1、ANNUAL REPORT 2021年報(Incorporated in the Cayman Islands with limited liability)Stock Code:00884CONTENTS002公司資料Corporate Information004公司簡介Company Profile006主要房地產項目Major Property Projects021表現摘要Performance Highlights022詞彙及定義Glossary and Definitions023主席報告Chairmans Statement043管理層討論及分析Management Discu

2、ssion and Analysis094董事及高級管理人員簡介Biographies of Directors and Senior Management103企業管治報告Corporate Governance Report125董事會報告書Directors Report177獨立核數師報告Independent Auditors Report185綜合損益及其他全面收益表Consolidated Statement of Profit or Loss and Other Comprehensive Income186綜合財務狀況表Consolidated Statement of Fi

3、nancial Position189綜合股本權益變動表Consolidated Statement of Changes in Equity192綜合現金流量表Consolidated Statement of Cash Flows195綜合財務報表附註Notes to the Consolidated Financial Statements407五年財務概要附錄Five Years Financial Summary Appendix公司資料Corporate Information董事執行董事林中先生（主席）林偉先生（副主席）林峰先生（行政總裁）陳東彪先生楊欣先生（首席財務官）非執行董

4、事蔣達強先生獨立非執行董事張永岳先生陳偉成先生林采宜女士審核委員會陳偉成先生（主席）張永岳先生林采宜女士薪酬委員會張永岳先生（主席）林中先生陳偉成先生提名委員會林中先生（主席）張永岳先生林采宜女士授權代表林中先生林峰先生公司秘書羅泰安先生註冊辦事處P.O.Box 309Ugland HouseGrand Cayman KY1-1104Cayman Islands中國總部中國上海市閔行區申虹路1088弄39號旭輝中心香港主要營業地點及總部香港灣仔軒尼詩道一號One Hennessy 22樓DIRECTORSExecutive DirectorsMr.LIN Zhong(Chairman)Mr.L

5、IN Wei(Vice-chairman)Mr.LIN Feng(Chief Executive Officer)Mr.CHEN DongbiaoMr.YANG Xin(Chief Financial Officer)Non-Executive DirectorMr.JIANG DaqiangIndependent Non-Executive DirectorsMr.ZHANG YongyueMr.TAN Wee SengMs.LIN CaiyiAUDIT COMMITTEEMr.TAN Wee Seng(Chairman)Mr.ZHANG YongyueMs.LIN CaiyiREMUNER

6、ATION COMMITTEEMr.ZHANG Yongyue(Chairman)Mr.LIN ZhongMr.TAN Wee SengNOMINATION COMMITTEEMr.LIN Zhong(Chairman)Mr.ZHANG YongyueMs.LIN CaiyiAUTHORIZED REPRESENTATIVESMr.LIN ZhongMr.LIN FengCOMPANY SECRETARYMr.LO Tai OnREGISTERED OFFICEP.O.Box 309Ugland HouseGrand Cayman KY1-1104Cayman IslandsHEADQUART

7、ERS IN THE PRCCIFI CenterLane 1088,No.39 Shenhong RoadMinhang DistrictShanghaiPRCPRINCIPAL PLACE OF BUSINESS AND HEADQUARTERS IN HONG KONG22/F.,One Hennessy,No.1 Hennessy Road,Wan Chai,Hong Kong002CIFI HOLDINGS(GROUP)CO.LTD.|ANNUAL REPORT 2021公司資料Corporate Information主要股份過戶登記處Maples Fund Services(Ca

8、yman)LimitedP.O.Box 1093,Boundary HallCricket SquareGrand Cayman KY1-1102Cayman Islands香港證券登記分處香港中央證券登記有限公司香港灣仔皇后大道東183號合和中心17樓1712-1716號舖主要往來銀行中國中國工商銀行股份有限公司中國農業銀行股份有限公司中國銀行股份有限公司中國建設銀行股份有限公司交通銀行股份有限公司中信銀行股份有限公司招商銀行股份有限公司平安銀行股份有限公司中國民生銀行股份有限公司興業銀行股份有限公司中國光大銀行股份有限公司上海浦東發展銀行股份有限公司上海銀行股份有限公司渤海銀行股份有限公司

9、浙商銀行股份有限公司香港香港上海滙豐銀行有限公司渣打銀行（香港）有限公司恒生銀行有限公司交通銀行（香港）有限公司中國銀行（香港）有限公司中國建設銀行（亞洲）股份有限公司東亞銀行有限公司永隆銀行有限公司中信銀行（國際）有限公司上海銀行（香港）有限公司南洋商業銀行有限公司創興銀行有限公司上海浦東發展銀行股份有限公司香港分行大華銀行有限公司核數師德勤 關黃陳方會計師行註冊公眾利益實體核數師上市資料香港聯合交易所有限公司主板（股份代號：00884）本公司網站PRINCIPAL SHARE REGISTRAR AND TRANSFER OFFICEMaples Fund Services(Cayman)

10、LimitedP.O.Box 1093,Boundary HallCricket SquareGrand Cayman KY1-1102Cayman IslandsHONG KONG BRANCH SHARE REGISTRARComputershare Hong Kong Investor Services Limited Shops 1712-1716,17th Floor,Hopewell Centre183 Queens Road East,Wanchai,Hong KongPRINCIPAL BANKERSChinaIndustrial and Commercial Bank of

11、China LimitedAgricultural Bank of China LimitedBank of China LimitedChina Construction Bank CorporationBank of Communications Co.,LtdChina CITIC Bank Corporation LimitedChina Merchants Bank Co.,Ltd.Ping An Bank Co.,Ltd.China Minsheng Banking Corp.,Ltd.Industrial Bank Co.,Ltd.China Everbright Bank Co

12、.,LtdShanghai Pudong Development Bank Co.,LtdBank of Shanghai Co.,Ltd.China Bohai Bank Co.,Ltd.China Zheshang Bank Co.,Ltd.Hong KongThe Hongkong and Shanghai Banking Corporation LimitedStandard Chartered Bank(Hong Kong)LimitedHang Seng Bank LimitedBank of Communications Co.,Ltd Hong Kong BranchBank

13、of China(Hong Kong)LimitedChina Construction Bank(Asia)Corporation LimitedThe Bank of East Asia,LimitedWing Lung Bank LimitedChina CITIC Bank International LimitedBank of Shanghai(Hong Kong)LimitedNanyang Commercial Bank,LimitedChong Hing Bank LimitedShanghai Pudong Development Bank Co.,Ltd Hong Kon

14、g BranchUnited Overseas Bank LimitedAUDITORDeloitte Touche TohmatsuRegistered Public Interest Entity AuditorsLISTING INFORMATIONMain Board of The Stock Exchange of Hong Kong Limited(Stock Code:00884)COMPANYS WEBSITE003二零二一年年報|旭輝控股（集團）有限公司公司簡介Company Profile004CIFI HOLDINGS(GROUP)CO.LTD.|ANNUAL REPOR

15、T 2021關於旭輝旭輝控股（集團）有限公司（旭輝 或 本公司，連同其附屬公司統稱 本集團）總部位於上海，主營業務是於中華人民共和國（中國）從事房地產開發及房地產投資。我們主要專注在中國的一綫、二綫及強三綫城市開發高品質及針對用家自用的房地產物業。我們的開發項目涵蓋住宅、商務辦公、商業綜合體等多種物業種類。憑藉我們高效的業務模式與強大的執行能力，我們未來目標是繼續保持快速增長，發展為全國領先的房地產品牌。我們已實現全國化的經營佈局，並在中國主要的一綫、二綫及三綫城市建立穩固的地位。於二零二一年十二月三十一日，我們在中國房地產的項目，分佈於4個區域的核心城市，包括長三角、環渤海、中西部及華南。於

16、二零二一年十二月三十一日，我們擁有合計及應佔建築面積分別約為52,500,000平方米及28,400,000平方米的土地儲備。展望未來，旭輝在 用心構築美好生活 的使命感召下，致力於成為中國具領導地位及受人尊敬的房地產企業。ABOUT CIFIHeadquartered in Shanghai,CIFI Holdings(Group)Co.Ltd.(“CIFI”or the“Company”and together with its subsidiaries,the“Group”)is principally engaged in the property development and pr

17、operty investment business in the Peoples Republic of China(“PRC”or“China”).We principally focus on developing high quality and end-users driven properties in first-,second-and robust third-tier cities in China.Our development projects cover various properties types like residential,office and comme

18、rcial complexes.Leveraging our effective business model and strong execution capabilities,we are poised to continue our rapid growth and develop into a leading nationwide property developer.We have achieved a nationwide operating coverage and a strong presence in major first-,second-and third-tier c

19、ities in China.As at 31 December 2021,we had property projects in the core cities in 4 regions:the Yangtze River Delta,the Pan Bohai Rim,the Central Western Region and the South China Region.As at 31 December 2021,we had a land bank with total and attributable GFA of approximately 52.5 million sq.m.

20、and 28.4 million sq.m.respectively.Looking forward,driven by our missions of“building for a better life”,CIFI strives to become a leading and well-respected real estate enterprise in China.公司簡介Company Profile005二零二一年年報|旭輝控股（集團）有限公司上海旭輝企業大廈 Shanghai CIFI Tower主要房地產項目Major Property Projects006CIFI HOL

21、DINGS(GROUP)CO.LTD.|ANNUAL REPORT 2021烏魯木齊Urumqi =一綫城市 First-tier cities =二綫城市 Second-tier cities =三綫城市 Third-tier cities環渤海 Pan Bohai Rim長三角 Yangtze River Delta中西部 Central Western華南 South China Region旭輝於中國的全國化佈局CIFIs Nationwide Coverage in China007二零二一年年報|旭輝控股（集團）有限公司南京 Nanjing瀋陽Shenyang長春Changchun

22、大連 Dalian煙台 Yantai天津 Tianjin北京 Beijing 廊坊Langfang濟南Jinan許昌 Xuchang開封 Kaifeng洛陽 Luoyang台州 Taizhou湖州 Huzhou金華Jinhua合肥Hefei蕪湖Wuhu寧波 Ningbo舟山 Zhoushan鄭州 Zhengzhou武漢 Wuhan重慶Chongqing成都 Chengdu眉山 Meishan貴陽Guiyang昆明Kunming南昌Nanchang長沙 Changsha湘潭Xiangtan佛山Foshan南寧 Nanning中山Zhongshan江門Jiangmen廈門 Xiamen東莞 Don

23、gguan惠州Huizhou香港Hong Kong深圳Shenzhen三亞Sanya西安 Xi an銀川 Yinchuan鎮江Zhenjiang南通Nantong徐州Xuzhou石家莊Shijiazhuang太原Taiyuen蘇州 Suzhou上海 Shanghai嘉興 Jiaxing杭州Hangzhou温州Wenzhou無錫Wuxi常州Changzhou青島 Qingdao廣州Guangzhou臨沂 Linyi淄博 Zibo濰坊Weifang福州Fuzhou漳州Zhangzhou海口 Haikou濟寧Jining衢州Quzhou宿遷Suqian淮安Huaian紹興 Shaoxing哈爾濱Ha

24、rbin常德Changde泉州Quanzhou南海South China Sea南海South China Sea六安 Lu an鹽城Yancheng莆田Putian宣城Xuancheng聊城Liaocheng株洲Zhuzhou日照Rizhao德州 Dezhou蘇州鉑悅湖前 Suzhou Boyue Huqian008CIFI HOLDINGS(GROUP)CO.LTD.|ANNUAL REPORT 2021主要房地產項目Major Property Projects南京江北晴翠府 Nanjing Jiangbei Qingcui Mansion上海旭輝企業大廈 Shanghai CIFI T

25、ower南京都會風華苑 Nanjing Duhui Fenghua Mansion蘇州鉑悅府 Suzhou Boyue Mansion南京上宸雲際雅苑 Nanjing Shangchen Yunji Mansion上海恒基旭輝天地 Shanghai Henderson CIFI The ROOF蘇州大悅瀾庭 Suzhou Lanting Mansion上海世紀古美 Shanghai Century One Mile蘇州雲起平江項目 Suzhou Pingjiang Mansion上海LCM置滙旭輝廣場 Shanghai LCM蘇州中建旭輝 江上 Suzhou Zhongjian CIFI Ji

26、angshang長三角 Yangtze River Delta旭輝在中國的代表性項目CIFIs Representative Projects in China宣城宛陵大觀 Xuancheng Wanling Daguan蕪湖鉑悅濱江 Wuhu Park Mansion淮安旭輝廣場 Huai an CIFI Plaza蕪湖未來雲辰 Wuhu Weilai Yunchen合肥旭輝 望江來 Hefei CIFI Wangjianglai Mansion合肥時代江來 Hefei Shidai Jianglai六安旭輝中心 Lu an CIFI Centre南昌旭輝中心天御 Nanchang CIFI

27、 Centre Tianyu合肥港龍旭輝 城市江來 Hefei Ganglong CIFI Citizen Jianglai阜陽旭輝 雙清江來 Fuyang CIFI Shuangqing Jianglai連雲港雲悅星辰 Lianyungang Yunyue Xingchen長三角 Yangtze River Delta009二零二一年年報|旭輝控股（集團）有限公司主要房地產項目Major Property Projects南京千江凌雲府 Nanjing Waves River溫州未來旭輝城 Wenzhou Weilai CIFI City溫州未來海岸 Wenzhou Weilai Haian

28、溫州光輝之城 Wenzhou Guanghui City寧波上東辰府 Ningbo Shangdong Chenfu紹興金科旭輝上河之城 Shaoxing Jinke CIFI Shanghe City寧波江來上府 Ningbo Jianglai Mansion北京青雲上府 Beijing Qingyun Shangfu北京華樾國際領尚 Beijing World W View北京國祥雲著 Beijing Guoxiang Yunzhu環渤海 Pan Bohai Rim北京公園都會 Beijing Park City北京華熙旭輝LIVE 五棵松 Beijing Huaxi CIFI LIVE

29、Wukesong瀋陽鉑辰時代 Shenyang Bochen Shidai010CIFI HOLDINGS(GROUP)CO.LTD.|ANNUAL REPORT 2021主要房地產項目Major Property Projects長三角 Yangtze River Delta旭輝在中國的代表性項目CIFIs Representative Projects in China大連旭輝鉑辰時代 Dalian CIFI Bochen Shidai臨沂星河城 學府 Linyi Xinghe City Xuefu大連江山如院 Dalian Jiangshan Ruyuan淄博博觀熙岸 Zibo Bogu

30、an Xi an哈爾濱鉑辰府 Harbin Bochen Mansion天津旭輝 都會江來 Tianjin CIFI Duhui Jianglai Mansion天津鉑悅公望 Tianjin CIFI Park Mansion天津濱海江來 Tianjin Binhai Jianglai Mansion淄博星河城 Zibo Xinghe City臨沂星河城 盛府 Linyi Xinghe City Shengfu濟寧宸悅府 Jining Chenyue Mansion濟寧博觀錦裡 Jining Boguan Jinli011二零二一年年報|旭輝控股（集團）有限公司主要房地產項目Major Pro

31、perty Projects環渤海 Pan Bohai Rim長沙鉑悅湘江 Changsha Boyue Xiangjiang長沙雨金廣場 Changsha Yuhua Mansion長沙國悅府 Changsha Guoyue Mansion長沙國宸府 Changsha Guochen Mansion長沙鉑宸府 Changsha Central Palace成都旭輝中心 Chengdu CIFI Centre成都湖光里院 Chengdu Huguang Mansion成都江與山 Chengdu Jiangyushan成都旭輝 天府未來中心 Chengdu CIFI Tianfu Weilai

32、Centre重慶旭輝 鉑宸中央 Chongqing CIFI Bochen Centre昆明旭輝廣場 Kunming CIFI Plaza株洲湘江匯 Zhuzhou Xiangjianghui中西部 Central Western012CIFI HOLDINGS(GROUP)CO.LTD.|ANNUAL REPORT 2021主要房地產項目Major Property Projects旭輝在中國的代表性項目CIFIs Representative Projects in China洛陽天際 Luoyang Tianji烏魯木齊學府尚品 Urumqi Xuefu Shangpin烏魯木齊旭輝廣場

33、 Urumqi CIFI Plaza烏魯木齊燕來府 Urumqi Yanlai Mansion昆明經開24 號項目 Kunming Jingkai No.24 Project昆明公元錦悅 Kunming Gongyuan Jinyue貴陽都會新雲 Guiyang Duhui Xinyun City鄭州一江雲著 Zhengzhou Yijiangyun Mansion鄭州空港時代 Zhengzhou Konggang Times Mansion中西部 Central Western香港炮台山英皇道101號 101 Kings Road Hong Kong香港宏安旭輝曦臺 Hong Kong Wa

34、ng On CIFI Maya珠海卓越 旭輝江嶼海 Zhuhai Excellence CIFI Jiangyuhai華南 South China Region013二零二一年年報|旭輝控股（集團）有限公司主要房地產項目Major Property Projects廣州旭輝曜玥灣 Guangzhou CIFI Yaoyue Bay廣州鉑雲天境 Guangzhou Heaven Art Realm廣州鉑玥明珠ONE Guangzhou Boyuemingzhu ONE佛山旭輝鉑仕灣 Foshan CIFI Boshi Mansion莆田時代城 Putian Times City廈門寶龍旭輝城 X

