中国海外发展5月合约销售额238.5亿元，同比增长21.1％。 ...

智通财经5月9日电，中国海外发展4月合约销售额201.6亿元人民币，同比减少7.5%。 ...

Financial Performance - Revenue decreased by 8.6% to RMB 1,851.5 million from RMB 2,025.2 million year-on-year[27] - Profit attributable to shareholders dropped by 38.9% to RMB 156.4 million, down from RMB 256.1 million[27] - Core profit attributable to shareholders decreased by 33.5% to RMB 157.2 million from RMB 236.5 million[27] - Basic earnings per share decreased by 38.9% to RMB 1.43 from RMB 2.34[27] - Total revenue for the fiscal year 2023 was RMB 202.5 billion, a 12.2% increase from RMB 180.3 billion in 2022[39] - Operating profit for 2023 was RMB 40.5 billion, up from RMB 34.9 billion in 2022, reflecting a 16.3% increase[39] - Net profit attributable to shareholders for 2023 was RMB 25.6 billion, compared to RMB 23.3 billion in 2022, marking a 9.8% increase[39] - The company's revenue for the audited year ending December 31, 2024, was RMB 185.15 billion, with a net profit attributable to shareholders of RMB 15.64 billion[78] Sales and Contracts - Contracted property sales amounted to RMB 3,106.9 million, a slight increase of 0.3% compared to RMB 3,098.1 million in the previous year[27] - The company achieved a contract property sales amount of RMB 310.69 billion, with a year-on-year growth of 0.3%, making it the only top ten real estate company in China to realize sales growth[73] - The average contracted sales price per square meter was RMB 27,047, representing a year-on-year increase of 16.6%[93] - The cumulative contract property sales amount for the Shenzhen Deep Bay project reached RMB 156.2 billion, with sales expected to commence in June 2024 and completion anticipated in 2026[120] - The cumulative contract property sales amount for the Shenzhen Time Horizon project reached RMB 45.8 billion, with sales starting in September 2023 and expected completion in 2024[122] - The company’s Shanghai project set a national record with a sales amount of RMB 196.5 billion on its opening day, totaling RMB 387.3 billion in cumulative contract property sales by December 2024, with completion expected in 2025[131] Land Acquisition and Reserves - Total land reserves decreased by 21.2% to 4,255,000 square meters from 5,403,000 square meters[27] - New land reserves added were 416,000 square meters, down 45.5% from 764,000 square meters[27] - The company has acquired 22 land parcels in 12 cities with a total purchase amount of RMB 80.61 billion, leading the industry in land acquisition[81] - The company acquired land in key cities with a total investment amount of RMB 636.2 billion, accounting for 91.4% of the total land acquisition, with RMB 511.6 billion in first-tier cities alone, representing 73.5% of the equity land price[100] - The total land reserve of the company's subsidiaries (excluding China Overseas Hong Kong) is 28.77 million square meters, with an equity construction area of 25.43 million square meters as of December 31, 2024[104] Financial Ratios and Debt Management - The interest coverage ratio fell to 2.8 times from 3.9 times, a decline of 1.12 times[27] - Net gearing ratio improved to 29.2% from 38.7%, a reduction of 9.53 percentage points[27] - The net debt ratio improved to 38.7% in 2023 from 42.9% in 2022, indicating better financial health[41] - The company maintained a debt-to-asset ratio of 55.8% and a net gearing ratio of 29.2%, reflecting a strong financial position[81] - The group’s total borrowings amounted to RMB 241.56 billion, with 11.8% due within one year[196] Dividends - The interim dividend was reduced by 14.3% to HKD 0.30 from HKD 0.35, and the final dividend decreased by 33.3% to HKD 0.30 from HKD 0.45[27] Market Position and Recognition - The company was rated A- by S&P Global, reflecting strong financial performance and governance[54] - The company was recognized as the top real estate developer in China for delivery capability in 2023 by CRIC[44] - The company’s market share in first-tier cities reached the top three, with sales in Shanghai amounting to RMB 70.45 billion, contributing to 60.6% of total sales from its series of companies[79] Commercial Property Development - The company’s commercial property revenue increased by 12.1% year-on-year, reaching RMB 7.13 billion, with a total operational area increase of 300,000 square meters[79] - The company is actively expanding its commercial property operations, with a focus on diverse product offerings and strategic urban positioning[170] - The company reported a total of 123 operational commercial projects, with a combined area of 758,000 square meters[174] - The shopping center business achieved a rental income growth of 34.6% year-on-year, reaching RMB 2.26 billion, with overall occupancy at a high level of 95%[177] Strategic Initiatives and Future Plans - The company aims to launch a series of "Good Houses" in major cities like Beijing and Shanghai by 2025, capitalizing on the opportunity for greater value creation[86] - The company plans to enhance its market presence in first and second-tier cities in mainland China through strategic property development[118] - The company is focusing on developing mixed-use projects in key urban areas, enhancing its market presence and product offerings[133] - The company is focusing on integrating supply chain resources to enhance service capabilities and reduce costs, aiming for a win-win ecosystem in the building materials industry[190]

