本报记者 陈潇 "行业竞争格局一定是在调整中走向成熟，把存量问题消化完后，未来国内房地产市场结构性的需求仍然非常旺盛，行业 仍然大有可为。"3月25日，在中国金茂控股集团有限公司（以下简称"中国金茂"）业绩会上，公司董事长陶天海表示，房企组 织能力的竞争，将是未来市场竞争中的决定性因素。 同日，中国金茂交出一份在行业整体调整背景下较为亮眼的财报答卷：2024年实现收入590.53亿元，所有者应占溢利约为 10.64亿元，同比增长115%。 在业绩会上，中国金茂首席财务官乔晓洁表示，2023年以来，公司获取的项目净利水平都不错，整体平均净利率水平能达 到10%以上。公司的投资策略是积极而不激进，保证指标底线要求，去年开盘的项⽬，毛利率基本大于20%。 在投资策略上，2024年，中国金茂继续坚持"聚焦核心城市、核心板块"，精准获取22个优质项目，其中一线、二线城市货 值占比达99%。2024年至2025年2月份，公司近七成投资位于北京和上海。 陶天海表示，中国金茂起家于核心城市的高端改善产品，未来也会回归这一"老本行"，"今后大家可能会看到更多金茂在 核心城市、核心地段的高端改善产品。" 上海易居房地产研究院副院 ...

3月25日，中国金茂（00817.HK）发布2024年度业绩报告并举办业绩发布会。 业绩报告显示，2024年，中国金茂实现收入590.5亿元，同期股东应占溢利约10.65亿元，公司实现扭亏 为盈，去除投资物业公平值损益后股东应占溢利达13.33亿元。 去年，公司毛利率水平同比提升3个百分点至15%，据悉，这主要是城市运营与物业开发业务毛利率增 长所致。 中国金茂管理层表示，目前楼市止跌回稳迹象已现，高能级城市有望率先复苏。近几年，公司持续聚焦 核心一二线城市，并于近日调整组织架构，后期将持续做大做优重点城市。 《中国经营报》记者了解到，从去年至今年2月底，中国金茂在北京、上海的投资总额超过360亿元，占 比近七成。 聚焦核心一二线城市深耕 据了解，去年中国金茂地产开发业务继续聚焦一二线核心城市，取得签约销售额983亿元，位居第12 位。在其近千亿元销售额中，90%的销售贡献来自一二线城市，住宅公寓产品的平均签约单价为2.2万 元/平方米。 去年公司新增22个项目，有99%位于一二线城市，其中府系及璞系两条高端改善产品线的项目货值占比 65%。 公司管理层在业绩会上表示，短期来看，在一系列政策支持下，楼市情绪已 ...

Investment Rating - The report maintains a "Recommended" rating for China Jinmao (0817.HK) [4][7] Core Views - The company has achieved a turnaround in net profit, reporting a net profit of 1.065 billion RMB for the fiscal year 2024, compared to a loss of 6.897 billion RMB in 2023 [1][4] - The company is actively expanding its funding channels, resulting in a significant reduction in financing costs [4] - The sales gross margin has improved to 15% in 2024, up from 12% in 2023, driven by increased margins in urban operations and property development [3] Summary by Sections Financial Performance - For the fiscal year 2024, China Jinmao reported total revenue of 59.053 billion RMB, a decrease of 18% year-on-year [1] - The company’s sales scale in urban and property development ranked 12th in the industry, an improvement from the previous year [2] - The revenue from business leasing and retail operations was 1.697 billion RMB, down 6% from 2023, primarily due to the transfer of revenue from Changsha Lanxiu City to a REIT [2] Cost Management - The company has successfully reduced management expenses, sales and marketing costs, and financing costs, contributing to the positive net profit [3] - Management expenses and sales and marketing expenses decreased by 23% and 25% respectively compared to 2023 [3] Financing Strategy - The company has diversified its funding sources, issuing various financial instruments with lower interest rates, leading to a 16% reduction in total interest expenses [4] - As of the end of 2024, the company’s total interest expenses were 6.883 billion RMB, down from the previous year [4] Future Projections - Revenue projections for 2025, 2026, and 2027 are 63.640 billion RMB, 69.438 billion RMB, and 76.790 billion RMB respectively, with corresponding net profits of 1.566 billion RMB, 2.172 billion RMB, and 2.981 billion RMB [4][6] - The report forecasts a PE ratio of 9X for 2025, decreasing to 5X by 2027 [4]

中国金茂（0817.HK）2024 年度业绩点评 归母净利润"止跌回稳"，未来增长可期 2025 年 03 月 26 日 ➢ 事件：2025 年 3 月 25 日，中国金茂（0817.HK）发布 2024 年度业绩，截 至 2024 年 12 月 31 日，公司实现营收 590.53 亿元，同比减少 18%；归母净利 润为 10.65 亿元，较 2023 年度-68.97 亿元的归母净利润回正。 ➢ 城市及物业开发主业保持第一梯队，其他业务实行"盘活存量"。2024 年度， 公司城市及物业开发业务实现销售规模排名行业第 12 位，较 2023 年提升 1 位； 商务租赁及零售商业运营收入为 16.97 亿元，较 2023 年下降 6%，主要由于 2024 年长沙览秀城成为华夏金茂商业 REIT 的底层资产，其收入不再纳入中国金 茂财务报表导致商务租赁及零售商业运营收入减少；酒店经营收入为 16.99 亿 元，较 2023 年下降 18%，主要系 2023 年下半年出售北京威斯汀酒店以及国内 旅游度假市场下行影响所致；金茂服务营收为 29.66 亿元，较 2023 年增长 10%， 主要系基础物业管理在管面积增 ...

