Core Viewpoint - The Hong Kong property stocks are experiencing a strong upward trend, with significant gains observed in various companies within the sector [1] Company Performance - Jin Hui Holdings (09993.HK) has surged over 30% [1] - Ronshine China (03301.HK) has increased nearly 7% [1] - Zhongliang Holdings (02772.HK) has risen nearly 6% [1] - Shimao Group (00813.HK), Greentown China (03900.HK), and Sunac China (01918.HK) have all gained over 4% [1] - Fuli Properties (02777.HK) and Country Garden (02007.HK) have both seen increases of over 3% [1]

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]

Financial Performance - Contract sales for the year ended December 31, 2024, amounted to RMB 7,702,479, a decrease of 52.99% compared to RMB 16,385,503 in 2023[30]. - The average contract sales price per square meter decreased by 17.69% to RMB 12,478 from RMB 15,160[30]. - Revenue from delivered properties was RMB 29,322,249, down 31.32% from RMB 42,695,264 in the previous year[30]. - The total assets decreased by 32.40% to RMB 99,586,003 from RMB 147,311,677[30]. - The total liabilities decreased by 25.55% to RMB 92,711,695 from RMB 124,523,650[30]. - The net loss for the year was RMB 11,558,039, an increase of 68.80% compared to RMB 6,847,248 in 2023[30]. - The gross profit margin decreased to 1.12% from 3.58%, reflecting a decline of 68.72%[30]. - The current ratio decreased by 15.04% to 0.96 from 1.13[30]. - The debt-to-equity ratio increased significantly to 5.11 from 1.52, a rise of 236.18%[30]. - The total equity attributable to the owners of the company decreased by 69.83% to RMB 6,874,308 from RMB 22,788,027[30]. Market Conditions - The Chinese real estate market saw a 0.9% year-on-year increase in new home transaction volume in October 2024, ending a 15-month decline[13]. - The government approved RMB 2.23 trillion under the "white list" financing plan to support viable projects, later expanding to RMB 4 trillion[11]. - The minimum down payment ratio for first and second homes was reduced to 15%, marking a historical low and significantly improving market accessibility[11]. - The overall GDP growth in China was 5% year-on-year, with a notable acceleration to 5.4% in the fourth quarter driven by real estate market adjustments[10]. - The policy environment for the real estate market in China is expected to further optimize by 2025, aiming for a more stable recovery[17]. Company Strategy and Operations - The company is focusing on cash flow management and has implemented measures to enhance liquidity, including diversifying financing channels and negotiating debt extensions[15]. - The company aims to strengthen its brand influence and operational efficiency in core cities despite ongoing market challenges[15]. - The group plans to continue its efforts in delivering quality projects while actively responding to market opportunities and challenges[18]. - The company is strategically positioned for future growth with ongoing developments and a diverse project portfolio across multiple regions[25]. - The company is focusing on residential properties, with all major projects categorized under this type[24]. Project Development - The company has 206 projects nationwide, with strategic focus on the Yangtze River Delta and the West Coast of the Taiwan Strait[14]. - By the end of 2024, the group has undertaken a total of 206 property development projects, with significant residential areas under development[22]. - The estimated total construction area for Zhengzhou Time City is approximately 2,268,741.21 square meters, with a completion date set for January 11, 2020[23]. - The estimated unsold saleable area for Zhengzhou Time City is 1,081,654.91 square meters, indicating a significant portion of the project remains available for sale[23]. - The company has a total of 65 major properties, with a combined estimated construction area of approximately 4,000,000 square meters[24]. Debt and Financial Management - The company’s interest-bearing debt balance stood at RMB 38.54 billion as of December 31, 2024, with ongoing debt management initiatives in place[15]. - The total amount of borrowings is approximately RMB 38,540.14 million, down from RMB 40,828.96 million on December 31, 2023, with a weighted average effective interest rate of approximately 6.70%[63]. - The group's debt ratio increased to 5.11 as of December 31, 2024, compared to 1.52 on December 31, 2023, primarily due to a decrease in total equity[69]. - The liquidity ratio decreased to 0.96 times as of December 31, 2024, from 1.13 times on December 31, 2023, mainly due to the reduction in current assets from development properties[68]. Corporate Governance - The company is committed to high standards of corporate governance to protect shareholder rights and enhance corporate value and accountability[171]. - The company has adopted the corporate governance code and has complied with all applicable provisions, except for the separation of the roles of Chairman and CEO, which are held by the same individual[176]. - The board has established various committees to oversee financial performance, strategic development goals, and significant business decisions[181]. - The company has confirmed compliance with the standard code for securities trading by its directors during the reporting period[177]. - The board of directors consists of 4 executive directors, 1 non-executive director, and 4 independent non-executive directors, ensuring a diverse range of business experience and expertise[183]. Employee and Social Responsibility - The company is committed to providing a safe and fair workplace, promoting employee development, and offering competitive compensation and benefits[101]. - The group has established a systematic and specialized training program for employees at different levels to enhance work efficiency[154]. - Charitable and other donations made by the group totaled RMB 2.35 million for the year ended December 31, 2024, significantly up from RMB 0.55 million for the year ended December 31, 2023[166]. - The management team emphasized a commitment to sustainability, aiming for a 40% reduction in carbon emissions by 2025[76]. Shareholder Information - The company reported no final dividend for the year ending December 31, 2024, consistent with the previous year[96]. - As of December 31, 2024, the company's distributable reserves were approximately RMB 0[94]. - Major shareholders hold 65.17% of the company's shares, specifically 1,097,137,411 shares[150]. - The company has no provisions for preemptive rights regarding the issuance of new shares[152].

