1、品質給城市更多改變Better Quality Better Life公司資料2Corporate Information集團架構3Group Structure全國佈局及業績亮點4Nationwide Presence and Results Highlights主要投資物業6Major Investment Properties表現摘要22Performance Highlights主席報告23Chairmans Statement管理層討論與分析29Management Discussion and Analysis董事及高層管理人員簡歷39Biographical Details of

2、 Directors and Senior Management企業管治報告50Corporate Governance Report董事會報告83Report of the Directors獨立核數師報告書117Independent Auditors Report綜合收益表128Consolidated Income Statement綜合全面收益表129Consolidated Statement of Comprehensive Income綜合財務狀況表130Consolidated Statement of Financial Position綜合股本變動表133Consolid

3、ated Statement of Changes in Equity綜合現金流量表136Consolidated Statement of Cash Flows綜合財務報表附註138Notes to the Consolidated Financial Statements主要物業概要297Schedule of Principal Properties財務概要312Financial Summary目錄 CONTENTS二零二一年度報告 ANNUAL REPORT 2021002公司資料CORPORATE INFORMATIONDIRECTORSNON-EXECUTIVE DIRECTOR

4、SWang Xiangming (Chairman)Liu Xiaoyong (Appointed on 8 October 2021)Zhang Liang (Appointed on 8 October 2021)Dou Jian (Appointed on 8 October 2021)Cheng Hong (Appointed on 8 October 2021)Yan Biao (Resigned on 8 October 2021)Chen Ying (Resigned on 8 October 2021)Wang Yan (Resigned on 8 October 2021)C

5、hen Rong (Resigned on 8 October 2021)EXECUTIVE DIRECTORSLi Xin (President)Zhang Dawei (Vice Chairman)Xie JiWu BingqiGuo ShiqingINDEPENDENT NON-EXECUTIVE DIRECTORSHo Hing Ngai, BoscoAndrew Y. YanWan Kam To, PeterZhong WeiSun ZheCOMPANY SECRETARYLo Chi Lik, PeterAUDITORErnst & YoungHONG KONG BRANCH SH

6、ARE REGISTRARAND TRANSFER OFFICETricor Standard LimitedLevel 54, Hopewell Centre183 Queens Road EastHong KongREGISTERED OFFICEUgland HouseSouth Church StreetPost Office Box 309George TownGrand CaymanCayman IslandsBritish West IndiesHEAD OFFICE46th Floor, China Resources Building26 Harbour Road, Wanc

7、hai, Hong KongWEBSITE ADDRESS.hk董事非執行董事王祥明 （主席）劉曉勇 （於二零二一年十月八日獲委任）張量 （於二零二一年十月八日獲委任）竇健 （於二零二一年十月八日獲委任）程紅 （於二零二一年十月八日獲委任）閻飈 （於二零二一年十月八日辭任）陳鷹 （於二零二一年十月八日辭任）王彥 （於二零二一年十月八日辭任）陳荣 （於二零二一年十月八日辭任）執行董事李欣 （總裁）張大為 （副主席）謝驥吳秉琪郭世清獨立非執行董事何顯毅閻焱尹錦滔鐘偉孫哲公司秘書羅志力核數師安永會計師事務所香港股份過戶登記處分處卓佳標準有限公司香港皇后大道東一八三號合和中心五十四樓註冊辦事處Ugla

8、nd HouseSouth Church StreetPost Office Box 309George TownGrand CaymanCayman IslandsBritish West Indies總辦事處香港灣仔港灣道26號華潤大廈46樓網址.hk華潤置地有限公司 China Resources Land Limited003集團架構GROUP STRUCTURE華潤 （集團） 有限公司CHINA RESOURCES (HOLDINGS) COMPANY LIMITED華潤置地有限公司China Resources Land Limited(股份代號 Stock code: 1109.

