首程控股：2021年報.pdf

1、 CONTENTS目錄1首程控股有限公司2021年年報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9Directors Biographies董事簡介36Management Discussion and Analysis管理層論述與分析45Corporate Governance Report企業管治報告77Report of the Directors董事會報告書109Indepe

2、ndent Auditors Report獨立核數師報告書150Audited Financial Statements經審核財務報表Consolidated Statement of Comprehensive Income綜合全面收益表159Consolidated Statement of Financial Position綜合財務狀況表161Consolidated Statement of Changes in Equity綜合權益變動表163Consolidated Statement of Cash Flows綜合現金流量表165Notes to the Consolidate

3、d Financial Statements綜合財務報表附註167Five-year Financial Summary五年財務摘要323Summary of Investment Properties投資物業摘要324 CORPORATE INFORMATION公司資料2Shoucheng Holdings LimitedAnnual Report2021 董事會執行董事趙天暘（主席）徐量李偉（總裁）張檬非執行董事李浩（副主席）劉景偉何智恒獨立非執行董事王鑫蔡奮強鄧有高張泉靈諸葛文靜執行委員會趙天暘（主席）徐量李偉張檬審核委員會王鑫（主席）劉景偉何智恒蔡奮強鄧有高張泉靈諸葛文靜BOARD O

4、F DIRECTORSExecutive DirectorsZhao Tianyang(Chairman)Xu LiangLi Wei(President)Zhang MengNon-Executive DirectorsLi Hao(Vice Chairman)Liu JingweiHo Gilbert Chi HangIndependent Non-Executive DirectorsWang XinChoi Fan Keung VicDeng YougaoZhang QuanlingZhuge WenjingEXECUTIVE COMMITTEEZhao Tianyang(Chairm

5、an)Xu LiangLi WeiZhang MengAUDIT COMMITTEEWang Xin(Chairman)Liu JingweiHo Gilbert Chi HangChoi Fan Keung VicDeng YougaoZhang QuanlingZhuge Wenjing CORPORATE INFORMATION公司資料3首程控股有限公司2021年年報提名委員會趙天暘（主席）李偉王鑫鄧有高張泉靈薪酬委員會張泉靈（主席）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皇后大道東183號合和中心54樓註

6、冊辦事處及主要營業地點 香港灣仔告士打道56號東亞銀行港灣中心7樓股份代號697網址NOMINATION COMMITTEEZhao Tianyang(Chairman)Li WeiWang XinDeng YougaoZhang QuanlingREMUNERATION COMMITTEEZhang Quanling(Chairlady)Wang XinChoi Fan Keung VicCOMPANY SECRETARYChan Weng MuiAUDITORPricewaterhouseCoopersCertified Public Accountants and Registered

7、PIE AuditorSHARE REGISTRARTricor Tengis LimitedLevel 54,Hopewell Centre183 Queens Road EastHong KongREGISTERED OFFICE AND PRINCIPAL PLACE OF BUSINESS7th FloorBank of East Asia Harbour View Centre56 Gloucester RoadWanchaiHong KongSTOCK CODE697WEBSITE4Shoucheng Holdings LimitedAnnual Report2021 Be a l

8、eader in parking asset management industry Be the trailblaser of Chinas infrastructure real estate fund(REITs)停車出行資產管理行業的領導者中國基礎設施不動產基金(REITs)道路的先行者Our Mission and Vision使命願景 Our Value價值觀Shoucheng Holdings Limited(the“Company”/”Shoucheng Holdings”)as a professional infrastructure asset administrator

9、,based on the precise layout in parking business and infrastructure and real estate fund business,excellent operation and industry-finance innovation,and providing leading one-stop asset management services to asset holders,making an“infrastructure asset operation center+infrastructure and real esta

10、te fund management platform”.首程控股有限公司（本公司 首程控股）作為專業的基礎設施資產管理者，基於在停車出行、產業園區等領域的精準佈局、卓越運營與產融創新，為資產持有者提供領先的一站式資產管理服務，打造 基礎設施資產高效運營中心+基礎設施不動產基金管理平臺。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-oriented成果導向Full of passion充滿激情Open-mind and tolerance開放包容

11、Embracing change擁抱變化Loyal dedication忠誠奉獻GROUP OVERVIEW集團簡介 MILESTONES里程碑5首程控股有限公司2021年年報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 the Com

12、pany 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,and acquired parking asset operation and private eq

13、uity management business in China完成業務轉型，主營停車資產經營管理和私募基金管理業務2018Insisted firmly on the transformation strategy,developed the 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

14、協同發展2019Completed business restructuring,enhanced capital reserves,spread out business in China,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 curr

15、ent strategic and business development direction and focused on the parking business and infrastructure and real estate fund management business.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，全面聚焦發展停車出行業務及基礎設施不動產基金管理業務2022Deeply cultivating the field of infrastructure assets represented by carparks,with stable

16、 income and good interoperability,with the opportunity of the era of publicly-offered infrastructure REITs in Mainland China,to realise the integration of industry and finance in infrastructure operation and asset securitisation深耕以停車場為代表的基礎設施資產領域，兼具收益穩定性和良好的融通性，借助中國內地基礎設施公募REITs的時代機遇，實現基礎設施運營和資產證券化的

17、產融結合2021In line with national policy opportunities,the Company made every effort to deploy publicly-offered infrastructure REITs in Mainland China,seize the first-mover advantage,and cover all categories of publicly-offered infrastructure REITs;iterated the product matrix and improved the management

18、 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；產品矩陣持續疊代，管理效能不斷提升，停車出行領域的領先地位得到鞏固；剝離

19、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 GROUP STRUCTURE集團架構6Shoucheng Holdings LimitedAnnual Report2021 本公司及其附屬公司（本集團）致力於打造中國領先的停車出行業務和基礎設施不動產基金管理業務。*僅供別The Company and its subsidiaries(the“Group”)is committed to building Chinas leading parking business and infrastructure and real estate fund management bus

20、iness.*For identification purpose onlyAs at 31 December 2021於 2021 年 12 月 31日Shoucheng Holdings Limited首程控股有限公司(697.HK)Parking business停車出行業務Infrastructure and real estate fund management business基礎設施不動產基金管理業務E Park Investment Management Co.,Ltd.（驛停車（北京）投資管理有限公司）Shoucheng Rongshi(Beijing)Fund Manage

21、ment Company Limited*（formerly known as Jingji Tiancheng(Beijing)Fund Management Company Limited*)（首程融石（北京）基金管理有限公司）（前稱為京冀天成（北京）基金管理有限公司）Beijing West Fund ManagementCo.,Ltd.*（北京京西創業 投資基金管理 有限公司）Beijing Shoutong Tianhe Investment Co.,Ltd.*（北京首通天合 投資有限公司）100%100%100%100%FINANCIAL HIGHLIGHTS財務摘要7首程控股有限

22、公司2021年年報*按二零二零年三月股份合併而作出之調整 *負債資本比率=借款總值本公司擁有人權益For the year ended 31 December截至12月31日止年度20212020HK$MillionHK$MillionVariance(%)港幣百萬元港幣百萬元變動(%)Revenue營業額1,19570669.3Gross profit margin毛利率45.8%24.8%21Operating profit經營溢利56962817.7(Loss)/earnings per share (HK cents)*每股（虧損）盈利（港仙）*(15.19)9.62-257.9*Ad

23、justed pursuant to the share consolidation in March 2020As at 31 December於12月31日20212020HK$MillionHK$MillionVariance(%)港幣百萬元港幣百萬元變動(%)Total assets資產總值13,38214,126-5.3Net assets attributable to owners of the Company本公司擁有人 應佔淨資產10,14111,772-13.8Bank balances and cash銀行結餘及現金2,5733,739-31.2Wealth manage

24、ment products and fixed income financial assets理財產品及 固收類金融 資產1,09688723.6Debt equity ratio*負債資本比率*7.4%4.1%3.3%*Debt equity ratio=Total borrowings/Equity attributable to the owners of the Company FINANCIAL HIGHLIGHTS財務摘要8Shoucheng Holdings LimitedAnnual Report2021 202020211,19570603006008001,20020202

25、0216256902004006002020202145.8%24.8%0204060103050compared to2020較2020年度+69.3%compared to2020較2020年度+21%Revenue營業額Operating Profit經營溢利Gross Profit Margin毛利率HK$Million港幣百萬元%百分比HK$Million港幣百萬元compared to2020較2020年度+817.7%CHAIRMANS STATEMENT主席報告書9首程控股有限公司2021年年報尊敬的首程控股的股東、投資人、客戶、員工及夥伴們：這是我擔任公司董事會主席以來的第五

26、份報告。五年來，我們的主要經營指標實現了突破性的增長。主業營業額從轉型初年的1.77億港幣到2021年的11.95億港幣，增幅為577%，2021年同比2020年增幅為69%；扣非後的稅前淨利潤從2017年0.57億港元到2021年的6.95億港幣，增幅為1,119%，2021年剔除首鋼福山資源集團有限公司（首鋼資源），一間於香港聯合交易所有限公司（聯交所）主板上市，股份代號639之股權整體影響，同比2020年增幅為12%；毛利率從2017年的0.2%上升到2021年的45.8%，2021年同比2020年增幅為21%；剔除商譽後的淨資產從2017年初的36.57億港幣到2021年底的100.8

27、5億港幣，增幅為176%；五年來公司的現金分紅總金額累計28億港幣，公司的戰略投資人、中小股東充分分享了公司成長和業務發展所帶來的豐碩成果。五年來，亮眼的業績和快速增長的背後，我們做對了什麼？五年來，我們探索出怎樣可行的商業模式？面向未來，我們依靠什麼可以實現高質量、可持續的發展？下面，我代表公司董事會就上述問題，做出回答和思考。Dear shareholders,investors,clients,employees,and partners of Shoucheng Holdings:This is my fifth report as the Chairman of Shoucheng

28、Holdings(hereinafter referred to as the Company)Board of Directors.Over the past five years,breakthrough growth in our key operating indicators has been achieved.In the first year of the transformation of the Companys main business,the turnover increased from HK$177 million to HK$1.195 billion in 20

29、21,which is an increase of 577%,representing a 69%year-on-year increase in 2021 compared to that of 2020;the net profit before tax and after deduction of non-recurring profits and losses increased from HK$57 million in 2017 to HK$695 million in 2021,which is a 1,119%growth;and in exclusion of the ov

30、erall impacts in 2021 of Shougang Fushan Resources Group Limited(“Shougang Resources”),a company listed in the Main Board of The Stock Exchange of Hong Kong Limited(the“Stock Exchange”)with stock code 639,there was a comparable year-on-year increase of 12%in 2021 to that of 2020;the gross profit mar

31、gin that was 0.2%in 2017 rose to 45.8%in 2021,having a year-on-year increase of 21%in 2021 compared to that of 2020;and in exclusion of goodwill net assets,there was an increase from HK$3.657 billion at the beginning of 2017 to HK$10.085 billion at the end of 2021,which is an increase of 176%;the ca

32、sh dividends of the Company in the past five years totalled HK$2.8 billion,and the Companys strategic investors and small to medium shareholders,have fully shared in the fruitful results of the Companys growth and business developments.What is it in hindsight that has allowed us to give an impressiv

33、e performance and rapid growth in the past five years？What kind of feasible business model have we explored over the past five years?What can we rely on to achieve high-quality and sustainable development for the future?On behalf of the Board of Directors,I would like to answer and reflect on the ab

34、ove questions.CHAIRMANS STATEMENT主席報告書10Shoucheng Holdings LimitedAnnual Report2021 第一章 五年戰略轉型的總結 回顧過去五年，我們堅定實施戰略轉型，集中打造在停車出行領域的領先優勢，形成了 基礎設施資產高效運營中心+基礎設施不動產基金管理 的商業模型和經營優勢，建立與之匹配的高效組織，實現社會服務與商業價值的雙贏。一、服務高質量發展的使命組織存在的目的是什麼？我們的使命是什麼？我們如何創造長期的價值？只有從更大的格局中來思考才有答案：我們解決了什麼樣的社會問題，我們創造了什麼樣的客戶價值。隨著中國進入高質量發展

35、的新階段，社會主要矛盾變為人民日益增長的美好生活需要和不平衡不充分發展之間的矛盾。在民生領域，跟老百姓城市生活息息相關的停車難、停車亂的問題尤為突出?；A設施資產的構建和高效運營，逐步成為新時代社會發展的關注點。我們的使命必然要從新的歷史方位和時代坐標來思考來謀劃，解決社會關注問題，服務社會真實需求。CHAPTER ONE A SUMMARY OF THE FIVE-YEAR STRATEGIC TRANSFORMATIONLooking over the past five years,we have been firm to implement our strategic transfor

36、mation,focused on building our leading edge in the parking industry,forming a business model with the operational advantages of“Infrastructure Asset Efficient Operation Center+Infrastructure Real Estate Fund Management”,and established a well-aligned and efficient organization,achieving a win-win si

37、tuation for both social services and commercial value.1.Quality Service Development MissionWhat is the purpose of an organization?What is our mission?How do we create long-term value?Only when we think in a bigger picture can we have the answers:what kind of social problems have we solved and what k

38、ind of customer value have we created.As China enters a new stage of high-quality development,what we now face is the contradiction between unbalanced and inadequate development and the peoples ever-growing needs for a better life.In context of the peoples livelihood,the inadequacy of parking lots a

39、nd chaotic parking closely relate to the peoples urban life that is particularly prominent.The construction of infrastructure and highly-efficient operation have become one of the focuses of social development in the new era.Therefore,our mission must involve planning with new historical positioning

