Investment Rating - The report maintains a "Buy" rating for China Jinmao (0817.HK) [4][6] Core Views - The company is expected to achieve a significant turnaround in profitability, forecasting a profit of approximately 1 billion yuan for 2024, compared to a core net loss of 6.9 billion yuan in 2023 [1] - The management transition aims to optimize operations, with the new chairman bringing over 25 years of experience in hotel and real estate development [2] - The company is actively expanding its land acquisition in first-tier and core second-tier cities, with total land acquisition exceeding 20 billion yuan in early 2025 [3] - The issuance of special bonds for land reserves is expected to enhance cash flow and facilitate further land acquisitions [3] Financial Forecasts - Revenue projections for 2024-2026 are estimated at 68.205 billion yuan, 69.543 billion yuan, and 74.424 billion yuan respectively, with corresponding net profits of 1.042 billion yuan, 1.618 billion yuan, and 2.054 billion yuan [5][8] - The report anticipates a significant increase in earnings per share (EPS) from -0.51 yuan in 2023 to 0.08 yuan in 2024, 0.12 yuan in 2025, and 0.15 yuan in 2026 [5][8] - The price-to-earnings (P/E) ratio is projected to decrease from 14x in 2024 to 7x in 2026, indicating improved valuation [5][8]

中国金茂（0817.HK）2024 年正面盈利预告点评 [盈利预测与财务指标 Table_Forcast] | 单位（百万元） | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | | 营业总收入 | 72,404 | 68,205 | 69,543 | 74,424 | | 增长率(%) | -12.8 | -5.8 | 2.0 | 7.0 | | 归母净利润 | -6,897 | 1,042 | 1,618 | 2,054 | | 增长率(%) | -447.6 | 115.1 | 55.3 | 26.9 | | EPS | -0.51 | 0.08 | 0.12 | 0.15 | | P/E | / | 14 | 9 | 7 | | P/B | 0.4 | 0.4 | 0.3 | 0.3 | 资料来源：Wind，民生证券研究院预测；（注：股价为 2025 年 03 月 11 日收盘价，汇率 1HKD=0.91RMB） 利润扭亏大幅转正，管理层换届剑指经营优化 2025 年 03 月 12 日 ➢ 事件：2025 年 3 月 1 ...

中国金茂（0817.HK）2024 年正面盈利预告点评 利润扭亏大幅转正，管理层换届剑指经营优化 2025 年 03 月 12 日 ➢ 事件：2025 年 3 月 11 日，中国金茂（0817.HK）发布 2024 年业绩预告， 截至 2024 年 12 月 31 日，公司预计本年度取得所有者应占溢利约 10 亿元。截 至 2023 年末当年度公司核心净利润仅为-69 亿元，2024 年取得大幅增长。 ➢ 精益管理助力降本增效，减值计提规模降低促进利润增长。公司持续强化精 益管理，全力推进控费提效，管理费用、销售及营销开支、融资成本等均在 2024 年有所下降；同时公司 2024 年计提发展中物业、持作出售物业等资产减值整体 下降。 ➢ 董事长顺利换届，新任授权代表实践经验丰富。2024 年 3 月 11 日，公司 发布公告，原公司董事长张增根先生因达至退休年龄而辞任公司主席、执行董事、 战略及投资委员会主席及 ESG 委员，执行董事陶天海先生获董事会委任，将出 任公司主席、战略及投资委员会主席及 ESG 委员会主席会主席。