【导读】长春高新业绩下滑 大家好，简单关注一则上市公司业绩爆雷，以及21日即将公布最新LPR报价的消息。 长春高新业绩下滑 年报显示，长春高新2024年营业收入为134.7亿元，同比下降7.6%；归母净利润为25.83亿元，同比下降43%。 4月20日晚间，上市公司长春高新（000661）发布2024年年报以及2025年一季度财报，登上了雪球热搜第一。 | 全球 沪深 | 港股 美股 | | | --- | --- | --- | | 1小时内最热 | 24小时内最热 | | | ー 长春高新 | | -1.45% | | 2 赛力斯 | | -0.11% | | 塞武纪-U ന | | -1.10% | | ব 慧翰股份 | | +19.23% | | 5 红宝丽 | | +9.96% | | 6 中际旭创 | | +1.97% | | 7 佐力药业 | | -1.38% | | 8 贵州茅台 | | -0.26% | | | 2024 年 | 2023 年 | 本年比上年增减 | 2022 年 | | --- | --- | --- | --- | --- | | 营业收入(元) | 13, 465, 6 ...

連繫社區 共建未來 2024年報 股份代號：66 連繫社區 共建未來 歡迎閱讀香港鐵路有限公司2024年報。 本年報回顧公司於服務香港四十五周年 的重大成果和活動，同時展望香港鐵路 基建的未來發展。 自1979年以來，港鐵一直堅定不移，致力 實踐「推動城市前行」的使命，為來自 社會不同階層的乘客提供安全、便捷、 環保的鐵路運輸。我們現正揭開鐵路 基建一個振奮人心的新篇章，將見證多個 重要的新項目陸續落成，為各地社區建立 更緊密的連繫，並使本港與大灣區不斷 增長的人口加強融合。透過本年報，大家 可以一窺未來的有關發展，以及港鐵為 實現這些關鍵項目所作出的投資。 我們亦誠邀讀者參閱港鐵的《2024 年 可持續發展報告》，以加深了解我們全面 的可持續發展工作。該報告詳述港鐵 如何致力實踐嚴謹的環境、社會及管治 目標，令機構發展更趨完善，並推動所 服務的社區不斷邁進。 拓展中國內地及國際業務的 新樞紐及新產品，保持穩定增長 投資新技術及出行服務， 以鞏固我們的核心業務， 以實現長期增長 2024年報 2024年可持續 發展報告 我們的使命 推動城市前行 我們的長遠目標 我們用關懷備至、創新及 可持續的服務，連繫及 建 ...

Core Viewpoint - MTR Corporation (00066) successfully issued a total of $3 billion in three tranches of US dollar bonds, achieving an oversubscription of over 4.6 times, indicating strong investor demand and market confidence [1] Group 1: Bond Issuance Details - The bond issuance included three tranches: a 5-year tranche of $500 million with a final pricing of T+40 basis points and a coupon rate of 4.375% [1] - A 10-year tranche of $1 billion was priced at T+58 basis points with a coupon rate of 4.875% [1] - The 30-year tranche, the largest at $1.5 billion, was priced at T+70 basis points with a coupon rate of 5.25% [1] Group 2: Market Context and Implications - The issuance set records as the largest US dollar bond issuance by a Hong Kong issuer under the S rule, and the 30-year tranche is the largest of its kind in Asia [1] - The overall sentiment in the Asian bond market is positive, with ample liquidity and credit spreads remaining at historical lows, leading to a significant increase in bond issuance compared to previous years [1] - The successful transaction is expected to set a new benchmark for Hong Kong and Asian issuers in the bond market [1]

Investment Rating - The investment rating for the company is "Buy" [8] Core Views - The company reported a net profit of HKD 15.8 billion for 2024, exceeding expectations due to higher-than-expected property development profits [1] - The property development profit reached HKD 10.3 billion in 2024, a significant increase of 393% year-on-year, driven by the accelerated recognition of project profits [2] - The company is expected to enter a peak period for residential handovers in 2025-2026, with a substantial number of projects awaiting recognition [2] - The company plans to upgrade existing railway facilities and construct new rail lines, with capital expenditures projected to reach HKD 90.8 billion from 2025 to 2027 [1] - The company maintains a net debt ratio of 32% as of the end of 2024, which supports a progressive dividend policy [1] Summary by Sections Financial Performance - The company's revenue for 2024 was HKD 60 billion, a year-on-year increase of 5.3% [1] - The recurring business profit was HKD 7.2 billion, up 68% year-on-year, aligning with expectations [1] - The proposed dividend for 2024 is HKD 1.31, maintaining the same level as the previous year, resulting in a dividend yield of 5.0% [1] Property Development - The company is expected to benefit from a large number of projects awaiting recognition in 2025-2026, particularly those located along the metro lines, which are more attractive compared to competitors [2] - The short-term outlook for the Hong Kong property market remains weak, but the company’s projects are expected to provide stable profitability due to their "minimum guarantee + profit sharing" model [2] Retail and Rental Market - The EBIT for Hong Kong station business decreased by 0.5% to HKD 3.773 billion in 2024, impacted by a 9.8% decline in new rental rates despite the recovery of duty-free shops [3] - The EBIT for Hong Kong property leasing and management increased by 4.3% to HKD 4.169 billion, mainly due to contributions from two newly opened shopping malls, although new rental rates still fell by 8.9% [3] International Operations - The EBIT for Hong Kong railway operations improved significantly, moving from a loss of HKD 1.111 billion in 2023 to near breakeven, driven by increased cross-border passenger flow [4] - Revenue from cross-border services, high-speed rail, and airport express services grew by 62%, 33%, and 21% year-on-year, respectively [4] Profit Forecast and Valuation - The forecast for net profit attributable to shareholders for 2025 and 2026 has been adjusted downwards by 10% and 11% to HKD 20.3 billion and HKD 21.2 billion, respectively [5] - The target price has been adjusted to HKD 29.5, reflecting a 20% discount to account for the diversified business valuation [5][13]