40、 and coordinates in mind,and address social concerns as well as to serve the real needs of the society.CHAIRMANS STATEMENT主席報告書11首程控股有限公司2021年年報我們想成為一家偉大的世界級企業，一定是解決了重大的社會問題，一定是為客戶創造了持續的價值。解決的問題有多大，創造的價值就有多大。一切商業上的成功與財務上的回報都是因為我們在正確的時機選擇了正確的事情。五年來，我們始終堅定地相信中國經濟長期向好的發展韌性，全面看好國家政策支持的產業方向。首程控股的使命是具體的不是

41、抽象的，我們選擇在基礎設施不動產基金管理和停車出行領域，努力為社會提供有意義、影響深遠的服務和產品，成為當下最為高效和領先的基礎設施資產高效運營中心機構。與之配合，打通相關鏈條，我們也將在運營基礎上，構建服務於這一目標的基礎設施不動產資產管理平臺。當前，我們正在成為中國基礎設施不動產基金(REITs)道路的先行者，致力成為停車出行資產管理行業的領導者。我們堅定地相信中國的是最好的。中國一定可以出現世界級的基礎設施運營和資管機構。時代給予了機會，我們期待首程有機會成為這樣的機構。We aspire to be a great world-class corporation,one that mu

42、st solve major social problems,and must create sustainable value for customers.The greater the problem we solve,the greater the value we create.All the business success and financial rewards can be attributable to the right choice at the right time.Over the past five years,we have always firmly beli

43、eved in the long-term development resilience of Chinas economy for the better and see a positive full picture of the industrial directions supported by national policies.Shoucheng Holdings missions are not abstract concepts,we chose to persevere in providing meaningful and influentially lasting serv

44、ices and products for society,to become todays most efficient and leading infrastructure asset operations central in the fields of infrastructure real estate fund management and parking.Accordingly and in getting through the relevant chains,then building in order to reach this goal,we will also set

45、up an infrastructure real estate asset management platform based on the efficient operations.At present,we are on track to become a trailblazer of Chinas infrastructure real estate funds(REITs)and committed to being a leader in the parking asset management industry.We firmly believe that Chinas is t

46、he best.A world-class infrastructure operator and asset manager will surely emerge in China.By seizing the opportunities of the times,we look forward to becoming such an organization.CHAIRMANS STATEMENT主席報告書12Shoucheng Holdings LimitedAnnual Report2021 2.Pragmatic Development StrategyUnder the conve

47、ntional business structure,the Companys operation had experienced serious difficulties due to the impact of the industry cycle.Since 2017,based on the predictions of Chinas long-term economic growth,we seized the opportunity of the times presented by the cycles of the industry and the technological

48、changes.With the relentless efforts of our team as well as the strong support of new and existing shareholders,over a five year period,by replacing conventional business forms with new business forms,and conventional models with new models,we successfully implemented new transformation in enterprise

49、 development.In the past five years,we have firmly implemented strategic transformation,continued to sell non-core assets,and promoted the divestiture or restructuring of old businesses.The Company bought new core business assets in 2017,sold the equity interest in Shougang Century Holdings Limited(

50、“Shougang Century”),a company listed in the Main Board of The Stock Exchange of Hong Kong Limited(the“Stock Exchange”)with Stock code 103,in 2018,ceased the trading of iron ore completely in 2019,and sold the equity interest in Shougang Resources in 2021.This series of actions executed has allowed t

51、he Company to break out of the influence of conventional industry cycles,which demonstrated our strength as a whole and our firm determination to focus on the main business,and showed our fulfilment to our promise to investors.Over the past five years,we were strongly optimistic about the broad mark

52、et prospect of Chinas parking sector and have placed our strategic resources in focusing on this main race track.In the new strategic direction,we take market demand as the guide,innovate and refine the product system,actively expand the market and development space,and continue to increase technolo

53、gical innovation to improve operational efficiency.We have now built a mature product system in Chinas parking sector,built up our core competitiveness and moat,established a leadership position,and gradually widened the leading gap with our competitors.The momentum of business growth remains strong

54、 despite the pandemic,which fully demonstrates our market resilience and broad prospects of the main race track.In the future,we will strive to win greater market opportunities.二、務實的發展戰略在傳統的業務結構之下，公司經營曾受到產業週期的影響出現嚴重困難。從2017年開始，基於對中國經濟長期向好的判斷，我們抓住行業週期與技術變革的時代機遇，在團隊的不懈努力和新老股東的大力支持下，歷經五年的時間，以新業態代替舊業態，新

55、模式代替舊模式，成功實現了企業發展新舊動能的轉換。五年來，我們堅定地實施戰略轉型，持續出售非核心資產，推動舊業務剝離或重組。2017年置入新主營業務資產，2018年出售首佳科技製造有限公司（首佳科技），一間於香港聯合交易所有限公司（聯交所）主板上市，股份代號103之股權，2019年全面停止鐵礦石貿易業務，2021年出售首鋼資源股權，這一系列動作的落地讓公司徹底擺脫了傳統產業週期的影響，展現了我們力出一孔、聚焦主業的堅定決心，兌現了對廣大投資者的承諾。五年來，我們堅定地看好中國停車出行領域的廣闊市場前景，集中戰略性資源投入到這個主賽道。在新的戰略方向上我們以市場需求為導向，創新和打磨產品體系，積

56、極拓展市場區域和發展空間，持續加大科技創新提升運營效率。目前我們已經在中國停車出行領域打造了成熟的產品體系，構建起核心競爭力與護城河，樹立起領導性地位，逐漸拉大與競爭對手的差距。疫情之下業務增長的勢頭依然強勁，充分說明主賽道的市場韌性和廣闊前景。未來我們將努力爭取贏得更大的機會。CHAIRMANS STATEMENT主席報告書13首程控股有限公司2021年年報In the past five years,we have persisted in our efforts in the infrastructure real estate sector and made great strides

57、 in the scale and management capabilities of our infrastructure funds.In this model,the scale and influence of infrastructure real estate funds,can make deeper and wider the industry moat of protection by the released gathered effects from grouping clusters at land bases and the advantages of indust

58、rial integration.In 2021,our infrastructure real estate fund management business witnessed a new policy boost,and the market is blessed with“deeper water and bigger fishes”as well as a promising future.We have explored a revolving development model of“fund+property+industry”,and through strategic in

59、vestments,we are exploring in-depth the investment opportunities derived from land bases and industries,growing together with the entities by adhering to the principle of“less frequent large investment industry empowerment,and no investment with no empowerment”.Although strategic investment is not a

60、s large as infrastructure real estate investment,it can generate certain investment benefit,synergy effect and social value which are complementary to infrastructure real estate.This fully embodies the unique value of“adhering strictly to the right path to achieve success by innovation and building

61、a mutually-complementary ecosystem”behind the business model.五年來，我們堅持在基礎設施不動產領域持續發力，基礎設施基金的規模和管理能力上也取得長足進步。在這個模式中，基礎設施不動產基金憑藉著規模和影響力，可以將基地的集群效應和產業的一體化優勢集中釋放，做深做寬我們的產業護城河。2021年，我們的基礎設施不動產基金管理業務又迎來新的政策紅利，未來市場水大魚大，前景可期。我們探索出 基金+基地+產業 循環發展模式，通過戰略投資深度挖掘基地和產業上衍生出的投資機會，堅持低頻大額、不賦能不投資的原則，與實體產業共同成長。戰略投資在規模體量上

62、雖不及基礎設施不動產投資，但戰略投資能為公司帶來的投資收益、協同效應和社會價值與基礎設施不動產相得益彰，這充分體現了模式背後 守正出奇、生態互補 的獨特價值。CHAIRMANS STATEMENT主席報告書14Shoucheng Holdings LimitedAnnual Report2021 Through a successful strategic transformation,the Companys business structure has been fully transformed from a typical periodic industry to an infrast

63、ructure asset management field that spans economic cycles with sound cash flow and stable and healthy operations.Focusing on the core business,with its operating results continuing to improve,the Company has been rejuvenated and entered a new phase of rapid development.3.Coordinated Business Structu

64、reAccording to a research report by the Companys Wanwu Research Institute(),the size of Chinas stock infrastructure scale is worth between RMB160 trillion and RMB180 trillion.If only 1%of it is securitized,a trillion-Yuan market will be built.Problems such as limited financing channels and difficult

65、y in capital exit still exist in the traditional investment and financing models of infrastructure in China.The development of publicly-offered infrastructure REITs can recover the existing stock of assets,reduce leverage,resolve local debt risks,provide social capital with multiple exit options,and

66、 enable ordinary investors to share the returns of infrastructure investment.This provides a wider platform for the development of infrastructure asset management in China.China ushered in the era of the publicly-offered infrastructure REITs with two batches of publicly-offered REITs being listed in

67、 2021,which is a historical opportunity that we have waited on and prepared for many years.Before any event happens,there is always a chance of it occurring,the probability is always neither 0%nor 100%but once it occurs,the chance is 100%.通過成功的戰略轉型，公司業務結構從典型的週期性行業全面轉型為跨越經濟週期、現金流良好、運營穩定健康的基礎設施資產管理領域。

68、在核心主業之下，公司重煥新生，經營業績持續改善，步入快速發展的新階段。三、協同的業務結構根 據 公 司 旗 下 萬 物 研 究 院 的 研 究 報告，截止2021年中國存量基礎設施規模價值處於160萬億至180萬億人民幣之間。若僅將其中1%進行資產證券化，即可撐起一個萬億規模的市場。中國基礎設施在傳統的投融資模式下，存在融資渠道狹窄、資本退出困難等問題，發展基礎設施公募REITs可以盤活存量資產，降低槓桿率，化解地方債務風險，為社會資本多種可選擇的退出方式。普通投資者也能夠共享基礎設施投資的收益。這為中國基礎設施資產管理提供了廣闊的發展舞臺。2021年，先後兩批基礎設施公募REITs的發行，中

69、國正式迎來了基礎設施公募REITs的時代，這是我們等待和準備了多年的時代機遇。任何一個事情在發生之前都有一個概率，這個概率既不是0%，也不是100%，但一旦發生了，那就是100%。CHAIRMANS STATEMENT主席報告書15首程控股有限公司2021年年報過去一年，我們全力佈局REITs領域，團隊深度參與了REITs發行，助力首鋼綠能(180801.SZ)作為國家首批REITs項目之一成功上市；設立多只戰略配售基金，成為幾乎全部已上市REITs項目的重要長期戰略投資人。此外，我們還發起了百億規模的綠色環保Pre-REITs基金，首期與中國人壽合作，規模45億元，擬收購優質基礎設施資產進行

70、儲備和培育，通過為資產賦能實現項目價值提升，未來將孵化成熟的項目置入基礎設施公募REITs基金完成退出，憑此確立公司在REITs全鏈條的閉環模式。參與戰略配售投資僅是公司佈局REITs領域的起步和切入點，未來我們將憑借強大的基金募資能力、精準的產業投資能力、精益的運營和管理能力、成熟而全面的退出能力，加速打造其獨一無二的REITs全產業鏈運作發展模式。在停車出行領域，2021年中國汽車保有量已超過3億輛，停車位短缺數量將超過8,000萬個，而公共停車資源的落後管理和供給側創新產品的不足，使得城市 停車難、停車亂 的矛盾將愈發突出。自2018年切入停車資產管理領域以來，我們已經建構出規劃和設計、

71、投資和建設、管理和運營、創新增值的全週期、全鏈條的綜合能力。In the past year,we have given all our efforts on the REITs sector,and our team has deeply involved in REITs issuance,helping Shougang Green Energy(180801.SZ)to successfully list as one of the first REITs projects in China;We have established several strategic placement

72、 funds and became an important long-term strategic investor for almost all listed REITs projects.In addition,we have launched a RMB10 billion scale of Pre-REITs fund for green and environmental protection,with an initial phase of RMB 4.5 billion in cooperation with China Life.We intend to acquire hi

73、gh-quality infrastructure assets for stockpiling and cultivation,realize project value appreciation by empowering the assets,and place mature projects upon incubation into the publicly-offered infrastructure REITs funds to complete exits in the future,thereby establishing the Companys closed-loop mo

74、del in the entire REITs chain.Our participation in strategic placement investment is only the beginning and entry point of the Companys REITs layout.In the future,we will accelerate the development of our unique whole REITs chain operation and development model with our strong fund-raising ability,p

75、recision industry investment ability,lean operation and management ability,as well as mature and comprehensive exit capability.In the field of parking,the number of car ownerships in China has exceeded 300 million in 2021,and the shortfall of parking spaces has exceeded 80 million.The falling behind

76、 management of public parking resources and the lack of innovative products on the supply side have made the problems of“parking difficulty and parking chaos”more and more prominent.Since entry into the parking asset management field in 2018,we have built a comprehensive capability of planning and d

77、esign,investment and construction,management and operation,innovation and value-addition in the whole business cycle and whole industry chain.CHAIRMANS STATEMENT主席報告書16Shoucheng Holdings LimitedAnnual Report2021 It is definite that top world-class companies will emerge from China and surpass to stan

78、d out amongst peer companies across Europe,America and Japan.Although we are still an order of magnitude away from our peers in the industry in terms of scale,we will definitely become the best parking company in China as long as we firmly walk in the way of Chinese characteristics and persistence u

79、sing the effective means of combining industry and finance,technological innovation and asset efficiency to serve the citys smart mobility and peoples parking needs.Until now,we have formed a mature and diversified product system,featuring three mainstream business categories,including transportatio

80、n hub,municipal infrastructure and commercial real estate.We have established complementary and flexible cooperation models,with franchising,long-term leasing,cloud hosting services and entrusted management as the main operation models to effectively mitigate the risks that can arise from a single m

