起已連續三年位居全國第一的廣州白雲機場停車場項目使得本集團在大灣區區域、京津冀區域和東南區域均運營著區域重量級交通 樞紐。*僅供識別REVIEW OF OPERATIONSThe development of t

180、he REITs market will effectively connect the real economy with the capital market,helping to form a benign cycle of existing assets and new investment.The Group adheres to the core philosophy of“precise investment+lean operation”and focuses on the investment and operation of various types of infrast

181、ructure assets with long-term value.Based on the two characteristics of revitalizing assets and building new investment and financing models,as well as helping to enhance asset operation performance of public offering REITs,the Group leverages its strong FIME capability and rich experience in asset

182、operation to fully utilize public offering REITs and provide in-depth service to our customers.The Group is committed to the layout of the entire REITs industry chain and realizing the strategic goal of“the infrastructure assets provider in China who continuously enhances the operating efficiency”,t

183、o create a closed-loop operation model for the entire chain.Asset OperationBy iterating towards the 3.0 business model of“asset circulation+operation technology”,the Group adheres to invest in core areas,core regions,and core cities,to fully utilize the integration of asset operation and FIME,and to

184、 realize the commercial cycle of assets under management through asset securitization.In 2023,the Group further expanded its layout in major transportation hubs such as airports and railways in first tier cities such as Beijing and Guangzhou.At the same time,the Group continued to acquire various in

185、frastructure assets with excellent performance and long-term operational value through precise investment capabilities,and reserved high-quality assets for future asset securitization exits.In 2023,the Group successfully won the bid for the project of parking operating rights of Guangzhou Baiyun Int

186、ernational Airport*in the Greater Bay Area(“Guangzhou Baiyun Airport parking operating rights”,廣州白雲機場停車場）with a total of over 10,000 operating parking spaces.The successful bidding of the project with Guangzhou Baiyun Airport which was first ranked in terms of annual transportation volume for three

187、consecutive years since 2020 in China enables the Group to operate regional heavyweight transportation hubs in the Greater Bay Area,Beijing-Tianjin-Hebei Region and Southeast Region.*For identification purpose only29 首程控股有限公司2023年年報MANAGEMENT DISCUSSION AND ANALYSIS管理層論述與分析此外，本集團在2023年年內，成功中標簽約亞洲最大鐵

188、路樞紐，京津冀區域北京市豐臺鐵路站的停車場項目（北京豐臺站停車場），使得本集團在鐵路出行服務上又進一個臺階。上述兩個項目的獲取充分展示了本集團在行業內的領先地位和強大實力。Guangzhou Baiyun International Airport parking operating rights*廣州白雲機場停車場經營權The Beijing Fengtai Railway Station carpark*北京豐臺站停車場2023年本集團繼續在成渝區域重慶市、京津冀區域北京市獲取多個核心地段車庫所有權，包括重慶市財富中心FFC及CDE座、重慶市龍湖新壹城項目、北京市海澱區天創科技大廈項目，大

189、規模增加本集團在核心區域車位密度的同時，通過 資產收購運營提效資產證券化現金回流再投資 的模式，進一步向輕資產運營模式發展。In addition,the Group has successfully won the bid and signed the contract for the largest railway hub in Asia,the Beijing Fengtai Railway Station carpark*（北京豐臺站停車場）project in the Beijing-Tianjin-Hebei Region in 2023,which has taken the G

190、roup to a new level in railway travel services.The successful bidding of the two abovementioned projects fully demonstrates the Groups leading position and strength in the industry.In 2023,the Group continued to acquire ownership of multiple parking spaces in core regions,like Chongqing of the Cheng

191、du-Chongqing Region and Beijing of the Beijing-Tianjin-Hebei Region,including the FFC and CDE blocks of the Chongqing Wealth Center*（重慶市財富中心FFC及CDE座）,the Longhu New City project in Chongqing*（重慶市龍湖新壹城項目）,and the Tianchuang Technology Building project in Haidian District of Beijing*（北京市海澱區天創科技大廈項目）.W

192、hile significantly increasing the density of parking spaces in core regions,the Group will adopt a model of“Asset acquisition-Operation efficiency improvement-Asset securitization-Reinvestment of cash backflow”to further develop towards a light asset operation model.30 Shoucheng Holdings LimitedAnnu

193、al Report2023MANAGEMENT DISCUSSION AND ANALYSIS管理層論述與分析園區資產管理方面，京津冀區域北京市六工匯項目，作為北京市乃至全國工業園區改造的典範項目，佔地約20萬平方米，坐擁23個獨幢建築物。已成為北京西部區域消費新地標，榮膺 低碳創新 特色產業園，該項目辦公招商率達95%以上。仍處於建設期的融石廣場和首程時代中心，將打造成為國際高端人才宜居宜業的聚集平臺和城市新生活體驗中心和大規模商務園區。2023年，本集團在管基金獲得超過8.8萬平方米面積的北京冬奧廣場租賃經營權，進一步加大本集團在首鋼園區項目密度與運營規模，並加強不同項目之間的協同效應。本

194、集團將通過精益運營、跨界重整、招商培育等方式持續提升在管項目經營收益與估值水準，未來本集團將積極探索通過發行基礎設施公募REITs等資產證券化手段以打通退出路徑，實現底層資產運營價值與融通價值的深度融合。The Changan Mills*六工匯 The Rongshi Square*融石廣場In terms of park asset management,the Changan Mills*（六工匯）project in Beijing of Beijing-Tianjin-Hebei Region,which is a model of industrial park reconstru

195、ction in Beijing and even in China covering 200,000 square meters with 23 single buildings has become a new consumption landmark in the western region of Beijing and has been awarded the title of“Low Carbon Innovation”characteristic industrial park.The project has achieved over 95%of office investme

196、nt rate.The Rongshi Square*（融石廣場）and the Shoucheng Times Center*（首程時代中心）,which are still under construction,will be developed into a gathering platform for international high-end talents to live and work,as well as a large-scale business park for urban new life experience centers.In 2023,the funds m

197、anaged by the Group obtained the operating right of over 88,000 square meters of the Beijing Winter Olympics Square,further increasing the density and operating scale of our projects in the Shougang Park,and enhancing the synergy among different projects.The Group will continue to increase the opera

198、ting income and valuation level of its managed projects through lean operations,cross-border restructuring,investment cultivation,and other methods.In the future,the Group will actively explore asset securitization methods such as issuing infrastructure public offering REITs to bridge the exit path

199、and achieve a deep integration of the operating value and financing value of underlying assets.31 首程控股有限公司2023年年報MANAGEMENT DISCUSSION AND ANALYSIS管理層論述與分析本集團在運營科技方面持續進行投入，不斷打造升級的數位化產品，賦能本集團業務和停車用戶。本集團在2023年內步入了數位化市場輸出的新階段，2023年初西安機場停車管理系統的中標，實現了集團首次產品即服務 SaaS 軟體系統對外交付的合作，並取得了市場對於系統設計及開發能力的認可。本集團始終堅

