Group 1 - The core viewpoint of the news is that Yuexiu Property is focusing on precise investment strategies for 2025, emphasizing "steady investment" and "sales-driven investment" while targeting core cities and regions for land acquisition [1] - The company has set an equity investment budget of 30 billion yuan for the beginning of the year, which will be dynamically adjusted based on strategic development requirements and market changes [1] - In 2024, Yuexiu Property's total equity investment reached 29.46 billion yuan, with over 80% allocated to first-tier cities, specifically 9.3 billion yuan in Beijing, 6.9 billion yuan in Shanghai, and 8.16 billion yuan in Guangzhou [1] Group 2 - A market analyst noted that the top ten real estate companies are heavily invested in first-tier cities, but sustained success requires three key advantages: ample cash reserves, strong product capabilities, and a well-established land acquisition-sales cycle [2] - The analyst emphasized that having affordable financing and proven product lines are essential for continuous development in first-tier cities [2] - The importance of a sustainable cycle of using operational profits for reinvestment in development was highlighted as a critical factor for success in the competitive market [2]

Core Insights - In 2024, the company achieved a revenue of approximately 864.0 billion RMB, representing a year-on-year increase of 7.7% despite ongoing market pressures [3] - The company's contract sales, including joint ventures, amounted to approximately 1,145.4 billion RMB, marking its first entry into the top 10 national sales rankings, placing 8th [3][2] - The company is focusing its investment strategy on first-tier and key second-tier cities, acquiring 24 new land parcels in 2024, with over 70% of new land reserves located in first-tier cities [6] Financial Performance - The company reported a rental income of approximately 6.68 billion RMB from directly held commercial properties, a year-on-year increase of 37.1% [4] - The company's cash and cash equivalents totaled approximately 500.5 billion RMB, an increase of 8.6% from the beginning of the year, indicating strong liquidity [5] Regional Sales Breakdown - Contract sales from the Greater Bay Area reached approximately 488.4 billion RMB, accounting for 42.7% of total contract sales, with Guangzhou contributing about 433.7 billion RMB [3] - The East China region generated approximately 331.4 billion RMB in contract sales, representing 28.9% of total sales, with Hangzhou alone contributing about 221.0 billion RMB [3] - The Central and Western regions achieved contract sales of approximately 196.0 billion RMB, while the Northern region contributed about 129.6 billion RMB [3] Strategic Initiatives - The company is implementing a "commercial and residential dual development" strategy, enhancing its product offerings in line with government policies promoting quality housing [4][7] - The company introduced the "4×4 good product concept" and the 4+X product series, focusing on quality, warmth, intelligence, and growth to meet diverse market needs [7] - Recent projects in first-tier cities have seen significant sales success, with notable transactions in Guangzhou and Beijing, indicating strong market demand [8]