35、iamen Baolong CIFI City廈門鉑悅五緣灣上 Xiamen CIFI Park Mansion Wuyuan Bay惠州旭輝華宇東江公元 Huizhou CIFI Huayu Dongjiang Gongyuan福州帝封江項目 Fuzhou Difengjiang Project華南 South China Region柳州旭輝江來 Liuzhou CIFI Jianglai南寧福弈和庭 Nanning Fuyiheting Mansion南寧盛世春江 Nanning Shengshi Chunjiang014CIFI HOLDINGS(GROUP)CO.LTD.|ANNUA

36、L REPORT 2021主要房地產項目Major Property Projects旭輝在中國的代表性項目CIFIs Representative Projects in China主要房地產項目Major Property ProjectsINVESTMENT PROPERTIES 項目Project項目地址Location項目狀況Project status本集團應佔權益Interest attributable to the group可出租面積（不包括停車位）（平方米）Rentable GFA(excluding carpark)(sq.m.)項目主要規劃用途Primary inte

37、nded use of the project 上海LCMART洋涇市集中國上海市浦東新區洋涇社區崮山路191號已竣工及開始出租50%2,241商業Shanghai LCMARTNo.191 Gushan Road,Yangjing Sub-district,Pudong New Area,Shanghai,PRCCompleted and commenced leasingCommercial上海LCM置滙旭輝廣場中國上海市浦東新區張楊路2229號已竣工及開始出租50%131,937商業Shanghai LCMNo.2229,Zhangyang Road,Pudong New Distric

38、t,Shanghai,PRCCompleted and commenced leasingCommercial上海旭輝U天地中國上海市嘉定區寶翔路158弄已竣工及開始出租100%5,407辦公樓Shanghai CIFI U BlockNo.158 Baoxiang Road,Nanxiang Sub-district,Jiading District,Shanghai,PRCCompleted and commenced leasingOffice上海旭輝海上國際中國上海市楊浦區控江路2068號已竣工及開始出租100%29,585商業Shanghai CIFI Haishang Intern

39、ationalNo.2068 Kongjang Road,Yangpu District,Shanghai,PRCCompleted and commenced leasingCommercial上海旭輝純真中心中國上海市松江區九亭鎮蒲匯路178號已竣工及開始出租45%29,663辦公樓Shanghai CIFI Pure CenterNo.178 Puhui Road,Jiuting Town,Songjiang District,Shanghai,PRCCompleted and commenced leasingOffice上海恒基旭輝中心中國上海市閔行區虹橋商務區申貴路1799弄已竣工

40、及開始出租50%10,740辦公樓Shanghai Henderson CIFI CenterNo.1799 Shengui Road,Hongqiao Sub-district,Minhang District,Shanghai,PRCCompleted and commenced leasingOffice上海恒基旭輝天地中國上海市黃埔區淮海中路45座已竣工及開始出租50%35,771商業Shanghai The RoofBlock 45,Huaihai Middle Road,Huangpu District,Shanghai,PRCCompleted and commenced lea

41、singCommercial上海洋涇S2/S3辦公樓項目中國上海市浦東新區張楊路2389弄已竣工及開始出租100%46,871辦公樓Shanghai Yangjing S2/S3 Office ProjectNo.2389 Zhangyang Road,Pudong District,Shanghai,PRCCompleted and commenced leasingOffice投資物業015二零二一年年報|旭輝控股（集團）有限公司主要房地產項目權益表Schedule of Principal Property Projects主要房地產項目Major Property Projects 項

42、目Project項目地址Location項目狀況Project status本集團應佔權益Interest attributable to the group可出租面積（不包括停車位）（平方米）Rentable GFA(excluding carpark)(sq.m.)項目主要規劃用途Primary intended use of the project 上海高和大廈中國上海市靜安區華山路2號已竣工及開始出租100%1,022辦公樓Shanghai Gaohe BuildingNo.2 Huashan Road,Jingan District,Shanghai,PRCCompleted and

43、 commenced leasingOffice上海莘莊中心中國上海市閔行區秀文路園秀路路口已竣工及開始出租50%37,924辦公樓Shanghai Office ParkXiuwen road Yuanxiu Road intersection,Minhang District,Shanghai,PRCCompleted and commenced leasingOffice上海旭輝企業大廈中國上海市普陀區常德路與長壽路交界處已竣工及開始出租100%55,717商業Shanghai CIFI TowerThe junction of Changde Road and Changshou Ro

44、ad,Putuo District,Shanghai,PRCCompleted and commenced leasingCommercial上海綠地旭輝E天地中國上海市閔行區華漕保樂路69號已竣工及開始出租50%10,386商業Shanghai Greenland CIFI E World CenterNo.69 Baole Road,Huacao Town,Minhang District,Shanghai,PRCCompleted and commenced leasingCommercial上海環創商務中心中國上海市楊浦區定海路解放街道138號已竣工及開始出租50%107,106辦公樓

45、Shanghai Huangchuang Business CentreNo.138 Jiefang of Dinghai Road,Yangpu District,Shanghai,PRCCompleted and commenced leasingOffice上海寶山U天地中國上海市寶山區羅店鎮解放街道11008號已竣工及開始出租25%30,983商業Shanghai Baoshan CIFI U BlockNo.11008 Jiefang,Luodian Town,Baoshan District,Shanghai,PRCCompleted and commenced leasingCo

46、mmercial北京旭輝望馨商業中心中國北京市朝陽區望京利澤西園209號已竣工及開始出租100%4,860辦公樓Beijing CIFI Wangxin Commercial CentreNo.209 Lize Xiyuan,Wangjing Area,Chaoyang District,Beijing,PRCCompleted and commenced leasingOffice合肥肥西旭輝廣場中國安徽合肥肥西縣翡翠路與派河大道交匯處已竣工及開始出租100%77,726商業Hefei Feixi CIFI PlazaCrossroad of Feicui Road and Paihe Ro

47、ad,Feixi County,Hefei,Anhui,PRCCompleted and commenced leasingCommercial成都華宇 旭輝錦繡廣場中國成都成華區龍潭寺場鎮片區牛龍路精工汽摩地塊已竣工及開始出租30%67,044商業Chengdu Huayu CIFI Glorious PlazaBlock Jing Gong Qi Mo,Niulong Road,Changzhenpian District,Longtan Si,Chenghua District,Chengdu,PRCCompleted and commenced leasingCommercial投資物

48、業（續）INVESTMENT PROPERTIES(Continued)016CIFI HOLDINGS(GROUP)CO.LTD.|ANNUAL REPORT 2021主要房地產項目權益表Schedule of Principal Property Projects主要房地產項目Major Property Projects 項目Project項目地址Location項目狀況Project status本集團應佔權益Interest attributable to the group可出租面積（不包括停車位）（平方米）Rentable GFA(excluding carpark)(sq.m.

49、)項目主要規劃用途Primary intended use of the project 成都旭輝廣場中國成都新都區新都街道萬和村1、2社已竣工及開始出租100%86,000商業Chengdu CIFI PlazaWanhecun,Community 1 and 2,Xindu District,Chengdu,PRCCompleted and commenced leasingCommercial西安旭輝中心中國西安經開區未央路西，鳳城七路北已竣工及開始出租100%41,129商業Xian CIFI CentreNorth of Fengcheng Seventh Road,West of

50、Weiyang Road,Jingkai District,Xian,PRCCompleted and commenced leasingCommercial長沙旭輝國際廣場中國湖南省長沙市雨花區勞動東路222號已竣工及開始出租100%24,012商業Changsha CIFI International PlazaNo.222,East Laodong Road,Yuhua District,Changsha,PRCCompleted and commenced leasingCommercial重慶旭輝城中國重慶巴南區龍洲灣軌道3號綫學堂灣站旁已竣工及開始出租100%43,915商業Cho

51、ngqing CIFI CityNext to the Xuetangwan station of Metro Line 3 in Longzhou bay,Banan District,Chongqing,PRCCompleted and commenced leasingCommercial廈門海聯中心中國廈門市思明區仙岳路456號已竣工及開始出租100%1,470辦公樓Xiamen Hailian CentreNo.456 Xianyue Road,Siming District,Xiamen,PRCCompleted and commenced leasingOffice嘉興旭輝廣場中

52、國嘉興市南湖區中山東路666號已竣工及開始出租100%82,540商業Jiaxing CIFI SquareNo.666,Zhongshan East Road,Nanhu District,Jiangxing,PRCCompleted and commenced leasingCommercial瀋陽旭輝鉑宸府中國瀋陽瀋河區團結路5號已竣工及開始出租100%50,922辦公樓Shenyang CIFI Central PalaceNo.5 Tuanjie Road,Shenhe District,Shengyang,PRCCompleted and commenced leasingOffi

53、ce北京五棵松中國北京市海淀區復興路69號1至3期已竣工及開始出租；4至5期預計2022年竣工50%267,810商業Beijing Wukesong ProjectNo.69 Fuxing Road,Haidian District,Beijing,PRCCompleted and commenced leasing for phase 1 to 3;expected to be completed in 2022 for phase 4 to 5Commercial投資物業（續）INVESTMENT PROPERTIES(Continued)017二零二一年年報|旭輝控股（集團）有限公司主

54、要房地產項目權益表Schedule of Principal Property Projects主要房地產項目Major Property ProjectsDEVELOPMENT PROPERTIES 項目Project項目地址Location項目狀況Project status項目預計竣工日期ExpectedCompletionDate本集團應佔權益Interest attributable to the group開發中及持作未來開發的總建築面積（不包括停車位）（平方米）Total GFA under development and held for future development(

55、excluding carparks)(sq.m.)項目主要規劃用途Primary intended use of the project 溫州光輝之城中國溫州市半島起步區甌綉大道和霓鵬南路交匯處東南側開發中.0554,100住宅商業Wenzhou Guanghui CitySoutheast side of the crossroad of Ouxiu Road and Nipeng South Road,Bandao Qibu District,Wenzhou,PRCUnder developmentResidential/Commercial溫州旭輝城中國溫州市半島

56、起步區靈騰西路與霓翔南路交匯處開發中.5419,338住宅商業Wenzhou CIFI CityCrossroad of Lingteng West Road and Nipeng South Road,Bandao Qibu District,Wenzhou,PRCUnder developmentResidential/Commercial徐州賈汪鵬程大道項目中國徐州市賈汪區鵬程大道以北開發中.0414,648住宅商業Xuzhou Jiawang Pengcheng Avenue ProjectNorth side of Pengcheng Ro

57、ad,Jiawang District,Xuzhou,PRCUnder developmentResidential/Commercial六安旭輝中心中國六安市經濟技術開發區迎賓大道以西、皋城路以北開發中.0502,600住宅商業Luan CIFI CentreWest side of Yingbin Road and North side of Gaocheng Road,Economic Technology Development District,Luan,PRCUnder developmentResidential/Commercial淮安旭輝廣場中國淮安市其

58、它區安瀾路東開發中.0429,016住宅辦公樓商業Huaian CIFI PlazaEast of Anlan Road,other district of Huian,PRCUnder developmentResidential/Office/Commercial太原尖草坪區三給片區SP1919-SP1924項目中國太原市尖草坪區和平北路299號開發中.01,221,029住宅商業Taiyuan Jiancaoping District,Sanji Area,SP1919-SP1924 projectNo.299 Heping North Ro

59、ad,Jiancaoping District,Taiyuan,PRCUnder developmentResidential/Commercial開發物業018CIFI HOLDINGS(GROUP)CO.LTD.|ANNUAL REPORT 2021主要房地產項目權益表Schedule of Principal Property Projects主要房地產項目Major Property Projects 項目Project項目地址Location項目狀況Project status項目預計竣工日期ExpectedCompletionDate本集團應佔權益Interest attribut

60、able to the group開發中及持作未來開發的總建築面積（不包括停車位）（平方米）Total GFA under development and held for future development(excluding carparks)(sq.m.)項目主要規劃用途Primary intended use of the project 太原尖草坪區三給片區SP1925-SP1928項目中國太原市尖草坪區和平北路299號開發中.01,298,971住宅辦公樓商業Taiyuan Jiancaoping District,Sanji Area,SP1925-SP1

61、928 projectNo.299 Heping North Road,Jiancaoping District,Taiyuan,PRCUnder developmentResidential/Office/Commercial石家莊公元中國石家莊長安區兆通南路北、滹沱大道東開發中.0462,220住宅商業Shijiazhuang Gongyuan MansionNorth of Zhaotong South Road and East of Hutuo Road,Changan District,Shijiazhuang,PRCUnder developmentResi

62、dential/Commercial臨沂星匯城中國臨沂市羅莊區沂河路與興盛路交匯處開發中.0431,970住宅商業Linyi Xinghui CityCrossroad of Yihe Road and Shengxing Road,Luozhuang District,Linyi,PRCUnder developmentResidential/Commercial長沙鉑悅湘江中國長沙市岳麓區濱江景觀道與佑母塘路交匯處開發中.0422,377住宅辦公樓商業Changsha Park MansionCrossroad of Binjiang Jingg

63、uan Road and Youmutang Road,Yuelu District,Changsha,PRCUnder developmentResidential/Office/Commercial成都天府未來中心中國成都市新津縣花源鎮興源路130號開發中.0556,148住宅商業Chengdu Tianfu Future CentreNo.130 Xingyuan Road,Huayuan Town,Xinjin County,Chengdu,PRCUnder developmentResidential/Commercial成都旭輝中心中國成都市溫江區柳城街道萬盛

64、合區十一組，學府社區五組，前進社區一、十一組開發中.0524,749住宅商業Chengdu CIFI CentreGroup 11 of Wanshenghe District,Group 5 of Xuefu Community,Group 1 and 11 of Qianjin Community,Liucheng Street,Wenjiang District,Chengdu,PRCUnder developmentResidential/CommercialDEVELOPMENT PROPERTIES(Continued)開發物業（續）019二零二一年年報|旭輝

65、控股（集團）有限公司主要房地產項目權益表Schedule of Principal Property Projects主要房地產項目Major Property ProjectsDEVELOPMENT PROPERTIES(Continued)項目Project項目地址Location項目狀況Project status項目預計竣工日期ExpectedCompletionDate本集團應佔權益Interest attributable to the group開發中及持作未來開發的總建築面積（不包括停車位）（平方米）Total GFA under development and held fo

66、r future development(excluding carparks)(sq.m.)項目主要規劃用途Primary intended use of the project 烏魯木齊旭輝廣場中國烏魯木齊市天山區團結路和南灣街交匯處開發中.0411,678住宅商業rmqi CIFI PlazaCrossroad of Tuanjie Road and Nanwan Road,Tianshan District,rmqi,PRCUnder developmentResidential/Commercial烏魯木齊學府尚品中國烏魯木齊市水區會展紅光山路以北開發中202

67、2-202451.0507,744住宅商業rmqi Xuefu ShangpinNorth of Hongguangshan Road,Huizhan,Shui District,rmqi,PRCUnder developmentResidential/Commercial貴陽烏當未來壹號中國貴陽市烏當區北衙路168號開發中.0531,424住宅商業Guiyang U Dang Future The OneNo.168 Beiya Road,Wudang District,Guiyang,PRCUnder developmentResidential/Commercia

68、l鄭州空港時代中國鄭州市航空港區南港雙鶴湖板塊開發中.0535,442住宅商業Zhengzhou Konggang TimesShuanghe Lake Block,Nangang,Hangkonggang District,Zhengzhou,PRCUnder developmentResidential/Commercial昆明旭輝廣場中國昆明市盤龍區北京路東灃源路與嚴家山路交匯口開發中.7526,145住宅商業Kunming CIFI PlazaCrossroad of Fengyuan Road and Yanjiashan Road,Ea

69、st of Beijing Road,Panlong District,Kunming,PRCUnder developmentResidential/Commercial常德國際新城中國武陵區城東新區高專路以南、人民路以北、常德大道以西開發中.0530,062住宅商業Changde International New CitySouth of Gaozhuan Road,north of Renmin Road,west of Changde Road,Chengdongxin District,Wuling District,PRCUnder development

70、Residential/Commercial開發物業（續）020CIFI HOLDINGS(GROUP)CO.LTD.|ANNUAL REPORT 2021主要房地產項目權益表Schedule of Principal Property Projects表現摘要Performance Highlights 二零二一年2021二零二零年2020按年增長Year-on-Year Growth 合同銷售Contracted sales合同銷售金額（人民幣十億元）Contracted sales(RMBbillion)247.3231.07.1%合同銷售建築面積（平方米）Contracted GFA(

71、sq.m.)14,486,88715,385,100-5.8%合同銷售平均售價（人民幣元平方米）Contracted ASP(RMB/sq.m.)17,06715,00013.8%主要財務資料（人民幣百萬元）Selected financial information(RMBmillion)已確認收入Recognised revenue107,83571,79950.2%毛利Gross profit20,79715,60933.2%股東權益應佔年內利潤Profit for the year attributable to equity owners 7,6138,032-5.2%股東權益應佔核

72、心淨利潤Core net profit attributable to equity owners 7,2848,026-9.2%主要資產負債表數據（人民幣百萬元）Selected balance sheet data(RMBmillion)總資產Total assets432,750379,29914.1%銀行結餘及現金Bank balances and cash46,71051,155-8.7%債務總額Total indebtedness114,112104,7159.0%股本權益總額Total equity107,40083,64228.4%股東權益應佔股本權益Equity attrib

73、utable to equity owners41,99036,05216.5%所選財務比率Selected financial ratios毛利率Gross profit margin19.3%21.7%核心淨利潤率Core net profit margin6.8%11.2%每股基本盈利，人民幣分Earnings per share(basic),RMB cents9299每股基本核心盈利，人民幣分Core earnings per share(basic),RMB cents8799核心平均股本回報率Core return on average equity18.7%24.2%淨負債對股