200、持以用戶體驗為第一要素，對客戶端交互應用持續優化升級，提升用戶操作體驗，打造有競爭力的數位化產品。通過停車代泊業務平臺、創新業務平臺以及雲客服開放平臺的上線，本集團已形成以停車服務為核心的使用者運營綜合系統平臺，極大提升了本集團的專業化、數智化、標準化的資產運營能力，也為出行者帶來舒適、便捷的停車體驗。本集團結合國家關於新能源汽車產業發展的政策導向，積極探索停車業務的延伸產業鏈充電樁業務。2023年，本集團通過自建或戰略收購，獲得了新能源汽車充電樁的投資建設與運營業務；通過與行業內領先的技術和運營團隊的緊密合作，本集團已在京津冀區域北京、東南區域上海等城市的核心區域佈局了一批高標準、智慧化的充

201、電樁，該項業務的開展，一方面增強了資產運營密度，有助於實現規模效應；另一方面也豐富了業務品類，擴大收入來源；同時，也標誌著本集團正式邁入新能源汽車服務領域，有助於增強本集團的核心競爭力。The Group continues to invest in operational technology to create upgraded digital products that empower the Groups business and parking users.The Group entered a new stage of digital market output in 2023.T

202、he successful bidding of the Xian Airport Parking Management System*（西安機場停車管理系統）in early 2023 realised the Groups first cooperation in the external delivery of Software as a Service(SaaS)software systems and gained market recognition for system design and development capabilities.The Group is always

203、 insisted on putting user experience as the first priority.The Group continues to optimize and upgrade customer-end interactive applications,enhance user operation experience and create competitive digital products.Through the launch of the parking agency business platform,innovative business platfo

204、rm,and cloud customer service open platform,the Group has formed a comprehensive user operation system platform with parking services as its core,which has greatly enhanced the Groups professional,digital,and standardized asset operation capabilities,and brought comfortable and convenient parking ex

205、periences to travelers.The Group actively explores the extension of the parking industry chain and charging pile business in accordance with the national policy guidance on the development of the new energy vehicle industry.In 2023,the Group obtained investment,construction,and operation of new ener

206、gy vehicle charging piles through self construction or strategic acquisition.Through close cooperation with leading technology and operation teams in the industry,the Group has laid out a number of high standard and intelligent charging piles in the core areas of cities such as Beijing in Beijing-Ti

207、anjin-Hebei and Shanghai in the Southeast Region.On the one hand,the development of this business has enhanced the density of asset operations and helped to achieve scale effects;on the other hand,it also enriches business categories and expands revenue sources.At the same time,it also marks the off

208、icial entry of the Group into the field of new energy vehicle services,which helps to enhance the Groups core competitiveness.32 Shoucheng Holdings LimitedAnnual Report2023MANAGEMENT DISCUSSION AND ANALYSIS管理層論述與分析資產融通本集團提供的資產融通，通過獲取長週期的潛力資產，憑藉本集團強大的資產運營能力，為客戶引入長週期資金，並提供從前端基金設立形式對高潛質項目進行發掘與培育，中端以平臺運

209、營管理助力資產提質增效，再經由市場化退出或公募REITs退出回籠資金，最後由REITs戰配形成再投資，透過四步驟流程全面實現基礎設施資產的產融結合全生態鏈服務，從而為本集團的客戶實現資產規模品質與資產回報收益兩方面雙雙增長。2023年本集團成功協助客戶成功發行中國境內首支光伏類公募REIT、協助客戶的公募REIT進入中國證券監督管理委員會審核階段，並繼續為超過30個客戶提供公募REITs發行諮詢服務，預計資產盤活規模超過人民幣1,000億元。再次證明本集團在REITs發行籌備、資產證券化諮詢等方面的專業能力和行業先導地位，並通過上述諮詢服務與越來越多的基礎設施行業重要企業建立或加深戰略合作、獲

210、取廣泛的業務資源。FIMEFIME involves acquiring long-term“potential assets”and leveraging the Groups strong asset operation capabilities to introduce long-term funds to customers.The Group also provides exploration and cultivation of high potential projects through the establishment of front-end funds,while pl

211、atform operation management helps improve asset quality and efficiency in the middle end.The funds are then exit through market-oriented or public offering REITs,and finally reinvested through REITs,the Group comprehensively realizes the integration of industry and finance in the entire ecosystem of

212、 infrastructure assets through the four-step process,thereby achieving dual growth in asset scale,quality,and return on investment for the Groups customers.In 2023,the Group successfully assisted its client in issuing its first photovoltaic public offering REITs in PRC,and assisted its client in ent

213、ering the review stage of the China Securities Regulatory Commission for its public offering REITs in China.The Group continued to provide consulting services for the issuance of public offering REITs to over 30 clients,with an expected asset trading volume exceeding RMB100 billion.This once again d

214、emonstrates the professional capabilities and industry-leading position of the Group in the preparation of REITs issuance and asset securitization consulting,and has established or deepened strategic cooperation with more and more important enterprises in the infrastructure industry through the afor

215、ementioned consulting services,in order to obtain a wide range of business resources.33 首程控股有限公司2023年年報MANAGEMENT DISCUSSION AND ANALYSIS管理層論述與分析目標規模為人民幣100億規模陽光首程城市發展基礎設施投資基金（陽光首程城市發展基金2023年本集團與戰略股東陽光保險集團股份有限公司合作設立了目標規模為人民幣100億規模陽光首程城市發展基金。該基金是本公司第二支可收購具有REITs發行潛力的基礎設施資產的城市發展基金，也充分體現了本集團精準的產業投資能力、精

216、益的運營和管理能力、成熟的全面退出能力。目 標 規 模 人 民 幣100億 的 北 京 機 器 人 產 業發 展 投 資 基 金（有 限 合 夥）（北 京 機 器 人 基金）。本集團亦聯合戰略股東北京國有資本運營管理有限公司以及北京市政府投資引導基金（有限合夥）共同發起成立目標規模人民幣100億的北京機器人基金，該支基金的設立是本集團積極參與北京市推動國際科技創新中心和全球數字經濟標桿城市建設的重要體現，亦是反映了本集團積極踐行深入產業投資、推動產業升級的投資理念。陽光首程城市發展基金和北京機器人基金的成功設立，是戰略股東對本集團資源對接、業務協同的有力支持，也是戰略股東對本集團在資產運營和資

217、產融通領域投資及退出能力的高度認可，亦將為本集團戰略投資形成高度協同效應。*僅供識別Sunshine Shoucheng Urban Development infrastructure assets investment Fund(“Sunshine Shoucheng Urban Development Fund”*（陽光首程城市發展基金）)with a target scale of RMB10 billion.In 2023,the Group collaborated with strategic shareholder Sunshine Insurance Group Compan

218、y Limited to establish the Sunshine Shoucheng Urban Development Fund*（陽光首程城市發展基金）with a target scale of RMB10 billion.This fund is the second urban development fund of the Company to acquire infrastructure assets with the potential to issue REITs.This also demonstrates the Groups precise industrial

