Major Events - Jin'an Industrial (02292) received a privatization offer from its controlling shareholder at a premium of approximately 30%, with resumption of trading on May 12 [1] - Jingtai Holdings (02228) plans to acquire 90% of Shanghai Siwei Medical for 250 million yuan, aiming to create an AI-enabled remote electrocardiogram diagnosis platform [1] - China Investment and Financing (01226) is in contact with MCHKI to explore several potential corporate activities following unusual stock price movements [1] - Qiu Tai Technology (01478) reported camera module sales of 33.229 million units in April, an increase of 8.4% month-on-month but a decrease of 20.1% year-on-year [1] - Stone Pharmaceutical Group (01093) received approval for clinical trials of SYH2046 in the United States [1] - Fosun Pharma (02196) subsidiary Junji Health obtained FDA approval for drug clinical trials [1] - Rongchang Bio (09995) received approval for the marketing of Aidiqi® for treating HER2-positive advanced breast cancer with liver metastasis in China [1] - Livzon Pharmaceutical (01513) received approval for the marketing of injectable aripiprazole microspheres [1] - GAC Group (02238) reported April automobile production of 108,600 units, a year-on-year decline of 25.74% [2] - China Overseas Development (00688) reported contract property sales of approximately 20.164 billion yuan in April, a year-on-year decrease of 7.5% [2] Share Buybacks/Reductions - China Hongqiao (01378) repurchased 19.667 million shares for 273 million HKD on May 9 [1] - AIA Group (01299) repurchased 1.5 million shares for 92.1915 million HKD on May 9 [1] - Cathay Securities (02611) repurchased 1.6906 million A-shares for 29.3356 million yuan on May 9 [1] - Times Electric (03898) repurchased 610,300 shares for 19.7008 million HKD on May 9 [1] - East Asia Bank (00023) acquired 52.8 million shares from Sumitomo Mitsui Banking Corporation [1] - Shandong Molong (00568) saw shareholder Zhimo Holdings reduce its holdings by 28.81 million H-shares [1] Operating Performance - Longyuan Power (00916) achieved a power generation volume of 6.9064 million MWh in April, a year-on-year increase of 4.85% [2] - New天绿色能源 (00956) reported a power generation volume of 1.4778 million MWh in April, a year-on-year increase of 16.91% [2] - Jianye Real Estate (00832) achieved a total property contract sales amount of 2.71 billion yuan in the first four months, a year-on-year increase of 4.8% [2] - China Overseas Hongyang Group (00081) reported a cumulative contract sales amount of 9.556 billion yuan in the first four months, a year-on-year decrease of 14.1% [2] - Times China Holdings (01233) reported a cumulative contract sales amount of approximately 1.81 billion yuan in the first four months, a year-on-year decrease of 29.87% [2] - Agile Property Holdings (01813) reported a pre-sale amount of 509 million yuan in April, a year-on-year decrease of 47.5% [2] - Greenland Hong Kong (00337) reported contract sales of approximately 880 million yuan in the first four months, a year-on-year decrease of 69.3% [2]

2025年第一季度营收同比下降23%，至58亿元人民币，占高盛2025财年预期/机构市场共识预期的 16%/15%(2024年第一季度占比为16%)。由于2024年末未入账的总建筑面积和合并预售存款同比均下降 约30%，预计2025年营收在2023年/2024年分别下降2%/19%之后，将再同比下降约20%。 2025年第一季度营业利润同比下降49%，至3.98亿元人民币，占高盛2025财年预期/市场共识预期的 21%/23%(2024年第一季度占比为39%)。 2025年第一季度营业利润率环比提高4个百分点，但同比下降3个百分点至7%，比高盛2025财年预期高2 个百分点(2024年第一季度比2024财年预期高6个百分点)。预计2025年其房地产销售毛利率将维持在9% 的较低水平(2024年入账毛利率为8%)。 2025年第一季度预售额达到69亿元人民币，预售建筑面积59.8万平方米，销售均价为每平方米11584元 人民币(分别同比下降12%/16%/增长4%)，与管理层设定的2025年同比下降13%至350亿元人民币的目标 相符。2025年第一季度预售额占高盛预期(360亿元人民币，同比下降11%)的19 ...