Financial Performance - Total revenue for the year ended December 31, 2024, was HKD 60,011 million, representing a 5.3% increase from HKD 56,982 million in 2023[3] - Regular business profit surged by 68.4% to HKD 7,210 million, up from HKD 4,281 million in the previous year[3] - Net profit attributable to shareholders was HKD 15,772 million, reflecting a 102.6% increase from HKD 7,784 million in 2023[3] - The company's profit for the year ended December 31, 2024, was HKD 16,067 million, a significant increase of 99% compared to HKD 8,088 million in 2023[13] - Total comprehensive income for the year was HKD 15,552 million, up from HKD 6,958 million in the previous year, representing a growth of 123%[13] - The adjusted profit attributable to shareholders for the year was HKD 15,772 million, compared to HKD 7,784 million in 2023, representing a growth of 102%[18] - Basic earnings per share for the year ending December 31, 2024, is HKD 2.81, up from HKD 1.03 in 2023, reflecting a significant increase in profit attributable to shareholders of HKD 15.772 billion[30] - Diluted earnings per share also stands at HKD 2.81 for the year ending December 31, 2024, based on a profit of HKD 17.475 billion from core operations[30] Property Development - Property development profit reached HKD 10,265 million, a significant increase of 392.8% compared to HKD 2,083 million in 2023[3] - The profit from property development in Hong Kong was HKD 10,235 million for 2024, compared to HKD 2,035 million in 2023, indicating a growth of 404%[19] - The company reported a significant increase in revenue from property development, with HKD 12,185 million before tax in 2024, up from HKD 2,329 million in 2023[19] - The company plans to recognize property development profits from various projects, including the second phase of Ho Man Tin Station and the third phase of South Island Line[8] - The first phase of the East Tung Chung Station property development project was approved in December 2024[6] Dividends - The company proposed a final dividend of HKD 0.89 per share, maintaining the total dividend for the year at HKD 1.31 per share, unchanged from 2023[3] - The company declared an interim dividend of HKD 0.42 per share for the year 2024, consistent with the previous year[27] - The board proposed a final ordinary dividend of HKD 0.89 per share, maintaining the total annual dividend at HKD 1.31 per share, consistent with 2023[72] Revenue Sources - Hong Kong railway operations revenue increased to HKD 23,013 million from HKD 20,131 million, while station commercial revenue rose to HKD 5,343 million from HKD 5,117 million[8] - The profit contribution from Hong Kong passenger services was HKD 3.710 billion for 2024, up from HKD 2.681 billion in 2023[32] - Total revenue from Hong Kong operations increased by 14.3% to HKD 23.013 billion, with EBITDA rising by 29.2% to HKD 7.694 billion[77] - The company reported a substantial increase in cross-border service revenue by 61.5% to HKD 3.562 billion, reflecting a recovery in operations[78] Financial Position - The net assets increased to HKD 186,133 million in 2024 from HKD 178,856 million in 2023, reflecting a rise of 4%[15] - The total equity attributable to shareholders increased to HKD 185,625 million in 2024 from HKD 178,344 million in 2023, a growth of 4%[15] - The company’s total assets reached HKD 367,499 million in 2024, compared to HKD 346,426 million in 2023, reflecting an increase of 6%[15] - The company’s liabilities decreased from HKD 181,366 million in 2023 to HKD 167,570 million in 2024, a reduction of 8%[15] Taxation - The current tax expense for Hong Kong profits tax for the year ended December 31, 2024, was HKD 2.086 billion, significantly higher than HKD 610 million in 2023[23] - The total deferred tax expense for the year ended December 31, 2024, was HKD 983 million, compared to HKD 588 million in 2023[23] - The total tax amount related to the initial payment and assumed liabilities from the merger of the two railways from 2007 to 2025 is HKD 5.8 billion, with HKD 2 billion recognized as tax provision as of December 31, 2024[24] Operational Highlights - Total passenger numbers for local railway services increased to 1,601.7 million in 2024 from 1,586.7 million in 2023, representing a growth of 0.9%[63] - The average daily passenger numbers for cross-border services rose to 268.8 thousand in 2024, compared to 195.9 thousand in 2023, marking an increase of 37.1%[63] - The punctuality rate for heavy rail services reached 99.9%, exceeding operational targets and demonstrating high service reliability[83] - The number of reportable incidents for heavy and light rail networks decreased by 25% and 6% respectively, indicating improved safety performance[84] Strategic Initiatives - The company is focused on prudent financial management, optimizing capital arrangements, and maintaining a strong balance sheet to support new railway construction[8] - The company plans to continue supporting government infrastructure projects, including the construction of new railway lines, with significant capital expenditures