9、 HK)* 截至2021年12月31日 As of 31 December 202159.55%*8266434915461城市Cities城市Cities華潤萬象生活有限公司China Resources Mixc Lifestyle Services Limited（股份代號Stock code：1209. HK）產品線Product Lines產品線Product Lines項目Projects購物中心Shopping Malls已開業 In Operation購物中心Shopping Malls開發中 In Pipeline開發銷售型業務Development Property Bus

10、iness經營性不動產業務InvestmentProperty Business輕資產管理業務Asset Light Business生態圈要素型業務Eco-systemElementary Business城市更新Urban Redevelopment城市建設與運營Urban Development and Operation康養地產Senior Housing長租公寓Leasing Apartment產業地產Industrial Property影業Cinema72.29%*二零二一年度報告 ANNUAL REPORT 2021004全國佈局及業績亮點 NATIONWIDE PRESENC

11、E AND RESULTS HIGHLIGHTS2021年簽約額Contracted Sales in 2021315.8人民幣十億元 RMB Billion2021年簽約面積Contracted GFA in 202117.6百萬平方米 Million Square Meters2021年毛利率Gross Profit Margin in 202127.0%在營持有投資物業總建築面積Total GFA of Investment Properties in Operation13.8百萬平方米 Million Square Meters2021年總租金收入Total Rental Incom

12、e in 202117.4人民幣十億元 RMB Billion2021年購物中心零售額Retail Sales of the Groups Malls in 2021107.2人民幣十億元 RMB Billion華潤置地有限公司 China Resources Land Limited005業務覆蓋省份Provinces with Presence二零二一年度報告 ANNUAL REPORT 2021006主要投資物業 MAJOR INVESTMENT PROPERTIES合作品牌No. of Brands中國重奢門店數量No. of Luxury Stores in China5,000+N

13、o. 1華潤置地有限公司 China Resources Land Limited007合作重奢品牌No. of Luxury Brands會員數量No. of Membership80+20.7million百萬萬象城，中國購物中心行業的領跑者， 引領全新的生活方式與消費潮流。As the forerunner in Chinas shopping malls, MIXc has been leading new trend of lifestyle.萬象滙系列產品集購物、餐飲、娛樂及文化運動為一體，為客人提供多功能、多主題的嶄新生活方式和購物體驗。MIXc One-series Malls

14、 provide one-stop solution for shopping, F&B, entertainment, culture and sports services, which bring unprecedented lifestyle and shopping experience to customers.二零二一年度報告 ANNUAL REPORT 2021012深圳萬象城 SHENZHEN MIXC租金收入Rental Income人民幣百萬元 RMB mn1,493評估值Appraisal Value人民幣百萬元 RMB mn13,313服裝Apparel兒童及娛樂Ki

15、ds &Entertainment餐飲F&B超市及百貨Supermarket &DepartmentStore租戶構成Tenant Mix（面積佔比by GFA）* 其他包括配飾、皮具、禮品、服務等 Others include accessories, leather goods, gifts and services etc.其他*Others家用及個人護理Households &Personal Care33%19%23%5%9%11%華潤置地有限公司 China Resources Land Limited013杭州萬象城 HANGZHOU MIXC租金收入Rental Income人

16、民幣百萬元 RMB mn974評估值Appraisal Value人民幣百萬元 RMB mn7,414租戶構成Tenant Mix（面積佔比by GFA）* 其他包括配飾、皮具、禮品、服務等 Others include accessories, leather goods, gifts and services etc.服裝Apparel兒童及娛樂Kids &Entertainment餐飲F&B超市及百貨Supermarket &DepartmentStore其他*Others家用及個人護理Households &Personal Care31%17%23%4%13%12%二零二一年度報告

17、ANNUAL REPORT 2021014瀋陽萬象城 SHENYANG MIXC租金收入Rental Income人民幣百萬元 RMB mn1,003評估值Appraisal Value人民幣百萬元 RMB mn5,780服裝Apparel兒童及娛樂Kids &Entertainment餐飲F&B超市及百貨Supermarket &DepartmentStore租戶構成Tenant Mix（面積佔比by GFA）* 其他包括配飾、皮具、禮品、服務等 Others include accessories, leather goods, gifts and services etc.其他*Othe

18、rs家用及個人護理Households &Personal Care33%14%24%4%13%12%華潤置地有限公司 China Resources Land Limited015成都萬象城 CHENGDU MIXC租金收入Rental Income人民幣百萬元 RMB mn643評估值Appraisal Value人民幣百萬元 RMB mn6,070服裝Apparel兒童及娛樂Kids &Entertainment餐飲F&B超市及百貨Supermarket &DepartmentStore租戶構成Tenant Mix（面積佔比by GFA）* 其他包括配飾、皮具、禮品、服務等 Others

19、 include accessories, leather goods, gifts and services etc.其他*Others家用及個人護理Households &Personal Care26%15%23%7%14%15%二零二一年度報告 ANNUAL REPORT 2021016南寧萬象城 NANNING MIXC租金收入Rental Income人民幣百萬元 RMB mn715評估值Appraisal Value人民幣百萬元 RMB mn5,310服裝Apparel兒童及娛樂Kids &Entertainment餐飲F&B家用及個人護理Households &Personal

