Financial Performance - The company reported a total revenue of approximately RMB 158.55 billion, representing a year-on-year growth of 20.7%[5] - The profit attributable to shareholders was approximately RMB 1.60 billion[5] - The total comprehensive income for the year was RMB 4.15 billion, compared to RMB 6.68 billion in the previous year[8] - The basic earnings per share attributable to ordinary shareholders was RMB 0.63, down from RMB 1.22 in the previous year[8] - The company reported a net profit of RMB 4,146,128 for the year ending December 31, 2024, down from RMB 6,678,139 in 2023, a decrease of around 37.9%[24] - The profit attributable to equity holders for the year ending December 31, 2024, is RMB 1,596,426,000, down from RMB 3,117,684,000 in 2023[43] - The company reported a decrease in trade and other payables from RMB 57,449,257 thousand in 2023 to RMB 56,354,178 thousand in 2024, a decline of approximately 1.9%[10] - The company’s total liabilities decreased from RMB 303,248,079 thousand in 2023 to RMB 285,505,028 thousand in 2024, a reduction of about 5.6%[10] Assets and Liabilities - As of December 31, 2024, the total cash and bank deposits amounted to approximately RMB 73 billion, with a cash-to-short-term debt ratio of 2.3 times[5] - The weighted average cost of total borrowings decreased to 3.9%, down 40 basis points from 4.3% in 2023[5] - The net asset liability ratio improved to 56.6%, a decrease of 7.2 percentage points from 63.8% at the end of 2023[5] - Total non-current assets reached RMB 71,811,502 thousand in 2024, compared to RMB 71,811,502 thousand in 2023, showing a slight increase[9] - Current assets totaled RMB 463,725,472 thousand in 2024, up from RMB 437,690,728 thousand in 2023, reflecting a growth of approximately 5.8%[10] - The company's total assets minus current liabilities stood at RMB 222,279,943 thousand in 2024, compared to RMB 232,288,895 thousand in 2023, a decrease of about 4.3%[10] - The total equity attributable to shareholders was RMB 113,484,183 thousand in 2024, slightly down from RMB 113,935,108 thousand in 2023[10] Sales and Market Position - The total contracted sales amounted to approximately RMB 276.8 billion, ranking third in the industry, with a sales amount from self-developed projects of approximately RMB 171.8 billion, ranking sixth[5] - The company ranked third in the industry for total contract sales and sixth for self-investment and equity sales, indicating strong market positioning[53] - The company achieved property sales revenue of RMB 758.66 billion in the Zhejiang region, accounting for 51.6% of total sales, leading the market[90] - Total property sales revenue for the year reached RMB 1,327.47 billion, with high-rise and multi-story residential sales contributing 90.3%[90] Project Development - The company added 42 new projects, with a total construction area of approximately 4.18 million square meters and an estimated saleable value of approximately RMB 108.8 billion, with first and second-tier cities accounting for 92%[5] - The self-investment projects accounted for a contracted sales area of about 5.91 million square meters, with a sales amount of approximately RMB 171.8 billion, and the equity amount attributable to the company reached approximately RMB 120.6 billion, with an equity ratio of 70%[55] - The average sales price for new projects was approximately RMB 14,383 per square meter, with a total construction area of about 4.18 million square meters for 42 new projects, and an estimated new value of RMB 108.8 billion[58] - The company has a total land reserve of 146 projects with a total construction area of approximately 27.47 million square meters, of which the equity total construction area is about 17.85 million square meters[62] Financial Strategy and Outlook - The company plans to continue focusing on property development and management as key growth areas moving forward[26] - The company anticipates a total salable value of approximately RMB 200.2 billion for 2025, with a salable area of about 6.28 million square meters, focusing on high-tier core cities[85] - The company aims to enhance cash safety and stabilize its development foundation by optimizing debt structure and maintaining low financing costs[81] - The company plans to strengthen its product advancement by improving construction standards and promoting the application of high-quality housing elements[82] Corporate Governance and Compliance - The company has consistently adhered to the corporate governance code as per the Hong Kong Stock Exchange regulations throughout the year[120] - The audit committee has reviewed the accounting principles and practices adopted by the group for the fiscal year ending December 31, 2024[122] - The annual report containing all required information will be sent to shareholders and published on the Hong Kong Stock Exchange website[128] Employee and Talent Management - As of December 31, 2024, the group employed a total of 8,765 employees, a decrease from 9,403 employees as of December 31, 2023[119] - The company has successfully introduced over 120 core talents externally and promoted over 650 internal talents, improving the talent structure[69] Environmental, Social, and Governance (ESG) - The company received an ESG rating of BBB from MSCI and an A rating from Wind, placing it in the top 5% of the industry[78] - The company completed 116 audit projects and organized 88 anti-corruption training sessions in 2024, achieving 100% coverage of all employees[78]