81、odel.In addition to the efforts of our own business development team,we have established close partnerships with local governments,key central and state-owned enterprises,various types of developers and resource holders.Our organization and teams have penetrated into mega-city clusters,and our busin

82、ess has covered the most dynamic economic regions in China,such as Beijing-Tianjin-Hebei Region,Southeast Region,Chengdu-Chongqing Region and Greater Bay Area;as to science and technology,always focusing on improving operational efficiency,furthermore we have formed a technology service capability t

83、hat is ahead of the industry,and started to export our technological capabilities within the industry.中國停車出行資產管理領域一定會出現世界級的企業，將會超過歐美及日本的同行。雖然目前我們在資產規模上與這些同行還相差一個數量級，但只要堅定地走中國道路，堅定地運用產融結合、科技創新和資產提效等有效手段，服務於城市智慧出行和百姓停車消費需求，就必然能成為中國最好的停車出行企業。目前，我們已經形成成熟、多元的產品體系，打磨出交通樞紐、市政配套、商業辦公等三種主流業態；建立了互補性、靈活性的合作模式，

84、以特許經營、長期租賃、雲端托管和委託管理為主的經營模式，可以有效抵抗單一模式的風險；除了自有業務拓展團隊的努力深耕，我們和地方政府、重點央企國企、各類型開發商和資源持有者等建立起緊密的夥伴關係；在區域上我們下沉組織和團隊，業務已經覆蓋京津冀區域、東南區域、成渝區域、大灣區區域等中國最具活力的經濟區域；在科技方面，我們始終以提升運營效率為核心，形成了領先於行業的科技服務能力，並開始向行業進行科技能力的輸出。CHAIRMANS STATEMENT主席報告書17首程控股有限公司2021年年報The synergy between infrastructure and real estate fund

85、 management and parking sectors will create greater value.The publicly-offered infrastructure REITs provide development channels and exit paths for parking asset,and the experience we have accumulated in the latter has laid a solid foundation for the business development in REITs.This business model

86、 forms a closed-loop from asset acquisition to asset operation and upgrade to asset securitization.The multi-level linkage and synergy of core business is the core competitiveness of the Company in the long business cycle,which will also be further optimized and verified in the future.4.Efficient Or

87、ganizational StructureIn the past five years,we are followed our mission to serving the society,we completed the strategic transformation,and achieved synergistic progress of our business,in which we could not have accomplished without the backup of a dedicated and committed team.Over the past five

88、years,we have built a flat organization,efficient operation rules,a professional talent team,a market-oriented incentive mechanism and collective values,which ensured the efficiency,vitality and pioneering spirits of the organization and guaranteed the strategic implementations and attained the oper

89、ational targets.In terms of organizational structure,continuous efforts were made to create a flat organization.Too many levels of organization will inevitably lead to inefficient decision-making and make the company insensitive to the market front line.To prevent this from happening,we aim to achie

90、ve efficiency and quality in management decisions by streamlining and optimizing the organizational structure,reducing management levels,and optimizing the authorization and decision-making system with the goal of“making things happen efficiently”.基礎設施不動產基金管理與停車出行兩個業務協同將創造更大價值，基礎設施公募REITs為停車出行資產提供發展

91、的渠道和退出的通路，我們在停車出行業務所積累的經驗為基礎設施不動產基金(REITs)的業務發展奠定了堅實的基礎。這一商業模型形成了從資產獲取到資產運營升級再到資產證券化的閉環模式，核心業務的多層次聯動和協同是公司在長週期的核心競爭能力，也將在未來得到進一步優化和驗證。四、高效的組織基礎過去五年，我們踐行了服務社會的使命，完成了戰略的轉型變革，實現了業務的協同並進，這背後離不開一支盡心盡力、說到做到的團隊。五年來，我們通過構建扁平的組織、高效的運行規則、專業的人才隊伍、市場化的激勵機制和塑造集體的價值觀，確保了組織的高效、活力和進取，保障了戰略落地和經營目標的達成。在組織結構上，持續努力打造扁平

92、化組織。過多的組織層級，必然導致決策效率的低下，讓企業失去對市場一線的敏感度。為此，我們以 高效成事 為目標，通過精簡優化組織結構，減少管理層級，優化授權與決策體系，力圖實現管理決策的效率和質量。CHAIRMANS STATEMENT主席報告書18Shoucheng Holdings LimitedAnnual Report2021 在運行規則上，構建精簡的流程和制度體系。高效的組織不僅需要扁平化的結構，更需要高效的運行規則。為此，我們持續精簡工作流程，沉澱實踐經驗，創製並完善激勵、協作、負面事項管理、內部結算等方面規則，讓團隊把更多的精力用於創造性的工作。在人才發展上，堅持以事業吸引人才，在

93、事業中培養人才的理念。我們深信組織的基石在人才，只有吸引和培養更多優秀夥伴，公司才有未來。過去幾年，我們不斷打造卓越的事業發展平臺，招募優秀的專業人才，建設可持續的人才梯隊、提拔內部員工、強化技能的培養和訓練。年內我們著力加大了中高管團隊的培養和融合力度，公司旗下的參加CANPLUS公司圍繞中高管領導力和管理力提升，構建了中高管人才培養體系；公司旗下的萬物研究院以深度研究帶動精準投資，促成公司確立了研究與投資的相互轉化機制。這兩個體系使公司逐漸實現從人才聚合向人才培養的轉變。In terms of operating rules,we have built a streamlined proc

94、ess and system.An efficient organization needs not only a flat structure,but also efficient operation rules.To this end,we continue to streamline work processes,draw upon practical lessons,and to created and improve the incentive mechanism,collaboration,negative list management model and internal se

95、ttlement so that the team can devote more efforts to producing more innovative work.In terms of human resource talent development,we insist on the concept of drawing talents to our business and cultivating them in the business.We firmly believe that the cornerstone of an organization is its talents,

96、and only by attracting and cultivating more excellent partners can the company have a future.Over the past few years,we have continued to build an excellent career development platform,recruited outstanding professionals,built a sustainable career ladder,gave promotions to internal staff,and strengt

97、hened skills development and training.During the past year,we focused on increasing the training and integration of our middle and senior management teams.Our subsidiary CANPLUS,has built a middle and senior management talent training system around leadership and management improvement for this grou

98、p;our subsidiary,Wanwu Research Institute,has established a mutual transformation mechanism between research and investment by driving targeted investment with in-depth research.These two systems have enabled the Company to move gradually with the change implementation from gathering talents to trai

99、ning talents.CHAIRMANS STATEMENT主席報告書19首程控股有限公司2021年年報在激勵機制上，始終堅持市場化方向。公司建立並持續完善激勵機制的市場化改革方向，通過有挑戰性的績效管理模式，挖掘員工的積極能動性；構建有競爭力的薪酬激勵機制，讓奮鬥者與公司共擔風險、共享收益，並獲得足夠的尊重和獎賞。年內，公司的股權激勵計劃正式落地，這是對核心管理人員和對公司轉型做出貢獻人才的激勵。在組織文化上，建立共同和正向的企業價值觀。我們始終重視共同團隊的文化與價值觀，集體的思考方式和行事風格，既是組織上下同欲的重要保障，也是組織高效運行不可或缺的軟件因素。過去幾年，我們確立的價值取

100、向和行為準則，得到了深入理解和主動踐行，希望我們不斷傳承文化與價值觀，打造一個有使命責任、有理想信念、有行為底線的組織。我們在上述五個維度下的功夫，搭建了組織高效運行的基礎，這樣的基礎是我們實現創新發展、集體奮鬥和文化融合的保障。組織建設始終在路上，我們還有許多的地方需要完善，但是投資在正確的事情和人上，對我們尤為重要。群星匯聚、群智湧現的局面初步形成，青年一代的成長和子弟兵的構建將是未來組織建設的重點。In terms of system of rewards and incentives,we adhere to the market-oriented direction.The Comp

101、any establishes and continuously updates the rewards system with the oriented by the changing market,driving the initiatives and motivations of employees through a challenging and stimulating performance management model;by building a competitive salary incentive system,allowing hard-working employe

102、es to share in the risks and benefits with the Company,and gain sufficient respect and rewards.During the past year,the Companys equity incentive plan was officially launched.This is an incentive for the core management staff and talents who has contributed to the Companys transformation.In terms of

103、 corporate culture,we build common and positive corporate values.We have always attached great importance to the culture and values of our common team.The collective way of thinking and acting is both an important guarantee for the whole organization to work together,and an indispensable soft power

104、for the efficient operation of the organization.In the past few years,the values and codes of conduct we have established have been deeply understood and thoroughly practiced.We hope that we will continue to pass on our culture and values to create an organization with mission and responsibility,wit

105、h ideals and beliefs,and with an ethical behavioural bottomline.Our efforts in the above five dimensional areas has setup the foundation for the efficient operation of the organization,and such a foundation is our guarantee for innovative development,collective efforts and cultural integration.Organ

106、izational building is an ongoing process where there continues to be room for improvement,however investing in the right projects and right people is especially important for us.Building on the foundation of gathered talents and knowledge,the key focus to building our organisation in the future will

107、 be growing the next generation army of trainees.CHAIRMANS STATEMENT主席報告書20Shoucheng Holdings LimitedAnnual Report2021 第二章 新商業圖景下的未來 站在新的發展階段，我們只有形成符合自身業務特點、發揮資源稟賦優勢、形成差異化核心競爭力、構建起面向未來的商業模式，才能贏得未來。五年來，我們積極佈局前景廣闊的停車出行、產業園區等基礎設施不動產的業務，通過跨界資源的鏈接，重新定義產品品類，全面提升了產業運營的效率和能力。伴隨著中國基礎設施公募REITs的正式推出，我們前期的資產佈局和

108、運營能力的積累變得更有意義，公司基礎設施資產高效運營中心+基礎設施不動產基金管理 的商業模型已具雛形?；A設施資產高效運營中心，需要結硬寨，打呆仗，雖然是苦活累活，但運營是資產收益的根本所在，這些扎根在實體經濟之上的硬實力正是資產管理與金融創新的基石；建立在資產高效運營基礎之上的金融創新，可以實現資產價值的放大，對資產的持有更長期，絕對收益也將更大。產業運營和資產管理的有機結合，在中國REITs市場的流動性之上，將帶來 戴維斯雙擊。一、基礎設施不動產基金管理：REITs的發展和空間年內，中國首批基礎設施領域REITs正式上市。這是新時代的號角！中國REITs市場重點覆蓋基礎設施不動產，國家鼓勵

109、交通、能源、市政基礎、生態 環保、倉儲物流等領域試點REITs。CHAPTER TWO THE FUTURE UNDER A NEW BUSINESS LANDSCAPEAt this new development stage,we can win the future only by building a business model where we can demonstrate our own characteristics,leverage our resource endowment and form differentiated core competencies and fo

110、cus on the future.Over the past five years,we have been actively laying out the promising infrastructure real estate businesses including parking,industrial park,redefining product categories through the linkage of cross-disciplinary resources,and have comprehensively improved the efficiency and cap

111、ability of industrial operations.With the official launch of Chinas publicly-offered infrastructure REITs,our advancing asset layout and the existing operational capabilities have become more significant,and our business model of“efficient infrastructure asset operation center+infrastructure real es

112、tate fund management”has taken shape.To build an efficient infrastructure asset operation centre requires making strongholds tying strong knots,staying in the battle,although it is labour intensive and tiring,but operating is actually the basis to asset return.Rooted on the basis of the actual econo

113、my with strong competency is the cornerstone of asset management and financial innovation;financial innovation built on the basis of efficient asset operation can result in appreciated asset value,which means the longer we hold asset,the greater the absolute returns.The organic combination of indust

114、rial operations and asset management will bring a“Davis double-killing effect”on top of the liquidity of Chinas REITs market.1.Infrastructure real estate fund management:REITs development and market spaceDuring the year 2021,Chinas first REITs in the infrastructure sector were officially listed.This

115、 is the trumpet of a new era!Chinas REITs market focuses on infrastructure real estate,and the central government encourages pilot REITs in areas such as transportation,energy,municipal infrastructure,ecological and environmental protection and storage&logistics.CHAIRMANS STATEMENT主席報告書21首程控股有限公司202

116、1年年報截至2022年3月30日，已上市的11只中國REITs市場價值已達到443.4億人民幣，考慮到中國在基礎設施領域全球領先的規模優勢，未來5年，大量優秀的基礎設施資產都將通過REITs登陸市場，中國基礎設施公募REITs的整體規模達到萬億人民幣規模近在咫尺。與此同時，伴隨著 沉睡 的基礎設施資產被 喚醒，中國REITs覆蓋的領域將產生足夠的流動性，而流動性的提升最終將會被市場定義到資產價值中。這些基礎設施資產過往大部分都是抵押品或擔保物，其價值在傳統資金眼中，都是按照一定折扣計算的，資產本身的現金流價值無法得到充分體現，依托公募基金REITs為我國基礎設施提供了資產價值重估和價格提升的重

117、大機會。我在下面列舉了已上市的11只REITs的累計收益率和現金分派率，可以看到境內REITs在二級市場的表現非常優秀，基本面情況及交易因素共同助力境內REITs實現了超越多數類別資產的超額收益。自2021年6月21日首批基礎設施公募REITs上市以來，截止2021年12月31日，上市基礎設施公募REITs平均累計漲幅25.49%，同期滬深300累計漲幅-3.18%，基礎設施公募REITs相對滬深300超額收益為28.67%。從境外REITs市場實踐看，基礎設施類REITs收益率通常處於較高水平，美國基礎設施類REITs近5年年化回報率近20%，位於各類型REITs第一梯隊，遠高於平均水平?？?/p>