20、 Care超市及百貨Supermarket &DepartmentStore租戶構成Tenant Mix（面積佔比by GFA）* 其他包括配飾、皮具、禮品、服務等 Others include accessories, leather goods, gifts and services etc.其他*Others23%9%17%11%29%11%華潤置地有限公司 China Resources Land Limited017重慶萬象城CHONGQING MIXC租金收入Rental Income人民幣百萬元 RMB mn529評估值Appraisal Value人民幣百萬元 RMB mn5,

21、181服裝Apparel兒童及娛樂Kids &Entertainment餐飲F&B超市及百貨Supermarket &DepartmentStore租戶構成Tenant Mix（面積佔比by GFA）* 其他包括配飾、皮具、禮品、服務等 Others include accessories, leather goods, gifts and services etc.其他*Others家用及個人護理Households &Personal Care27%24%22%4%12%11%二零二一年度報告 ANNUAL REPORT 2021018廈門萬象城 XIAMEN MIXC租金收入Rental

22、 Income人民幣百萬元 RMB mn559評估值Appraisal Value人民幣百萬元 RMB mn4,760服裝Apparel兒童及娛樂Kids &Entertainment餐飲F&B超市及百貨Supermarket &DepartmentStore租戶構成Tenant Mix（面積佔比by GFA）* 其他包括配飾、皮具、禮品、服務等 Others include accessories, leather goods, gifts and services etc.其他*Others家用及個人護理Households &Personal Care32%16%24%4%16%8%華潤

23、置地有限公司 China Resources Land Limited019深圳萬象天地 SHENZHEN MIXC WORLD租金收入Rental Income人民幣百萬元 RMB mn742評估值Appraisal Value人民幣百萬元 RMB mn7,550服裝Apparel兒童及娛樂Kids &Entertainment餐飲F&B超市及百貨Supermarket &DepartmentStore租戶構成Tenant Mix（面積佔比by GFA）* 其他包括配飾、皮具、禮品、服務等 Others include accessories, leather goods, gifts an

24、d services etc.其他*Others家用及個人護理Households &Personal Care32%17%26%4%6%15%二零二一年度報告 ANNUAL REPORT 2021020寧波萬象城Ningbo Mixc二零二一年五月 MAY 2021南昌萬象匯Nanchang Mixc One二零二一年五月 MAY 2021重慶大渡口萬象匯Chongqing Dadukou Mixc One二零二一年六月 JUN 2021二零二一年開業購物中心 MALLS OPENED IN 2021新開業購物中心個數No. of newly opened malls9零售額貢獻佔比Cont

25、ribution to the total retail sales3%租金貢獻佔比Contribution to the total rental income3%平均經營利潤率Av. operating profit margin29%平均出租率Av. occupancy rate99%華潤置地有限公司 China Resources Land Limited021汕頭萬象城Shantou Mixc二零二一年十月 OCT 2021深圳萬象前海Shenzhen Qianhai Mixc二零二一年十二月 DEC 2021煙台萬象匯Yantai Mixc One二零二一年九月 SEP 2021貴

26、陽萬象匯Guiyang Mixc One二零二一年十二月 DEC 2021西安萬象天地Xian Mixc World二零二一年七月 JUL 2021南寧五象萬象匯Nanning Wuxiang Mixc One二零二一年九月 SEP 2021二零二一年度報告 ANNUAL REPORT 2021022表現摘要PERFORMANCE HIGHLIGHTS按年增長20212020Year-on-Year Growth 合同銷售CONTRACTED SALES合同銷售金額 （人民幣十億元）Contracted Sales (RMB billion)315.8285.010.8%合同銷售建築面積 （百

27、萬平方米）Contracted GFA (million sq.m.)17.614.223.7%合同銷售平均售價 （人民幣元/平方米） Contracted ASP (RMB/sq.m.)17,98820,091-10.5%主要財務資料 （人民幣百萬元）SELECTED FINANCIAL INFORMATION (RMB MILLION)營業額Revenue212,108179,58718.1%毛利Gross Profit57,20055,4153.2%股東權益應佔年內利潤Profit for the year attributable to owners of the Company32,