74、本比率，年末Net debt-to-equity ratio,at the end of year62.8%64.0%加權平均債務成本，年末Weighted average cost of indebtedness,at the end of year5.0%5.4%土地儲備（建築面積，百萬平方米）Land bank(GFA,million sq.m.)土地儲備（建築面積，百萬平方米），年末Land bank(GFA,million sq.m.),at the end of year 合計 Total52.556.5 應佔 Attributable 28.430.8新購土地收購面積（建築面積，

75、百萬平方米），年內New land acquisition(GFA,million sq.m.),during the year 合計 Total11.713.1 應佔 Attributable6.08.7 021二零二一年年報|旭輝控股（集團）有限公司詞彙及定義Glossary and Definitions“Contracted sales”includes contracted sales by the Groups subsidiaries,joint ventures and associated companies.Contracted sales data is unaudite

76、d and is based on internal information of the Group.Contracted sales data may be subject to various uncertainties during the process of collating such sales information and is provided for investors reference only.“Core net profit”excludes fair value gains/losses,net exchange loss/gain,expenses rela

77、ting to share option grants,loss on early redemption of senior notes,and share of fair value gains/losses and net exchange loss/gain at joint ventures and associated companies,net of deferred taxes.“Bank balances and cash”include restricted bank deposits.“Total indebtedness”includes bank and other b

78、orrowings,onshore corporate bonds and offshore senior notes.“Core net profit margin”is calculated based on core net profit attributable to equity owners over total recognised revenue.The calculation of“return on average equity”is based on our core net profit divided by average equity attributable to

79、 equity owners for each financial year.“Net debt-to-equity ratio”is calculated by the Groups total indebtedness under IFRS less bank balances and cash(including restricted bank deposits)as a percentage of total equity at the end of each financial year.“Weighted average cost of indebtedness”is the we

80、ighted average of interest costs of all indebtedness outstanding as at the end of each financial year.The expression“we”and“us”may be used to refer to the Company or the Group as the context may require.The site area information for an entire project is based on the relevant land use rights certific

81、ates,land grant contracts or tender documents,depending on which documents are available.If more than one document is available,such information is based on the most recent document available.The figures for GFA are based on figures provided in or estimates based on the relevant governmental documen

82、ts,such as the property ownership certificate,the construction work planning permit,the pre-sale permit,the construction land planning permit or the land use rights certificate.合同銷售金額 包括本集團的附屬公司、合營企業及聯營公司的合同銷售。合同銷售數據未經審核，乃根據本集團內部資料編製。鑒於收集該等合同銷售資料過程中存在各種不確定因素，該等合同銷售數據僅供投資者參考。核心淨利潤 不包括公平值收益虧損、匯兌虧損收益淨額

83、、授與股權相關開支、提早贖回優先票據的虧損、分佔合營企業及聯營公司公平值收益虧損及匯兌虧損收益淨額（扣除遞延稅項）。銀行結餘及現金 包括受限制銀行存款。債務總額 包括銀行及其他借款、境內公司債券及境外優先票據。核心淨利潤率 乃根據股東權益應佔核心淨利潤除以已確認收入總額計算。平均股本回報率 乃根據各財政年度核心純利除以平均股東權益應佔股本權益計算。淨負債對股本比率 乃根據國際財務報告準則計算的按各財政年度末時本集團債務總額減銀行結餘及現金（包括受限制銀行存款）後佔股本權益總額的百分比計算。加權平均債務成本 乃各財政年度末時各項未償還債務的利息成本之加權平均。我們 等詞彙可用於表示本公司或本集團

84、（視文義而定）。整個項目的佔地面積資料乃基於相關土地使用權證、土地出讓合同或投標文件，視乎現有文件而定。倘現有超過一項文件，則有關資料將基於最新近的現有文件。項目的建築面積乃基於房屋所有權證、建設工程規劃許可證、預售許可證、建設用地規劃許可證或土地使用權證等相關政府文件內所載數據或按相關數據所作的估計。022CIFI HOLDINGS(GROUP)CO.LTD.|ANNUAL REPORT 2021主席報告Chairmans Statement023二零二一年年報|旭輝控股（集團）有限公司主席報告CHAIRMANSSTATEMENT瀋陽鉑悅公望 Shenyang CIFI Park Mansi

85、on末期股息及發行紅股董事會建議就二零二一年派發末期股息每股人民幣5.7分（相當於7港分）（建議末期股息）。以人民幣宣派的建議末期股息將以港元現金支付，相關匯率乃按截至二零二一年十二月三十一日止年度全年業績公告（二零二一年全年業績公告）日期前五個營業日中國人民銀行公佈的人民幣兌港元的平均中間匯率計算。連同二零二一年首六個月派付中期股息（中期股息）每股人民幣10分（相當於12港分），年內股息總額為每股人民幣15.7分（相當於19港分）。連同中期股息及根據本公司於二零二一年全年業績公告日期的已發行股份總數計算，回顧年度的股息總額約為人民幣1,333,800,000元。董事會亦建議發行紅股（建議發行

86、紅股），基準為於二零二二年六月二十二日（星期三）名列本公司股東名冊之股東每持有一百（100）股現有股份獲發四（4）股本公司股本中每股面值0.10港元之股份（紅股）。紅股將按面值發行及列作悉數繳足股款入賬，並自發行當日與本公司現有已發行普通股享有同等權益。董事會認為，建議發行紅股可進一步增加本公司的資金流動性及償債能力，包括但不限於分配部分現金用於購回本公司的境內外債券。董事會亦將考慮通過建議派發特別股息與股東分享購回的回報（若有）。FINAL DIVIDEND AND BONUS ISSUE OF SHARESThe Board recommends the payment of a fina

87、l dividend for 2021 of RMB5.7 cents(equivalent to HK7 cents)per share(the“Proposed Final Dividend”).The Proposed Final Dividend declared in RMB is proposed to be paid in Hong Kong dollars(payable in cash),which is based on the average middle rate of RMB to Hong Kong dollars as announced by the Peopl

88、es Bank of China for the five business days preceding the date of the annual results announcement for the year ended 31 December 2021(the“Annual Results Announcement for 2021”).Together with an interim dividend(the“Interim Dividend”)of RMB10 cents(equivalent to HK12 cents)per share in respect of fir

89、st six months of 2021,total dividends for the year amounted to RMB15.7 cents(equivalent to HK19 cents)per share.Together with the Interim Dividend and based on the total outstanding number of issued shares of the Company as at the date of the Annual Results Announcement for 2021,the total dividends

90、for the year under review amounted to approximately RMB1,333.8 million.The Board also recommends a bonus issue(the“Proposed Bonus Issue”)of shares of HK$0.10 each in the capital of the Company(the“Bonus Share(s)”)on the basis of four(4)Bonus Shares for every one hundred(100)existing shares held by t

91、he shareholders whose names appear on the register of members of the Company on Wednesday,22 June 2022.The Bonus Shares will be issued and credited as fully paid at par and will rank pari passu with the existing issued ordinary shares of the Company in all respects from the date of issue.The Board i

92、s of the view that the Proposed Bonus Issue enhances the liquidity and debt repayment capability of the Company,including but not limited to allocate part of the cash for repurchasing onshore or offshore bonds of the Company.The Board will consider to share the investment return of such repurchase(i

93、f any)with shareholders of the Company in the manner of recommending the payment of special dividends.各位股東：本人欣然向各位股東提呈本集團截至二零二一年十二月三十一日止年度的業務回顧與對二零二二年的展望。Dear shareholders:I am pleased to present you with the business review of the Group for the year ended 31 December 2021,and the outlook for 2022.主

94、席報告Chairmans Statement024CIFI HOLDINGS(GROUP)CO.LTD.|ANNUAL REPORT 2021主席報告Chairmans Statement025二零二一年年報|旭輝控股（集團）有限公司RESULTSFor the year ended 31 December 2021,the Group achieved contracted sales of RMB247.3 billion,representing a year-on-year increase of 7.1%from RMB231.0 billion in 2020.The recogn

95、ised revenue in 2021 was RMB107,834.7 million,representing a year-on-year increase of 50.2%over RMB71,798.7 million in 2020.The Groups net profit attributable to equity owners decreased by 5.2%to RMB7,612.9 million in 2021 from RMB8,031.9 million in 2020.The Groups core net profit attributable to eq

96、uity owners decreased by 9.2%to approximately RMB7,283.9 million in 2021 from RMB8,026.0 million in 2020.The Groups gross profit margin was 19.3%in 2021,versus 21.7%in 2020.The Groups core net profit margin was 6.8%in 2021,versus 11.2%in 2020.The Group delivered a core return on average equity of 18

97、.7%in 2021,versus 24.2%in 2020.業績截至二零二一年十二月三十一日止年度，本集團錄得合同銷售金額人民幣2,473億元，較二零二零年的人民幣2,310億元按年增長7.1%。於二零二一年，已確認收入為人民幣107,834,700,000元，較二零二零年的人民幣71,798,700,000元按年增長50.2%。於二零二一年，本集團的股東權益應佔淨利潤由二零二零年的人民幣8,031,900,000元減少5.2%至人民幣7,612,900,000元。於二零二一年，本集團的股東權益應佔核心淨利潤由二零二零年的人民幣8,026,000,000 元 減 少 9.2%至 約 人 民

98、幣7,283,900,000元。於 二 零 二 一 年，本 集 團 的 毛 利 率 為19.3%，而二零二零年則為21.7%。本集團於二零二一年的核心淨利潤率為6.8%，而二零二零年則為11.2%。本集團於二零二一年實現的核心平均股本回報率為18.7%，而二零二零年則為24.2%。主席報告Chairmans Statement026CIFI HOLDINGS(GROUP)CO.LTD.|ANNUAL REPORT 2021REVIEW OF 2021Market reviewThe world continued to be affected by the COVID-19 pandemic

99、in 2021,and the global inflation trend continued,causing central banks around the world to begin the tightening of monetary policy.The demand for asset reserves and asset quality increased after the COVID-19 pandemic had been brought under control in China in the first half of the year,leading to a

100、jump in the transaction volume during the first half of the year while the GFA sold in 100 cities rose to record high for the same period,driving the performance of real estate sales.However,since the second half of the year,the central government has strengthened its control.The central government

101、insisted on its positioning of“houses are built to be inhabited,not for speculation”,required the stabilisation of land prices,house prices and expectations,and increased the supply of affordable rental housing and shared property housing.In the face of tightened policy and changing market condition

102、s,the real estate industry entered a cold winter.The overall sales of Chinas top 100 real estate enterprises showed a downward trend throughout 2021.Under the“Three Red Lines”and various regulations including land auction and regulatory funding policies,the industrys growth rate slowed down and real

103、 estate enterprises were under the pressure of debt control and deleveraging.Although signs of easing credit and regulatory funding policy have been issued since October,the market is expected to remain on the keynote of“houses are built to be inhabited,not for speculation”and“common prosperity”in t

104、he future.As the capital chain of individual property enterprises broke during the cycle due to liquidity problems,the property buyers confidence suddenly waned and thus showed their reservation about the market.Nevertheless,at the same time,the Central Bank and the CBIRC jointly pointed out that“fi

105、nancial institutions should cooperate with relevant departments and local governments to jointly maintain the stable and healthy development of the real estate market and safeguard the legitimate rights and interests of home buyers in accordance with the laws and market-oriented principles”,successi

106、vely increased mortgage quotas for lending,and increased the efforts in promoting development loans in various regions to reasonably maintain the liquidity of the real estate market.二零二一年回顧市場回顧全球於二零二一年繼續遭新冠肺炎疫情影響，全球通脹勢態持續，令全球央行開始踏入收緊貨幣政策的步伐。上半年新冠肺炎疫情在中國境內受控後，人民對資產儲備及資產質量的需求提升，上半年成交顯著放量，百城成交面積創同期歷史新高

107、，帶動房產銷售的業績表現。但從下半年開始，中央調控力度增強，堅持 房住不炒 定位，要求穩地價、穩房價、穩預期，並增加保障性租賃住房和共有產權住房供給。面對政策面的層層加碼及多變的市場環境，房地產行業進入寒冬。二零二一年全年中國百強房企的整體銷售規模呈下行態勢，在 三道紅線 及多項包括土拍、監管資金政策等監管下，行業增速放緩，房企控負債、降槓桿的壓力增加。儘管十月份以來，信貸及監管資金政策寬鬆信號不斷釋放，但市場預期未來仍是 房住不炒 及 共同富裕 的基調，隨著週期內個別房企因流動性出現問題導致資金鏈斷裂的暴雷現象，影響了購房者的購買信心，因而選擇採取觀望市場。但同時，央行、銀保監會聯合指出 金

108、融機構要按照法治化、市場化原則，配合相關部門和地方政府共同維護房地產市場的平穩健康發展，維護住房消費者合法權益，陸續增加按揭額度進行放款，加大對各區域開發貸款的推動力度，合理保持房地產市場的流動性。主席報告Chairmans Statement027二零二一年年報|旭輝控股（集團）有限公司二零二一年回顧（續）市場回顧（續）面對房地產進入行業變革期，全年房地產開發投資依然呈增長勢態，按年增長4.4%，但增速下滑超市場預期，反映出房企在項目施工及土地購置方面的積極性不足。根據國家統計局資料顯示，二零二一年商品房銷售面積約為179,433萬平方米，同比增長1.9%；商品房銷售為人民幣181,930億

109、元，增長4.8%。二零二一年房地產開發企業房屋新開工面積198,895萬平方米，下降11.4%；房屋施工面積975,387萬平方米，比上年增長5.2%。另外，有研究機構指出，房企於二零二一年實現總體銷售面積為8.46億平方米，同比下降9.0%；實現銷售額至12.63萬億元，同比下降3.2%。目標完成率不及往年，其中後五十位房企銷售金額降幅大於前五十位。二零二一年中國房地產行業經歷前所未有的挑戰。屆時，房企的品牌實力將繼續成為穿越市場週期、抵禦行業風險、保護購房者安全感的堅實堡壘。因此，大型全國性房企擁有均衡優質的可售土儲資源及財務能力穩健、可靈活部署營銷推盤節奏及良好的回款效率且同時擁有多元化

110、的業務優點，有利在充滿挑戰的營商環境下鞏固領先優勢。龍頭房企均衡的全國化佈局及穩固的業務基礎能力，並擁有良好的口碑信譽以及優秀品質的項目均可讓購房者更有信心。與此同時，頭部房企繼續對環境保護、社會責任、企業管制等方面的優化及改革，全面多方位打造優秀的企業。REVIEW OF 2021(Continued)Market review(Continued)In spite of facing with a period of change in the real estate industry,investment in real estate development remained on a

111、growth trend throughout the year,which increased by 4.4%year-on-year.However,the decline in growth rate exceeded market expectations,reflecting the lack of enthusiasm of real estate enterprises in project construction and land acquisition.According to the National Bureau of Statistics,the GFA of com

112、mercial properties sold in 2021 amounted to approximately 1,794.33 million sq.m.,representing a year-on-year increase of 1.9%,and the sales of commercial properties was RMB18,193.0 billion,representing an increase of 4.8%.The GFA of new housing construction by real estate developers in 2021 was 1,98

113、8.95 million sq.m.,representing a decrease of 11.4%,while the GFA of housing construction was 9,753.87 million sq.m.,representing an increase of 5.2%over the previous year.In addition,a research firm pointed out that real estate enterprises achieved an overall GFA sold of 846 million sq.m.in 2021,re

114、presenting a year-on-year decrease of 9.0%,and sales of RMB12.63 trillion,representing a year-on-year decrease of 3.2%.The target achievement rate was less than that of previous years,with the bottom 50 real estate enterprises experiencing a greater drop in sales amount than the top 50.Chinas real e

115、state industry experienced unprecedented challenges in 2021.During such time,the brand strength of real estate enterprises continued to be a solid bulwark against market cycles and industry risks as well as ensuring the security of home buyers.As a result,large national real estate developers are we

116、ll positioned for consolidating their leading position in a challenging business environment given their balanced and quality land resources for sale and healthy financial conditions,the ability to flexibly adjust the pace of marketing and launching,high cash collection ratio and the advantage of di

117、versified businesses.The leading real estate enterprises,who have a balanced nationwide presence,solid business foundation,good reputation and excellent quality projects,can give home buyers more confidence.Meanwhile,the top real estate enterprises continue to optimize and reform their environmental

118、 protection,social responsibility and corporate governance to build excellent businesses in all aspects.主席報告Chairmans Statement028CIFI HOLDINGS(GROUP)CO.LTD.|ANNUAL REPORT 2021REVIEW OF 2021(Continued)Sales performanceFor the full year of 2021,benefiting from an excellent national business layout an

119、d quality saleable resources in high tier cities,the Groups contracted sales amounted to RMB247.25 billion in 2021,representing a year-on-year growth of 7%;and contracted gross floor area(“GFA”)amounted to 14,487,000 sq.m.,representing a year-on-year decrease of 5.8%.The Groups contracted average se

120、lling price(“ASP”)in 2021 was approximately RMB17,000/sq.m.In 2021,the Group achieved a cash collection ratio of over 95%from contracted sales.For the full year of 2021,contracted sales from the Yangtze River Delta,the Pan Bohai Rim,the Central Western Region,and the South China Region contributed t