118、慮到國內基礎設施項目較大 的 增 長 潛 力 和 不 可 復 刻 的 獨 特 優勢，預計未來可以給投資人帶來可觀的回報。As of 30 March 2022,the market value of the 11 listed Chinese REITs has reached RMB44.34 billion.Considering Chinas globally leading advantage in infrastructure scale,it will soon witness the birth of a trillion-Yuan publicly-offered infras

119、tructure REITs market as a large number of excellent infrastructure assets will hit the market through this mechanism in the next five years.At the same time,with the“awakening”of the“dormant”infrastructure assets,the areas covered by REITs in China will generate sufficient liquidity,which will even

120、tually be manifested in the asset market value.Most infrastructure assets,previous collateral or guarantees,had their value calculated at a discount in the eyes of traditional funds and their cash flow value could not be fully reflected.Publicly-funded REITs provide an important opportunity for our

121、infrastructure to be revalued and to have their prices increased.I have listed below the cumulative return rates and cash dividend distribution rates of the 11 REITs that have been listed.You can see that domestic REITs have performed very well in the secondary market,with sound fundamentals and fav

122、orable trading factors to help domestic REITs achieve excess returns outperforming most asset classes.Since the first publicly-offered infrastructure REITs were listed on 21 June 2021,as of 31 December 2021,listed publicly-offered infrastructure REITs have increased accumulated by 25.49%on average,w

123、hile the CSI 300 witnessed a total increase of-3.18%over the same period,the publicly-offered infrastructure REITs delivered a relative excess return of 28.67%comparing to the CSI 300.From the overseas REITs market practice,the return of publicly-offered infrastructure REITs is usually at a high lev

124、el.For example,the annualized return of them in the United States is nearly 20%in the past 5 years,which is in the first echelon of all types of REITs and well above-average.With huge growth potential and inimitable unique advantages,the domestic infrastructure REITs can bring considerable returns t

125、o investors in the future.CHAIRMANS STATEMENT主席報告書22Shoucheng Holdings LimitedAnnual Report2021 REITsAsset ClassCash Dividend Rate(2022.3.30)Cash Dividend Rate(2022E)Market Value by Dec,31,2021(100 million RMB)Accumulative Return Rate（2021.12.31)REITs名稱資產類型現金分派率(2022.3.30)現金分派率(2022E)2021.12.31市值（億人

126、民幣）累計收益率（2021.12.31）China Merchants Shekou Industrial Zone Holdings Co.,Ltd.Property rights3.29%4.46%2519.96%蛇口產園產權Global Logistic PropertiesProperty rights3.46%4.31%7325.06%普洛斯產權Yantian PortProperty rights3.08%4.40%2433.04%鹽田港產權Zhongguancun Industrial ParkProperty rights2.94%4.78%4039.00%中關村產權Zhang

127、jiang Everbright ParkProperty rights3.18%4.04%1924.58%張江光大產權Dongwu SuyuanProperty rights3.73%4.36%4117.16%東吳蘇園產權Fullgoal Capital WaterFranchise 5.67%9.08%2746.30%首創水務特許經營權Shougang Green EnergyFranchise5.75%7.63%1730.43%首鋼綠能特許經營權Yuexiu REITFranchise5.87%7.87%2728.08%越秀高速特許經營權Zhejiang Hanghui Expressw

128、ay CoFranchise8.75%9.91%5116.01%浙江杭徽特許經營權Ping An Guangzhou Comm Invest Guanghe ExpresswayFranchise6.88%6.87%920.72%廣州廣河特許經營權Average25.49%平均值 CHAIRMANS STATEMENT主席報告書23首程控股有限公司2021年年報我們相信，REITs將會為基礎設施資產的投融資結構以及資產運營帶來深層次改變。公司早在多年前，已通過Pre-REITs基金模式在出行停車、產業園等領域佈局了較大規模的基礎資產，並致力於通過精益運營，提升資產效率與收益水平，相信在中國RE

129、ITs市場全面開放的良好環境下，將逐步實現 資產價值創造-資金收益回流-資產管理規模擴大 的良性循環。二、基礎設施資產高效運營中心：停車產業潛力巨大伴隨著中國REITs的推出，停車出行的商業模型閉環即將打通。我們通過BOT和PPP模式不斷增加停車位供給，致力於解決城市停車痛點問題，並通過運營提效和科技賦能優化存量停車位的資源效率，將過往低效的資產轉換為創造價值的項目，更好的為社會服務。當項目規模形成體量後，這些長週期、高品質和重權益的停車資產通過REITs發行，實現資金回籠，資金將在停車等城市基礎設施領域進行循環再投資，進一步擴大網絡密度，為城市智慧交通做好節點佈局。We believe th

130、at REITs will bring profound changes to the investment and financing structure as well as operations of infrastructure assets.The Company has already laid out large-scale infrastructure assets in the fields of parking and industrial parks through the Pre-REITs model many years ago,and is committed t

131、o improving the efficiency of and returns on assets through lean operations.It is believed that under a good environment of a complete opening of Chinas REITs market,the better cycle of“asset value creation capital return expanded asset management scale”will gradually become a reality.2.Efficient in

132、frastructure asset operation centre:a large potential for parking industryAlong with the launch of China REITs,the closed-loop parking business model is about to be built.We kept increasing the supply of parking spaces through BOT and PPP models,devoting ourselves to reducing urban parking pain poin

133、ts.By optimizing the resource efficiency of the existing parking spaces through operational efficiency and technological empowerment,we are also converting the past inefficient assets into value-creating projects to better serve the society.When the project scales up,these long-term,high-quality and

134、 high-return parking assets will be issued through REITs to deliver capital recouping,and the funds will be reinvested in urban infrastructure fields such as parking in a circulating manner to further expand the network density and better sort out the network nodes for intelligent urban transportati

135、on.CHAIRMANS STATEMENT主席報告書24Shoucheng Holdings LimitedAnnual Report2021 當前，我們在資產管理的協同和延展效應已經初見成效。通過對園區資產的管理和運營，讓我們對商業不動產有著更加深刻的理解和更強的資源鏈接。年內，我們幫助多家手握豐富停車資源的開發企業和國資平臺，將停車資源的運行效率實現大幅度提升，並實現了資產證券化，有效優化負債結構，形成資金回流。這是停車出行資產從物業管理走向資產管理的重要突破。Currently,our synergy and extension effect in asset management i

136、s beginning to bear fruit.Through the management and operation of the parkland assets,we have a deeper understanding of commercial real estate and stronger resource links.During the year,we helped a number of developers and state-owned platforms with abundant parking resources to have achieved subst

137、antial improvement in the operational efficiency of parking resources and to realize asset-backed securitization,effectively optimizing the liability structure and creating capital return.This is an important breakthrough in our transition from property management to asset management of parking asse

138、ts.1.BOT2.Municipal infrastructure 政3.Transport hub Operation management理Project incubation項目孵化Revolving reinvestment再Pre-REITsPre-REITs基The publicly-offered infrastructure REITsplatform基平REIT exit uponProject Maturity項目成 REITRevolving fund return回Efficient operation&Technology empowerment 運營提科技賦Dom

139、estic and overseas fund內Fund management基理 CHAIRMANS STATEMENT主席報告書25首程控股有限公司2021年年報我們也在幫助REITs原始權益人所擁有的停車場進行空間化改造，運營科技系統為停車資產提效，疊加更好的服務車主的功能。對於大部分REITs原始權益人，停車資產是 雞肋，而通過專業化運營，我們初步還原了停車資產的應有價值。未來，我們也將幫助原始權益人實現停車資產的證券化，這將創造更大的資產價值。在資產管理帶來穩定收益的基礎上，我們也在熟悉的領域捕捉好的戰略投資機會，為被投企業提供產業綜合服務。年內，投資業務貢獻給公司的超額收益達到2.

140、58億港元，這些超額收益是建立在投資業務給公司所管理戰略投資基金的投資人們（LPs）帶來24.9億港元現金回報收益的基礎上而形成的。橫 亙 在 風 險 和 收 益 之 間 的 永 遠 是 能力，能力越強，風險越小，收益越大。能力的建設需要高頻率的試錯和長期的沉澱。這是我們多年來在停車資產管理中正在進行的工作，持之以恆堅持下去將具備更多產業的延伸性與可能性。We are also helping the parking lots owned by the REITs original owners to conduct space renewal and to improve the effic

141、iency of the parking assets to provide better service to the car owners by adding more functions through operational technology system.For most of the REITs original equity holders,parking assets are like“ribs”,but we have initially restored the proper value of parking assets through professional op

142、eration.In the future,we will also help the original equity holders to securitize the parking assets to create more asset value.On top of the stable income generated from asset management,we also caught good strategic investment opportunities in familiar areas and provide integrated industrial servi

143、ces to the companies we invested in.During the year,the investment business contributed excess earnings of HK$258 million to the Company.These excess earnings were achieved after HK$2.49 billion was paid out in cash returns to the investors(or LPs)of the funds managed by the Companys strategic inves

144、tment business.What lies between the risk and the benefit is always the ability,the stronger the ability,the less risk and the greater the return.Ability to build requires a high rate of trial and error and much experience gained over the years.This is what we have been doing in parking asset manage

145、ment for many years,and perseverance will deliver more industrial expansion and possibilities.CHAIRMANS STATEMENT主席報告書26Shoucheng Holdings LimitedAnnual Report2021 第三章 可持續增長的保障 我們在停車出行領域探索的商業模式是一套系統解決社會問題，創造商業價值的邏輯。我們通過持續的產品、服務和科技創新，為不同的客戶創造價值，鞏固了在停車出行領域的領先地位。一、持續提升資產管理效能 我們作為中國停車資產管理行業的龍頭企業，持續提升資產管

146、理效能是商業模式成立與否的核心所在。2021年，我們停車出行業務實現收入6.14億港元，同比提升28%，佔公司收入比重的51%。通過對停車場景多維度的挖掘與創新，其中非停車費收入達到0.65億港元。通過智能硬件設備升級與數智化系統提升，降低管理成本，實現部分車場無人化、少人化管理，人均管理車位數從過去的50個增長到72個。我們的管理效能已經達到行業領先水平，並正在從各個維度向行業最佳前進。CHAPTER THREE THE GUARANTEE FOR SUSTAINABLE GROWTHThe business model we are exploring in the parking sec

147、tor systematically solve social problems and logically create business value.We have consolidated our leading position in the parking field through a wide range of new products,continuous service and technology innovations that creates value for our various customers.1.Continuous improvement of asse

148、t management efficiencyAs a leading company in Chinas parking asset management industry,the continued improvement of asset management effectiveness is central to whether our business model can succeed.The revenue from parking which was HK$614 million in 2021,represented a year-on-year increase of 28

149、%,and accounted for 51%of our corporate revenue.Through multi-dimensional mining and innovation of parking scenario,our non-parking fee revenue reached HK$65 million.Through the upgrade of intelligent hardware equipment and the enhancement of digital intelligence system,we have reduced management co

150、sts and achieved unmanned or flexible manpower line management in some car parks,with the number of parking spaces managed per capita growing from 50 to 72.Our management effectiveness is at an industry-leading level and headed in every dimension to being the best in the industry.CHAIRMANS STATEMENT

151、主席報告書27首程控股有限公司2021年年報二、持續創新資產價值模式停車出行資產廣泛分佈在人們日常出行的諸多場景，在過去五年中，我們始終以用戶需求為核心，圍繞著不同的停車出行資產和差異化的利益訴求，躬身入局，不斷創新我們的價值模式。1、面向國企資產方的交通樞紐類項目。交通樞紐類項目具有規模大、強流量、創新空間廣闊等特點，資源稀缺，是不可多得的優質資產。機場集團、國家鐵路集團等大型國企作為資產方，是我們重要的合作夥伴。作為國內交通樞紐停車資產經營的引領者，我們始終聚焦如何持續提升服務品質，如何再造高流量的商業空間，以及如何挖掘資產的長期價值。我們與夥伴打破成本導向的委託管理模式，將傳統的 甲乙方

152、 關係轉變為長期共建的戰略合作夥伴，為其打造全方位、定制化的停車出行解決方案。2.Continuous innovative asset value modelParking assets are wide spread in taking part in many scenarios of peoples daily mobility.In the past five years,we continue to have the users needs at the core of what we do,working around different parking assets,addre

153、ssing the needs of differing demands to differentiate ourselves,participating with humility,continually innovating and building our value-creation model.(1)Transportation hub projects oriented towards SOE assets holders.The transportation hub category is characterized by large scale,huge traffic flo

154、w,wide space for innovation,and scarce resources,making it an unparalleled quality asset.As asset owners,large state-owned enterprises such as Capital Airports Holdings Ltd and China Railway,are our important partners.As a leader in the operation of parking assets in domestic transportation hubs,we

155、always focus on how to continually improve service quality,how to recreate high capacity traffic flow commercial space,and how to explore the long-term value of assets.We broke the cost-oriented entrusted management model with our partners and transformed the traditional client relationship into a l

156、ong-term strategic partnership,creating comprehensive and customized parking solutions for them.CHAIRMANS STATEMENT主席報告書28Shoucheng Holdings LimitedAnnual Report2021 過去五年，我們通過精準投入，機場和高鐵站停車場的運營項目數量已達到23個。相信不久的將來，這個數字還將快速擴張，可以預見未來航陸協同與資源串聯後，端到端 業務的想像空間巨大；過去五年，我們通過深耕細作，讓交通樞紐這一傳統資源重新煥發了新的活力，讓單一的停車空間疊加了多

