Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors, emphasizing the importance of stabilizing housing prices for both the real estate market and consumer confidence [4][27]. Core Insights - The report highlights a mixed performance in the real estate market, with new home sales in 34 key cities dropping by 29% week-on-week, while second-hand home sales showed a year-on-year increase of 12% [3][12]. - The report indicates that the government is implementing a series of monetary policy measures to support market stability, including a reduction in the Loan Prime Rate (LPR) and housing provident fund rates [4][27]. - The report suggests that the competitive landscape in the real estate sector is expected to improve, particularly for companies with strong product capabilities, as the market transitions to a new development model [4][27]. Summary by Sections Industry Data - New home sales in 34 cities totaled 181.9 million square meters last week, a decrease of 29.2% compared to the previous week [5]. - In May, new home sales in 34 cities increased by 9% year-on-year, with first and second-tier cities seeing a 10.6% increase [7][8]. - The inventory of new homes in 15 cities decreased by 0.3% week-on-week, with a current available area of 89.27 million square meters [22]. Policy and News Tracking - The People's Bank of China announced a series of monetary policy measures, including a 10 basis point reduction in the LPR and a 25 basis point reduction in housing provident fund rates [4][27]. - The report notes that the government is focusing on stabilizing the real estate market and promoting domestic demand in response to external trade tensions [4][27]. Company Announcements - In April, major real estate companies reported varied sales performance, with China Overseas Development achieving sales of 202 billion yuan, down 8% year-on-year, while China Jinmao saw a 7% increase [34]. - As of April 30, 2025, China Vanke and China Merchants Shekou have initiated share buybacks, indicating confidence in their long-term prospects [34].

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 ...

Core Viewpoint - The recent land auction in Shanghai demonstrates sustained interest and competition in the real estate market, with significant premium rates indicating a positive outlook for land investment in the region [3][11][12]. Summary by Sections Land Auction Overview - On May 9, Shanghai auctioned 4 land parcels, with a total transaction amount of 9.709 billion yuan, where 2 parcels were sold at over 20% premium and 2 at base price [1][4][5]. Individual Land Parcels - The Yangpu District East Bund residential land was won by Poly Real Estate for 4.241 billion yuan, with a floor price of 80,199 yuan/m² and a premium rate of 26.3% after 72 bidding rounds [2][5]. - The Songjiang New City East District residential land was acquired by China Railway Construction for 2.471 billion yuan, with a floor price of 25,288 yuan/m² and a premium rate of 20.442% [2][6]. - The Hongkou District multi-purpose land was sold at base price to Beiwai Group for 2.157 billion yuan, with a comprehensive floor price of 67,131 yuan/m² [7][8]. - The Qingpu North land was also sold at base price to Poly Development for 841 million yuan, with a floor price of 15,500 yuan/m² [9]. Market Insights - Industry experts believe that the ongoing enthusiasm in Shanghai's land auctions will positively influence the housing market, supported by the introduction of quality projects and continuous policy optimization [3][11]. - The auction attracted 9 participating companies, including 6 state-owned enterprises, indicating strong interest in prime land [11]. - The competitive bidding for the Yangpu and Songjiang parcels highlights the demand for well-located land, particularly in core areas of Shanghai [11].

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].

好春光，不辜负；上春山，齐迈步。本次活动一经推出，便引发保利置业业主和泉城各跑团朋友的广泛关注。仅仅4天时间名额便全部报 满。4月26日上午，在活动正式启动后，各位选手将从佛慧山北广场出发，沿路经过开元胜境坊、开元遗韵坊、悟德斋、静虚亭、开元寺 遗址、品茗山房及部分景区内部道路，最终返回北广场。 （赛事路 转自：大众报业·齐鲁壹点 齐鲁晚报·齐鲁壹点 慕鹏 4月26日上午8点30分，"乐动中国"2025保利佛慧山公益健步行活动将在济南佛慧山北门广场正式启动。前期已经成功报名的选手请注 意：4月24日-25日的每天9:00-20:00，可以前往济高保利·云上璟会所领取活动物资装备啦！ 本场赛事由山东省体育局指导，齐鲁晚报·齐鲁壹点和保利山东置业集团有限公司联合主办，旨在让健康生活方式融入大家的日常生活 中，一起享受运动的快乐和美好，同时激发全民运动、自我超越的进步精神，这不仅是保利置业的进步精神写照，也是齐鲁大地诉之于 美好、引领全民健身的动力之源。 线示意图） 需要注意的是，本次公益健步走活动不计时、不排名，所有参与者量力而行，不一味追求速度，重在体验和感受健康锻炼的方式与乐 趣。为增加活动趣味性，活动在沿途 ...

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].