智通财经4月25日电，中国海外发展称第一季收入为367.3亿元人民币，经营溢利为56.7亿元。 ...

Sales Performance - In Q1 2025, the group achieved contract property sales of RMB 46.42 billion, with a corresponding sales area of 2.19 million square meters[4] - The group's revenue for the three months ended March 31, 2025, was RMB 36.73 billion, and operating profit was RMB 5.67 billion[5] Land Acquisition - The group acquired nine new land parcels in seven cities in mainland China, with a total land reserve of 1.28 million square meters and a total land cost of RMB 27.55 billion[4] Financial Health - The net gearing ratio and financing cost remain at the industry's lowest range, indicating strong financial health[5] - The group is confident in maintaining sustainable high-quality development due to its leading investment, product, sales, and cost advantages[3]

证券研究报告 | 2025年04月07日 中国海外发展（00688.HK） 优于大市 销售稳健，资源优质 归母净利润下降 39%。2024 年公司实现营业收入 1852 亿元，同比下降 9%； 归母净利润 156 亿元，同比下降 39%；剔除汇兑损益和物业重估价值等后的 核心净利润 157 亿元，同比下降 34%。公司归母净利润下滑的原因主要为结 转规模及结转毛利率的下降，和投资物业公允价值变动收益下降。公司宣布 派发末期股息每股港币 30 港仙，全年派息占归母净利润 38%。 销售逆势微增，聚焦核心城市。2024 年公司实现销售金额 3107 亿元，同比 逆势微增，全年权益销售额排名行业第一；实现销售面积 1149 万平方米， 同比下降 14%。公司销售表现持续跑赢行业，其中一线城市市场份额持续领 先，全年在北京、上海、深圳市占率均位于第一。公司聚焦核心，投资规模 行业第一，2024 年新增土地投资 22 宗，总购地金额 806 亿元，其中一线城 市占比 77%。公司土储结构优质，持续发展动能充足，截至 2024 年末土地储 备总建筑面积 2877 万平米，权益面积 2543 万平米，其中一线和强二线城市 ...

2025 年 4 月 6 日 公司研究 结算压力延续，销售逆势上涨 ——中国海外发展（0688.HK）2024 年业绩公告点评 要点 事件：公司发布 2024 年业绩公告。2024 年，公司实现营业收入 1851.5 亿元， 同比下降 8.6%，归母净利润 156.4 亿元，同比下降 38.9%。 点评： 开发结算缩量，核心净利润下降: 2024 年，公司实现营业收入 1851.5 亿元，同 比下降 8.6%，其中，房地产开发业务结算收入同比下降 9.4%至 1747.2 亿元； 商业物业运营收入同比增长 12.1%至 71.3 亿元，连续两年保持双位数增长；公 司综合毛利率为 17.7%，同比下降 2.6pct，延续承压状态；公司实现归母净利 润 156.4 亿元，其中核心归母净利润 157.2 亿元，同比下降 33.5%，核心净利 润率为 8.5%，同比下降 3.2pct，业绩下降主要因营收和毛利率同比下降明显、 投资物业公允价值变动收益同比减少 91.4%、对联合营公司的投资收益同比下 降 60.1%、结算项目权益结构变动导致少数股东损益占比提升 6.8pct 等影响。 连续两年销售逆势增长，保持合理拿 ...