28、40129,8108.7%股東權益應佔核心淨利潤Core net profit attributable to owners of the Company26,59624,13610.2%主要資產負債表數據 （人民幣百萬元）SELECTED BALANCE SHEET DATA (RMB MILLION)總資產Total assets949,804869,0419.3%銀行結餘及現金Cash and bank balances108,74889,45121.6%債務總額Total debt197,440174,66413.0%股本權益總額Total equity292,076256,24214

29、.0%股東權益應佔股本權益Equity attributable to owners of the Company226,529203,45811.3%主要財務比率SELECTED FINANCIAL RATIOS毛利率Gross profit margin27.0%30.9%-3.9pt核心淨利潤率Core net profit margin12.5%13.4%-0.9pt每股基本盈利， （人民幣元）Basic earnings per share, (RMB)4.544.188.7%平均股本回報率Return on average equity15.1%15.7%-0.6pt淨負債對股本比

30、率，年末Net debt-to-equity ratio, at the end of year30.4%33.3%-2.9pt加權平均債務成本，年末Weighted average cost of indebtedness, at the end of year3.71%4.08%-37 bps土地儲備 （建築面積，百萬平方米）LAND BANK (GFA, MILLION SQ.M.)年末土地儲備Land bank at the end of year 合計 Total68.7368.09-0.9% 應佔 Attributable48.8948.011.8%年內新購土地收購面積Land b

31、ank acquired during the year 合計 Total14.3914.92-3.6% 應佔 Attributable11.0711.48-3.6% 華潤置地有限公司 China Resources Land Limited023主席報告CHAIRMANS STATEMENTI am pleased to present to shareholders the business review and outlook of the Company and the Group for the year ended 31 December 2021.In 2021, China c

32、oped with unprecedented global changes and the epidemic steadily, promoted a new economic growth pattern and achieved high-quality growth. Chinas GDP in 2021 exceeded RMB100 trillion for another year, or 8.1% growth YoY. The total retail sales of consumer goods reached RMB44.1 trillion, representing

33、 a YoY growth of 12.5%. Chinese economy has shown its strong vitality and resilience.In 2021, Chinese property sector experienced profound transformations with increasing market volatility and risks during deleveraging process. With long-term business vision, the Group enhanced its counter-cyclical

34、capability and continued to fulfill its commitment to create value for shareholders. During the year, the Groups core businesses delivered stable growth. Consolidated turnover recognized an 18.1% YoY growth to RMB212.1 billion, net profit attributable to the shareholders of the Company and core net

35、profit attributable to the shareholders of the Company amounted to RMB32.4 billion and RMB26.6 billion, representing a growth of 8.7% and 10.2% YoY respectively. The Board of the Company has recommended a payment of final dividend of RMB1.207 per share, increased 9.5% YoY. The dividend payout ratio

36、for the year remained at 37%. As of 31 December 2021, the net assets per share amounted to RMB31.8, representing an increase of 11.4% comparing to the year end of 2020.DEVELOPMENT PROPERTY BUSINESSAs regulatory policies and credit conditions tightened in 2021, expectations for buying houses weakened

37、 and the market cooled off rapidly in the second half of the year. Real estate companies encountered with unprecedented challenges, and some peers were exposed to increased liquidity risks. Amid industry dynamics, the Group focused its footprint in the four national strategic regions with penetratio

38、n in first- and second-tier cities, while improved project turnover and returns through optimizing development cycle management and cost effectiveness. During the year, the Group was granted the “National Top 10 Luxury Residential Product Line” award for its “Rui” product line, indicating recognitio

39、n of the competitiveness and brand premium of our residential products. The Group achieved its annual sales target with contracted sales of RMB315.8 billion, up 10.8% YoY.本人欣然向各位股東提呈本公司及本集團二零二一年十二月三十一日止之年度業績回顧與展望。二零二一年，中國沉著應對百年變局和世紀疫情，構建新發展格局邁出新步伐，高質量發展取得新成效，國內生產總值再破人民幣百萬億元，同比增長8.1%，社會消費品零售總額人民幣44.1

40、萬億元，同比增長12.5%，中國經濟展現了強大的活力和韌性。二零二一年，中國房地產行業在去槓桿的過程中經歷了深刻的調整變革，市場波動加劇風險提升。本集團秉持長期主義的經營理念，提升抗周期能力，持續踐行為股東創造價值的承諾。年內，本集團各項核心業績指標實現穩健增長。全年實現綜合營業額人民幣2,121億元，按年增長18.1%，股 東 應 佔 淨 利 潤 人 民 幣324億 元， 按 年 增 長8.7%，核心股東應佔溢利人民幣266億元，按年增長10.2%。董事會建議宣派末期股息每股人民幣1.207元，按年增長9.5%，全年派息率維持37%不變。截至二零二一年十二月三十一日，每股淨資產達人民幣31.