121、o approximately 46.6%,19.8%,22.4%and 11.2%of the Groups total contracted sales,respectively.Contracted sales from first-and second-tier cities accounted for approximately 87.2%of the Groups total contracted sales whereas those from third-tier cities accounted for the remaining 12.8%.Contracted sales

122、 derived from residential projects contributed to approximately 92.5%of the Groups total contracted sales whereas those from office/commercial projects contributed to the remaining 7.5%.During the period,the Group launched pre-sale of 89 new projects,including these major new launches:Beijing Qingyu

123、n Shangfu Beijing World W View Beijing Guoxiang Yunzhu Beijing Park City Shanghai Century One Mile Zhuhai Excellence CIFI Jiangyuhai Zhuhai City Seasons Huizhou CIFI Huayu Dongjiang Gongyuan Guangzhou Yaoyue Bay Guangzhou Heaven Art Realm Guangzhou Boyuemingzhu ONE Foshan CIFI Boshi Mansion Xuzhou H

124、epingyunjing Mansion Suzhou Zhongjian CIFI Jiangshang Suzhou Pingjiang Mansion Suzhou Jinlin Boyue Mansion Suzhou Lanting Mansion Suzhou Boyue Mansion Nanjing Shangchen Yunji Mansion二零二一年回顧（續）銷售表現於二零二一年全年，得益於優秀的全國化的業務佈局及遍佈於高線城市的優質可售資源，本集團於二零二一年的合同銷售金額達人民幣2,472.5億元，按年增長7%；合同銷售建築面積（建築面積）為14,487,000平方米

125、，同比下跌5.8%。本集團於二零二一年的合同銷售每平方米平均售價（平均售價）約為人民幣17,000元。本集團於二零二一年錄得超過95%的合同銷售簽約回款率。於二零二一年全年，長三角、環渤海、中西部及華南地區的合同銷售金額為本集團合同銷售總額分別貢獻約46.6%、19.8%、22.4%和11.2%。一綫及二綫城市的合同銷售金額佔本集團合同銷售總額約87.2%，而三綫城市則佔餘下的12.8%。來自住宅項目的合同銷售金額佔本集團合同銷售總額約92.5%，而來自辦公樓商業項目的則佔餘下的7.5%。期內，本集團推出89個新項目預售，包括以下新推出的主要項目：北京青雲上府 北京華樾國際領尚 北京國祥雲著

126、北京公園都會 上海世紀古美 珠海卓越 旭輝江嶼海 珠海都會四季 惠州旭輝華宇東江公元 廣州旭輝曜玥灣 廣州鉑雲天境 廣州鉑玥明珠ONE 佛山旭輝鉑仕灣 徐州和平雲璟 蘇州中建旭輝 江上 蘇州雲起平江項目 蘇州錦麟鉑悅府 蘇州大悅瀾庭 蘇州鉑悅府 南京上宸雲際雅苑主席報告Chairmans Statement029二零二一年年報|旭輝控股（集團）有限公司REVIEW OF 2021(Continued)Sales performance(Continued)Nanjing Waves River Nanjing Jiangbei Qingcui Mansion Nanjing Fenghui Y

127、ipin Mansion Nanjing Duhui Fenghua Mansion Lianyungang Yunyue Xingchen Huaian CIFI Plaza Suzhou Boyue Huqian Zhuzhou Xiangjianghui Changsha Guochen Mansion Changsha Boyue Xiangjiang Changsha Yujin Plaza Changsha Guoyue Mansion Changsha Central Palace Chengdu CIFI Centre Chengdu CIFI Tianfu Weilai Ce

128、ntre Chengdu Jiangyushan Chengdu Huguang Mansion Chongqing CIFI Bochen Centre Kunming CIFI Plaza Kunming Jingkai No.24 Project Kunming Gongyuan Jinyue Guiyang Duhui Xinyun City Xian Guochen Mansion Xuancheng Wanling Daguan Wuhu Park Mansion Wuhu Weilai Yunchen Hefei CIFI Wangjianglai Mansion Nanchan

129、g CIFI Centre Tianyu Luan CIFI Centre Hefei Shidai Jianglai Hefei Ganglong CIFI Citizen Jianglai Fuyang CIFI Shuangqing Jianglai Wenzhou Weilai CIFI City Wenzhou Weilai Haian Wenzhou Guanghui City Shaoxing Jinke CIFI Shanghe City Xiamen CIFI Park Mansion Wuyuan Bay Xiamen Baolong CIFI City Putian Ti

130、mes City Ningbo Shangdong Chenfu Ningbo Jianglai Mansion Ningbo Jishigang Project二零二一年回顧（續）銷售表現（續）南京千江凌雲府 南京江北晴翠府 南京鳳匯壹品居 南京都會風華苑 連雲港雲悅星辰 淮安旭輝廣場 蘇州鉑悅湖前 株洲湘江匯 長沙國宸府 長沙鉑悅湘江 長沙雨金廣場 長沙國悅府 長沙鉑宸府 成都旭輝中心 成都旭輝 天府未來中心 成都江與山 成都湖光里院 重慶旭輝 鉑宸中央 昆明旭輝廣場 昆明經開24號項目 昆明公元錦悅 貴陽都會新雲 西安國宸府 宣城宛陵大觀 蕪湖鉑悅濱江 蕪湖未來雲辰 合肥旭輝 望江來 南

131、昌旭輝中心天御 六安旭輝中心 合肥時代江來 合肥港龍旭輝 城市江來 阜陽旭輝 雙清江來 溫州未來旭輝城 溫州未來海岸 溫州光輝之城 紹興金科旭輝上河之城 廈門鉑悅五緣灣上 廈門寶龍旭輝城 莆田時代城 寧波上東辰府 寧波江來上府 寧波集士港項目主席報告Chairmans Statement030CIFI HOLDINGS(GROUP)CO.LTD.|ANNUAL REPORT 2021REVIEW OF 2021(Continued)Sales performance(Continued)Fuzhou Rongxin Jianglai Fuzhou Difengjiang Project She

132、nyang CIFI Park Mansion Shenyang Bochen Shidai Harbin Bochen Mansion Dalian CIFI Bochen Shidai Dalian Jiangshan Ruyuan Nanning Shengshi Chunjiang Nanning Fuyiheting Mansion Liuzhou CIFI Jianglai Tianjin CIFI Duhui Jianglai Mansion Tianjin CIFI Park Mansion Tianjin Binhai Jianglai Mansion Zibo Xinghe

133、 City Zibo Boguan Xian Linyi Xinghe City Xuefu Linyi Xinghe City Shengfu Jining Chenyue Mansion Jining Boguan Jinli Jining Boguan Jiangyue Jinan CIFI Yinshengtai Centre Zhengzhou Yijiangyun Mansion Zhengzhou Konggang Times Mansion Luoyang Tianji Luoyang Jianye CIFI Zunfu Urumqi Xuefu Shangpin Urumqi

134、 CIFI Plaza Urumqi Yanlai MansionThe Group also continued to record contracted sales in other projects which launched the pre-sale in previous year(s).CIFI was ranked 14 nationally in terms of contracted sales amount in 2021 according to the“China Real Estate Enterprises Sales Ranking in 2021”publis

135、hed by CRIC Information Group.二零二一年回顧（續）銷售表現（續）福州榕心江來 福州帝封江項目 瀋陽鉑悅公望 瀋陽鉑辰時代 哈爾濱鉑辰府 大連旭輝鉑辰時代 大連江山如院 南寧盛世春江 南寧福弈和庭 柳州旭輝江來 天津旭輝 都會江來 天津鉑悅公望 天津濱海江來 淄博星河城 淄博博觀熙岸 臨沂星河城 學府 臨沂星河城 盛府 濟寧宸悅府 濟寧博觀錦里 濟寧博觀江悅 濟南旭輝銀盛泰中心 鄭州一江雲著 鄭州空港時代 洛陽天際 洛陽建業旭輝尊府 烏魯木齊學府尚品 烏魯木齊旭輝廣場 烏魯木齊燕來府本集團亦繼續錄得於往年已開始預售其他項目的合同銷售金額。根據克而瑞信息集團發佈的 二

136、零二一年中國房地產企業銷售排行榜，旭輝於二零二一年按合同銷售金額計算位居全國第14位。主席報告Chairmans Statement031二零二一年年報|旭輝控股（集團）有限公司REVIEW OF 2021(Continued)Profit marginsThe Groups gross profit margin was 19.3%in 2021,as compared to 21.7%in 2020.The Groups core net profit margin was 6.8%in 2021,compared to 11.2%in 2020.The Group sustained i

137、ts profit margins in 2021 mainly because of reasonable profitability for property projects delivered,reasonable land costs,low finance cost as well as product premium achieved through improving quality and brand awareness.Land acquisitionsThe abundant and high-quality land resources are the cornerst

138、ones to sustain the growth of our sales and performance.At the beginning of 2021,the Ministry of Housing and Urban-Rural Development promulgated the“Centralized Supply of Residential Land in 22 Major Cities”policy,which enhanced the transparency of the land supply end with an aim to stabilise the la

139、nd price.However,due to the recovery of overall sales and the strong demand of real estate developers for supplementing land bank,the competition in the land market was fierce in the first half of the year,and the land price rose significantly.The Group strictly adhered to its value investing princi

140、ples,avoiding acquisition of land at high cost.The centralized land supply policy was further optimized in the second half of the year and the premium rate stabilised.The Group focused on first-and second-tier cities and moderately supplemented high quality land resources at reasonable prices.In 202

141、1,the Group acquired interests in 66 new projects with an aggregate land premium attributable to the Group of RMB39.4 billion.From January to March 2022,the Group further acquired interests in 3 new projects with an aggregate land premium attributable to the Group of RMB3.4 billion.For land acquisit

142、ions made since early 2021,the Group strictly adhered to its value investing principles and proceeded the acquisition via acquisition channels including governments public auctions and tenders,equity acquisitions as well as urban redevelopment.二零二一年回顧（續）利潤率本集團於二零二一年的毛利率為19.3%，而二零二零年則為21.7%。於二零二一年，本集

143、團的核心淨利潤率為6.8%，而二零二零年則為11.2%。本集團於二零二一年維持其利潤率，主要是由於已交付物業項目取得合理的利潤、土地成本合理、融資成本低及透過改善質量及品牌知名度而實現產品溢價。土地收購豐富優質的土地資源是保障銷售及業績持續增長的基石。二零二一年初，住建部出台 22個主要城市住宅用地集中供應 政策，增加了土地供給側的透明度，意在穩定地價，但由於整體銷售回暖，房企補充土地的需求高，導致上半年土地市場競爭激烈，土地價格錄得明顯升幅。本集團嚴格遵守其價值投資原則，避免以高成本收購土地。下半年集中供地政策進一步優化，溢價率恢復穩定，本集團聚焦一二線城市，以合理的價格適度補充高品質的土地

144、資源。於2021年，本集團收購於66個新項目的權益，本集團應佔土地出讓金合共為人民幣394億元。於2022年一月至三月，本集團進一步收購於3個新項目的權益，本集團應佔土地出讓金合共為人民幣34億元。就自2021年初以來收購的土地而言，本集團嚴格遵循其價值投資原則，並利用多種收購管道進行，包括政府招拍掛、股權收購及舊城改造等。主席報告Chairmans Statement032CIFI HOLDINGS(GROUP)CO.LTD.|ANNUAL REPORT 2021REVIEW OF 2021(Continued)Land acquisitions(Continued)During the y

145、ear,we have strategically entered 8 new cities and expanded our footprint to increase our regional and provincial penetrations.In particular,we entered the following new cities during the period:East China Region:Yancheng,Luan and Xuancheng,continuously deepened our penetrations in Jiangsu Province

146、and Zhejiang Province;North China Region:Liaocheng,Dezhou and Rizhao,adding our footprint in Shandong Province;South China Region:Putian,extending our coverage in Fujian Province;Central-Western Region:Zhuzhou,expanding in Hunan Province.Business DevelopmentCIFI Ever Sunshine Services Group Limited(

147、“CIFI Ever Sunshine Services”)is the property management services company under the Group,which its high-speed growth trend continued in 2021,recording RMB4.7 billion and RMB620 million in revenue and profit attributable to parent company,representing an increase of 50.8%and 58.0%,respectively.By th

148、e end of 2021,the total contracted GFA was approximately 270.8 million sq.m.,of which the total GFA under management was approximately 171.0 million sq.m.,representing an increase of 49.4%and 68.3%,respectively,serving over 600,000 households and demonstrating strong market competitiveness.In 2021,w

149、hile growing rapidly in scale,CIFI Ever Sunshine Services focused on building comprehensive service capabilities.In addition to enhancing its residential property management service capabilities,CIFI Ever Sunshine Services has strengthened the building of comprehensive capabilities in non-residentia

150、l and urban services through the consolidation of Shanghai Meikailong Property Management Services Limited*(上海美凱龍物業管理服務有限公司)(“Meikailong Property”)and Hunan Meizhong Environment Ecological Technology Limited*(湖南美中環境生態科技有限公司)(“Meizhong Environment”).In 2021,basic services income derived from resident

151、ial and non-residential services amounted to RMB1.48 billion and RMB1.18 billion,accounting for 55.7%and 44.3%,respectively,showing a strong ability to diversify income.As for value-added services,the two value-added service income reached RMB1.10 billion,representing an year-on-year increase of 39.

152、2%,which reflected the strong ability of innovation and operation.二零二一年回顧（續）土地收購（續）年內，我們戰略性新進入8個城市，擴大區域深耕，從而加強我們區域及省域化的滲透。具體而言，我們期內新進入的城市如下：華東地區：鹽城、六安、宣城，持續深耕江浙省份；華北地區：聊城、德州、日照，拓展山東省縱深；華南地區：莆田，擴大福建省覆蓋；中西部地區：株洲，拓展湖南省。業務發展旭輝永升服務集團有限公司（簡稱 旭輝永升服務）為本集團旗下的物業管理服務公司，2021年旭輝永升服務繼續維持高速增長趨勢，收入與歸母利潤分別錄得47.0億與6.

153、2億，同比分別增長50.8%、58.0%。截止2021年年底，旭輝永升服務總合約建築面積達到270.8百萬平方米，其中在管總建築面積約為171.0百萬平方米，同比分別增長49.4%、68.3%，為逾60萬個家庭提供服務，展現出極強的市場競爭力。2021年，在規模快速增長的同時，旭輝永升服務關注綜合服務能力構建，在強化住宅物業管理服務能力的同時，通過對上海美凱龍物業管理服務有限公司（美凱龍物業）、湖南美中環境生態科技有限公司（美中環境）等企業的整合，強化了對非住宅、城市服務等綜合能力的構建，二零二一年，來源於住宅、非住宅的基礎服務收入分別達到14.8億、11.8億，分別佔比55.7%、44.3%

154、，展現出較強的多元化收入能力，而在增值服務端，社區增值服務收入達到11.0億元，同比增長39.2%，體現出了優異的創新經營能力。主席報告Chairmans Statement033二零二一年年報|旭輝控股（集團）有限公司REVIEW OF 2021(Continued)Business Development(Continued)CIFI Lingyu is the rental segment of the Group,with the mission of“affordable price with high quality”.It focuses on the rental commun

155、ity for long-term residence,which assists the new residents and the younger generation to enjoy better life with affordable price as so to enhance their sense of belongings and gain.Meanwhile,CIFI Lingyu strives to become a world-leading asset management and operation services platform.In 2021,CIFI

156、Lingyu continued to follow the strategic direction of integrating light assets and heavy assets,and partnered with government and enterprises to develop lease community projects in a number of core cities.It now operates and holds more than 30 large and small community projects across the country,ma

157、king it the leasing company with the most communities in the industry.At the end of 2021,it completed the first capital management exit of a lease community project in the industry with a high occupancy rate of 98%,a high GOP rate of 90%,a high contract renewal rate of 60%,and a high satisfaction ra

158、te of 91%,and truly achieved the full cycle of“investment,financing,construction,management and exit”.Shanghai Xumei Commercial Investment Management Co.,Ltd.*(上海旭美商業投資管理有限公司)(“CIFI Commercial”)is a commercial operation management company under the Group.It is committed to become one of the commerci

159、al property leaders in China by creating a pleasant life experience.CIFI Commercial has entered 16 cities,and opened 14 shopping malls with a total GFA of 890,000 sq.m.by the end of December 2021.Over 30 commercial complexes are reserved in total,laying a solid foundation for rapid rental income gro

160、wth in the next three years.Hainan CIFI Construction Management Co.,Ltd.*(海南旭輝建設管理有限公司)(“CIFI Construction Management”)is an important“real estate plus”business segment under the Group.CIFI Construction Management adheres to the concept of“win-win cooperation”,provides various specialised real estat

161、e assets entrusted development and management services for governments,state-owned and private enterprises,financial institutions,individual investors,etc.,with“leading brand base,high quality management team,professional management standards and system-wide resource protection”.It is committed to b

162、ecoming the most trusted development and operation partner,making the development and management of real estate asset investment more professional,safer and simpler.Its business covers preliminary management,planning and design,project management,cost control,marketing services,customer management,d

163、elivery management and preliminary property supervision.二零二一年回顧（續）業務發展（續）旭輝瓴寓是本集團旗下的租賃住房板塊，以讓更多人 租得起、住得好 為使命，聚焦適合長期居住的產品租賃社區，說明城市新市民、新青年以可負擔得起的價格享受品質美好生活，增加他們的歸屬感和獲得感。同時，致力於構建全球領先的資產管理平台與運營服務平台。二零二一年持續遵循輕重結合的戰略導向，與政企合作，在多個核心城市落子租賃社區項目。現旭輝瓴寓全國在運營及自持大社區項目多達30餘個，是行業內擁有大社區最多的租賃企業。並於2021年底以98%的高出租率、90%的高