证券研究报告 | 年报点评报告 gszqdatemark 2025 04 03 年 月 日 中国海外发展（00688.HK） 销售投拓逆势领先，核心优质货源有望助力业绩率先企稳 2024 年公司营收同比-8.6%，归母净利润同比-38.9%，主要因投资物业公 允价值变动等科目影响。公司 2024 年实现主营业务收入 1851.5 亿元（同比- 8.6%，下同）；归母净利润 156.4 亿元（-38.9%）；核心归母净利润 157.2 亿元（-33.5%）。毛利率 17.7%（-2.6pct）；归母净利率 8.4%（-4.2pct）。 公司期内业绩下滑，主要是（1）受地产行业持续调整影响，期内公司结转收 入规模及毛利率水平较往年有所降低，整体毛利率为 17.7%（-2.6pct）；公 司投资收益同比减少 9.8 亿元至 6.5 亿元；（2）净其他收入及收益同比减少 10.77 亿元至 3.25 亿元；（3）投资物业公允价值变动同比减少 44.3 亿元至 4.17 亿元。我们认为，公司多年坚持在核心城市布局，销售表现领先、减值压 力相对较轻，且公司成本费用管控能力出众、利润率领先，预计公司业绩平稳 向好。 持续保 ...

港股公司报告 | 公司点评 中国海外发展（00688） 证券研究报告 权益销售投资双第一，引领行业破局——中国海外发展 24 年报点评 利润受行业波动影响，分红比例提升 24 年公司实现收入约 1851.54 亿元，同比-8.58%；归母净利润 156.36 亿 元，同比-38.95%，核心利润 157.2 亿元，同比-33.5%；基本每股盈利 1.43 元，同比-38.9%。24 年公司毛利率 17.7%，较 23 年下滑 2.6pct；净利率 9.6%较23 年下降 3.8pct。公司拟派末期股息每股30 港仙，全年合计 60港 仙，分红比例提升至 38.5%。 注：营业收入、EBITDA、归母净利润均为人民币，EPS 为人民币/股 权益销售升至行业第一，投资保持强度良好 销售端，24 年公司合约销售额 3106 亿元，同比+0.3%；销售面积 1152 万 平，同比-13.8%，市占率较 23 年提升 0.55pct 达 3.21%；权益金额 2858 亿元，同比+2.5%，权益比例较23 年提升 2pct 至 92%，克而瑞百强销售权 益金额排名较 23 年上升 1 位至行业第 1，公司在下行市场实现 ...

中国海外发展 （00688.HK） 2025 年 04 月 02 日 投资评级：买入（维持） | 日期 | 2025/4/2 | | --- | --- | | 当前股价(港元) | 13.420 | | 一年最高最低(港元) | 18.580/10.540 | | 总市值(亿港元) | 1,468.80 | | 流通市值(亿港元) | 1,468.80 | | 总股本(亿股) | 109.45 | | 流通港股(亿股) | 109.45 | | 近 3 个月换手率(%) | 16.3 | 股价走势图 数据来源：聚源 -20% 0% 20% 40% 60% 80% 2024-04 2024-08 2024-12 2025-04 中国海外发展 恒生指数 相关研究报告 《销售市占率逆势提升，商业物业收 入保持增长—港股公司信息更新报 告》-2024.8.29 权益销售及拿地金额排名首位，商业收入稳健增长 ——港股公司信息更新报告 | 齐东（分析师） | 胡耀文（分析师） | | --- | --- | | qidong@kysec.cn | huyaowen@kysec.cn | | 证书编号：S07905220 ...