41、8元，較二零二零年底的每股淨資產增長11.4%。開發銷售型業務二零二一年，隨著調控政策和信貸環境持續收緊，消費者購房預期轉弱，下半年市場迅速降溫，房地產企業經歷了前所未有的挑戰，部分房企流動性風險加劇。面對行業變局，本集團聚焦四大國家戰略區域，持續深耕一二線高能級城市，通過精益管理開發周期、優化費用投放效率等舉措，提升項目周轉及回報水平。年內，本集團 瑞系產品獲得 全國十大頂級豪宅產品系 大獎，實現了住宅產品力的競爭力和品牌溢價。開發銷售型業務實現簽約額人民幣3,158億元，按年增長10.8%，順利完成全年銷售目標。二零二一年度報告 ANNUAL REPORT 2021024主席報告CHAIR

42、MANS STATEMENTSHOPPING MALLSThe Group is committed to building commercial moat with continuous increase in both operational efficiency and asset scale, so as to enhance its market leading position in China. In 2021, growing middle-class population and rise of Generation Z propelled the consumption u

43、pgrade, the Group actively strengthened its competitive advantages in mid-to-high-end malls, continued to optimize tenant mix and expand market share, showing that the Group is capable to deliver sustainable growth in retail business. During the year, retail sales of the Groups malls reached RMB107.

44、2 billion with 45% YoY growth, and rental income increased by 38.1% YoY to RMB13.9 billion, outperformed the market average. During the year, the Group consistently increased its investment in shopping malls, with 9 malls opened as scheduled and acquired 12 new malls. As of the end of 2021, there we

45、re 54 MIXc shopping malls in operation and about 61 projects in pipeline.OFFICESThe Groups office business leads the industry in both scale and asset quality, with a focus in core locations in first- and second-tier cities. As of the end of 2021, there were 23 office buildings in operation. During t

46、he year, the Group actively realigned its office leasing strategies, seized the opportunities arisen from the strong leasing demands in technology and financial industries during the economic transformation and upgrading in China, and attracted high-quality tenants such as the Top 500 and unicorn co

47、mpanies. The rental income increased by 20% YoY to RMB1.9 billion.HOTELSHotel is an important element for the Groups urban development complex, and the market influence of its own brand “MUMIAN” is improving year by year. Mumian Chengdu Dongan Lake Hotel opened in September as an ancillary project f

48、or the 31st Universiade. During the year, hotel revenue of the Group recovered by 43.9% YoY to RMB1.6 billion, but it has not returned to the normal due to epidemic. We believe that the hotel business can further enhance the revenue growth and profitability post-pandemic.購物中心本集團致力於築牢商業護城河，持續提升運營效率和資

49、產規模，鞏固在中國商業綜合實力第一的行業地位。二零二一年，在新中產人群逐步壯大及Z世代崛起驅動的消費升級驅動下，本集團積極強化在中高端品質商業的各項競爭優勢，持續優化租戶組合，擴大區域內市場份額，充分展示了本集團零售業務的可持續增長能力。年內，旗下購物中心零售額按年增長45%至人民幣1,072億元，租金收入實現人民幣139億元，按年增長38.1%，大幅優於市場平均水平。年內，本集團持續加大對購物中心的投入，實現9座購物中心如期開業，新增獲取購物中心項目12個。截至二零二一年底，在營萬象系列購物中心54個，儲備項目約61個。寫字樓本集團寫字樓業務資產規模和質量維持行業領先，區域佈局聚焦一二線城市

50、核心地段。截至二零二一年底，在營寫字樓23個。年內，本集團積極調整寫字樓租賃策略，搶抓中國經濟轉型升級進程中科技及金融行業大宗租賃需求，引入五百強獨角獸等優質租戶，租金收入同比增長20%至人民幣19億元。酒店酒店是本集團城市綜合體的重要元素，自有品牌木棉花MUMIAN 市場影響力逐年提升，成都東安湖木棉花酒店作為第31屆世界大運會配套項目於九月開業。年內，受局部疫情影響，本集團酒店營業收入雖較二零二零年同比反彈43.9%至人民幣16億元，但仍未恢復至正常水平。相信在疫情穩定後，酒店業務可實現進一步收入增長和盈利改善。華潤置地有限公司 China Resources Land Limited02