Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [5][10]. Core Views - The company achieved revenue growth of 3.3% year-on-year, reaching 131.38 billion RMB, and a net profit growth of 13.1%, totaling 3.12 billion RMB for the year 2023 [4][5]. - Despite a decline in gross margin to 13.0%, the company managed to increase net profit due to improved equity stakes and cost control measures [4]. - The company’s total contract sales amounted to 301.1 billion RMB, with a focus on first and second-tier cities, which accounted for 86% of sales [4]. - The company has maintained a strong cash flow with a sales collection rate exceeding 100% [4]. Summary by Sections Financial Performance - Revenue for 2023 was 131.38 billion RMB, a 3.3% increase from 2022 [8]. - Net profit for 2023 was 3.12 billion RMB, reflecting a 13.1% increase year-on-year [8]. - The gross margin decreased by 4.3 percentage points to 13.0%, leading to a 22.5% decline in gross profit [4][8]. Sales and Market Position - The company recorded total contract sales of 301.1 billion RMB, a slight increase of 0.3% year-on-year [4]. - The self-owned sales amount was 194.3 billion RMB, down 8.7%, while the average growth rate for the top 10 real estate companies was -13% [4]. - The company improved its ranking in self-investment to 7th in the industry [4]. Land Acquisition and Investment Strategy - In 2023, the company acquired 38 new projects with an equity land acquisition amount of 59.5 billion RMB, expected to generate a new value of 142.5 billion RMB [4]. - The focus of new land acquisitions was on high-tier cities, with 84% of the new land value coming from first and second-tier cities [4]. Financial Health - The company issued 13.9 billion RMB in domestic bonds and completed offshore financing of 1.172 billion USD in 2023 [4]. - The total interest-bearing debt financing cost was 4.3%, a decrease of 10 basis points year-on-year [4].

Financial Performance - Revenue for the year ended December 31, 2023, was approximately RMB 131.38 billion, an increase of 3.3% compared to the previous year[2]. - Net profit attributable to shareholders was approximately RMB 3.12 billion, representing a growth of 13.1% year-on-year; core net profit was approximately RMB 6.42 billion[2]. - The total comprehensive income for the year was RMB 6.35 billion, compared to RMB 8.66 billion in the previous year[5]. - The company reported a gross profit of RMB 17.07 billion, down from RMB 22.02 billion in the previous year[3]. - The company reported a net profit of RMB 8,894,964 for the year, showing a strong financial performance[20]. - The company's profit before tax for 2023 was RMB 9,724,646,000, a decrease of 26.5% compared to RMB 13,256,317,000 in 2022[36]. - The basic and diluted earnings per share for 2023 were RMB 3.09, an increase from RMB 2.58 in 2022, representing a growth of 19.9%[38]. - The company declared a final dividend of RMB 0.43 per share for the year ending December 31, 2023, down from RMB 0.50 per share in 2022[37]. Assets and Liabilities - As of December 31, 2023, bank deposits and cash (including pledged bank deposits) amounted to approximately RMB 73.4 billion, up from RMB 70.4 billion as of December 31, 2022[2]. - Non-current assets totaled RMB 71.81 billion, a slight decrease from RMB 72.71 billion in 2022[7]. - Current liabilities total RMB 303,248,079, a decrease from RMB 304,754,486 in the previous year, reflecting a reduction of approximately 0.5%[8]. - Total non-current liabilities amounted to RMB 118,353,787, slightly up from RMB 113,935,108, indicating an increase of approximately 3.7%[8]. - The total equity increased to RMB 113,935,108 from RMB 111,412,918, showing a growth of around 2.3%[8]. - The total assets of the company as of December 31, 2023, were RMB 535,536,974, a slight increase from RMB 535,076,992 in 2022[21]. - The total borrowings amounted to RMB 146.142 billion, up from RMB 140.121 billion in the previous year, with a net debt of RMB 72.697 billion[79]. - The net debt to equity ratio stood at 63.8%, slightly up from 62.6% in 2022[79]. Revenue Streams - Total contract sales reached approximately RMB 301.1 billion, with a collection rate exceeding 100%[2]. - The company achieved a total of RMB 131,383,150 in external segment revenue, demonstrating robust market demand[19]. - Property sales revenue reached RMB 120.58 billion, up 2.6% from RMB 117.54 billion in 2022, with a total area of 6,197,536 square meters recognized, a 