Financial Performance - Total revenue for the year ended December 31, 2024, was RMB 458.95 billion, a decrease of 18.6% compared to RMB 564.08 billion in 2023[28]. - Gross profit for the same period was RMB 38.46 billion, down 39.1% from RMB 63.11 billion in 2023, resulting in a gross margin of 8.4%[28]. - Profit attributable to owners of the company was RMB 9.54 billion, reflecting a significant decline of 58.5% from RMB 23.02 billion in the previous year[28]. - The company reported a net profit margin of 2.1%, down from 4.1% in 2023, indicating a decrease of 2.0 percentage points[28]. - Contract sales for the year were RMB 401.10 billion, a decline of 6.3% from RMB 428.20 billion in 2023[28]. - The company reported a revenue of RMB 45.895 billion for the fiscal year 2024, a decrease of 18.6% year-on-year, with a profit attributable to shareholders of RMB 0.954 billion, down 58.5%[44]. - The overall gross profit for the year was RMB 3.846 billion, a decline of 39.1% from RMB 6.311 billion in the previous year, resulting in a gross profit margin of approximately 8.4%[65]. - Operating profit for the year was RMB 2.210 billion, down 47.5% from RMB 4.207 billion in the previous year, mainly due to the drop in gross profit[67]. Cash Flow and Debt Management - Cash and bank balances increased by 4.9% to RMB 272.91 billion compared to RMB 260.21 billion in the previous year[28]. - Total borrowings decreased by 8.9% to RMB 397.02 billion from RMB 435.64 billion in 2023[28]. - The net debt-to-equity ratio improved to 33.1%, down from 46.0% in the previous year, a reduction of 12.9 percentage points[28]. - Cash reserves exceeded RMB 27 billion, with net debt ratio decreasing from 46.0% to 33.1%[51]. - The average financing cost was 4.1%, remaining low within the industry[51]. - The group secured new credit facilities totaling RMB 20.8 billion from leading financial institutions during the year[95]. - As of December 31, 2024, the total loans (including guaranteed notes and corporate bonds) amounted to RMB 39.702 billion, a decrease of RMB 3.862 billion from RMB 43.564 billion in 2023[97]. - The weighted average financing cost for the group decreased to 4.1% in 2024 from 4.6% in 2023, primarily due to an increase in offshore low-interest RMB bank loans[100]. Property Development and Sales - The company’s land bank for property development decreased by 26.7% to 13,778.1 thousand square meters from 18,806.8 thousand square meters in 2023[28]. - The average selling price of residential properties was approximately RMB 12,400 per square meter, reflecting a decrease of 5.9% year-on-year, with a contract sales area of 3.4835 million square meters, down 1.4%[47]. - The company acquired 11 quality projects through public land auctions, adding a total floor area of 1,189,200 square meters and a total land cost of RMB 5.229 billion, enhancing its market share and competitiveness[49]. - The company achieved a delivery of approximately 36,000 units with a customer satisfaction rate of 94%, exceeding the industry benchmark of 95[50]. - The company is focusing on developing properties in second and third-tier cities in mainland China to meet varying housing demands[79]. - The total contracted sales area for major projects as of December 31, 2024, reached approximately 6,227,400 square meters, with 84% sold by year-end[85]. - Revenue from the property development segment for the year was RMB 45.41 billion, a decrease of 18.9% compared to RMB 56.00 billion in 2023[85]. - The gross profit margin for the property development segment narrowed to 8.0% from 11.0% in the previous year[85]. Corporate Governance and Compliance - The company appointed PwC as its auditor in June 2024, replacing the previous auditor who served for 14 consecutive years, to ensure the independence and objectivity of external audit services[120]. - The company emphasizes the importance of diverse perspectives in decision-making to support its strategic goals and sustainable development[133]. - The board's composition includes a mix of executive, non-executive, and independent directors, ensuring a balanced approach to governance[135]. - The company has established a whistleblowing policy to allow employees and stakeholders to report misconduct, ensuring protection against retaliation for genuine whistleblowers[195]. - The company has adopted an anti-corruption policy to identify and assess corruption risks and ensure compliance