219、investment ability,lean operation and management ability,and mature and comprehensive exit ability.Beijing Robot Industry Development Investment Fund(Limited Partnership)*（北京機器人產業發展投資基金（有限合夥）(hereinafter referred to as the“Beijing Robot Fund”（北京機器人基金）)with a target scale of RMB10 billion.The Group h

220、as also jointly initiated the establishment of the Beijing Robot Fund（北京機器人基金）)with strategic shareholders Beijing State-owned Capital Operation and Management Company Limited*（北京國有資本運營管理有限公司）and Beijing Municipal Government Investment Guidance Fund(Limited Partnership),with a target scale of RMB10

221、billion.The establishment of this fund is an important manifestation of the Groups active participation in promoting the construction of the International Science and Technology Innovation Center and the global digital economy benchmark city in Beijing.It is also the investment concept that the Grou

222、p would actively practices to deepen industrial investment and promote industrial upgrading.The successful establishments of the Sunshine Shoucheng Urban Development Fund*（陽光首程城市發展基金）and the Beijing Robot Fund*（北京機器人基金）are results of the strong support from strategic shareholders for the Groups reso

223、urce docking and business collaboration,as well as a high recognition of the Groups investment and exit capabilities in asset operation and FIME.It will also form a highly synergistic effect for the Groups strategic investment.*For identification purpose only34 Shoucheng Holdings LimitedAnnual Repor

224、t2023MANAGEMENT DISCUSSION AND ANALYSIS管理層論述與分析主要風險及不確性本集團活動面臨多項財務風險：市場風險（包括貨幣風險，利率風險及價格風險）、信貸風險及流動資金風險。本集團整體風險管理計劃著重於金融市場的不可預測性，並尋求方法減低對本集團財務表現的潛在不利影響。本公司根據其董事會制定的指引管理其財務風險。經營財務部與本集團內部密切合作確認並評估金融風險以進行整體風險管理以及具體領域，比如市場風險（包括貨幣風險，利率風險及價格風險）、信貸風險及流動資金風險。貨幣風險本集團業務主要集中在中國內地和香港兩地。因此，本集團需承擔港元、美元及人民幣匯率波動風險。

225、為了減低匯兌風險，外幣資產通常是以其資產或現金流的外幣作為借貸基礎。截至2023年12月31日止財政年度內貨幣風險之詳情載於綜合財務報表附註3.1(a)。利率風險本集團持有計息資產及負債，包括銀行現金及借款。本集團主要面對浮動息率之銀行結餘及借款相關之現金流利率風險。截至2023年12月31日止財政年度內利率風險之詳情載於綜合財務報表附註3.1(a)。PRINCIPAL RISKS AND UNCERTAINTIESThe Groups activities expose it to a variety of financial risks:market risk(including curr

226、ency risk,interest rate risk and price risk),credit risk and liquidity risk.The Groups overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Groups financial performance.The Company manages its financial risks in

227、 accordance with guidelines laid down by its Board of Directors.The Operating Finance Department identifies and evaluates financial risks in close co-operation within the Group to cope with overall risk management,as well as specific areas,such as market risk(including currency risk,interest rate ri

228、sk and price risk),credit risk and liquidity risk.Currency riskThe Group conducts its businesses mainly in Hong Kong and China,it is subject to the foreign exchange fluctuation risks of HK dollars,US dollars and Renminbi.To minimise currency exposure,foreign currency assets are usually financed in t

229、he same currency as the asset or cash flow from it through borrowings.Details of currency risk for the financial year ended 31 December 2023 are set out in note 3.1(a)to the consolidated financial statements.Interest rate riskThe Group holds interest bearing assets and liabilities including cash at

230、banks,financial assets at amortised costs and borrowings.The Group is mainly exposed to cash flow interest rate risk in relation to variable-rate bank balances and borrowings.Details of interest rate risk for the financial year ended 31 December 2023 are set out in note 3.1(a)to the consolidated fin

231、ancial statements.35 首程控股有限公司2023年年報MANAGEMENT DISCUSSION AND ANALYSIS管理層論述與分析流動資金及財務資源本集團致力透過銀行及資本市場分散其集資途徑。融資安排將盡可能配合業務特點及現金流量情況。本集團於2023年12月31日，對比2022年12月31日的的高流動性資產及財務資源摘錄 如下：1.高流動性資產LIQUIDITY AND FINANCING RESOURCESThe Group aims to diversify its funding sources through utilisation of both bank

232、ing and capital markets.To the extent possible,financing is arranged to match business characteristics and cash flows.The assets with high liquidity and financing resources of the Group as at 31 December 2023 as compared to 31 December 2022 are summarised below:1.Assets with high liquidityAs at31 De

233、cember2023As at31 December2022於2023年12月31日於2022年12月31日HK$millionHK$million港幣百萬元港幣百萬元Bank balances and cash銀行結餘及現金2,2633,574Time deposits with maturity over three months,wealth management products and other securities 多於三個月內到期之定期存款，理財產品及其他證券1,98290336 Shoucheng Holdings LimitedAnnual Report2023MANAGE

234、MENT DISCUSSION AND ANALYSIS管理層論述與分析2.資產負債比率列示資產負債比率是因為管理層使用該比率來評估本集團之負債水平。於2023年12月31日，本集團資產負債比率為25.7%，絕對值較2022年12月31日下跌0.9%。下表載列於呈列本年度的負債總值及資產總值：2.Asset Liability ratioThe Asset Liability ratio is presented because it is used by management to evaluate the Groups debt level.As at 31 December 2023,t

235、he Asset Liability ratio of the Group is 25.7%,representing a decrease of absolute value of 0.9%as compared to 31 December 2022.The following table shows the Groups total liabilities and total assets for the years presented:As at 31 December於12月31日20232022HK$millionHK$million港幣百萬元港幣百萬元Total liabilit

236、ies負債總值3,4823,632 Total assets資產總值13,52313,656 Asset Liability ratio資產負債比率25.7%26.6%37 首程控股有限公司2023年年報MANAGEMENT DISCUSSION AND ANALYSIS管理層論述與分析3.負債資本比率列示負債資本比率是因為管理層使用該比率來評估本集團如何利用其借款為業務和運營融資以實現增長。於2023年12月31日，本集團負債資本比率為8.0%，絕對值較2022年下降2.5%。下表載列於呈列本年度本集團的借款總值及本公司擁有人應佔股本及儲備：附註(a)截至2023年12月31日，本集團銀行定

237、期貸款融資餘額為港幣6.09億元，主要來自投資北京大興國際機場停車樓運營權而進行的銀行貸款。借款的進一步詳情載於本報告的第254頁。附註(b)另外，本公司全資子公司驛停車（北京）投資管理有限公司發行的停車資產類REITs結構資產證券化產品（類REITs結構化資產證券產品）餘額港幣1.84億元。應付債券的進一步詳情載於本報告的第255頁。*僅供識別3.Debt Equity ratio The Debt Equity ratio is presented because it is used by management to evaluate how the Group utilised its

238、 borrowings for financing the business and operations for growth.As at 31 December 2023,the Debt Equity ratio of the Group is 8.0%,representing a decrease of absolute value of 2.5%as compared to 31 December 2022The following table shows the Groups total borrowings and capital and reserves attributab

