Core Viewpoint - The company is significantly investing in Wuhan, leveraging the city's strategic development and aiming to create a comprehensive urban renewal and commercial integration model similar to its Shanghai projects [2][4]. Investment and Project Development - The final residential phase of the Wuhan Tiandi project is set to launch in Q4 of this year, with over 300 companies already established in the business district [4]. - The company has committed over 100 billion yuan to Wuhan, marking it as the largest regional market outside Shanghai [4]. - The Innovation Tian Di project, initiated in 2017, spans 1.2 million square meters and aims to establish a core hub for technological innovation in Wuhan [5]. - The Wuhan Changjiang Tiandi project is designed to enhance the waterfront cultural complex while preserving historical and industrial heritage [5]. Market Strategy and Customer Focus - The company emphasizes a long-term commitment to quality products and understanding customer needs, aiming to align offerings with lifestyle expectations [9][10]. - The company plans to slow down sales in the Innovation Tian Di project to better assess market conditions and optimize future offerings [8]. Future Outlook and Strategic Direction - The company intends to pursue both development and operational strategies, focusing on sustainable growth despite potential market fluctuations [10]. - The company is adopting a cautious approach to new projects, prioritizing strategic partnerships and influential developments [10]. - The company believes that future success in the real estate market will depend on the ability to provide high-quality products [10][11].

Financial Performance - For the fiscal year ending December 31, 2024, the company's revenue decreased to HKD 8,959 million from HKD 10,823 million in 2023, representing a decline of approximately 17.2%[8] - The core profit attributable to shareholders for 2024 was HKD 493 million, down from HKD 1,033 million in 2023, indicating a decrease of about 52.3%[8] - The total assets of the company as of December 31, 2024, were RMB 91,938 million, down from RMB 100,998 million in 2023, a decrease of about 8.9%[9] - The net profit attributable to shareholders in 2024 was RMB 180 million, a decrease of 78% from RMB 810 million in 2023[171] - The company's revenue for 2024 decreased by 16% to RMB 8.173 billion, down from RMB 9.752 billion in 2023, primarily due to a 26% drop in confirmed property sales[164] - Property sales in 2024 amounted to RMB 4.356 billion, compared to RMB 5.898 billion in 2023, with significant contributions from Wuhan Tiandi Yunting Phase III, generating RMB 4.138 billion[164] - The total revenue from property sales for the group was RMB 7.962 billion in 2024, compared to RMB 38.565 billion in 2023[122] - The total cash and bank deposits reached RMB 7.734 billion[43] - The financial expenses for 2024 totaled RMB 2.027 billion, down from RMB 2.167 billion in 2023, with interest expenses decreasing by 12% to RMB 2.058 billion[169] Property Sales and Development - The total confirmed property sales (including joint ventures and associates) amounted to RMB 7.962 billion[43] - The company achieved a total contract sales amount of RMB 15.055 billion, including RMB 14.553 billion from residential property sales and RMB 502 million from commercial property sales[120] - Residential property sales accounted for 97% of the total sales in 2024, with an average selling price of RMB 134,900 per square meter, up from RMB 56,700 per square meter in 2023[124] - The company confirmed property sales totaled RMB 7.962 billion in 2024, with an average selling price of RMB 25,500 per square meter, primarily impacted by a reduction in residential property completions[121] - The company has successfully developed and sold approximately 246,000 square meters of residential units in the Panlong Tiandi project from 2019 to 2024, with the last phase recording over 2,000 subscription applications[72] - The company has entered into a partnership with Yongye Group to develop the "Cuihu Tiandi" high-end residential project in the Shanghai Xintiandi community[54] - The company will continue to leverage its existing advantages in the mid-to-high-end market to enhance product competitiveness and brand influence, aiming for growth opportunities in