157、元化的商業功能和服務功能。年內，交通樞紐類項目陸續新增簽約項目達14個，分別是浙江寧波機場、河南鄭州機場、河北張家口機場、雲南昭通機場，以及京哈鐵路、京張鐵路、京雄鐵路沿線10個高鐵站的停車場項目。與此同時，北京大興機場、北京首都機場和上海虹橋機場同意將與公司的合作經營期限延長。公司在這類資產和項目上的持續深耕與有效投入，實現了資產方和車主的多方多贏，贏得了戰略合作夥伴公司高度信任和全力支持。我們已經成為獲取機場項目最多的行業公司，是交通樞紐類的引領者。In the past five years,through precision investment,the number of opera

158、ting projects at airports and high-speed railway station parking lots has reached 23.It is believed that this number will expand rapidly in the near future,and it is foreseeable that the potential point-to-point business will be enormous after the joint connection and linkage of aviation and land re

159、sources in the future;in the past five years,through in-depth and thorough detailed efforts,we have revived the traditional resource of transportation hubs,allowing the single parking space to be superimposed with diversified commercial functions and service functions.During this year,new agreements

160、 were signed on 14 transportation hub projects including Ningbo Lishe International Airport,Zhengzhou Xinzheng International Airport,Zhangjiakou Ningyuan Airport,Zhaotong Airport in Yunnan，as well as parking lot projects at 10 high-speed railroad stations along the Beijing-Harbin Railway,Beijing-Zha

161、ngjiakou Railway and Beijing-Xiongan Intercity Railway.At the same time,Beijing Daxing International Airport,Beijing Capital International Airport and Shanghai Hongqiao International Airport agreed to extend the terms of cooperation with the Company.Our continuous efforts and effective input in such

162、 assets and projects have yielded multi-win results for both the asset owners and the car owners,and won a high level of trust and the full support of our strategic partners.We have become the industry leader in the transportation hub category by acquiring the largest number of airport projects.CHAI

163、RMANS STATEMENT主席報告書29首程控股有限公司2021年年報2、面向政府資產方的市政配套類項目。市政配套類項目我們主要服務的對象是地方各級政府，以及與之有關的城市管理部門和交通管理部門。這類項目的價值在於為城市增加了車位，緩解了供需矛盾；為政府部門的夥伴整合了零散的市政資產，提升了資源使用效率，實現城市治理的效果。我們還通過停車產業基金與地方政府、平臺公司建立了互利共贏的合作架構，這些優質的停車資產為後續資產證券化堅定了堅實的基礎。過去五年，我們與區域政府深度合作，通過對城市低效用地和邊角用地的利用，建設高密度 停車驛站，以BOT模式向城市核心區域、老舊小區、中心醫院等區域供應了

164、增量車位。這樣的合作模式，減輕了政府的財政壓力，降低項目投資的風險，解決了停車位短缺的難題，讓城市有效的資源得到了高效集約的利用。我們願意以城市停車全要素場景出發，陪伴項目屬地政府一同推進區域智慧停車產業的發展和數字化城市治理能力的提升，為城市構建 停車資產證券化+城市循環再投資 的可持續發展新模式。(2)Projects of municipal infrastructure with governments as asset holdersIn municipal infrastructure projects,we mainly provide service for governmen

165、ts at all levels,as well as the city administration and traffic management departments associated with them.The value of this type of projects is to add more urban parking spaces,alleviating the imbalance between supply and demand,integrating fragmented municipal assets for our partners in governmen

166、t departments,enhancing the efficiency of resource use and achieving the effects of urban governance.Our parking industry fund has established a mutually beneficial cooperation framework with local governments and platform companies,and these high-quality parking assets have provided a solid foundat

167、ion for subsequent asset-backed securitization.In the past five years,we have partnered with regional governments to build high-density“parking stations”through the use of underused land and marginal land in the city,and supplied incremental parking spaces to core areas,old neighborhoods,central hos

168、pitals and other areas in a BOT model.Such cooperation mode reduced the financial pressure of the government,lowered the risk of project investment,addressed the shortage of parking spaces,and made efficient and intensive use of the city resources.We are willing to,starting from the whole-factor sce

169、narios of urban parking,work with the host government of the project to promote the development of regional smart parking industry and the improvement of digital urban governance capacity,and build a new sustainable development model of“parking assets-backed securitization+urban reinvestment with re

170、couped funds”for the city.CHAIRMANS STATEMENT主席報告書30Shoucheng Holdings LimitedAnnual Report2021 年內，我們已分別在南京秦淮區、南京建鄴區、重慶大渡口區初步形成了區域級的網格化停車驛站，為上述區域集中解決了一批車位供給的難題，提供了區域靜態交通解決範式，未來2年內，以上區域建設BOT停車綜合體項目將在區域內實現節點連片。我們在保定市運營的城市級路側項目，通過運用人工智能、大數據、物聯網等技術，實現了城市統一的停車信息採集，向政府提供數據共享與決策支持服務，向公眾提供停車信息服務，打造了保定市智慧靜態交

171、通的新典範，確定城市路側運營企業中的領先地位。根據公司已有的區域發展計劃，在北京、天津、南京、成都、重慶、廣州和深圳等城市，我們將全面發力，與區域政府深度合作，導入優質資源、挖掘空間潛力，提供有效供給。我們堅信為社會貢獻的越多，長期的收益也將越大。我們也將全面開放和細化合作機制，與更多戰略夥伴，共同發展業務。During the year 2021,we have formed preliminary regional grid-based parking stations in Qinhuai District of Nanjing,Jianye District of Nanjing an

172、d Dadukou District of Chongqing respectively,which have largely addressed huge unmet needs for parking space for the above-mentioned areas and provided a regional static traffic solution paradigm.In the next 2 years,BOT parking complex projects will see nodes connected to form a continuous whole in

173、the above-mentioned regions.The city-level roadside projects we operate in Baoding City,through the use of artificial intelligence,big data,Internet of Things and other technologies,made possible the citys unified parking information collection,provided data sharing and decision support services to

174、the government,and provided parking information services to the public.This created a new paradigm of intelligent static traffic in Baoding City,securing a leading position for us among urban roadside operating companies.According to the Companys existing regional development plan,in cities such as

175、Beijing,Tianjin,Nanjing,Chengdu,Chongqing,Guangzhou and Shenzhen,we will make full efforts to work deeply with local governments,input quality resources,tap the space potential and provide effective supply.We believe that the more social contributions we make,the greater the long-term profits.We wil

176、l also fully open up and refine the cooperation mechanism for common business development with more strategic partners.CHAIRMANS STATEMENT主席報告書31首程控股有限公司2021年年報市政配套類項目重在項目規劃設計和綜合服務功能的配置，考驗我們的科技管理能力和精細運營能力。通過不斷的努力，我們新建單停車位的造價比前期下降15%，並已實現電動車充電服務、末端物流、自主零售等綜合服務業態的導入。在減少標準化車位運營崗位的同時，我們增加了多個創新崗位進行宣傳貫導、開

177、發多元化可選付費產品、增加付費渠道，逐步養成車主自主繳費習慣，項目從過去繳費率不足80%提升至超過90%。3、面向地產、園區等資產方的商業類項目。商業類項目我們主要服務的對象是各類地產開發商、園區業主和城市投融資平臺公司等合作夥伴。商業類停車是相對成熟的業態領域，我們過去幾年改變傳統的委託管理模式，通過智慧停車系統的導入和精益化的運營管理實現資產的提質增效，滿足業主對物業價值提升的迫切需求。The key focus of municipal infrastructure projects is project planning and design,and the configuration

178、 of comprehensive service functions,testing our technological management and fine operation abilities.Through continuous efforts,the cost of a newly-built parking space has decreased by 15%compared with the past,and we have introduced integrated service modes such as electric vehicle charging servic

179、e,end logistics and autonomous retail services.While reducing the number of standardized parking space operation roles,we have added several innovative roles for publicity and guidance,to develop diversified payment products and to increase payment channels.We have gradually developed the habit of a

180、utonomous payment by vehicle owners,and the projects payment rate has raised from less than 80%to over 90%.(3)Commercial real estate and industrial park projectsFor commercial projects,we target to mainly service various real estate developers,park owners and urban investment and financing platform

181、companies and other partners.Since the commercial parking lots are in well-established areas,we have focused on changing the traditional entrusted management model to improve the quality and efficiency of assets in the past few years.This was done by introducing smart parking system and lean operati

182、on management to meet the urgent needs of property owners for property value improvement.CHAIRMANS STATEMENT主席報告書32Shoucheng Holdings LimitedAnnual Report2021 隨著地產開發行業的持續深度調控，為公司發展帶來了新的重要機遇，相當數量的開發商自有產權車位將湧向市場，其中部分與公司區域高密度停車網點重合，成為可佈局的資產。我們通過自有資金加外部金融槓桿，用基金、REITs、類REITs的形式盤活優質底層資產，既解決地產開發企業和城市投融資平臺實

183、際需求，同時作為資產管理人，將我們過去幾年積累形成的精益經營能力注入到資產中，提質增效，讓投資人有較好的獲益。公司現已成立多只停車產權基金，停車ABS、REITs也有望盡快向市場發行。過去多年的佈局、積累和等待，在今日獲得了獎賞，通過精準投資和精益運營，以及公司多年來的信用和美譽，我們有機會成為中國最好的停車出行資產管理人。As the property development industry continues to be further regulated,new and important opportunities for the Companys development have

184、emerged.A considerable number of developer-owned parking spaces will flood the market,some of which overlap with the Companys regional high-density parking lots and become investable assets.Through our own capital plus external financial leverage,we revived high-quality underlying assets in the form

185、 of funds,REITs and REIT-like assets,which solved the actual needs of real estate development enterprises and urban investment and financial platforms.This practice also enabled our Company acting as an asset manager,to bring in our lean operation that was accumulatively formed in the past years int

186、o the assets,improving the quality and efficiency and generating greater benefits for investors.The Company has now established a number of parking equity funds,furthermore parking ABS and REITs are expected to be issued in the market as soon as possible.The past years of strategic planning,accumula

187、tive building and waiting have been rewarded today with the opportunity to become the best parking asset manager in China through precision investment and lean operations,as well as the companys credit and reputation earned over the many years.CHAIRMANS STATEMENT主席報告書33首程控股有限公司2021年年報三、持續強化科技賦能力度 我們

188、一直高度重視科技投入帶來的運營效率和管理模式的變革，讓科技為停車資產服務和賦能。領先的科技系統對內有效提升了我們的管理效率、降低了運營成本。對外，幫助合作夥伴搭建城市級靜態智慧平臺，提升了城市管理能力。年內，我們持續加大科技研發投入，完成了基於SaaS架構的數字智能化資產管理平臺V3.0的迭代升級，並率先在停車出行板塊全面應用。在服務端，採用智慧收費管理系統，既實現了停車場出入口無人化管理，又提升了車主的通行效率；同時，應用AI視覺識別、VR視頻融合、大數據、雲計算、IOT物聯網等技術的數字化空間管理模塊，實現主動預警，精準調度智能管理模式，將智慧管理的半徑擴展至車場全域，並進一步提升管理效能

189、，降低車場的人力依賴。在資產管理端，我們結合大數據分析及AI智能學習系統，形成了包含900餘項分析參數構成的信息化投資運營指標體系，構建出資產投拓及運營管理的數據分析平臺?？焖偕少Y產投資收益模型，對投拓行為提供數字化分析輔助決策。在資產運營週期內，以運營指標體系構建項目運營健康圍欄，實時監控項目運營的狀態，偏離預期及時預警並生成改善方案建議，通過信息化手段對項目實現全生命週期動態管理。3.Continuous enhancement of technological empowermentWe have continually placed a high level of importanc

190、e to bringing technology into the operational efficiency and management model to make a difference,to allow technology to be used to empower and service parking assets.Leading technology systems effectively improve our internal management efficiency and reduce operational costs.Externally,it has hel

191、ped our partners build city-level static traffic intelligence platforms to improve urban governance.During this year,we continued to increase our investment in the research and development of technology,and completed the iterative upgrade of our SaaS architecture-based digital intelligent asset mana

192、gement platform V3.0,subsequently took the lead in the full application use in the parking segment.In terms of service system,we adopted the intelligent charging management system,which not only realizes the unmanned management of parking lot entrances and exits,but also ensures unhindered passage o

193、f car owners;at the same time,the digital space management module applying AI visual recognition,VR video integration,big data,cloud computing,IOT and other technologies implementing active early warnings,and intelligent management mode of accurate scheduling,extending the radius of intelligent mana

194、gement to the whole car park,and further improving the management efficiency and reducing the manpower dependence of the car park.In terms of asset management,we combined big data analysis and AI learning system to form an information-based investment and operation index system consisting of more th

195、an 900 analysis parameters,and built a data analysis platform for asset investment and operation management.This platform can quickly generate asset investment return models and provide digital analysis to assist decision-making on investment and expansion.During the asset operation cycle,we built a

196、 project operation“health shield”with the operation index system,monitoring the status of project operation in real time,and generating timely warnings and improvement proposals for deviations from expectations,using information technology to delivering dynamic management of the full life cycle of t

197、he project.CHAIRMANS STATEMENT主席報告書34Shoucheng Holdings LimitedAnnual Report2021 年內，我們上線了自主知識產權的城市級智慧停車管理平臺，通過構建多渠道支付模式，迭代智能感知設備，設計多元化的車主權益產品，以科技應用與運營策略相結合的方式，實現項目人均管理車位數的提升。通過以上科技賦能舉措，全年實現全量 運 營 項 目 車 位 管 理 效 率 同 比 提 升41%。我們將數智化停車管理產品推向市場，賦能行業，服務社會。我們在全國幫助數百個停車場（庫）完成數字化智能停車管理升級；我們也深度參與智慧城市的建設，中標甘肅白

