Q&A 美的置业在重组后业务板块有哪些变化？各板块的具体情况如何？ 美的置业在 2024 年完成了重组，从房开变成了一家综合运营的公司，业务分 为四大板块：开发服务、物业管理、资产管理和房产科技。2024 年公司收入 达 37.3 亿元，同比增长 33%，毛利率达到 35.7%，核心净利润为 5 亿元，同 比增长 25%。截至 2025 年初，公司现金总量 11 亿元，资产负债率 47.7%， 净资产 50.8 亿元，ROE 约 10%。派息比率从 40%提升至 70%。 开发服务主 要针对控股股东开发资产进行重组，并计划在 2025 年和 2026 年新增约 10 亿 左右体量。物业管理收入 18.4 亿元，占比近一半，合同面积 9,255 万平方米， 美的置业 20250612 摘要 美的置业 2024 年重组后，2025 年上半年营收达 37.3 亿元，同比增长 33%，毛利率 35.7%，核心净利润 5 亿元，同比增长 25%。截至 2025 年初，现金总量 11 亿元，资产负债率 47.7%，净资产 50.8 亿元， ROE 约 10%，派息比率提升至 70%。 物业管理收入占比近一半，达 18.4 ...

21世纪经济报道记者黄雅琪广州报道 房地产行业进入高质量发展阶段，房企纷纷探索轻资产的运营模式，代建代管业务成为房企竞逐的赛 道。 随着多方的入局，代建规模进一步增长。克而瑞发布的数据显示，2024年综合实力TOP30代建企业总合 约面积达到9.14亿平方米，同比增长23%；新增签约面积1.93亿平方米，同比增长6%。 尽管规模仍在增长，却不能否认代建行业仍然是一片红海。头部企业持续深耕并发挥优势，中小企业生 存空间压缩，行业已经逐渐回归"服务即资产"的本质。未来，代建行业的发展也将更依赖专业服务能力 的提升，品牌、口碑的价值愈加凸显。 这是存量市场的竞争逻辑——只有从"规模驱动" 转向 "价值深耕"，通过专业化管理输出，精准匹配资 金、项目和资源的优化配置需求，才能够顺应市场对代建服务的要求，规模并非首选项。 如何破解"大而不强"，是当下杀入代建赛道企业的必修课。 尽管目前已经有一些相对成熟的代建企业，但代建行业的市场格局尚未形成，真正的领跑者也并没有出 现。当下是行业混沌的时期，后来者也能有后来居上的机会。去年宣布聚焦"轻重并举"策略的美的置 业，以制造业的工匠精神款款而来。 全链条参与 坦率而言，代建代 ...

Core Viewpoint - The report from CICC indicates a downward adjustment of Midea Real Estate's (03990) 2025 core net profit forecast by 11% to 607 million yuan, reflecting a year-on-year increase of 20%, while introducing a 2026 forecast of 676 million yuan, a year-on-year increase of 12% [1] Group 1: Financial Performance - In 2024, the company's revenue is expected to increase by 33% to 3.73 billion yuan, with core net profit rising by 25% to 504 million yuan, aligning with market expectations [2] - The company anticipates a revenue increase of approximately 24% in 2025 to 4.62 billion yuan, with core net profit expected to grow by about 20% to 607 million yuan, primarily supported by the controlling shareholder [3] Group 2: Business Segments - Development services generated a settlement revenue of 293 million yuan within two months of operation in 2024, with pricing advantages from related party transactions [2] - Property management services are projected to see a 13% revenue increase in 2024 to 1.84 billion yuan, with managed area growing by 15% to 75.38 million square meters, largely contributed by the controlling shareholder [2] - Asset operation revenue is expected to surge by 92% in 2024 to 987 million yuan, driven by the gradual sales of on-balance sheet industrial parks and strong performance in shopping centers [2] - The real estate technology segment is anticipated to decline by 6% in revenue to 606 million yuan due to the impact of the real estate market fundamentals [2] Group 3: Shareholder Returns - The company is expected to maintain a strong dividend payout capability and willingness, with a projected payout ratio of 70% of core net profit in 2024, and plans to consider interim dividends [3]

Financial Performance - Revenue for 2024 reached RMB 3,725.8 million, a 33.3% increase from RMB 2,794.2 million in 2023[13] - Gross profit rose to RMB 1,331.7 million, reflecting a 38.7% increase compared to RMB 960.0 million in the previous year[13] - Net profit attributable to owners of the Company increased by 27.6% to RMB 478.4 million from RMB 375.0 million in 2023[13] - The Company reported a core net profit of RMB 512.7 million, up 21.8% from RMB 420.9 million in 2023[13] - Revenue from property management services was RMB 1,839.22 million, an increase of 12.6% compared to RMB 1,632.74 million in 2023[83] - Revenue from asset operation was RMB 987.20 million, representing an increase of 91.8% compared to RMB 514.77 million in 2023[84] - The Group recorded a loss for the year of RMB 2,350.41 million, with a profit from Continuing Operations of RMB 486.18 million[82] - The core net loss attributable to owners of the Company was RMB 1,993.77 million, with a core net profit from continuing operations of RMB 503.85 million, a 25.4% increase from RMB 401.92 million in 2023[102] Assets and Liabilities - Total assets decreased to RMB 9,724.5 million from RMB 201,579.2 million in 2023, with a significant reduction in total cash and bank deposits from RMB 20,141.7 million to RMB 1,102.9 million[16] - The gearing ratio improved to 47.7% from 75.1% in the previous year, indicating a stronger financial position[16] - The Group's total cash and bank deposits amounted to RMB 1,102.94 million as of December 31, 2024[107] - Total borrowings were RMB 635.38 million, resulting in a net cash position of RMB 467.56 million as of December 31, 2024[108] - The Group provided mortgage guarantees for certain purchasers amounting to RMB 250.59 million, a significant decrease from RMB 61,869.80 million as of December 31, 2023[116] - The Group did not provide guarantees for borrowings of joint ventures and associates as of December 31, 2024, compared to RMB 6,575.98 million as of