Financial Performance - The Group achieved operating revenue of approximately CNY 142.99 billion for the year, representing a year-on-year increase of about 6.4% compared to CNY 134.43 billion in 2023[19]. - The profit attributable to the owners of the Group for the year was approximately CNY 4.80 billion, a decrease of about 4.6% from CNY 5.03 billion in 2023[19]. - The Group's revenue for the year was approximately RMB 142,986.28 million, representing a year-on-year increase of approximately RMB 8,556.31 million (approximately 6.4%) compared to the previous financial year[77]. - The gross profit of the Group amounted to approximately RMB 18,972.44 million, an increase of approximately RMB 4,055.98 million (approximately 27.2%) compared to the previous financial year[77]. - Revenue from property development business was approximately RMB 138,623.49 million, accounting for approximately 96.95% of the Group's total revenue for the year[80]. - Revenue from property management and other related services amounted to approximately RMB 4,362.80 million in 2024, representing an increase of approximately RMB 64.73 million or 1.5% compared to the previous year[101]. - The total gross floor area of delivered properties was approximately 6.99 million sq.m., representing a decrease of approximately 1.53 million sq.m. compared to the previous financial year[80]. - The cumulative contracted sales attributable to shareholders for the year amounted to approximately RMB 103.36 billion, representing a decrease of about 25.1% compared to the previous financial year[85][86]. - The total sales amount for 2024 reached RMB 10.34 billion, with a total GFA sold of 5,048,089 sq.m., compared to RMB 13.80 billion and 6,664,348 sq.m. in 2023[90]. Market Conditions - The real estate industry faced significant challenges in 2024, with macroeconomic adjustments leading to a cautious investment sentiment among customers[15]. - The central government introduced various accommodative fiscal and monetary policies in 2024, which helped stabilize the property market by the fourth quarter[16]. - There is a structural shift in demand within the real estate sector, with customers increasingly prioritizing housing quality, location, and supporting facilities[17]. - Competition in the real estate market has diversified, now including technology, supply chain, and data competition, alongside traditional product and brand competition[18]. - The demand for improved housing in core areas has become the dominant trend in the market[17]. - The real estate industry in 2024 faced immense challenges, but signs of stabilization began to emerge in the fourth quarter due to supportive policies[73]. Asset Management - As of December 31, 2024, the total assets of the Group amounted to approximately CNY 412.48 billion, with cash and cash equivalents of about CNY 57.26 billion and inventory of approximately CNY 247.03 billion, indicating a healthy asset structure[19]. - The Group's total cash collection from sales was approximately RMB 135.74 billion, with a cash collection ratio of 102%[27]. - As of December 31, 2024, the salable value of the Group's total land reserves was approximately RMB 221.0 billion, with land reserves acquired after 2022 accounting for approximately 80%[31]. - The land reserves as of December 31, 2024, totaled approximately 12.43 million sq.m., with 311 projects across China[91]. - The Group's bank loans were secured by investment properties with a fair value of approximately RMB 623 million and properties under development valued at approximately RMB 46,440.12 million as of December 31, 2024[139]. Strategic Initiatives - The Group plans to increase R&D investment in 2025, focusing on product upgrades and revitalizing unsold inventory[55]. - The Group will expedite the development of centralized procurement platforms to reduce costs and improve operational efficiency[59]. - The Group aims to optimize its organizational structure to enhance efficiency and empower talent, ensuring sustained organizational development and innovation[65]. - The Group will enhance its investment capabilities by closely monitoring market dynamics and focusing on key cities for project development[63]. - The Group will actively explore new channels for securing premium project opportunities to diversify its investment portfolio[170]. - The Group will deepen collaboration with big data intelligence platforms for efficient resource integration and utilization[166]. Leadership and Governance - Mr. Lin was appointed as the CEO of the Company from March 21, 2019, to March 26, 2025[176]. - Mr. Tian joined C&D Real Estate in 2012 and was appointed as the CEO effective March 26, 2025[178]. - Ms. Zhao has over 30 years of financial management experience and was appointed as the chairperson of the Board from August 25, 2022, to March 26, 2025[183]. - The Company has a strong leadership team with extensive experience in finance and real estate management[180]. - Mr. Wong Chi Wai has over 33 years of experience in the accountancy profession and is a practicing certified public accountant in Hong Kong[199].