high-quality products[54] Rental and Income Performance - The rental and related income for 2024 was RMB 9,752 million, a decrease from RMB 11,396 million in 2023, reflecting a decline of approximately 14.4%[11] - The overall rental income for 2024 reached RMB 2.456 billion, a 2% increase from RMB 2.398 billion in 2023, primarily driven by additional rental contributions from the opening of Panlong Tiandi[141] - The total rental income, including contributions from joint ventures, is projected to grow by 9% year-on-year to RMB 3.547 billion in 2024, with 77% of this income coming from properties in Shanghai[141] - The rental income from Shanghai Xintiandi reached RMB 488 million in 2024, up 7% from RMB 457 million in 2023, with an occupancy rate of 96%[142] - The rental rates for retail properties and mature office buildings were maintained at 94% and 91% respectively, indicating strong demand and stability in the commercial property sector[48] Sustainability and Environmental Initiatives - The company achieved a 100% renewable energy usage rate in its "Shanghai Xintiandi" and "Nanjing International Financial Center" properties, increasing the group's renewable energy usage rate to 35%[34] - The intensity of Scope 1 and Scope 2 carbon emissions was cumulatively reduced by 51.3% compared to the 2019 baseline, while Scope 3 tenant emissions intensity decreased by 28.1%[34] - The group received the "Climate Change Leadership Award" from CDP in 2024 and was included in the "CDP Climate Change A List," highlighting its leadership in climate governance and information disclosure[51] - The proportion of renewable energy usage in the group's overall operations increased from 20% in 2023 to 35% in 2024, marking significant progress in sustainability efforts[49] Debt Management and Financial Strategy - The company plans to repay USD 493.5 million in senior notes due on August 24, 2024, and USD 490 million due on March 3, 2025, as part of its prudent capital management strategy[29] - The group successfully repaid offshore debts totaling RMB 45.2 billion since 2021, including USD 490 million in senior notes due in March 2025, demonstrating prudent capital management[52] - The company has repaid a total of USD 493.5 million in senior notes as of August 2024, demonstrating its commitment to financial responsibility[112] - The company maintained a net asset liability ratio of 52% as of December 31, 2024, with total cash and bank deposits reaching RMB 7.734 billion[112] Market Conditions and Economic Outlook - The group anticipates ongoing adjustments in the Chinese real estate market due to geopolitical uncertainties, despite signs of recovery in first-tier cities[53] - In 2024, China's GDP growth rate was boosted to 5% due to economic stimulus policies, although the real estate market continued to decline, with a 10.6% drop in real estate investment[188] - The new residential sales and total construction area in China decreased by 17.6% and 14.1% respectively in 2024, but the decline has started to ease in the second half of the year[189] - Shanghai's Grade A office buildings saw a net absorption increase of 24.7% to 476,000 square meters in 2024, driven by demand from upgraded and diversified tenant portfolios[190] Future Plans and Strategic Initiatives - The company plans to continue implementing a "light asset strategy" to expand its business and explore innovative business models[43] - The company aims to actively explore innovative business models to adapt to the complex market environment[54] - The company plans to launch the next batch of villas and townhouses by the end of 2025, depending on construction progress and government approvals[124] - The company plans to continue expanding its asset management services and seek more collaboration opportunities with other organizations[144]

截至2024年末，瑞安房地产手中共有住宅可售货值超500亿元，同样主要分布于上海、武汉。据透露， 2025年，瑞安房地产将陆续推出翠湖六期的36套低密产品、武汉天地住宅项目等。 翠湖风貌别墅2025年底入市 自1996年拿下上海太平桥旧改项目至今，瑞安房地产在内地已发展近30年，上海是其最重要的根据地。 翠湖天地、瑞虹新城、蟠龙天地等住宅项目的销售成为瑞安房地产业绩的重要支撑。2024年，瑞安房地 产的合约物业销售额录得150.55亿元，同比增长32%，其中翠湖天地六期带来了119.79亿元的合约销售 额，销售均价超21万/平方米。 2025年，翠湖天地六期后续的低密住宅产品也将入市，共计36栋独栋和联排别墅。王颖表示，"翠湖六 期风貌别墅非常具备它独特的地理位置和社区稀缺性，这一类项目销售没有特别大的压力。"另一别墅 产品翠湖滨江，今年也会按节奏继续推售。 "未来中国房地产市场会进入新常态。"近日，在接受包括第一财经在内的媒体采访时，瑞安房地产 （00272.HK）行政总裁王颖谈到，在一个准确的市场里提供好产品，就能够获得足够好的回报。对于 瑞安房地产来说，眼下"准确的市场"，是上海和武汉。 瑞安房地产财报 ...

