集团九个商业项目投入运营，商业物业运营总建筑面积增加30万平方米，商业物业收入继续保持较快增 长，实现收入71.3亿元，同比增长12.1%。市场调整下行，不确定性增强，集团保持投资定力，聚焦高 能级城市的优质资产，精準投资，全年在12个中国内地城市获取22宗地块，总购地金额806.1亿元，权 益购地金额696.3亿元，新增购地金额行业第一，四个一线城市权益购地金额占比约73.5%，货量结构优 势更加突出。 2024年，集团系列公司实现合约物业销售额3106.9亿元，同比增长0.3%，是中国十强房企中唯一实现销 售增长的公司，国内市场占有率较2023年末提升0.55个百分点达到3.21%。中国指数研究院数据显示， 2024年集团系列公司的权益销售额居行业第一。 集团继续保持稳健的财务状况与强劲的成本优势。于2024年12月31日，集团的资产负债率为55.8%，净 借贷比率为29.2%，继续保持在"绿档"。集团积极管理有息借贷规模，提早偿还2027年1月到期的俱乐部 贷款港币121.1亿元，净偿还债务175.5亿元，有效优化债务结构，债务占比提升至82.3%。集团持有银 行存款及现金为1241.7亿元，经营性现金 ...

Financial Performance - The group's total revenue was RMB 185.15 billion, compared to RMB 202.52 billion in the previous year, reflecting a decrease[4]. - The profit attributable to shareholders was RMB 15.64 billion, with a core profit of RMB 15.72 billion after excluding the impact of property revaluation and foreign exchange[4]. - Basic earnings per share were RMB 1.43, down from RMB 2.34 in the previous year[4]. - The company reported a year-on-year decrease in total revenue of approximately 9.5% from 2023 to 2024[14]. - Basic and diluted earnings attributable to shareholders for 2024 were RMB 15,635,658, a decline of 38.9% from RMB 25,609,837 in 2023[21]. - The group's audited revenue for the year ended December 31, 2024, was RMB 185.15 billion, with a net profit attributable to shareholders of RMB 15.64 billion[29]. - The group's revenue for the year was RMB 185.15 billion, with an operating profit of RMB 26.69 billion and a gross profit margin of 17.7%[37]. Property Sales and Development - The group's property sales amounted to RMB 310.69 billion, a 0.3% increase, with a corresponding sales area of 11.49 million square meters, down 14% year-on-year[3]. - In 2024, the group achieved contract property sales of RMB 310.69 billion, a year-on-year increase of 0.3%, making it the only top ten Chinese real estate company to report sales growth[28]. - The average contracted sales price per square meter was RMB 27,047, representing a year-on-year increase of 16.6%[38]. - The total construction area completed in 30 cities in mainland China and Hong Kong reached 10.59 million square meters[41]. - The group launched high-end products targeting improvement housing demand, with notable sales including RMB 38.73 billion from the Shanghai Jianguo East Road project, setting a national record for single project annual sales[30]. Land Acquisition - The group acquired 22 new land parcels in 12 cities in mainland China, with a total land reserve area of 4.16 million square meters and a total land cost of RMB 80.61 billion[3]. - The group has consistently ranked first in land acquisition value for two consecutive years, with a focus on high-quality assets in first-tier cities[33]. - The group acquired 22 land parcels in 12 cities in mainland China, with a total land acquisition cost of RMB 80.61 billion, ranking first in the industry for new land purchases[31]. Commercial Property - The group's commercial property revenue increased by 12.1% to RMB 7.13 billion[3]. - The revenue from external customers in the commercial property segment was RMB 6,361,835 thousand for the year ended December 31, 2023[14]. - The group's commercial property revenue increased by 12.1% year-on-year to RMB 7.13 billion, with office rental income of RMB 3.57 billion and shopping center rental income of RMB 2.26 billion[47]. - Nine new commercial properties were put into operation, increasing the total construction area by approximately 300,000 square meters[47]. Financial Position - As of December 31, 2024, total borrowings were RMB 241.56 billion, with a net gearing ratio of 29.2% and an average financing cost of 3.1%[3]. - The group's total assets less current liabilities stood at RMB 643.40 billion, compared to RMB 637.90 billion in the previous year[7]. - The group's total equity attributable to shareholders was RMB 380.61 billion, an increase from RMB 373.02 billion in the previous year[7]. - As of December 31, 2024, the group's net current assets amounted to RMB 373.95 billion, with a current ratio of 2.4 times and a net debt ratio of 29.2%[49]. - The total interest expense for the year decreased by RMB 0.93 billion, with an average financing cost of 3.1%, placing it in the lowest range within the industry[49]. Dividends and Shareholder Returns - The board proposed a final dividend of HKD 0.30 per share, totaling HKD 0.60 for the year[3]. - The proposed final dividend for the year ending December 31, 2024, is HKD 0.30 per share, totaling approximately RMB 3,053,623,000, pending shareholder approval[22]. Accounting and Compliance - The company has not adopted any new accounting standards that are expected to have a significant impact on its financial statements[11]. - The company has maintained the classification of its liabilities as current or non-current without any changes due to the recent accounting standard revisions[10]. - The company has begun evaluating the impact of newly issued accounting standards, but significant effects on the consolidated financial statements are not anticipated[11]. - The audit and risk management committee reviewed the accounting policies and audited financial statements for the year ending December 31, 2024[66]. - Ernst & Young confirmed that the financial figures in the performance announcement align with the audited financial statements for the year ending December 31, 2024[67]. Operational Highlights - The group delivered over 72,000 residential units on time, achieving a delivery rate of 100%[56]. - The group has accumulated 673 projects certified under various green building standards, covering a total area of over 11 million square meters[56]. - The group has expanded its light asset management scale, acquiring 18 external light asset management projects in major cities[47]. Credit Rating and Financing - The group received an upgrade in its credit rating from S&P Global from BBB+/Stable to A-/Stable, making it the only real estate company in China with an A- credit rating[49]. - The company issued RMB 3,000 million bonds with a coupon rate of 2.68% on April 23, 2024, maturing on April 24, 2029, to repay existing debts[61]. - The company redeemed RMB 999.2 million of bonds with a coupon rate of 3.85% issued on March 23, 2021, with no remaining value[62]. - The company redeemed RMB 2,000.2 million of bonds with a coupon rate of 3.60% issued on June 23, 2021, with no remaining value[62].