239、le to owners of the Company for the years presented:As at 31 December於12月31日20232022HK$millionHK$million港幣百萬元港幣百萬元Total borrowings and bond payable借款總值及應付債券7931,047Including:Borrowings non-current(Note(a)其中：借款非流動（附註(a)452465Borrowings current(Note(a)借款流動（附註(a)157582Bond payable non-current (Note(b)應

240、付債券非流動（附註(b)184-Capital and reserves attributable to owners of the Company本公司擁有人 應佔股本及儲備9,9239,928Debt Equity ratio負債資本比率8.0%10.5%Note(a)As at 31 December 2023,the balance of the Groups term loan financing from banks was HK$609 million,which was mainly for the investment in the operation rights of t

241、he Beijing Daxing International Airport Parking Building*（北京大興國際機場停車樓）.Further details of borrowings are set out in P.254 of this report.Note(b)Besides E Park Investment Management Co.,Ltd.*（驛停車（北京）投資管理有限公司）,a wholly-owned subsidiary of the Company,issued the parking asset quasi-REITs structured ass

242、et securitization product(“Quasi-REITs Structured Asset Securitisation Product”)with the balance of HK$184 million.Further details of bond payable is set out in P.255 of this report*For identification purpose only38 Shoucheng Holdings LimitedAnnual Report2023MANAGEMENT DISCUSSION AND ANALYSIS管理層論述與分

243、析資本結構本集團資本結構包括綜合財務報表附註附註26所述之借款及附註27所述之應付債券以及本公司擁有人應佔權益（包括已發行股本及儲備）。本集團資本管理乃確保本集團內各實體將可以持續方式經營，同時透過適當平衡債務與資本結構為股東帶來最大回報。本集團與過往年度之整體策略保持不變。董事每半年檢討一次資本架構。本集團會根據董事推薦建議，透過派付股息、發行新股、回購股份以及發行新債或贖回現有債務，以平衡其整體資本結構。CAPITAL STRUCTUREThe capital structure of the Group consists of borrowings disclosed in Note 2

244、6 and bond payables disclosed in Note 27 to the consolidated financial statements.and equity attributable to owner s of the Company,comprising issued share capital and reserves.The Group manages its capital to ensure that entities in the Group will be able to continue as a going concern while maximi

245、sing the return to shareholders through the optimisation of the debt and equity balance.The Groups overall strategy remains unchanged from prior year.The directors review the capital structure on a semi-annual basis.Based on recommendations of the directors,the Group will balance its overall capital

246、 structure through the payment of dividends,new share issues and share buy backs as well as the issue of new debt or the redemption of existing debts.39 首程控股有限公司2023年年報MANAGEMENT DISCUSSION AND ANALYSIS管理層論述與分析持有重大投資除以下披露外，在本年度，本集團並無其他持有重大投資。SIGNIFICANT INVESTMENT HELDSave as disclosed below,there w

247、ere no other significant investment held the Group during the year.Name of entityInvestment costProportion and unit of issued shares subscription fund units held by the GroupFair valueProportion of fair value to the total assets to the GroupUnrealised fair value gains/(losses)Dividends received公司名稱投

248、資成本本集團持有已發行股份數量及比例認購基金份額及比例公允價值公允價值佔本集團總資產比例未變現公允價值變動溢利（虧損）股息收取As at 31 December 2023For the year ended 31 December 2023於2023年12月31日截至2023年12月31日止年度Financial assets at FVOCI 按公允價值計入其他全面收益之金融資產Shougang Fushan Resources Group Limited(“Shougang Resources”)(Note(a)HK$港幣1,834,347,000774,743,00015.72%HK$港

249、幣 2,231,261,00016.50%HK$港幣302,150,000HK$港幣319,384,000首鋼福山資源集團有限公司（首鋼資源）（附註(a)）Financial assets at FVPL按公允價值計入損益之金融資產CICC GLP Warehousing and Logistics Closed Infrastructure Securities Investment Fund*(the“REIT”)(Note(b)RMB 人民幣626,500,000160,170,0008.26%RMB 人民幣546,181,0004.43%RMB 人民幣(306,639,000)RMB

250、人民幣21,503,000中金普洛斯物流封閉式基礎設施證券投資基金（REIT基金）（附註(b)）As at 31 December 2022For the year ended 31 December 2022於2022年12月31日截至2022年12月31日止年度Financial assets at FVOCI 按公允價值計入其他全面收益之金融資產Shougang Fushan Resources Group Limited (“Shougang Resources”)(Note(a)HK$港幣2,045,590,000863,962,00017.10%HK$港幣2,151,267,000

251、15.75%HK$港幣105,677,000HK$港幣406,143,000首鋼福山資源集團有限公司（首鋼資源）（附註(a)）Financial assets at FVPL按公允價值計入損益之金融資產CICC GLP Warehousing and Logistics Closed Infrastructure Securities Investment Fund*(the“REIT”)(Note(b)RMB 人民幣583,500,000150,000,00010.00%RMB 人民幣809,550,0006.69%RMB 人民幣125,775,000RMB 人民幣13,382,000中金普

252、洛斯物流封閉式基礎設施證券投資基金（REIT基金）（附註(b)）40 Shoucheng Holdings LimitedAnnual Report2023MANAGEMENT DISCUSSION AND ANALYSIS管理層論述與分析長期來看，基於首鋼資源的穩定業績表現以及REIT基金穩定且多元化的底層資產組合，其租約所產生的租金收入將使REIT基金的收益相對穩定且可預測。因此，展望未來，董事會相信戰略投資將致力為本集團帶來穩定回報。附註(a)持有其他業務資產首鋼資源為香港註冊成立之有限公司，其股份於香港聯合交易所有限公司主板上市，股份代號639，是國內大型硬焦煤生產商。附註(b)本集團

253、對中國境內REITs基金的戰略投資REIT基金為於中國成立的基礎設施基金，主要投資於以倉儲和物流基礎設施項目為最終投資目標的項目。其基金管理人為中金基金管理有限公司，基金份額在上海證券交易所上市。重大收購及出售在本年度，本集團並無其他重大收購及出售。報告期後事項 在本年度，本集團並無重大報告期後事項需要披露。In the long term,based on the stable performance of Shougang Resources and the stable and diversified underlying assets portfolio of the REITs an

254、d the rental income generated by its leases,the earnings of the REITs are expected to remain at a relatively consistent pace over time,Therefore,looking forward,the Board believes that the strategic investments will strive to generate stable returns to the Group.Note(a)Holding other business assetsS

255、hougang Resources is a company incorporated in Hong Kong with limited liability and the issued shares of which are listed on the main board of the Stock Exchange of Hong Kong Limited with stock code 639 and is a major hard coking coal producer in Mainland China.Note(b)The Groups Strategic Investment

256、 in REITs FundThe REIT fund is an infrastructure fund established in the PRC which mainly invests in projects of which warehousing and logistics infrastructure projects are the final investment targets.Its fund manager is CICC Fund Management Co.,Ltd.*（中金基金管理有限公司）and its fund units are listed on the