A股三大指数早盘集体上涨，截至午盘，沪指涨0.15%，深证成指涨0.87%，创业板指涨1.07%，北证50 指数涨1.11%。全市场半日成交额7331亿元，较上日同期缩量469亿元。全市场超3800只个股上涨。 盘面上，房地产板块早盘走高， 大龙地产3分钟内直线涨停 。电力板块延续活跃，华银电力封板。 光模块、铜缆高速连接等AI硬件方向亦表现强势，仕佳光子、致尚科技涨超10%。创新药板块早盘 局部调整，江苏吴中跌停。 港股方面，恒生指数和恒生科技指数均高开高走，截至午间收盘，恒指涨1.36%，恒生科技指数涨 1.87%，国企指数涨1.29%。地产股集体走高，金辉控股盘中最高涨超80%。 地产板块再度走强 大龙地产直线涨停 地产板块25日盘中再度走强。截至午间收盘，A股南国置业、世联行、渝开发、大龙地产纷纷涨停。 大 龙地产自9时56分起直线拉升，3分钟内封住涨停。 港股市场，金辉控股盘中一度涨超80%，截至发稿涨超43%。融信中国涨超17%，远洋集团涨超11%， 中梁控股、龙湖集团等跟涨。 | | 09993 金辉控股 | | | 3.230 | +0.980 | | --- | --- | --- | -- ...