with ethical standards across all business transactions[190]. - The company conducted legal compliance inspections in six regions to enhance compliance management and mitigate legal risks[188]. - The board has mechanisms for independent discussions among independent non-executive directors to maintain high independence[138]. - The company has implemented effective risk management and internal control systems to protect assets and ensure compliance with applicable laws[177]. Market Outlook and Strategy - The real estate market is expected to stabilize with increased policy support, providing opportunities for the group[58]. - The group plans to enhance customer satisfaction by delivering high-quality, safe, and green products[57]. - The group aims to leverage market adjustments to capture structural opportunities while ensuring project returns[56]. - The company is focusing on standardized product development, completing several standardized housing types and enhancing operational efficiency in key projects, contributing to improved sales performance[50]. - The company aims to optimize returns while addressing different market and customer needs through tailored products[79]. - The company is committed to a "dual carbon" strategy, focusing on green operations and low-carbon management throughout the project lifecycle[125]. Employee and Board Diversity - The company has appointed Liu Ping as a non-executive director effective April 22, 2024, replacing Guo Guanghui[130]. - The board's diversity policy aims to achieve at least 10% female representation, which has been met with one female director currently serving[136]. - As of December 31, 2024, the proportion of female employees in the group is 43.2%, up from 40.6% a year earlier, exceeding the target of 41%[137]. - The company recognizes the challenges of achieving gender diversity in the male-dominated real estate industry and is committed to promoting gender balance in hiring and promotions[137]. - The board's skill matrix highlights expertise in real estate development, business operations, and risk management, crucial for strategic planning and oversight[132].

Financial Performance - For the first quarter of 2025, the group's revenue was approximately RMB 5.787 billion, a decrease of 22.8% compared to the same period last year[3] - The operating profit for the same quarter was approximately RMB 398 million, reflecting a decline of 48.6% year-on-year[3] - The total contracted sales amount recorded by the group and its joint ventures was approximately RMB 6.932 billion, with a sales area of about 598,400 square meters, down 12.5% and 15.9% respectively from the previous year[4] Land Acquisition and Reserves - The group acquired four new land parcels in Nantong, Hohhot, and Hefei, with a total attributable floor area of approximately 414,900 square meters, at a land cost of about RMB 2.458 billion[4] - The total land reserve held by the group and its joint ventures amounted to approximately 13,753,600 square meters, with the group's attributable floor area being about 11,591,800 square meters[4] Pending Sales - As of March 31, 2025, the total amount of subscribed but pending sales contracts was approximately RMB 492 million, covering an area of about 40,700 square meters[4] Financial Management and Risks - The group maintains a professional and prudent financial management approach, closely monitoring external economic conditions and industry consolidation opportunities[5] - The company emphasizes the importance of not overly relying on forward-looking statements due to inherent risks and uncertainties[6] - The financial data presented is unaudited and should not be considered as guarantees of the group's financial performance for the period ending March 31, 2025[6] Corporate Governance - The board of directors includes eight members, with three executive directors and three independent non-executive directors[8]

中国海外宏洋集团（00081.HK） 优于大市 结算规模和利润承压，但签约销售明显好转 证券研究报告 | 2025年04月10日 公司业绩承压但派息率提升。2024 年，公司实现营业收入 459 亿元，同比 -19%，主要因为 2022 年起地产行业下行导致公司签约销售下降对结算规模 的影响渐显；归母净利润为 9.5 亿元，同比-59%；归母净利率 2.1%，同比下 降 2.0 个百分点。公司盈利水平下滑，一方面 2024 年公司毛利率同比下降 2.8 个百分点至 8.4%，但随着 2022 年及以后获取的项目逐步进入结算期， 预期毛利率将企稳回升。另一方面 2024 年归母净利润占比为 79%，同比下降 35 个百分点。2024 年，公司管理费率和销售费率相对平稳。全年每股派息 0.10 港元，虽然同比-38%，但派息率已较往年 20%左右提升至 35%。 权益销售同比转正，下沉市场优势增强。2024 年，公司实现签约销售额 401 亿元，同比-6%；合联营销售额 30 亿元，占比 8%保持低位；权益销售额 343 亿元，同比+2%实现转正，权益占比提升至 85%；销售面积为 348 万㎡，同比 -1%。2 ...