198、銀城市級智慧靜態交通建設項目，從停車數智化管理擴展到城市靜態交通數字化治理，從建立停車基礎數據庫到形成城市一個靜態交通管理平臺，從而構建城市靜態交通數字化綜合治理模式。我們還將以靜態交通數字治理為基礎，尋求城市動靜一體化的出行數字治理解決方案，進而探索科技服務在城市智慧發展及數字治理領域的更多應用。During this year,we launched our city-level smart parking management platform with independent IPR through building a multi-channel payment model,iter

199、ating intelligent sensing devices,designing diversified products with rights to vehicle owners,using technological applications with operational strategies together in a combined way to deliver the project having increased parking spaces managed per capita.Through the above technology-enabled initia

200、tives,we achieved a 41%year-over-year increase in parking management efficiency for the whole year full-scale operational projects.We delivered digital intelligent parking management products to the market,empowering the industry and servicing the society.We have helped hundreds of parking lots(park

201、ing garages)across the country to have completed digital intelligent parking management upgrades;we have also closely participated in the construction of smart cities,winning the bid for the construction project of municipal intelligent static traffic in Baiyin city,Gansu province.We have expanded b

202、usiness from parking digital intelligent management to digital governance of urban static traffic,from the establishment of a basic parking database to the formation of a city static traffic management platform,thereby building a comprehensive digital governance model of urban static traffic.We will

203、 also find digital governance solutions based on static traffic digital governance,and then explore more technology applications in urban intelligent development and digital governance.CHAIRMANS STATEMENT主席報告書35首程控股有限公司2021年年報第四章 展望回首過去的創業之路是艱辛的，我們從很小的公司做起，經過五年的努力，幾乎是再造了公司，轉型之路取得了成功。由於所去之目標遠大，過程中難免走

204、彎路，遇到很多超越能力的困難。路雖遠行則將至，事雖難做則必成。我與核心團隊堅持打造卓越企業的初心不變，必將致力於將公司打造成基礎設施資產高效運營中心+基礎設施不動產基金管理 的領先者，在停車業務及REITs道路上走出中國模式。功崇惟志，業廣惟勤。我們相信，隨著中國經濟增長邁入高質量增長階段，中國基礎設施資產迎來資產價值重估的歷史性機遇。展望未來，我們將繼續通過產品、服務及科技創新，為社會創造更大的價值。新的業務年度，我們將加大力度建設有效的合作渠道，與各類戰略夥伴共赴未來，使業務發展的效率進一步提高。新的業務年度，我們將更加注重區域公司的實體化建設，補足短板、充分授權，將四個大區打造成為公司發

205、展的增長極。相信通過團隊的不斷努力和朋友圈的不斷擴大，我們將不斷擴大戰果，力爭資產管理規模增長150億以上，停車收入實現倍增，公司將全面實現盈利。在此基礎之上，使投資人和員工能夠分享企業健康成長之果實。CHAPTER FOUR OUTLOOKLooking back on the past entrepreneurial path,it was an arduous journey,we began from a small company,and after five years of hard work,we have almost recreated a company,gaining

206、success on the journey of transformation.In the pursuit of farther ambitious goals,it is inevitable for us to take detours in the process and encounter many difficulties beyond our ability.Even the longest journey can be finished by taking steady steps,and even the most difficult tasks can be done b

207、y taking firm actions.The core team and I will continue to work hard to build an outstanding company,to make the Company a leader in“the centre for efficient infrastructure asset operation+infrastructure real estate fund management”,and create the Chinese model of parking business and REITs.“Great a

208、ccomplishments require ambitious courage and persistent efforts.”We believe that as Chinas economy is entering a stage of high quality growth,a historic opportunity arises to Chinas infrastructure assets for asset revaluation.Looking ahead,we will continue to create for the society greater values th

209、rough our products,services and technological innovations.In the new business year,we will make more efforts to build effective collaborative channels and a better future together with various strategic partners,making more efficient business developments.In the new business year,we will place more

210、importance on the infrastructure building construction of regional companies,make up for shortcomings,fully delegate authority,and build up four main regions into the Companys growth pole.We believe that through continuous efforts of our team and the expansion of our friendship circle,we will contin

211、ue to expand with success.We will strive to grow the scale of managed assets by more than RMB15 billion,to achieve double parking revenue and profit throughout the Company.On this foundation,the fruitful results of the health and growth of the Company is shared with our investors and employees.DIREC

212、TORS BIOGRAPHIES董事簡介36Shoucheng Holdings LimitedAnnual Report2021 執行董事趙天暘先生，41歲，於2018年1月6日獲委任為本公司執行董事兼董事會主席，並為本公司執行委員會及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

213、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。EXECUTIVE DIRECTORSMr.Zhao Tianyang,aged 41,was appointed as 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 each of

214、 the Executive Committee and the Nomination Committee of the Company.He holds a Bachelor degree in science and a Master degree in economics from Peking University and an Executive Master of Business Administration degree from Cheung Kong Graduate School of Business.Mr.Zhao joined Shougang Group Co.,

215、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)Limited(“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 Shou

216、gang Fund are wholly-owned subsidiaries of Shougang Group.Each of Shougang Group,Shougang Holding and Shougang Fund is a substantial shareholder 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 M

217、unicipal Commission of Development and Reform and Peking University.He has extensive experience in company operation and management,investment and capital operation.DIRECTORS BIOGRAPHIES董事簡介37首程控股有限公司2021年年報徐量先生，56歲，於2018年5月21日獲委任為本公司執行董事，並為本公司執行委員會成員。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

218、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。徐先生亦出任首長四方（集團）有限公司（首長四方）及環球數碼創意控股有限公司（環球數碼）執行董事兼主席，曾出任首長四方董事總經理（自2019年8月22日起至2019年9月18日止及自2021年1月1日起至2021年3月28日止）。首長四方及環球數碼均於香港聯合交易所有限公司（聯交所）上市。徐先生於管理方面具有豐富經驗。李偉先生，48歲，於2020年5月22日獲委任為本公司執行董事，並為本公司執行委員會及提名委員會成員，彼亦於2020年7月9日獲委任為本公司總裁。李先生於1997年獲得北京農學院農業學士學位及於2008年獲

219、得中國人民大學管理碩士學位，並為高級政工師及經濟師。彼現為驛停車（北京）科技有限公司（本公司附屬公司）執行董事兼總經理及驛停車（北京）投資管理有限公司（本公司附屬公司）董事長兼總經理，並曾為首鋼基金區域發展與服務群總裁。李先生現出任本公司若干附屬公司董事。於加入首鋼基金前，李先生曾於共青團北京市委員會多個部門擔任多個重要職務及於北京國際技術合作中心擔任高級職位。彼在統籌公司的日常經營管理方面具有豐富的經驗。Mr.Xu Liang,aged 56,was appointed as an Executive Director of the Company on 21 May 2018 and is

220、 also a member of the Executive Committee of the Company.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 joined the group of Shougang Group in 1988 and held vario

221、us senior positions.He is the managing director of Shougang Holding.Mr.Xu is also an executive director and the chairman of each of Shougang Concord Grand(Group)Limited(“Shougang Grand”)and Global Digital Creations Holdings Limited(“GDC”)and was the managing director of Shougang Grand(from 22 August

222、 2019 till 18 September 2019 and from 1 January 2021 till 28 March 2021).Both of Shougang Grand and GDC are listed on The Stock Exchange of Hong Kong Limited(the“Stock Exchange”).Mr.Xu has extensive experience in management.Mr.Li Wei,aged 48,was appointed as an Executive Director of the Company on 2

223、2 May 2020 and is also a member of each of the Executive Committee and the Nomination Committee of the Company.He was also appointed as the President of the Company on 9 July 2020.Mr.Li obtained a Bachelor degree in Agriculture from Beijing University of Agriculture in 1997 and a Master degree in Ma

224、nagement from Renmin University of China in 2008 and is a senior political worker and an economist.He is an executive director and the general manager of E Park(Beijing)Technology Limited（驛停車（北京）科技有限公司）and the chairman and the general manager of E Park Investment Management Co.,Ltd.(驛停車（北京）投資管理有限公司)

225、,both are subsidiaries of the Company,and was the president of regional development and service group of Shougang Fund.Mr.Li is a director of certain subsidiaries of the Company.Prior to joining Shougang Fund,Mr.Li held various important positions in various departments of Beijing Municipal Committe

226、e of the Communist Youth League and held senior positions in Beijing International Technical Cooperation Center.He has extensive experience in coordinating companys daily operation and management.DIRECTORS BIOGRAPHIES董事簡介38Shoucheng Holdings LimitedAnnual Report2021 張檬女士，40歲，於2020年5月22日獲委任為本公司執行董事，並

227、為本公司執行委員會成員。彼於2003年獲得中國政法大學法學學士學位，並於2008年獲得University of Tbingen（德國圖賓根大學）法學碩士學位。張女士現為首程融石（北京）基金管理有限公司（首程融石）（前稱京冀天成（北京）基金管理有限公司）董事長兼總經理，並曾擔任本公司副總經理、北京京西創業投資基金管理有限公司（京西創業）風控部總監以及首鋼基金風險管理部總監。首程融石及京西創業均為本公司從事私募基金管理業務之主要附屬公司。張女士現出任本公司若干附屬公司董事。於加入本集團及首鋼基金前，張女士曾為北京市嘉源律師事務所律師，期間參與多項涉及併購、上市、融資、集資及資本重組活動的大型項目

228、。Ms.Zhang Meng,aged 40,was appointed as an Executive Director of the Company on 22 May 2020 and is also a member of the Executive Committee of the Company.She obtained a Bachelor degree in Laws from China University of Political Science and Law in 2003 and a Master degree in Laws from University of

229、Tbingen in 2008.Ms.Zhang is the chairman and the general manager of Shoucheng Rongshi(Beijing)Fund Management Co.,Ltd.（首程融石（北京）基金管理有限公司,“Shoucheng Rongshi”）(formerly known as Jingji Tiancheng(Beijing)Fund Management Co.,Ltd.（京冀天成（北京）基金管理有限公司）)and was a deputy general manager of the Company,the contr

230、oller of risk control department of Beijing Jingxi Venture Capital Fund Management Co.,Ltd.（北京京西創業投資基金管理有限公司,“Jingxi Venture”）and the controller of risk management department of Shougang Fund.Both Shoucheng Rongshi and Jingxi Venture are principal subsidiaries of the Company engaging in management o

231、f private fund.Ms.Zhang is a director of certain subsidiaries of the Company.Prior to joining the Group and Shougang Fund,Ms.Zhang was a solicitor in Beijing Jia Yuan Law Firm where she participated in a number of mega projects involving mergers and acquisitions,listing,financing,fund raising and ca

232、pital restructuring activities.DIRECTORS BIOGRAPHIES董事簡介39首程控股有限公司2021年年報NON-EXECUTIVE DIRECTORSMr.Li Hao,aged 40,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 D

233、alian University of Technology and a Master of Business Administration 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 operating officer,deputy head of East Asia Business Headqu

234、arters and managing director of Greater China Group at ORIX,a diversified financial 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 Cap

235、ital Limited,both of which are wholly-owned subsidiaries of ORIX.He is also a non-executive director of each of Beijing Energy International Holding Co.,Ltd(formerly known as Panda Green Energy Group Limited)and Haichang Ocean Park Holdings Ltd.,both are listed on the Stock Exchange.Mr.Liu Jingwei,a

236、ged 54,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 Economics of Beijing Forestry University in 1989 and from Shanghai Advanced Institute of Finance with a Master degree in 2016.M

237、r.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.Liu is also an independent non-executive director of China Nonferrous Mining Corporation Limited,which is listed on the Stock

238、Exchange,an independent director of each of Guiyang Longmaster Information&Technology Co.,Ltd.and BeiJing StarNeto Technology Co.,Ltd.,both are listed on Shenzhen Stock Exchange,and an independent director of Hubei Huaqiang High-tech Co.,Ltd.,a company listed on Shanghai Stock Exchange.He was an ind

239、ependent non-executive director of AVIC Joy Holdings(HK)Limited(resigned on 31 January 2022),a company listed on the Stock Exchange and an independent director of Shanghai Yaohua Pilkington Glass Group Co.,Ltd.(retired on 25 July 2021),a company listed on Shanghai Stock Exchange.非執行董事李浩先生，40歲，於2018年

240、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、東亞事業本部副本部長及大中華區董事總經理，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）。彼亦出任於聯交所上市之北京能源國際控股有限公司（前稱熊貓綠色能源集團有限公司）及海昌海洋公園控股有限

241、公司非執行董事。劉景偉先生，54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中國有色礦業有限公司獨立非執行董事，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及北京星網宇達科技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。彼曾出任於聯交所上市之幸?？毓桑ㄏ愀郏┯邢薰惊毩⒎菆绦卸拢?022年1月31日辭任）及

242、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25日退任）。DIRECTORS BIOGRAPHIES董事簡介40Shoucheng Holdings LimitedAnnual Report2021 Mr.Ho Gilbert Chi Hang,aged 45,was appointed as a Non-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

243、 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 and as a solicitor and barrister in the High Court of Australia.Mr.Ho is also a fellow member of CPA Australia.He is a committee membe

244、r of the Industry Advisory Committee of Insurance Authority,Deputy Chairperson of CPA Australia Greater Bay Area Committee,a member of the China Committee of Hong Kong General Chamber of Commerce,a committee member of the Chinese Peoples Political Consultative Conference of Shenyang,a standing commi

