Core Viewpoint - The recent land auction in Shanghai showed a slight cooling compared to previous rounds, with a total of 4 plots sold for approximately 9.71 billion yuan, indicating a more cautious approach from developers [1][2][17]. Group 1: Auction Details - Four plots were auctioned in Shanghai on May 9, located in Hongkou, Yangpu, Songjiang, and Qingpu districts, with a starting total price of about 8.41 billion yuan [1][2]. - All four plots were successfully sold, generating a total revenue of 9.71 billion yuan [2]. - The Yangpu plot was acquired by Poly Real Estate with a premium rate of 26.3%, while the Songjiang plot was won by China Railway Construction with a premium rate of 20.4% [2][5][7]. Group 2: Developer Participation and Competition - The Yangpu plot attracted five developers, including China Overseas Land & Investment and Poly Real Estate, with intense competition leading to 72 rounds of bidding [8]. - The Songjiang plot also saw participation from multiple developers, ultimately secured by China Railway Construction [9]. - The plots in Hongkou and Qingpu had less competition, with the former being a commercial and cultural site and the latter located in a less desirable area [9]. Group 3: Market Analysis and Future Outlook - The premium rates for the recent land sales did not exceed 30%, indicating a more cautious stance from developers compared to previous auctions [2][17]. - Analysts remain optimistic about the Shanghai real estate market, citing the combination of central and suburban land supply as a positive factor for future stability [17].

此次4宗地块的起拍总价约84亿元，有两宗地溢价成交，两宗地底价成交，土拍热度分化。参拍房企全 部为上海近年来土拍常客，比如保利发展、保利置业、招商蛇口、金茂、中海、华润、中铁建等，且全 为央国企。 5月9日，上海2025年四批次土拍顺利举行，4宗地块共揽金97.1亿元。 央国企补仓 当天上午，先是杨浦、松江地块相继卖出，共收金67亿元。其中，保利置业以42.4063亿元总价、溢价 率26.3%拿下杨浦地块，成交楼面价约为8.02万元/平方米。中铁建以24.7082亿元，溢价率20.42%拿下松 江新城地块，成交楼面价2.5288万元/平方米。 当天下午，保利发展、北外滩集团分别以底价8.4亿元、21.57亿元获取青浦、虹口地块。 大赢家是保利集团。根据两宗地所在板块在售新房均价估算，保利集团此次加码投资上海，至少可增加 超过75亿储备货值。 公开信息显示，杨浦地块位于内中环，紧邻12号线爱国路站，与滨江直线距离约500米。这宗地附近就 是中海在2024年11月拿的杨浦区N090602单元K8-05地块。另外，中海于2024年10月竞得的杨浦区定海 社区K2-04地块、杨浦区定海社区G2-5地块也在附近，三宗地 ...

5月9日，上海有4宗地块出让，最终2宗溢价20%以上成交，2宗底价成交，总成交金额97.09亿元。 其中，杨浦区东外滩宅地经过72轮竞价，最终由保利置业以42.41亿元竞得，成交楼面价80199元/㎡，溢价率26.3%；松江新城东区宅地由中铁建以24.71亿元 竞得，成交楼面价25288元/㎡，溢价率20.442%。 业内人士认为，上海土拍热度不减，未来随着土拍热度传递至楼市，叠加优质项目不断入市以及政策持续优化，上海楼市稳态将得到持续巩固。 另外，同日，北京怀柔区一宗宅地出让，由建工集团以底价3.59亿元拿下。这也是怀柔区时隔14个月再度供地。 上海4宗地块超97亿元成交 5月9日，上海有4宗地块出让，分别为虹口区四川北路多用途组合用地，杨浦区东外滩宅地、松江新城东区宅地、青浦北部宅地，总建设用地总面积约10.1万 m²，规划建筑总面积约23.7万m²，起始总价约84.07亿元，平均起始楼面价为35482元/m²。最终有2宗地块溢价20%以上成交，2宗地块底价成交，总成交金额 97.09亿元。 其中，杨浦区东外滩宅地出让面积为21150.46㎡，规划建面52876.15㎡，容积率2.5，起始价33.58亿元 ...