5.5% increase from 5,877,103 square meters in 2022[63][64]. - The hotel business segment's revenue was RMB 10,620,113, compared to RMB 10,206,819 in the previous year, indicating growth[21]. - The group achieved project management service revenue of RMB 3.135 billion, a 28.0% increase from RMB 2.450 billion in 2022, due to an increase in commercial project numbers[65]. Operational Efficiency - The company is committed to enhancing its operational efficiency and exploring new market opportunities as part of its growth strategy[14]. - The company reported a significant increase in cash and cash equivalents, reaching RMB 36,130,383 compared to RMB 36,023,757 in the previous year, a rise of about 0.3%[8]. - The company optimized management expenses, resulting in a 4.6% year-on-year decrease in management fees and a 6% decrease in sales expenses[54]. - The company’s operational efficiency improved by 18%, with project timelines from land acquisition to commencement reduced to an average of 2.2 and 4.7 months[54]. - The company maintained a high profit margin for new projects, with an average equity ratio further increasing to approximately 74%[48]. Market Presence and Strategy - The company has established a strong presence in the residential property market in China, focusing on development and sales[10]. - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[19]. - The company has been recognized as a top 10 comprehensive strength enterprise in China's real estate industry for 20 consecutive years[46]. - The company will focus on improving product quality through multi-dimensional efforts including product iteration, innovation, and quality delivery[62]. - The company’s marketing strategy has led to a 22% year-on-year increase in commercial property turnover[52]. New Projects and Developments - The company added 38 new projects with a total construction area of approximately 5.57 million square meters, expected to have a saleable value of about RMB 142.5 billion, with first and second-tier cities accounting for 84%[2]. - A total of 38 new projects were added in 2023, with a total construction area of approximately 5.57 million square meters, at a cost of about RMB 59.5 billion[47]. - The total contracted sales area for the company in 2023 reached approximately 15.47 million square meters, with a total contracted sales amount of approximately RMB 301.1 billion, reflecting a slight increase of 0.3% year-on-year[51]. - The company achieved a delivery area of 17.77 million square meters in 2023, representing a year-on-year growth of 24%[53]. - The company plans to complete approximately 12.68 million square meters of projects in 2024, with a cumulative unrecognized sales amount of approximately RMB 256.5 billion as of December 31, 2023[62]. Compliance and Governance - The company has adhered to the corporate governance code as per the listing rules throughout the year[89]. - The audit committee reviewed the accounting principles and practices adopted by the group for the year ended December 31, 2023[91]. - The company has adopted the standard code for securities transactions by directors as per the listing rules[90]. - The company acknowledges the importance of forward-looking statements and their inherent risks and uncertainties[92]. - The company expresses gratitude to shareholders, customers, suppliers, banks, professional advisors, and all employees for their continued support[98].

股 票 研 究 [Table_industryInfo] 房地产 [ Table_Main[绿I Tnaf 城bol]e 中_Ti国tle]（ 3900） [评Tab级le_：Inv est] 增持 当前价格（港元）： 6.05 持续深耕杭州 2024.03.11 海 ——2 月经营数据点评 [ 交Ta易bl数e_M据a rket] 外 谢皓宇(分析师) 黄可意(研究助理) 白淑媛(分析师) 52周内股价区间（港元） 5.52-10.90 当前股本（百万股） 2,532 公 010-83939826 010-83939815 021-38675923 当前市值（百万港元） 15,319 司 xiehaoyu@gtjas.com huangkeyi028691@gtjas.com baishuyuan@gtjas.com 证书编号 S0880518010002 S0880123070129 S0880518010004 （ [ Table_PicQuote] 中 本报告导读： 52周内股价走势图 国 公司发布2月经营数据，自投项目销售规模继续同比下滑，而代建项目出现销售额涨 绿城中国 恒生指数 香 幅走阔；在拿 ...

股 票 研 究 [Table_industryInfo] 房地产 [ Table_Main[绿I Tnaf 城bol]e 中_Ti国tle]（ 3900） [评Tab级le_：Inv est] 增持 当前价格（港元）： 6.06 投资聚焦，销售承压 2024.02.14 海 ——1 月经营数据点评 [ 交Ta易bl数e_M据a rket] 外 谢皓宇(分析师) 黄可意(研究助理) 白淑媛(分析师) 52周内股价区间（港元） 5.52-11.52 当前股本（百万股） 2,532 公 010-83939826 010-83939815 021-38675923 当前市值（百万港元） 15,344 司 xiehaoyu@gtjas.com huangkeyi028691@gtjas.com baishuyuan@gtjas.com 证书编号 S0880518010002 S0880123070129 S0880518010004 （ [ Table_PicQuote] 中 本报告导读： 52周内股价走势图 国 公司发布1月经营数据，自投板块销售承压，但投资拿地积极，在重点城市杭州深化 绿城中国 恒生指数 布局；代建 ...