Core Viewpoint - The article discusses the recent surge in land prices in Hangzhou, with the city witnessing a rapid increase in land auction prices, indicating a potential recovery in the real estate market [1][5][9]. Group 1: Land Price Trends - Hangzhou's land price has seen a record increase from 77,409 yuan per square meter to 88,029 yuan per square meter within three days, marking a significant rise in land value [4][5]. - The recent land auction on March 28, 2025, resulted in a total revenue of approximately 14.09 billion yuan, with an average premium rate of 49.2% across the sold plots [5][6]. - The new land king in Hangzhou was acquired by Jianfa for 3.4 billion yuan, with a premium rate of 115%, highlighting the competitive nature of the land market [5][6]. Group 2: Market Dynamics - The land market in Hangzhou has shown a noticeable increase in activity, with developers actively participating in auctions, indicating a shift in market sentiment [6][9]. - The government has strategically managed land supply, creating a competitive environment for developers, which has contributed to the rising land prices [6][7]. - The trend of frequent "land kings" in Hangzhou is attributed to a combination of limited land supply and strong demand from developers, particularly in core urban areas [9][11]. Group 3: Broader Market Implications - The increase in land prices in Hangzhou is part of a broader trend observed in major cities like Beijing, Shanghai, and Chengdu, where similar "land kings" have emerged [3][14]. - The real estate market is showing signs of recovery, with improved transaction volumes and a narrowing decline in housing prices across major cities [13][14]. - Developers are increasingly focusing on core urban areas, leading to heightened competition for prime land, which is reflected in the rising auction prices [11][12].

| 2025年3月28日 星期五 | NO.1 青岛住房公积金加大对多子女家庭购房支持 每经记者 陈利 每经编辑 魏文艺 3月27日，成都金融城三期H10地块迎来出让，地块用地面积约49亩，起始楼面价20000元/平方米，吸引 了华润置地、中海地产、建发房产、招商蛇口等10家竞买人参与竞争。最终经过213轮竞价，由建发房 产以总价约33.47亿元、溢价率106%、楼面价41200元/平方米获得，刷新了成都宅地楼面单价新高。 点评：此举凸显房企对高能级城市稀缺资源的战略布局，强化了建发在核心城市高端住宅市场的品牌影 响力，但高成本可能倒逼产品力升级，推动精装标准与智能化配套迭代。从行业视角看，头部房企聚焦 核心地段土储争夺，或加速行业分化，具备资金优势的企业在改善型赛道竞争力进一步凸显。 NO.4 碧桂园服务未来一年拟用不少于5亿元回购股份 3月27日，碧桂园服务宣布，计划在未来一年内，使用不少于5亿元的现有可用现金储备，在公开市场购 回及/或购买股份，购回的股份将作为库存股份用于采纳的股份计划或被注销。同时，公司也将根据股 份奖励计划的规则，以及信托契约的条款及条件，通过指定附属公司在市场上购买股份或由受托人 ...

绿城中国突然"换帅"，张亚东掌舵8年后辞职 截至27日上午11时，绿城中国股价跌幅约为5%。 3月27日上午，已停牌三天的绿城中国（03900.HK）一纸公告宣布，已执掌这家3000亿级房企近七年的 董事会主席张亚东辞任。 把时间拨回到3月24日，绿城中国发布公告称其股票和债券均短暂停牌，以待公司刊发一份有关董事辞 任及董事会组成的其他潜在变更公告。 消息公布后，绿城中国恢复交易，截至3月27日上午11时，其股价跌幅约为5%。 绿城中国在公告中称，张亚东因工作安排而辞任，于2025年3月21日提交辞呈。 在宣布张亚东辞任的同时，绿城中国也公告了新董事会主席人选——来自中交集团的刘成云。 公告中称，经绿城中国董事会决议，刘成云获委任为绿城中国非执行董事及薪酬委员会及提名委员会成 员，并且从2025年3月26日起，刘成云获委任为董事会主席。 刘成云现年56岁，目前的职务是中交集团的党委常委、副总经理，更早之前其大部分的履职经历都在中 交体系内。 此次辞任的张亚东，实际上在7年前也是中交集团派到绿城的代表。2018年5月，大股东中交集团开始强 势介入绿城中国的经营管理，进入中交集团半年多的张亚东，被安排进入绿城经营 ...

