Group 1 - The real estate stocks in China have collectively rebounded, with notable increases in share prices for companies such as New World Development (+4.3%), Vanke (+2.86%), Longfor Group (+2.79%), Country Garden (+2.41%), and Greentown China (+2.14%) [1] - S&P Global Ratings reported that the downward trend in the Chinese real estate sector is finally beginning to ease, with policymakers recognizing stable housing prices as a key factor for consumer demand [1] - The analysis indicates that the Chinese government is more determined to revitalize the real estate industry, with signs of recovery in the property markets of first- and second-tier cities since the introduction of supportive policies in late September 2022 [1] Group 2 - Huatai Securities noted that in April, the sales amount of the top 100 real estate companies decreased by 14.8% month-on-month and 14.6% year-on-year, with a widening decline compared to March [2] - Cumulative sales from January to April showed a year-on-year decrease of 10.1%, indicating a slowdown in growth compared to the first quarter [2] - The report suggests that the real estate market is experiencing seasonal adjustments, with a decrease in overall viewing and transaction volumes in the second quarter, while highlighting the potential for more proactive macro and fiscal policies to support the industry [2]

Group 1 - Hong Kong property stocks experienced a significant rise at the beginning of trading, with major companies like Ronshine China (03301.HK) and Jin Hui Holdings (09993.HK) both increasing by over 13% [1] - Shimao Group (00813.HK) saw an increase of over 9%, while Sunac China (01918.HK) rose by more than 6% [1] - Other companies such as Zhongliang Holdings (02772.HK) and New World Development Holdings (01030.HK) also recorded gains exceeding 5% [1]

港股地产股跳水，融创中国(01918.HK)跌超3%，此前一度涨约10%，新城发展(01030.HK)跌近3%，绿 城服务(02869.HK)跌超2%。 ...

Core Viewpoint - The Shanghai Jiading New Town is entering a critical phase of "full-scale development and functional enhancement," with the release of the 2025 New Town Action Plan aimed at stimulating new development momentum through a "string of pearls" approach [1] Group 1: Development Strategy - Jiading New Town will focus on its node city positioning, creating a framework of "one vein and seven stars," where "one vein" refers to the horizontal Li River science and culture waterway, and "seven stars" includes key areas such as the Central Activity Area, Jiabao Smart Bay, and four additional key blocks [1] - The action plan includes a list of 44 major projects and tasks to be implemented [1] Group 2: Industrial Development - The New Town aims to strengthen its industrial foundation and innovation capabilities by developing a specialized industrial plan for "medical devices and high-end medical equipment," with significant projects being promoted in industrial parks like Lianying Town and Xiegu [2] - In the previous year, the medical device output value in the New Town increased by 10.4%, with a target of 15% growth in the biopharmaceutical industry for this year [2] - Key projects will focus on the commercialization of intelligent connected vehicles, support for hydrogen fuel cell vehicle applications, and accelerate the development of solid-state batteries by SAIC [2] Group 3: Cultural and Public Services Enhancement - Efforts will be made to enhance the cultural influence and public service resources in Jiading New Town, including the renovation of the Zhouqiao scenic area and the opening of the Ximen historical cultural district [3] - The New Town will optimize public service resources to meet or exceed the standards of central Shanghai, with the Shanghai Jiaotong University Affiliated Jiading Experimental School set to be delivered this year [3] - A high-quality medical layout will be established, supported by institutions such as Ruijin Hospital Jiading Branch and Shanghai University of Traditional Chinese Medicine Jiading Hospital [3]