Sales Performance - In the first half of 2023, Greentown China achieved a contracted sales amount of approximately RMB 134.2 billion, ranking 7th in the industry[6] - The newly-added saleable value was approximately RMB 57.1 billion, placing the company 8th in the industry[6] - Greentown Group maintained its ranking in contracted sales at 7th place in the PRC, with total contracted sales area of approximately 6.04 million sqm and total contracted sales amount of approximately RMB134.2 billion, representing a year-on-year increase of 19%[18] - Self-investment projects contributed a total contracted sales area of approximately 3.37 million sqm and a contracted sales amount of approximately RMB98.2 billion, with an attributable sales amount of approximately RMB63.3 billion, representing a year-on-year increase of 40%[18] - The average selling price of self-investment projects was approximately RMB29,150 per sqm, maintaining a high industry level[18] Financial Performance - In the first half of 2023, Greentown China generated revenue of RMB56,976 million, a decrease of RMB7,755 million from RMB64,731 million in the corresponding period of 2022[18] - Net profit for the period was RMB4,641 million, representing a decrease of 4.5% from RMB4,860 million in the same period of 2022, while profit attributable to owners increased by 41.3% to RMB2,545 million from RMB1,801 million[18] - The core net profit attributable to owners, after adjustments, was RMB3,881 million, an increase of 4.2% from RMB3,726 million in the corresponding period of 2022[18] - The Group recorded a gross profit of RMB9,920 million, a decrease of 11.7% from RMB11,233 million in the corresponding period of 2022, with a gross profit margin of 17.4%[42] - The Group's profit before tax for the six months ended June 30, 2023, was RMB 1,230,910,000, a decrease from RMB 1,422,720,000 in the same period of 2022, reflecting a decline of approximately 13.5%[177] Land Bank and Development Strategy - The company has a total of 200 projects in its land bank, distributed across various regions in China[12] - The Yangtze River Delta accounts for 47% of the total GFA, with 108 projects in this region[14] - The Bohai Rim region holds 19% of the total GFA, comprising 42 projects[14] - The total land bank includes 4,798,242 sqm in Shaanxi and 1,072,250 sqm in Heilongjiang[14] - The company aims to enhance its market position through strategic land acquisitions and project developments across key regions[16] Customer Satisfaction and Quality - The company maintains a leadership position in customer satisfaction in core cities for 13 consecutive years[4] - Greentown China emphasizes a development strategy of "quality first" and aims for comprehensive high quality and sustainable development[6] - Greentown China scored 91.2 points in the 2023 Customer Satisfaction Survey, significantly above the industry average of 72.3 points[29] Project Management and Operations - The project management business commenced in September 2010, and Greentown Management Holdings was spun off in July 2020[6] - Greentown Management had projects covering 123 cities with a total contracted GFA of approximately 113.59 million sqm and area under construction of approximately 49.14 million sqm as of June 30, 2023[32] - Estimated project management fees for newly-developed projects reached RMB5.12 billion, representing a 26.3% increase compared to the same period last year[32] - The average time from land acquisition to construction commencement was reduced to 2.1 months, a year-on-year improvement of 25%, while the completed area increased by 56% to approximately 7.79 million sqm[31] Shareholder Information and Corporate Governance - As of June 30, 2023, the largest single shareholder, CCCG, held approximately 28.422% of the total issued share capital of the company[5] - Major shareholders include CCCG with 719,647,293 shares (28.422% of issued share capital) and CCCG Holding (HK) Limited with 602,952,793 shares (23.813%)[69] - The company has established 8 high-tech enterprises and accumulated 595 authorized patents in its construction technology sector[33] - The company emphasizes corporate governance, green practices, and social responsibility for sustainable development[34] Cash Flow and Financing - In the first half of 2023, the cash collection rate was maintained at a high level of 109%, supporting cash flow and reinvestment[20] - Financing channels remained smooth with low financing costs, and S&P upgraded its outlook of rating to "positive"[17] - The weighted average interest cost of total borrowings decreased from 4.5% to 4.4%, a drop of 10 bps compared to the same period last year[30] - The Group completed the public issuance of onshore bonds totaling RMB7.809 billion, with an average interest cost of 3.74%[30] Future Outlook and Strategic Plans - The company