December 31, 2023[111] Business Operations and Strategy - Midea Real Estate Services is managing over 400 projects with a total area of approximately 90 million square meters as of the end of the reporting period[6] - The Group has divested its property development business to focus on light-asset segments, significantly reducing interest-bearing debt[48] - The Group's strategic focus is on maintaining stability amidst industry transformations while enhancing its service capabilities in the property management sector[47] - The Group's strategic shift focuses on light-asset operation and deepening commitment to products and services across the real estate value chain[76] - The Group aims to qualitatively explore third-party development services while integrating resources through project management[74] - The Group focuses on four business pillars: project management services, property management services, asset operation, and real estate technology[53] - Midea Real Estate Services officially entered the medical care and wellness sectors, starting services at Heyou Hospital and Hetai Elderly Care Center in April 2024[60] Awards and Recognition - Midea Real Estate Services ranked among the "2024 TOP 22 Property Service Companies by Comprehensive Strength in China" and received multiple awards for its service capabilities[30] - The company achieved recognition as a top player in various categories, including Top 100 Chinese Property Service Companies by Brand Value and Top 19 Chinese Property Companies by Comprehensive Strength for 2024[38] - Midea Real Estate Services was listed as one of the Top 10 Chinese Property Management Service Companies for Hospital Properties in 2024[42] - Midea Real Estate Services' Foshan factory obtained ISO certifications for quality, environmental, and occupational health management systems, expanding its product scope[39] - Midea Real Estate Services has been awarded multiple design accolades, including the "2024 American MUSE International Design Platinum Award" for its Remac TY product[39] Management and Governance - The company emphasizes strong corporate governance and strategic management through its board of directors[170] - The Group's leadership team includes professionals with advanced degrees in management and finance from reputable institutions[171][181] - The company is focused on enhancing its operational efficiency and strategic direction through experienced management[174] - The management team includes individuals with diverse backgrounds in finance, architecture, and real estate, enhancing the company's strategic capabilities[197] - The company emphasizes independent advice on operations and management through its board structure[184] Employee and Workforce - As of 31 December 2024, the Group employed 9,213 full-time employees, primarily based in the PRC[158] - Employee remuneration is determined based on performance, profitability, and market levels, including salaries, bonuses, and cash subsidies[158] - The Company has provided comprehensive welfare plans and career development opportunities for employees, including social insurances and training[158] Market and Industry Risks - The Group's business growth is influenced by the real estate industry landscape, with risks including fluctuations in the property market and changes in consumer purchasing power[142] - The Group plans to refine existing operations, strengthen competitiveness in project management services, and explore overseas markets to ensure steady progress amid market volatility[144] Corporate Actions - On January 9, 2024, the Company acquired 50% equity interests in a project company for RMB 400 million, completing the acquisition on January 11, 2024[147] - The Company announced a distribution in specie of shares of its wholly-owned subsidiary, Midea Construction (BVI) Limited, to shareholders, with a cash alternative of HK$5.90 per share, representing a 57.3% premium over the last trading price of HK$3.75[154] - The distribution will be conducted on a basis of one PrivateCo Share for every share of the Company held by DIS-Electing Shareholders[154] - The objective of the distribution is to reduce investment risks for shareholders related to the PD&S Business while allowing the Company to focus on its Continuing Operations[156] - The distribution and disposal were approved by independent shareholders at an extraordinary general meeting on 2 September 2024[155]

