Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][18]. Core Views - The company achieved a total revenue of 142.99 billion yuan in 2024, representing a year-on-year increase of 6.4%, while the core net profit attributable to the parent company was 4.27 billion yuan, down 1.6% year-on-year [7]. - The property development business contributed 138.62 billion yuan to revenue, accounting for approximately 97% of total revenue, with a gross margin of 13.3% and a net profit margin of 3.4% in 2024 [7]. - The company maintained a high dividend payout ratio of over 50%, proposing a final dividend of 1.2 HKD per share, resulting in a dividend yield of 7.4% based on the closing price on March 26, 2025 [7][18]. - The company ranked 7th in the sales performance among the top 100 real estate companies in 2024, with a total contract signing amount of 133.5 billion yuan [7]. - The company has a strong liquidity position with cash on hand amounting to 57.26 billion yuan and a net debt-to-equity ratio of approximately 31.78% [7]. Financial Data and Forecast - Total revenue is projected to grow from 134.43 billion yuan in 2023 to 142.99 billion yuan in 2024, with a compound annual growth rate (CAGR) of 6.4% [6]. - The net profit is expected to decrease slightly from 4.34 billion yuan in 2023 to 4.27 billion yuan in 2024, with a forecasted recovery to 4.72 billion yuan in 2025 [6]. - The company’s gross margin is expected to improve from 11.1% in 2023 to 13.27% in 2024, while the return on equity (ROE) is projected to decline from 13.0% to 11.36% [6][7]. - The estimated earnings per share (EPS) for 2025 is projected to be 2.34 yuan, with a price-to-earnings (PE) ratio of 8-10 times, leading to a reasonable market capitalization range of 41.2-51.5 billion HKD [18]. Market Performance - The company's stock closed at 16.42 HKD on April 1, with a 52-week price range of 10.06-19.58 HKD [2]. - The company’s absolute performance over the last month was a gain of 2.53%, while it underperformed the Hang Seng Index over the last two and three months [4].

Summary of the Conference Call for Jianfa International Group Company Overview - Jianfa International Group reported a stable overall performance in 2024, with revenue reaching 143 billion yuan, a year-on-year increase of 6% [3][4] - The net profit attributable to shareholders was 4.8 billion yuan, with a slight decline of 1.6% after deducting perpetual bond interest [3][4] - The gross profit margin improved from 11.1% in 2023 to 13.3% in 2024, attributed to the optimization of project structure and the transfer of more high-profit projects [3][4] Financial Performance - The company recognized a provision for impairment losses of 6 billion yuan in 2024, bringing the total impairment losses over the past four years to nearly 10 billion yuan, indicating a strong focus on asset health [3][4] - The interest-bearing debt rate decreased to 3.56%, with expectations for further decline in 2025 due to a reduction in borrowing rates from major shareholders [4][5] - Jianfa International maintained a stable debt structure and an active dividend policy, with a dividend of 1.2 HKD per share in 2024, resulting in a payout ratio of 52% [4][6] Land Reserves and Product Development - In 2024, Jianfa International acquired 23 plots of land with a total value of 100.7 billion yuan, increasing total land reserves to 221 billion yuan, with approximately 80% being new land [4][7] - The company emphasized product upgrades, launching several benchmark projects and planning to expand into more cities, achieving industry-leading customer satisfaction [4][7] Market Dynamics - The real estate market showed significant differentiation between cities, with first-tier and strong second-tier cities performing robustly [4][8][9] - Jianfa International aims to achieve a sales target of 150 billion yuan by optimizing sales strategies and leveraging existing resources while exploring new markets [4][8] - The company plans to maintain a supply volume of no less than 240 billion yuan in 2025, with a target sales rate of 65%-67% [4][10] Future Outlook - The gross profit margin is expected to remain stable due to the favorable project profit structure and prior impairment provisions [4][12][13] - The company is optimistic about its performance in 2025 and 2026, focusing on product structure optimization and pricing strategies for stable growth [4][13] - The company’s financial policies and substantial impairment provisions are anticipated to mitigate future profit margin pressures [4][14][15] Land Acquisition Strategy - The land market is experiencing low supply and transaction volumes, with rising premium rates. Jianfa International is utilizing competitive bidding and cooperative models for land acquisition [4][19] - The improvement in housing efficiency is significantly impacting the industry, with new regulations enhancing the livable space in new homes [4][18] Brand Development and Strategy - Jianfa International is focusing on brand building through flagship projects to enhance brand influence and market positioning [4][24][25] - The company aims to balance investment return stability with brand reputation through high-quality projects [4][25]

