Financial Performance - Total revenue reached RMB3138 billion, with property development contributing RMB2648 billion and mall operations RMB385 billion[9] - The gross profit margin was 315%[9] - Profit attributable to owners amounted to RMB245 billion[9] - Total debt was RMB63092 million, broken down by debt type, onshore/offshore, and debt maturity[51, 52] - Cash and bank balance was RMB11808 million[49] Land Bank and Sales - Total land bank GFA reached 274 million sq m, with a saleable value of RMB2828 billion[10] - Contracted sales reached RMB4095 billion, with an average selling price of RMB15032/sq m[10, 13] - 740% of contracted sales were in the Yangtze River Delta region[10, 13] - Land bank in the Yangtze River Delta accounted for 671% of the total[15] Commercial Operations - 8 new commercial projects opened in 2022, with a total GFA of 650000 sq m[10, 27] - 11 newly contracted projects from third-party expansion with GFA 104 million sq m[10, 34] - Average occupancy rate of commercial properties was 926%[10]

2023 Interim Results Presentation 1 Disclaimer This presentation has been prepared by Powerlong Real Estate Holdings Limited (the "Company") for your reference only. The information contained in this presentation has not been independently verified. The Company does not make any representation, warranty or undertaking, whether express or implied, on and no reliance should be placed on, the fairness, accuracy, suitability, completeness or correctness of the information or opinions contained herein. Any summa ...

Financial Performance - Total revenue reached RMB 22904 million[10,42], with property development revenue contributing RMB 17740 million[10] and mall operation revenue at RMB 4082 million[10,42] - Property sales revenue decreased by 33% to RMB 17737 million[42], while rental income increased by 6% to RMB 4082 million[42] - The company reported a net loss of RMB 2577 million[42] and core earnings attributable to owners were RMB -1148 million[42] Property Development - Contracted sales amounted to RMB 27500 million[10,17], with an average selling price of RMB 13901 per square meter[10,17] - 642% of contracted sales were from the Yangtze River Delta region[10,17] - The company possesses a saleable land bank of 1739 million square meters valued at approximately RMB 200600 million[10,21] Commercial Operations - The average occupancy rate of shopping malls exceeded 90%[10] - Average same-store sales increased by approximately 18% compared to 2022[10] - Average same-store passenger flow increased by approximately 23% compared to 2022[10] Land Bank and Future Development - 685% of the saleable source valued at RMB 63000 million are to be launched in 2024 are located in the Yangtze River Delta[10,23] - Land bank in the Yangtze River Delta accounted for 643% of the total[19] - Newly added gross floor area (GFA) for commercial operations amounted to 840000 square meters[36]

Company News - TaiLing Pharmaceutical (01011.HK) proposed to split the assets of its joint venture company while ensuring the protection of all shareholders' rights, dissolving the joint venture relationship for independent operations [2] - China Evergrande (03333.HK) has filed a joint application with the liquidators of CEG Holdings to the Hong Kong court on May 12 [2] - Yanzhou Coal Mining (01171.HK) plans to invest approximately $300 million in cash to acquire shares of Highland Resources, becoming its largest shareholder [2] - Baolong Properties (01238.HK) has postponed the hearing for its liquidation application to July 21 [2] - Sunny Optical Technology (02382.HK) reported a smartphone lens shipment of 103 million units in April, a month-on-month increase of 9.2% and a year-on-year increase of 1.3%; vehicle lens shipments reached 11.566 million units, with a month-on-month increase of 17.8% and a year-on-year increase of 28.9%, driven by increased customer demand and improved product structure [2] Industry News - CK Hutchison (00001.HK) issued a statement regarding port transactions, asserting that it will never engage in any illegal or non-compliant activities [3] - Contemporary Amperex Technology (CATL) saw its Hong Kong public offering portion oversubscribed by 21 times, attracting HKD 51.7 billion in financing subscriptions [3] - Kweichow Moutai has no current plans for a Hong Kong listing [3] - China Merchants Securities (06099.HK) announced the resignation of Vice President Zhang Haochuan due to personal reasons, effective May 12, 2025 [3] - Rongchang Biopharmaceutical (09995.HK) received a notice of acceptance for its clinical trial application for the antibody-drug conjugate RC278 [3] - China CNR Corporation (01766.HK) and its subsidiaries have recently signed several major contracts worth approximately CNY 54.74 billion [3]