Investment Rating - The report indicates a positive outlook for the Tianjin real estate market, suggesting a "small spring" trend in land transactions and new home sales for early 2025 [3]. Core Insights - The Tianjin real estate market has shown signs of recovery with significant land transactions and new home sales, establishing a solid foundation for market development in 2025 [3]. - The top 10 real estate companies in Tianjin achieved a total sales volume of 6.92 billion yuan in January and February 2025, with a minimum threshold of 480 million yuan for the ranking [4]. - The top-selling project, "Jian Investment Yuhe Yuan," recorded sales of 580 million yuan, leading the project sales ranking [6]. Sales Performance of Top 10 Companies - The top three companies by sales volume are: 1. 泰达建设 (Teda Construction) - 1.36 billion yuan 2. 中海地产 (China Overseas Property) - 950 million yuan 3. 天津城投 (Tianjin Urban Investment) - 740 million yuan [4][6]. - The total sales area for the top 10 companies reached 1.1 million square meters [4]. Project Sales Performance - The top 10 residential projects in Tianjin achieved a total sales volume of 2.95 billion yuan, with a minimum threshold of 210 million yuan for the ranking [6]. - The leading project by sales area was "Jian Investment Yuhe Yuan," with a transaction area of 21,000 square meters [6]. Policy Environment - In February, the central government emphasized boosting consumption, including housing demand, and urged local governments to enhance the supply of affordable housing [8]. - The report anticipates that the upcoming national meetings will release more positive signals for stabilizing the real estate market, which is expected to boost market confidence [8]. Land Market Analysis - In February 2025, Tianjin launched 23 land parcels, including 5 residential land parcels, with a total transaction amount of 4.657 billion yuan [10][12]. - The most notable transaction was for a residential land parcel in Heping District, which sold for 296 million yuan with a premium rate of 8.82%, marking a new high since 2018 [3][13].

知识创新科技， 科技改变命运。 中国互联网考古史上，曾有一家公司：瀛海威。 它由辽宁抚顺人张树新创办，成立时间比搜狐、新浪、腾讯都要早。1998年11月，腾讯创立时，注册资金只有50万，而瀛海威在1996年的注册资本已经达 到了8000万。 瀛海威的模式是自建物理网络，并尝试打造综合性在线服务平台，提供论坛、新闻、电子邮件等服务，和后来兴起的门户如出一辙——堪称是"大厂"的前 身。 1997年，为庆祝香港回归，瀛海威推出一个大型策划："网上中国"。它计划耗时三年，投资千万，用最好的技术，将延安、西安等全国主要城市的历史、现 实、人物故事复刻到网上，形成中国最早期的数字档案。 但受限于当时的拨号上网带宽和不到百万的网民数量，以及此后张树新和资本方的分歧，"网上中国"做完之后，瀛海威的创始班底很快散伙了。人们还记得 瀛海威，是因为它留下了那句最著名的广告： 中国人离信息高速公路还有多远？向北1500米。 尤其在"人"的方面，海淀拥有当之无愧的中国最顶尖的智力资源。 这些互联网科技创业者和他们的员工，并非全是名校毕业，他们身上有一个最大的共同点：中国重点发展教育之后被"知识改变命运"的"考一代"、"考二 代"，他们 ...

2025年1-2月中国房地产企业销售业绩排 行榜 中指研究院 2025 年 1-2 月中国房地产企业销售业绩排行榜 | 排名 | 企业名称 | 销售额 | 排名 | 企业名称 | 销售面积 | | --- | --- | --- | --- | --- | --- | | | | (亿元) | | | （万㎡） | | 1 | 保利发展 | 340.0 | 1 | 万科 | 149.3 | | 2 | 中海地产 | 252.0 | 2 | 保利发展 | 145.7 | | 3 | 华润置地 | 251.0 | 3 | 中海地产 | 124.3 | | 4 | 绿城中国 | 239.7 | 4 | 绿城中国 | 117.1 | | 5 | 万科 | 212.0 | 5 | 华润置地 | 109.9 | | 6 | 招商蛇口 | 202.5 | 6 | 招商蛇口 | 94.0 | | 7 | 建发房产 | 200.5 | 7 | 建发房产 | 81.0 | | 8 | 华发股份 | 172.2 | 8 | 中国铁建 | 74.8 | | 9 | 越秀地产 | 129.0 | 9 | 龙湖集团 | 74.6 | | ...