陶天海 2000 年 7 月加入中国金茂，2017 年 10 月起出任公司高级副总裁， ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's operational performance is stable overall, with expectations for improved performance in 2024 [1] - Sales in October showed a significant improvement, with a total sales amount of 116 billion RMB, a month-on-month increase of 65.5% [1] - The company has maintained a moderate land acquisition strategy, acquiring 7 plots of land in key cities, with a total land price of 9.2 billion RMB [1] Summary by Sections Sales Performance - For the period from January to October 2024, the company achieved a cumulative sales amount of 75 billion RMB, a year-on-year decrease of 38.5% [1] - The sales area was 4.12 million square meters, down 39% year-on-year, while the average sales price was 18,211 RMB per square meter, up 0.8% year-on-year [1] Subsidiary Performance - In the first half of 2024, the company reported revenue of 21.98 billion RMB, a year-on-year decline of 18%, but the net profit attributable to shareholders increased by 133.3% to 1.01 billion RMB [2] - The subsidiary Shanghai Jinmao Investment Management Group significantly contributed to the company's performance, with a net profit of 1.95 billion RMB in the first three quarters, a year-on-year increase of 260.5% [2] Financial Health - As of mid-2024, the company maintained a healthy financial position with a debt-to-asset ratio of 67.7% and a net debt ratio of 77.4% [3] - The company issued medium-term notes totaling 5 billion RMB at a low interest rate of 2.8%, highlighting its credit advantage [3] Earnings Forecast and Valuation - The earnings forecast for 2024-2026 has been revised upwards to 1.61 billion RMB, 1.79 billion RMB, and 2.50 billion RMB respectively [3] - The current stock price corresponds to a PE ratio of 8.9, 8.0, and 5.7 for the years 2024-2026, indicating a favorable valuation [3]

财联社10月31日讯（编辑 胡家荣）个人住房贷款利率将于明天开启调整，受此消息刺激，港股房地产 股多数走强。截至发稿，中国金茂(00817.HK)、融创中国(01918.HK)、融信中国(03301.HK)、中梁控股 (02772.HK)分别上涨13.64%、13.56%、11.46%、7.41%。 注：房地产股的表现 消息方面，六大国有商业银行—工商银行、农业银行、中国银行、建设银行、交通银行和邮储银行宣 布，自11月1日起将实施新的商业性个人住房贷款利率定价机制，标志着中国人民银行一个月前提出的 完善贷款利率定价机制的要求即将正式生效。 在重定价周期方面，业内专家透露，客户在单一贷款存续期内只能申请一次重定价周期的调整，可选择 的周期为3个月、6个月或12个月，一旦调整完成则不可撤销。在利率下降周期中，较短的重定价周期能 让客户更快享受到利率下降的优惠；相反，在利率上升周期中，较短的周期意味着贷款基准利率将更频 繁地进行重定价。 10月房地产市场销售呈现回暖 房地产市场销售呈现回暖。根据中指院的监测数据，10月份(10月1日至10月27日)的广州、深圳、北京 和上海的新房成交面积环比分别增长了108%、9 ...

JINMAO中国�淼 中國金茂控股集團有限公司 CHINA JINMAO HOLDINGS GROUP LIMITED ( 於香港註冊成立的有限公司 ) (Incorporated in Hong Kong with limited liability) 股票代號 Stock Code: 00817 中期報告 2024Interim Report 中 国 中 化 成 员 企 业 a sinochem company 目錄 Contents 財務摘要 封面內頁 Financial Highlights Inside Cover 公司資料 1 Corporate Information 主席致辭 3 Chairman's Statement 管理層討論與分析 9 Management Discussion and Analysis 中期財務資料審閱報告 67 Report on Review of Interim Financial Information 中期簡明綜合財務資料 69 Interim Condensed Consolidated Financial Information 中期簡明綜合財務資料附註 ...