Financial Performance - For the fiscal year ending December 31, 2024, the group achieved a contract sales amount of approximately RMB 12,787 million, with a contract sales area of 1,152,192 square meters[14]. - The group achieved a contract sales amount of approximately RMB 12,787 million for the year ending December 31, 2024, a decrease from RMB 27,524 million in 2023[81]. - The total sales area for the group was 1,152,192 square meters in 2024, down from 1,979,982 square meters in 2023[81]. - The sales distribution for the year ending December 31, 2024, included commercial sales of 401,184 square meters amounting to RMB 3,147,349 thousand and residential sales of 751,008 square meters amounting to RMB 9,639,675 thousand[82]. - The average selling price for commercial properties was RMB 7,845 per square meter, while residential properties averaged RMB 12,836 per square meter[82]. - As of December 31, 2024, the group recorded total revenue of approximately RMB 25,757 million, an increase of about 12.5% compared to RMB 22,904 million in 2023, primarily due to increased property sales revenue[86]. - The property sales revenue for the year ended December 31, 2024, was approximately RMB 20,543 million, up about 15.8% from RMB 17,737 million in 2023, driven by an increase in residential and commercial property deliveries[87]. - The gross profit for the year ended December 31, 2024, was approximately RMB 2,347 million, a decrease of about 4.3% from RMB 2,453 million in 2023, with a gross profit margin of 9.1%[92]. - The group recorded a fair value loss on investment properties of approximately RMB 3,327 million for the year ended December 31, 2024, compared to RMB 1,709 million in 2023, reflecting a significant increase in losses due to ongoing industry downturns[93]. - The investment property rental income for the year ended December 31, 2024, was approximately RMB 1,908 million, a 5.2% increase from RMB 1,814 million in 2023[89]. - The group reported a loss attributable to the owners of approximately RMB 5,765 million for the fiscal year ending December 31, 2024[151]. - The basic loss per share was approximately RMB 1.392 (2023: RMB 0.641)[98]. - The core loss for the year ended December 31, 2024, was approximately RMB 2,594 million (2023: RMB 904 million)[98]. Market Strategy and Development - The company continues to focus on high-quality development and aims to ensure timely delivery of real estate projects to protect buyers' interests[14]. - The overall policy environment remains supportive, with measures such as the gradual removal of purchase restrictions and reductions in down payments and mortgage rates to stimulate housing demand[13]. - The group is committed to enhancing cash resources for sustainable development amid the challenges posed by the deep adjustment period in the real estate industry[14]. - The company emphasizes its mission of "Letting Space Have Love" and adheres to values of simplicity, authenticity, and mutual benefit[7]. - The group is strategically aligned with national macroeconomic policies and focuses on urban clusters with high economic vitality[6]. - The company is actively involved in the urbanization process in China, providing numerous job opportunities and enhancing urban quality[6]. - The group aims to contribute to the stable and healthy development of the real estate market while fulfilling its corporate responsibilities[13]. - The company is focused on innovative development strategies to adapt to the evolving market landscape and maintain competitive growth[7]. - The group plans to continue its "1+N" development strategy, focusing on the Yangtze River Delta while exploring other high-quality regions for land reserves[85]. - The group aims to enhance its market tracking and research in key regional cities to refine product positioning and adhere to value investment principles in land acquisition[85]. Project Development and Land Reserves - As of December 31, 2024, the company has laid out 197 projects nationwide, with 146 projects (approximately 74.1%) located in the Yangtze River Delta region[15]. - The total building area of the company's quality land reserves is approximately 14.7 million square meters, expected to support project development for the next three to five years[15]. - 56.0% of the company's land reserves are distributed in the Yangtze River Delta region, with 78.1% of reserves located in first-tier, new first-tier, and second-tier cities[15]. - The company has 63 projects under development or planned for future development, with a significant number located in Jiangsu and Zhejiang provinces[27]. - The company has a land reserve of 3,655 thousand