257、 Shanghai Stock Exchange.MATERIAL ACQUISITIONS&DISPOSALSThere were no other material acquisitions or disposals by the Group during the year.EVENTS OCCURRING AFTER THE REPORTING PERIODThere were no material events occurring after the reporting period required to be disclosed during the year.41 首程控股有限

258、公司2023年年報MANAGEMENT DISCUSSION AND ANALYSIS管理層論述與分析所得資金使用情況1.於2020年8月10日，本公司完成與Poly Platinum Enterprises Limited（Poly Platinum ）訂立認購協議（Poly Platinum認購事項），據此，本公司已有條件地同意發行而Poly Platinum已有條件地同意認購年利率1%的可轉換債券，其本金總額為港幣3億元，所得款項淨額約為港幣2.95億元。截至2023年12月31日，本公司已動用Poly Platinum認購事項之所得款項港幣1.46億元。本公司決定更改截至2023年12

259、月31日的未動用所得款項淨額港幣1.49億元用途分配，其中港幣0.89億元及港幣0.6億元分別用於投資本集團之基礎設施資產管理業務及用於一般營運資金（更改未動用所得款項）。更改所得款項淨額用途分配的理由與裨益為本公司認為募集所得款項淨額之重新分配至投資本集團之基礎設施資產管理業務將給予本集團更高的現金流量管理靈活性，豐富其掌握的財務資源，同時保留權利於合適機會出現時將未動用所得款項淨額用於其原定業務發展計劃。此亦使本集團在把握市場機遇、優化本集團商業模式的同時能夠滿足其營運需求。USE OF PROCEEDS1.On 10 August 2020,the Company completed t

260、he subscription agreement(“Poly Platinum Subscription”)with Poly Platinum Enterprises Limited(“Poly Platinum”),pursuant to which the Company has conditionally agreed to issue,and Poly Platinum conditionally agreed to subscribe for the 1%convertible bonds,in the aggregate principal amount of HK$300 m

261、illion,with net proceeds of approximately HK$295 million.As at 31 December 2023,the Company has utilised HK$146 million of the net proceeds from the Poly Platinum Subscription.The Company decided to reallocate the amount of unutilised net proceeds as at 31 December 2023 of HK$149 million,such that H

262、K$89 million and HK$60 million will be used for the purpose of investing in the Groups infrastructure asset management business and general working capital,respectively(the“Reallocation”).The Reallocation will give the Group a greater flexibility in cash flow management,enrich its financial resource

263、s,and at the same time reserve the right to use the unutilised net proceeds for its original business development plan when suitable opportunities arise.This also enables the Group to satisfy its operational needs while seizing market opportunities and optimizing the Groups business model.42 Shouche

264、ng Holdings LimitedAnnual Report2023MANAGEMENT DISCUSSION AND ANALYSIS管理層論述與分析於2023年12月31日，本集團將Poly Platinum認購事項所得款項按以下方式動用：#本公司擬將剩餘所得款項淨額按上述指明的時間表應用。As at 31 December 2023,the Group applied the proceeds of the Poly Platinum Subscription in the following manner:Intended use of net proceedsAmount of

265、thenet proceedsraisedAmount ofunutilised netproceeds as at1 January2023Amount ofutilisednet proceedsduring theyear ended31 December2023Amount ofunutilisednet proceedsas at31 December2023 before theReallocationAmount ofunutilisednet proceedsas at31 December2023 after the ReallocationExpectedtimeline

266、forthe use ofthe unutilisednet proceeds after the Reallocation#原所得款項淨額的特定用途募集所得款項淨額於2023年1月1日的未動用所得款項淨額於2023年內已動用所得款項淨額截至2023年12月31日於變更前的未動用所得款項淨額截至2023年12月31日於變更後的未動用所得款項淨額動用未動用之變更後所得款項淨額的預期時間表#HK$millionHK$millionHK$millionHK$millionHK$million港幣百萬元港幣百萬元港幣百萬元港幣百萬元港幣百萬元Financing the expansion of the

267、 Groups business in management and operation of car parking assets in Guangdong-Hong Kong-Macau Greater Bay Area and technology innovation of the Group29518233149 Not applicable本集團於粵港澳大灣區 停車出行業務擴張及 本集團技術創新不適用Invest in the Groups infrastructure asset management business 89By the end of 2025投資本集團之基礎設施

268、資產管理業務2025年年底前General working capital 60By the end of 2025一般營運資金2025年年底前Total29518233149149總計#The Company intends to apply the remaining net proceeds raised in accordance with the indicative timetable set forth above.43 首程控股有限公司2023年年報MANAGEMENT DISCUSSION AND ANALYSIS管理層論述與分析2.於2021年1月27日，本公司與華泰金融控

269、股（香港）有限公司及中銀國際亞洲有限公司（配售代理）訂立配售協議，促使承配人按照配售協議條款所載之配售價認購配售股份共計210,000,000股股份，配售價為每股配售股份港幣2.03元。於2021年2月3日，本公司完成向不少於6名配售股東配發及發行210,000,000股認購股份，並全數由配售股東認購（2021配售及認購事項），所得款項淨額約為港幣4.19億元。於2023年12月31日，本集團將2021配售及認購事項所得款項按以下方式動用：#本公司已經將以上所有2021配售及認購事項所得款項淨額按(i)上述指明的時間表；及(ii)本公司於2021年2月3日的公告所披露的方式應用。2.On 27

270、 January 2021,the Company entered into the placing agreement with Huatai Financial Holdings(Hong Kong)Limited and BOCI Asia Limited(as placing agents)to procure placees to purchase the total number of the placing shares,being 210,000,000 shares,at a placing price of HK$2.03 per placing share.On 3 Fe

271、bruary 2021,the Company completed the placing and the subscription of 210,000,000 placing shares to not less than six placees(“2021 Placing and Subscription”)with net proceeds of approximately HK$419 million.As at 31 December 2023,the Group applied the proceeds of the 2021 Placing and Subscription i

272、n the following manner:Intended use of net proceedsAmount of the net proceedsraisedAmount ofunutilised netproceeds as at1 January2023Amount ofutilised netproceedsduring theyear ended31 December2023Amount ofunutilised netproceeds as at31 December2023Expectedtimeline forthe use of theunutilised netpro

273、ceeds#所得款項淨額的特定用途募集所得款項淨額於2023年1月1日的未動用所得款項淨額於2023年內已動用所得款項淨額截至2023年12月31日的未動用所得款項淨額動用未動用所得款項淨額的預期時間表#HK$millionHK$millionHK$millionHK$million港幣百萬元港幣百萬元港幣百萬元港幣百萬元Invest in the Groups parking business,used for the Groups existing capital injection commitment,rental deposit and the development of new

274、car parking assets1687070Not applicable停車出行業務之承諾出資、租賃按金及 開支以及新停車場資產的拓展不適用Invest in the Groups infrastructure asset management business16844Not applicable投資本集團之基礎設施資產管理業務不適用General working capital831717Not applicable一般營運資金不適用Total4199191總計#The full amount of the net proceeds of the 2021 Placing and S