证券研究报告 | 2025年04月10日 中国海外宏洋集团（00081.HK） 优于大市 结算规模和利润承压，但签约销售明显好转 公司业绩承压但派息率提升。2024 年，公司实现营业收入 459 亿元，同比 -19%，主要因为 2022 年起地产行业下行导致公司签约销售下降对结算规模 的影响渐显；归母净利润为 9.5 亿元，同比-59%；归母净利率 2.1%，同比下 降 2.0 个百分点。公司盈利水平下滑，一方面 2024 年公司毛利率同比下降 2.8 个百分点至 8.4%，但随着 2022 年及以后获取的项目逐步进入结算期， 预期毛利率将企稳回升。另一方面 2024 年归母净利润占比为 79%，同比下降 35 个百分点。2024 年，公司管理费率和销售费率相对平稳。全年每股派息 0.10 港元，虽然同比-38%，但派息率已较往年 20%左右提升至 35%。 权益销售同比转正，下沉市场优势增强。2024 年，公司实现签约销售额 401 亿元，同比-6%；合联营销售额 30 亿元，占比 8%保持低位；权益销售额 343 亿元，同比+2%实现转正，权益占比提升至 85%；销售面积为 348 万㎡，同比 -1%。2 ...

本集团商业物业经营规模稳步增长，重点项目高效推进。全年营收突破 4.84 亿，同比增长19.7%;本集 团系列公司已出租面积48.0万平方米，同比增长 14.1%。汕头黄金海岸水上乐园二期、惠州中海广场环 宇天地成功开业;写字楼项目出租情况良好，北京中海国际中心、合肥中海观园及兰州中海广场等项目 均实现90%以上出租率。 本集团透过不断提升管理刻度，聚焦支持一线业务，稳中求进，以进促稳，于稳健中寻求发展。年内， 本集团系列公司合约销售额为401.10亿元，同比下降6.3%;本集团所布局城市总体合约销售规模同期下 降34%，本集团市场占比有所提升。合约销售面积为348.35万平方米，同比下降1.4%。应占权益合约销 售额实现342.56亿元，同比上升2.1%，根据克而瑞数据，行业排名18位，较2023年上升12位。本集团持 续推进库存去化，住宅平均销售价格约每平方米12400元，同比下降5.9%。于年末时，累积认购未签约 额为3.86亿元，其总合约面积为3.42万平方米。 中国海外宏洋集团(00081)发布年度业绩，股东应占 溢利9.54亿元 同比减少58.55% 于年内，本集团进一步推动项目精细运营，强化投运 ...