Core Viewpoint - After divesting its real estate development business, Midea Real Estate has achieved double growth in revenue and profit from its retained operations [1] Group 1: Financial Performance - Midea Real Estate reported a revenue of 3.73 billion yuan, a year-on-year increase of 33% [1] - Gross profit reached 1.331 billion yuan, up 38.7% year-on-year, with a gross margin of 35.7%, an increase of 1.3 percentage points [1] - The core net profit attributable to shareholders from continuing operations was 500 million yuan, reflecting a year-on-year growth of 25% [1] Group 2: Business Segmentation - The company’s revenue sources post-restructuring include development services, property management services, asset operations, and real estate technology [1] - Property management services generated 1.839 billion yuan, a 12.6% increase, accounting for 49.3% of total revenue [1] - Asset operations revenue was 987 million yuan, up 91.8%, while real estate technology revenue was 606 million yuan, down 6.2% [1] - Development services revenue was 293 million yuan, representing only 7.9% of total revenue [1] Group 3: Future Outlook - Midea Real Estate's management anticipates a compound annual growth rate (CAGR) of at least 25% in revenue and 20% in net profit attributable to shareholders by 2025 [3] - The company plans to maintain a balanced revenue contribution from property management and development services, targeting a 70% share from these two segments over the next three years [3] - The management highlighted the potential for growth in development services, which currently accounts for a small portion of revenue but is expected to increase as the company confirms more projects [2][3]

Core Viewpoint - After restructuring, Midea Real Estate has strategically positioned itself to leverage its brand, capital, and synergies within the Midea ecosystem, aiming to recreate a new Midea Real Estate within three years [1] Financial Performance - In 2024, Midea Real Estate achieved revenue of 3.73 billion yuan, a year-on-year increase of 33% [1] - The core net profit attributable to shareholders reached 500 million yuan, up 25% year-on-year, with a gross margin of 35.7% [1] - As of the end of 2024, total assets were 9.72 billion yuan, net assets were 5.08 billion yuan, and the debt-to-asset ratio was 47.7% [1] Business Structure and Strategy - Midea Real Estate has shifted focus from real estate development to a light-asset model, with a business structure comprising four main segments: development services, property management services, asset operation, and real estate technology [1][2] - The management anticipates a compound annual growth rate (CAGR) of no less than 25% in revenue and 20% in net profit attributable to shareholders by 2025 [2] Property Management and Development - In 2024, property management services generated approximately 1.84 billion yuan, accounting for 49% of total revenue, with expectations for a growth rate of no less than 10% in 2025 [2] - Development services recognized revenue of 290 million yuan in 2024, representing only 8% of total revenue due to the timing of the restructuring [2] Asset Operation and Technology - The asset operation segment generated 600 million yuan in revenue from 13 commercial properties, with a focus on enhancing operational efficiency and rental income [3] - The real estate technology segment, led by Ruizhu Development, achieved revenue of 610 million yuan in 2024, with a 100% contribution from third-party projects [3] Management Philosophy - The management emphasizes the importance of adapting strategic models based on resource endowments and market conditions to ensure sustainable and controllable operations [3][4]

Core Viewpoint - Midea Real Estate aims for a compound annual growth rate (CAGR) of at least 25% in revenue and 20% in net profit attributable to shareholders by 2025, focusing on a mixed asset-light and heavy model post-restructuring [1][2]. Group 1: Business Strategy and Restructuring - The company plans to divest its real estate development business and undergo asset restructuring to significantly reduce interest-bearing liabilities while integrating high-quality assets [1][2]. - After restructuring, the business will consist of four main segments: development services, property management services, asset operation, and real estate technology [2][3]. - The company will maintain a balanced revenue contribution from property management and development services, which are expected to account for about 70% of the total revenue over the next three years [1][2]. Group 2: Financial Performance - In 2024, the retained business generated revenue of 3.73 billion yuan, a year-on-year increase of 33%, with a gross margin of 35.7% and a core net profit of 500 million yuan, up 25% [2]. - The property management segment contributed 1.84 billion yuan in revenue, reflecting a 13% increase, while the asset operation segment saw a significant growth of 91.8%, reaching 987 million yuan [2]. - Despite the high revenue contribution from