Core Viewpoint - The Hang Seng High Dividend Yield Index (HSSCHKY) has shown positive performance, with significant increases in constituent stocks, indicating a potential recovery in the Hong Kong real estate market and overall economic stability [2]. Group 1: Market Performance - As of April 25, 2025, the HSSCHKY index rose by 0.85%, with notable increases in stocks such as China Resources Land (4.64%) and China Overseas Development (3.76%) [2]. - The Bosera Hang Seng High Dividend ETF (513690) increased by 1.20%, with a latest price of 0.93 yuan and a trading volume of 16.6197 million yuan [2]. - Over the past year, the Bosera Hang Seng High Dividend ETF has seen an average daily trading volume of 78.9566 million yuan [2]. Group 2: Economic Measures - A recent State Council meeting focused on stabilizing employment and the economy, emphasizing the need to maintain a stable stock market and promote healthy development in the real estate sector [2]. - Despite a slight decline in new home sales and falling second-hand home prices, historical trends suggest that the real estate sector often rebounds before the fundamentals stabilize, supported by strong expectations for new policies [2]. Group 3: ETF Performance Metrics - The Bosera Hang Seng High Dividend ETF has a current size of 3.731 billion yuan, with net inflows remaining balanced recently [3]. - The ETF's net value increased by 22.27% over the past year, with a maximum monthly return of 24.18% since inception [3]. - The ETF's Sharpe ratio for the past year is 1.48, indicating a favorable risk-adjusted return [3]. Group 4: Index Composition - As of April 24, 2025, the top ten weighted stocks in the HSSCHKY index account for 28.32% of the index, with Yanzhou Coal Mining (4.39%) and Hang Lung Properties (3.38%) being the most significant [4][6].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - In March 2025, new home sales prices in 70 cities showed a stable month-on-month decline, while year-on-year declines narrowed. First-tier cities experienced a month-on-month increase in new home prices, indicating a potential recovery trend in the market [8][29] - The report suggests that both new and second-hand home prices are expected to improve further, supported by more proactive fiscal policies and moderately loose monetary policies, which may accelerate urban renewal projects and improve the existing housing supply-demand relationship [8][29] Summary by Sections New Home Prices - New home prices in first, second, and third-tier cities changed month-on-month by +0.1%, 0.0%, and -0.2% respectively, with an overall month-on-month decline of -0.1% across 70 cities, remaining stable compared to February [5][15] - Year-on-year, new home prices in first, second, and third-tier cities decreased by -2.8%, -4.4%, and -5.7% respectively, with the overall year-on-year decline for 70 cities at -5.0%, a reduction of 0.2 percentage points from February [5][15] Second-Hand Home Prices - Second-hand home prices in March showed a month-on-month decline of -0.2%, with the decline narrowing by 0.1 percentage points. First-tier cities saw a month-on-month increase, while second and third-tier cities experienced smaller declines [6][22] - Year-on-year, second-hand home prices across 70 cities decreased by -7.3%, with first, second, and third-tier cities showing declines of -4.1%, -7.0%, and -7.8% respectively, also reflecting a narrowing of declines [6][22] Market Performance - In March 2025, Shanghai led the new home price increases with a month-on-month rise of +0.7% and a year-on-year increase of +5.7%. Among the 35 key cities, only Shanghai showed a month-on-month increase in new home prices [7][28] - The report highlights that the number of cities with rising new home prices increased to 24 in March, compared to 18 in February, indicating a positive shift in the market [17][18] Investment Recommendations - The report recommends focusing on strong credit real estate companies that can capture improving customer demand, such as Greentown China, China Overseas Development, and China Merchants Shekou [8][29] - It also suggests companies benefiting from both residential and commercial real estate recovery, such as New Town Holdings and Longfor Group, as well as those in the second-hand housing market like Beike-W and I Love My Home [8][29]