Investment Rating - The investment rating for the company is "Buy" with a target price of 19.29 HKD [7][8]. Core Views - The company reported a revenue of 143 billion RMB for 2024, a year-on-year increase of 6%, while the core net profit attributable to shareholders was 4.3 billion RMB, a slight decrease of 1.6% year-on-year. Despite being slightly below consensus expectations, the company has adequately provided for inventory impairment since 2021, and the current unsold resources are of high quality, indicating potential for performance stabilization in the future [1][2]. - The company’s revenue and gross profit margin for 2024 increased by 7% and 2.2 percentage points respectively, reaching 138.6 billion RMB and 13.3%. The decline in net profit is primarily due to a significant increase in inventory impairment losses and tax expenses [2][4]. - The company’s contract sales decreased by 25% year-on-year, aligning with industry trends, but it has improved its cash collection rate and sales equity ratio. The company has focused on optimizing land reserves, with 98% of new land acquisitions concentrated in first- and second-tier cities [3][4]. - Financing costs have decreased, and the company maintains a relatively high dividend payout ratio of 52%, with a dividend yield of 7.36% based on the closing price as of March 28 [4][8]. - The company has adjusted its revenue assumptions downward while slightly increasing the gross profit margin estimates for 2025-2027. The estimated EPS for 2025 is 2.07 RMB, with a projected BPS of 13.63 RMB [5][6]. Summary by Sections Financial Performance - For 2024, the company achieved a revenue of 143 billion RMB, with a core net profit of 4.3 billion RMB, reflecting a year-on-year revenue growth of 6% and a slight decline in net profit of 1.6% [1][2]. - The gross profit margin for 2024 was reported at 13.3%, an increase of 2.2 percentage points year-on-year [2]. Sales and Market Position - The company’s contract sales fell by 25% year-on-year, but it improved its cash collection rate to 102% and sales equity ratio to 77% [3]. - The company has a strong market presence in 44 cities, ranking in the top 10 in local markets, particularly in Hangzhou [3]. Financing and Dividends - The company’s financing costs decreased by 19 basis points to 3.56%, and it maintains a high dividend payout ratio of 52% [4]. - The dividend yield is calculated at 7.36% based on the closing price as of March 28 [4][8]. Earnings Forecast and Valuation - The company has adjusted its revenue estimates downward while slightly increasing gross profit margin estimates for the upcoming years. The estimated EPS for 2025 is 2.07 RMB, with a target price of 19.29 HKD based on a PB ratio of 1.32 [5][6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6] Core Views - The company has shown stable performance in revenue recognition with an increase in gross profit margin despite a slight decline in profit mainly due to impairment losses [6][7] - The company is expected to recover its profitability quickly, supported by a high proportion of new land reserves and a steady increase in market share [6][8] Financial Performance - For the year 2024, the company reported revenue of 142.99 billion HKD, a year-on-year increase of 6.4%, while the net profit was 4.80 billion HKD, a decrease of 4.6% [7][10] - The gross profit margin improved to 13.3%, up by 2.2 percentage points year-on-year [7][10] - The company plans to distribute a dividend of 1.2 HKD per share, maintaining a dividend payout ratio of 52% [7] Market Position and Strategy - In 2024, the company achieved sales of 133.5 billion HKD, ranking 7th in the industry, with a focus on acquiring quality land in core cities [8] - The company’s land acquisition amounted to 55.6 billion HKD, with a land acquisition intensity of 41.6% and a focus on first and second-tier cities [8] Future Projections - The company’s projected net profits for 2025-2027 are 5.30 billion, 5.73 billion, and 5.86 billion HKD respectively, with corresponding EPS of 2.85, 3.08, and 3.15 HKD [6][10] - The current price-to-earnings (P/E) ratios for 2025-2027 are estimated at 5.7, 5.3, and 5.2 times [6][10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown stable performance in revenue recognition with an increase in gross profit margin despite a slight decline in profit mainly due to impairment losses [6][7] - The company