Company Overview - The Group is one of the foremost property developers in China, with major businesses including property development, investment, and management [15]. - The Group's projects are located in 24 major cities, including Shanghai, Hong Kong, Shenzhen, Guangzhou, Suzhou, Ningbo, Jinan, and Wuhan [15]. - The Group maintains a high-quality investment property portfolio, including landmark properties such as Shanghai Poly Plaza and Beijing Poly Plaza [15]. - The Group's land reserves cover economically vibrant regions such as the Yangtze River Delta and Pearl River Delta [16]. - The Group's chairman is Wan Yuqing, and the managing director is Hu Zaixin [7]. - The Group has undergone changes in its board of directors, with several appointments and resignations in 2024 [10]. Corporate Vision and Values - The Group aims to safeguard the country and serve the people while striving for excellence in its operations [5]. - The Group's corporate vision is to become an inspiring and excellent enterprise [5]. - The Group emphasizes responsibility and development as its core values [5]. Financial Performance - The Group recorded a profit attributable to shareholders of RMB183 million, representing a year-on-year decrease of 87.3% due to market downturn and pressure on selling prices [25]. - Contracted sales for the year amounted to RMB54.2 billion, reflecting a year-on-year growth of 1%, ranking 17th in the industry, a jump of 10 places from the end of 2023 [28]. - The gross profit margin decreased by 4.0 percentage points to 16.4%, with a provision for impairment of properties under development and held for sale amounting to RMB708 million [25]. - The net operating cash inflow was RMB6.8 billion, leading to a net reduction of total borrowings by RMB3.4 billion or 4.7% [31]. - The net gearing ratio decreased by 16.2 percentage points year-on-year to 76.9%, while the cash-to-short-term debt ratio rose from 1.53 to 1.77 [31]. - For the year ended December 31, 2024, the Group recorded a revenue of RMB40,208 million, representing a decrease of 1.8% compared to RMB40,932 million in 2023 [96]. - Profit attributable to shareholders amounted to RMB183 million, a significant decrease of 87.3% from RMB1,445 million in 2023 [96]. - The Group's basic and diluted earnings per share were both RMB4.79 cents, reflecting a year-on-year decrease of 87.3% [96]. Sales and Market Activity - The annual sales of newly-built commercial housing in China amounted to approximately RMB9.7 trillion, representing a year-on-year decrease of 17.1% [24]. - The sales collection for the year was RMB54.8 billion, achieving a collection rate of 101% [28]. - The average selling price of contracted sales was RMB25,546 per square metre, with the average selling price in Mainland China remaining unchanged at RMB21,986 per square metre [104]. - In 2024, Poly Property Group achieved contracted sales of RMB 54,176 million, with the Yangtze River Delta contributing 41% of the total sales [106]. - The total area sold in 2024 was 2,121,000 square metres, with the Yangtze River Delta accounting for 31% of the area sold [106]. Project Development and Construction - The Group added six property development projects in major cities, aiming to enhance returns for shareholders amid sector consolidation [29]. - The Group completed approximately 4,553,000 square metres of construction during the year, with newly commenced construction of approximately 1,555,000 square metres [99]. - The Group had 55 projects under construction and planning, representing a total GFA of approximately 13,164,000 square metres [99]. - The total GFA of new land reserves acquired in 2024 is distributed across various cities, including Shanghai, Ningbo, Shenzhen, and Jinan [107]. - The company maintains that the cost of land for new acquisitions is considered reasonable [107]. Investment Properties - The Group's investment properties have a total gross floor area (GFA) of approximately 682,000 square meters and an asset value of approximately RMB 8,677 million [147]. - The average occupancy rate for investment properties in 2024 was 75% for Beijing Poly Plaza and 92% for Shenzhen Poly Cultural Plaza, indicating strong performance in these locations [150]. - The Group's major investment properties include hotels and commercial spaces located in first-tier cities, enhancing its portfolio in high-demand areas [147]. Property Management - In 2024, the property management companies recorded total revenue of RMB 1,206 million, managing 288 property projects with a GFA of approximately 52,738,000 square meters, representing a 3.9% increase from the previous year [152]. - The Group's property management services have been recognized as leading players in the industry, receiving numerous awards and accolades [151]. Regional Development Focus - As of December 31, 2024, Poly Property Group had 58 projects in the Yangtze River Delta Region, with a total GFA of 2,641,000 square meters, accounting for 20% of the Group's total land reserves [156]. - The total completed GFA by the end of 2024 is projected to be 7,910,000 square meters across various regions [133]. - The company is focusing on expanding its residential offerings in established areas, such as the Poly Brilliant Palace in the Development Zone [161]. - The company is actively developing Poly Center Manor in Qingpu District, which is part of a core area under strategic development [160]. Ongoing and Future Projects - The company is committed to maintaining a strong pipeline of residential and commercial properties to support future growth [183]. - The company continues to expand its project portfolio, with significant contributions from both established and new developments across key regions [135]. - The overall strategy includes a mix of delivered and for-sale projects, ensuring a balanced portfolio to meet market needs [184].