Financial Performance - For the year ended December 31, 2024, Seazen Group Limited reported revenue of RMB 89,226,520, a decrease of 25.3% compared to RMB 119,463,530 in 2023[14]. - Profit before income tax for 2024 was RMB 4,193,946, down 16.4% from RMB 5,019,671 in 2023[14]. - The net profit attributable to equity holders of the Company for 2024 was RMB 491,312, a decline of 44.1% from RMB 879,296 in 2023[14]. - Basic earnings per share for 2024 was RMB 0.07, down from RMB 0.12 in 2023, reflecting a decrease of 41.7%[14]. - The Group's revenue for the year ended December 31, 2024, amounted to RMB 89,226.5 million, a decrease from RMB 119,463.5 million in 2023, primarily due to the downturn in the real estate industry[53]. - Revenue from property sales decreased to RMB 76,041.0 million in 2024 from RMB 107,336.4 million in 2023, reflecting a significant contraction in the property business[54]. - The gross profit for the year ended December 31, 2024, was approximately RMB 14,984.4 million, with a gross profit margin of 16.8%, an increase of 3.3 percentage points from the previous year[62]. - The Group recorded a gross profit of approximately RMB14,984.4 million with a gross profit margin of 16.8% for the year ended December 31, 2024, an increase of 3.3 percentage points from 13.5% in the previous year[67]. - Net profit attributable to equity holders of the Company amounted to approximately RMB491.3 million for the year ended December 31, 2024, representing a year-on-year decrease of 44.1%[77]. Assets and Liabilities - Total assets decreased to RMB 309,124,937 in 2024 from RMB 377,088,556 in 2023, representing a decline of 18.1%[14]. - Total liabilities also decreased to RMB 222,335,178 in 2024 from RMB 286,579,215 in 2023, a reduction of 22.4%[14]. - The Company reported a total capital and reserves attributable to equity holders of RMB 86,789,759 in 2024, a decrease from RMB 90,509,341 in 2023[14]. - Non-controlling interests decreased to RMB 40,435,935 in 2024 from RMB 44,637,346 in 2023, a decline of 9.8%[14]. - The total borrowings of the Group amounted to RMB57.73 billion as of December 31, 2024, with a net debt-to-equity ratio of 53.8%[82]. Market Strategy and Expansion - The Company is focusing on market expansion and new product development as part of its future strategy[14]. - Seazen Group Limited is actively exploring potential mergers and acquisitions to enhance its market position[14]. - The company plans to expand its market presence by developing new residential and complex projects in cities such as Nanjing, Xuzhou, and Fuyang, focusing on areas with high demand[20]. - The Group's strategy includes expanding its presence in various provinces, focusing on both residential and complex projects[32]. - The Group's future outlook includes continued expansion in the Greater Bay Area and other regions, with significant land resources available for development[42]. Property Development and Leasing - The total leasable area across major properties is approximately 6,000,000 sq.m., with an accumulated contracted area of about 4,500,000 sq.m., indicating a leasing rate of approximately 75%[19]. - The total number of residential projects under development is 15, with a combined leasable area exceeding 3,000,000 sq.m.[20]. - The company has completed several projects, including the Chuzhou Tianchang Project with a leasable area of 607,864 sq.m. and an accumulated contracted area of 449,627 sq.m., achieving a leasing rate of approximately 74%[20]. - The company is actively pursuing market expansion with multiple projects under development across various cities, including Wenzhou, Fuzhou, and Qingdao[22]. - The total number of completed residential projects is 15, with a combined leasable area of approximately 2,000,000 sq.m.[21]. Financial Management and Investments - The Group's cash balances totaled approximately RMB 10,618.3 million, a decrease of 45.5% from RMB 19,499.9 million in 2023[89]. - The Group raised approximately HKD 1,559.79 million from the Rights Issue, with HKD 623.92 million utilized for repayment of a syndicated loan and the remaining HKD 935.87 million reallocated for repayment of offshore loans[91][93]. - The Group's strategy to adopt a more prudent approach regarding land acquisitions aligns with the overall interests of the Company and its shareholders[95]. - The Group's total accumulated contracted area as of December 31, 2024, was 67,091,828 sq.m.[44]. - The Group's financial condition is impacted by various risks, including liquidity and foreign exchange risks, which require ongoing management and assessment[156]. Governance and Leadership - The company has a diverse Board with members holding significant experience in finance, law, and management[119][121][125]. - The company continues to prioritize experienced leadership to navigate market challenges and opportunities[119][120]. - The Board's composition reflects a commitment to governance and compliance with listing rules[126][128]. - The company is focused on enhancing its ESG initiatives under the leadership of Mr. Zhou and Mr. Wang[117][120]. Market Conditions and Challenges - The Group's business performance is heavily reliant on the property market in mainland China, which is subject to various economic, political, and regulatory changes[153]. - The PRC property market is volatile, with potential undersupply or oversupply of properties and significant price fluctuations, which could adversely affect demand[158]. - The management is committed to prudent operations and will adjust supply structures and marketing strategies to mitigate risks[159]. - The Group does not currently have a foreign currency hedging policy, exposing it to foreign exchange risks from fluctuations in HKD and USD against RMB[162].