is expected to recover its profitability quickly, supported by a high proportion of new land reserves and a steady increase in market share [6] - The company’s sales ranking has improved against industry trends, focusing on acquiring quality land in core cities [8] Financial Performance - For 2024, the company reported revenue of 1429.9 billion yuan, a year-on-year increase of 6.4%, while net profit was 48.0 billion yuan, a decrease of 4.6% [7] - The gross profit margin for 2024 was 13.3%, an increase of 2.2 percentage points year-on-year [7] - The company’s earnings per share (EPS) for 2025-2027 are projected to be 2.85, 3.08, and 3.15 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 5.7, 5.3, and 5.2 times [6][10] Market Position and Strategy - The company achieved a sales amount of 1335 billion yuan in 2024, ranking 7th in the industry, with a focus on high-quality land in first and second-tier cities [8] - The company’s land acquisition in 2024 amounted to 556 billion yuan, with a land acquisition intensity of 41.6% and an equity ratio of 80% [8] - As of the end of 2024, the total value of the company’s land reserves was 2210 billion yuan, with a high proportion of new land acquired since 2022 [8] Property Management - The company’s property management segment is stable, with a contracted area of 1.09 billion square meters and a collection rate of 94% [9] - The average financing cost has decreased to 3.56%, reflecting a 19 basis point reduction year-on-year [9]

Investment Rating - The report maintains a "Recommended" investment rating for the company [1][7]. Core Views - The company is expected to benefit from the release of high-quality residential demand, with a projected revenue of 1429.9 billion yuan in 2024, representing a year-on-year growth of 6.4%. However, the net profit is forecasted to decline by 4.6% to 48 billion yuan [3][6]. - The company has a healthy land reserve structure and is actively expanding its land acquisition, ranking first among the top 50 real estate companies in terms of land acquisition sales amount and area in 2024 [6][7]. - The company has maintained a stable dividend payout, with a dividend of 1.2 HKD per share, resulting in a dividend rate of 52% based on net profit after deducting perpetual bond interest [6][7]. Financial Summary - Revenue and Profit Forecast: - 2024 Revenue: 1429.9 billion yuan, up 6.4% YoY - 2024 Net Profit: 48 billion yuan, down 4.6% YoY - Projected revenue growth rates for 2025-2027 are 5.8%, 5.2%, and 4.7% respectively [5][11]. - Profitability Metrics: - Gross Margin: 13.3% in 2024, up 2.2 percentage points YoY - Net Margin: 4.5% in 2024 - Return on Equity (ROE): 12.8% in 2024, declining gradually to 10.1% by 2027 [5][11]. - Valuation Ratios: - Price-to-Earnings (P/E) ratio is projected to be 6.3 for 2024, decreasing to 5.9 by 2027 - Price-to-Book (P/B) ratio is expected to decline from 0.8 in 2024 to 0.6 in 2027 [5][11]. Operational Insights - The company has a total land reserve value of 2210 billion yuan, with approximately 80% of the projects acquired since 2022 [6][7]. - The company is focusing on enhancing its core product offerings, particularly in competitive markets like Hangzhou, where it has established several benchmark projects [6][7].

Investment Rating - The report maintains a "Buy" rating for the company [2][6][18] Core Views - The company's gross margin has rebounded from its lowest point, and it is actively acquiring land in core cities, with nearly 80% of new land reserves acquired since 2022 [6][5] - The company reported a 2024 revenue of HKD 142.99 billion, a year-on-year increase of 6.4%, with property development contributing 97% of total revenue [6][5] - The company has a strong financial position, maintaining green status on the three red lines, with a financing cost that has reached a new low [6][5] Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2023: HKD 134.43 billion - 2024: HKD 142.99 billion - 2025E: HKD 149.85 billion - 2026E: HKD 157.19 billion - 2027E: HKD 172.28 billion [5][7] - The net profit attributable to the parent company is forecasted as: - 2023: HKD 5.04 billion - 2024: HKD 4.80 billion - 2025E: HKD 5.06 billion - 2026E: HKD 5.33 billion - 2027E: HKD 5.88 billion [5][7] - The company’s earnings per share (EPS) are projected to be: - 2023: HKD 2.36 - 2024: HKD 2.21 - 2025E: HKD 2.33 - 2026E: HKD 2.45 - 2027E: HKD 2.71 [5][7] Sales and Land Acquisition - The company’s total sales for 2024 were HKD 133.5 billion, a decrease of 29.3% year-on-year, with a sales return rate of 102% [6][5] - The land acquisition amount for 2024 was HKD 55.6 billion, down 52% year-on-year, with a land acquisition to sales ratio of 42% [6][5] - The company’s land reserves as of the end of 2024 amounted to 12.43 million square meters, with a sellable value of HKD 221 billion [6][5] Dividend and Shareholder Returns - The company declared a dividend of HKD 1.2 per share for 2024, maintaining a high dividend payout ratio of 52% and a dividend yield of 7.2% [6][5]