Core Viewpoint - Poly Real Estate Group Co., Ltd. received an "AAA" rating for its 2025 bond issuance from China Chengxin International, reflecting strong shareholder backing and brand influence, while also highlighting industry risks and high financial leverage [1][2]. Group 1 - The company is backed by China Poly Group, which provides a strong shareholder foundation [1]. - Poly Real Estate has extensive experience in real estate development and significant brand influence [1]. - The company's performance is supported by the value of properties in the Yangtze River Delta region [1]. Group 2 - Poly Real Estate was established in May 2001 and is primarily involved in real estate investment and operations in mainland China [2]. - In June 2018, Poly Developments completed the acquisition of a 50% stake in Poly Real Estate Group, with both Poly Group and Poly Developments holding equal shares [2]. - The company achieved total operating revenue of 39.601 billion yuan in 2023 [2].

2024年保利置业实现全口径合约销售金额542亿元，合约销售面积212.1万平方米，持续销售项目数量 明显增加。 ◎ 作者 / 房玲、洪宇桁 核 心 观 点 【合约销售额逆势增长，存货去化压力进一步加大】 2024年保利置业实现全口径合约销售金额542亿 元，合约销售面积212.1万平方米，分别同比增长1.1%和减少5.8%，在多数房企销售额同比下跌的情 况下实现了逆势增长。但企业持续销售项目数量明显增加，结合2024年底企业的已竣工可售物业存货 值同比增长了40%至452.2亿元，对存货货值的占比由24%提升至36%，企业面临的存货去化压力进一 步加大。 【稳健投资，拿地销售比控制在40%以下】 2024年保利置业在济南、宁波、深圳和上海新增了6个项 目，新增土储建面为96.4万平方米，拿地总价约199亿元，按金额计算的拿地销售比为0.37，符合企业 将全年拿地销售比控制在40%以下的战略。在房地产市场仍在筑底的背景下，企业的拿地也较为审慎， 力度保持在较为稳健的水平。截至2024年底，保利置业的总土储建面为1316万平方米，同比减少了 21.1%。 【核心归母净利下降80.6%，盈利压力加大】 2024年 ...