aims to build the "quality benchmark among the Top10" under its "Strategic 2025" plan[6] - The company plans to expand investment channels, targeting premium lands in core cities and exploring new opportunities in urban renewal[34] - The company will refine marketing strategies to balance quantity and price, enhancing inventory clearing and cash collection management[34] - The company is committed to reducing costs and ensuring financial stability by optimizing debt structure and financing costs[34] Employee and Share Option Information - As of June 30, 2023, the Group employed a total of 9,035 employees, a decrease from 9,387 employees as of December 31, 2022[56] - The company has granted a total of 14,880,000 share options under the 2016 Share Option Scheme, with various exercise conditions[63] - The total number of share options outstanding at the beginning of the period was 12,600,000, with 2,280,000 granted during the period, resulting in a total of 14,880,000 options outstanding at the end of the period[76] - The 2023 Share Option Scheme was adopted on June 16, 2023, primarily to provide incentives and/or rewards to Directors and employees of the Group[74] Dividend Policy - The company has resolved not to declare any interim dividend for the six months ended 30 June 2023, consistent with the previous year where no dividend was declared[93][94] - The proposed final dividend for the year ended December 31, 2022, is RMB 0.5 per share, totaling RMB 1,265,999,000, compared to RMB 0.46 per share totaling RMB 1,154,944,000 for the previous year[185] Market Conditions and Challenges - The company is actively exploring new strategies for market expansion and potential acquisitions to enhance its competitive position in the industry[163] - The company aims to strengthen assessment incentives and performance orientation to optimize organizational structure and talent development[34] - The company is committed to a path of "comprehensively high-quality and sustainable" development[35]

Financial Performance - Revenue for the six months ended June 30, 2023, was RMB 56.976 billion, with a profit of RMB 4.641 billion[2] - Shareholders' profit attributable to the company was RMB 2.545 billion, representing a 41.3% increase compared to the same period last year[2] - Total comprehensive income for the period was RMB 4.474 billion, down from RMB 5.097 billion in the previous year[6] - The company reported a profit of RMB 4,641,130 for the period, after accounting for undistributed financial expenses and taxes[12] - The company reported a net profit of RMB 4,860,487 for the period, reflecting the overall financial performance despite the decline in revenue[15] - Net profit for the period was RMB 4.641 billion, down 4.5% from RMB 4.860 billion in the same period of 2022[35] - The company’s core net profit attributable to shareholders for the period was RMB 3.881 billion, an increase of RMB 155 million or 4.2% compared to RMB 3.726 billion in the same period of 2022[36] Revenue Breakdown - The property development segment generated revenue of RMB 52,278,424, contributing significantly to the overall revenue[13] - Customer contract revenue for the six months ended June 30, 2023, was RMB 56,866,293, down from RMB 64,642,042 in the previous year, indicating a decrease of approximately 12%[16] - Property sales revenue accounted for 91.8% of total revenue, amounting to RMB 52.278 billion, down 13.1% from RMB 60.183 billion in the previous year[53] - The total income from customer contracts and rental income was RMB 110,171, indicating ongoing revenue generation from these sources[13] - The hotel operation revenue increased by 86% year-on-year, while rental income from investment properties rose by 24%[49] Assets and Liabilities - Non-current assets totaled RMB 74.460 billion as of June 30, 2023, compared to RMB 72.706 billion at the end of 2022[7] - Current assets amounted to RMB 469.267 billion, showing an increase from RMB 462.371 billion in the previous period[7] - The total liabilities of the group as of June 30, 2023, were RMB 438,608,914, up from RMB 423,664,074 as of December 31, 2022, representing an increase of approximately 3.5%[15] - The total equity as of June 30, 2023, was RMB 105,118,240, down from RMB 111,412,918 as of December 31, 2022[8] - As of June 30, 2023, the group had contract liabilities of RMB 170.50 billion, an increase of RMB 22.65 billion or 15.3% from December 31, 2022[65] Cash Flow and Financing - Cash and bank deposits, including pledged bank deposits, totaled RMB 68.782 billion, which is 2.2 times the amount of short-term borrowings[2] - The weighted average cost of total borrowings was 4.4%, a decrease of 10 basis points from the same period last year[2] - The company recorded a total borrowing cost of RMB 3,939,761,000 for the six months ended June 30, 2023, compared