245、ttee member of the Youth Federation of Inner Mongolia and a vice chairman of Inner Mongolia&Hong Kong Youth Exchange Association.Mr.Ho is the executive director and chief operating officer of NWS Holdings Limited,a substantial shareholder of the Company,a non-executive director of Wai Kee Holdings L

246、imited and an independent non-executive director of each of Kam Hing International Holdings Limited and Asia Allied Infrastructure Holdings Limited,all being listed on the Stock Exchange.He was the senior investment director of New World Development Company Limited,a substantial shareholder of the C

247、ompany and a company listed on the Stock Exchange,and an executive director of New World Strategic Investment Limited.Mr.Ho was also a partner of an international law firm Fried,Frank,Harris,Shriver&Jacobson LLP.He was an independent non-executive director of Hailiang International Holdings Limited(

248、resigned on 1 September 2020),which is listed on the Stock Exchange.Mr.Ho has extensive experience in the area of corporate management,investments,corporate finance,merger and acquisition transactions and international brand and retail management.何智恒先生，45歲，於2018年5月21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。彼持有澳洲悉

249、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。彼現擔任保險業監管局業界諮詢委員會成員、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、中國人民政治協商會議瀋陽市委員會會員、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。何先生現出任新創建集團有限公司（本公司主要股東）執行董事及首席營運總監、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）高級

250、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。彼曾出任海亮國際控股有限公司獨立非執行董事（於2020年9月1日辭任），該公司於聯交所上市。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。DIRECTORS BIOGRAPHIES董事簡介41首程控股有限公司2021年年報INDEPENDENT NON-EXECUTIVE DIRECTORSDr.Wang Xin,aged 44,was appointed as an Indepe

251、ndent 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 Nomination Committee and the Remuneration Committee of the Company.He received his Ph.D.degree in Accounting from Duke University in 2006

252、 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 professor of accounting at the Faculty of Business and Economics,The University of Hong Kong(“HKU”).Dr.Wang joined HKU in 2011 and was aw

253、arded 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 2011.He has research interests in the fields of executive compensation,financial disclosure quality,corporate governance and insider

254、trading.Dr.Wangs papers were published on various world leading academic journals,such as Journal of Accounting and Economics,The Accounting Review,Contemporary Accounting Research and Review of Accounting Studies.Dr.Wang has teaching experience in several accounting courses,including Introductory F

255、inancial 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 Business Studies.獨立非執行董事王鑫博士，44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年取得杜克大學會計學博士學位，並於1999年及2001年自清

256、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。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 A

257、ccounting 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。DIRECTORS BIOGRAPHIES董事簡介42Shoucheng Holdings LimitedAnnual Report2021 Mr.Choi Fan Keung Vic,aged 57,was appointed as an Independent Non-executive Director of the Company on 18 May 2018 and is also a member

258、 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 of Hong Kong.He also serves as a consultant of Howse W

259、illiams and the general counsel of Atlantis Investment Management Limited.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 p

260、revention and 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.

261、He has over 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.蔡奮強先生，57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

262、業證書及法律碩士學位。蔡先生現為香港高等法院律師。彼亦擔任何韋律師行法務顧問及西澤投資管理有限公司法務總監。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。DIRECTORS BIOGRAPHIES董事簡介43首程控股有限公司2021年年報Mr.Deng

263、 Yougao,aged 55,was appointed 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

264、財經學院,now known as Jiangxi University 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 the chairman of Shenzhen Henggu Nano Technology Co.Ltd.（深圳恆固納

265、米科技有限公司）(formerly known as Shenzhen Henggu Anticorrosion Nano Technology Co.,Ltd.（深圳恆固防腐納米科技有限公司）),the executive director and the general manager of Shengshi Henggu Holdings(Shenzhen)Co.Ltd.（盛世恆固控股（深圳）有限公司）,the managing partner of Shengshi Henggu(Shenzhen)Administrative Center(Limited Partnership)（盛

266、世恆固（深圳）管理中心（有限合夥）)and the managing partner of Henggu Shengshi(Shenzhen)Administrative Center(Limited Partnership)（恆固盛世（深圳）管理中心（有限合夥）)and a supervisor of Shanghai Tiantan Nano Technology Co.,Ltd.（上海天壇納米科技有限公司）.He is also an independent non-executive director of Success Dragon International Holdings L

267、imited,a company listed on the Stock Exchange.Mr.Deng has numerous experiences in different roles in various companies in different industries.鄧有高先生，55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提名委員會成員。彼於1994年取得江西財經學院（現稱江西財經大學）商業經濟專業經濟學碩士學位，並於1988年取得哈爾濱船舶工程學院（現稱哈爾濱工程大學）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（前

268、稱深圳恆固防腐納米科技有限公司）董事長、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、恆固盛世（深圳）管理中心（有限合夥）執行事務合夥人以及上海天壇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。DIRECTORS BIOGRAPHIES董事簡介44Shoucheng Holdings LimitedAnnual Report2021 張泉靈女士，48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

269、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，44歲，於2021年5月28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。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

270、洛斯）董事、普洛斯中國區常務副董事長、普洛斯金融董事長及普洛斯資本董事長兼總裁，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。諸葛女士亦負責普洛斯金融和普洛斯資本的業務規劃和整體運營。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，亦曾出任於深圳證券交易所上市之深圳市新南山控股（集團）股份有限公司董事（於2019年8月9日辭任）。Ms.Zhang Quanling,aged 48,was appointed as an Indep

271、endent 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 Central

272、 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 award in

273、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,aged 4

274、4,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 Business

275、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,the chairman

276、of GLP Finance,and the chairman and president of GLP Capital,who is responsible for strategic planning,investment and financing,legal affairs,internal audit and human resources management in China.Ms.Zhuge is also responsible for the business planning and overall operation of GLP Finance and GLP Cap

277、ital.She has served as the co-president and chief financial officer of GLP China responsible for fund management,capital allocation,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 A

278、sset Management Company and Deloitte Touche Tohmatsu and was a director of Shenzhen New Nanshan Holding(Group)Co.,Ltd(resigned on 9 August 2019),a company listed on Shenzhen Stock Exchange.MANAGEMENT DISCUSSION AND ANALYSIS管理層論述與分析45首程控股有限公司2021年年報公司縱覽2021年，經濟逐步恢復穩定，但2019新型冠狀變種病毒疫情反覆仍帶來一定的負面影響。儘管面對複

279、雜的外部環境，本集團兩大主營業務仍繼續保持良好發展態勢，業務規模的擴張穩健有序?；A設施領域不動產投資信託基金（基礎設施公募REITs）的實質性進展亦為本集團主營業務的發展創造巨大空間。隨著業務規模的快速擴張，本年度本集團主營業務收入規模依然維持高速增長，錄得營業額港幣11.95億元，較去年增長69%。本集團停車出行業務拓展有序推進，建設經營轉讓模式產品項目（BOT類產品項目）在多地落地並實現複製，收入規模持續高速增長?；A設施不動產基金管理業務持續貢獻穩定的收益，所管理的基金於本年度陸續啟動收益分配事宜，帶動收入快速增長。與此同時，本集團堅定推行主業戰略性重組，剝離首鋼福山資源集團有限公司（

280、首鋼資源），一間於香港聯合交易所有限公司（聯交所）主板上市，股份代號639之股權。本集團根據首鋼資源近期的市場價格和出售成本，首鋼資源之減值虧損撥備金額合共港幣16.15億元。該減值撥備導致本年度本公司擁有人應佔虧損港幣10.95億元，較去年本公司擁有人應佔溢利港幣6.59億元，出現大幅虧損。COMPANY OVERVIEWDuring 2021,the economy recovered gradually,while it still suffered some negative effect from the erratic variant virus of COVID-19.Altho

281、ugh facing this complicated external environment,the Groups two core businesses continue to maintain a positive development trajectory,and has made steady and orderly progress in expansion.Substantial progress of Infrastructure Real Estate Investment Trusts(“Publicly-offered infrastructure REITs”)in

282、 infrastructure fund sector has also created ample room for the development of the Groups core businesses.With the rapid expansion of business scale,the Groups revenue scale of core businesses has maintained a rapid growth for the year and recorded revenue of HK$1,195 million for the year,representi

283、ng an increase of 69%compared to last year.The parking business of the Group has made sustained progress in business expansion,build-operate-transfer model(“BOT model”)has been implemented and replicated in multiple locations,the revenue of parking business has maintained at a rapid growth rate.The

284、infrastructure and real estate fund management business contributed a considerable and stable profit,the funds that currently managed had started to share its returns during the year,which resulted in the rapid increment of revenue.At the same time,the Group has firmly focused on implementing the st

285、rategic restructuring of its core businesses and decided to divest its equity interest in Shougang Fushan Resources Group Limited(“Shougang Resources”),a company listed in the Main Board of The Stock Exchange of Hong Kong Limited(the“Stock Exchange”)with stock code 639.Taking into account the recent

286、 market price and cost to sell of Shougang Resources,the total amount of provision for impairment in Shougang Resources is HK$1,615 million.As a result,a significant loss attributable to owners of the Company of HK$1,095 million for the year,as compared to profit attributable to owners of the Compan

287、y of HK$659 million in last year.MANAGEMENT DISCUSSION AND ANALYSIS管理層論述與分析46Shoucheng Holdings LimitedAnnual Report2021 出售首鋼資源股份事項（出售事項）是2018年以來本集團主營業務戰略性重構的關鍵一環，體現了本集團全面聚焦新主營業務的經營思維。業務結構從典型的週期性行業全面轉型為跨越經濟週期、現金流良好、運營穩定健康的停車出行業務及基礎設施不動產基金管理業務。本集團在積極推進主營業務發展的同時，亦實現了利用商業手段更好地解決社會問題，符合國家長期發展方向。儘管出售事項對本

288、集團2021年業績形成負面影響，但該負面影響僅形成賬面虧損。而出售所得現金還將有助於優化本集團資產結構、促進主營業務的進一步擴張和發展，符合本集團及股東的長遠利益。其中本集團已於2022年1月完成出售經修訂待售股份（經修訂建議重組）並獲得出售所得現金港幣14.4億元。若撇除該減值虧損和持有首鋼資源之相關回報，本集團主營業務仍保持穩定盈利增長。本集團本年每股基本虧損為15.19港仙，較去年之盈利9.62港仙下跌24.81港仙。本集團本年每股稀釋虧損為15.19港仙，較去年之盈利9.57港仙下跌24.76港仙。The disposal of shares of the Shougang Resou

289、rces(the“Disposal”)represents a key element of the strategic restructuring of the Groups principal businesses since 2018 by implementing the Groups overall strategy of focusing on the new core businesses.The business structure has been fully transformed from typical periodic business cycle to spanni

290、ng economic business cycle,with strong cashflow,healthy and stable operation of the parking and infrastructure and real estate fund management businesses.The Group is actively promoting the development of its principal businesses.The Group has also realised the use of commercial means to solve socia

291、l problems,which is in line with the countrys long-term development direction.Although the Disposal has a negative impact on the Groups performance in 2021,such negative impact represents book loss only.The cash proceeds receivable from the Disposal will optimise the Groups asset structure and promo

292、te further expansion and development of the core businesses,which is in line with the long-term interests of the Group and the shareholders.Among them,the Group completed the transaction of the revised proposed restructuring in January 2022 and received cash proceeds of HK$1,440 million.The Groups c

293、ore businesses maintain stable profit growth if the provision for impairment and the related investment return of Shougang Resources are excluded.The Groups basic loss per share for the year was HK15.19 cents,representing a decrease of HK24.81 cents compared to profit per share of HK9.62 cents in la

294、st year.The Groups diluted loss per share for the year was HK15.19 cents,representing a decrease of HK24.76 cents compared to profit per share of HK9.57 cents in last year.MANAGEMENT DISCUSSION AND ANALYSIS管理層論述與分析47首程控股有限公司2021年年報關鍵業務及財務指標概覽 *經調整EBITDA之定義為除所得稅前（虧損）溢利加非控股權益、財務成本、首鋼資源減值損失、折舊及攤銷。KEY P

295、ERFORMANCES AND FINANCIAL INDICATORS REVIEWFor the year ended 31 December截至12月31日止年度20212020HK$MillionHK$Million港幣百萬元港幣百萬元Revenue營業額1,195706Adjusted EBITDA*經調整EBITDA*947947Operating profit經營溢利56962(Loss)/profit attributable to the owners of the Company本公司擁有人應佔（虧損）溢利(1,095)659For the year ended 31 De

296、cember截至12月31日止年度20212020HK centsHK cents港仙港仙Basic(loss)/earnings per share每股基本（虧損）盈利(15.19)9.62Diluted(loss)/earnings per share每股稀釋（虧損）盈利(15.19)9.57As at 31 December於12月31日20212020HK$MillionHK$Million港幣百萬元港幣百萬元Total assets資產總值13,38214,126Net assets淨資產10,22811,919Asset Liability ratio資產負債率23.6%15.6%

297、Debt equity ratio負債資本率7.4%4.1%*Adjusted EBITDA is defined as(loss)/profit before income tax plus non-controlling interest,finance costs,provision for impairment of Shougang Resources,depreciation and amortisation.MANAGEMENT DISCUSSION AND ANALYSIS管理層論述與分析48Shoucheng Holdings LimitedAnnual Report2021

298、 FINANCIAL REVIEWThe year ended 31 December 2021 compared to the year ended 31 December 2020.Revenue and Cost of SalesWith the rapid expansion of business scale,the Group recorded significant increase in revenue.The Group recorded revenue of HK$1,195 million for the year,representing an increase of

299、69%compared to HK$706 million for last year.The Group recorded cost of sales of HK$648 million for this year,representing an increase of 22%compared to HK$531 million for last year.Gross profit ratio for the year was 45.8%,representing an increase of 21%compared to 24.8%for last year.The increase in