275、ubscription have been applied in accordance with(i)the indicative timetable set forth above;and(ii)in the manner disclosed in the Companys announcement dated 3 February 2021.44 Shoucheng Holdings LimitedAnnual Report2023MANAGEMENT DISCUSSION AND ANALYSIS管理層論述與分析3.於2023年1月13日，本公司與華泰金融控股（香港）有限公司（配售代理）

276、訂立配售協議，促使承配人按照配售協議條款所載之配售價認購配售股份共計252,802,246股股份，配售價為每股配售股份港幣1.80元。於2023年1月31日，本公司完成向陽光人壽保險股份有限公司配發及發行252,802,246股認購股份，並全數由配售股東認購（2023配售及認購事項），所得款項淨額約為港幣4.48億元。於2023年12月31日，本集團將2023配售及認購事項所得款項按以下方式動用：#本公司已經將以上所有2023配售及認購事項所得款項淨額按(i)上述指明的時間表；及(ii)本公司於2023年1月31日的公告所披露的方式應用。3.On 13 January 2023,the Com

277、pany entered into the placing agreement with Huatai Financial Holdings(Hong Kong)Limited(as placing agent)to procure placee to purchase the total number of the placing shares,being 252,802,246 shares,at a placing price of HK$1.80 per placing share.On 31 January 2023,the Company completed the placing

278、 and the subscription of 252,802,246 placing shares to 陽光人壽保險股份有限公司(Sunshine Life Insurance Corporation Limited*),all of which were subscribed with net proceeds of approximately HK$448 million(“2023 Placing and Subscription”).As at 31 December 2023,the Group applied the proceeds of the 2023 Placing

279、and Subscription in the following manner:Intended use of net proceedsAmount of the net proceedsraisedAmount ofutilised netproceedsduring theyear ended31 December2023Amount ofunutilised netproceeds as at31 December2023Expectedtimeline forthe use of theunutilised netproceeds#所得款項淨額的特定用途募集所得款項淨額於2023年內

280、已動用所得款項淨額截至2023年12月31日的未動用所得款項淨額動用未動用所得款項淨額的預期時間表#HK$millionHK$millionHK$million港幣百萬元港幣百萬元港幣百萬元The Companys principal activities potential capital injection,development,construction and acquisition of assets and leasing expenditure269269Not applicable本集團主營業務的潛在出資、開發、建設及 收購資產以及租金支出不適用General working

281、capital179179Not applicable一般營運資金不適用Total448448總計#The full amount of the net proceeds of the 2023 Placing and Subscription have been applied in accordance with(i)the indicative timetable set forth above;and(ii)in the manner disclosed in the Companys announcement dated 31 January 2023.*For identifica

282、tion purpose only45 首程控股有限公司2023年年報MANAGEMENT DISCUSSION AND ANALYSIS管理層論述與分析僱員關係本集團於2023年12月31日合共有僱員414名。本公司所有附屬公司均提倡平等僱傭機會。為了給予僱員一個平等、多元化及不歧視的工作環境，本集團嚴格遵守國家及地方政府各項法規，採取公平、公正、公開的招聘流程。在招聘、培訓及晉升的過程中，本集團對所有候選人均一視同仁，以保障僱員的權利及利益。本集團的酬金政策是要確保僱員的整體酬金公平及具競爭力，以 對外具有競爭性、對內具有公平性 為導向，建立了基於崗位價值、能力、業績貢獻等因素的 以固定薪

283、資為基礎，績效導向浮動薪酬為主體 的薪酬激勵體系，從而推動及挽留現有僱員。本集團充分應用多種長短期激勵手段，吸引和保留有才幹的員工共同實現本集團的戰略目標。酬金組合是根據本集團各自業務所在地的慣例設計。香港僱員之酬金組合包括薪金、酌情花紅、醫療津貼、住院保險計劃及認購本公司普通股之股權激勵計劃，本集團之所有香港附屬公司均為香港僱員提供退休金計劃，作為員工福利一部份。EMPLOYEES RELATIONSHIPThe Group had a total of 414 employees as at 31 December 2023.All subsidiaries of the Company

284、promote equal employment opportunities.The Group strictly complies with regulations of state and local governments and adopts a fair,just,and open recruitment process in order to provide employees with an equal,diverse and discrimination-free working environment.In the process of recruitment,trainin

285、g and promotion,the Group provides equal treatment to all candidates to safeguard employees rights and interests.The Groups remuneration policy is to ensure that employees receive a fair and competitive overall remuneration package.Based on the principle of“competitive externally,fair internally”,th

286、e Group has established a remuneration incentive mechanism with“fixed salary as basis and performance linked remuneration as main component”that is based on factors such as position value,ability,and contribution to performance etc,in order to motivate and retain existing employees.By making full us

287、e of a variety of long and short term incentives,the Group seeks to attract and retain talented employees to achieve the Groups strategic goals together.Remuneration package is designed based on the practices of the locations of the Groups various businesses.Remuneration package for Hong Kong employ

288、ees includes salary,discretionary bonus,medical allowance,hospital insurance and share incentive plan to subscribe for the Companys ordinary shares.All Hong Kong subsidiaries of the Company provide retirement fund scheme for Hong Kong employees as part of employee welfare.46 Shoucheng Holdings Limit

289、edAnnual Report2023MANAGEMENT DISCUSSION AND ANALYSIS管理層論述與分析中國內地僱員之酬金組合包括薪金、酌情花紅、項目獎金、醫療津貼及認購本公司普通股之股權激勵計劃，作為員工福利的一部份。為了全面照顧僱員的需要，本集團亦按照國家規定為所有僱員辦理社會保險福利（或 五險一金，即養老保險、醫療保險、失業保險、工傷保險、生育保險及住房公積金）及年度體檢活動。本公司於2021年採納股權激勵計劃，激勵範圍涵蓋本公司執行董事及核心管理人員、本集團的技術和業務骨幹，目的是為了本集團的長遠發展，使僱員、本公司和股東的利益保持一致，吸引、激勵和留住人才，建立和完

290、善本集團的長期激勵機制，以實現進一步提升股東價值的目標。進一步詳情，請參閱(i)本公司日期為2021年7月29日、2021年10月12日、2021年11月5日及2022年11月2日之公告；及(ii)本公司日期為2021年10月15日之通函。此外，為了提高員工的歸屬感，本集團為全體員工安排了多種形式的文娛活動，包括本集團組織的運動會以增強團隊凝聚力和員工大會以表揚卓越的個人和團體表現。Remuneration package for Mainland China employees includes salary,discretionary bonus,project bonus,medical

291、 allowance and share incentive plan to subscribe for the Companys ordinary shares as part of employee welfare.In order to fully cover the needs of employees,the Group also provides social insurance welfare(i.e.pension insurance,medical insurance,unemployment insurance,work injury insurance,maternity

292、 insurance and housing provident fund)as well as annual medical check for all employees according to state regulations.The Company adopted a share incentive plan in 2021.The scope of the participants include Executive Directors and core management of the Company,technical and business backbone perso