square meters for future development[39]. - The total area for commercial and residential projects in Guangdong province is 2,083 thousand square meters, with 731 thousand square meters completed and 693 thousand square meters under development[37]. - The company has ongoing projects in Ningbo, including a commercial/residential project with a total area of 668 thousand square meters, of which 487 thousand square meters are completed[34]. - The company is developing a new project in Wenzhou with a total area of 520 thousand square meters, currently under development[34]. - The company has multiple projects in Shaoxing, with a total area of 572 thousand square meters, all completed[35]. - The company is expanding its presence in Hangzhou with a commercial project of 160 thousand square meters, fully completed[33]. Financial Management and Liquidity - The company is implementing liquidity management measures to address liquidity pressure, including extending loan terms and optimizing financing structures[18]. - The group is implementing liquidity management measures to address liquidity pressure, including extending debt maturities and optimizing financing structure[22]. - The total cash and cash equivalents as of December 31, 2024, amounted to approximately RMB 7,535 million, a decrease of about 18.5% from RMB 9,246 million in 2023[99]. - The total borrowings as of December 31, 2024, were approximately RMB 57,721 million, a decrease of about 1.9% from RMB 58,820 million in 2023[100]. - The net debt ratio as of December 31, 2024, was approximately 101.6%, up from 89.6% in 2023[102]. - Total interest expenses for the year ended December 31, 2024, were approximately RMB 3,740 million, a decrease of about 17.2% from RMB 4,518 million in 2023[103]. - The group is actively pursuing the acceleration of sales and pre-sales, as well as expediting the collection of receivables to improve cash flow[157]. - The group has successfully obtained several special funds and loan extensions in 2024 to ensure timely property delivery[157]. - The group is in the process of restructuring its offshore debt, which is expected to enhance liquidity and provide financial flexibility in the coming years[157]. Corporate Governance and Management - The company emphasizes strong governance with a diverse board of independent non-executive directors, enhancing its strategic decision-making capabilities[122][125][126][127]. - The company emphasizes maintaining high levels of corporate governance to achieve sustainable development and enhance performance[136]. - The board is committed to adhering to corporate governance principles and implementing good practices to ensure transparency and accountability[136]. - The company has complied with the corporate governance code principles and all applicable provisions during the year ending December 31, 2024[136]. - The management team includes experienced professionals with backgrounds in finance and real estate, enhancing the company's operational capabilities[130][131][132]. - The company aims to maximize shareholder returns through effective leadership and continuous improvement of governance practices[136]. - The board consists of ten directors, including five executive directors, one non-executive director, and four independent non-executive directors, ensuring a balance of skills and experience for effective leadership and independent decision-making[139]. - The board held six meetings during the year, with all directors attending 100% of the meetings[140]. - The company has adopted a nomination policy to ensure a structured process for selecting suitable candidates for the board, considering factors such as integrity, experience, and diversity[143]. - The board diversity policy aims to achieve measurable targets for diversity, including gender, age, and professional experience, with a current composition of three female and seven male directors[145][147]. Challenges and Future Outlook - The outlook for 2025 anticipates a focus on stabilizing the real estate market, promoting demand, and preventing risks, with policies aimed at revitalizing housing demand[19]. - The group remains focused on timely delivery of real estate projects to ensure cash resources for sustainable development amid challenges in the real estate sector[81]. - The independent auditor expressed a disclaimer of opinion regarding the group's financial statements due to significant uncertainties related to going concern[150]. - The board believes that the plans and measures in place will allow the group to meet its financial obligations over the next 12 months[152]. - The company continues to explore opportunities for market expansion and potential acquisitions to drive growth[116].