to RMB 3,838,927,000 in the same period of 2022[22] - The company has proposed a final dividend of RMB 0.5 per share for the year ended December 31, 2022, totaling RMB 1,265,999,000, an increase from RMB 1,154,944,000 for the previous year[26] - The company plans to continue optimizing its debt structure and maintain low financing costs, supported by financial institutions and capital market recognition[61] Operational Highlights - The company added 19 new projects, with a total construction area of approximately 2.57 million square meters, expected to have a saleable value of RMB 57.1 billion[2] - In the first half of 2023, the total contracted sales area was approximately 6.04 million square meters, with a total contracted sales amount of approximately RMB 134.2 billion, representing a year-on-year growth of 19%, exceeding the average growth of the top 10 real estate companies by 13 percentage points[37] - The company achieved a historic high in the number of delivered projects and households, enhancing its product and service capabilities[34] - The company maintained a customer satisfaction score of 91.2, significantly higher than the industry average of 72.3, ranking first in satisfaction and loyalty across 16 cities[43] - The company delivered a record 107 projects and over 70,000 households, achieving an average delivery time 30 days ahead of contract schedules for self-invested projects[42] Market Position and Strategy - The company maintained a strong market position, ranking in the top ten for contract sales, self-investment sales, and equity sales within the industry[34] - The company is committed to its "Strategic 2025" goals, focusing on core advantages and actively responding to industry challenges[34] - The company plans to continue expanding its market presence through strategic acquisitions and partnerships[75][76] - The company has established a new B-end service system called "M Mount Model" to share its 12 years of experience in the construction management industry[48] Challenges and Risks - The company’s financial performance and future outlook are subject to various risks and uncertainties, as indicated in forward-looking statements[83] - The company acknowledges the inherent risks and uncertainties in forward-looking statements regarding its future performance and financial condition[84] - The company recognized an impairment loss of RMB 415 million on non-financial assets due to a downturn in the real estate market, primarily affecting sales prices in specific projects[64] Governance and Compliance - The company’s interim financial data for the six months ended June 30, 2023, was reviewed by the audit committee and approved by the board, with the report issued on August 25, 2023[81] - The company’s board confirmed compliance with the corporate governance code during the reporting period[79] - The board includes both executive and non-executive directors, ensuring a diverse governance structure[86]

Financial Performance - In 2022, Greentown China achieved a contracted sales amount of approximately RMB 300.3 billion, ranking 4th in the industry[15]. - For the year ended December 31, 2022, Greentown's revenue reached RMB 127,153,071, a substantial increase from RMB 100,240,064 in 2021, representing a year-on-year growth of approximately 27%[33]. - The net profit for the year ended December 31, 2022, was RMB 8,894,964, compared to RMB 7,687,030 in 2021, reflecting a year-on-year increase of about 15.7%[33]. - In 2022, Greentown recorded a slight year-on-year decline in sales scale, but the net profit margin increased significantly, indicating a shift from focusing on scale growth to revenue and profit growth[25]. - The Group achieved a total contracted sales area of approximately 13.80 million sqm and a total contracted sales amount of RMB 300.3 billion, with self-investment projects contributing RMB 212.8 billion[88]. - The average selling price of self-investment projects was approximately RMB 26,823 per sqm, maintaining a high industry level[88]. - The Group's focus on residential properties resulted in commercial and office properties accounting for only RMB 0.5 billion, or 0.5% of the newly-added saleable value[89]. - The Group's accumulated unbooked sales as of December 31, 2022, were approximately RMB 324.5 billion, with RMB 184.6 billion attributable to equity interests[102]. Strategic Focus and Development - Greentown China aims to build the "quality benchmark among the Top 10" as part of its "Strategic 2025" plan[15]. - The company shifted its development approach from rapid growth focused on quantity to high-quality development centered on product quality in 2022[23]. - For 2023, the company aims to focus on "destocking, streamlined management, strong capacity, and stable development" as its main operational strategy[23]. - The company plans to actively