anticipated for these developments[73] - The company aims to expand its railway network into densely populated areas of Hong Kong, aligning with government planning and infrastructure development strategies[74] Challenges and Provisions - The company has not made any provisions in its financial statements for potential liabilities related to further overruns as of December 31, 2024[43] - The company continues to negotiate with the Hong Kong government regarding the payment responsibilities for the Hung Hom incident costs[50] - The company has not accounted for any potential claims from other parties related to the Hung Hom incident in the provisions[51] Sustainability and Governance - The company raised HKD 7.4 billion under its sustainable financing framework, including the issuance of offshore RMB green bonds worth RMB 4.5 billion, demonstrating a commitment to sustainable development[138] - The company established 43 key performance indicators to measure progress towards environmental and social goals, achieving or on track to achieve all targets during the year[137] - The company completed the installation of solar photovoltaic systems at three locations, generating more renewable energy[138]

Financial Performance - Total revenue reached HKD 29.3 billion, an increase of 6.2% compared to the previous period[2] - Regular business profit amounted to HKD 4.0 billion, reflecting a significant growth of 66.3%[2] - Net profit attributable to shareholders was HKD 6.0 billion, representing a growth of 44.7%[2] - In the first half of 2024, the company reported a profit attributable to shareholders of HKD 4.024 billion, an increase of 82.9% compared to the same period in 2023[16] - The company achieved a net profit of HKD 6.044 billion, which represents a year-on-year increase of 44.7%, equivalent to earnings per share of HKD 0.97[16] - The profit from Hong Kong passenger services rose significantly by 125.8% to HKD 2,312 million, up from HKD 1,024 million[79] - The company reported a profit attributable to shareholders of HKD 6.044 billion for the six months ended June 30, 2024, compared to HKD 4.178 billion for the same period in 2023, representing a year-over-year increase of 44.7%[160] Property Development - Property development profit surged to HKD 1.7 billion, marking a remarkable increase of 137.7%[2] - The profit from property development (after tax) in Hong Kong was HKD 1,722 million, a 141.9% increase from HKD 712 million[79] - The company is actively developing 14 residential property projects, expected to provide approximately 12,000 units to the Hong Kong housing market in the coming years[22] - The total floor area for upcoming property development projects is 826,000 square meters for residential, 30,000 square meters for commercial, and 4,500 square meters for kindergartens, with completion expected between 2030 and 2042[47] - The company recorded a post-tax profit of HKD 1.722 billion from property development in the first half of 2024, mainly from several ongoing projects[45] Operational Efficiency - The company continues to enhance its asset management and operational efficiency to increase shareholder value and ensure sustainable development[14] - The company achieved a train punctuality rate of 99.9% during the first half of the year, maintaining world-class operational standards[22] - The introduction of a cloud-based AI platform for train scheduling aims to optimize train mileage adjustments and planning[22] - The company is enhancing customer experience by increasing train services on the East Rail Line by 76 additional services on weekends and public holidays[36] Environmental and Social Governance (ESG) - The company has set 43 key performance indicators related to environmental, social, and governance (ESG) for 2024[17] - The company has installed solar photovoltaic systems at Kwun Tong Station, Tuen Mun Depot, and Tai Wai Depot, contributing to its goal of reducing carbon emissions[18] - The company has launched the "EmpowerZ" training pilot program for multi-ethnic and disabled individuals in the first half of 2024[19] - The company has initiated the "Train Outshine Every Journey 2.0 Program," focusing on social innovation and equipping youth with future skills[20] Infrastructure Development - The company is actively preparing multiple new railway projects to support Hong Kong's future development, including the construction of Hung Shui Kiu Station, which was approved in March 2024[15] - The company is advancing multiple new railway infrastructure projects to strengthen connectivity within Hong Kong and with the Greater Bay Area[23] - The East Rail Line extension project is expected to be completed by 2029, enhancing transportation links in the North Lantau area[51] - The Tuen Mun South Extension project is anticipated to be completed by 2030, extending the Tuen Mun Line approximately 2.4 kilometers[51] Financial Position - Total assets increased to HKD 361.0 billion, a rise of 4.2% compared to December 31, 2023[2] - Net asset value stood