Core Viewpoint - The article discusses the recent surge in land prices in Hangzhou, with the city witnessing a rapid increase in land auction prices, indicating a potential recovery in the real estate market [1][5][9]. Group 1: Land Price Trends - Hangzhou's land price has seen a record increase from 77,409 yuan per square meter to 88,029 yuan per square meter within three days, marking a significant rise in land value [4][5]. - The recent land auction on March 28, 2025, resulted in a total revenue of approximately 14.09 billion yuan, with an average premium rate of 49.2% across the sold plots [5][6]. - The new land king in Hangzhou was acquired by Jianfa for 3.4 billion yuan, with a premium rate of 115%, highlighting the competitive nature of the land market [5][6]. Group 2: Market Dynamics - The land market in Hangzhou has shown a noticeable increase in activity, with developers actively participating in auctions, indicating a shift in market sentiment [6][9]. - The government has strategically managed land supply, creating a competitive environment for developers, which has contributed to the rising land prices [6][7]. - The trend of frequent "land kings" in Hangzhou is attributed to a combination of limited land supply and strong demand from developers, particularly in core urban areas [9][11]. Group 3: Broader Market Implications - The increase in land prices in Hangzhou is part of a broader trend observed in major cities like Beijing, Shanghai, and Chengdu, where similar "land kings" have emerged [3][14]. - The real estate market is showing signs of recovery, with improved transaction volumes and a narrowing decline in housing prices across major cities [13][14]. - Developers are increasingly focusing on core urban areas, leading to heightened competition for prime land, which is reflected in the rising auction prices [11][12].