Financial Performance - For the year ended December 31, 2024, total revenue was RMB 40,208,482, a decrease of 1.77% compared to RMB 40,932,418 in 2023[3] - Gross profit for the year was RMB 6,595,522, down 21.06% from RMB 8,360,081 in the previous year[3] - Net profit for the year was RMB 95,814, a significant decline of 94.13% from RMB 1,631,908 in 2023[3] - Basic and diluted earnings per share decreased to RMB 4.79 from RMB 37.81 in the previous year, reflecting a decline of 87.34%[3] - Total comprehensive income for the year was RMB 312,172, down 84.06% from RMB 1,955,006 in 2023[5] - The profit before tax for 2024 was RMB 182,867,000, a significant decrease of 87.36% compared to RMB 1,444,626,000 in 2023[39] - The total tax expense for 2024 was RMB 2,145,823,000, a decrease of 10.59% from RMB 2,400,189,000 in 2023[32] - The financing costs for the year 2024 were RMB 1,583,371 thousand, slightly down from RMB 1,593,362 thousand in 2023[30] - The gross profit margin decreased by 4.0 percentage points to 16.4%, influenced by the market conditions and impairment provisions of RMB 708 million for development and held-for-sale properties[48] Assets and Liabilities - Non-current assets totaled RMB 19,739,400, a decrease from RMB 22,896,981 in the previous year[7] - Current assets decreased slightly to RMB 178,963,377 from RMB 182,913,971 in 2023[7] - Current liabilities decreased to RMB 99,641,533 from RMB 105,766,980 in the previous year, indicating a reduction of 5.36%[9] - The total assets as of December 31, 2024, amounted to RMB 198,702,777 thousand, with segment assets of RMB 154,510,286 thousand[26] - The total liabilities as of December 31, 2024, were RMB 152,155,467 thousand, with segment liabilities of RMB 71,976,714 thousand[26] - The total outstanding bank and other borrowings as of December 31, 2024, is RMB 70,454,106,000, with 27.7% due within one year[95] - The group's asset-liability ratio as of December 31, 2024, is 76.6%, down from 78.1% in 2023[94] Cash Flow and Investments - The company reported a significant increase in cash and cash equivalents to RMB 34,507,500 from RMB 31,631,917 in 2023[7] - Operating cash flow for 2024 was RMB 6.8 billion, contributing to a net reduction in total borrowings of RMB 3.4 billion or 4.7%[51] - The net debt ratio decreased by 16.2 percentage points to 76.9%, with the cash to short-term debt ratio increasing from 1.53 to 1.77[51] - The company has implemented financial risk management policies to ensure all payables do not exceed credit limits[41] Dividends and Shareholder Equity - The proposed final dividend for 2024 is HKD 0.021 per share, down from HKD 0.083 per share in 2023[37] - The total equity attributable to shareholders as of December 31, 2024, is RMB 34,209,353,000, an increase from RMB 34,100,270,000 in 2023, with a net asset value per share of RMB 8.95 compared to RMB 8.92 in 2023[94] Compliance and Governance - The company has adopted the Corporate Governance Code as per the Listing Rules Appendix C1, with specific deviations noted regarding the separation of roles between the Chairman and the CEO[106] - Following the resignation of Mr. Wang Jian as Executive Director and CEO on November 3, 2023, Mr. Hu Zaixin was appointed to fill the temporary vacancy on March 14, 2024[106] - The company has confirmed compliance with the Standard Code for Directors' Securities Transactions as per Listing Rules Appendix C3, with all directors affirming adherence for the year ending December 31, 2024[108] Market and Sales Performance - Total contracted sales amounted to RMB 54.2 billion, representing a year-on-year growth of 1%, making the company one of only two in the top 20 to achieve growth[49] - The company achieved a sales turnover amounting to RMB 37.918 billion in 2024, with ordinary residential properties accounting for 93% of the turnover[80][89] - The average turnover price for the completed projects is RMB 19,387 per square meter, with a total turnover area of 195,600 square meters[80] Projects and Development - The company has a total of 55 real estate development projects across 24 cities, with 41 projects under construction and a total construction area of 5,699,000 square meters (equity area of 3,845,000 square meters) as of December 31, 2024[69] - The total planned construction area for projects awaiting construction is 7,465,000 square meters (equity area of 5,317,000 square meters)[69] - The company completed new construction area of approximately 1.555 million square meters and delivered approximately 4.553 million square meters during the year[55] - The company has acquired six development projects in 2024, with a total new land reserve area of approximately 964,000 square meters[59] Employee and Operational Metrics - The total number of employees as of December 31, 2024, is approximately 6,332, with total compensation for the year amounting to RMB 1.264 billion[101] - The average occupancy rate for the group's investment properties was 75% in 2024, compared to 76% in 2023[91]