Core Viewpoint - The commercial real estate industry in 2024 faces a dual challenge, with sales-driven developers experiencing significant profit declines and asset impairments, while operation-oriented companies see stable rental growth and improved financial structures [1] Group 1: Profit Divergence and Cash Flow - The financial reports of commercial real estate in 2024 show a stark contrast, with some companies facing substantial losses while others maintain profitability through consistent rental income [2][3] - Sales-driven companies like Vanke and Baolong are struggling, with Vanke reporting a net loss of 49.4 billion yuan, marking its first significant loss since listing, and Baolong's loss expanding to 5.5 billion yuan [3] - In contrast, companies like China Resources Land and Longfor Group are maintaining profitability, with China Resources Land achieving a net profit of 25.42 billion yuan, despite an 8.5% year-on-year decline [3] Group 2: Rental Income and EBITDA - Rental income has become a critical cash flow source, with China Resources Land reporting rental income of 23.3 billion yuan, a year-on-year increase of 8.4% [4] - EBITDA is emerging as a new valuation anchor, with Longfor Group's operating cash flow exceeding 6 billion yuan, indicating strong operational stability [5][6] - Companies like Baolong and New Town Holdings show weaker EBITDA coverage, relying on asset disposals or financing to sustain operations [5] Group 3: Financial Structure and Risk Resistance - The net debt ratio has become a key indicator of a company's ability to withstand risks, with companies like Swire Properties maintaining a low net debt ratio of 4.4% [8] - A cash-to-short-debt ratio above 1.2x indicates a strong ability to cover short-term liabilities, while ratios below 0.8x may lead to credit rating changes [11] - Companies with a net debt ratio above 70% face high risks and may rely on asset sales for survival [8] Group 4: Strategic Models and Organizational Capability - The industry is witnessing a shift from project-based thinking to systematic capabilities, with companies needing to establish replicable cash flow models to enhance future valuations [23][30] - Three strategic models are emerging: long-term operational, mixed development and holding, and transitioning from heavy to light asset structures [24] - Companies like Swire and Hang Lung are exemplifying pure operational strategies, while others like Vanke and Baolong are struggling to find a clear path in their transitions [25][27] Group 5: Valuation Logic and Market Perception - The valuation logic in commercial real estate is shifting from land appreciation expectations to the sustainability of cash flows, with investors focusing on the ability to generate predictable cash [31][35] - Shopping centers are becoming the few assets still attracting positive valuation expectations, with China Resources Land's shopping center rental income reaching 19.3 billion yuan, a year-on-year increase of 8.4% [32] - The ability to securitize rental income is becoming crucial for future valuations, with companies needing to demonstrate clear cash flow structures and exit mechanisms [35][36] Group 6: Future Outlook and Recommendations - The future of companies in the commercial real estate sector will depend on their ability to convert properties into predictable cash flows and establish robust organizational capabilities [45][46] - Companies are advised to shift focus from project-centric strategies to developing standardized cash flow and asset securitization models [43] - Investors should prioritize evaluating EBITDA, rental recovery cycles, and interest coverage capabilities over traditional metrics like sales and profit margins [43]

金十数据整理：每日港股市场要闻速递（4月24日 周四） 4. 中广核电力 (01816.HK)：一季度营业收入约200.28亿元，同比增长4.41%；净利润约30.26亿元，同比 减少16.07%。 5. 中海油田服务 (02883.HK)：一季度营业收入为107.975亿元，同比增长6.4%；净利润约8.87亿元，同 比增长39.6%。 6. 平安好医生 (01833.HK)：一季度实现收入约10.625亿元，同比增长25.8%。净利润3318.8万元，同比 扭亏为盈。 7. 丽珠医药 (01513.HK)：一季度营业收入约31.81亿元，同比减少1.92%；净利润6.37亿元，同比增长 4.75%。 8. 国泰航空 (00293.HK)：3月载客量为225.62万人次，同比增加19.8%；前3月累计载客量同比增加 23.4%。 9. 宝龙地产 (01238.HK)：已委任新独家财务顾问，以促进公司与其债权人之间的进一步沟通。 1. 南都电源：筹划境外发行股份并在香港联交所上市。 2. 金猫银猫(01815.HK)：4月29日起中文股份简称将变更为"珠峰黄金"。 3. 新东方(09901.HK)：2025财 ...