293、nnel of the Group.The purposes of the share incentive plan are to align the interests of employees,Company and the shareholders for the Groups long-term development,to attract,motivate and retain talent,to establish and complete the long-term incentive mechanism of the Group,with a view to achieving

294、 the objectives of further enhancing shareholders value.For further details,please refer to(i)the announcements of the Company dated 29 July 2021,12 October 2021,5 November 2021,and 2 November 2022;and(ii)the circular of the Company dated 15 October 2021.In addition,to strengthen employees sense of

295、belonging,the Group arranges a variety of recreational activities for all employees,including a sports meeting organised by the Group to strengthen team cohesion,and a town hall meeting to commend excellent individual and team performances.47 首程控股有限公司2023年年報MANAGEMENT DISCUSSION AND ANALYSIS管理層論述與分析

296、展望中國境內基礎設施業態豐富，規模較大，為公募REITs提供了豐富的基礎資產。隨著中國REITs市場的不斷完善，本集團堅信公募REITs有著人民幣萬億級市場的潛力，亦依然堅定對REITs的長期投資策略，在實現投資收益的同時，建立本集團的戰略合作夥伴生態體系，從而實現多維度的收入創新，持續為股東創造價值。憑藉多年積累的REITs業務能力，本集團將把握2024年的關鍵窗口期，充分發揮本集團資源優勢及屬地優勢，全力佈局停車類資產、長租公寓（保障房）以及社區商業等重點資產品類中具備長期穩定現金回報、高潛力特徵的中國核心資產，通過改造提升資產價值獲取收益。同時擬進一步聯合市場上長期看好公募REITs市場

297、的長期限保險資金、發行人資金、政府引導基金等，設立專注投資公募REITs的長期基金，投資優質基礎設施資產，獲取長期穩定的收益回報。同時隨著新能源汽車市場的快速增長，本集團將繼續加大在充電樁業務上的投入，優化充電網路佈局，提升服務品質，以滿足日益增長的市場需求。新能源汽車充電樁業務將成為本集團新的增長點，預計將為股東創造長期穩定而增長的回報。PROSPECTSThe infrastructure industry in China is rich and large in scale,providing abundant basic assets for public offering REIT

298、s.With the continuous improvement of the public offering REITs market in China,the Group firmly believes that public offering REITs have the potential of a RMB trillion dollar market,and remains committed in its long-term investment strategy for REITs.While achieving investment returns,the Group est

299、ablishes its strategic partnership ecosystem to achieve multi-dimensional revenue innovation and to create value for the shareholders on a continuous basis.The Groups capability in the field of REITs accumulated from its years of operation allows it to seize the key window period in 2024 by fully le

300、veraging the Groups resource and territorial advantages.The Group will fully layout key asset categories such as parking assets,long-term rental apartment(guarantee housing)and commercial assets with stable cash returns over the long term and high potential in China,to make a gain through long-term

301、transformation and enhancement of asset value.At the same time,the Group will further collaborate with insurance funds,issuer funds,and government guided funds of long maturity in the market that are optimistic about the public offering REITs market and to establish long-term funds focusing on inves

302、ting in public offering REITs,investing in high-quality infrastructure assets,and aiming in obtaining long-term stable returns.At the same time,with the rapid growth of the new energy vehicle market,the Group will continue to increase investment in the charging pile business,optimize the charging ne

303、twork layout,improve service quality,and meet the growing market demand.The new energy vehicle charging pile business will become a new growing area for the Group and is expected to create long-term stable and growing returns for the shareholders.48 Shoucheng Holdings LimitedAnnual Report2023MANAGEM

304、ENT DISCUSSION AND ANALYSIS管理層論述與分析本集團秉持 精準投資+精益運營 的核心經營理念持續聚焦提升運營品質和效能，充分挖掘、釋放資產價值屬性，為資產持有者提供全週期的一站式解決方案。同時，本集團將通過自建、併購、戰略投資等方式進一步加大核心能力建設、優質資產的戰略收購及整合力度，網格化佈局具有長期價值的核心潛力資產，拓展資產類型，擴大資產規模。本集團將全面深化自身行業研究能力、產業投資能力以及精準退出能力，以實現穩定投資收益，從而為全體股東創造長期回報。The Group will continue to focus on improving the qualit

305、y and efficiency of its operations under the core business concept of“precise investment+lean operation”.The Group will fully explore and unleash the value attributes of its assets,and provide one-stop solutions to asset holders throughout the entire lifecycle.Meanwhile,the Group will further increa

306、se its efforts in core capacity building,strategic acquisition and integration of quality assets through self-construction,mergers and acquisitions,and strategic investments,so as to identify core potential assets with long-term value,expand the types of assets,and enlarge the scale of assets.The Gr

307、oup will continue to focus on improving its industry research capability,industrial investment capability and precise exit capability to realize stable returns,thereby creating create long-term returns for all shareholders.49 首程控股有限公司2023年年報CORPORATE GOVERNANCE REPORT企業管治報告The Company is committed t

308、o maintaining good corporate governance standards and procedures to safeguard the interests of all shareholders and to enhance shareholders value.The Company has adopted and applied corporate governance principles and practices that emphasise an effective Board,sound risk management and internal con

309、trol systems,transparency and accountability as well as on-going communication and engagement with shareholders and investors.CORPORATE CULTUREWith the mission of promoting the cross-border integration of infrastructure assets,enhancing the operation efficiency,building new infrastructure and provid

310、ing the leading infrastructure asset management service,the Company has integrated its culture so as to achieve the goal of becoming“the infrastructure assets service provider in China who continuously enhances the operating efficiency”,and has built a dedicated and committed team by establishing co

311、mmon and positive corporate values.The Company has also developed a flat organizational structure,efficient operating rules,a professional talented team,a market-oriented incentive mechanism and collective values.These have promoted the efficiency,vitality and pioneering spirits of the organization,

312、guaranteed strategic implementations and attained the operational targets.During the year,the organizational structure of the Company has continued to evolve,further empowering the business through the establishment of a management system for strategic customers,and forming a company-wide and grid-b

313、ased business development model of“regional and strategic customer managers+product managers+rapid support from powerful functional departments”.The Board and management of the Company lead and shape the Companys corporate culture,which is based on the legal,ethical and responsible approach of the C

314、ompany and its subsidiaries(the“Group”)at all levels,and have been acting in accordance with the values of“customer first,team cooperation,teaching and learning mutualism,quality first,outcome-orientation,full of passion,open-mindedness and tolerance,embracing changes and loyal dedication”.The Board

315、 leads the management to determine the Groups purpose,values and strategic guidelines,as well as to foster a culture of long-term sustainable business development,so that every customer,partner,investor,supplier and employee can benefit from the Groups co-created values.The corporate culture is deve

316、loped and revised to reflect and align with its 本公司致力維持良好企業管治準則及程序，以保障全體股東利益及提升股東價值。本公司已採納並應用企業管治原則及常規，強調建立一個有效的董事會、穩健的風險管理及內部監控制度、具透明度和問責度以及與股東和投資者保持溝通和聯繫。企業文化作為一家以融通資產、提升效能、打造新基建，提供領先的基礎設施不動產管理服務為使命的企業，本公司整合文化以實現成為 中國基礎設施資產持續改進者和服務商，透過建立共同和正向的企業價值觀，打造一支盡心盡力、說到做到的團隊，並通過構建扁平的組織架構、高效的運行規則、專業的人才隊伍、市場化