Investment Rating - The report maintains an "Outperform" rating for the company, with a predicted 2024 EPS of approximately 0.12 RMB per share and a valuation range of 0.70-0.82 RMB per share (0.82-0.89 HKD per share) based on a 6-7x PE ratio [3] Core Views - The company demonstrated resilience with a strong profit rebound in 1H 2024, achieving a net profit of 1.839 billion RMB, a 4% YoY increase, and a net profit attributable to the parent company of 1.010 billion RMB, a 133% YoY increase [2] - The gross profit margin remained stable at 16% in 1H 2024, consistent with 2023 levels [2] - The company's debt ratio showed a slight increase, with a net debt-to-adjusted capital ratio of 76%, up 3 percentage points from 2023, while maintaining ample credit facilities of approximately 154.433 billion RMB [2] Financial Performance - The company's revenue is expected to decline by 13.1% YoY in 2024 to 63.03293 billion RMB, followed by a recovery with 6.8% and 6.9% growth in 2025 and 2026, respectively [4] - Net profit is forecasted to rebound to 1.57524 billion RMB in 2024 after a significant loss in 2023, with further growth of 4.9% and 7.6% in 2025 and 2026 [4] - The gross margin is projected to improve to 14% in 2024 and remain stable through 2026 [4] Valuation and Comparables - The company's 2024E PE ratio is estimated at 5.60x, with a PB ratio of 0.22x and EV/EBITDA of 10.79x [6] - Compared to peers, the company's 2024E PE ratio of 5.60x is higher than the industry average of 4.79x, indicating a premium valuation [5] Balance Sheet and Liquidity - The company held 33.751 billion RMB in cash and cash equivalents as of 1H 2024, a 9.16% YoY increase [2] - Total interest-bearing loans and borrowings stood at 129.425 billion RMB as of 1H 2024, a 1.61% increase from the end of 2023 [2] - The company's liquidity position is expected to improve, with the current ratio forecasted to increase from 1.06 in 2023 to 1.38 in 2026 [6] Operational Efficiency - The company's accounts receivable turnover ratio is expected to improve from 34.67 in 2023 to 37.96 in 2026, indicating better collection efficiency [7] - Operating cash flow is projected to increase significantly from 3.091 billion RMB in 2023 to 12.654 billion RMB in 2026 [7] Industry Context - The report highlights the real estate sector's challenges, particularly the risk of declining sales, which could impact the company's performance [3]

Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Views - The company achieved a significant year-on-year increase in net profit attributable to shareholders, with a 133% rise to 1.01 billion yuan in the first half of 2024, despite an 18% decline in total revenue to 21.975 billion yuan [2]. - The company remains in the top tier of sales, with a sales amount of 45.5 billion yuan in the first half of 2024, ranking 12th in the industry and maintaining a collection rate above 90% [2]. - Land acquisition has slowed but remains focused on popular cities, with a total land reserve of 24.62 million square meters as of mid-2024 [2]. - The company has successfully issued two dividends since the listing of its REITs, with a second dividend annualized distribution rate of 5.01% [2]. - Financing channels are smooth, with a year-on-year decrease in financing costs by 13% to 12.67 billion yuan [2]. Summary by Sections Revenue and Profitability - Total revenue for the first half of 2024 was 21.975 billion yuan, down 18% year-on-year, with the urban operation and property development segment contributing 17.073 billion yuan, a 23% decline [2]. - The gross profit margin for property development remained stable at 11%, while the gross profit margins for property leasing and hotel operations increased by 5 and 7 percentage points, respectively [2]. Sales Performance - The company recorded a sales amount of 45.5 billion yuan in the first half of 2024, with a collection rate of 93% [2]. - The unsold value of properties is approximately 300 billion yuan, with 84% located in first and second-tier cities [2]. Land Acquisition - The company acquired several land parcels in key cities, with a total saleable area exceeding 300,000 square meters [2]. REITs and Dividends - The company has issued two dividends since the launch of its REITs, demonstrating a commitment to returning value to investors [2]. Financing and Costs - The company issued two unsecured medium-term notes totaling 5 billion yuan at a final interest rate of 2.8% [2]. - Financing costs decreased to 12.67 billion yuan, down 13% from the previous year [2].

Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 21,974.9 million, a decrease of 18% compared to RMB 26,841.3 million in the same period of 2023[5]. - Profit attributable to owners of the parent increased by 133% to RMB 1,010.0 million, up from RMB 432.9 million in the previous year[5]. - Basic earnings per share rose by 123% to RMB 7.26, compared to RMB 3.25 in the same period last year[5]. - The Group's revenue for the same period decreased by 18% to approximately RMB 21,974.9 million, down from RMB 26,841.3 million in the previous year, primarily due to declines in city operations, property development, and hotel operations[89][91]. - Profit before tax increased to RMB 2,189,227, representing a growth of 6.6% from RMB 2,053,655 in the previous year[149]. - The company reported a total of RMB 22,109,686 from the sale of completed properties, marking a significant revenue source[196]. Dividends and Shareholder Returns - The interim dividend per share was declared at 3 HK cents, representing a 100% increase from 1.5 HK cents in the previous year[5]. - The company anticipates the distribution of the interim dividend on or before October 31, 2024[8]. Assets and Liabilities - Total assets as of June 30, 2024, amounted to RMB 419,376.0 million, reflecting a 3% increase from RMB 407,119.2 million as of December 31, 2023[5]. - Total liabilities as of December 31, 2023, were RMB 297,282,084, indicating a strategic management of debt levels[186]. - The company reported segment liabilities of RMB 371,012,988, with intersegment liabilities eliminated amounting to RMB 257,729,298[186]. Market Conditions and Strategic Focus - The real estate industry continues to face challenges, with new residential property sales down 25% year-on-year in the first half of 2024[8]. - The company has revised its strategic plan to focus on becoming a leading urban operator with good efficiency and quality[8]. - The company is focusing on "destocking" and optimizing additional projects to enhance competitiveness and promote high-quality development[23]. - The overall downward pressure on the real estate market remains significant, with the market expected to continue to dip in the short term[23]. Project Development and Sales Performance - In the first half of 2024, the contract amount reached RMB 44.54 billion, ranking 12th in the industry and maintaining stability[18]. - The company delivered approximately 14,000 houses in 27 batches in the first half of the year, achieving a delivery satisfaction score of 90%[21]. - The company achieved a "100% success rate" for new project launches, demonstrating strong product competitiveness[15]. - The sales performance of the Qingdao project ranked No. 1 in online contract signing during the review period, indicating strong market demand[33]. Operational Efficiency and Cost Management - The three expenses recorded a significant decrease year-on-year, supporting the achievement of performance targets[18]. - Selling and marketing expenses decreased by 19% to approximately RMB 982.8 million, primarily due to reduced employee and advertising expenses[96]. - Administrative expenses amounted to approximately RMB 1,285.0 million, representing a decrease of 34% from the previous year, mainly due to lower employee and general office expenses[96]. Cash Flow and Financing Activities - The Group reported a net cash inflow of approximately RMB 2,829.6 million for the six months ended June 30, 2024[109]. - Cash outflow from operating activities was approximately RMB 3,683.2 million, primarily due to land and construction costs[109]. - Cash inflow from financing activities was approximately RMB 10,704.0 million, driven by new bank loans and issuance of perpetual capital instruments[109]. Employee and Shareholder Engagement - As of June 30, 2024, the Group employed a total of 9,640 staff and provides competitive salaries, bonuses, and various benefits including retirement and medical insurance[113]. - The Company may issue up to 1,155,352,832 shares under the New Scheme, representing 8.56% of the issued shares as of the report date[113]. Sustainability and ESG Performance - The company was rated as an enterprise with the "highest rating" in the Asia-Pacific region in 2024 by Morningstar, highlighting its strong ESG performance[21]. - Jinmao is committed to sustainable development, promoting low-carbon and environmentally friendly practices while enhancing community well-being[82]. Future Outlook and Growth Strategies - The company aims to transform towards "high quality, new technology, good service" to better meet the needs of the public[23]. - The management is optimistic about future growth, with ongoing projects expected to contribute significantly to revenue in the upcoming quarters[44]. - The company is exploring potential mergers and acquisitions to strengthen its market position and diversify its portfolio[187].