Financial Performance - The group's contract sales amounted to RMB 40.11 billion, a decrease of 6.3% year-on-year, covering a total area of 3,483,500 square meters [3]. - The group's revenue for the year was RMB 45.895 billion, down 18.6% compared to the previous year, with a gross profit of RMB 3.846 billion and a gross margin of 8.4% [3]. - The profit attributable to the company's owners was RMB 0.954 billion, a decline of 58.5% year-on-year, with basic earnings per share of RMB 0.268 [3]. - The overall gross profit for the year was RMB 3.846 billion, a decline of 39.1% from RMB 6.311 billion in 2023, with a gross profit margin narrowing to approximately 8.4% from 11.2% [28]. - Operating profit for the year was RMB 2.210 billion, down 47.5% from RMB 4.207 billion in 2023 [29]. - The company recorded a net profit attributable to shareholders of RMB 0.954 billion, a decrease of 58.5% from RMB 2.302 billion in 2023, with basic earnings per share of RMB 0.268 compared to RMB 0.647 in 2023 [30]. - The company's total assets decreased to RMB 121,202,702 from RMB 143,634,340 in 2023, reflecting a reduction of 15.4% [72]. - The company reported a pre-tax profit of RMB 2,160,744 thousand for the fiscal year ending December 31, 2024, compared to RMB 4,122,713 thousand in the previous year, representing a decrease of approximately 47.5% [87][88]. Cash Flow and Financial Stability - The group's total cash and bank balances reached RMB 27.291 billion, accounting for 21.1% of total assets, with a net debt ratio reduced to 33.1% from 46.0% in the previous year [3]. - The company achieved sales collection of RMB 38.1 billion, maintaining positive operating cash flow for three consecutive years, with cash reserves exceeding RMB 27 billion [15]. - The net debt ratio decreased from 46.0% at the end of last year to 33.1%, maintaining a "green file" under the "three red lines" policy [15]. - The company maintained a net operating cash inflow of RMB 9.029 billion during the year, indicating strong cash flow management [55]. - The company identified debt repayment risk as a major concern due to cash flow management challenges in the real estate sector [65]. - The company plans to accelerate property sales and cash recovery while maintaining prudent land reserve replenishment [65]. - The company’s liquidity risk management remains a priority, ensuring sustainable business growth amid changing market conditions [58]. Land Acquisition and Development - The total floor area of land acquired during the year was approximately 1,189,200 square meters, with a total cost of RMB 5.229 billion [3]. - The company acquired 11 quality projects through public market bidding, adding a total floor area of 1,189,200 square meters and a total land cost of RMB 5.229 billion [12]. - The company completed construction on approximately 6,227,400 square meters of property during the year, with 84% sold by year-end, compared to 83% in 2023 [40]. - As of December 31, 2024, the company's land reserves in mainland China totaled 13,778,100 square meters, down from 18,806,800 square meters in 2023, with attributable land reserves of 11,590,700 square meters [34]. - The total land reserves are distributed across 32 cities, indicating a broad market presence [34]. Market Strategy and Operations - The company plans to focus on key second and third-tier cities, leveraging the potential for growth in these markets due to ongoing urbanization [19]. - The company aims to enhance its competitive advantage through resource integration and localized brand influence in the second and third-tier cities [19]. - The company has established a lean product development system, focusing on "low cost, high quality, and fast delivery" to improve operational efficiency and sales performance [14]. - The company continues to focus on developing properties in second and third-tier cities, offering suitable products to meet varying market demands [36]. - The company aims to accelerate property sales to adapt to market changes and ensure a stable financial position [40]. Commercial Property Performance - The group's commercial property revenue exceeded RMB 0.484 billion, a year-on-year increase of 19.7%, with a leased area of 480,000 square meters, up 14.1% [11]. - The rental income from commercial properties reached RMB 298.00 million, up from RMB 272.00 million in 2023, indicating stable growth in this segment [47]. - The total income from the commercial property operation segment was RMB 484.00 million, an increase from RMB 405.00 million in 2023 [47]. Corporate Governance and Compliance - The company is committed to enhancing corporate governance and has adhered to the principles and code provisions of the corporate governance code [111]. - The audit committee has discussed and reviewed the annual performance and consolidated accounts for the year ending December 31, 2024 [108]. - The external auditor has confirmed that the financial figures in the announcement are consistent with those in the audited consolidated financial statements [107]. - The company has adopted a code of conduct for securities trading that meets or exceeds the standards set out in the listing rules [110]. - The company has not repurchased, sold, or redeemed any of its listed securities during the year ending December 31, 2024 [109]. Future Outlook - The company expects that by 2025, stimulus policies will intensify, driving a continued recovery in the Chinese economy and stabilizing the real estate sector [24]. - The company plans to adopt new accounting standards effective January 1, 2027, which may impact the presentation and disclosure of financial statements [81].