Group 1: Hong Kong Stock Market Performance - The Hang Seng Index rose by 1.36%, gaining 297 points to close at 22,206 points, while the Hang Seng Tech Index increased by 1.87% [1] - The early trading volume in the Hong Kong stock market reached HKD 116.4 billion [1] Group 2: Real Estate Sector - Foreign institutions are optimistic about the recovery of the Chinese real estate sector, with Citigroup strategists urging investors to increase their holdings in Chinese real estate stocks due to expected improvements in profitability from policy support and better management practices [1] - Kwan Hung Holdings surged over 43%, while other notable gains included Rongxin China up 17%, Greentown China up 5%, CIFI Holdings up 7.88%, Sunac China up 4.22%, and Longfor Group up 6.74% [1] Group 3: AI Medical Sector - AI medical concept stocks saw an uptick as seven departments jointly promoted AI empowerment across the pharmaceutical industry, with institutions optimistic about the accelerated trend in the AI medical industry [1] - Notable stock performances included iFlytek Medical Technology up 7.2%, Yidu Tech up 5.35%, Crystal Tech Holdings up 4.69%, and MicroPort Scientific up 4.07% [1] Group 4: Other Notable Stocks - Horizon Robotics rose over 7% following a strategic partnership with Bosch to develop an upgraded version of Bosch's advanced driver assistance system [2] - KPB Medical surged over 14%, with a cumulative increase of over 95% this week after its core product was approved for sale in China [3] - Xintai Medical increased by 3.88%, although the company indicated uncertainty regarding its sales growth targets [4] - Minmetals Resources rose over 5%, reporting a 76% year-on-year increase in copper production for the first quarter, with potential adjustments to production guidance [5] - Beike-W increased by 4.88%, as the real estate fundamentals became clearer, with institutions suggesting its stock price is entering a value range [6] - Global New Materials International saw a sharp rise of over 20% before settling at a 4% increase after acquiring Merck's global performance solutions business [7]

Group 1 - The Hong Kong property stocks have shown strong performance, with notable increases in share prices for several companies [1] - Ronshine China (03301.HK) has risen by 15.38%, indicating significant investor interest [1] - Other companies such as Oceanwide Holdings (03377.HK), Agile Group (03383.HK), and R&F Properties (02777.HK) have also experienced substantial gains of 12.21%, 8.33%, and 7.34% respectively [1]

Group 1 - Hong Kong real estate stocks collectively rose, with Jin Hui Holdings (09993.HK) increasing over 50% [1] - Gemdale Properties (00535.HK) saw a nearly 20% rise [1] - Ronshine China (03301.HK) and R&F Properties (02777.HK) both increased by over 10% [1] - Sunac China (01918.HK) experienced an increase of over 8% [1]

Group 1 - Hong Kong real estate stocks have shown strong performance, with notable increases in share prices [1] - RONXIN China (03301.HK) has risen by 14.65%, while Sunac China (01918.HK) has increased by 11.11% [1] - Other companies such as R&F Properties (02777.HK) and Longfor Group (00960.HK) have also experienced gains of 6.52% and 6.47% respectively [1]

