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]

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 an attributable 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, which is anticipated to stabilize performance [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, indicating confidence in the real estate market [3] - The issuance of special bonds for land reserves is expected to enhance cash flow and facilitate further land acquisitions [3] Summary by Sections Profit Forecast and Financial Indicators - For 2024, total revenue is projected at 68.205 billion yuan, with a net profit of 1.042 billion yuan, marking a 115.1% increase from the previous year [5] - The earnings per share (EPS) is expected to rise from -0.51 yuan in 2023 to 0.08 yuan in 2024, with a price-to-earnings (P/E) ratio of 14x [5][8] - The company anticipates revenue growth rates of -5.8% in 2024, 2.0% in 2025, and 7.0% in 2026 [5] Land Acquisition and Market Position - The company has been proactive in land acquisition, securing multiple plots in major cities, which reflects a strategic positioning in a recovering real estate market [3] - The total land acquisition amount in late 2024 reached 15.8 billion yuan, further solidifying the company's market presence [3] Management and Strategic Direction - The new chairman's extensive experience is expected to enhance the company's market-oriented operations and stabilize performance [2] - The management's focus on lean management practices has led to reduced costs and improved efficiency, contributing to the anticipated profit growth [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 indicates a positive investment outlook for the real estate industry, with a year-on-year increase in land acquisition by major companies [10][11]. Core Insights - The total land acquisition amount for the top 100 real estate companies reached 199.86 billion yuan in January-February 2025, representing a year-on-year growth of 26.7% [11]. - The Yangtze River Delta has emerged as the leading city cluster for land acquisition, with the top 10 companies in this region acquiring 51.98 billion yuan worth of land [24]. - Major companies such as China Resources Land, Poly Developments, and China Jinmao topped the list in terms of new value added from land acquisitions, with 46.5 billion yuan, 30.5 billion yuan, and 28.3 billion yuan respectively [13]. Summary by Sections Land Acquisition Rankings - China Resources Land ranked first in land acquisition amount with 23.2 billion yuan, followed by China Jinmao with 12.9 billion yuan and Greentown China with 12.2 billion yuan [3][4]. - The top companies in terms of land area acquired include Hengnan Development Group and Haixing County Xinggang Construction Development, with 1.22 million square meters and 860,000 square meters respectively [3]. Year-on-Year Growth - The report highlights that the total land acquisition amount for key real estate companies has shown a positive year-on-year trend, indicating a recovery in market sentiment [10][11]. - The increase in land acquisition is attributed to local governments actively releasing quality land in core areas, which has boosted companies' willingness to acquire land [11][12]. Special Debt and Land Recovery - The issuance of special bonds for land recovery has accelerated, with Guangdong Province being the first to issue such bonds, amounting to approximately 30.7 billion yuan, primarily aimed at acquiring idle land [14]. - The report emphasizes the expectation that various types of real estate companies will benefit from these initiatives, which are crucial for stabilizing the real estate market [14][20]. Regional Insights - In the Beijing-Tianjin-Hebei region, China Resources Land and other major companies have been active in land acquisition, with significant amounts reported [22]. - The report notes that state-owned enterprises and local government-backed companies remain dominant in land acquisition, while private enterprises are selectively increasing their land reserves in key areas [28].

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].