317、的激勵機制和塑造集體的價值觀，提升企業的高效、活力和進取，保障戰略落地和經營目標的達成。年內，本公司的組織模式持續進化，通過建立戰略客戶的管理服務體系進一步賦能業務，並形成了 區域、戰略客戶經理+產品經理+大中臺快速支援 的公司級網格式拓展模型。董事會及本公司管理層引領及塑造本公司企業文化，而該文化之基礎為本公司及其附屬公司（本集團）於各層面以合法、合乎道德及負責任之方式、以及以 客戶第一、圑隊協作、教學相長、品質至上、成果導向、充滿激情、開放包容、擁抱變化及忠誠奉獻 之價值觀行事。董事會帶領管理層決定本集團之宗旨、價值觀及策略方針以及培養打造長期可持續發展的業務之文化，讓每一位客戶、合作夥伴

318、、投資者、供應商和員工都可以從本集團共同創造的價值中受益。企業文化（通過員工每年學習主席報告書內有關本集團業務的主要策略及方向、自評、給評及被評、以及向上級及或管理層進行述職（包括關鍵績效指標）報告等）在其經營50 Shoucheng Holdings LimitedAnnual Report2023CORPORATE GOVERNANCE REPORT企業管治報告實務、工作場所政策和常規以及與股東及其他持份者之關係中得以發展、修正以致反映一致。與此同時，董事會及管理層打造保持高標準的企業管治文化及建立穩健及良好的企業管治常規，以保障股東及其他持份者的利益。企業策略本集團以致力於成為 中國基礎

319、設施資產持續改進者和服務商 為願景，藉助中國內地公募REITs市場的蓬勃發展，本集團秉持 精準投資+精益運營 的核心經營理念，在聚焦投資經營各類具有長期價值的基礎設施資產的基礎上，綜合公募REITs具有的盤活資產構建投融資新模式和助力提升資產運行效能兩大特性，全面運用公募REITs深度服務客戶。依託領先的運營管理經驗以及高效的資源整合能力，本集團已逐漸形成了基礎設施資產領域資產融通和資產營運等全鏈條服務能力。為達致這目標，本集團著重通過收益、利潤、成本、資金、投資回報以及融資活動之嚴格管理，以取得經常性及可持續之盈利、現金流及股息分派而不影響本集團之財政實力及穩健性。於本年報刊載之 主席報告書

320、 及 管理層論述與分析 載有本集團表現之討論及分析以及未來的圖景。本集團日益注重可持續發展，並根據自身的特點和需要，於年內重點關注其中五個領域與本集團的使命吻合的可持續發展目標，包括可持續發展管理、環境保護、關愛員工、商業道德和優質服務及社會貢獻，以配合本集團可持續發展戰略規劃，履行企業責任，其詳情載於本集團獨立刊發的環境、社會及管治報告。operational practices,workplace policies and practices,and relationships with shareholders and other stakeholders(through annual

321、staff learning from the Chairmans Statement on the main strategies and directions of the Groups business,self-assessment,evaluation and appraisal during the year,and reporting to superiors and/or management,including key performance indicators).At the same time,the Board and the management have crea

322、ted a culture of maintaining high standards of corporate governance,as well as developed sound and good corporate governance practices to safeguard the interests of shareholders and other stakeholders.CORPORATE STRATEGIESWith the vision of becoming“the infrastructure assets service provider in China

323、 who continuously enhances the operating efficiency”,the Group adheres to the core business concept of“precision investment+lean operation”by taking advantage of the vigorous development of Public Offering REITs market in Mainland China.On the basis of focusing on investment and operation of various

324、 infrastructure assets with long-term value,the Group comprehensively uses Public Offering REITs to serve customers in depth by integrating two characteristics of Public Offering REITs including activating assets in building new investing and financing model and improving efficiency of asset operati

325、on.Relying on leading operation and management experience and efficient resource integration capabilities,the Group has gradually formed full-chain service capabilities of FIME,which refers to fundraising,investment,management and exit,and asset operation management in the infrastructure assets fiel

326、d.To achieve this goal,the Group focuses on disciplined management of revenue,profit,cost,capital,investment returns and financing activities,achieving recurring and sustainable earnings,cash flow and dividend payment without affecting the Groups financial strength and stability.A discussion and ana

327、lysis of the Groups performance and a picture of the future are set out in the“Chairmans Statement”and“Management Discussion and Analysis”published in this annual report.The Group has increasingly beefed up sustainable development and has focused on five key areas of its sustainable development obje

328、ctives according to its own characteristics and needs that align with the Groups mission,including sustainable development management,environmental protection,caring for employees,business ethics and quality services and community contribution during the year to keep in line with the Groups strategi

329、c plan for sustainable development and corporate responsibility,details of which are set out in the Environmental,Social and Governance Report separately published by the Group.51 首程控股有限公司2023年年報CORPORATE GOVERNANCE REPORT企業管治報告企業管治常規本公司於截至2023年12月31日止財政年度內已遵守香港聯合交易所有限公司（聯交所）證券上市規則（上市規則）附錄C1所載的企業管治守

330、則（企業管治守則）的所有守則條文及（如適用）符合建議最佳常規。董事會組成董事會現時共有12名董事，由2名執行董事、5名非執行董事及5名獨立非執行董事組成。董事名單載列於本年報 董事會報告書 一節。此外，最新的董事名單及其角色與職能分別登載於香港交易及結算所有限公司及本公司網站。董事會成員具有廣泛的多元化特點，並具備本公司業務所需的適當技能和經驗。董事的履歷載列於本年報 董事簡介 一節。董事均付出足夠時間及精力來處理本集團的事務。所有董事須於接受委任時及每年向本公司披露其於公眾公司或組織擔任職位的數目及性質，以及其他重大承擔，並提供其擔任有關職務所涉及的時間。除於本年報第11至第19頁之 董事簡

331、介 一節內所披露內容外，董事會成員之間概無其他財務、業務、家族或其他重大相關關係，或在公眾公司或組織擔任職位，以及其他重大承擔。CORPORATE GOVERNANCE PRACTICESThe Company has complied with all the code provisions,and where applicable,met the recommended best practices in the Corporate Governance Code(the“CG Code”)as set out in Appendix C1 of the Rules Governing t

332、he Listing of Securities on The Stock Exchange of Hong Kong Limited(the“Stock Exchange”)(the“Listing Rules”)during the financial year ended 31 December 2023.BOARD OF DIRECTORSCompositionThe Board currently comprises a total of twelve Directors,being two Executive Directors,five Non-executive Directo

333、rs and five Independent Non-executive Directors.The list of Directors is set out in the section headed“Report of the Directors”of this annual report.In addition,an updated list of the Directors and their roles and functions is published on the websites of Hong Kong Exchanges and Clearing Limited and the Company respectively.The Board is characterised by wide diversity and has a balance of skills a