164、GOP率、60%的高續租率，以及91%的高滿意度完成行業內首例租賃社區項目的資管退出，真正實現 投融建管退 全週期閉環。上海旭美商業投資管理有限公司（簡稱旭輝商業）為本集團旗下的商業運營管理公司，創造愉悅生活體驗，致力於成為中國商業物業領軍者之一。截至二零二一年十二月末，旭輝商業已進入16個城市，開業14座商場，總建築面積89萬平方米。合計儲備30餘座商業綜合體，為未來三年實現租金收入高速增長奠定堅實基礎。海南旭輝建設管理有限公司（簡稱 旭輝建管）為本集團旗下的 房地產+重要業務板塊。旭輝建管秉承 合作共贏 的理念，以 引領性的品牌基礎、高素質的管理團隊、專業化的管理標準以及全體系的資源保障，

165、為政府、國有及私營企業、金融機構、個人投資者等提供專業的各類房地資產委託開發管理服，並致力於成為最受信賴的開發運營夥伴，讓房地資產投資的開發管理更專業、更安全、更簡單。其業務內容涵蓋前期管理、規劃設計、工程管理、成本管理、行銷服務、客戶服務、交付管理及前期物業督導等。主席報告Chairmans Statement034CIFI HOLDINGS(GROUP)CO.LTD.|ANNUAL REPORT 2021REVIEW OF 2021(Continued)Business Development(Continued)Shanghai CIFI Health Technology and De

166、velopment Co.,Ltd.*(上海旭輝健康科技發展有限公司)(“CIFI Health”)is a health technology company under the Group.In the first half of 2021,its first college-style CCRC demonstration zone of Lake Tai Rainbow Land has been opened to build a wonderful retirement life for the elderly with its creative and wonderful ser

167、vice system.CIFI Health successfully obtained the project of Wuzhou Hospital in Chaoyang District,Beijing,which will converge Beijings outstanding medical rehabilitation resources to create the features of intensive rehabilitation.Accordingly,a dual project layout of“medical care+elderly care”has be

168、en completed in Beijing.CIFI Health was awarded the“Award for Emerging Brands in the Big Health Industry”at the 9th World Health Industry Conference.Financing and debt managementIn 2021,the financing environment continued to be tight for real estate developers in China due to the enhancement of fina

169、ncing supervision and the continuous implementation of the“Three Red Lines”policy.The credit quality of real estate developers was differentiated,and there was a rising trend in the concentration of financing.As a result,the financing cost advantage of quality enterprises was more obvious.With a sou

170、nd balance sheet,the Company decisively achieved multiple financings under the challenging financing environment,reflecting our financing and financial strength as well as our popularity within the capital markets.We resolutely carried out the following major financing transactions during the period

171、,and optimized the debt maturity structure and reduced financing costs through increasing the issuance of green US Dollar Bonds,which was expected to be sufficient to meet our needs of land reserve expansion and refinancing.Offshore financings In January 2021,the Company successfully issued a tranch

172、e of US dollar high-interest notes with a total size of US$419 million.The coupon was 4.375%,the maturity was 6.25 years,and the issuance yield was 4.4%,setting a historical record with the longest duration and the lowest interest rate among offshore bonds issued by CIFI.In January 2021,the Company

173、successfully raised a 3.5-year USD syndicated loan at a coupon rate of L/H+3.75%.The financing scale was USD451 million,demonstrating the Companys excellent financing capabilities.二零二一年回顧（續）業務發展（續）上海旭輝健康科技發展有限公司（簡稱旭輝健康）為本集團旗下的大健康業務公司，於2021年上半年，其首個學院式CCRC太湖 彩園示範區已開放，獨創精彩服務系統，為長者創造精彩退休生活。旭輝健康成功獲取北京市朝陽

174、區五洲醫院項目，將彙集北京優秀醫療康復資源，打造重症康復特色，由此於北京已完成 醫療+養老 雙項目佈局。旭輝健康榮獲第九屆世界健康產業大會 大健康產業新銳品牌獎。融資及債務管理於二零二一年，因應融資監管力度升級以及 三道紅線 政策持續推進，中國房地產開發商的融資環境繼續從緊。房地產開發商信用資質出現分化，融資端集中度呈上升趨勢，優質企業融資成本優勢更趨明顯。公司憑著穩健的財務實力，於充滿挑戰性的融資環境下果斷實現多次融資，充分反映我們的融資及財務實力，以及受資本市場的歡迎。我們在期內果斷進行以下主要融資交易，並透過增加綠色美元債的發行，優化債務到期結構，降低融資成本，預計將足夠應付我們土儲擴充

175、及再融資的需求。境外融資 二零二一年一月，成功發行一筆總規模為4.19億美元之美元高息票據。是次發行票息為4.375%，6.25年年期，發行收益率為4.4%，創下旭輝境外發債期限最長和利率最低的歷史紀錄。二零二一年一月，公司成功組成美元銀團貸款，年期為3.5年，票息為L/H+3.75%，融資規模為4.51億元美元，顯示出了公司優秀的融資能力。主席報告Chairmans Statement035二零二一年年報|旭輝控股（集團）有限公司REVIEW OF 2021(Continued)Financing and debt management(Continued)Offshore financin

176、gs(Continued)In March 2021,the Company redeemed the 5.375%coupon senior perpetual capital securities with an outstanding principal amount of US$247 million.In March and April 2021,the Company also redeemed the 7.625%US Dollar senior notes due March 2021 and the 6.875%US Dollar senior notes due April

177、 2021,respectively,at a redemption amount of US$240 million and US$293 million,respectively.In May 2021,the Company redeemed the 7.625%coupon,4-year maturity senior notes due February 2023 with an aggregate principal amount of US$300 million.In May 2021,the Company issued two tranches of green US do

178、llar senior notes with an aggregate amount of US$500 million.The 5.25-year maturity green senior notes bore an interest rate of 4.45%per annum with an amount of US$350 million;while the 7-year maturity green senior notes bore an interest rate of 4.8%per annum with an amount of US$150 million,represe

179、nting the longest maturity among offshore bonds issued by CIFI.In January 2022,it issued the additional US$150 million senior notes due 2026.In July 2021,the Company entered into a loan agreement with a financial institution to complete a 3.5-year HK Dollar green syndicated loan with a coupon rate o

180、f H+3.95%.The financing scale was HKD2.798 billion.二零二一年回顧（續）融資及債務管理（續）境外融資（續）於二零二一年三月，本公司贖回未償還本金額為247,000,000美元，票面息率5.375%的優先永久資本證券。在二零二一年三月和四月，本公司分別贖回二零二一年三月到期的7.625%美元優先票據和二零二一年四月到期的6.875%美元優先票據，贖回金額分別為240,000,000美元和293,000,000美元。於二零二一年五月，本公司完成贖回本金總額為300,000,000美元，票息率7.625%，於二零二三年二月到期的四年期優先票據。二零二

181、一年五月，發行兩筆綠色美元優先票據，總發行金額為5.0億美元，年期為5.25年的綠色優先票據之年利率為4.45%，發行金額為3.5億美元；而7年期的綠色優先票據年利率為4.8%，發行金額為1.5億美元，並創下旭輝境外債券發行的最長年期。並於二零二二年一月額外發行1.5億美元二零二六年到期優先票據。二零二一年七月，公司與金融機構訂立貸款協議，完成港元綠色銀團貸款，年期為3.5年，票息為H+3.95%，融資規模為27.98億港元。主席報告Chairmans Statement036CIFI HOLDINGS(GROUP)CO.LTD.|ANNUAL REPORT 2021REVIEW OF 202

182、1(Continued)Financing and debt management(Continued)Offshore financings(Continued)In December 2021,the Company successfully raised gross proceeds of approximately HK$1.67 billion through a rights issue on the basis of one rights share(the“Rights Share(s)”)for every twenty existing shares then held a

183、t the subscription price of HK$4.00 per Rights Share(the“Rights Issue”).The Rights Issue achieved a high acceptance rate of 94.29%and excess applications from the substantial shareholder,namely Rosy Fortune Investments Limited,and a number of long-term shareholders.A total of approximately 822 milli

184、on Rights Shares were applied for,equivalent to approximately 1.97 times the total number of Rights Shares available for subscription,demonstrating the widespread recognition and support for CIFIs Rights Issue from its shareholders.Onshore financing In March 2021,旭輝集團股份有限公司(CIFI Group Co.,Ltd.*)(“CI

185、FI PRC”),a wholly-owned subsidiary of the Company,issued the 3+2-year maturity onshore corporate bonds due May 2027 with a final interest rate of 4.40%and a principal amount of RMB1,448 million,once again showing the advantages of CIFI in onshore capital market.Financial positionsWith its excellent

186、credit and steadily improving domestic and international credit ratings over the years,CIFI has been endorsed by most of the major domestic and international financial institutions.In August 2021,Moodys endorsed CIFI as a long-term issuer with the existing“Ba2”rating and“Stable”.In December 2021,Sta

187、ndard&Poors and Fitch retained the Companys long-term issuer to be“BB”rating and“Stable”outlook.In January 2022,Fitch even assigned“BB”rating to CIFI in terms of long-term foreign and local currency issuer with default ratings,demonstrating CIFIs business development and financial strength were cont

188、inuously recognized by the capital markets.During the year,Lianhe Global also retained the Companys credit rating as“BBB-”(with“Stable”outlook),while China Chengxin Credit Ratings,United Ratings and China Lianhe Credit Rating assigned“AAA”onshore credit ratings to the Company and CIFI China.*For ide

189、ntification purposes only二零二一年回顧（續）融資及債務管理（續）境外融資（續）二零二一年十二月，本公司通過按當時每持有二十股現有股份獲配發一股供股股份（供股股份）的基準，以每股供股股份4.00港元的認購價進行供股（供股），成功募集款項總額約16.7億港元。本次供股實現94.29%高接納比率，另獲得主要股東茂福投資有限公司及多家長線股東額外申請認購，合計獲得約8.22億股供股股份申請，相當於可供認購供股股份總數約1.97倍，顯示出旭輝的供股計劃獲得了來自股東的廣泛認可和支持。境內融資 於二零二一年三月，本公司全資附屬公司旭輝集團股份有限公司（旭輝中國）完成發行本金額人民

190、幣1,448,000,000元，於二零二七年五月到期的3+2年期境內公司債券，最終發行利率為4.40%，再次體現旭輝於境內資本市場的優勢。財務狀況旭輝憑藉經營多年的良好信用情況及穩步提升的境內外信貸評級，獲得境內外大部分主流金融機構的認可。二零二一年八月，穆迪確認維持旭輝長期發行人現有的 Ba2 評級及 穩定。二零二一年十二月，標準普爾及惠譽維持本公司BB 級長期發行人評級及前景 穩定。惠譽更於二零二二年一月確認旭輝之長期外幣和本幣發行人違約評級為 BB 級別，證明旭輝的業務發展及財務實力繼續得到資本市場的肯定。年內，聯合國際亦維持對公司信貸評級為 BBB（前景 穩定）。而中國誠信信用評級、聯

191、合信用及聯合資信將本公司及旭輝中國的境內信貸評級評為 AAA。主席報告Chairmans Statement037二零二一年年報|旭輝控股（集團）有限公司REVIEW OF 2021(Continued)Financial positions(Continued)As at 31 December 2021,the Groups:net debt-to-equity ratio was 62.8%(as at 31 December 2020:64.0%);net debts(total indebtedness less cash-on-hand)amounted to RMB67,402.

192、3 million(as at 31 December 2020:RMB53,560.5 million);cash-on-hand level amounted to RMB46,709.7 million(as at 31 December 2020:RMB51,154.6 million);total indebtedness amounted to RMB114,112.0 million(as at 31 December 2020:RMB104,715.1 million);guaranteed joint ventures/associated companies debts a

193、mounted to RMB15,787.7 million(as at 31 December 2020:RMB13,778.4 million);and weighted average cost of indebtedness was 5.0%(as at 31 December 2020:5.4%).As at 31 December 2021,unpaid committed land premium attributable to the Group were approximately RMB1,469.4 million(versus cash-on-hand of appro

194、ximately RMB46,709.7 million).The Group continued to maintain comfortable debt positions and off-balance sheet commitments.二零二一年回顧（續）財務狀況（續）於二零二一年十二月三十一日，本集團的：淨負債對股本比率為62.8%（於二零二零年十二月三十一日：64.0%）；淨負債（總債務減手頭現金）為人民 幣 67,402,300,000 元（於 二 零 二零 年 十 二 月 三 十 一 日：人 民 幣53,560,500,000元）；手 頭 現 金 水 平 達 人 民 幣46,

195、709,700,000 元（於 二 零 二 零年 十 二 月 三 十 一 日：人 民 幣51,154,600,000元）；總債務為人民幣114,112,000,000元（於二零二零年十二月三十一日：人民幣104,715,100,000元）；擔保合營企業聯營公司的負債為人民幣15,787,700,000元（於二零二零年十二月三十一日：人民幣13,778,400,000元）；及 加權平均債務成本為5.0%（於二零二零年十二月三十一日：5.4%）。於二零二一年十二月三十一日，本集團應佔未付承諾土地出讓金約為人民幣1,469,400,000元（相對手頭現金約為人民幣46,709,700,000元）。本

196、集團持續維持穩健的債務狀況及資產負債表外的承擔。主席報告Chairmans Statement038CIFI HOLDINGS(GROUP)CO.LTD.|ANNUAL REPORT 2021REVIEW OF 2021(Continued)Awards and recognitions The“China Top 500 Private Enterprises Summit”organized by CFIC ranked CIFI 148th on the list in 2021.The“Top 500 Chinese Enterprises”organized by CEC and C

197、EDA ranked CIFI 291st on the list,demonstrating companys strength.CIFI jumped 142 places from last year and was ranked 766th on the Global 2000 list,where a total of 395 companies from China,Hong Kong,Macau and Taiwan were named.CIFI was the TOP 13 on the“2021 China Real Estate Listed Companies with

198、 Strongest Comprehensive Strengths”(2021中國房地產上市公司綜合實力榜),upped 2 places from last year and ranked first in terms of stable operation.The“China Philanthropy List”is directed by the Ministry of Civil Affairs of the Peoples Republic of China and organized by China Philanthropy Times.In the 2021 award,CI

199、FI Group was awarded as one of the“Top 10 Charitable Enterprises”for its contributions in school donation,epidemic relief and ecological protection.CIFI was ranked 38th on the Forbes 2021 China Philanthropy List,which CIFIs ranking has risen for three consecutive years.For the fifth consecutive year

200、,CIFI was awarded the 3rd of the 2021“All-Asia Executive Team”real estate industry comprehensive ranking by the international financial magazine“Institutional Investor”,including“All-Asia Best CEO”,“All-Asia Best CFO”,“All-Asia Best IR Program”and“All-Asia Best ESG”.Meanwhile,for the second consecut

201、ive year since its listing in 2018,CIFI Ever Sunshine Services was awarded the first of all awards in“All-Asia Executive Team”real estate industry comprehensive ranking,including“All-Asia Best CEO”,“All-Asia Best CFO”,“All-Asia Best IR Professionals”,“All-Asia Best IR Program”and“All-Asia Best ESG”.