Investment Rating - The investment rating for the company is "Buy" with a market price of HKD 16.24 and a sector rating of "Outperform" [2]. Core Views - The company has shown steady revenue growth with a slight decline in net profit. The gross margin has rebounded, and cash on hand has increased by double digits. The company maintains a strong strategic focus on core cities in first and second-tier areas, which lays a solid foundation for future high-quality development. Despite the ongoing industry sales slump, the company has demonstrated resilience in both sales and land acquisition, leading to a maintained "Buy" rating [5]. Summary by Sections Financial Performance - In 2024, the company achieved operating revenue of RMB 1429.9 billion, a year-on-year increase of 6.4%. The net profit attributable to shareholders was RMB 48.0 billion, a decrease of 4.6%. The proposed cash dividend is HKD 1.2 per share, with a payout ratio of 47% [4][5]. - The gross margin for 2024 was 13.3%, an increase of 2.2 percentage points year-on-year. The net profit margin and attributable net profit margin were 4.5% and 3.4%, respectively, both showing slight declines [8][11]. Revenue and Profit Forecast - The company has adjusted its revenue forecasts for 2025-2026 due to the current industry conditions. Expected revenues for 2025, 2026, and 2027 are RMB 1478 billion, RMB 1383 billion, and RMB 1351 billion, with year-on-year growth rates of 3%, -6%, and -2%, respectively. The net profit for the same years is projected to be RMB 50 billion, RMB 50 billion, and RMB 51 billion, with growth rates of 3%, 1%, and 2% [5][7]. Cash and Debt Management - As of the end of 2024, the company held cash of RMB 572.6 billion, a year-on-year increase of 12%. The interest-bearing debt was RMB 845.0 billion, up 5.7%. The net debt ratio stood at 26.6%, and the cash-to-short-term debt ratio was 9.35X, indicating a strong liquidity position [8][18][21]. Sales and Market Position - The company ranked seventh in the industry for sales in 2024, with a sales amount of RMB 1335 billion, a decline of 29.4% year-on-year. The sales area was 611 million square meters, also down 29.3%. The sales price per square meter was RMB 20,500, a decrease of 1.1% [23][31][25]. - The sales return rate reached 102%, an increase of 4 percentage points from the previous year, indicating effective cash collection [8]. Land Acquisition - The company acquired land worth RMB 530 billion in 2024, a decrease of 40% year-on-year, ranking sixth in the industry for land acquisition. The land acquisition intensity was 40%, which, despite a decline, remains relatively high [38][44].

Financial Performance - The total contracted sales amount for the year ended December 31, 2024, was approximately RMB 103.36 billion, a decrease of about RMB 34.6 billion or 25.1% compared to the previous fiscal year[4]. - The total revenue for the year ended December 31, 2024, was approximately RMB 142.99 billion, an increase of about RMB 8.56 billion or 6.4% compared to the previous fiscal year[6]. - The profit attributable to equity holders for the year ended December 31, 2024, was approximately RMB 4.80 billion, a decrease of about RMB 231 million or 4.6% compared to the previous fiscal year[4]. - The basic earnings per share for the year ended December 31, 2024, was RMB 2.38[4]. - The gross profit for the year ended December 31, 2024, was approximately RMB 18.97 billion, compared to RMB 14.92 billion in the previous fiscal year[6]. - The total comprehensive income for the year ended December 31, 2024, was approximately RMB 6.35 billion[7]. - The company's total revenue for the year was reported at 36.02 billion, compared to 35.10 billion in the previous year, reflecting a growth of approximately 2.6%[10]. - The company's total revenue for the year was approximately RMB 142,986.28 million, representing an increase of about RMB 8,556.31 million (approximately 6.4%) compared to the previous fiscal year[54]. - Gross profit for the year was approximately RMB 18,972.44 million, an increase of about RMB 4,055.98 million (approximately 27.2%) year-over-year[54]. - The profit attributable to equity holders decreased by approximately RMB 230.87 million (approximately 4.6%) to about RMB 4,803.84 million compared to the previous fiscal year[54]. Cash Flow and Assets - The cash collection from property development for the year ended December 31, 2024, totaled approximately RMB 135.74 billion[4]. - Total assets decreased from 427.28 billion to 412.48 billion, a decline of approximately 3.5%[9]. - Total liabilities decreased