Investment Rating - The report indicates a positive outlook for the Tianjin real estate market, suggesting a "small spring" trend in land transactions and new home sales for early 2025 [3]. Core Insights - The Tianjin real estate market has shown signs of recovery with significant land transactions and new home sales, establishing a solid foundation for market development in 2025 [3]. - The top 10 real estate companies in Tianjin achieved a total sales volume of 6.92 billion yuan in January and February 2025, with a minimum threshold of 480 million yuan for the ranking [4]. - The top-selling project, "Jian Investment Yuhe Yuan," recorded sales of 580 million yuan, leading the project sales ranking [6]. Sales Performance of Top 10 Companies - The top three companies by sales volume are: 1. 泰达建设 (Teda Construction) - 1.36 billion yuan 2. 中海地产 (China Overseas Property) - 950 million yuan 3. 天津城投 (Tianjin Urban Investment) - 740 million yuan [4][6]. - The total sales area for the top 10 companies reached 1.1 million square meters [4]. Project Sales Performance - The top 10 residential projects in Tianjin achieved a total sales volume of 2.95 billion yuan, with a minimum threshold of 210 million yuan for the ranking [6]. - The leading project by sales area was "Jian Investment Yuhe Yuan," with a transaction area of 21,000 square meters [6]. Policy Environment - In February, the central government emphasized boosting consumption, including housing demand, and urged local governments to enhance the supply of affordable housing [8]. - The report anticipates that the upcoming national meetings will release more positive signals for stabilizing the real estate market, which is expected to boost market confidence [8]. Land Market Analysis - In February 2025, Tianjin launched 23 land parcels, including 5 residential land parcels, with a total transaction amount of 4.657 billion yuan [10][12]. - The most notable transaction was for a residential land parcel in Heping District, which sold for 296 million yuan with a premium rate of 8.82%, marking a new high since 2018 [3][13].

企业 本期关注 蓝乐集团与绍兴稽东镇签约"党建联建"项目 润地管理中标嘉兴市嘉善中新智能制造产业园项目 中海管理代建长城资产上海杨浦滨江豪宅项目 合生创展2025年1-2月代建销售额6.95亿 项目 远洋建管台州凯地智能制造产业园全力推进 招商建管代建东莞生物产业基地松湖药港二期启动 企业动态 项目合同额约2.82亿元，项目位于河北省雄安新区北京林业大学雄安校区东北角，项目总建筑面积约2.56万平方米；住总集团中标3项单个合同额超2亿元的项目，北京 项目动态 。旭辉建管截止2024年末累计在管项目数量200+，累计项目覆盖城市70+，累计在管总建筑面积3000+万平方米，其中国企政府类代建合同金额占比超50%。 产业导入、运营管理等方面的优势，以党建引领，凝聚发展合力，以产业赋能，激发乡村活力。 约57.8万㎡，总占地面积约30.43公顷，分为两个地块建设，建设内容包括办公楼（研发）、生产类用房、仓库、附属配套用房、地下车库等。 即中海地产）的全资子公司，即中海代建平台中海管理。 、临港六院、锦江大酒店等，区位优势明显。项目总建筑面积约4万㎡，拟规划演艺剧场、超市、市集等多元功能，打造室内外结合、文娱一体的特 ...

[Table_Title] 【广发地产&海外】中国海外发展 （00688.HK） 销售好，能力强，估值低 [Table_Summary] 核心观点： 盈利预测： （货币单位：人民币，下同，港币兑人民币汇率=0.9227） | [Table_Finance] | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 180,322 | 202,524 | 196,973 | 217,895 | 229,227 | | （ ） 增长率 % | -26% | 12% | -3% | 11% | 5% | | EBITDA（百万元） | 28,969 | 28,449 | 29,325 | 31,506 | 32,861 | | 归母净利润（百万元） | 23,265 | 25,610 | 23,232 | 24,822 | 25,956 | | 增长率 （ % ） | -42% | 10% | -9% | 7% | 5% | | EPS（元/股） | 2.13 | 2.34 | 2.12 ...

[Table_Title] 【广发地产&海外】中国海外发展 （00688.HK） 销售好，能力强，估值低 [Table_Summary] 核心观点： 盈利预测： （货币单位：人民币，下同，港币兑人民币汇率=0.9227） | [Table_Finance] | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 180,322 | 202,524 | 196,973 | 217,895 | 229,227 | | （ ） 增长率 % | -26% | 12% | -3% | 11% | 5% | | EBITDA（百万元） | 28,969 | 28,449 | 29,325 | 31,506 | 32,861 | | 归母净利润（百万元） | 23,265 | 25,610 | 23,232 | 24,822 | 25,956 | | 增长率 （ % ） | -42% | 10% | -9% | 7% | 5% | | EPS（元/股） | 2.13 | 2.34 | 2.12 ...

