Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company is positioned as a benchmark enterprise in the "Good Housing Era," benefiting from technological breakthroughs in Hangzhou [8] - The company aims for a sales target of approximately 100 billion yuan in 2025, with a focus on maintaining its ranking within the top 15 nationally [8] - The company has shown strong performance in land acquisition, with a significant focus on the Hangzhou market, and has reduced its interest-bearing debt while lowering financing costs [8] Financial Data and Profit Forecast - Total revenue for 2023 is projected at 70,443 million yuan, with a year-on-year growth rate of 69.7% [6] - The net profit attributable to the parent company is expected to be 2,529 million yuan in 2023, reflecting a year-on-year decline of 32.4% [6] - The company anticipates a gradual recovery in profits, with net profits projected to reach 2,924 million yuan in 2025 and 3,227 million yuan in 2026 [6][9] - The average financing cost has decreased to 3.4%, down from 4.2% at the end of 2023 [8] Sales and Market Position - In the first two months of 2025, the company achieved sales of 12.8 billion yuan, with a sales area of 290,000 square meters [8] - The average sales price per square meter was 43,800 yuan, significantly higher than the industry average of 22,000 yuan [8] - The company has increased its market share in the Hangzhou land market from 25% in 2023 to 38% in 2024 [8]

2025 年 2 月 28 日，公司竞得下述地块的国有建设用地使用权： | 序 | 地块编号 | 规划用途 | 建设用地面 | 容积率 | 土地总价 | 土地权益 | | --- | --- | --- | --- | --- | --- | --- | | 号 | | | 积(㎡) | | (万元) | | | 1 | 杭政储出[2025]9 | 号 住宅 | 27934 | 2.2 | 106607 | 100% | 公司在上述项目中所占权益比例可能发生变化，上述比例仅供投 资者作阶段性参考。 关于竞得土地使用权的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 特此公告。 证券代码：002244 证券简称：滨江集团 公告编号：2025-007 杭州滨江房产集团股份有限公司 二○二五年三月一日 杭州滨江房产集团股份有限公司 董事会 ...