deploy in 10 strategic cities and structurally enter 25 key cities in 2023, emphasizing investment quality over scale[25]. - The company recognizes a market differentiation where high-tier cities are recovering faster than low-tier cities, indicating a need for strategic focus[23]. - The company aims to enhance its resilience and optimize team capabilities to adapt to industry changes and challenges[23]. - The company is committed to achieving "comprehensively high-quality and sustainable" development to provide better returns for investors[26]. Customer Satisfaction and Market Position - The company has maintained a leading position in customer satisfaction in core cities for 12 consecutive years[11]. - Greentown China has been awarded "Top 10 among 100 Chinese Real Estate Enterprises by Comprehensive Strength" for 19 consecutive years[11]. - In 2022, Greentown scored 90.2 points in the Customer Satisfaction Report, maintaining its position as an industry leader[93]. - Customer complaint completion rate reached 98.7%, and satisfaction rate for customer complaints was 99.9%[93]. - The company established a customer research committee and center to ensure the implementation of a "customer-oriented product offering" strategy[93]. Financial Health and Liabilities - Total assets increased to RMB 535,076,992, a growth of 2.0% from the previous year[34]. - Total liabilities rose to RMB 423,664,074, reflecting a 2.0% increase year-over-year[34]. - Total equity reached RMB 111,412,918, marking a 3.2% increase compared to the prior year[34]. - The net gearing ratio increased to 62.6% as of December 31, 2022, up from 52.0% in the previous year, indicating a rise in financial leverage[123]. - The total borrowings increased to RMB 140,121 million in 2022 from RMB 127,459 million in 2021, while net liabilities rose to RMB 69,727 million from RMB 55,963 million[123]. Project Management and Operational Efficiency - The project management business was officially spun off in July 2020, consolidating its leading position in the sector[15]. - The company has implemented a two-level integration of the management structure to streamline operations and enhance efficiency[26]. - The average periods from land acquisition to commencement, first launch, and positive operating cash flow were shortened to 2.7, 5.5, and 7.9 months respectively, representing year-on-year reductions of 37%, 25%, and 34%[96]. - The Group promoted a full-cycle project management system and upgraded its construction management standards to ensure quality[95]. - The company achieved an average first launch cycle of just 4.7 months for newly acquired projects in Hangzhou, with 13 out of 16 projects launched in the same year[96]. Governance and Leadership - The Company has a diverse board with members holding significant experience in legal, financial, and engineering sectors, enhancing its strategic decision-making capabilities[143]. - The Company aims to leverage the expertise of its directors to navigate market challenges and capitalize on growth opportunities[144]. - The management team emphasizes governance and compliance through its independent directors, ensuring alignment with regulatory standards[149]. - The Company has complied with all applicable code provisions set out in the Corporate Governance Code throughout the year ended December 31, 2022[161]. - The Audit Committee, composed entirely of independent non-executive directors, includes Mr. HUI Wan Fai (Chairman), Mr. JIA Shenghua, Mr. QIU Dong, and Mr. ZHU Yuchen as of December 31, 2022[176]. Market Expansion and Future Outlook - The company is focusing on market expansion in various regions, including overseas projects[39]. - The company is actively pursuing market expansion through new developments and maintaining high equity stakes in existing projects[52]. - The total saleable value for 2023 reached RMB 360.1 billion, with self-invested projects accounting for approximately RMB 247.6 billion, and first- and second-tier cities representing 80% of the total[102]. - The Group expects to complete approximately 18.69 million sqm of projects in 2023, representing a year-on-year increase of 48%[102]. - Greentown China is focusing on expanding new business sectors such as housing 4S, commercial operation, elderly care services, and smart community development[156].

[1 -> 20] 各位投资者媒体朋友大家下午好非常欢迎大家参加绿城中国2022年度业绩发布会我是绿城中国董事会主席执行董事张亚东今天的业绩发布会由我来主持 [22 -> 50] 本次業績發佈會採用線上直播的方式我僅代表綠城中國感謝大家長期以來的關心與支持今天在主席台就座的公司管理層有執行董事 行政總裁郭嘉峰先生執行董事 執行總裁吳文德先生執行董事 執行總裁耿中強先生執行董事 副總裁李峻先生 [52 -> 78] 借此机会我们把绿城中国2022年度的经营业绩和未来的经营策略与大家充分沟通进行汇报相信我们开诚布公的交流将进一步推动公司管理进步以及经营效益的提升今天的发布会分为两个部分 [78 -> 104] 第一个部分是绿城中国2022年度业绩公布由管理层向各位介绍公司2022年度业绩情况和前景展望第二部分是问答环节请线上的朋友就关心的问题进行提问由管理层进行解答下面我们进入第一个环节 [104 -> 129] 首先由李俊先生介紹2022年經營情況和前景展望耿中強先生介紹財務情況等下面首先有請李俊先生好的 尊敬的各位投資人和媒體朋友大家下午好下面我代表這個董事會和經營班子回顧一下我們2022年綠色中國的整體的經 ...