at HKD 179.0 billion, showing a slight increase of 0.1%[2] - The net debt-to-equity ratio improved to 27.5%, a decrease of 1.0 percentage point from December 31, 2023[2] - Operating cash flow for the six months ended June 30, 2024, was HKD 8.179 billion, compared to HKD 3.870 billion for the same period in 2023, driven by increased recurring business profits and reduced tax payments[95] Shareholder Returns - The interim dividend remained stable at HKD 0.42 per share, unchanged from the interim dividend in 2023[2] - The company declared an interim dividend of HKD 0.42 per share, consistent with the first half of 2023[26] - The company aims to achieve a female board member ratio of 25% by 2025, currently exceeding 20% with four female members, representing over 22% of the board[104] Market and Competition - The company is actively pursuing new opportunities in mainland China and international markets, with the Melbourne urban railway network franchise extended to November 2027 and the Sydney Metro city and southwest line nearing completion[25] - The company announced a fare adjustment of +3.09% for the 2024/2025 fiscal year, in line with affordability guidelines[22] - The company is competing for the next round of the Elizabeth Line franchise in the UK[15] Challenges and Risks - The company reported a loss of HKD 132 million from its railway, property leasing, and property management subsidiaries in mainland China and Macau in the first half of 2024[58] - The company plans to exit the Beijing "Ginza Mall" business by May 2024 due to challenges in the retail property market in mainland China[62] - The company has faced challenges such as archaeological discoveries and delays in site handover, impacting the project timeline and costs[177]

Financial Performance - Total revenue for the six months ended June 30, 2024, was HKD 29,271 million, representing a 6.2% increase from HKD 27,574 million in the same period of 2023[3] - Regular business profit increased by 66.3% to HKD 4,024 million, up from HKD 2,420 million year-on-year[3] - The company reported a net profit attributable to shareholders of HKD 6,044 million, a 44.7% increase from HKD 4,178 million in the previous year[3] - Basic earnings per share increased to HKD 0.97, up from HKD 0.67 year-on-year[9] - The profit for the six months ended June 30, 2024, was HKD 6,144 million, an increase of 41.2% compared to HKD 4,353 million for the same period in 2023[10] - Total comprehensive income for the period was HKD 5,755 million, up 60.5% from HKD 3,586 million in the previous year[10] - The profit attributable to shareholders for the six months ended June 30, 2024, was HKD 5,662 million, compared to HKD 3,415 million in 2023, representing a 66.0% increase[10] - The profit from property development in Hong Kong for the six months ended June 30, 2024, was HKD 1,722 million, a significant increase from HKD 712 million in the same period of 2023[15] - The company reported a pre-tax profit from Hong Kong property development of HKD 2,024 million for the six months ended June 30, 2024, compared to HKD 783 million in 2023[15] - The company reported a profit attributable to shareholders from core operations of HKD 5,764 million, up from HKD 3,152 million, indicating an increase of 83%[50] Property Development - Property development profit reached HKD 1,740 million, a significant increase of 137.7% compared to HKD 732 million in the previous year[3] - The Hong Kong property development profit was primarily driven by projects such as "Jinhuan" and "Yanghai"[4] - The company anticipates property development profits from several projects in the second half of 2024, depending on construction and sales progress[6] - The profit attributable to shareholders from property development was HKD 1.74 billion for the six months ending June 30, 2024, compared to HKD 0.732 billion in 2023, indicating a significant increase[26] - The property development segment recorded a post-tax profit of HKD 1.722 billion in the first half of 2024, primarily from projects "Jinhuan," "Yanghai," and "Kaibofeng"[75] - As of June 30, 2024, the company had 14 residential property development projects in progress, expected to provide approximately 12,000 units to the Hong Kong housing market[52] Dividends - The company declared an interim dividend of HKD 0.42 per share[3] - The interim ordinary dividend declared per share for the six months ended June 30, 2024, was HKD 0.42, consistent with the dividend declared for the same period in 2023[22] - The company declared an interim dividend of HKD 0.42 per share for the six months ending June 30, 2024, with the aim of maintaining or gradually increasing the dividend each year[23] Assets and Liabilities - The company's cash and bank balances increased to HKD 31,266 million as of June 30, 2024, from HKD 22,375 million at the end of 2023, reflecting a growth of 39.8%[11] - The total assets of the company as of June 30, 2024, were HKD 361,017 million, compared to HKD 346,426 million at the end of 2023, indicating