Financial Performance - Total revenue for the year was approximately RMB 86.4 billion, an increase of 7.7% year-on-year[3] - Gross profit margin was approximately 10.5%, a decrease of 4.8 percentage points year-on-year[3] - Profit attributable to equity holders was approximately RMB 1.04 billion, a decrease of 67.3% year-on-year[5] - Core net profit was approximately RMB 1.59 billion, a decrease of 54.4% year-on-year[5] - Total contracted sales amounted to approximately RMB 114.54 billion, a decrease of 19.4% year-on-year[3] - The operating profit for the year was RMB 3,451,169, down from RMB 6,670,336 in 2023, reflecting a decrease of about 48.3%[26] - The company reported a pre-tax profit of RMB 4,195,629 for the year ended December 31, 2024, compared to RMB 7,720,643 in 2023, a decline of approximately 45.6%[26] - The company achieved operating revenue of approximately RMB 86.4 billion, an increase of 7.7% year-on-year[51] - The gross profit margin was approximately 10.5%, a decrease of 4.8 percentage points compared to the previous year[51] - Profit attributable to equity holders was approximately RMB 1.04 billion, a decline of 67.3% year-on-year[51] - Core net profit was approximately RMB 1.59 billion, down 54.4% year-on-year[51] Assets and Liabilities - Cash and cash equivalents, along with other restricted deposits, totaled approximately RMB 50.05 billion, an increase of 8.6% from the beginning of the year[4] - Non-current assets increased to RMB 69,661,119 thousand in 2024 from RMB 63,014,367 thousand in 2023, representing an increase of approximately 10.5%[9] - Current assets totaled RMB 340,791,865 thousand in 2024, slightly up from RMB 338,164,361 thousand in 2023, indicating a growth of about 0.8%[9] - Total liabilities increased to RMB 306,373,816 thousand in 2024 from RMB 299,969,948 thousand in 2023, reflecting a rise of approximately 2.1%[10] - The net asset value rose to RMB 104,079,168 thousand in 2024, compared to RMB 102,208,780 thousand in 2023, marking an increase of about 1.8%[10] - The company's borrowings increased to RMB 103,888,742 thousand in 2024 from RMB 103,370,898 thousand in 2023, reflecting a rise of approximately 0.5%[10] - The current liabilities totaled RMB 220,514,657 thousand in 2024, up from RMB 210,086,539 thousand in 2023, representing an increase of about 4.3%[10] Cash Flow and Financing - The company's investment properties increased to RMB 17,029,312 thousand in 2024 from RMB 16,785,640 thousand in 2023, a growth of approximately 1.5%[9] - The company completed new financing of approximately RMB 41.69 billion in 2024, with total borrowings at approximately RMB 103.89 billion as of December 31, 2024[99] - The company's operating cash flow and committed bank financing are the main sources of liquidity, with a net debt ratio of 51.7%[99] - The weighted average borrowing rate was 3.49%, a decrease of 33 basis points year-on-year[4] - The average financing cost decreased by 33 basis points year-on-year to 3.49%[60] - The company has arranged financial products to hedge approximately RMB 6.97 billion of foreign currency borrowings, maintaining a low foreign exchange exposure[106] Dividends and Shareholder Information - The board recommended not to declare a final dividend for the year, with total dividends amounting to approximately 44% of core net profit[5] - The board proposed not to declare a final dividend for the year ending December 31, 2024, with total dividends for the year being HKD 0.189 per share (equivalent to RMB 0.173)[51] - Basic earnings per share attributable to equity holders for 2024 were RMB 0.2584, down from RMB 0.8542 in 2023[96] - There will be a suspension of share transfer registration from June 17, 2025, to June 20, 2025, inclusive[114] - Shareholders must submit transfer forms by June 16, 2025, at 4:30 PM to qualify for the annual general meeting on June 20, 2025[114] Operational Strategy and Market Position - The company maintained a "green file" status under the "three red lines" policy, with a net debt ratio of 51.7%, down 5.3 percentage points[4] - The company is currently analyzing the impact of the new Hong Kong Financial Reporting Standard No. 18 on its financial statements and disclosures[18] - The company plans to continue expanding its real estate development and management services to enhance revenue streams[19] - The management is focused on evaluating the performance of its business segments to allocate resources effectively and improve overall profitability[19] - The company is committed to achieving net-zero emissions by 2060 and plans to peak carbon emissions by 2030[61] - The company is focused on a "precise investment" strategy, emphasizing investment in core cities and high-quality second-tier provincial capitals[66] - The company aims to implement a "one strategy per project" marketing approach to accelerate sales and cash collection[65] - The company is advancing its "commercial and residential dual development" strategy to increase the contribution of commercial properties to financial performance[67] Employee and Operational Metrics - The company employed approximately 15,180 employees as of December 31, 2024, down from 18,800 employees on June 30, 2024[110] - The company's selling and marketing expenses for 2024 were approximately RMB 2.719 billion, a year-on-year increase of 10.9%, accounting for 3.1% of the annual revenue, consistent with the previous year[92] - Administrative expenses decreased by 17.2% year-on-year to approximately RMB 1.489 billion, accounting for 1.7% of annual revenue, down from 2.2% the previous year[93] Real Estate Development and Land Acquisition - The company maintained a cautious land acquisition strategy, focusing on high-potential cities amid a differentiated land market[50] - In 2024, the company acquired 24 land parcels with a total construction area of approximately 2.71 million square meters, with over 70% of new land reserves located in first-tier cities[54] - The total land reserve held by the company is approximately 19.71 million square meters, with 36.5% located in the Greater Bay Area[83] - The company has a significant land reserve in the Greater Bay Area, totaling 7,193,000 square meters, with 4,644,100 square meters under construction[85] - The company aims to maintain a steady pace of project development in 2024, with all projects progressing normally[89]