3月28日，港资房企瑞安房地产（00272.HK）对外披露2024年业绩，报告期内，实现收入81.73亿元，实 现利润8.1亿元，股东应占溢利为1.8亿元。 《中国经营报》记者注意到，在外界较为关注的财务方面，瑞安房地产也对外表示，截至2024年年末， 其集团净资产负债率稳定维持在52%。瑞安房地产财务总裁兼投资总裁孙希灏在2024年业绩发布会上强 调："从2021年到目前总共偿还了452亿元人民币外债，坚定履行财务责任。" 在未来经营策略方面，"审慎"成为瑞安房地产2024年业绩发布会上的高频词汇之一。瑞安房地产行政总 裁王颖就向包括《中国经营报》在内的媒体记者表示："我们在业务拓展上还是会以更为审慎的态度拓 展投资，仍然会聚焦一线城市，尤其是发展和管理基础较好的上海。" 在当下的房企年报披露季，以稳健著称的港资房企受到外界关注。 "合约销售的增长主要得益于'翠湖天地·六和项目'的热销。"王颖在2024年业绩发布会上表示，"翠湖天 地·六和"项目在开盘当天108套单元全部售罄，合约销售额将近120亿元，平均售价为每平方米210200 元，创下了上海豪宅销售的新纪录。 王颖进一步介绍："2024年全年，上海套 ...

每经记者 包晶晶 每经编辑 陈梦妤 "房地产市场经过两三年调整，现在已经筑底，并稳步向好，但已出险开发商如何应对财务问题，也会 影响市场未来的发展。" 3月28日，瑞安房地产（HK00272，股价0.7港元，市值56.19亿港元）发布2024年全年业绩并举行线上业 绩会，瑞安房地产主席罗康瑞在回答《每日经济新闻》记者提问时说，"长远来看，市场开始向好"。 年报显示，2024年，瑞安房地产收入81.73亿元，较2023年下降16%；年度溢利同比下降42%至8.10亿 元，主要是住宅物业落成数量及已确认的物业销售减少，带来了利润的下降。其中，已确认物业销售下 跌26%至43.56亿元，但租金及相关收入总额（包括合营公司及联营公司）为35.47亿元，同比增长9%。 武汉项目贡献主要销售业绩 瑞安房地产行政总裁王颖介绍说："合约销售额之外，集团录得7.95亿元认购销售额，将在未来几个月 转为合约销售。目前已经锁定的销售总额为153.94亿元，将在2025年及以后交付，并在集团的财务业绩 中进行确认。" "到今天为止，瑞安在上海核心地段的物业已经超过170万平方米，商业物业总体估值达到790亿元规 模。2024年，分布 ...

Group 1 - The core viewpoint of the news is that Ruian Real Estate (00272) reported a significant decline in both revenue and profit for the year 2024, primarily due to a decrease in the number of completed residential properties and confirmed property sales [1] - The company's revenue for 2024 was 8.173 billion RMB, representing a year-on-year decrease of 16% [1] - The profit attributable to shareholders was 180 million RMB, down 78% year-on-year, with basic earnings per share at 2.2 cents and a final dividend of 0.036 HKD per share [1] Group 2 - In 2024, the company achieved confirmed property sales of 4.356 billion RMB, with total confirmed property sales (including joint ventures and associates) amounting to 7.962 billion RMB [1] - The total contracted sales reached 15.055 billion RMB, which included residential property sales of 14.553 billion RMB and commercial property sales of 0.502 billion RMB [1] - The company has locked in total sales of 15.394 billion RMB, which will be delivered and recognized in the fiscal year 2025 and beyond [1] Group 3 - As of December 31, 2024, the company's total land reserve amounted to 8 million square meters, including 5.8 million square meters available for lease and sale, and 2.2 million square meters for clubhouses, parking lots, and other facilities [2] - The company has a total of 14 development projects located in prime areas of five major Chinese cities: Shanghai, Nanjing, Wuhan, Foshan, and Chongqing [2] - The company's attributable area available for lease and sale is 3.7 million square meters, with approximately 2.6 million square meters completed and held for sale and/or investment purposes [2]

Financial Performance - In 2024, the company recorded a profit of RMB 810 million, with a significant year-on-year decline of 42% due to a decrease in residential property completions and confirmed property sales[4]. - The company's revenue decreased by 16% to RMB 8.173 billion, with recognized property sales down 26% to RMB 4.356 billion[5]. - The annual profit for 2024 was RMB 810 million, down 42.5% from RMB 1.397 billion in 2023[54]. - The profit attributable to shareholders for 2024 was RMB 180 million, a decrease of 77.8% compared to RMB 810 million in 2023[55]. - The core profit for 2024 was RMB 4.5 billion, down 52% from RMB 9.31 billion in 2023[56]. - The total revenue for 2024 was RMB 8,173 million, down 16.1% from RMB 9,752 million in 2023[79]. - The company reported a pre-tax profit of RMB 3,147 million for 2024, compared to RMB 2,699 million in 2023, representing an increase of 16.6%[83]. - The company recorded a net loss of RMB 279 million in other income and losses for 2024, compared to a net loss of RMB 243 million in 2023[50]. Property Sales and Development - Contracted property sales reached RMB 15.055 billion, marking a 32% increase year-on-year, while subscription sales surged by 117% to RMB 795 million[5]. - In 2024, the company recorded confirmed property sales of RMB 4.356 billion, with total confirmed property sales (including joint ventures) amounting to RMB 7.962 billion[7]. - The