智通财经APP获悉，中信建投证券发布研报称，3月重点城市新房成交同比增长3.5%，二手房成交同比 增长37%，二手房成交占比继续提升。核心城市表现亮眼。北上广深成杭二手房成交套数同比增速均在 30%以上。百强房企3月销售金额降幅扩大，主要系二手房替代和新开盘项目减少，但核心城市项目首 开去化率明显提升。土地市场延续火热，核心城市单价"地王"频现，推高土拍溢价率。3月全国宅地成 交溢价率为17.15%，环比提升4.4个百分点。贸易战背景下针对内需的宏观政策积极有为、靠前发力， 看好房地产行业板块整体表现。 中信建投证券主要观点如下： 新房成交延续止跌，二手房成交处于历史高位 一季度重点40城新房成交面积2580万方，同比增长4.5%。其中3月新房成交面积为1124万平，同比增长 3.5%。在新开盘项目收缩背景下，3月重点城市新房成交面积仍实现正增长，且一线城市新房成交面积 同比增速达到两位数。二手房成交景气度好于新房，一季度重点13城二手房成交面积为1960万方，同比 增长33%，成交量处于历史高位。其中3月二手房成交面积为850万方，同比增长37%，北上广深成杭六 个核心城市一季度二手房成交套数增速均在30% ...

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].

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]

Core Viewpoint - After the downturn in the real estate market, only a few companies are expected to report profits in their 2024 financial statements, indicating that those actively acquiring land have not only survived but are also poised for growth. The current real estate market is characterized by structural trends, with strong second-tier and first-tier cities stabilizing, while the market in third-tier cities and below is still bottoming out [1]. Company Analysis - The companies still acquiring land in 2024 are primarily focused on core cities. The ratio of 2024's newly added equity value to market capitalization indicates that Greentown China and Jianfa International have high ratios, with Greentown at 3.73 and Jianfa at 2.45. Greentown's market value dropped by 11% due to a leadership change, enhancing its ratio [3]. - In terms of operational data for 2024, Greentown China reported revenue of 158.5 billion, slightly higher than Jianfa International's 142.99 billion. Greentown's operating cash flow of 28.8 billion significantly outperformed Jianfa's 14.9 billion, indicating higher operational efficiency. Both companies recorded impairment provisions, with Greentown at 4.917 billion and Jianfa at 3.67 billion [3][4]. - Greentown's total land reserve value is double that of Jianfa, with over half of it from projects initiated before 2022. This heavier historical burden suggests that Greentown will likely face more significant and prolonged impairment provisions compared to Jianfa. Both companies have similar dividend payout ratios around 50%, but Greentown's net profit has been severely impacted by substantial impairment provisions, resulting in a current dividend yield of 3%, which is significantly lower than Jianfa's 7.36% [4]. - In terms of debt metrics for 2024, Greentown China has interest-bearing liabilities of 137.2 billion and a net asset liability ratio of 56.6%, both significantly higher than Jianfa's 84.5 billion and 31.78%. The financing rates are comparable, with Jianfa at 3.56% and Greentown at 3.7%, both considered low in the real estate sector. Greentown's debt indicators are showing a downward trend, with interest-bearing liabilities down 6.1%, net asset liability ratio down 7.2%, and financing rate down 0.4% year-on-year [4]. Summary - Jianfa International exhibits more stable finances, a lighter historical burden, and a higher dividend yield. In contrast, Greentown shows significant operational improvements in 2024, with notable growth potential in the recovering high-end city real estate market. If the real estate sector experiences another upturn, Greentown is likely to be a preferred choice [5].

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]