property management and asset operation, the development services segment is expected to provide new growth opportunities starting in 2025 [3][4]. Group 3: Market Position and Future Outlook - The company emphasizes that it will not solely become a property management or commercial management firm post-restructuring, as it aims to leverage its full value chain in real estate development [3]. - The focus on value extraction from the existing market and competitive positioning will require a comprehensive service capability beyond just property management [3]. - The property management segment is projected to remain a crucial part of the business, with its revenue share expected to stabilize around 40% in 2025 [4].

Financial Performance - For the fiscal year ending December 31, 2024, the company's revenue from continuing operations was RMB 3,725.80 million, representing a year-on-year growth of 33.3%[5] - The gross profit for the same period was RMB 1,331.69 million, with a gross margin of 35.7%, an increase of 1.3 percentage points year-on-year[5] - The company reported a core net loss of RMB 2,284.27 million, with a loss attributable to shareholders of RMB 1,993.77 million[5] - The company achieved a profit from continuing operations of RMB 503.85 million[5] - The company reported a total comprehensive income of (2,350,407) thousand RMB for the year, compared to 2,125,068 thousand RMB in the previous year, reflecting a significant loss[10] - The company reported a core net loss attributable to shareholders of RMB 1,993.77 million, with a significant decline from a net profit of RMB 627.81 million in 2023, mainly due to a downturn in real estate sales and increased impairment provisions[83] Revenue Breakdown - The property management services revenue was RMB 1,839.22 million, showing a year-on-year increase of 12.6%[5] - The asset operation revenue surged to RMB 987.20 million, marking a significant year-on-year growth of 91.8%[5] - The revenue from real estate technology decreased by 6.2% to RMB 606.47 million[5] - The development services segment generated revenue of RMB 292,915,000, which is a new addition as it did not report revenue in the previous year[27] - The property management service revenue was RMB 1,839.22 million, a 12.6% increase from RMB 1,632.74 million in 2023, primarily due to an increase in managed property area[73] - The asset operation revenue surged by 91.8% to RMB 978.20 million from RMB 514.77 million in 2023, mainly due to the delivery of new properties[74] Expenses and Liabilities - The total operating expenses increased, with selling and marketing expenses at RMB 137.29 million and administrative expenses at RMB 347.96 million[8] - Total liabilities increased to 9,724,500 thousand RMB in 2024 from 201,579,205 thousand RMB in 2023, indicating a significant rise[13] - Total equity attributable to the company decreased from RMB 5,150,983,000 in 2023 to RMB 2,742,629,000 in 2024, representing a decline of approximately 47.3%[15] - The total operating expenses for the company in 2024 were RMB 2,879,360,000, compared to RMB 2,325,345,000 in 2023, indicating an increase of 24%[34] Cash Flow and Assets - Cash and cash equivalents decreased to 1,033,953 thousand RMB in 2024 from 17,553,071 thousand RMB in 2023, indicating a decline of about 94%[13] - The company’s non-current assets were valued at 4,863,369 thousand RMB in 2024, down from 6,199,032 thousand RMB in 2023, representing a decrease of approximately 22%[13] - The total cash and bank deposits as of December 31, 2024, amounted to RMB 1,102.94 million, with cash and cash equivalents at RMB 1,033.95 million[84] Dividends and Shareholder Returns - The company proposed a final dividend of HKD 0.27 per share for the fiscal year ending December 31, 2024[4] - The company declared a total dividend of RMB 357,614,000 for 2024, down from RMB 468,287,000 in 2023, representing a decrease of 23.6%[44] - The proposed final dividend for the year ending December 31, 2024, is HKD 0.27 per share, down from HKD 0.36 per share in 2023[117] Strategic Focus and Future Plans - The company plans to continue focusing on its core business segments, including property management and asset operations, while exploring new market opportunities[6] - The company aims to focus on light assets and deepen its real estate value chain products and services to create higher profit margins in the future[71] - The company aims to reduce debt and mitigate credit risk associated with real estate development by restructuring and divesting its real estate business[58] - The company plans to continue seeking certainty in its operations amidst industry changes, emphasizing resilience and determination in its growth strategy[57] Employee and Corporate