a 4.2% increase[11] - The company's liabilities decreased slightly to HKD 182,064 million as of June 30, 2024, from HKD 167,570 million at the end of 2023[11] - Total liabilities rose by 8.6% to HKD 182.064 billion, mainly due to net loan withdrawals and the provision for the 2023 final dividend[120] Taxation - The current tax provision for Hong Kong profits tax for the six months ended June 30, 2024, was HKD 851 million, compared to HKD 525 million for the same period in 2023, representing a 62% increase[18] - Income tax expense increased by HKD 237 million or 41.7% to HKD 806 million, primarily due to the rise in regular business profit[113] Operational Highlights - The company is actively pursuing new railway infrastructure projects to enhance connectivity and service reliability in Hong Kong[51] - The company is currently reviewing the concerns raised by the Hong Kong government regarding its performance obligations under the commissioning agreement[30] - The company is exploring opportunities to develop additional data centers while continuing to operate its data center business in Tseung Kwan O[70] - The company is committed to communicating with the Hong Kong government after completing its review of the raised concerns[30] Challenges and Risks - The company is facing challenges from macroeconomic uncertainties and geopolitical risks, necessitating prudent financial management and innovative operational strategies[51] - The company has acknowledged the need for professional project management skills and oversight, which were found lacking in the investigation report[39] Environmental and Social Governance - The company has set 43 key performance indicators related to environmental, social, and governance (ESG) standards for 2024, focusing on reducing greenhouse gas emissions and promoting social inclusion[100] - The first electric bus was put into service in June 2024, with plans to purchase 35 more to upgrade the fleet and reduce carbon emissions[101] Revenue from Operations - Total revenue for Hong Kong's railway operations reached HKD 11.138 billion for the six months ended June 30, 2024, representing a 19.2% increase compared to HKD 9.342 billion in the same period last year[59] - Revenue from the Hong Kong passenger service segment was HKD 13.78 billion for the six months ending June 30, 2024, compared to HKD 11.76 billion in 2023, marking an increase of 17.2%[26] - Total revenue from station business activities increased by 9.2% year-on-year to HKD 2.638 billion for the first half of 2024[69] Future Projects - The East Rail Line extension project is expected to be completed by 2029, enhancing transportation links in the North Lantau area[78] - The Tuen Mun South Extension project is projected to be completed by 2030, extending the Tuen Ma Line by approximately 2.4 kilometers[79] - The company is also working on the construction of the Siu Ho Wan Station, expected to be completed by 2030, to improve transportation links in North Lantau[81]

Investment Rating - The investment rating for MTR Corporation has been downgraded to NEUTRAL [2][3]. Core Insights - MTR Corporation's total revenue for FY23 increased by 19% year-on-year, while attributable profit to major shareholders decreased by 21%. Core profit, which includes property development but excludes fair value changes, fell by 40% year-on-year. The final dividend was maintained at HK$0.89, resulting in a full-year dividend of HK$1.31, which corresponds to a 5% yield based on the last closing price. The current stock price is believed to reflect potential future profit growth, leading to the revision of the target price to HK$28.60 and the downgrade to NEUTRAL [3][8]. Revenue and Profit Analysis - Revenue from Hong Kong transport operations rose significantly by 50% to HK$20.13 billion, while revenue from station commercial businesses increased by 66% to HK$5.12 billion. Revenue from property rental and management businesses in Hong Kong grew by 6% to HK$5.08 billion. However, revenue from Mainland China and international railway operations remained stable at HK$25.96 billion [6][7]. - The overall market share of MTR in the Hong Kong public transport market increased from 48% to 50% in FY23, with local railway passenger volume rising by 19% to 1.58 billion trips [3][6]. Future Capital Expenditure and Leverage - MTR Corporation anticipates significant capital expenditures in the coming years, with projected capital expenditures of HK$26.1 billion, HK$31.5 billion, and HK$30.3 billion for FY24, FY25, and FY26, respectively. This is expected to increase the company's leverage, with the net debt-to-equity ratio rising by 3 percentage points to 26.5% in FY23 [3][5][6]. Financial Projections - Revenue is expected to grow by 4-5% annually from FY24 to FY26, while core net profit is projected to increase by 22%, 46%, and 2% in the same period. The updated NAV per share is estimated at HK$40.80, with a target price of HK$28.60 reflecting a 30% discount due to anticipated increases in leverage [3][4][6].