company achieved a contract sales amount of RMB 15.055 billion in 2024, representing a 32% increase compared to 2023, with residential properties accounting for 97% of the sales[11]. - The residential property sales for the Shanghai Taipingqiao (Plot 122) reached RMB 11,979 million with an average selling price of RMB 210,200 per square meter, while the total area sold was 57,000 square meters[13]. - The company has approximately 176,300 square meters of residential properties available for sale and pre-sale in 2025 and beyond, with a total estimated sales value of RMB 101,100 million[15]. - The estimated total sales value of the residential development projects available for sale as of December 31, 2024, is RMB 51.2 billion, with a total building area of 920,100 square meters[16]. - The company sold 108 units in the first batch of the Cuihu Binjiang project, totaling a sales amount of RMB 1.298 billion, with a target delivery date in the second half of 2025[18]. Rental and Income Performance - Total rental and related income amounted to RMB 3.547 billion, representing a 9% increase compared to the previous year, driven by contributions from newly opened projects[5]. - Rental and related income for 2024 increased by 9% year-on-year to RMB 3.547 billion, with 77% of this income derived from properties in Shanghai[7]. - The rental income from properties in Shanghai accounted for 77% of the total rental and related income in 2024[29]. - The average occupancy rate for the retail property portfolio remained stable at 94%, with sales and foot traffic increasing by 8% and 12% respectively in 2024[28]. - The office property portfolio's overall occupancy rate improved from 66% in 2023 to 69% in 2024, despite challenges in the market[28]. - The rental income from the newly opened Panlong Tiandi contributed significantly to the overall growth in rental income[28]. Debt and Financial Management - The company maintained a stable net debt-to-equity ratio of 52% as of December 31, 2024, with total cash and bank deposits amounting to RMB 7.734 billion[5]. - The company has repaid a total of RMB 45.2 billion in offshore debt since 2021, reflecting its commitment to prudent capital management[4]. - The group repaid a total of RMB 10.87 billion in debt during 2024, with an additional RMB 5.6 billion repaid by March 27, 2025, representing 68% of the debt due in 2025[65]. - The total financial expenses amounted to RMB 2.027 billion, a decrease of 6.4% from RMB 2.167 billion in 2023, with interest expenses down 12% to RMB 2.058 billion[52]. - The net debt as of December 31, 2024, was RMB 22.193 billion, a decrease from RMB 23.016 billion in 2023, with a stable net asset leverage ratio of 52%[61]. Dividends and Shareholder Returns - The board proposed a final dividend of HKD 0.036 per share for 2024, down from HKD 0.058 per share in 2023, resulting in an annual dividend of HKD 0.036 per share[4]. - The proposed final dividend for 2024 is HKD 0.036 per share, down from HKD 0.058 per share in 2023[57]. - The final dividend proposed for the year ending December 31, 2024, is HKD 0.036 per share, totaling approximately RMB 268 million, down from RMB 423 million in 2023[108]. Market and Economic Conditions - The real estate investment market saw a 10.6% decline in investment in 2024, marking three consecutive years of contraction[101]. - The company anticipates challenges in the commercial office market due to increased supply and competition, while seeking new tenants from emerging productivity sectors[102]. - In 2024, Shanghai's GDP recorded a growth of 5%, becoming the first city in China with an economic total exceeding RMB 5 trillion[104]. - In 2024, Chongqing's GDP grew by 5.7%, reaching RMB 3.2 trillion, surpassing Guangzhou to become China's fourth-largest city[105]. - In 2024, Wuhan's GDP growth was 5%, with total social retail sales reaching RMB 800 billion, an increase of 5.3%[106]. Corporate Governance and Management - The company has adopted the Corporate Governance Code and has complied with all applicable provisions, with some exceptions noted[110]. - The company expressed