3月31日，绿城中国(03900.HK)召开2024年度业绩发布会。绿城中国董事会主席、非执行董事刘成云表 示，2025年，绿城在总体投资策略上，除聚焦一二线核心城市外，更加重视对项目自身质地的研判，关 注非热点城市优质板块的结构性机会。绿城中国执行董事、行政总裁郭佳峰也表示，当前土地市场回暖 明显，局部区域出现过热现象，绿城会很谨慎应对，始终保持理性。今年到现在，绿城新增货值已超 500亿元，相当于去年一半的水平。公司的货币资金充裕，今年拿地货值目标跟去年基本相当。如果机 会好的话，可能超过去年。 绿城中国2024年度业绩报告显示，2024年，集团总合同销售额2768亿元，位列行业第三；营业收入 1585.46亿元，同比上升20.7%；经营性现金流288亿元，创新高；新增货值1088亿元，一二线城市货值 占比达92%。截至2024年末，银行存款及现金总额约为730亿元；现金短债比为2.3倍，维持高位；总借 贷加权平均利息成本为3.9%，同比下降40个基点；净资产负债率为56.6%，同比下降7.2个百分点。 作为绿城中国的大本营，杭州全面放开限价后，土地市场竞争异常激烈。对此，郭佳峰接受证券时报记 者采访时说 ...

Investment Rating - The investment rating for the company is "Recommended" [1][8] Core Views - The company achieved a revenue of 158.55 billion yuan in 2024, representing a year-on-year growth of 20.7%. However, the profit attributable to shareholders was 1.6 billion yuan, a decline of 48.8% year-on-year. A final dividend of 0.3 yuan per share is proposed for the 2024 fiscal year [4][7] - The company faced profit pressure due to increased impairment losses and decreased investment income. The gross profit margin slightly decreased to 12.8%, while the sales and management expense ratio improved to 4.9%, down by 1.1 percentage points year-on-year [7][8] - The total contract sales amount for 2024 was 276.8 billion yuan, a decrease of 8.1% year-on-year, with a sales return rate of 104%, maintaining a high level [7][8] - The company added 42 new projects in 2024, with a total construction area of 4.18 million square meters and an average floor price of 14,383 yuan per square meter. The average equity ratio for new projects increased to 79% [7][8] Financial Summary - The company's revenue and net profit projections for 2025 and 2026 have been revised downwards due to higher-than-expected impairment provisions and declines in investment income. The EPS forecast for 2025 is adjusted to 0.65 yuan and for 2026 to 0.84 yuan, with a new forecast for 2027 at 1.08 yuan [8][11] - The financial ratios indicate a gross margin of 12.8% for 2024, with a net margin of 2.6% and a return on equity (ROE) of 4.4% [11][12] - The company's total assets are projected to reach 507.79 billion yuan in 2024, with total liabilities of 394.30 billion yuan, resulting in a debt-to-asset ratio of approximately 77.65% [1][9]

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].

作为房地产行业颇具影响力的标杆企业，绿城中国交出了一份亮眼的2024年答卷。 面对行业内部日益加剧的分化趋势，绿城中国不断强化自身的核心竞争力。截至2024年报告期末，绿城 中国货币资金达约730亿元，维持高位；经营性现金流288亿元，达到历史新高；净资产负债率56.6%， 同比下降7.2个百分点；总合同销售额2768亿元，保持行业第三；不断精进产品交付满意度达到行业领 先水平。 从2024年财报中可以发现，绿城中国凭借精准的市场策略和品质实力，实现了核心指标持续向好，客户 满意度不断提升，夯实了公司在行业中的领先地位。 绿城中国在销售端的比较优势更为明显。2024年，绿城集团（包括绿城中国控股有限公司及其附属公司 连同其合营企业及联营公司）累计取得总合同销售面积约1409万平方米，总合同销售金额约2768亿元， 合同销售保持行业第三。自投项目累计取得合同销售面积约591万平方米，合同销售金额约1718亿元； 其中归属于绿城集团的权益金额约1206亿元，权益比提升至70%，保持较高水平。代建项目累计取得销 售面积约818万平方米，销售金额约1050亿元。自投及权益销售均提升至行业第六。 在行业深度调整的过程中 ...

智通财经APP讯，绿城中国(03900)公布2024年业绩，收入约人民币1,585.46亿元，同比增长20.7%;股东 应占利润约人民币15.96亿元，同比减少48.79%。每股盈利0.63元，末期股息每股0.3元。 公告称，利润下降主要是根据市场环境变化，计提若干资产的减值及公平值变动损失净额合计人民币 49.17亿元(2023年：人民币20.35亿元)。若扣除该影响，本年度公司股东应占利润同比有所增加。 2024年，绿城集团(包括绿城中国控股有限公司及其附属公司连同其合营企业及联营公司)累计取得总合 同销售面积约1,409万平方米，总合同销售金额约人民币2,768亿元。自投项目累计取得合同销售面积约 591万平方米，合同销售金额约人民币1,718亿元;其中归属于绿城集团的权益金额约人民币1,206亿元， 权益比提升至70%，保持较高水平。代建项目累计取得销售面积约818万平方米，销售金额约人民币 1,050亿元。得益于精准的营销定位与策划，全年自投版块首开项目去化率达82%，维持高位，其中64% 项目实现首开溢价。同时单盘销售多点开花，9个项目单盘销售额超人民币40亿元，其中义乌凤起潮鸣 项目八开八捷，单 ...

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].