Core Viewpoint - The report from Jefferies maintains a "Hold" rating for MTR Corporation (00066) with a target price of HKD 23.5, highlighting investor interest in the recovery of Hong Kong's transportation business and the positive outlook due to recent government measures in the property market [1] Group 1: Transportation Business Recovery - Local transportation service passenger volume is on the rise, with traffic reaching 95% and 100% of 2019 levels in January and February respectively [1] - High-speed rail services are showing strong momentum due to increased cross-border travel, while the Airport Express is recovering more slowly, likely due to Hong Kong's later reopening compared to other regions [1] - Management believes that further recovery in transportation volume is crucial for achieving positive EBIT, with expectations that cost inflation will be manageable and some costs may be offset by fare increases [1] Group 2: Development Projects and Dividend Policy - MTR's development projects are considered more defensive compared to other Hong Kong property developers, with a diverse project pipeline and various site selections helping to mitigate risks [1] - The sentiment in the property market may affect developers' willingness to acquire land, with only one new land parcel in Tung Chung East expected to be launched in the next 12 months [1] - MTR has a steady dividend growth policy, with no specific targets for dividend yield or payout ratio, but considers a yield of around 5% to be reasonable given the differing risk profiles compared to other developers [1]

Passenger Volume and Service Performance - Total passenger volume exceeded 1.8 billion人次[7] - Punctuality rate of heavy rail network exceeded 99.9%[7] - Total passenger volume for 2023 reached 1.8968 billion, a 24.9% increase year-over-year, with Sunday average ridership rising to 5.52 million[113] - Local railway services recorded 1.5867 billion passengers, a 18.9% increase, with Sunday average ridership up 19.1% to 4.67 million[114] - Cross-border services resumed in January and February 2023, recording 71.5 million passengers, though not yet back to pre-pandemic levels[114] - High-speed rail (Hong Kong Section) passenger volume reached 20.1 million, exceeding pre-pandemic levels, driven by increased frequency and new stations[114] - Airport Express ridership surged to 10.8 million, a 249.6% increase compared to 2022[113] - MTR's passenger volume increased in 2023, with high-speed rail (Hong Kong section) surpassing pre-pandemic levels, while cross-border services remained below pre-pandemic levels[34] - Total passenger trips for Hong Kong transport operations reached 1,586.7 million, an 18.9% increase from the previous year[21] - Airport Express daily ridership surged by 249.6% to 29.7 thousand passengers[21] - High-speed rail (Hong Kong section) daily ridership reached 57.3 thousand passengers, showing significant growth[21] - Light Rail and Bus ridership on Sundays increased by 16.7% to 601.8 thousand passengers[21] - MTR's heavy rail network achieved over 99.9% on-schedule performance and punctuality in 2023, operating over 1.79 million train trips[121] - The light rail network operated over 920,000 train trips in 2023, with only 3 delays exceeding 31 minutes[121] - Train service reliability for Kwun Tong Line, Tsuen Wan Line, Island Line, Tseung Kwan O Line, South Island Line, Tung Chung Line, Disneyland Resort Line, and Airport Express reached 3,694,324 car-km before a delay of 5 minutes or more, exceeding the target of 1,000,000 car-km[122] - Train service reliability for East Rail Line and Tuen Ma Line reached 6,044,970 car-km before a delay of 5 minutes or more, significantly exceeding the target of 1,000,000 car-km[122] - Service Quality Index for local rail and cross-border services improved to 70 in 2023 from 68 in 2022[123] - Service Quality Index for Airport Express reached 83 in 2023, with no comparable data for 2022 due to survey suspension[123] - Service Quality Index for High Speed Rail (Hong Kong Section) reached 88 in 2023, with no comparable data for 2022 due to survey suspension[123] - Fare Index for local rail and cross-border services increased to 65 in 2023 from 64 in 2022[123] - Fare Index for High Speed Rail (Hong Kong Section) reached 82 in 2023, with no comparable data for 2022 due to survey suspension[123] Revenue and Financial Performance - Total revenue increased by 19.2% to HKD 56,982 million in 2023 compared to HKD 47,812 million in 2022[19] - Hong Kong train operations revenue grew by 50.2% to HKD 20,131 million in 2023 from HKD 13,404 million in 2022[19] - Hong Kong station commercial revenue increased by 66.3% to HKD 5,117 million in 2023 from HKD 3,077 million in 2022[19] - Total EBITDA decreased by 9.5% to HKD 17,639 million in 2023 from HKD 19,500 million in 2022[19] - Property development business revenue rose by 19.6% to HKD 56,982 million in 2023 from HKD 47,639 million in 2022[19] - Net profit attributable to shareholders declined by 20.8% to HKD 7,784 million in 2023 from HKD 9,827 million in 2022[19] - Hong Kong property leasing and management revenue increased by 6.3% to HKD 5,079 million in 2023 from HKD 4,779 million in 2022[19] - Other business revenue surged by 92.8% to HKD 700 million in 2023 from HKD 363 million in 2022[19] - Investment property fair value gain was HKD 1,386 million in 2023 compared to a loss of HKD 810 million in 2022[19] - Interest and financial expenses increased by 16.0% to HKD 1,139 million in 2023 from HKD 982 million in 2022[19] - EBITDA margin increased to 26.9%, with a significant improvement of 10.4 percentage points compared to