gratitude to the board members, management team, and employees for their efforts over the past year[116]. - The company emphasized the importance of equal opportunity principles in its compensation policy, which is based on employee performance and qualifications[114]. - The company is committed to ongoing reviews of its corporate governance practices to align with the latest developments[110]. Employee and Operational Insights - As of December 31, 2024, the total number of employees at the company was 2,851, a decrease from 3,054 employees as of December 31, 2023[113]. - The company provided a range of employee benefits including retirement plans, long-term incentive plans, and medical insurance[113].

Financial Data and Key Metrics Changes - The company reported a revenue of RMB 8.1 billion and a net profit of RMB 810 million for 2024, with profit attributable to shareholders at RMB 180 million [19][20] - Total rental income, including joint ventures and associates, was RMB 3.54 billion, reflecting a 9% year-on-year increase despite market challenges [21][22] - The gross profit margin improved to 64%, higher than the previous year, primarily due to a revenue composition shift towards rental income [23] Business Line Data and Key Metrics Changes - Property sales on a consolidated level reached RMB 4.3 billion, with a notable increase in contract sales driven by the successful launch of Lakeview 6, which generated nearly RMB 12 billion in sales on its launch day [19][35] - The commercial portfolio's rental and related income increased by 9% year-on-year, supported by new projects opened in 2023 [11][52] - The average occupancy rate for the commercial sector remained stable at around 90% [53] Market Data and Key Metrics Changes - The high-end residential market in Shanghai saw a 150% year-on-year increase in transactions, indicating strong demand despite broader market challenges [15] - The overall residential market in China continues to contract, but first-tier cities are showing early signs of recovery, with home prices turning positive in late 2024 [39][40] - The luxury home sales in Shanghai nearly doubled, with significant demand from high-net-worth individuals [43] Company Strategy and Development Direction - The company will continue to focus on an asset-light strategy, expanding its urban retreat community and launching new projects in high-growth cities [11][48] - The strategy includes prioritizing opportunities in top-tier cities, particularly Shanghai, and leveraging the Lakeview brand for competitive advantage [41][42] - The company aims to innovate its business model and form strategic partnerships to drive sustainable growth [42] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenging operating environment due to economic transitions and geopolitical uncertainties but expressed confidence in maintaining profitability [3][5] - The company noted that supportive government measures are beginning to stabilize the market, with increasing land sales at premiums indicating growing confidence [14][40] - Future expectations include a focus on high-end residential projects and a continued emphasis on sustainability efforts [14][46] Other Important Information - The company has fully repaid significant offshore debts, enhancing its liquidity and reducing reliance on foreign financing [12][33] - Sustainability efforts have led to a 51.3% reduction in carbon emissions intensity and recognition in the Climate Leadership Award from CDP [13][14] Q&A Session Summary Question: What are the expectations for the residential market in the coming years? - Management highlighted that while the national market is contracting, first-tier cities are showing signs of recovery, with positive month-on-month price changes expected [39][40] Question: How is the company managing its debt and liquidity? - The company has successfully repaid a significant portion of its offshore debts and reduced its reliance on foreign financing, maintaining a stable gearing ratio [33][34] Question: What are the key drivers for growth in the commercial sector? - The company is focusing on enhancing tenant experiences and maintaining high occupancy rates, with a strategic emphasis on high-quality services in its office portfolio [53][56]