导 读 ☉ 文／克而瑞研究中心 | | | | 2025年1-2月 ·中国房地产企业 | | ■ . / ■ 完 m 端 · 什么 中 | | --- | --- | --- | --- | --- | --- | | | | | 肖售榜TOP100 | | | | 排名 | 企业简称 | 全国径金额 (亿元) | 排名 | 企业简称 | 权益金额 (亿元) | | 1 | 保利发展 | 340.0 | 1 | 保利发展 | 267.9 | | 2 | 中海地产 | 252. 1 | 2 | 中海地产 | 231.9 | | 3 | 华润置地 | 251.0 | 3 | 非润置地 | 0175.7 | | 4 | 一万科地产 | 212. 1 | 4 | 建发房产 | 144.2 | | 5 | 招商蛇口 | 194.5 | 5 | 万科地产 | 137.9 | | 6 | 建发房产 | 185.1 | 6 | 招商蛇口 | 132.3 | | 7 | 华发股份 | 172.2 | 7 | 华发股份 | 109.3 | | 8 | 绿城中国 | 146.1 | 8 | 绿城中国 | 101.0 | | 9 | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a slight increase in contract sales amounting to 310.7 billion yuan in 2024, representing a year-on-year growth of 0.3%. The average contract sales price also increased by 16.6% to 27,048 yuan per square meter, primarily due to the launch of high-end improvement projects in core locations of first- and second-tier cities [4][5] - The company focuses on land acquisition in first- and second-tier cities, with a total land expenditure of 80.6 billion yuan in 2024, of which the equity land expenditure was 69.6 billion yuan, maintaining an equity ratio of 86%. The average floor price for land acquisition reached a five-year high of 19,049 yuan per square meter [4][8] - The land acquisition intensity for 2024 was 26%, showing a trend of being lower at the beginning of the year and higher towards the end. In January 2025, the company accelerated its replenishment pace by acquiring projects in Shenzhen and Beijing for 3.065 billion yuan and 4.008 billion yuan, respectively [10] Financial Summary - The total revenue for the company is projected to be 192.2 billion yuan in 2024, a decrease of 5.1% year-on-year, followed by a slight increase to 193.5 billion yuan in 2025. The core net profit is expected to drop to 16.8 billion yuan in 2024, a decline of 29.0%, before recovering to 18.8 billion yuan in 2025, reflecting a growth of 12.1% [4][15] - The gross profit margin is expected to decrease to 17.0% in 2024, with a gradual recovery to 18.0% by 2026. The return on equity (ROE) is projected to decline to 4.4% in 2024, stabilizing at 4.8% in the following years [4][15]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's sales data has shown a significant year-on-year increase, indicating strong project capabilities and stable operations. The company maintains a leading position in the market with a focus on core urban areas and rapid expansion in commercial properties [6][7] - The overall business remains robust, with a notable advantage in market share in core cities. The company is expected to achieve a net profit of 27.88 billion yuan in 2024, with corresponding earnings per share (EPS) of 2.55 yuan, and a price-to-earnings (P/E) ratio of 4.5 times [6][9] Monthly Sales Data Summary - In December 2024, the company reported a sales amount of 40.23 billion yuan, a year-on-year increase of 76.6%, with a sales area of 1.301 million square meters, up 32.2%. The average sales price per square meter was 30,928.80 yuan, reflecting a 33.53% increase year-on-year [7] - For the entire year of 2024, the cumulative sales amount reached 310.69 billion yuan, a slight increase of 0.3% year-on-year, while the cumulative sales area was 11.487 million square meters, down 14.0% [7] Land Acquisition Summary - In December 2024, the company acquired six land parcels in major cities, with a total land acquisition cost of 28.026 billion yuan, a year-on-year increase of 66.76%. The average floor price significantly increased [8] - For the full year 2024, the total land acquisition area was 3.895 million square meters, down 45.01%, with total land acquisition costs of 69.635 billion yuan, a decrease of 43.31% [8] Financial Summary and Valuation Indicators - The company's revenue for 2022 was 180.32 billion yuan, with a projected revenue of 213.06 billion yuan for 2024, reflecting a year-on-year growth of 5.2%. The net profit for 2024 is expected to be 27.88 billion yuan, with a net profit margin of 13.8% [9] - The projected EPS for 2024 is 2.55 yuan, with a P/E ratio of 4.5 times, indicating a strong valuation relative to earnings [9]