the previous year[21] - EBIT margin (excluding Mainland China and international subsidiaries) rose to 20.4%, up by 16.7 percentage points year-over-year[21] - Net debt-to-equity ratio decreased to 26.5%, reflecting a reduction of 3.2 percentage points[21] - The company's market capitalization stood at HKD 188,381 million as of December 31[21] - Basic earnings per share from core business decreased by 40.1% to HKD 1.03[21] - MTR's fare and rental income grew in 2023 due to the resumption of cross-border services and high-speed rail operations, leading to increased passenger and retail traffic[34] - MTR's recurring business profit increased to HK$5.303 billion, with property development business profit at HK$2.083 billion, resulting in a basic business profit of HK$6.364 billion, a 40.2% decrease from 2022[36] - MTR's net profit attributable to shareholders in 2023 was HK$7.784 billion, with earnings per share of HK$1.26, and a proposed final dividend of HK$0.89 per share, totaling HK$1.31 per share for the year[36] - Total revenue for 2023 reached HKD 56.982 billion, a 19.2% increase compared to 2022, driven by the resumption of cross-border services, high-speed rail (Hong Kong section) ticket revenue, and duty-free shop rental income[89] - Recurring business profit for 2023 was HKD 4.281 billion, a significant improvement from HKD 157 million in 2022, primarily due to the recovery of cross-border services, high-speed rail operations, and increased passenger volume in local rail services[90] - Hong Kong passenger services EBIT improved to HKD 2.681 billion in 2023 from a loss of HKD 2.463 billion in 2022, with Hong Kong train operations reducing losses by 76.5% to HKD 1.111 billion[88] - The company made special loss provisions totaling HKD 1.022 billion in 2023, including HKD 702 million for the early termination of the Stockholm commuter rail franchise and HKD 320 million for Mälartåg regional transport challenges[90] - Property development profit (after tax) in Hong Kong decreased by 80.5% to HKD 2.035 billion in 2023, compared to HKD 10.413 billion in 2022, due to fewer development projects[88] - Investment property fair value measurement gains (after tax) were HKD 1.42 billion in 2023, a significant turnaround from a loss of HKD 810 million in 2022[88] - The company's recurring EBIT (before special loss provisions) increased by 184.5% to HKD 8.122 billion in 2023, compared to HKD 2.855 billion in 2022[88] - Hong Kong station commercial business EBIT grew by 67% to HKD 3.792 billion in 2023, driven by increased passenger traffic and retail activities[88] - The company's basic business profit (including recurring and property development profits) decreased by 40.2% to HKD 6.364 billion in 2023, compared to HKD 10.637 billion in 2022[88] - Income tax expenses increased significantly by 260.7% to HKD 1.302 billion in 2023, compared to HKD 361 million in 2022, reflecting higher profitability[88] - Hong Kong Transport Operations: EBIT loss narrowed by HKD 3.622 billion or 76.5% to HKD 1.111 billion in 2023, driven by increased passenger volumes from cross-border services, high-speed rail (Hong Kong section), and Airport Express, as well as the full-year contribution from the East Rail Line Cross-Harbour Extension[91] - Hong Kong Station Commerce: EBIT surged by HKD 1.522 billion or 67.0% to HKD 3.792 billion, primarily due to the recovery of rental income from duty-free shops following the reopening of cross-border stations[91] - Hong Kong Property Leasing and Management: EBIT increased by HKD 199 million or 5.2% to HKD 3.999 billion, supported by reduced rental concessions and contributions from new shopping malls, "The Wai" and "THE SOUTHSIDE"[91] - Mainland China and International Rail, Property Leasing, and Management Subsidiaries: EBIT before special loss provisions fell by HKD 438 million or 45.5% to HKD 524 million, impacted by challenges in Stockholm commuter rail and Mälartåg operations, and the exhaustion of government subsidies for Shenzhen Metro Line 4[91] - Other Businesses, Project Research, and Business Development: EBIT loss decreased by HKD 198 million or 36.7% to HKD 341 million, driven by improved financial performance of "Ngong Ping 360" due to increased visitor numbers[92] - Share of Profits from Associates and Joint Ventures: Increased by HKD 164 million or 15.0% to HKD 1.259 billion, mainly due to higher profits from Octopus Holdings Limited and improved performance in mainland China operations[93] - Total Recurring EBIT (before special loss provisions): Rose by HKD 5.267 billion to HKD 8.122 billion in 2023[94] - Property Development Profit (after tax): Decreased by HKD 8.397 billion to HKD 2.083 billion, primarily due to the absence of profit contributions from three development projects recorded in 2022[95] - Investment Property Fair Value Measurement Gains (after tax): Recorded HKD 1.420 billion, including HKD 1.360 billion from the initial fair value measurement of "THE SOUTHSIDE" mall[96] - Net Profit Attributable to Shareholders: Declined by HKD 2.043 billion or 20.8% to HKD 7.784 billion, reflecting lower profits from recurring business, property development, and investment property fair value measurements[97] - Operating cash flow increased to HKD 11.197 billion in 2023, up from HKD 6.757 billion in 2022, driven by higher recurring business profits[105] - Net receipts related to property development amounted to HKD 6.102 billion, including HKD 7.109 billion in cash receipts from major projects, partially offset by HKD 1.007 billion in payments[105] - Other net cash outflows from investing activities totaled HKD 11.846 billion, with HKD 8.463 billion