from 336.34 billion to 309.98 billion, a decline of approximately 7.8%[11]. - Net asset value increased from 90.94 billion to 102.50 billion, an increase of approximately 12.5%[11]. - Cash and cash equivalents increased from 54.16 billion to 57.26 billion, an increase of approximately 5.0%[9]. - The company's total inventory and other assets amounted to RMB 270.92 billion in 2024, up from RMB 247.03 billion in 2023, marking an increase of about 10%[44]. - As of December 31, 2024, the group's cash and bank balances were approximately RMB 57,259.15 million, an increase from approximately RMB 54,161.32 million as of December 31, 2023[76]. Liabilities and Equity - The company's equity attributable to shareholders increased from 21.46 billion to 25.56 billion, an increase of approximately 19.5%[11]. - The company's total liabilities to total assets ratio improved from 78.7% to 75.1%[11]. - The debt to equity ratio decreased to 87.6% from 93.2% due to an increase in non-controlling interests[78]. - Total borrowings amounted to approximately RMB 33,746.90 million, with about 94.1% of borrowings subject to floating rates[77]. - Financial guarantees for property buyers decreased to approximately RMB 43,317.95 million from approximately RMB 77,444.07 million, primarily due to a reduction in new property projects launched[79]. Dividends - The company proposed a final dividend of HKD 1.2 per share, payable in cash or in new shares[3]. - Proposed final dividend for the year ending December 31, 2024 is HKD 1.2 per share, totaling approximately HKD 2,420,613,000 (around RMB 2,241,585,000)[38]. - Final dividend for the previous fiscal year was HKD 1.3 per share, totaling RMB 2,248,509,000, an increase from RMB 2,080,819,000 in the prior year[39]. - The total cash dividend paid in 2024 was RMB 652,259,000, an increase from RMB 381,279,000 in 2023[39]. - The total dividend paid in shares for 2024 was RMB 1,596,250,000, compared to RMB 1,699,540,000 in 2023[39]. - The company plans to seek shareholder approval for the proposed final dividend at the upcoming annual general meeting[38]. Market and Sales Performance - The company reported a decrease in the cumulative contracted sales area of approximately 1.616 million square meters or 24.3% compared to the previous fiscal year[4]. - The cumulative contracted sales amount attributable to shareholders was approximately RMB 103.36 billion, a decrease of about 25.1% compared to the previous fiscal year[58]. - The cumulative contracted sales area attributable to shareholders was approximately 5.048 million square meters, a decrease of about 24.3% compared to the previous fiscal year[58]. - The majority of the group's revenue and performance is derived from the Chinese market, with assets primarily located within China[28]. - The total delivered property construction area was approximately 6.99 million square meters, a decrease of about 1.53 million square meters from the previous fiscal year[55]. - The company aims to expand its market presence by increasing its land reserves and project developments across various cities in China[61]. Operational Efficiency and Costs - The sales cost rose from approximately RMB 119,513.52 million to RMB 124,013.84 million, an increase of about RMB 4,500.32 million[66]. - Total borrowing costs decreased from approximately RMB 3,386.35 million to RMB 2,997.80 million, attributed to a slight decline in average financing rates[68]. - Administrative expenses increased from approximately RMB 2,851.39 million to approximately RMB 4,979.93 million, an increase of approximately RMB 2,128.54 million[70]. - Sales expenses decreased from approximately RMB 4,308.01 million to approximately RMB 3,721.69 million, a reduction of approximately RMB 586.32 million[71]. Future Plans and Strategies - The company plans to expand its market presence and invest in new technologies to drive future growth[12]. - The company plans to focus on innovation in product technology to enhance core competitiveness in 2025[91]. - The company aims to increase R&D investment to lead product upgrades and maintain market competitiveness[92]. - The company intends to accelerate the construction of a centralized procurement platform to reduce costs and enhance operational efficiency[94]. - The company aims to actively respond to market dynamics and prioritize development as its primary task by 2025[95]. Corporate Governance and Compliance - The company has maintained high standards of corporate governance throughout the year, ensuring shareholder rights and enhancing transparency[105]. - The audit committee has reviewed the company's consolidated financial statements for the year[107]. - The financial statements comply with the disclosure requirements of the Hong Kong Companies Ordinance and the Listing Rules[15].