Governance - As of December 31, 2024, the group employed 9,213 full-time employees, primarily located in China[98] - The company has adhered to all provisions of the Corporate Governance Code as of December 31, 2024, except for the separation of roles between the Chairman and CEO[109] - The roles of Chairman and CEO were held by the same individual until October 21, 2024, but the board believes this structure benefits the execution of strategic objectives[110] Market and Operational Insights - The company primarily engages in providing property management services, asset operation, real estate technology, and development services after the completion of the physical distribution[23] - The group focuses on four major business segments: development services, property management services, asset operation, and real estate technology[59] - The company has begun evaluating the impact of new or revised accounting standards, with no significant effect expected on current or future financial performance[21]

Financial Performance - Revenue for the first half of 2024 was RMB 25,134.1 million, a decrease of 30.6% compared to RMB 36,334.6 million in the same period of 2023[4] - Gross profit for the first half of 2024 was RMB 2,321.0 million, down from RMB 4,792.3 million in the previous year, reflecting a significant decline in profitability[4] - Core net profit for the first half of 2024 was RMB 642.5 million, while profit attributable to the company's owners was RMB 375.9 million, down from RMB 1,750.4 million in the previous year[4] - Operating profit fell to RMB 351.32 million, down 86.5% from RMB 2,609.93 million year-on-year[17] - The profit attributable to the company's owners was RMB 375.87 million, a decline of 51.9% from RMB 782.10 million in the previous year[17] - Basic and diluted earnings per share were RMB 0.26, down from RMB 0.58 in the previous year[17] - The core profit decreased by 63.3% to RMB 642.47 million from RMB 1,750.41 million in the same period last year[17] - The total profit for the six months ended June 30, 2023, was RMB 782,097 thousand, indicating a decrease in profitability compared to the previous year[104] Assets and Liabilities - Total assets as of June 30, 2024, were RMB 178,998.0 million, a decrease of 11.2% from RMB 201,579.2 million at the end of 2023[5] - Total liabilities decreased to RMB 131,849,953 thousand, down 13.0% from RMB 151,460,458 thousand at the end of 2023[102] - The total land reserve area as of June 30, 2024, was approximately 25 million square meters, covering 315 property development projects[21] - The total liabilities as of June 30, 2024, amounted to RMB 96,216,422, with short-term borrowings of RMB 6,549,630 and long-term borrowings of RMB 26,426,256[119] Cash Flow and Financial Position - Total cash and bank deposits decreased by 33.0% to RMB 13,490.0 million from RMB 20,141.7 million[5] - The net debt ratio improved to 50.1% from 75.1% in the previous year, indicating a stronger financial position[5] - The net cash used in operating activities for the six months ended June 30, 2024, was RMB (3,853,882) thousand, compared to RMB 1,440,420 thousand for the same period in 2023[106] - The company reported a significant increase in investments in joint ventures and associates, totaling RMB 24,185,762 thousand, compared to RMB 23,746,947 thousand at the end of 2023[101] - The company maintained sufficient cash and cash equivalents to ensure financial flexibility amid potential economic challenges[117] Business Strategy and Restructuring - The company plans to restructure its real estate development business to reduce debt and credit risk, focusing on a model of development, property management, asset operation, and real estate technology[8] - The restructuring is expected to simplify business operations and focus on light-asset, professional service-oriented businesses, reducing cyclical risks in the real estate market[15] - The company aims to enhance the quality of property management services and improve asset operation capabilities in response to the new normal in the real estate industry[9] - The company emphasizes a long-term perspective and strategic framework to ensure sustainable growth and value creation for society[9] Property Development and Sales - Contract sales amounted to approximately RMB 20.21 billion, with a total construction area of about 17.73 million square meters[18] - The company's property development and sales revenue for the reporting period was RMB 24,104.75 million, a decrease of 32.0% compared to RMB 35,466.74 million in the same period of 2023, primarily due to a reduction in the confirmed sales area[33] - The total confirmed sales area was 2.277 million square meters, down 32.9% from 3.391 million