Summary of Conference Call Records Company and Industry Involved - The conference call primarily discusses the **real estate industry** in China, with a specific focus on **Green Town China** (绿城中国), a well-established real estate company. Key Points and Arguments Real Estate Market Trends 1. The core goal is to stabilize the real estate market, which has shown positive changes over the past few months, particularly in transaction volumes [1][2][3] 2. New home transaction volumes have seen a slight year-on-year decline, but combining January and February data shows a near 1% increase in new home sales by the end of February [2] 3. In second-tier cities, second-hand home transactions increased by 28% year-on-year, with 19 cities showing a 24% increase in both new and second-hand home areas [2] 4. Inventory levels in 80 cities decreased by 7% since September, indicating a positive trend in inventory management [3] 5. The market is experiencing a sustained recovery in transaction volumes, lasting for five months, unlike previous short-lived recoveries [4] Price Stability and Recovery 6. Nationally, housing prices have not shown a strong recovery, but some first-tier cities have seen a consistent month-on-month increase in second-hand home prices over four months [5] 7. The average price index for second-hand homes in first-tier cities has increased by approximately 1.9% since October, with Beijing seeing a rise of nearly 4% [5] 8. The land market has improved, with transaction amounts increasing by 11% year-on-year, and the intent to purchase land reaching the highest level since 2022 [6] Company-Specific Insights 9. Concerns regarding the "Vanke incident" have eased, as government officials have taken steps to stabilize the situation, which is beneficial for the overall real estate sector [7][8] 10. Green Town China has a strong inventory of quality projects, with 70% located in first and second-tier cities, which positions the company well for future growth [15] 11. The company is expected to see profit growth due to high-quality projects acquired in recent years, with a projected sales amount of 171.8 billion in 2024 [16][17] Financial Performance and Market Position 12. Green Town China has improved its sales ranking to sixth place, despite a slight decline in sales volume [16] 13. The company’s contract liabilities are significantly higher than the industry average, indicating strong revenue coverage [17] 14. The company has a robust cash position, with monetary funds reaching a historical high of 751 billion, supporting future land acquisitions and financing [35] Future Outlook 15. The real estate market is expected to stabilize, with a focus on key cities achieving price stability and potential growth in housing prices [12][13] 16. The company is optimistic about the recovery of the real estate market in 2025, with expectations for improved fundamentals in key cities [13] 17. The management emphasizes the importance of maintaining momentum in the market recovery to avoid setbacks [11] Additional Considerations 18. The company has a diversified business model, including asset management and construction services, which contributes to its resilience [24][36] 19. The management team has a strong background, with significant experience in both real estate and financial sectors, enhancing governance and operational efficiency [27][28] This summary encapsulates the key insights from the conference call, highlighting the current state and future prospects of the real estate market and Green Town China.

房地产/房地产开发 绿城中国（03900.HK） 2025 年 02 月 11 日 投资评级：买入（维持） | 日期 | 2025/2/10 | | --- | --- | | 当前股价(港元) | 9.060 | | 一年最高最低(港元) | 11.720/4.940 | | 总市值(亿港元) | 229.60 | | 流通市值(亿港元) | 229.60 | | 总股本(亿股) | 25.34 | | 流通港股(亿股) | 25.34 | | 近 3 个月换手率(%) | 19.89 | 股价走势图 数据来源：聚源 -40% 0% 40% 80% 120% 2024-02 2024-06 2024-10 绿城中国 恒生指数 相关研究报告 《销售拿地表现亮眼，行业排名持续 攀 升 — 港 股 公 司 信 息 更 新 报 告 》 -2025.1.10 《公开市场拿地稳健积极，销售均价 显著提升—港股公司信息更新报告》 -2024.12.9 减值影响业绩表现，拿地强度维持高位 ——港股公司信息更新报告 | 齐东（分析师） | 胡耀文（分析师） | 杜致远（联系人） | | --- | --- | --- | | ...

Investment Rating - The investment rating for Greentown China (03900.HK) is "Buy" (maintained) [6][33]. Core Views - Greentown China has shown strong performance in land acquisition and sales, with a significant improvement in its industry ranking, maintaining a "Buy" rating. The company reported a stable sales performance in 2024, with a notable decrease in sales amount being less severe than that of the top 100 real estate companies. The company has actively acquired land in the open market and has a robust and quality land reserve structure [6][7][8]. Summary by Sections Sales Performance - In December 2024, the company's self-invested project sales area was 690,000 square meters, a year-on-year decrease of 21.6%, with a sales amount of 21.7 billion yuan, down 14.9%. The average sales price was 31,504 yuan per square meter, down 6.3% year-on-year. For the entire year, the cumulative self-invested sales area was 5.91 million square meters, down 13.8%, and the cumulative sales amount was 171.8 billion yuan, down 11.6% [7]. Land Acquisition - In December 2024, the company added 4 plots of land in key cities, with a total land area of 216,000 square meters and a total land price of 4.83 billion yuan. The total land acquisition amount for 2024 was 64.1 billion yuan, a year-on-year decrease of 19%, ranking the company among the top four in the industry for land acquisition [8][29]. Financial Summary - The projected net profit for Greentown China for 2024-2026 is 3.04 billion, 3.60 billion, and 3.99 billion yuan respectively, with corresponding EPS of 1.20, 1.42, and 1.57 yuan. The current stock price corresponds to a PE ratio of 6.5, 5.5, and 5.0 times for the respective years [6][10].