Financial Performance - Total revenue for the year ended December 31, 2022, was RMB 127.15 billion, an increase of 26.8% compared to the previous year[2] - Net profit for the year was RMB 8.89 billion, reflecting a growth of 15.7% year-on-year[2] - Core net profit attributable to shareholders was RMB 6.41 billion, up 11.3% from the previous year[2] - The company reported a total comprehensive income of RMB 8.66 billion for the year, compared to RMB 7.28 billion in 2021[5] - Total revenue for the year ended December 31, 2022, was RMB 130,408,197,000, with a significant contribution from property development at RMB 117,536,625,000[15] - The group reported a net profit of RMB 8,894,964,000 for the year, showcasing effective cost management and operational efficiency[15] - Total revenue for 2022 reached RMB 127,153,071 thousand, a 27% increase from RMB 100,240,064 thousand in 2021[25] - The company reported a basic and diluted earnings per share of RMB 0.50 for the year ending December 31, 2022, up from RMB 0.46 in 2021[38] - The company’s hotel business liabilities decreased to RMB 1,926,502 thousand in 2022 from RMB 3,363,902 thousand in 2021, indicating a strategic shift[17] Assets and Liabilities - As of December 31, 2022, cash and bank deposits amounted to RMB 70.39 billion, slightly down from RMB 71.50 billion at the end of 2021[2] - Non-current assets totaled RMB 72.71 billion as of December 31, 2022, an increase from RMB 62.79 billion in 2021[7] - Total current liabilities amounted to RMB 304,754,486 thousand in 2022, a decrease from RMB 312,389,726 thousand in 2021, representing a reduction of approximately 2.03%[8] - Total liabilities increased to RMB 423,664,074 thousand in 2022 from RMB 413,397,775 thousand in 2021, with property development liabilities at RMB 406,930,745 thousand[18] - Total assets rose to RMB 535,076,992 thousand in 2022, up from RMB 521,043,625 thousand in 2021, driven by property development assets of RMB 489,094,315 thousand[19] - The company's net asset value rose to RMB 111,412,918 thousand in 2022, compared to RMB 107,645,850 thousand in 2021, which is an increase of about 3.56%[8] Sales and Contracts - Total contracted sales reached RMB 300.3 billion, with 27 new projects added, totaling approximately 4.08 million square meters of saleable area[2] - The total salable value for 2023 reached RMB 360.1 billion, with self-invested projects accounting for approximately RMB 247.6 billion, representing 80% in first and second-tier cities[64] - Property sales revenue amounted to RMB 117.54 billion, up 31.0% from RMB 89.76 billion in 2021, with a total area of 5,877,103 square meters delivered, a 34.0% increase year-on-year[65] Dividends and Shareholder Returns - Basic earnings per share for the year were RMB 1.03, with a proposed final dividend of RMB 0.50 per share, up from RMB 0.46 in 2021[2] - The company proposed a final dividend of RMB 0.50 per share for the year ending December 31, 2022, compared to RMB 0.46 per share for the previous year[48] Operational Efficiency - The average selling price for self-invested projects was RMB 26,823 per square meter, maintaining a high industry level despite a decrease from RMB 28,416 per square meter in 2021[49] - The company achieved a new high in delivery area and number of units delivered, with customer satisfaction continuing to lead the industry[47] - The company delivered a total of 197 projects in 2022, achieving "zero delay" and "high quality" service for over 140,000 households, with an average delivery time 31 days ahead of contract[56] Market Position and Strategy - The company maintained a leading position in customer satisfaction, being recognized as a top brand in the real estate sector for 11 consecutive years[47] - The company plans to continue expanding its market presence and developing new products and technologies[23] - The company plans to strengthen its development base by increasing land reserves in core cities, enhancing safety and efficiency[47] Financial Management - The weighted average cost of total borrowings decreased to 4.4%, down 20 basis points from 4.6% in 2021[2] - Financial expenses amounted to RMB 2,715,125 thousand, reflecting the company's cost of financing[21] - The company reported a total borrowing cost of RMB 5,551,778,000 for the year, a decrease from RMB 5,777,756,000 in 2021[33] Impairment and Losses - The company recognized impairment losses of RMB 72,509 thousand under expected credit loss model[21] - The group recognized impairment losses of RMB 1.502 billion for non-financial assets, significantly higher than RMB 412 million in 2021, mainly due to a downturn in the real estate market[75] Employee and Corporate Governance - As of December 31, 2022, the company employed 9,387 employees, a decrease from 10,120 employees in 2021[88] - The company expressed gratitude to shareholders, customers, suppliers, banks, professional advisors, and employees for their continued support[98]