Financial Performance - Revenue reached approximately RMB 25,757 million, representing an increase of about 12.5% compared to the same period in 2023[3]. - The company reported a net loss of RMB 5,498,452 thousand for the year, compared to a net loss of RMB 2,577,280 thousand in 2023[9]. - The gross profit was RMB 2,347,246 thousand, down from RMB 2,453,364 thousand in the previous year[9]. - For the fiscal year ending December 31, 2024, the company reported a loss attributable to owners of approximately RMB 5,765 million, compared to a loss of RMB 2,653 million in 2023, representing an increase in loss of 117.5%[10]. - The basic and diluted loss per share for the year was RMB 139.2, compared to RMB 64.1 in the previous year, indicating a significant decline in shareholder value[10]. - The total revenue for 2024 was RMB 25,757,351 thousand, representing a 12.5% increase from RMB 22,903,847 thousand in 2023[24]. - The group achieved a contract sales amount of approximately RMB 12,787 million for the year ended December 31, 2024, a decrease of about 53.6% compared to RMB 27,524 million in 2023[54]. - The total sales area for contract sales was 1,152,192 square meters in 2024, down from 1,979,982 square meters in 2023, representing a decline of approximately 41.7%[54]. Assets and Liabilities - Total assets decreased to RMB 192,016,874 thousand from RMB 214,805,819 thousand in the previous year[6]. - Total liabilities decreased to RMB 142,618,195 thousand from RMB 159,486,979 thousand in the previous year[8]. - The company’s cash and cash equivalents decreased to RMB 6,103,770 thousand from RMB 7,734,844 thousand in the previous year[6]. - As of December 31, 2024, the company had total borrowings of approximately RMB 57,721 million, with RMB 26,180 million classified as current liabilities, highlighting liquidity concerns[17]. - The total cash, including cash equivalents and restricted cash, was approximately RMB 7,535 million as of December 31, 2024, which raises questions about the company's ability to meet its obligations[17]. - The total liabilities as of December 31, 2024, were RMB 142,618,195 thousand, down from RMB 159,486,979 thousand in 2023, indicating a reduction of approximately 10.6%[27][28]. - The total borrowings decreased from RMB 58,820,060,000 in 2023 to RMB 57,721,058,000 in 2024, a decline of about 1.9%[36]. Investment and Financing - The company incurred a net investment loss of RMB 3,326,616 thousand, compared to a loss of RMB 1,709,427 thousand in the previous year[9]. - The net financing costs for 2024 were RMB (1,994,601) thousand, which is an increase from RMB (1,351,074) thousand in 2023, indicating higher financing expenses[25][26]. - The company reported a net financing cost of RMB 1,994,601,000 for 2024, compared to RMB 1,351,074,000 in 2023, marking an increase of approximately 47.7%[41]. - The company recognized a fair value loss of RMB (621) thousand on financial assets for the year ended December 31, 2024, compared to a loss of RMB (16,150) thousand in 2023[25][26]. - The company reported a significant gain from the sale of investment properties amounting to RMB 500,091,000 in 2024, compared to a loss of RMB 535,234,000 in 2023[40]. Operational Challenges - The company is facing substantial uncertainty regarding its ability to continue as a going concern, with plans and measures in place to alleviate financial pressure[18]. - The