allocated to upgrading Hong Kong's railway assets and HKD 2.309 billion for railway extension projects[106] - The company paid HKD 7.595 billion in dividends to shareholders in 2023, down from HKD 8.562 billion in 2022 due to adjustments in interim dividend ratios[107] Property Development and Leasing - New shopping malls "The Wai" and "THE SOUTHSIDE" opened[7] - MTR opened two new shopping malls in 2023, adding approximately 107,620 square meters of retail space, and is advancing 14 residential property projects, providing around 14,000 residential units[34] - The company's two new shopping malls, "The Wai" and "THE SOUTHSIDE," have opened, and 14 new residential projects are expected to provide approximately 14,000 high-quality residential units in the medium term[73] - The new MTR shopping mall "The Wai" in Tai Wai, with a gross floor area of 60,620 sqm, began trial operations in July 2023[65] - "THE SOUTHSIDE" mall in Wong Chuk Hang recorded a fair value gain of HKD 1.36 billion in 2023 during its initial trial operation phase[65] - Hong Kong property development recorded an after-tax profit of HKD 2.035 billion in 2023, primarily from the initial profit recognition of "The Grand Marini" (LOHAS Park Phase 11) and residual profits from multiple completed projects[66] - As of December 31, 2023, sales rates for various projects were as follows: "The Southside" (Island South Phase 1 & 2) at 79% and 89%, "The Grand Marini I, II, III" (LOHAS Park Phase 11) at 79%, 24%, and 26%, "Marini" (Island South Phase 4A) at 12%, "The Pavilia Farm" (Ho Man Tin Station Phase 2) at 17%, 98%, and 85%, and "YOHO WEST" (Tin Wing Station Phase 1) at 78%[66] - The Tung Chung East Station Phase 1 project received no bids in November 2023, with plans to re-tender within the next 12 months, while the Siu Ho Wan project aims for the first residents to move in by 2030[66] - The Tung Chung Line Extension project, signed in February 2023, is expected to be completed by 2029, with the Airport Railway Turnback Tunnel Extension set to begin construction in 2025 and complete by 2032[68] - The Tuen Mun South Extension project, signed in September 2023, is expected to be completed by 2030[69] - The Kwu Tung Station project, signed in September 2023, is expected to be completed by 2027, becoming the 100th station in the MTR network[70] - The Siu Ho Wan Station construction began in December 2023, with a target completion date of 2030[71] - The company is utilizing the "Rail plus Property" development model to fund major projects, leveraging financial contributions from property development and internal resources[169][170][171] - The company has revised the land premium assessment benchmark for future projects, considering the market value of development sites inclusive of the railway's presence, minus agreed deductions[168] - The company is advancing multiple strategic railway projects under the "Railway Development Strategy 2014" and the "Hong Kong Major Transport Infrastructure Development Blueprint"[165][167] - The company faces challenges in labor supply and technical difficulties, including the need to conduct engineering works during non-operating hours at night[165] - The company is advancing multiple key projects under the "Railway Development Strategy 2014," including the North Link Main Line, which is targeted to commence construction in 2025 and complete by 2034[173] - The company is exploring different financing models, including the "Rail plus Property" development model, to ensure commercial returns on investments for the North Link and Hung Shui Kiu Station projects[173] - The company's Hong Kong property development business recorded a post-tax profit of HKD 2.035 billion in 2023, primarily from the initial profit recognition of "The Coast Line" (Phase 11 of "LOHAS Park") and residual profits from multiple completed projects[156] - The company's property management business in Hong Kong generated revenue of HKD 284 million, an increase of 11.8% compared to 2022, managing over 121,000 residential units and more than 920,000 square meters of office and commercial space as of December 31, 2023[154] - The new shopping mall "THE SOUTHSIDE" in Wong Chuk Hang commenced its first phase of trial operation in December 2023, with approximately 30 tenants opening in one of the five retail floors, accounting for about 20% of the total floor area, and recorded a fair value gain of HKD 1.36 billion in 2023[153] - As of December 31, 2023, "The Southside" (Phase 1 of "South Island Line") and "The Southside II" (Phase 2 of "South Island Line") had sold 79% and 89% of their units respectively, while "The Coast Line I," "The Coast Line II," and "The Coast Line III" (Phase 11 of "LOHAS Park") had sold 79%, 24%, and 26% of their units respectively[157] - The company's investment property portfolio in Hong Kong had a market value of HKD 39.73 billion as of 2023, with rental net income of HKD 3.609 billion[153] - The YOHO Hub Phase 1 (Yuen Long Station) has sold 43% of its units as of December 31, 2023[158] - The YOHO Hub Phase 2 has obtained pre-sale consent[158] - The Pavilia Farm I and II (Kam Sheung Road Station Phase 1) have sold 99% and 82% of their units respectively as of December 31, 2023[158] - The Pavilia Farm III has obtained pre-sale consent[158] - The company has 14 residential property projects under development, expected to provide approximately 14,000 units for sale in the short to medium term[160] - The Siu Ho Wan project, adjacent to the future Siu Ho Wan Station, will be developed in phases, providing approximately 10,720 private residential units, with the first batch of residents expected to move