Core Viewpoint - The real estate company Yuexiu Properties has launched a "4×4 Good Product Concept" to align with the industry's consensus on "good housing," aiming to drive a transformation towards high-quality development in the real estate sector [1][2][13] Group 1: 4×4 Good Product Concept - The "4×4 Good Product Concept" includes four dimensions and sixteen propositions, focusing on quality, warmth, intelligence, and growth [2][3] - The concept represents a shift from being a "space provider" to a "lifestyle service provider," emphasizing a dynamic evolution in product offerings [3][4] Group 2: Quality and Experience - In terms of quality, Yuexiu Properties emphasizes strict construction standards and continuous technological innovation to create products with long-term value [4] - The "temperature experience" aspect includes a "Ten-Item Health Home System" and wellness-oriented community features, enhancing the emotional connection within the living environment [4][5] Group 3: Community and Emotional Engagement - The company focuses on enhancing community living value and emotional experiences through design elements like extended home interfaces and hotel-style drop-off areas [6][7] - Projects like Xiangshan Yuyuan incorporate local cultural elements and natural resources, creating spaces that respect and renew historical context [6][8] Group 4: Customization and Lifestyle - Yuexiu Properties tailors community spaces to meet the desires of high-knowledge demographics, offering customized clubhouses that elevate social interactions to personal enjoyment [8][9] - The "Starry Future" project features a multifunctional clubhouse designed for various activities, promoting a sense of community and interaction among residents [10][11] Group 5: Sales Performance - The implementation of the "4×4 Good Product Concept" has contributed to strong sales performance, with recent projects in Beijing achieving over 1,000 units sold on opening day, totaling 15.2 billion yuan [12][13]

Core Viewpoint - The real estate industry is shifting from a focus on speed to prioritizing quality, with companies like Yuexiu Real Estate emphasizing product strength and aligning with national housing policies [2][9]. Group 1: Product Development and Strategy - Yuexiu Real Estate launched the "4×4 Good Product Concept," which focuses on quality, warmth, intelligence, and growth, aiming to create sustainable living solutions [3][4]. - The company introduced the "4+X Product System," which offers differentiated quality living solutions tailored to various cities and customer segments [5][6]. - The "4+X Product System" includes six major product lines, such as "Yue" for high-end improvements and "Tian" for urban renewal, reflecting a strategic focus on core cities [5][6]. Group 2: Market Performance and Sales - Yuexiu Real Estate has seen strong market performance, with flagship projects achieving significant sales figures, such as the Guangzhou project with a transaction value of 8.601 billion and the Beijing project at 6.017 billion [8]. - In 2025, the company reported robust sales momentum in major cities, with projects in Shanghai and Guangzhou achieving record sales [8]. - The company aims to continue its commitment to the "People's City" concept and the national "Good House" initiative through innovation and quality construction [8][9].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任 何責任。 （在香港註冊成立的有限公司） （股份代號：00123） 董事會召開日期 越秀地產股份有限公司（「本公司」）董事會（「董事會」）宣佈，本公司將於二○二五年三月 三十一日（星期一）舉行董事會會議，籍以（其中包括）批准本公司及其附屬公司截至二○二四 年十二月三十一日止年度的全年業績，以及考慮派發末期股息的建議。 承董事會命 於本公告刊發日期，董事會成員包括： 執行董事： 林昭遠（董事長）、朱輝松、江國雄、賀玉平、陳靜及劉艷 非執行董事： 張貽兵及蘇俊杰 獨立非執行董事： 余立發、李家麟、劉漢銓及張建生 越秀地產股份有限公司 余達峯 公司秘書 香港，二○二五年三月十九日 ...