Sales Performance - In the first half of 2022, Greentown China achieved contracted sales amount of approximately RMB 112.8 billion and newly-added saleable value of about RMB 73.1 billion, both ranking 5th in the industry[10]. - The total contracted sales area reached approximately 5.39 million sqm with a total contracted sales amount of RMB112.8 billion, marking a significant performance in the first half of 2022[24]. - Sales from first- and second-tier cities accounted for 85% of the total sales, with key cities like Hangzhou, Ningbo, and Beijing achieving significant sales figures[24]. - The average selling price of self-investment projects was approximately RMB25,050 per sqm, positioning the Company at an industry-leading level[24]. - Approximately 60% of the newly-added saleable value is expected to be converted to sales within the year, an improvement of 23 percentage points compared to the same period in 2021[25]. Financial Performance - In the first half of 2022, the Group generated revenue of RMB 64,731 million, a significant increase of RMB 28,596 million or 79.1% from RMB 36,135 million in the corresponding period of 2021[23]. - Net profit for the period was RMB 4,860 million, representing an increase of 24.3% from RMB 3,910 million in the corresponding period of 2021[23]. - Profit attributable to owners of the Company was RMB 1,801 million, a decrease of 25.5% from RMB 2,418 million in the corresponding period of 2021[23]. - The core net profit attributable to owners of the Company for the period amounted to RMB3,726 million, representing an increase of RMB1,001 million or 36.7% from RMB2,725 million in the corresponding period of 2021[24]. - The gross profit for the period was RMB11,233 million, an increase of 41.6% from RMB7,935 million in the corresponding period of 2021[46]. Market Position and Strategy - Greentown China has maintained a leadership position in customer satisfaction for 12 consecutive years in core cities where it operates[6]. - The Company aims to build the "quality benchmark among the Top 10" as part of its "Strategic 2025" plan[10]. - The Group's strategy of focusing on the Yangtze River Delta and Beijing-Tianjin-Hebei Area accounted for 73% and 24% of the total newly-added saleable value respectively, consolidating its market position[25]. - The Company focuses on core areas and has cultivated its presence in first- and second-tier cities as well as high-quality third- and fourth-tier cities[10]. - Greentown China has been awarded "Top 10 among 100 Chinese Real Estate Enterprises by Comprehensive Strength" for 18 consecutive years[6]. Operational Efficiency - The Group's operational quality was enhanced through accurate investments, stable financial conditions, and improved services[23]. - The average equity interest ratio in new projects increased to 76% as of June 30, 2022, indicating a commitment to enhancing equity[25]. - The overall cash collection rate was 110%, maintaining a high level in the industry, with notable sell-through rates of 92% and 76% in Hangzhou and Xi'an respectively[24]. - The Group achieved 100% on-time delivery for the period, delivering 39 projects, 28,000 households, and 5.66 million sqm, which was an average of 36 days ahead of the contracted delivery schedule[35]. - The application rate of materials from centralized procurement reached 100%, and the strategic cooperation rate reached 90.2%[34]. Innovation and Development - Greentown China is committed to innovation and exploring the relationship between humans and their living space, focusing on creating aesthetically pleasing architecture[10]. - Future outlook includes the development of new products and technologies to enhance service offerings[19]. - The Group's strategy focuses on enhancing development efficiency and product competitiveness through modular innovation and precise project positioning in key urban areas[41]. - The Company has developed three major segments: asset-heavy, asset-light, and "Greentown+" to enhance its operational capabilities[8]. - The Group's financial strategy emphasizes prudent cooperation and ensuring financial safety and control[39]. Environmental and Social Responsibility - Greentown China is committed to environmental, social, and governance (ESG) initiatives as part of its long-term strategy[19]. - The Company has received multiple honors, including being recognized as an "Enterprise with Social Responsibility" for many years[6]. - Greentown China was recognized as a "Sustainable Blue-chip Value Company" and an "ESG A-level Company"[36]. Debt and Financing - The total principal amount of publicly issued onshore bonds was RMB17.578 billion, an increase of 41.1% compared to the same period in 2021, with an average interest cost of 3.33%[38]. - The weighted average interest cost of total borrowings decreased from 4.6% to 4.5%, reflecting a drop of 10 basis points compared to the same period last year[38]. - Debts due within one year accounted for 19.5% of the Group's total debts as of June 30, 2022, a decrease of 5.6 percentage points compared to the end of 2021[38]. - The Group issued its first batch of green bonds in January 2022, with a principal amount of US$400 million at a coupon rate of 2.3%[39]. - The Group's additional senior notes due 2025 had a principal amount of US$150 million at a coupon rate of 4.7%[39]. Shareholder Information - The board resolved not to declare any interim dividend for the six months ended June 30, 2022, consistent with the previous year[90]. - The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as the code for dealing in securities[54]. - The interests of directors and chief executives in securities are recorded in the register maintained by the company pursuant to the Securities and Futures Ordinance[57]. - As of June 30, 2022, substantial shareholders include CCCG with 708,947,293 shares, representing 28.216% of the issued share capital[68]. - The total number of share options available for issue under the Share Option Scheme was 30,003,219, representing approximately 1.2% of the issued share capital of the Company as at the date of this report[74].