202、二零二一年回顧（續）獎項及榮譽 由全國工商聯主辦 中國民營企業500強，2021年旭輝在該榜單中位列第148位。由中國企業聯合會、中國企業家協會主辦的 中國企業500強，旭輝位列榜單第291位，展現公司實力。旭輝位列福布斯全球企業2000強(Global 2000)榜單第766位，較去年上升142位，榜單中國大陸及港澳臺地區共有395家企業入選。旭輝榮獲 2021中國房地產上市公司綜合實力榜 TOP13，綜合實力排名較去年上升兩位。穩健經營排名第一位。中國慈善榜 由民政部指導、公益時報 社主辦。在2021年評選中，旭輝集團憑藉在捐資助學、馳援抗疫、生態保護等領域貢獻榮膺 十大慈善企業 稱號。旭

203、輝榮膺福布斯2021中國慈善榜第38位，排名連續三年提升。旭輝連續第五年在國際財經雜誌 機構投資者(Institutional Investor)主辦的二零二一年 亞洲最佳企業管理團隊 房地產行業綜合排名中榮獲多個獎項，並獲評為 亞洲受尊祟企業第三名，當中包括：最佳首席執行官、最佳首席財務官、最佳投資者關係 和 最佳環境、社會及公司治理。同時，旭輝永升服務自二零一八年上市後，連續第二年獲得亞洲最佳企業管理團隊 房地產行業綜合排名中榮獲全部獎項首名，當中包括：最佳首席執行官、最佳首席財務官、亞洲最佳投資者關係專才、最佳投資者關係 及最佳環境、社會及公司治理。主席報告Chairmans State

204、ment039二零二一年年報|旭輝控股（集團）有限公司REVIEW OF 2021(Continued)Awards and recognitions(Continued)Co-organized by organizations including Deloitte China and Harvard Business Review,the“Best Managed Companies(BMC)”is the only comprehensive ranking that assesses the management system of private enterprises in the

205、 Chinese market.In the award of 2021,CIFI was awarded the title of“Best Managed Companies”for the second year.CIFI was awarded the benchmark award of Titanium Award in The Asset ESG Corporate Awards 2021 by a leading regional financial magazine The Asset,in recognition of its outstanding performance

206、 in environmental,social and corporate governance(ESG)and transparency.This is the third consecutive year that CIFI was awarded The Asset ESG Corporate Awards,a further recognition of CIFIs ESG achievements and a comparison to the ESG performance of leading companies in Asia.E S G M A N A G E M E N

207、T A N D C O R P O R A T E RESPONSIBILITYCIFI is always committed to putting long-termism into practice.The continuous expansion on green construction,proactive promotion of anti-corruption and integrity,great emphasis on the occupational safety and health of the employees,and proactive performance o

208、f corporate social responsibility are the main directions that the Group focuses on in achieving high standard of ESG management.The Group is actively devoted to charity through CIFI Foundation,mainly eyeing on four major areas:support to education,green environmental protection,anti-pandemic and di

209、saster relief,and rural revitalization.In April 2021,the Group announced a donation of RMB100 million to Xiamen University,setting up the“CIFI Education Development Fund”to support university education.In July 2021,after a devastating rainstorm disaster hit Zhengzhou City,Henan Province,the foundati

210、on announced a donation of RMB10 million to urgently assist the local flood prevention and disaster relief work,and actively participated in the post-disaster reconstruction.In March 2022,the foundation donated 50,000 sets of antigen test kits to Po Leung Kuk in Hong Kong to support the underprivile

211、ged groups in the fight against the new wave of COVID-19 outbreak in Hong Kong.二零二一年回顧（續）獎項及榮譽（續）中國卓越管理公司(BMC)評選是由德勤中國、哈佛商業評論 等機構共同主辦，是目前中國市場上唯一針對民營企業管理體系進行全面考評的評選專案。在2021年評選中，旭輝第二年蟬聯 中國卓越管理公司 稱號。旭輝榮獲著名區域性財經雜誌 財資(The Asset)頒發二零二一年財資ESG企業大獎基準獎項鈦獎，以表揚其在環境、社會責任及企業管治(ESG)、以及透明度方面的優秀表現。今年為旭輝連續第三年榮膺財資ESG企

212、業大獎，這是對旭輝ESG成就的進一步認可，可與亞洲領先公司的ESG表現相比較。ESG管理及企業責任旭輝始終倡導並踐行長期主義。持續加強綠色建造、積極宣傳反腐倡廉、高度重視員工職業健康安全、積極履行企業社會責任等，都是本集團努力實踐高標準的ESG管理所關注的重點方向。本集團透過旭輝公益基金會熱心投身慈善事業，主要著眼於捐資助學、綠色環保、抗疫救災、鄉村振興四大領域。二零二一年四月，本集團宣佈向廈門大學捐贈人民幣1億元，成立 旭輝教育發展基金，支持大學教育事業。二零二一年七月，河南省鄭州市遭遇特大暴雨災害後，基金會宣佈捐贈人民幣1,000萬元，緊急馳援當地的防汛救災工作，並積極參與災後重建。二零二

213、二年三月，新一波新型冠狀病毒病疫情肆虐香港，基金會向香港保良局捐贈50,000套抗原檢測試劑，用於支援弱勢社群抗疫。主席報告Chairmans Statement040CIFI HOLDINGS(GROUP)CO.LTD.|ANNUAL REPORT 2021E S G M A N A G E M E N T A N D C O R P O R A T E RESPONSIBILITY(Continued)The Group has continued to make breakthroughs in green finance.In May 2021,the Group issued ano

214、ther US$500 million green bonds,which recorded the longest duration of the Groups issuance of the offshore US bonds,following by an additional US$150 million issue in January 2022.In July 2021,CIFI was granted its first syndicated green loan of nearly HK$2.8 billion.In the same month,the Group issue

215、d the first green theme report,proactively disclosing the use and allocation of proceeds from the green bonds as well as the environmental benefits generated and obtaining assurance from an independent third party,which set another benchmark among industrial peers.CIFIs practice of green business ph

216、ilosophy and its outstanding performance in ESG aspect have been recognized by the capital market.In August,Hang Seng Indexes announced that CIFI would be included to Hang Seng ESG 50 Index for the first time.In November 2021,MSCI,the worlds largest index company,upgraded the ESG rating of CIFI from

217、“BB”to“BBB”,marking the second consecutive year that MSCI has upgraded the Companys ESG rating.The ESG rating of CIFI ES Service was also reaffirmed by MSCI as“BBB”,reflecting MSCIs recognition of the Groups outstanding ESG performance.CIFI attracted the attention and favor from more green investors

218、 and has given substantive contribution to the expansion of financing channels.CIFI continuously strives to become an ESG model enterprise,gradually constructing the“green competitiveness”contributing to the centennial enterprise.OUTLOOK FOR 2022In 2021,as the national COVID-19 pandemic remained und

219、er control,the economy was on track of gradual recovery and continued to demonstrate its resilience.However,due to the global COVID-19 pandemic and uncertainties in the foreign environment,it is expected that the central government will continue to implement policies to prevent financial risks,tight

220、en the supervision of real estate finance,and further improve the management of real estate finance.Having said that,given the domestic real estate industry is large and resilient,and we are optimistic about the urbanization of China and the stable development of the real estate industry.We believe

221、that under the long-term effect brought by the policies of stabilising housing prices,land prices and expectations,the real estate industry is heading towards a balanced and healthy development.ESG管理及企業責任（續）本集團在綠色金融領域不斷突破。二零二一年五月，本集團再次發行一筆5億美元綠色債券，創下本集團境外美元債券發行的最長期限的紀錄，隨後於二零二二年一月增發1.5億美元。二零二一年七月，旭輝首

222、次獲得銀團授出近28億港元的綠色貸款。同月，本集團發布首份綠色金融報告，主動披露首筆綠色債券的資金用途、分配情況以及產生的環境效益，並取得獨立第三方鑒證，再次於同行間樹立標杆。旭輝踐行綠色經營理念及在ESG領域的卓越表現備受資本市場認可。八月，恆生指數宣佈首次將旭輝納入恆生ESG 50指數成分股。二零二一年十一月，全球最大指數公司MSCI明晟上調旭輝ESG評級由BB級至BBB級，是本集團連續兩年獲MSCI提升ESG評級。旭輝永升服務則再次獲MSCI確認ESG評級 BBB 級，反映MSCI對集團ESG卓越表現的認可。旭輝受到更多綠色投資人的關注及青睞，為融資渠道的拓寬帶來實質性的助力。旭輝持續努

223、力向成為ESG模範企業不斷邁進，逐漸構築起成就百年企業的 綠色競爭力。二零二二年展望二零二一年，隨全國新冠肺炎疫情持續受控，經濟延續穩步恢復勢態，韌性持續顯現，但全球範圍仍遭新冠肺炎疫情影響，以及國外大環境依然充斥不穩定因素，預計中央繼續執行防範金融風險的政策，房地產金融監管力度偏緊，房地產金融管理進一步完善。不過，國內房地產行業體量大、韌性強，堅持看好中國城市化，看好房地產業平穩發展。我們相信在穩房價、穩地價、穩預期政策帶來的長效機製作用下，房地產業正走向平衡健康的發展道路。主席報告Chairmans Statement041二零二一年年報|旭輝控股（集團）有限公司二零二二年展望（續）目前，

224、房地產行業正處於調控去槓桿的階段，在政策的作用下，房地產逐漸從類金融屬性到民生屬性，保障民生是未來政策的重點。房地產行業逐漸進入良性迴圈，房企將優勝劣汰，資源將向財務穩健、經營卓越，可持續發展的優秀大企業集中。未來房企發展將是 低負債，輕資產，高周轉，高品質 的模式，從粗放式的到精益時代，並走向數位化，科技化。本集團二零二二年首兩個月已達成人民幣269億元的銷售回款與去年同期持平，保持領先行業的水準，同時也是集團在財務管理、資金及營運的肯定。於二零二二年三月九日，公司提前全額贖回境內到期非公開債券，與此同時，公司進一步回購到期優先票據，主動管控債務及做好財務管理，用實際行動降槓桿、穩預期。信用

225、評級方面，旭輝憑藉經營多年的良好信用情況，獲得境內外大部分金融機構的鼎力支持，同時公司積極主動與各大國際評級機構保持緊密溝通，目前主體評級均維持穩定，反映了評級機構認可旭輝良好的流動性且能夠持續在資本市場獲得融資機會，體現了其優良的償債能力。此外，於二零二二年二月十七日，國內集中供地第一拍北京首輪集中供地落幕，集團作為北京土拍唯一拿地民企，反映集團資金狀況良好，土地資源優勢進一步突顯。得益公司良好的銷售回款能力，旭輝的現金流得以保障，償債能力持續加碼，配以豐厚的土地儲備，相信本集團能以從容姿態應對未來的行業波動。OUTLOOK FOR 2022(Continued)At present,the

226、 real estate industry is in the stage of regulation and deleveraging.Under the effect of policy,real estate gradually transits from financial-like to livelihood attributes,with the protection of peoples livelihood being the focus of future policy.The real estate industry gradually enters a virtuous

227、circle,where underperformed enterprises will be eliminated,and resources will be concentrated to the outstanding large enterprises with healthy financial conditions,excellent operation and sustainable development.In the days ahead,real estate enterprises will develop under“low debt,light assets,high

228、 turnover,high quality”model from the era of rough and sloppy to lean and elite,and towards digitalization and technology.Same as the corresponding period last year,the Group has recorded sales of RMB26.9 billion already for the first two months of 2022,maintaining the standard of the industry leade

229、r,and also it is a confirmation of the Groups sound financial management,capital and operation.On March 9,2022,the Company redeemed the full amount of domestic non-public bonds due in advance.At the same time,the Company further repurchased senior notes due,proactively managed debt and financial man

230、agement,and took practical actions to deleverage and stabilize expectations.In terms of credit ratings,CIFI has received tremendous support from most of the domestic and international financial institutions due to its honourable credit history over the years of operation,and has proactively maintain

231、ed close communication with major international rating agencies.The current corporate ratings on the Company remain stable,and CIFI is one of the very few private domestic real estate companies maintaining so.This reflects that the rating agencies endorsed CIFIs sound liquidity.In addition,on 17 Feb

232、ruary 2022,in the first round of centralized land supply in Beijing,the Group was the only private company to win land in the Beijing land auction.It reflected the Groups capital strength and further highlighted its advantage in land resources.Benefiting from the Companys good sales and marketing ca

233、pacity,the CIFIs cash flow is ensured and its solvency continuously enhanced.With abundant land reserve,we believe the Group is capable of coping with future industry fluctuations with ease.主席報告Chairmans Statement042CIFI HOLDINGS(GROUP)CO.LTD.|ANNUAL REPORT 2021二零二二年展望（續）展望未來二零二二年，集團將堅持長遠的發展戰略，通過提高經

234、營效益，保持財務穩健和業務均衡及可持續發展，以達成經營業績的平穩增長，並進一步降低總負債，公司已在二零二一年年底三道紅線全部達標，進入綠檔。未來，旭輝將從規模導向到效益導向，持續降摃桿，控風險，低摃桿。集團將提高單城和單項目產能，提高組織效能，增強多元化投資拿地，降低土地成本，提高集團經營毛利。集團將加快數位化轉型，提升精益管理，達成提質、增效、降本、賦能、創新，打造拳頭產品、完善商業產品線、打造TOD綜合體產品IP、開發綠色低碳產品。與此同時，集團會把握城市分化，增強精准投資、提高投資品質，把握更多的投資機會，進一步聚焦都市圈和城市群，打造宜居自住民生產品，穩步增加優質商業綜合體項目，實現租

235、金增長，銷售端提高去化、減少庫存、保持高回款率，繼續促進 房地產+業務的發展，實現協同增效共贏，為投資者創造價值。本集團非常重視提升公司於綠色環保、社會責任及公司治理方面的管理水準，繼續倡導追求 快樂、健康、豐盛、進步 的企業文化。以戰略規劃的高度出發，全力以赴將旭輝打造成為一間業績領先、堅持奉行社會責任、助力共同富裕，擁有優秀企業管治的世界500強企業。旭輝控股（集團）有限公司主席林中OUTLOOK FOR 2022(Continued)Looking forward,in 2022,the Group will adhere to our long-term development str

236、ategy to achieve steady growth in operating results and further reduce total debt by improving operational efficiency while maintaining financial stability and balanced business and sustainable development.The Company has met all three red lines requirements and has been greenlighted by the end of 2

237、021.In the future,CIFI will reorient from scale to efficiency,continue to deleverage,control risks and maintain low leverage.The Group will increase the production capacity of single city and project,improve organizational efficiency,enhance diversified investment in land acquisition and reduce land

238、 costs so as to increase the Groups operating profit.The Group will accelerate digital transformation and improve lean management to achieve quality,efficiency,cost reduction,empowerment and innovation.It will also create hit products,improve commercial product lines,build TOD complex product IPs an

239、d develop green and low-carbon products.At the same time,the Group will seize urban differentiation to enhance precise investment and improve investment quality,in addition to grasping more investment opportunities that further focus on metropolitan areas and city clusters.It will create livable and

240、 self-occupied livelihood products,steadily increase the number of high-quality commercial complex projects to achieve rental growth,increase sales,reduce inventory,maintain a high cash collection ratio,and continue to promote the development of the“real estate plus”business to realise synergies and

241、 win-win benefit and create value for investors.The Group emphasises the management standard enhancement of the Company in environmental protection,social responsibility and corporate governance,and will continue to promote a corporate culture of“Happiness,Health,Prosperity and Progress”.From the pe

242、rspective of strategic planning,the Group is fully committed to build a Fortune Global 500 enterprise with leading performance,social responsibility,common prosperity and excellent corporate governance.CIFI Holdings(Group)Co.Ltd.LIN ZhongChairman管理層討論及分析MANAGEMENTDISCUSSIONAND ANALYSIS蘇州錦麟鉑悅府 Suzhou

243、 Jinlin Boyue Mansion管理層討論及分析Management Discussion and Analysis044CIFI HOLDINGS(GROUP)CO.LTD.|ANNUAL REPORT 2021PROPERTY DEVELOPMENTContracted salesThe Group achieved contracted sales of approximately RMB247.3 billion in 2021,representing a year-on-year growth of 7.1%as compared to RMB231.0 billion

244、in 2020.The marked growth in the Groups contracted sales was due to the Groups abundant and well diversified saleable resources across different regions and cities and was mainly driven by the strong performance of certain second-and third-tier cities which were less affected by government controls.

245、The Group contracted sales in GFA was approximately 14,486,887 sq.m.in 2021,representing a decrease of 5.8%over GFA of approximately 15,385,100 sq.m.in 2020.The Groups contracted ASP in 2021 was approximately RMB17,067/sq.m.Contracted sales from the Yangtze River Delta,the Pan Bohai Rim,the Central

246、Western Region and the South China Region contributed to approximately 46.6%,19.8%,22.4%and 11.2%of the Groups total contracted sales in 2021 respectively.Contracted sales from first-and second-tier cities accounted for approximately 87.2%of the Groups total contracted sales in 2021 whereas those fr

247、om third-tier cities accounted for the remaining 12.8%.Contracted sales derived from residential projects contributed to approximately 92.5%of the Groups total contracted sales in 2021 whereas those from office/and commercial projects contributed to the remaining 7.5%.Cash collection from property s

248、ales during the year by the Groups subsidiaries,joint ventures and associated companies represented over 95%of contracted sales in 2021.房地產開發合同銷售於二零二一年，本集團實現合同銷售金額約人民幣2,473億元，較二零二零年的人民幣2,310億元按年增長7.1%。本集團的合同銷售金額大幅增長是由於本集團擁有大量和分散於多個地區及城市的可售資源，加上受政府調控影響較少的二、三綫城市表現強勁所驅動。於二零二一年，本集團合同銷售建築面積約為14,486,887平方

249、米，較二零二零年的建築面積約15,385,100平方米下降5.8%。本集團二零二一年的合同銷售平均售價約為人民幣17,067元平方米。長三角、環渤海、中西部及華南的合同銷售金額為本集團二零二一年合同銷售總額分別貢獻約46.6%、19.8%、22.4%及11.2%。一綫及二綫城市的合同銷售金額佔本集團二零二一年合同銷售總額約87.2%，而三綫城市的合同銷售金額則佔餘下的12.8%。來自住宅項目的合同銷售金額佔本集團二零二一年合同銷售總額約92.5%，而來自辦公樓及商業項目的合同銷售金額佔餘下的7.5%。年內，本集團的附屬公司、合營企業及聯營公司的物業銷售現金回款超過二零二一年合同銷售金額的95%

250、。洛陽中央公園 Luoyang Central Mansion成都新都區項目 Chengdu Xindu District Project管理層討論及分析Management Discussion and Analysis045二零二一年年報|旭輝控股（集團）有限公司PROPERTY DEVELOPMENT(Continued)Contracted sales(Continued)Table 1:Details of contracted sales in 2021By city 合同銷售金額Contracted sales佔總合同銷售金額百分比%of total contracted sal

251、es合同銷售建築面積Contracted GFA合同銷售平均售價Contracted ASP（人民幣千元）(RMB000)(%)（平方米）(sq.m.)（人民幣元平方米）(RMB/sq.m.)蘇州Suzhou21,571,0778.7%918,98623,473北京Beijing19,797,3698.0%511,13338,732長沙Changsha13,569,6995.5%1,108,65112,240寧波Ningbo12,171,9894.9%585,31220,796溫州Wenzhou11,492,6054.7%615,12718,683杭州Hangzhou11,290,7484.6