square meters in the same period of 2023[33] Market Engagement and Expansion - The company signed contracts worth 320 million yuan in the current year, with 130 million yuan from the Hong Kong and Macau markets, indicating strong market engagement[13] - The company is actively pursuing market opportunities in the Hong Kong and Macau regions, with a strategic shift towards modular construction and smart home solutions[13] - The company aims to expand its development management services, targeting public hospitals and schools, while also exploring third-party project management opportunities[14] Corporate Governance and Management - The company has committed to maintaining high levels of corporate governance, adhering to the updated corporate governance code as per the Hong Kong Stock Exchange[57] - The board of directors is responsible for establishing the company's future development direction and overall strategy, with senior management authorized to handle daily operations[58] - The chairman and CEO, Mr. Hao Hengle, has been fulfilling both roles, which the board believes is beneficial for executing the company's long-term strategic goals[60] Shareholder Matters and Dividends - The company did not declare an interim dividend for the six months ended June 30, 2024, compared to no dividend declared in the same period of 2023[96] - The proposed distribution aims to allow shareholders to realize their investment in the company while reducing investment risks associated with the real estate development business[54] - The proposed distribution and potential sale of shares are subject to approval at a special general meeting scheduled for September 2, 2024[54] Stock Options and Share Awards - The company has issued stock options and reward shares to incentivize eligible participants[56] - The company terminated the 2020 Share Option Scheme and the 2021 Share Award Scheme, adopting new 2024 Share Option and Share Award Schemes approved by shareholders on May 24, 2024[68] - The 2024 Share Plan aims to attract, retain, and incentivize eligible participants to contribute to the company's growth and development[83] Financial Risks and Challenges - The group faces various financial risks, including market risk, credit risk, and liquidity risk, with no significant changes in risk management policies since December 31, 2023[116] - The group has experienced a continuous decline in pre-sale performance since June 30, 2024, impacting cash flow and liquidity[109] - The company is committed to controlling sales, marketing, and administrative expenses actively[110]

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1]. Core Views - The company is undergoing a restructuring process to divest its real estate development business, focusing on a new business model that includes development, property management, asset operation, and real estate technology [4]. - For the first half of 2024, the company reported a revenue of RMB 25.134 billion, a year-on-year decrease of 30.8%, and a net profit attributable to the parent company of RMB 376 million, down 51.9% year-on-year [4][8]. - The company aims to leverage its strong financing capabilities and explore new industry models, projecting an EPS of RMB 0.71 for 2024, with a valuation range of HKD 7.73 to HKD 9.28 per share [10]. Summary by Sections Business Restructuring - The company announced plans to implement a physical distribution of shares in a private company to shareholders, effectively separating its real estate development business [4]. - The restructuring aims to create a business model that integrates development, property management, asset operation, and real estate technology, without changing the essence of its operations [4]. Financial Performance - For the first half of 2024, total revenue was RMB 25.134 billion, down 30.83% from RMB 36.335 billion in the same period of 2023 [8]. - The total profit for the first half of 2024 was RMB 1.224 billion, a decrease of 55.51% year-on-year [8]. - The company reported a net profit margin of 2.4% for the first half of 2024, down from 4.6% in the same period of 2023 [9]. Service and Commercial Operations - The company’s property management segment, 美置服务, has a contracted area of 92.18 million square meters and is expanding into industrial parks and healthcare services [4]. - The commercial segment operates 13 projects, with a focus on integrating quality assets and enhancing operational efficiency [4]. Future Projections - The company forecasts a revenue of RMB 51.112 billion for 2024, with a projected net profit of RMB 1.020 billion [12]. - The expected EPS for 2024 is RMB 0.71, with a PE ratio of 10-12 times, indicating a market capitalization range of HKD 111 billion to HKD 133 billion [10].