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 之 內 容 概 不 負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部 或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 （股份代號：00123） （在香港註冊成立的有限公司） 重續有關工程服務的 現有持續關連交易 重續有關工程服務的現有持續關連交易 茲提述二零二二年公告，內容有關二零二二年工程服務框架協議項下擬進行的 現有持續關連交易。 由於二零二二年工程服務框架協議於二零二四年十二月三十一日屆滿，本公司 已於二零二五年三月十四日與廣州越秀訂立二零二五年工程服務框架協議，以 重續二零二二年工程服務框架協議。根據二零二五年工程服務框架協議，本集 團同意向廣州越秀實體提供工程服務。 建議年度上限 截至二零二五年、二零二六年及二零二七年十二月三十一日止三個年度各年， 二零二五年工程服務框架協議的建議年度上限分別為人民幣100,000,000元、人 民幣110,000,000元及人民幣130,000,000元。 上市規則涵義 由於上市規則第14.07條所載根據二零 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不就因本公告全部或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任 何責任。 （在香港註冊成立的有限公司） （股份代號：00123） 海外監管公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條而作出。 承董事會命 越秀地產股份有限公司 余達峯 公司秘書 债券代码：115026 债券简称：23 穗建 04 广州市城市建设开发有限公司 2023 年面向专业投资者公开发行公司债券（第二期）（品种二） 2025 年付息公告 本公司全体董事或具有同等职责的人员保证本公告内容不 存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容的真 实性、准确性和完整性承担相应的法律责任。 香港，二○二五年三月十三日 於本公告刊發日期，董事會成員包括： 執行董事： 林昭遠（董事長）、朱輝松、江國雄、賀玉平、陳靜及劉艷 非執行董事： 張貽兵及蘇俊杰 獨立非執行董事： 余立發、李家麟、劉漢銓及張建生 重要内容提示： 广州市城市建设开发有限公司 2023 年面向专业投资者公开 发行公司债券 ...

Core Viewpoint - The article discusses the evolution of Haidian District in Beijing as a hub for internet technology and education, highlighting its unique ecosystem that fosters innovation and knowledge-driven success [2][3][4]. Group 1: Historical Context - Yinghaiwei, founded by Zhang Shuxin in 1996, was an early player in China's internet landscape, establishing a comprehensive online service platform before the rise of major companies like Tencent and Baidu [2]. - The company attempted to create "Online China" to digitize historical and cultural narratives but faced challenges due to limited internet access and internal disagreements, leading to its decline [2]. - Haidian District has since become a center for over 10,000 high-tech enterprises, with a GDP exceeding 1.2 trillion yuan, surpassing that of Kuwait [3]. Group 2: Educational and Technological Ecosystem - Haidian is characterized by its rich intellectual resources, with a strong emphasis on education and technology, creating a cycle of knowledge innovation that drives success [4]. - The district's residents are often described as highly competitive and driven by a culture of knowledge acquisition, contributing to the area's reputation as a center for technological advancement [4]. Group 3: Real Estate Development - The recent acquisition of land by the Greentown consortium in Haidian is notable for its proximity to top educational resources and advanced industrial clusters, indicating a shift towards "learning-oriented" real estate [8][9]. - The project aims to enhance the quality and concept of school district housing, addressing the needs of families seeking both educational advantages and improved living conditions [9][10]. Group 4: Innovative Housing Concepts - The "He Yueming" project emphasizes the importance of learning spaces within homes, featuring designs that cater to children's educational needs, such as dedicated study areas and family learning environments [12][20]. - The project introduces the concept of "academic housing," which focuses on nurturing children's learning capabilities rather than merely securing educational resources [25][28]. - The design includes multifunctional spaces that facilitate community interaction and support children's holistic development, integrating educational elements into the living environment [27][28]. Group 5: Market Positioning and Strategy - The "He Yueming" project distinguishes itself by prioritizing quality and functionality over mere profit, reflecting a deep understanding of the Haidian market and its residents' aspirations [34][35]. - The commitment to enhancing living spaces for educational purposes positions the project as a leader in the evolving real estate market, catering to the needs of modern families [34].

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].