Financial Performance - The company's revenue for the first half of 2024 was RMB 12.457 billion, a decrease of RMB 3.182 billion or 20.3% compared to RMB 15.639 billion in the same period of 2023[4] - Shareholders' profit for the first half of 2024 was RMB 373 million, down RMB 266 million or 41.6% from RMB 639 million in the same period of 2023[4] - The company achieved contract sales amounting to RMB 28.4 billion in the first half of 2024, a decrease of 24% year-on-year, outperforming the industry average decline of 39.5%[5] - The revenue recognized in the first half of 2024 amounted to approximately RMB 11,389 million, with the Yangtze River Delta region contributing 39%[13] - The company reported a net profit for the period of RMB 248,642,000, down from RMB 719,006,000 in the previous year[29] - Total comprehensive income for the period reached RMB 269,740,000, compared to RMB 1,012,895,000 in the previous period[30] - The profit before tax for the six months ended June 30, 2024, was RMB 373,227,000, a decrease from RMB 639,214,000 for the same period in 2023, representing a decline of approximately 41.7%[59] Asset Management - The company had a net asset value per share of RMB 8.95 as of June 30, 2024, compared to RMB 8.92 at the end of 2023, reflecting a slight increase of 0.3%[4] - The company reported a net asset value of RMB 75,435,909,000, compared to RMB 77,146,991,000 in the previous period[36] - The total assets as of June 30, 2024, amounted to RMB 206,867,018, with segment assets of RMB 147,149,250 in property development[46] - The company’s total assets decreased to RMB 16,157,020,000 as of June 30, 2024, from RMB 18,936,272,000 as of December 31, 2023, a decrease of about 14.7%[65] Debt and Liabilities - The group's debt-to-asset ratio was 78.2% as of June 30, 2024, slightly up from 78.1% as of December 31, 2023[21] - The total outstanding bank and other borrowings amounted to RMB 74,593,233,000, with RMB 22,620,929,000 (30.3%) due within one year[21] - Current liabilities increased to RMB 108,159,692,000 from RMB 105,766,980,000, primarily due to an increase in contract liabilities[36] - The total liabilities were RMB 161,725,260, with segment liabilities of RMB 77,057,923 in property development[46] - The total trade payables amounted to RMB 27,690,575,000 as of June 30, 2024, compared to RMB 29,913,119,000 as of December 31, 2023, indicating a decrease of about 7.4%[68] Cash Flow - For the six months ended June 30, 2024, the net cash flow from operating activities was RMB 2,735,959 thousand, a decrease from RMB 5,256,098 thousand in the same period of 2023, representing a decline of approximately 48.0%[40] - The net cash used in investing activities was RMB (804,247) thousand for the first half of 2024, compared to RMB (1,398,675) thousand in the same period of 2023, indicating an improvement of approximately 42.6%[40] - The net cash flow from financing activities was RMB 27,014 thousand in the first half of 2024, a significant recovery from RMB (1,359,141) thousand in the same period of 2023[40] - The company reported a significant decrease in cash flow from operating activities, which is a key indicator of financial health and operational efficiency[41] Investments and Projects - The company acquired approximately 668,000 square meters of new land reserves in Ningbo and Jinan during the first half of 2024[5] - The company plans to launch six new projects in the second half of 2024, including projects in Shanghai, Suzhou, and Jinan[10] - In the first half of 2024, the company commenced six new projects with a total construction area of approximately 667,000 square meters[11] - The company added three new land reserves in the first half of 2024, with a total planned construction area of approximately 668,000 square meters[15] Corporate Governance and Management - The company confirmed compliance with the standard code of conduct for securities transactions by all directors during the reporting period[90] - The audit committee has reviewed the accounting principles and practices used by the group and approved the unaudited interim financial statements for the six months ending June 30, 2024[100] - The company is actively seeking a suitable candidate to fill the CEO position following Mr. Wang Jian's resignation, with Mr. Hu Zaixin appointed as the new CEO effective March 14, 2024[99] Shareholder Information - The major shareholder, China Poly Group Co., Ltd., holds 253,788,246 shares, representing 48.09% of the total issued shares[93] - Poly Development Holdings Group Co., Ltd. holds 1,583,738,058 shares, accounting for 41.45% of the total issued shares[93] - Ting Shing Holdings Limited indirectly holds 1,463,356,514 shares, which is 38.30% of the total issued shares[93] - The group’s basic and diluted earnings per share for the six months ended June 30, 2024, remained the same as there were no potential dilutive ordinary shares[59]

Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 12,456,641, a decrease of 20.3% compared to RMB 15,639,163 for the same period in 2023[2] - Gross profit for the period was RMB 1,775,918, down from RMB 3,940,136 in the previous year, reflecting a significant decline in profitability[2] - Net profit attributable to the company’s owners was RMB 373,227, a decrease of 41.6% from RMB 639,214 in the same period last year[3] - Basic and diluted earnings per share were RMB 9.77, down from RMB 16.73 in the previous year, indicating a decline of 41.5%[3] - Total comprehensive income for the period was RMB 269,740, compared to RMB 1,012,895 in the previous year, representing a decrease of 73.4%[4] - The group reported a profit before tax of RMB 579,360,000 for the period, with a net profit of RMB 248,642,000 after tax expenses of RMB 330,718,000[14] - The company reported a net profit of RMB 719,006 for the period[17] - The company incurred a total tax expense of RMB 330,718, compared to RMB 1,378,938 in the previous year[19] Assets and Liabilities - Non-current assets totaled RMB 23,271,417 as of June 30, 2024, an increase from RMB 22,896,981 at the end of 2023[5] - Current assets increased slightly to RMB 183,595,601 from RMB 182,913,971 at the end of 2023, indicating stable liquidity[5] - Current liabilities rose to RMB 108,159,692 from RMB 105,766,980, reflecting an increase in financial obligations[6] - Non-current liabilities decreased to RMB 53,565,568 from RMB 54,883,339, showing a reduction in long-term debt[7] - The total assets of the group as of June 30, 2024, amounted to RMB 206,867,018,000, with segment assets of RMB 160,416,862,000, including RMB 147,149,250,000 from property development and RMB 9,355,845,000 from property investment and management[15] - The total liabilities of the group as of June 30, 2024, were RMB 161,725,260,000, with segment liabilities of RMB 78,449,658,000, including RMB 77,057,923,000 from property development[15] - The total outstanding bank and other borrowings amounted to RMB 74,593,233,000, with 30.3% due within one year[45] - The total value of mortgaged assets as collateral for credit financing was RMB 30,298,966,000, down from RMB 33,710,440,000 as of December 31, 2023[47] Revenue Segmentation - Total revenue for the six months ended June 30, 2024, was RMB 12,456,641,000, with a breakdown of RMB 11,416,234,000 from property development, RMB 890,202,000 from property investment and management, RMB 177,000,000 from hotel operations, and RMB 22,935,000 from other operations[14] - The group operates in four segments: property development, property investment and management, hotel operations, and other operations, with detailed revenue contributions from each segment[13] - The revenue from property management for the first half of 2024 was RMB 586 million, representing a 3.0% increase year-on-year[44] Contractual and Future Obligations - The company reported a significant increase in contract liabilities, rising to RMB 44,536,720 from RMB 40,802,298, indicating growth in future revenue obligations[6] - The company completed contract sales amounting to RMB 28.4 billion in the first half of 2024, a decrease of 24% year-on-year, outperforming the industry average decline of 39.5%[29] - The total contracted sales amount for the first half of 2024 reached RMB 28,443 million, with the Yangtze River Delta region contributing 40% of the total[32] Corporate Governance and Compliance - The company maintained compliance with the corporate governance code, with some deviations explained due to management changes[53] - The company confirmed adherence to the standard code of conduct for securities trading by directors during the six months ended June 30, 2024[54] - The audit committee consists of one non-executive director and four independent non-executive directors, ensuring oversight of financial reporting and risk management[55] - The committee has reviewed the accounting principles and practices adopted by the group, approving the unaudited interim financial statements for the six months ended June 30, 2024[55] Employee and Compensation - The group had 6,124 employees as of June 30, 2024, with total compensation of approximately RMB 358,380,000 during the period[50] Future Projects and Developments - The company plans to launch six new projects in the second half of 2024, including locations in Shanghai, Suzhou, and Jinan[33] - In the first half of 2024, the company commenced six new projects with a total construction area of approximately 667,000 square meters[34] - The new projects include the Ningbo Lianhu Road project, which has a planned total construction area of 206,000 square meters[39] - The Jinan CBD West project is planned to have a total construction area of 66,000 square meters, enhancing the company's presence in the Jinan market[40] Miscellaneous - The company did not declare an interim dividend for the six months ended June 30, 2024[21] - There are no significant post-reporting period events that have materially affected the group since June 30, 2024[56] - The interim results announcement and report will be available on the company's website and the Hong Kong Stock Exchange website in September 2024[56]