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [2][3]. Core Insights - The report highlights the importance of stabilizing the real estate market in response to the ongoing trade war, emphasizing the need for domestic demand expansion [2][3]. - It notes a significant decline in both new and second-hand housing transactions, with new home sales in 34 key cities dropping by 23% week-on-week and 26% year-on-year in April [4][7]. - The report indicates that the government is implementing policies to stabilize the market, including the cancellation of housing transfer restrictions in Nanjing and the expansion of housing fund withdrawal policies [32][33]. Industry Data Summary New Housing Transaction Volume - New housing sales in 34 key cities totaled 3.093 million square meters last week, a week-on-week decrease of 23.4% [4]. - Year-on-year, new housing sales in April are down 26%, with first and second-tier cities seeing a 21% decline and third and fourth-tier cities experiencing a 49% drop [7][8]. Second-Hand Housing Transaction Volume - Second-hand housing sales in 13 key cities fell by 26.2% week-on-week, with April sales down 15% year-on-year [13]. - Cumulative sales for the year to date show a 26.5% increase compared to the previous year [13]. New Housing Inventory - In 15 key cities, 710,000 square meters of new housing were launched last week, with a sales-to-launch ratio of 2.08, indicating a continued trend of inventory reduction [21]. - The total available residential area in these cities is 88.71 million square meters, reflecting a 0.9% decrease week-on-week [21]. Policy and News Tracking - The report discusses macroeconomic policies, including the imposition of tariffs on U.S. imports and the rise in manufacturing PMI to 50.5%, indicating a recovery in manufacturing activity [32][33]. - It highlights local government initiatives, such as Nanjing's cancellation of housing transfer restrictions and the expansion of housing fund policies in various cities [32][33]. - The report also notes the active land market in core cities, with significant land sales and project launches reported in the first quarter of 2025 [32][33].

Investment Rating - The report indicates a stable investment rating for the real estate sector, particularly highlighting the resilience of Poly Real Estate amidst market challenges [2]. Core Insights - Poly Real Estate achieved a total contract sales amount of 54.2 billion RMB in 2024, marking a 1.1% year-on-year increase, while the sales area decreased by 5.8% [4][7]. - The company faces increasing inventory pressure, with the value of completed sellable properties rising by 40% to 45.22 billion RMB, leading to a higher proportion of inventory value [4][8]. - The average contract sales price reached 25,546 RMB per square meter, a 7.3% increase compared to 2023, driven by a higher sales contribution from Hong Kong [8]. Sales Summary - In 2024, Poly Real Estate's total contract sales amounted to 54.2 billion RMB, with a sales recovery rate of 101%, indicating effective cash flow management [7]. - The company ranked 17th in the CRIC 2024 China Real Estate Enterprise Sales TOP 200, improving by 10 positions from the previous year [7]. Investment Summary - Poly Real Estate added six new projects in cities like Jinan, Ningbo, Shenzhen, and Shanghai, with a total land acquisition area of 964,000 square meters and a total land cost of approximately 19.9 billion RMB, maintaining a land acquisition-to-sales ratio of 0.37 [10][14]. - The total land reserve area decreased by 21.1% to 13.16 million square meters by the end of 2024 [14]. Profitability Summary - The company's operating revenue for 2024 was 40.21 billion RMB, a decrease of 1.8% year-on-year, with a significant drop in core net profit by 80.6% to 342 million RMB [5][17]. - The gross profit margin fell to 16.4%, down 4 percentage points from the previous year, primarily due to industry downturns [5][17]. Debt and Financial Health Summary - Poly Real Estate issued five bonds totaling 5 billion RMB in 2024, with an average financing cost reduced to 3.38%, reflecting improved financial conditions [6][18]. - The net debt ratio decreased by 16.2 percentage points to 76.9%, and the cash-to-short-term debt ratio improved to 1.77, indicating enhanced liquidity [19][22].

Core Viewpoint - In 2024, Poly Real Estate achieved a total contract sales amount of 54.2 billion yuan, with a contract sales area of 2.121 million square meters, marking a year-on-year increase of 1.1% and a decrease of 5.8% respectively, indicating a counter-trend growth amidst a general decline in sales among most real estate companies [3][7] Sales Performance - The company recorded a sales recovery amount of 54.8 billion yuan, with a sales recovery rate of 101%, which is an increase of 1 percentage point year-on-year [8] - The average contract sales price reached 25,546 yuan per square meter, up 7.3% from 2023, driven by a 15.1% sales contribution from the Hong Kong region, which is a 7 percentage point increase compared to 2023 [8] - The number of ongoing sales projects increased to 147 from 135 in 2023, while the number of projects under construction and awaiting construction decreased to 55 from 70, indicating a growing inventory pressure [8][6] Inventory and Land Acquisition - The company faced increased inventory pressure, with the value of completed and available properties rising by 40% year-on-year to 45.22 billion yuan, and the proportion of inventory value increasing from 24% to 36% [3][8] - In 2024, Poly Real Estate added 6 new projects in Jinan, Ningbo, Shenzhen, and Shanghai, with a total land acquisition area of 964,000 square meters and a total land cost of approximately 19.9 billion yuan, maintaining a land acquisition-to-sales ratio of 0.37, below the strategic target of 40% [9][11] Financial Performance - The company's operating revenue for 2024 was 40.21 billion yuan, a decrease of 1.8% year-on-year, while gross profit fell by 21.1% to 6.6 billion yuan, leading to a gross margin decline of 4 percentage points to 16.4% [4][16] - The core net profit attributable to shareholders plummeted by 80.6% to 342 million yuan, with a core net profit margin dropping by 3.5 percentage points to 0.8% [4][16] Financing and Debt Management - Poly Real Estate completed the issuance of 5 corporate bonds totaling 5 billion yuan in 2024, with interest rates below 3%, resulting in a reduction of the average financing cost by 0.5 percentage points to 3.38% [5][18] - The company's cash holdings increased by 8.8% to 34.67 billion yuan, while interest-bearing liabilities due within one year decreased by 6% to 19.54 billion yuan, improving the cash-to-short-term debt ratio to 1.77 [5][19] - The total interest-bearing debt decreased by 4.7% to 70.45 billion yuan, leading to a net debt ratio reduction of 16.2 percentage points to 76.9% [19]

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]