Sales Performance - China Jinmao Holdings Group reported a signed sales amount of RMB 98,255 million for 2024, a decrease of 30.4% from RMB 141,200 million in 2023[10]. - Revenue for 2024 was RMB 59,053 million, a decrease of 18% compared to RMB 72,403.6 million in 2023[23]. - The company achieved a total contracted sales amount of approximately RMB 98.3 billion in 2024, maintaining its industry position[31]. - The company ranked 12th in sales scale within the industry in 2024, improving by one position from 2023, maintaining its presence in the first tier of the industry[64]. Financial Performance - Gross profit for 2024 was RMB 8,596.9 million, down 5% from RMB 9,021.5 million in 2023[23]. - The profit attributable to the owners of the company was RMB 1,064.8 million, a significant recovery from a loss of RMB 6,896.6 million in 2023, representing a 115% change[23]. - Total assets increased by 1% to RMB 409,256.4 million from RMB 407,119.2 million in 2023[23]. - The equity attributable to the owners of the company rose by 36% to RMB 53,575.1 million from RMB 39,291.3 million in 2023[23]. - Basic earnings per share improved to RMB 5.19 from a loss of RMB 51.62 in 2023, marking a 110% increase[23]. Property Development and Acquisitions - The company successfully acquired multiple land parcels in key cities, including Chengdu, Beijing, and Xi'an throughout 2024, enhancing its land reserves[14][17]. - The company holds a total of 397 projects in urban operations, property development, commercial leasing, and hotel management, with an undeveloped area of approximately 77.96 million square meters[57]. - The company is actively pursuing new projects, including the Beijing Jinmao project with a saleable area of 101,986 square meters, expected to complete in 2026[78]. Operational Efficiency and Strategy - The company aims to enhance operational efficiency in its core development and holding businesses, focusing on high-quality real estate development and premium services[8]. - The company plans to continue its strategy of "activating stock and optimizing increment" to enhance competitiveness and achieve higher quality transformation[27][34]. - The company is strategically positioned to withstand cyclical fluctuations in the market by developing a new model for growth[35]. Hotel and Rental Income - Hotel operating income reached RMB 2,080.4 million in 2024, an increase of 22.5% compared to RMB 1,698.6 million in 2023[10]. - Rental income from major investment properties was RMB 1,697.3 million in 2024, down from RMB 1,802.3 million in 2023, reflecting a decline of 5.8%[10]. - The company is focusing on optimizing hotel operations and enhancing service capabilities to improve performance amid a competitive market[64]. Market Trends and Challenges - In 2024, the real estate market is expected to see a 12.9% decrease in newly sold residential property area and a 17.1% decline in sales value compared to the previous year[61]. - The top 100 real estate companies in China experienced a 28.1% year-on-year decrease in cumulative sales scale in 2024, with the sales threshold for the top 10 companies dropping by 39.3%[62]. - The hotel market in China is facing a downward trend, with average occupancy rates and room prices declining, although first-tier and new first-tier cities show resilience[62]. Sustainability and Innovation - The company has received multiple awards, including the "Outstanding Corporate Social Responsibility Enterprise" and "ESG Model Enterprise" in 2024, highlighting its commitment to sustainability[39][40]. - The company successfully obtained TÜV certification for three products developed by its green construction division, demonstrating its focus on quality and innovation[52]. - The company is enhancing its core competitiveness by building a technological moat around its main business, focusing on "green health" and "smart technology"[35]. Property and Project Details - The total area of commercial and retail projects held by the company is 794,373 square meters[66]. - The company has significant residential projects in Guangzhou, with a total saleable area of 1,261,134 square meters across multiple developments[69]. - The company is expanding its presence in Ningbo with the Ningbo Jin Mao Jiayue Hotel, expected to be completed in 2024, featuring 260 rooms[68]. Customer Engagement and Market Demand - The Hangzhou Shangcheng Jinmao Mansion project achieved a 100% sales rate across all four openings, demonstrating strong demand in the high-end real estate market[109]. - The Nanjing Jinmao Lanhui City became one of the most vibrant shopping centers in Nanjing, ranking top in multiple online sales channels in the Gulou District[156]. - The company is focusing on hotel performance growth by dynamically optimizing operational strategies and enhancing service capabilities in a competitive market[180].

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]

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 ...