Financial Performance - Revenue for the six months ended June 30, 2024, reached RMB 32,753,303, an increase of 34.5% compared to RMB 24,359,190 for the same period in 2023[9]. - Gross profit for the same period was RMB 3,902,749, representing a gross margin of approximately 11.9%[9]. - Net profit for the period was RMB 1,436,478, slightly up from RMB 1,421,853 in the previous year, indicating a growth of 1.0%[9]. - Basic earnings per share for the period was RMB 47.30, down from RMB 80.09 in the previous year, reflecting a decrease of 41.0%[12]. - Total comprehensive income for the period reached RMB 1,436,478,000, compared to RMB 619,410,000 in the previous period, reflecting a significant increase[21]. - Profit attributable to equity holders decreased by approximately RMB 467.07 million (or approximately 36.4%) to about RMB 817.07 million, compared to RMB 1,284.14 million in the same period last year[101]. Assets and Liabilities - Total assets as of June 30, 2024, amounted to RMB 459,180,149, an increase from RMB 427,277,513 as of December 31, 2023[15]. - The total liabilities increased to RMB 363,033,038 thousand from RMB 336,338,644 thousand, reflecting a rise of approximately 7.9%[17]. - The equity attributable to the company's equity holders was RMB 21,851,486 thousand as of June 30, 2024, compared to RMB 21,456,479 thousand at the end of 2023, marking an increase of about 1.8%[17]. - The group’s net debt increased to approximately RMB 43,958.55 million, resulting in a net debt-to-equity ratio of 45.72%, up from 33.64% as of December 31, 2023[1]. - The debt ratio (total borrowings to total equity) rose to approximately 96.9% from 93.2% as of December 31, 2023, due to an increase in interest-bearing borrowings and loans from indirect holding companies[2]. Cash Flow and Financing - The company’s cash and cash equivalents stood at RMB 49,217,544, a decrease from RMB 54,161,319 at the end of 2023[15]. - Net cash used in operating activities was RMB (3,411,876,000), a decrease from RMB 33,639,003,000 in the same period last year[24]. - The company incurred financing activities net cash outflow of RMB (2,268,153,000), compared to RMB (13,925,184,000) in the previous period[24]. - The company reported a net cash inflow from investing activities of RMB 811,866,000, contrasting with a cash outflow of RMB (9,663,691,000) in the prior period[24]. Revenue Sources - Property development revenue was RMB 31,010,852,000, up 36.5% from RMB 22,743,526,000 year-on-year[34]. - The company’s property management and related services generated revenue of RMB 1,742,451,000, an increase of 7.8% from RMB 1,615,664,000 in the previous year[34]. - The total contract sales amount for the first half of 2024 was RMB 5,087.28 million, compared to RMB 7,473.07 million in the same period last year[108]. Expenses and Costs - The company’s administrative expenses increased to RMB 926,748 from RMB 512,518, reflecting a rise of 80.9% year-on-year[9]. - The total financing cost of RMB 4,100,323,000, down 28.3% from RMB 5,718,259,000 in the previous year[37]. - Sales costs rose from approximately RMB 20,644.75 million to approximately RMB 28,850.55 million, an increase of approximately RMB 8,205.80 million[119]. Market and Strategic Outlook - The company plans to expand its market presence and invest in new product development to drive future growth[8]. - The company is focusing on expanding its market presence and enhancing its land reserves to support future growth[110]. - The company anticipates gradual market stabilization and the emergence of a new equilibrium due to ongoing policy optimization on both supply and demand sides[151]. Shareholder Information - The company has issued a total of 1,895,684,126 ordinary shares as of June 30, 2024[48]. - Major shareholder Yinan holds 1,046,812,743 shares, representing 55.22% of the issued share capital[164]. - The board has resolved not to declare an interim dividend for this period, consistent with the previous year[177]. Corporate Governance - The company adheres to high standards of corporate governance, ensuring shareholder rights and enhancing corporate value[178]. - The Audit Committee, composed entirely of independent non-executive directors, reviews financial data and internal control systems[181].