252、%467,13824,170上海Shanghai9,697,2643.9%217,96544,490武漢Wuhan9,683,9503.9%514,85018,809重慶Chongqing9,478,8523.8%725,44013,066南京Nanjing8,943,5763.6%360,54024,806合肥Hefei8,712,0473.5%648,75313,429無錫Wuxi8,262,4713.3%349,29523,655廈門Xiamen8,239,5093.3%205,74140,048天津Tianjin5,716,2162.3%285,91819,993成都Chengdu5,

253、205,6482.1%432,03612,049青島Qingdao4,570,7531.9%392,30011,651濟南Jinan4,507,0891.8%368,05512,246西安Xian4,194,7241.7%281,13814,921福州Fuzhou4,157,8891.7%255,67416,262珠海Zhuhai3,807,3641.5%119,35631,899蕪湖Wuhu3,433,8311.4%316,11110,863常州Changzhou3,037,1291.2%177,26017,134太原Taiyuan2,977,7111.2%411,9597,228金華Jin

254、hua2,819,8951.1%109,90225,658烏魯木齊Urumqi2,793,7611.1%257,82310,836紹興Shaoxing2,607,7191.1%108,82023,964昆明Kunming2,296,7050.9%179,59712,788佛山Foshan2,241,3120.9%203,37411,021廣州Guangzhou2,089,9320.9%57,88736,104鄭州Zhengzhou2,068,3160.8%182,88511,309瀋陽Shenyang1,853,8800.8%108,15617,141湖州Huzhou1,787,4160.7%

255、124,22614,388惠州Huizhou1,687,9900.7%128,21413,165淄博Zibo1,657,2890.7%139,86211,849洛陽Luoyang1,611,5260.7%166,7779,663哈爾濱Harbin1,609,7830.7%87,07018,488銀川Yinchuan1,536,8570.6%163,1759,418南昌Nanchang1,511,2460.6%116,40312,983臨沂Linyi1,485,3280.6%179,6438,268連雲港Lianyungang1,449,8470.6%107,49213,488石家莊Shijia

256、zhuang1,285,3000.5%88,13814,583南通Nantong1,256,6140.5%85,42114,711貴陽Guiyang1,090,1580.4%129,7698,401東莞Dongguan859,8140.4%44,69419,238香港Hong Kong594,7690.2%2,697220,529其他Others14,535,1056.0%1,446,12410,051 總計Total247,250,072100.0%14,486,88717,067 房地產開發（續）合同銷售（續）表一：二零二一年合同銷售詳情按城市劃分管理層討論及分析Management Di

257、scussion and Analysis046CIFI HOLDINGS(GROUP)CO.LTD.|ANNUAL REPORT 2021PROPERTY DEVELOPMENT(Continued)Contracted sales(Continued)By type of project 合同銷售金額Contracted sales佔總合同銷售金額百分比%of totalcontractedsales合同銷售建築面積Contracted GFA合同銷售平均售價Contracted ASP（人民幣千元）(RMB000)(%)（平方米）(sq.m.)（人民幣元平方米）(RMB/sq.m.)住宅

258、Residential228,589,61092.5%12,710,35817,985辦公樓商業Office/Commercial18,660,4627.5%1,776,52910,504 總計Total247,250,072100.0%14,486,88717,067 By region 合同銷售金額Contracted sales佔總合同銷售金額百分比%of total contracted sales合同銷售建築面積Contracted GFA合同銷售平均售價Contracted ASP（人民幣千元）(RMB000)(%)（平方米）(sq.m.)（人民幣元平方米）(RMB/sq.m.)長

259、三角Yangtze River Delta115,423,57046.6%5,785,19719,952環渤海Pan Bohai Rim48,861,89619.8%2,869,58917,027中西部Central Western Region55,286,38822.4%4,391,60812,589華南South China Region27,678,21811.2%1,440,49319,214 總計Total247,250,072100.0%14,486,88717,067 房地產開發（續）合同銷售（續）按項目類型劃分按地區劃分管理層討論及分析Management Discussio

260、n and Analysis047二零二一年年報|旭輝控股（集團）有限公司房地產開發（續）合同銷售（續）按一綫、二綫及三綫城市劃分PROPERTY DEVELOPMENT(Continued)Contracted sales(Continued)By first-,second-and third-tier cities 合同銷售金額Contracted sales佔總合同銷售金額百分比%of total contracted sales合同銷售建築面積Contracted GFA合同銷售平均售價Contracted ASP（人民幣千元）(RMB000)(%)（平方米）(sq.m.)（人民幣元

261、平方米）(RMB/sq.m.)一綫城市First-tier cities32,208,96713.0%789,82540,780二綫城市Second-tier cities183,470,09074.2%11,105,02816,521三綫城市Third-tier cities31,571,01512.8%2,592,03412,180 總計Total247,250,072100.0%14,486,88717,067 Notes:1.First-tier cities refer to Beijing,Guangzhou,Hong Kong,Shanghai,Shenzhen and Toky

262、o.2.Second-tier cities refer to Changchun,Changsha,Changzhou,Chengdu,Chongqing,Dalian,Dongguan,Foshan,Fuzhou,Guiyang,Hangzhou,Harbin,Hefei,Jinan,Kunming,Nanchang,Nanjing,Nanning,Nantong,Ningbo,Qingdao,Sanya,Shaoxing,Shenyang,Shijiazhuang,Suzhou,Taiyuan,Tianjin,Urumqi,Wenzhou,Wuhan,Wuxi,Xiamen,Xian,X

263、uzhou,Yinchuan and Zhengzhou.3.Third-tier cities refer to Changde,Fuyang,Huaian,Huizhou,Huzhou,Jiangmen,Jiaxing,Jinhua,Jining,Lianyungang,Linyi,Liuzhou,Luan,Luoyang,Meishan,Putian,Quanzhou,Quzhou,Suqian,Taizhou,Weifang,Wuhu,Xiangtan,Xuancheng,Xuchang,Yantai,Zhangzhou,Zhenjiang,Zhongshan,Zhoushan,Zhu

264、hai,Zhuzhou and Zibo.Revenue recognised from sales of propertiesRevenue recognised from sales of properties in 2021 was approximately RMB99,288.4 million up by 54.4%year-on-year,accounted for 92.1%of total recognised revenue.The Group delivered approximately 6,850,115 sq.m.of properties in GFA in 20

265、21,up by 37.0%year-on-year.The Groups recognised ASP from sales of properties was approximately RMB14,494/sq.m.in 2021,representing an increase of 12.7%from RMB12,864/sq.m.in 2020.The increase in the Groups revenue recognised from sales of properties in 2021 was mainly attributable to the increase i

266、n GFA delivered.附註：1.一綫城市指北京、廣州、香港、上海、深圳及東京。2.二綫城市指長春、長沙、常州、成都、重慶、大連、東莞、佛山、福州、貴陽、杭州、哈爾濱、合肥、濟南、昆明、南昌、南京、南寧、南通、寧波、青島、三亞、紹興、瀋陽、石家莊、蘇州、太原、天津、烏魯木齊、溫州、武漢、無錫、廈門、西安、徐州、銀川及鄭州。3.三綫城市指常德、阜陽、淮安、惠州、湖州、江門、嘉興、金華、濟寧、連雲港、臨沂、柳州、六安、洛陽、眉山、莆田、泉州、衢州、宿遷、台州、濰坊、蕪湖、湘潭、宣城、許昌、煙台、漳州、鎮江、中山、舟山、珠海、株州及淄博。銷售物業已確認收入於二零二一年，銷售物業已確認收入約為

267、人民幣99,288,400,000元，按年增長54.4%，佔已確認收入總額92.1%。本 集 團 於 二 零 二 一 年 交 付 建 築 面 積約6,850,115平方米的物業，按年增長37.0%。於二零二一年，本集團銷售物業的已確認平均售價約為人民幣14,494元平方米，較二零二零年的人民幣12,864元平方米上升12.7%。本集團二零二一年的銷售物業已確認收入增加，主要歸因於已交付建築面積增加。管理層討論及分析Management Discussion and Analysis*少於0.1%048CIFI HOLDINGS(GROUP)CO.LTD.|ANNUAL REPORT 2021房

268、地產開發（續）銷售物業已確認收入（續）表二：二零二一年來自物業銷售的已確認收入明細按城市劃分PROPERTY DEVELOPMENT(Continued)Revenue recognised from sales of properties(Continued)Table 2:Breakdown of recognised revenue from property sales in 2021By city 城市City銷售物業已確認收入Recognised revenue from sale of properties佔銷售物業已確認收入百分比%of recognised revenue f

269、rom sale of properties已交付總建築面積Total GFA delivered已確認平均售價Recognised ASP人民幣千元RMB000%平方米sq.m.人民幣元平方米RMB/sq.m.二零二一年二零二零年二零二一年二零二零年二零二一年二零二零年二零二一年二零二零年2022020220 合肥Hefei8,917,8812,148,9578.93.3622,836165,74714,31812,965杭州Hangzhou8,902,0753,167,0668.94.9398,899182,25422,31717,377武漢Wu

270、han8,221,1967,564,5398.211.8531,082564,86815,48013,392青島Qingdao6,135,4994,198,8536.16.5594,235339,24710,32512,377蘇州Suzhou5,457,6352,931,5715.44.6268,844149,62620,30019,593福州Fuzhou4,846,3341,143,8254.91.8278,54165,91917,39917,352常州Changzhou4,639,5531,477,0114.72.3261,77968,11517,72321,684上海Shanghai4,

271、226,627624,9794.31.0111,22928,71737,99921,763長沙Changsha3,948,4951,437,0554.02.2430,376202,9799,1757,080無錫Wuxi3,863,3201,003,9253.91.6218,41036,93317,68827,182北京Beijing3,762,2031,0923.8*91,5914741,07623,234臨沂Linyi3,672,3374,033,0853.76.3491,582496,6007,4708,121成都Chengdu3,441,5141,530,3323.52.4236,604

272、80,67114,54518,970金華Jinhua3,160,8623.2177,56717,801瀋陽Shenyang2,915,7123,314,3212.95.2233,692260,72212,47712,712濟南Jinan2,225,078797,8932.21.2142,07063,92315,66212,482台州Taizhou1,918,772737,5961.91.2162,49152,49711,80814,050天津Tianjin1,699,789335,3281.70.5143,06126,58011,88212,616南昌Nanchang1,459,6051.51

273、29,74711,250溫州Wenzhou1,357,6342,562,1661.44.086,242223,60715,74211,458重慶Chongqing1,156,7701,763,3051.22.787,053163,93013,28810,756寧波Ningbo1,059,233118,6641.10.293,4447,29011,33516,278舟山Zhoushan1,052,1791.159,51217,680銀川Yinchuan975,6631.0116,1898,397淄博Zibo964,42010,0701.0*97,1581,2879,9267,824漳州Zhang

274、zhou912,3300.958,65515,554大連Dalian854,212284,4880.90.480,25422,15510,64412,841貴陽Guiyang847,769740,2180.91.2110,86975,1037,6479,856昆明Kunming763,558664,5510.81.090,90981,5948,3998,145西安Xian736,2993,993,1050.76.262,956328,63811,69512,150眉山Meishan568,8570.690,4106,292濟寧Jining530,622574,8600.50.948,81164

275、,22810,8718,950徐州Xuzhou490,879956,9140.51.546,52990,69910,55010,550石家莊Shijiazhuang273,875576,0280.30.911,93540,73222,94714,142衢州Quzhou66,7621,876,0820.12.94,989143,52213,38313,072嘉興Jiaxing64,2212,344,9680.13.74,658166,58913,78814,076佛山Foshan63,7321,960,4870.13.06,333180,06710,06310,888濰坊Weifang22,59

276、81,444,818*2.32,326134,8959,71510,711東莞Dongguan1,370,8622.182,08516,701南寧Nanning670,3491.066,81110,034香港Hong Kong1,601,1002.52,450653,510江陰Jiangyin2,244,5803.5159,04814,113其他Others3,112,2982,115,0803.13.2166,247179,67918,72111,771 合計Total99,288,39864,320,123100.0100.06,850,1154,999,85414,49412,864 *

277、Less than 0.1%管理層討論及分析Management Discussion and Analysis049二零二一年年報|旭輝控股（集團）有限公司房地產開發（續）銷售物業已確認收入（續）按項目類型劃分PROPERTY DEVELOPMENT(Continued)Revenue recognised from sales of properties(Continued)By type of project 項目主要規劃用途Primary intended use of the project銷售物業已確認收入Recognised revenue from sale of proper

278、ties佔銷售物業已確認收入百分比%of recognised revenue from sale of properties已交付總建築面積Total GFA delivered已確認平均售價Recognised ASP人民幣千元RMB000%平方米sq.m.人民幣元平方米RMB/sq.m.二零二一年二零二零年二零二一年二零二零年二零二一年二零二零年二零二一年二零二零年2022020220 住宅Residential96,586,92459,634,23297.093.06,675,5534,627,13414,46912,888辦公樓商 業Off

279、ice/Commercial2,701,4744,685,8913.07.0174,562372,72015,47612,572 合計Total99,288,39864,320,123100.0100.06,850,1154,999,85414,49412,864 By region 城市City銷售物業已確認收入Recognised revenue from sale of properties佔銷售物業已確認收入百分比%of recognised revenue from sale of properties已交付總建築面積Total GFA delivered已確認平均售價Recogni

280、sed ASP人民幣千元RMB000%平方米sq.m.人民幣元平方米RMB/sq.m.二零二一年二零二零年二零二一年二零二零年二零二一年二零二零年二零二一年二零二零年2022020220 長三角Yangtze River Delta47,606,58723,008,52047.935.82,656,7531,546,39817,91914,879 環渤海Pan Bohai Rim23,727,02216,391,54023.925.51,954,5631,514,40912,13910,824 中西部Central Western Region22,

281、002,28817,894,97822.227.81,885,2291,516,18111,67111,803 華南South China Region5,952,5017,025,0856.010.9353,570422,86616,83516,613 合計Total99,288,39864,320,123100.0100.06,850,1154,999,85414,49412,864 按地區劃分管理層討論及分析Management Discussion and Analysis050CIFI HOLDINGS(GROUP)CO.LTD.|ANNUAL REPORT 2021房地產開發（續）

282、銷售物業已確認收入（續）按一綫、二綫及三綫城市劃分PROPERTY DEVELOPMENT(Continued)Revenue recognised from sales of properties(Continued)By first-,second-and third-tier cities 城市City銷售物業已確認收入Recognised revenue from sale of properties佔銷售物業已確認收入百分比%of recognised revenue from sale of properties已交付總建築面積Total GFA delivered已確認平均售價R

283、ecognised ASP人民幣千元RMB000%平方米sq.m.人民幣元平方米RMB/sq.m.二零二一年二零二零年二零二一年二零二零年二零二一年二零二零年二零二一年二零二零年2022020220 一綫城市First-tier cities8,165,7112,260,0188.23.5206,92634,40239,46265,694二綫城市Second-tier cities77,837,00948,316,60478.475.15,439,1063,702,15314,31113,051三綫城市Third-tier cities13,285,

284、67813,743,50113.421.41,204,0831,263,29911,03410,879 合計Total99,288,39864,320,123100.00100.006,850,1154,999,85414,49412,864 Completed properties held for saleAs at 31 December 2021,the Group had over 170 completed properties projects with a total and attributable unsold or undelivered GFA of approxima

285、tely 6.7 million sq.m.and 3.6 million sq.m.respectively.Properties under development/held for future developmentAs at 31 December 2021,the Group had over 200 property projects under development or held for future development with a total and attributable GFA of approximately 45.8 million sq.m.and 24

286、.8 million sq.m.respectively.已完成待售物業於二零二一年十二月三十一日，本集團有逾170項已竣工物業項目，未出售或未交付總建築面積及應佔建築面積分別約為6,700,000平方米及3,600,000平方米。開發中持作未來發展的物業於二零二一年十二月三十一日，本集團有200多項開發中或持作未來發展的物業項目，總建築面積及應佔建築面積分別約為45,800,000平方米及24,800,000平方米。管理層討論及分析Management Discussion and Analysis051二零二一年年報|旭輝控股（集團）有限公司PROPERTY INVESTMENTIncom

287、e from investment propertiesThe Groups leases and other service income related to investment properties in 2021 was approximately RMB1,025.8 million,up by 73.7%year-on-year.The leases and other service income related to investment properties in 2021 were mainly contributed by Jiaxing CIFI Square,Sha

288、nghai CIFI Haishang International,Shanghai Yangjing S2/S3 Office Project,Shanghai LCM,Shanghai CIFI Pure Center,Wukesong Arena and Xian CIFI Center,with its growth mainly derived from new rental contribution from Wukesong Arena.Investment propertiesAs at 31 December 2021,the Group had 33 investment

289、properties with a total and attributable GFA of approximately 2,108,100 sq.m and 1,506,700 sq.m.respectively,of which 26 investment properties with a total and attributable GFA of approximately 1,319,300 sq.m and 883,690 sq.m.respectively had commenced leasing.PROPERTY MANAGEMENTThe Groups property

290、management and other services income in 2021 was approximately RMB4,133.6 million,up by 54.9%year-on-year.The increase was primarily due to the increase in the number of properties under management.房地產投資投資物業收入本 集 團 於 二 零 二 一 年 的 投 資 物 業 租金 及 其 他 相 關 服 務 收 入 約 為 人 民 幣1,025,800,000元，按年上升73.7%。二零二一年的投資