Investment Rating - The report indicates a positive investment outlook for the real estate industry, with a year-on-year increase in land acquisition by major companies [10][11]. Core Insights - The total land acquisition amount for the top 100 real estate companies reached 199.86 billion yuan in January-February 2025, representing a year-on-year growth of 26.7% [11]. - The Yangtze River Delta has emerged as the leading city cluster for land acquisition, with the top 10 companies in this region acquiring 51.98 billion yuan worth of land [24]. - Major companies such as China Resources Land, Poly Developments, and China Jinmao topped the list in terms of new value added from land acquisitions, with 46.5 billion yuan, 30.5 billion yuan, and 28.3 billion yuan respectively [13]. Summary by Sections Land Acquisition Rankings - China Resources Land ranked first in land acquisition amount with 23.2 billion yuan, followed by China Jinmao with 12.9 billion yuan and Greentown China with 12.2 billion yuan [3][4]. - The top companies in terms of land area acquired include Hengnan Development Group and Haixing County Xinggang Construction Development, with 1.22 million square meters and 860,000 square meters respectively [3]. Year-on-Year Growth - The report highlights that the total land acquisition amount for key real estate companies has shown a positive year-on-year trend, indicating a recovery in market sentiment [10][11]. - The increase in land acquisition is attributed to local governments actively releasing quality land in core areas, which has boosted companies' willingness to acquire land [11][12]. Special Debt and Land Recovery - The issuance of special bonds for land recovery has accelerated, with Guangdong Province being the first to issue such bonds, amounting to approximately 30.7 billion yuan, primarily aimed at acquiring idle land [14]. - The report emphasizes the expectation that various types of real estate companies will benefit from these initiatives, which are crucial for stabilizing the real estate market [14][20]. Regional Insights - In the Beijing-Tianjin-Hebei region, China Resources Land and other major companies have been active in land acquisition, with significant amounts reported [22]. - The report notes that state-owned enterprises and local government-backed companies remain dominant in land acquisition, while private enterprises are selectively increasing their land reserves in key areas [28].

Investment Rating - The investment rating for the company has been downgraded to "Accumulate" [4][6] Core Insights - The company reported a stable sales performance at the beginning of 2025, with a slight increase in land acquisition efforts, although short-term performance may remain under pressure [1] - In 2024, the company achieved a total sales revenue of 40.11 billion yuan, a year-on-year decrease of 6.3%, while the sales revenue for January and February 2025 was 4.37 billion yuan, a decrease of 3.8% year-on-year [1][2] - The average selling price increased by 5.6% year-on-year to 12,000 yuan per square meter, indicating a potential recovery in the sales market [1] Sales Performance - The company’s sales in January and February 2025 were 2.21 billion yuan and 2.16 billion yuan, respectively, with year-on-year changes of -6.6% and -0.6% [1] - The sales performance in early 2025 is considered stable compared to the previous year [1] Land Acquisition - In 2024, the company increased its land reserves by 1.189 million square meters, with a total land cost of 5.23 billion yuan, reflecting a year-on-year decrease of 34.8% and 46.5%, respectively [2] - In January and February 2025, the company acquired an additional 300,000 square meters of land in Nantong and Hohhot, with a total cost of 1.34 billion yuan, resulting in a land acquisition sales ratio of 30.8% [2] Financial Performance - For the first three quarters of 2024, the company reported a revenue of 26.96 billion yuan, a decrease of 31.0% year-on-year, and an operating profit of 1.45 billion yuan, down 66.2% year-on-year [3] - The net debt ratio stood at 44.5%, indicating a stable financial condition, with a cash-to-short-term debt ratio of 1.5 times [3] Earnings Forecast and Valuation - The basic EPS forecast for 2024 and 2025 has been revised down to 0.31 yuan and 0.35 yuan, respectively, with a new forecast for 2026 set at 0.42 yuan [4] - The current stock price corresponds to a PE ratio of 5.9 times for 2024, 5.3 times for 2025, and 4.4 times for 2026 [4]