《2025年上海市新城发展行动方案》印发 今年将编制完成细分赛道专项规划 金十数据4月15日讯，记者从2025年上海市新城发展行动方案新闻通气会暨"媒体看新城"活动上了解 到，今年，上海市研究发布了《2025年上海市新城发展行动方案》（以下简称《行动方案》）。《行动 方案》聚焦4个方面，提出了8项行动。《行动方案》提出，聚焦新城特色产业细分赛道发展，市区协同 做好企业服务和项目招引工作，提升新城在全市、长三角乃至全国产业格局中的显示度和竞争力。《行 动方案》提出，深入推进旧城区改建、城中村改造，加快新城低效产业用地处置和国企存量土地资源盘 活，率先推进新城国企产业用地分类处置，加快新城重点区域、相对成片地块的土地收储。继续实施建 设用地指标奖励、土地出让收入专项支持、新型基础设施建设项目贴息等政策。 ...

新城发展3月合约销售额21.3亿元人民币；1.3月累计合约销售额51.0亿元人民币。 ...

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [2][3]. Core Insights - The report highlights the importance of stabilizing the real estate market in response to the ongoing trade war, emphasizing the need for domestic demand expansion [2][3]. - It notes a significant decline in both new and second-hand housing transactions, with new home sales in 34 key cities dropping by 23% week-on-week and 26% year-on-year in April [4][7]. - The report indicates that the government is implementing policies to stabilize the market, including the cancellation of housing transfer restrictions in Nanjing and the expansion of housing fund withdrawal policies [32][33]. Industry Data Summary New Housing Transaction Volume - New housing sales in 34 key cities totaled 3.093 million square meters last week, a week-on-week decrease of 23.4% [4]. - Year-on-year, new housing sales in April are down 26%, with first and second-tier cities seeing a 21% decline and third and fourth-tier cities experiencing a 49% drop [7][8]. Second-Hand Housing Transaction Volume - Second-hand housing sales in 13 key cities fell by 26.2% week-on-week, with April sales down 15% year-on-year [13]. - Cumulative sales for the year to date show a 26.5% increase compared to the previous year [13]. New Housing Inventory - In 15 key cities, 710,000 square meters of new housing were launched last week, with a sales-to-launch ratio of 2.08, indicating a continued trend of inventory reduction [21]. - The total available residential area in these cities is 88.71 million square meters, reflecting a 0.9% decrease week-on-week [21]. Policy and News Tracking - The report discusses macroeconomic policies, including the imposition of tariffs on U.S. imports and the rise in manufacturing PMI to 50.5%, indicating a recovery in manufacturing activity [32][33]. - It highlights local government initiatives, such as Nanjing's cancellation of housing transfer restrictions and the expansion of housing fund policies in various cities [32][33]. - The report also notes the active land market in core cities, with significant land sales and project launches reported in the first quarter of 2025 [32][33].