291、物業租金及其他相關服務收入主要來自嘉興旭輝廣場、上海旭輝海上國際、上海洋涇S2/S3辦公樓項目、上海LCM置匯旭輝廣場、上海旭輝純真中心、五棵松體育館及西安旭輝中心，有關增長主要來自五棵松體育館的新租金收入。投資物業於二零二一年十二月三十一日，本集團有33項投資物業，總建築面積及應佔建築面積分別約為2,108,100平方米及1,506,700平方米，其中26項投資物業（總建築面積及應佔建築面積分別約為1,319,300平立米及883,690平方米）已開始出租。物業管理於二零二一年，本集團物業管理及其他服務收入約為人民幣4,133,600,000元，按年增加54.9%。有關增加主要由於在管物業數

292、目增加所致。管理層討論及分析Management Discussion and Analysis052CIFI HOLDINGS(GROUP)CO.LTD.|ANNUAL REPORT 2021財務回顧收入於二零二一年，本集團錄得的已確認收入約為人民幣107,834,700,000元，按年增加50.2%。本集團於二零二一年錄得的已確認收入總額當中，(i)物業銷售及其他物業相關服務收入較二零二零年增加49.8%至約人民幣102,675,300,000元；(ii)租金較二零二零年增加66.4%；(iii)物業管理服務及其他服務收入較去年同期增加54.9%；(iv)投資物業相關其他服務收入較二零二零

293、年增加100%。表三：二零二一年已確認收入明細FINANCIAL REVIEWRevenueThe Groups recognised revenue was approximately RMB107,834.7 million in 2021,up 50.2%year-on-year.Out of the Groups total recognised revenue in 2021,(i)sales of property and other property related service income increased by 49.8%from 2020 to approximate

294、ly RMB102,675.3 million;(ii)leases increased by 66.4%from 2020;(iii)property management and other services income increased by 54.9%from the corresponding period of last year;(iv)other service income related to investment properties increased by 100%from 2020.Table 3:Breakdown of recognised revenue

295、in 2021 二零二一年二零二零年20212020已確認收入Recognised revenue佔已確認收入總額的百分比%of Total recognized revenue已確認收入Recognized revenue佔已確認收入總額的百分比%of Total recognized revenue按年變動Year-on-year change人民幣千元RMB000%人民幣千元RMB000%物業銷售及其他物業相關服務收入Sales of properties and other property related service income102,675,33895.268,539,935

296、95.549.8租金Leases982,4910.9590,4490.866.4物業管理服務及其他服務收入Property management and other services income4,133,5953.82,668,2793.754.9投資物業相關其他服務收入Other service income related to investment properties43,3170.1100 總計Total107,834,741100.071,798,663100.050.2 管理層討論及分析Management Discussion and Analysis053二零二一年年報|

297、旭輝控股（集團）有限公司財務回顧（續）銷售成本本集團於二零二一年的報表銷售成本約為人民幣87,037,300,000元，較二零二零年增加54.9%。毛利及毛利率本集團於二零二一年的報表毛利約為人民幣20,797,400,000元，相對二零二零年的人民幣15,609,100,000元增加33.2%。來自對沖安排的匯兌收益或虧損淨額於二零二一年，由於年內人民幣匯率升值的影響，導致本集團產生匯兌收益淨額人民幣790,700,000元，而二零二零年則錄得匯兌收益淨額人民幣858,600,000元。本集團已訂立匯率遠期合約，以對沖其若干以非人民幣計值債務的外匯風險。於二零二一年，本集團因對沖安排錄得衍生

298、金融工具的公平值虧損人民幣26,200,000元（二零二零年：公平值虧損人民幣244,100,000元）。提早贖回優先票據的虧損於二零二一年，本集團因提早贖回優先票據而產生人民幣80,900,000元的虧損，而於二零二零年虧損人民幣42,500,000元。FINANCIAL REVIEW(Continued)Cost of salesThe Groups reported cost of sales in 2021 was approximately RMB87,037.3 million,up 54.9%from 2020.Gross profit and gross profit marg

299、inThe Groups reported gross profit in 2021 was approximately RMB20,797.4 million,up by 33.2%compared to RMB15,609.1 million in 2020.Net exchange gain or loss from hedging arrangementsIn 2021,the Group incurred net exchange gain of RMB790.7 million due to the effects of RMB exchange rate appreciation

300、 during the year,compared to net exchange gain of RMB858.6 million in 2020.The Group had entered into currency forward contracts to hedge certain of its foreign currency exposure in non-RMB denominated indebtedness.In 2021,the Group recorded in a fair value loss on derivative financial instruments o

301、f RMB26.2 million due to hedging arrangements(2020:fair value loss of RMB244.1 million).Loss on early redemption of senior notesIn 2021,the Group realized a loss on early redemption of senior notes of RMB80.9 million,loss of RMB42.5 million was incurred in 2020.管理層討論及分析Management Discussion and Anal

302、ysis054CIFI HOLDINGS(GROUP)CO.LTD.|ANNUAL REPORT 2021財務回顧（續）投資物業公平值變動於二零二一年，本集團確認投資物業公平值收益約人民幣1,308,100,000元，而二零二零年投資物業公平值收益則約為人民幣940,600,000元。營銷及市場推廣開支本集團營銷及市場推廣開支由二零二零年約人民幣2,067,400,000元增加14.5%至二零二一年約人民幣2,366,900,000元，此增長與本集團於二零二一年推出大量新物業項目以供預售一致。年內，本集團維持其營銷開支於合適水平。行政及其他開支本集團行政開支由二零二零年約人民幣2,946,40

303、0,000元增加27.9%至二零二一年約人民幣3,767,100,000元。年內，由於實施嚴格成本控制以及人均效率提高，本集團的行政開支維持於合理水平。應佔合營企業及聯營公司業績於二零二一年，本集團應佔合營企業及聯營公司業績達利潤人民幣758,800,000元，而於二零二零年則達利潤人民幣2,128,000,000元。於二零二一年的應佔合營企業及聯營公司業績當中，應佔投資物業的公平值收益為人民幣45,000,000元（二零二零年：人民幣40,100,000元）。撇除公平值收益的影響，本集團應佔合營企業及聯營公司業績於二零二一年達利潤人民幣713,800,000元，而於二零二零年則為人民幣2,0

304、87,900,000元。FINANCIAL REVIEW(Continued)Change in fair value of investment propertiesIn 2021,the Group recognised a fair value gain on investment properties of approximately RMB1,308.1 million as compared to a fair value gain on investment properties in 2020 of approximately RMB940.6 million.Selling

305、and marketing expensesThe Groups selling and marketing expenses increased by 14.5%to approximately RMB2,366.9 million in 2021 from approximately RMB2,067.4 million in 2020.This increase was in line with the Groups massive new launches of property projects available for pre-sale in 2021.During the ye

306、ar,the Group kept its selling expenses at an appropriate level.Administrative and other expensesThe Groups administrative expenses increased by 27.9%to approximately RMB3,767.1 million in 2021 from approximately RMB2,946.4 million in 2020.During the year,the Groups administrative expenses were kept

307、at a reasonable level due to implementation of stringent cost control and improvement in per capita efficiency.Share of results of joint ventures and associatesThe Groups share of results of joint ventures and associates amounted to profits of RMB758.8 million in 2021,versus profits of RMB2,128.0 mi

308、llion in 2020.Included in the share of results of joint ventures and associated companies in 2021 were RMB45.0 million share of gain in the fair value of investment properties(2020:RMB40.1 million).Eliminating the effects of fair value gains,the Groups share of results of joint ventures and associat

309、ed companies were profits of RMB713.8 million in 2021,compared to RMB2,087.9 million in 2020.管理層討論及分析Management Discussion and Analysis055二零二一年年報|旭輝控股（集團）有限公司財務回顧（續）融資成本本集團於二零二一年的支銷融資成本約為人民幣578,700,000元，而於二零二零年則為人民幣667,400,000元。支銷融資成本的變動主要由於年內產生融資成本總額（扣除開發中物業的資本化部分）出現變動所致。本集團支銷及資本化的融資成本總額由二零二零年的人民幣6

310、,535,700,000元下降2.4%至二零二一年約人民幣6,380,100,000元。支銷及資本化融資成本總額減少乃由於本集團加權平均債務成本下降。於二零二一年十二月三十一日，本集團總債務為人民幣1,141億元，而於二零二零年十二月三十一日則為人民幣1,047億元。本集團於二零二一年十二月三十一日的債務加權平均成本為5.0%，而於二零二零年十二月三十一日則為5.4%。所得稅開支本集團所得稅開支由二零二零年約人民幣4,274,200,000元增加38.0%至二零二一年約人民幣5,900,400,000元。本集團所得稅開支包括年內就企業所得稅及土地增值稅（土地增值稅）減遞延稅項所作出的付款及撥備

311、。本集團實際所得稅率由二零二零年的26.4%上升至二零二一年的32.4%。於二零二一年，本集團作出土地增值稅撥備約人民幣1,091,000,000元，而於二零二零年則約為人民幣1,836,300,000元。於二零二一年，本集團作出實際土地增值稅款項約人民幣3,466,700,000元，而於二零二零年則約為人民幣2,316,600,000元。於二零二一年十二月三十一日，本集團累計未付土地增值稅撥備約為人民幣2,429,100,000元。FINANCIAL REVIEW(Continued)Finance costsThe Groups finance costs expensed in 2021

312、 was approximately RMB578.7 million,versus RMB667.4 million in 2020.The change in finance costs expensed was primarily attributable to the change in the total finance costs incurred,net of the portion being capitalised in properties under development during the year.The Groups total finance costs ex

313、pensed and capitalised decreased by 2.4%to approximately RMB6,380.1 million in 2021 from RMB6,535.7 million in 2020.The decrease in total finance costs expensed and capitalised was due to the decrease of the Groups weighted average costs of indebtedness.The Groups total indebtedness was RMB114.1 bil

314、lion as at 31 December 2021,compared to RMB104.7 billion as at 31 December 2020.The Groups weighted average cost of indebtedness as at 31 December 2021 was 5.0%,compared to 5.4%as at 31 December 2020.Income tax expensesThe Groups income tax expenses increased by 38.0%to approximately RMB5,900.4 mill

315、ion in 2021 from approximately RMB4,274.2 million in 2020.The Groups income tax expense included payments and provisions made for enterprise income tax and land appreciation tax(“LAT”)less deferred taxation during the year.The Groups effective income tax rate increased to 32.4%in 2021 from 26.4%in 2

316、020.The Group made LAT provisions of approximately RMB1,091.0 million in 2021 versus approximately RMB1,836.3 million in 2020.The Group made actual LAT payments of approximately RMB3,466.7 million in 2021 versus approximately RMB2,316.6 million in 2020.As at 31 December 2021,the Group had accumulate

317、d unpaid LAT provisions of approximately RMB2,429.1 million.管理層討論及分析Management Discussion and Analysis056CIFI HOLDINGS(GROUP)CO.LTD.|ANNUAL REPORT 2021財務回顧（續）年內利潤基於上述因素，本集團除稅前利潤由二 零 二 零 年 約 人 民 幣 16,169,800,000元增加12.7%至二零二一年約人民幣18,227,600,000元。本集團年內利潤由二 零 二 零 年 約 人 民 幣 11,895,500,000元 增 加 3.6%至 二 零

318、二 一 年 約 人 民 幣12,327,200,000 元。本 集 團 的 股 東 權益應佔淨利潤由二零二零年約人民幣8,031,900,000元減少5.2%至二零二一年約人民幣7,612,900,000元。本集團股東權益應佔核心淨利潤由二零二零年約人民幣8,026,000,000元下降9.2%至二零二一年約人民幣7,283,900,000元。於二零二一年，本集團核心淨利潤率為6.8%，而二零二零年則為11.2%。於合營企業及聯營公司的權益及應收合營企業及聯營公司款項於二零二一年十二月三十一日，本集團於合營企業及聯營公司的權益分別為 人 民 幣 15,966,200,000 元 及 人 民 幣

319、18,477,500,000元，而二零二零年十二月三十一日則分別為人民幣17,825,600,000元 及 人 民 幣 16,861,900,000 元。於 二零二一年十二月三十一日，本集團應收合營企業及聯營公司款項為人民幣36,381,100,000元，而二零二零年十二月三十一日則為人民幣57,515,400,000元。FINANCIAL REVIEW(Continued)Profit for the yearAs a result of the factors described above,the Groups profit before taxation increased by 12

320、.7%to approximately RMB18,227.6 million in 2021 from approximately RMB16,169.8 million in 2020.The Groups profit for the year increased by 3.6%to approximately RMB12,327.2 million in 2021 from approximately RMB11,895.5 million in 2020.The Groups net profit attributable to equity owners decreased by

321、5.2%to approximately RMB7,612.9 million in 2021 from approximately RMB8,031.9 million in 2020.The Groups core net profit attributable to equity owners decreased by 9.2%to approximately RMB7,283.9 million in 2021 from approximately RMB8,026.0 million in 2020.The Groups core net profit margin was 6.8%

322、in 2021,compared to 11.2%in 2020.Interests in and amount due from joint ventures and associatesThe Group recorded interests in joint ventures of RMB15,966.2 million and interests in associates of RMB18,447.5 million as at 31 December 2021,versus RMB17,825.6 million and RMB16,861.9 million respective

323、ly as at 31 December 2020.The Group recorded amount due from joint ventures and associates of RMB36,381.1 million as at 31 December 2021,versus RMB57,515.4 million as at 31 December 2020.管理層討論及分析Management Discussion and Analysis057二零二一年年報|旭輝控股（集團）有限公司FINANCIAL REVIEW(Continued)Interests in and amou

324、nt due from joint ventures and associates(Continued)The interests in joint ventures and associates,and the amount due from joint ventures and associates are related to the holding of interest of the Group in relevant joint venture entities formed with joint venture partners and engaged in single pur

325、pose property projects developed for sale which is of revenue nature in the ordinary and usual course of business of the Group.The amount due from joint ventures and associates represented the shareholders loans contributed by the Group in the capacity of the partners of the relevant joint venture i

326、ncidental to the development of the aforesaid single purpose property project,including payment of the land premium and construction cost of the project.The increase in the interests in joint ventures and associates,and the amount due from joint ventures and associates was attributable to adopting p

327、rudent land acquisition strategies,and continuing to co-operate and co-develop implemented by way of diversifying the land bank in different geographical regions in the PRC through forming joint venture entities with local partners for single purpose property project developments in such regions so

328、as to achieve a nationwide operating coverage and a strong presence in major first-second-and third-tier cities in the PRC.Details of new land acquired in 2021 and increase in attributable land bank through joint ventures and associates of the Group are set out in paragraph headed“Land Bank Land acq

329、uisition”of this Management Discussion and Analysis section.Properties under development for saleThe Group recorded properties under development for sale of RMB167,611.4 million as at 31 December 2021,versus RMB129,018.2 million as at 31 December 2020.Such increase was due to the land-bank expansion

330、 in 2021 mentioned in the aforesaid paragraph.Deferred taxation assetsThe Group recorded deferred taxation assets of RMB2,201.9 million as at 31 December 2021,versus RMB2,195.7 million as at 31 December 2020.Such increase was due to increase in prepaid LAT made by the Group in 2021 in correspondence

331、 with the growth in contracted sales of the Group.Details of increase in contracted sales are set out in paragraph headed“Property Development Contracted sales”of this Management Discussion and Analysis section.財務回顧（續）於合營企業及聯營公司的權益及應收合營企業及聯營公司款項（續）於合營企業及聯營公司的權益以及應收合營企業及聯營公司款項與本集團於相關合營企業實體所持有的權益有關，而該

332、實體由本公司與合營企業夥伴成立，從事單一目的擬作出售的開發中物業項目，其屬收入性質，並於本集團一般及日常業務過程中進行。應收合營企業及聯營公司款項指本集團以相關合營企業夥伴的身份所出資的股東貸款（開發上述單一目的物業項目所附帶），包括支付土地出讓金及項目建設成本。於合營企業及聯營公司的權益以及應收合營企業及聯營公司款項增加，是由於本集團採取審慎的拿地策略，持續合作開發，透過就單一目的物業項目開發與地區夥伴於相關地區成立合營企業實體，從而於中國不同地區多元化土地儲備，以將營運覆蓋至全國，並於中國主要一、二及三綫城市搶佔據點。有關於二零二一年所收購的新土地以及透過本集團合營企業及聯營公司的應佔土地

333、儲備增加詳情，載於本管理層討論及分析一節 土地儲備土地收購 一段。擬作出售的開發中物業於二零二一年十二月三十一日，本集團 擬 作 出 售 的 開 發 中 物 業 為 人 民 幣167,611,400,000元，而於二零二零年十二月三十一日則為人民幣129,018,200,000元。有關增加是因為前段所述於二零二一年的土地儲備擴張所致。遞延稅項資產於二零二一年十二月三十一日，本集團的遞延稅項資產為人民幣2,201,900,000元，而二零二零年十二月三十一日則為人民幣2,195,700,000元。有關增加是由於因應本集團的合約銷售增長而於二零二一年的預付土地增值稅增加所致。有關合約銷售增加的詳情載於本管理層討論及分析一節 房地產開發合同銷售一段。管理層討論及分析Management Discussion and Analysis058CIFI HOLDINGS(GROUP)CO.LTD.|A