company has reported a total of approximately RMB 22,884 million in defaulted or cross-defaulted debts, including senior notes and corporate bonds, indicating significant financial distress[17]. - The company’s subsidiary, Baolong Real Estate (Beijing) Holdings Limited, has been subject to a winding-up petition, with hearings postponed to May 12, 2025, which could impact overall operations[17]. - The company has not reflected potential adjustments in asset values or liabilities in its financial statements for the year ending December 31, 2024, indicating possible future write-downs[19]. Strategic Initiatives - Management is focused on executing sales strategies to stabilize future sales performance and is negotiating with lenders to extend or defer repayment of outstanding borrowings[19]. - The group plans to seek opportunities to sell stakes in project development companies to generate additional cash flow, with properties primarily located in first and second-tier cities[20]. - The group will continue to accelerate the presale and sale of properties, aiming to recover outstanding sales proceeds and other receivables more effectively[20]. - The group is actively evaluating additional measures to further reduce non-essential expenditures[20]. - The company aims to enhance asset value through resource integration and explore new business segments, emphasizing a flexible operational approach[62]. Market Outlook - The overall policy environment for the real estate market remains supportive, with measures to stabilize the market and promote housing demand[52]. - The company anticipates that the Chinese real estate industry will focus on "stabilizing the market, promoting demand, preventing risks, and facilitating transformation" by 2025[61]. - The company plans to implement targeted measures to stimulate housing demand and control the supply of new real estate land[61]. Human Resources - The group employed a total of 8,152 full-time employees as of December 31, 2024, down from 9,234 employees in 2023[96]. - Employee costs for the year ending December 31, 2024, amounted to approximately RMB 158.7 million[96]. - The total employee costs decreased to RMB 1,426,548,000 in 2024 from RMB 1,762,954,000 in 2023, a reduction of approximately 19.1%[39]. Governance and Compliance - The company has established an audit committee consisting of four independent non-executive directors[105]. - The independent auditor's report states that no opinion is expressed on the consolidated financial statements due to the inability to obtain sufficient appropriate audit evidence[107]. - The board has resolved not to recommend the payment of a final dividend for the year ending December 31, 2024[99].

对于亏损增加的原因，宝龙地产解释称，主要受房地产行业经营环境严峻的持续影响，对物业项目计提减值、投资物业公允价值减值、外汇波动造 成预期净汇兑损失、分占共同控制实体和联营公司的业绩下降。 过去两年宝龙地产深陷债务危机。 债务危机已经波及旗下的商业运营服务公司宝龙商业（09909.HK）。3月9日，宝龙地产发布公告，公司获悉，本公司的全资附属公司宝龙地产 （维京）控股有限公司（以下简称"宝龙维京"）被提出清盘申请。宝龙地产通过宝龙维京持有宝龙商业63%的股份。事涉宝龙地产控股有限公司所 发行及由（其中包括）宝龙维京所担保的优先票据"宝龙地产 6.25% N20240810"，本期债券的本金总额为5亿美元。 清盘或为推动宝龙地产境外债务重组。2月28日，宝龙地产发布公告，在生效截止日期（2月28日）之前，公司境外债务重组计划未能达成协议，因 而计划失效。多位业内人士称，宝龙地产或会推出削债力度更大的重组方案。 宝龙地产还连累了宝龙商业的利润。3月23日，宝龙商业发布公告，预计2024年归属公司拥有人应占净利润（即股东应占净利润）在1.77亿元至2.25 亿元之间，较2023年同期的4.53亿元减少50.4%～60 ...

这两只人民币债券的息票分别为6.5%和5.8%。 (彭博) 财联社12月24日电，宝龙地产的境内子公司已提议，通过一项交换要约来延长两只人民币债券的期限。 根据计划，上海宝龙实业向这两只债券的持有人提供了两种选择：可以将所持债券换成新的2.5年期票 据，或者是换成新的5年期票据。 小财注：该公司的这两只债券均已违约，而且未能按之前的展期计划兑付。 ...