Financial Performance - Contract sales amounted to approximately RMB 7,702.48 million, a decrease of about 52.99% compared to last year[2] - Revenue reached approximately RMB 29,781.89 million, down by approximately 32.75% year-on-year[2] - Gross profit was approximately RMB 334.37 million, compared to RMB 1,587.42 million last year[2] - The net loss for the year was approximately RMB 11,558.04 million, an increase of about 68.80% from last year's loss of RMB 6,847.25 million[2] - Loss attributable to the company's owners was approximately RMB 12,002.31 million, up approximately 102.75% from RMB 5,919.67 million last year[2] - The basic loss per share was RMB 7.13, compared to RMB 3.52 last year[3] - The company reported a net loss of approximately RMB 11,558,039,000 for the year ended December 31, 2024[9] - The company’s property sales revenue was RMB 29,322,249, a decrease of 31.4% compared to RMB 42,695,264 in 2023[20] - The company reported total revenue of RMB 29,781,887 for the year ended December 31, 2024, down from RMB 44,285,273 in 2023, reflecting a significant decline in overall performance[20] - The company incurred a net financing cost of RMB (2,683,407) for the year ended December 31, 2024, compared to RMB (2,761,620) in 2023, showing a slight improvement[20] Assets and Liabilities - Total assets amounted to RMB 99,586.00 million, down from RMB 147,311.68 million[5] - Current assets totaled RMB 79,777.62 million, compared to RMB 125,189.87 million last year[5] - The company's equity attributable to owners was negative RMB 11,753.77 million, compared to positive RMB 248.53 million last year[5] - As of December 31, 2024, the company had current liabilities of RMB 83,422,051,000 and total liabilities of RMB 92,711,695,000[9] - The company recorded a net current liability of RMB 3,644,428,000 as of December 31, 2024[9] - The company has a total non-current liability of RMB 9,289,644,000 as of December 31, 2024[9] - The debt ratio increased from 1.52 as of December 31, 2023, to 5.11 as of December 31, 2024[2] - The company has not paid approximately RMB 15,017,933,000 in principal for various outstanding senior notes as of December 31, 2024[11] Cash Flow and Financing - The company’s cash and cash equivalents, excluding restricted cash, amounted to RMB 1,384,024,000 as of December 31, 2024[9] - The company is actively negotiating with multiple financial institutions to seek new sources of financing[14] - The company plans to accelerate the pre-sale and sale of its developed and completed properties to improve cash flow[14] - The company has appointed Haitong International Capital Limited as a financial advisor for managing its offshore debt[14] Operational Performance - The company completed 163 projects with a total construction area of 33,429,819.11 square meters as of December 31, 2024[48] - There are 41 projects under construction with a planned total construction area of 14,550,717.87 square meters[49] - The total contracted building area decreased by 42.89% from approximately 1,080,846 square meters to approximately 617,264 square meters[47] - The average selling price of delivered properties increased by 46.15% to RMB 21,966 per square meter[46] Tax and Other Expenses - The income tax expense for the year ended December 31, 2024, was RMB 1,792,084, compared to RMB 1,774,611 in 2023, indicating an increase in tax obligations[22] - The effective corporate income tax rate applicable to the company's mainland China operations is 25% as per the Corporate Income Tax Law effective from January 1, 2008[23] - The company’s deferred income tax for corporate income tax was RMB 683,173 for the year ended December 31, 2024, compared to RMB 27,730 in 2023, indicating a significant increase in deferred tax liabilities[22] Corporate Governance - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange listing rules and has complied with all applicable provisions except for C.2.1[92] - The audit committee consists of three independent non-executive directors, ensuring a balance of power and authority within the board[94] - The independent auditor's report confirmed that the consolidated financial statements reflect the group's financial position accurately as of December 31, 2024[96] - The company has committed to high standards of corporate governance to protect shareholder interests and enhance corporate value[91] Market Environment - In 2024, China's GDP grew by 5%, with Q4 accelerating to 5.4% due to effective real estate market control measures[36] - The government approved RMB 2.23 trillion under the "white list" financing plan by mid-October 2024, expanding to RMB 4 trillion to support viable projects[37] - The minimum down payment ratio for first and second homes was reduced to 15%, significantly improving market accessibility[38] - New home transaction volume increased by 0.9% year-on-year in October 2024, ending a 15-month decline, while total transaction volume for new and second-hand homes rose by 3.9%[38] Employee and Shareholder Matters - The total number of full-time employees as of December 31, 2024, is 538, down from 814 as of December 31, 2023, with employee costs amounting to approximately RMB 139.66 million, compared to RMB 201.33 million in the previous year[82] - The board has decided not to recommend the payment of a final dividend for the year ending December 31, 2024, consistent with the previous year[86] - The company has not repurchased or cancelled any of its ordinary shares during the year ended December 31, 2024, consistent with the previous year[30]

Group 1 - The company expects a net loss of between 11 billion to 13 billion yuan for 2024, compared to a loss of 6.847 billion yuan in the same period of 2023 [3] - The increase in expected losses is attributed to a decrease in the total area of delivered properties, leading to reduced revenue recognition from delivered properties, as well as increased impairment provisions for saleable and self-held property projects and trade receivables [3] - The company is currently restructuring its domestic debt, with plans to reference restructuring cases from other companies like Sunac, aiming to launch a new plan by October [3] Group 2 - The company has appointed Haitong International Capital Limited as a financial advisor for managing its offshore debt and is exploring feasible solutions with offshore creditors [4] - The company plans to postpone the payment of principal and interest for certain bonds due in October until the end of October to allow more time to prepare a new plan [3]