Financial Data and Key Metrics Changes - Shui On Land reported a profit attributable to shareholders of RMB 180 million for the year, with total revenue of RMB 8.1 billion and net profit of RMB 810 million [4][20] - The company experienced a decline in revenue and profit primarily due to lower levels of residential completion and handover in 2024 compared to 2023 [21] - The gross profit margin improved to 64%, higher than in 2023, mainly due to a revenue composition more driven by rental income [22] Business Line Data and Key Metrics Changes - Contract sales for 2024 increased by 32%, reaching RMB 55 billion, with residential property sales of RMB 14.55 billion and commercial property sales of RMB 5.2 billion [35] - Total rental income, including joint ventures and associates, increased by 9% year on year, amounting to RMB 3.54 billion [20][22] - The commercial portfolio yielded solid rental growth, with a total rental and related income of RMB 3.5 billion, supported by new projects opened in 2023 [12][53] Market Data and Key Metrics Changes - The high-end residential market in Shanghai continued to perform well, with high-end transactions increasing by 150% year on year [16] - The overall residential market in China is undergoing a structural correction, but signs of recovery are emerging in top-tier cities [40] - The second-hand market in Shanghai saw monthly sales exceeding 20,000 units from October to December 2024, indicating a resurgence in demand [41] Company Strategy and Development Direction - The company will continue to prioritize an asset-light strategy and focus on top-tier cities, particularly Shanghai, to capture the best opportunities [8][42] - The strategy includes leveraging the Lakeview brand and expanding urban retreat communities through partnerships and innovative business models [50] - The company aims to maintain prudent capital management while expanding its portfolio without putting pressure on its financial balance sheet [18][33] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenging operating environment due to economic transitions and geopolitical uncertainties but expressed confidence in maintaining profitability [4][8] - The company noted that supportive measures from the central government are beginning to shore up market confidence, particularly in the high-end residential sector [15][40] - Management remains optimistic about the future, citing strong demand in the luxury market and the successful sales launch of Lakeview 6 as positive indicators [10][16] Other Important Information - The company has fully repaid RMB 45.2 billion in foreign loans and maintained a stable net debt ratio of 52% [13][25] - Sustainability efforts have led to a 51.3% reduction in carbon emissions intensity and recognition in the Climate Leadership Award from CDP [14] - The company is focusing on urban regeneration projects and partnerships to enhance its asset-light strategy [50] Q&A Session Summary Question: What are the company's plans for future residential projects? - The company plans to launch the next phase of Lakeview 6 in late 2025, featuring low-density heritage-inspired villas and townhouses, with construction completion expected in Q2 2027 [46] Question: How is the company addressing the challenges in the office market? - The company is focusing on a refined office leasing strategy and has successfully signed over 230,000 square meters of new leases, targeting high-quality tenants [56]

午后突变！002724，地天板 今日，A股先是震荡调整，午后临近收盘发力上扬，上证指数、深证成指、创业板指均微幅飘红， 中证1000、中证500则收出长下影线小阴线。 下跌个股远超上涨个股，成交萎缩至1.47万亿元，创阶段性新低。 热点方面，海洋王（002724）午后直线涨停，上演"地天板"。 盘面上，旅游、有色金属、家电、酒店餐饮等板块涨幅居前，农林牧渔、教育培训、微盘股、装修 装饰等板块跌幅居前。 实时监测数据显示，电子、基础化工、有色金属3行业均获得主力资金超20亿元净流入，银行、社会 服务、通信都获得超10亿元净流入。计算机主力资金则净流出逾55亿元，汽车净流出逾22亿元，国防军 工净流出逾14亿元。 展望后市，国盛证券指出，后续需要重点关注的是经济数据能否出现多维度的超预期改善，而这可 能需要到4月才有所决断。技术面上，2024年12月高点的阻力位重要性再次得到印证，指数未能突破、缩 量调整，短期需要观察下方支撑力度，重要观察位置为春节后DeepSeek行情的起点，建议适当控制仓 位。 华泰证券称，A股自1月下旬起的反弹中，资金参与程度渐深，整体浮盈可观，AI及机器人等主线方 向浮盈较厚，阶段性止盈 ...