Financial Performance - Total assets reached RMB 205.8 billion, while turnover was RMB 40.9 billion[16]. - The Group recorded a profit attributable to shareholders of RMB1,445 million for the year, representing a year-on-year increase of 77.0%[20]. - The core net profit attributable to the parent company, after adjustments, was RMB1,761 million, reflecting a year-on-year increase of 15.9%[20]. - For the year ended December 31, 2023, the Group recorded a revenue of RMB 40,932 million, representing a slight decrease of 0.5% compared to the previous year[54]. - Profit attributable to shareholders amounted to RMB 1,445 million, an increase of 77.0% year-on-year[54]. - Contracted sales amounted to RMB53.6 billion, with an average selling price of RMB23,805 per square meter, representing year-on-year increases of 7% and 14%, respectively[23]. - The total debt decreased by 7.7% year-on-year to RMB73.9 billion, and the net gearing ratio decreased by 22.8 percentage points to 93.1%[24]. - The average cost of funds decreased by 39 basis points to 3.88% due to the issuance of RMB4.0 billion in corporate bonds and RMB3.0 billion in medium-term notes[24]. Market Overview - China's GDP exceeded RMB 126 trillion, with a year-on-year growth of 5.2%, contributing over 30% to global economic growth[18]. - The domestic economy is showing signs of recovery despite ongoing challenges, with a firmer pace towards high-quality development[18]. - The real estate market is expected to continue experiencing loose regulation and control policies, with room for optimization in first-tier and strong second-tier cities[27]. Business Operations - The Group operates in 25 major cities, including Shanghai, Hong Kong, and Guangzhou, focusing on high-quality residential and commercial properties[14]. - The Group's major businesses include property development, investment, and management, emphasizing its role as a leading property developer in China[14]. - The Group's projects are strategically located in economically vibrant regions, including the Yangtze River Delta and Pearl River Delta[15]. - The Group aims to safeguard the country and serve the people while striving for excellence in its operations[8]. - The establishment of the Environmental, Social and Governance Committee reflects the Group's commitment to sustainable development[11]. Project Development - As of December 31, 2023, the Group had 70 projects under construction and planning, representing a total GFA of approximately 16,691,000 square meters[55]. - The Group incurred new land reserve costs of approximately RMB22.1 billion, with 48% of land reserves in the Yangtze River Delta and Greater Bay Area, an increase of five percentage points from the end of 2022[22]. - The company acquired several new land reserves in 2023, with a total planned GFA of approximately 1,823,000 square metres across various projects[64]. - The total site area for the newly acquired projects in 2023 is approximately 594,000 square metres[64]. - The company is focusing on high-rise residential buildings across its new projects, indicating a strategic shift towards urban residential development[66]. Sales and Revenue - The sales collection amounted to RMB53.7 billion, achieving a collection rate of 100%[23]. - The Yangtze River Delta region accounted for 43% of total contracted sales, amounting to RMB 23,273 million[60]. - Total sales recognized in 2023 amounted to RMB 38,722 million, with ordinary residential properties contributing 90% of the total[105]. - The Yangtze River Delta Region generated sales of RMB 12,923 million, with the Ningbo Poly Riverview Mansion alone accounting for RMB 3,510 million[100]. Corporate Governance - The Company has complied with the Corporate Governance Code throughout the reporting period, except for code provision C.2.1 regarding the separation of roles between the Chairman and Managing Director[193]. - Following the resignation of Mr. Wang Jian as Managing Director on November 3, 2023, Mr. Hu Zaixin was appointed to the position on March 14, 2024[196]. - The Company has established effective mechanisms to ensure Board independence, which is considered key to good corporate governance[200]. Employee and Remuneration - The Group employed about 7,748 employees as of December 31, 2023, with total remuneration for the year amounting to approximately RMB 1,378 million[188].