300、 gross profit was mainly attributable to the significant increase in revenue as the infrastructure and real estate fund management business has recognised a fund distribution and recorded an excess return(before tax)of HK$258 million during the year.Besides,while the operation efficiency of parking

301、business has improved,the overall gross profit of the parking business has gradually enhanced.Adjusted EBITDADuring the year,the adjusted EBITDA of the Group amounted to HK$947 million,which is the same as last year.In this year,the accounting classification was adjusted due to the disposal of the r

302、elevant shares of Shougang Resources held by the Group,which led to a decrease in investment return from Shougang Resources by HK$87 million as compared to last year.Excluding the investment return of Shougang Resources,the adjusted EBITDA of Groups core business amounts to HK$686 million for the ye

303、ar,representing an increase of 14%compared to HK$600 million for last year.Finance costsDuring the year,finance costs of the Group amounted to HK$74 million,representing a decrease of 4%of last year.財務回顧截至2021年12月31日止年度與截至2020年12月31日止年度之比較。營業額及銷售成本隨著業務規模的快速擴張，本集團之營業額大幅增加。本集團於本年度錄得營業額港幣11.95億元，對比去年之港

304、幣7.06億元，增長69%。本集團於本年度錄得銷售成本港幣6.48億元，對比去年之港幣5.31億元，增加22%。本年毛利率為45.8%，對比去年之24.8%，上升21%。毛利上升一方面由於基礎設施不動產基金管理業務於年內確認一支基金分配，其稅前超額收益港幣2.58億元，引致營業額大幅上升。另一方面，停車運營效率進一步提升，停車出行業務整體毛利亦逐步提升。經調整EBITDA本年度，本集團經調整EBITDA為港幣9.47億元，與去年持平。由於本年度因出售本集團持有之部分首鋼資源股權調整會計核算方式，導致攤佔首鋼資源賬面之溢利較去年減少港幣0.87億元。剔除首鋼資源投資收益，集團主營業務之經調整EB

305、ITDA為港幣6.86億元，對比去年之港幣6.0億元，增長14%。財務成本本年度，本集團財務成本為港幣0.74億元，較去年減少4%。MANAGEMENT DISCUSSION AND ANALYSIS管理層論述與分析49首程控股有限公司2021年年報Share of results of an associate and the DisposalShougang ResourcesShougang Resources is a company incorporated in Hong Kong with limited liability and is a major hard coking

306、coal producer in Mainland China.The carrying amount of the investments in Shougang Resources was reclassified as assets held for sale in January 2021.As the accounting classification was adjusted due to the plan for the disposal of the relevant shares of Shougang Resources held by the Group,the inve

307、stment return from Shougang Resources for the year was HK$261 million and decreased by 25%compared to HK$348 million of share of profit of Shougang Resources of last year.Besides,there was a provision for impairment of the Groups holding of shares in Shougang Resources having taken into account the

308、recent market price and cost to sell of Shougang Resources.The total amount of provision for impairment was approximately HK$1,615 million during the year.The provision for impairment represents an accounting related adjustment and is a non-operating item and therefore it shall not impact the cash f

309、low of the Group.In January 2022,the Group completed the Revised Proposed Restructuring and received cash proceeds of HK$1,440 million.TaxationProvision for income tax expense amounted to approximately HK$124,413,000 has been made for year ended 31 December 2021 compared to HK$36,565,000 last year.T

310、he Group has been principally engaged in parking business and infrastructure and real estate fund management business in Mainland China and is subject to China enterprise income tax at a rate of 25%.攤佔一間聯營公司之業績及出售事項首鋼資源首鋼資源為香港註冊成立之有限公司，是國內大型硬焦煤生產商。投資於首鋼資源賬面值於2021年1月重新分類為持有待售的資產。本年因出售本集團持有之部分首鋼資源股權調整

311、會計核算方式，本集團本年從首鋼資源獲得之投資收益為港幣2.61億元，對比去年攤佔了港幣3.48億元之溢利，下跌了25%。此外，本集團根據首鋼資源近期的市場價格和出售成本對本集團持有的首鋼資源股份進行減值評估。於本年度減值撥備金額合共約為港幣16.15億元。有關減值撥備為會計相關調整及非經營性項目，故不會對本集團本年度的現金流構成任何影響，其中本集團已於2022年1月完成經修訂建議重組出售並獲得出售所得現金港幣14.4億元。稅項本集團於截至2021年12月31日止年度就所得稅計提撥備約港幣124,413,000元，去年則為港幣36,565,000元。本集團於中國內地從事停車出行業務及基礎設施不動

312、產基金管理業務之附屬公司繳納之中國企業所得稅，稅率為25%。MANAGEMENT DISCUSSION AND ANALYSIS管理層論述與分析50Shoucheng Holdings LimitedAnnual Report2021 REVIEW OF OPERATIONSSummary of net profit/(loss)contribution to the Group by operation/entity:Operation/EntityFor the year ended 31 December分部公司截至12月31日止年度20212020RevenueProfit/(loss

313、)RevenueProfit/(loss)營業額溢利（虧損）營業額溢利（虧損）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1.Parking business(before tax)1.停車出行業務（稅前）614144811432.Infrastructure and real estate fund management business(before tax)2.基礎設施不動產基金管理業務（稅前）5584282131853.Other business(before tax)3.其他業務（稅前）23(3)12(9)

314、Sub-total小計1,1954397063194.Holding other business assets Shougang Resources4.持有其他業務資產 首鋼資源261348Sub-total小計2613485.Others5.其他Corporate集團自身(74)5Sub-total小計(74)56.Provision for impairment of Shougang Resources6.首鋼資源減值損失(1,615)(Loss)/profit before income tax除所得稅前（虧損）溢利(989)672Taxes and others所得稅及其他(106

315、)(13)(Loss)/profit attributable to owners of the Company本公司擁有人應佔（虧損）溢利(1,095)659業務回顧各分部公司對本集團的淨溢利（虧損）貢獻概覽：MANAGEMENT DISCUSSION AND ANALYSIS管理層論述與分析51首程控股有限公司2021年年報Parking businessIn 2021,the variant virus of COVID-19 started the global pandemic,and the variant virus is more concealed and more diff

316、icult to be detected.The tightening of traffic control measures in various places due to the erratic variant virus of COVID-19 has brought enormous pressure to the entire parking business.Facing this unfavorable challenge,the parking business adheres to the principle of“good location,large-scale,and

317、 long-term interest”in expanding the scale of parking space management,practicing“internal skills”in a crisis,enhancing investment in technology and deepening the lean operation.The parking business recorded revenue of HK$614 million for the year,representing an increase of 28%compared to last year.

318、Although the profit has shown a relatively large decline,its composition has undergone a major change.Based on the judgment of the market trend of the real estate industry,the Group slowed down the acquisition pace of the parking spaces with property rights in 2021 and intends to wait for a better t

319、ime,such that the investment returns achieved from the parking spaces with property rights recorded a rapid decrease in 2021 as compared to last year.In this case,the parking business still recorded profit.It also allows the Group to see that even under the influence of repeated pandemics,the overal

320、l anti-risk ability and profitability of the parking business are gradually improving.停車出行業務2021年，新冠疫情變種病毒在全球範圍開始大流行，且變種病毒的隱蔽性更強、被檢測的難度更大。國內各地因疫情反覆收緊對交通流量的管控措施，給整個停車出行行業帶來了巨大壓力。面對如此嚴峻的挑戰，停車出行業務仍以 好位置、大規模、長權益 為理念，不斷擴大車位管理規模，堅持在危機中練好 內功，加大科技投入和持續深耕精益運營。停車出行業務於全年錄得收入港幣6.14億元，較去年增長28%。盈利雖呈現較大幅度的下降，但其構成發

321、生了較大轉變?；秾Ψ康禺a行業的市場趨勢判斷，本集團於2021年放慢在產權車位產品綫的增長節奏，等待更好的時機。也因此，產權車位類項目於2021年確認投資收益相較於上一年度同期有大幅下降。在這一情況下，停車出行業務仍維持盈利，亦讓本集團看到即便在疫情反覆的影響下，停車出行業務整體抗風險能力及盈利能力均在逐步增強。Chengdu Sino-Japanese Design Industrial Park Project*成都中日設計產業園配套立體停車庫項目*For identification purpose only*僅供識別 MANAGEMENT DISCUSSION AND ANALYSIS

322、管理層論述與分析52Shoucheng Holdings LimitedAnnual Report2021 In terms of regional development and products polishing,the parking business in the four core regions of Beijing-Tianjin-Hebei Region,Southeast Region,Chengyu Region,Greater Bay Area and the airport line have maintained a satisfying growth and co

323、mmissioning speed,amongst which:The Beijing-Tianjin-Hebei Region is the core area with the largest scale of parking assets of the Group.In 2021,Beijing Chaoyang Railway Station Project*（北京朝陽站項目）,Beijing Zoo Parking Project*（北京動物園停車項目）in Beijing,Zhongbei Town Canal Business District Government Cooper

324、ation Project*（中北鎮運河商務區政府合作項目）in Tianjin and many other projects have entered the formal operation stage,which not only alleviates the“parking difficulty”problem in some areas adhering to the implementation of the national policy,but is also recognised by the local government,further enhancing the G

325、roups business competitiveness in the region.The Southeast Region has become the region with the fastest revenue growth in this year after a year of precipitation.In 2021,Shanghai Jintai Plaza Parking Lot Project*（上海金泰廣場停車場項目）,Nanjing Bailuzhou Park Parking Garage Project*（南京白鷺洲公園配套立體停車庫項目）,Nanjing

326、Qinhong Road No.1 Underground Parking Garage Project*（南京秦虹路1號院地下停車庫項目）,Nanjing Lianhua Village Parking Garage Project*（南京蓮花村立體停車庫項目）,Nanjing Lotus Area Parking Management Project*（南京蓮花片區停車治理項目）and many other projects have entered the formal operation and construction stage.Among them,the Nanjing Bai

327、luzhou Park Parking Garage Project*（南京白鷺洲公園配套立體停車庫項目）not only alleviates the problem of difficult parking in the surrounding area,but also erects a beautiful scenery in the old city area.*For identification purpose only在深耕區域和打磨產品方面，停車出行業務繼續在京津冀區域、東南區域、成渝區域、大灣區區域四個核心區域和機場條線上保持了良好的增長和投運速度，其中：京津冀區域仍是本集

328、團停車資產規模最大的核心區域，2021年，北京的北京朝陽站項目、北京動物園停車項目、天津的中北鎮運河商務區政府合作項目等陸續投運。一方面，堅持執行國家方針，解決重點流量地區停車難問題，另一方面，繼續加強與政府的合作，進一步增強本集團在區域的業務競爭力。東南區域經過一年的沉澱，本年度成為營收增長最快的區域。2021年，上海金泰廣場停車場項目、南京白鷺洲公園配套立體停車庫項目、南京秦虹路1號院地下停車庫項目、南京蓮花村立體停車庫項目、南京蓮花片區停車治理項目等項目已陸續投運投建。其中南京白鷺洲公園配套立體停車庫項目，不僅有效緩解周邊停車難的問題，更在老城區裡豎起了一道靚麗的風景。*僅供識別Nanj

329、ing Bailuzhou Park Parking Garage Project*南京白鷺洲公園配套立體停車庫項目 MANAGEMENT DISCUSSION AND ANALYSIS管理層論述與分析53首程控股有限公司2021年年報 成渝區域於本年度在成都和重慶地區中標和投運了多個項目，管理範圍進一步擴大，項目區域集中密度進一步提升。2021年，在成都，金牛區現代都市1號港停車庫項目、大邑縣安仁古鎮配套停車場項目、都江堰水街配套停車場項目等項目已承接運營，位於市中心的中日設計產業園配套立體停車庫項目也即將完工；在重慶，大渡口區萬達廣場配套立體車庫項目及美德家園項目均已投入運營，同時，本集團

330、還中標了江北嘴中央商務區濱江公園地下停車場項目、大渡口區建橋攬江閣配套停車庫項目及大渡口區義渡古鎮配套立體停車庫項目等項目。The Chengyu Region has won bids and put into operation for a number of projects in Chengdu and Chongqing during the year,the management scope was further expanded,and the concentration of project areas was further enhanced.In 2021,in Chen

331、gdu,Jinniu District Modern City No.1 Parking Garage Project*（金牛區現代都市1號港停車庫項目）,Dayi County Anren Ancient Town Parking Lot Project*（大邑縣安仁古鎮配套停車場項目）and Dujiangyan Water Street Parking Lot Project*（都江堰水街配套停車場項目）and other projects have been undertaken the operation,the Parking Garage of the Sino-Japanese

332、 Design Industrial Park Project*（中日設計產業園配套立體停車庫項目）in the city center is also nearly completed.In Chongqing,the Dadukou Wanda Plaza Garage Project*（大渡口萬達廣場配套立體車庫項目）and the Meidi Homeland Project*（美德家園項目）has been officially put into operation.At the same time,the Group also won the bid of Jiangbeizui

333、Central Business District Binjiang Park Underground Parking Lot Project*（江北嘴中央商務區濱江公園地下停車場項目）,Dadukou District Jianqiao Lanjiang Pavilion Parking Garage Project*（大渡口區建橋攬江閣配套停車庫項目）,Dadukou District Yidu Ancient Town Parking Garage Project*（大渡口區義渡古鎮配套立體停車庫項目）and other projects.Nanjing Xu Guang Li Project*南京旭光里項目*For identification purpose only*僅供識別 MANAGEMENT DISCUSSION AND ANALYSIS管理層論述與分析54Shouche