Financial Performance - The signed sales amount for the year 2023 reached RMB 141.2 billion, a decrease of 8.8% from RMB 155 billion in 2022[8]. - The company's revenue for 2023 was RMB 72,403.6 million, a decrease of 13% compared to RMB 82,991.4 million in 2022[18]. - Gross profit fell to RMB 9,021.5 million, down 31% from RMB 13,145.6 million in the previous year[18]. - The annual loss was RMB 4,858.3 million, a significant decline from a profit of RMB 5,220.9 million in 2022, representing a 193% change[18]. - The company's total assets decreased by 4% to RMB 407,119.2 million from RMB 421,895.6 million[18]. - The net profit attributable to owners for the year ended December 31, 2023, was a loss of RMB 6,896.6 million, a decrease of 448% compared to a profit of RMB 1,984.1 million in the previous year[137]. - Excluding fair value losses on investment properties, the adjusted net profit attributable to owners was a loss of RMB 6,793.5 million, down 846% from RMB 910.1 million in the prior year[137]. - Total revenue for the year ended December 31, 2023, was RMB 72,403.6 million, a decrease of 13% from RMB 82,991.4 million in the previous year[138]. - The gross margin for hotel operations improved to 46% in 2023 from 30% in 2022, indicating recovery in the hospitality sector[145]. - The company's annual profit for the year ended December 31, 2023, was RMB -4,858.3 million, a decrease of 193% compared to RMB 5,220.9 million in the previous year[153]. Revenue Sources - Rental income from investment properties amounted to RMB 1,802.3 million in 2023, up 16.1% from RMB 1,551 million in 2022[8]. - Hotel operating revenue for the year was RMB 2,080.4 million, significantly increasing from RMB 1,153.9 million in 2022, reflecting a recovery in the hospitality sector[8]. - Revenue from urban operations and property development was RMB 62,781.9 million, accounting for 85% of total revenue, down 16% year-on-year[143]. - Hotel operations revenue increased by 80% to RMB 2,080.4 million, driven by post-pandemic consumer recovery[143]. Strategic Initiatives - The company focuses on high-quality property development, premium holdings, and high-end services as part of its core business strategy[6]. - The company aims to enhance urban operational models while improving the operational efficiency of its core businesses[6]. - The company plans to focus on high-quality development and urban operation management, emphasizing product upgrades and service quality[20][24]. - The company is committed to enhancing urban operation management models and advancing product upgrades as part of its strategic initiatives[28]. - The company is focusing on digital transformation and enhancing service efficiency through technology integration, aiming to improve user experience[135]. - The company is committed to achieving carbon neutrality goals through its smart energy initiatives and green data centers[136]. Market Position and Expansion - The company has a total contracted construction area of approximately 106.4 million square meters across 70 cities in China, enhancing its market presence[9]. - The company successfully increased its land reserves in cities such as Shanghai, Tianjin, and Suzhou, contributing to its strategic expansion[8]. - The company has successfully acquired several key projects in major cities, including Shanghai and Xi'an, as part of its growth strategy[11]. - The company is actively expanding its market presence, with projects in various cities including Beijing, Shanghai, and Guangzhou[41]. - The company holds a total of 382 projects in urban operations, property development, commercial leasing, and hotel operations, with an unsold area of approximately 8.36 million square meters[43][44]. Awards and Recognition - In 2023, China Jinhui was awarded the 8th place in the "H-share 2023 Real Estate Comprehensive Competitiveness" ranking[31]. - The company received multiple awards in 2023, including "Top 9 in Brand Value of Chinese Real Estate Enterprises" and "Outstanding Value Real Estate Enterprise" at various industry forums[32][33]. - China Jinhui's property service division was recognized as one of the "Top 10 Leading Enterprises in Property Management" and "Top 3 in Investment Potential" among listed property companies[37]. - The company received multiple awards in 2023, including the "Outstanding Green Quality Award" and "Top 10 BIPV Brands"[39]. Challenges and Risks - The decline in profitability is attributed to the downturn in the real estate sector, leading to impairment provisions for development properties and reduced revenue from property development projects[137]. - The group faces market risks due to potential declines in the domestic property market, which could affect asset liquidity and sales prices[181]. - The company faces moderate environmental risks due to severe and permanent climate changes in China, which could adversely affect real estate construction and operations[186]. Investor Relations - In 2023, the company participated in multiple investor relations activities, including online and offline investor meetings, enhancing communication with over 100 investors throughout the year[188]. - The company actively seeks investor feedback to improve communication quality and enhance investor relations effectiveness[193]. - The company aims to expand its investor relations efforts to ensure compliance with disclosure responsibilities and enhance transparency[194]. - The company has organized site visits for investors to improve understanding of its projects and operations[192].