Financial Performance - Total revenue for the year ended December 31, 2024, was approximately RMB 89,227 million, with commercial property management services and rental income contributing about RMB 12,033 million, representing a year-on-year growth of 13.9%[3] - The company's revenue for the year ended December 31, 2024, was RMB 89,226,520 thousand, a decrease of 25.3% compared to RMB 119,463,530 thousand in 2023[7] - Gross profit was approximately RMB 14,984 million, with a gross profit margin of 16.8%[3] - Gross profit for the same period was RMB 14,984,406 thousand, down 7.3% from RMB 16,167,987 thousand in the previous year[7] - The total comprehensive income for the year was RMB 674,187 thousand, down from RMB 966,054 thousand in 2023, showing a decline in overall profitability[9] - The group recorded a total revenue of RMB 1,347,353,000 from discontinued operations for the period ended November 21, 2023[56] - The group recorded a profit from discontinued operations of RMB 1,251,606,000 for the year ended November 21, 2023[56] - The group’s financial performance from discontinued operations showed a pre-tax profit of RMB 188,382,000 for the year ended November 21, 2023[56] Profitability - Net profit attributable to equity holders of the company was approximately RMB 491 million[3] - Profit from continuing operations was RMB 682,098 thousand, compared to a loss of RMB 467,034 thousand in 2023, indicating a recovery in core business performance[7] - The company reported a profit attributable to equity holders from continuing operations of RMB 491,312,000 for the year ended December 31, 2024, compared to a loss of RMB 366,785,000 in 2023[48] - Basic earnings per share from continuing operations improved to RMB 0.07 from a loss of RMB 0.05 in the previous year[7] - The net profit attributable to equity holders for the year ending December 31, 2024, is approximately RMB 491.3 million, a decline of 44.1% year-on-year[8] Assets and Liabilities - Total assets as of December 31, 2024, were RMB 377,088,556 thousand[6] - Total liabilities amounted to RMB 222,335,178 thousand, compared to RMB 286,579,215 thousand in the previous year[6] - The net debt to equity ratio stood at 53.8%[3] - Current liabilities were RMB 171,664,601 thousand, down from RMB 238,673,296 thousand in the previous year[6] - The total short-term borrowings amounted to RMB 16,071,392,000, with cash and cash equivalents at RMB 6,914,613,000 and restricted cash at RMB 3,703,679,000[15] - As of December 31, 2024, the group's current liabilities exceeded current assets by RMB 17,743,103,000[15] Financial Management - Total borrowings amounted to approximately RMB 57,733 million, a decrease of 8.6% year-on-year, with a weighted average borrowing cost of 5.88%, down by 0.27 percentage points[3] - The board believes that the group will be able to obtain sufficient operating funds and financing sources to ensure the repayment of debts due within 12 months after December 31, 2024[16] - The group aims to enhance its operational management position and increase total revenue as a key source for interest repayment on debt[18] - The group plans to leverage financial policy support to increase operational property financing and actively participate in innovative financing related to real estate[18] - The group intends to utilize various methods to activate existing assets and increase cash sources, seizing opportunities from policy implementations[18] Operational Efficiency - Operating profit decreased to RMB 6,763,257 thousand from RMB 6,224,954 thousand, reflecting a decline in operational efficiency[7] - The company incurred a net impairment loss on financial assets of RMB 908,136 thousand, down from RMB 1,197,403 thousand in 2023, suggesting improved asset quality[7] - The company’s marketing expenses decreased to RMB 4,032,137 thousand from RMB 5,209,342 thousand, reflecting cost-cutting measures[7] - Administrative expenses decreased by 23.0% to approximately RMB 3,193.6 million for the year ending December 31, 2024, primarily due to a reduction in staff and cost-saving measures[10] Market and Sales - In 2024, the company recorded property sales revenue of approximately RMB 76,041 million, with a total delivered property area of about 9,854,354 square meters[66] - The average selling price of properties delivered in 2024 was RMB 7,716 per square meter[66] - The company achieved a total contract sales amount of approximately RMB 40,171 million, with a contract sales area of about 5,388,200 square meters[68] - The average contract sales price (excluding parking spaces) was RMB 9,832 per square meter[68] - The company delivered over 100,000 residential units in 2024 and opened 15 new Wuyue Plaza locations, increasing property management area by over 25 million square meters[60] Corporate Governance - The company has adhered to corporate governance standards, ensuring compliance with applicable rules and regulations throughout the fiscal year ending December 31, 2024[96] - The board confirmed compliance with the standard code for securities trading by directors for the fiscal year ending December 31, 2024[97] - The company has implemented a performance review system to evaluate employee performance and determine salary adjustments and promotions[92] Future Outlook - The real estate market in China is expected to stabilize with supportive policies, leading to anticipated sales revenue growth for the company in 2025[59] - The available land resources for future residential sales amount to approximately 31.44 million square meters as of December 31, 2024[70]

分享喜悅 不負情懷 Seazen Group Limited 2024 中期報告 INTERIM REPORT 目錄 CONTENTS | --- | --- | --- | --- | --- | |---------------------------------------------------------------------------|-------|-------|-----------------------------------------------------------------------------------------------|-------| | | | | | | | 公司資料 Corporate Information | 2 | • | 簡明合併全面收益表 Condensed Consolidated Statement | 54 | | 主要物業明細 Breakdown of Major Properties | 5 | • | of Comprehensive Income 簡明合併權益變動表 | 55 | | 管理層討論及分析 Management D ...