Summary of Conference Call Notes Company and Industry Overview - The discussion primarily revolves around the real estate industry in China, with a specific focus on companies like Xinda Real Estate and Binhang Group, particularly in the Hangzhou market [1][6][12]. Key Points and Arguments 1. **Market Recovery and Land Supply Regulations** - The real estate market is undergoing a recovery phase, with new regulations from the Ministry of Natural Resources set to impact land supply starting May 2024. Cities with planning cycles exceeding 18 months will see reduced land supply [2]. 2. **Price Stability and Product Quality** - The average price per square meter for new homes is increasing, with a notable improvement in the supply of quality products. The market is seeing a strong performance in new housing products, supported by favorable policies [3]. 3. **Second-hand Market Liquidity** - Enhancing liquidity in the second-hand housing market is crucial for overall market recovery. Policies aimed at alleviating financing pressures for real estate companies are expected to yield better results in 2024 compared to previous years [4]. 4. **Sales Performance of Binhang Group** - Binhang Group is leading in sales within the Hangzhou market, with projected sales of approximately 77 billion yuan in 2024, accounting for about 69% of its total sales [6][10]. 5. **Market Dynamics in Hangzhou** - Hangzhou is identified as a high-potential market, with a significant increase in transaction volumes post-Chinese New Year. The city has a high opening rate for new projects, indicating strong demand [8]. 6. **Structural Price Recovery** - The market is expected to see a structural recovery in housing prices, driven by improved product offerings and a decrease in the supply of second-hand homes [9]. 7. **Investment Potential in Binhang Group** - Binhang Group is highlighted as a strong investment opportunity due to its robust market position and the potential for increased market share in Hangzhou, which is projected to exceed 30% [10][12]. 8. **Valuation Considerations** - Investors remain cautious about real estate valuations, which are expected to stabilize as asset prices recover. The recovery in sales gross margins is anticipated to positively impact the company's financial performance [11]. 9. **Future Earnings Projections** - Earnings forecasts for Binhang Group suggest a gradual increase, with expected profits of approximately 2.6 billion yuan in 2024, rising to 2.9 billion yuan by 2026, reflecting a growth rate of about 5% annually [12]. Additional Important Insights - The discussion emphasizes the importance of product quality and market dynamics in driving recovery in the real estate sector. The focus on Hangzhou as a leading market reflects broader trends in urban real estate recovery across China [5][7].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is the top-ranked private real estate enterprise in sales, maintaining a strong presence in Hangzhou with independent operational flexibility [1] - Despite a year-on-year sales decline of 27.3% to 111.63 billion yuan in 2024, the company has entered the national TOP10 sales ranking for the first time, indicating resilience in a challenging market [1][2] - The company has a significant market share in Hangzhou, with a sales amount of 76.99 billion yuan, accounting for 69% of total sales and a market share of 16.8%, far exceeding the second-ranked competitor [2][18] - The company acquired 23 plots of land in 2024, with a total investment of 44.85 billion yuan, maintaining a land acquisition market share of 37% in Hangzhou [2][30] - The real estate market in Hangzhou is experiencing a recovery, supported by favorable policies and strong demand, positioning the company to benefit from this market resilience [3][11] Summary by Sections Sales Performance - The company's total sales for 2024 are projected at 111.63 billion yuan, a decrease of 27.3% year-on-year, yet it ranks 9th in the industry, marking a significant achievement for a private enterprise [1][15] - In Hangzhou, the company leads with a sales amount of 76.99 billion yuan, representing a market share of 16.8%, significantly higher than its closest competitor [2][18] Land Acquisition - The company secured 23 land plots in 2024, with a total investment of 44.85 billion yuan, and an equity investment of 21.94 billion yuan, indicating a robust land acquisition strategy [2][30] - The land acquisition market share in Hangzhou stands at 37%, reinforcing the company's leading position in the region [2] Market Conditions - Hangzhou's real estate market is characterized by a favorable policy environment, with over 20 new policies introduced in 2024, including the removal of purchase restrictions, which has boosted market confidence [3][11] - The new housing market in Hangzhou saw a transaction area of 7.89 million square meters in 2024, a decline of 31% year-on-year, while the second-hand housing market experienced a significant increase in transaction volume, indicating strong demand [4][23] Financial Projections - The company is expected to achieve net profits of 2.7 billion yuan in 2024, with earnings per share (EPS) projected at 0.85 yuan [12][14] - The financial outlook remains positive, with anticipated revenue growth of 6.06% in 2024, despite the current market challenges [14][12]

证券代码：002244 证券简称：滨江集团 公告编号：2025-006 杭州滨江房产集团股份有限公司 | 序 | 地块编号 | 规划用途 | 建设用地面 | 容积率 | 土地总价 | 土地权益 | | --- | --- | --- | --- | --- | --- | --- | | 号 | | | 积(㎡) | | (万元) | | | 1 | 杭政储出[2025]2 | 号 住宅 | 16065 | 2.0 | 138124 | 100% | 公司在上述项目中所占权益比例可能发生变化，上述比例仅供投 资者作阶段性参考。 特此公告。 杭州滨江房产集团股份有限公司 董事会 二○二五年二月二十一日 关于竞得土地使用权的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 2025 年 2 月 20 日，公司竞得下述地块的国有建设用地使用权： ...

Group 1 - The core point of the article is that Hangzhou Binjiang Real Estate Group Co., Ltd. successfully acquired a land parcel in the Binjiang District of Hangzhou for a total price of 138.124 million yuan, with a floor price of 42,989 yuan per square meter and a premium of 43.69% [1] - The land parcel, identified as BJ030302-29, has a total area of 16,065 square meters and a building area of 32,130 square meters, with a plot ratio of 2.0 and designated for residential use [1] - The starting price for the land was 96.124 million yuan, with a starting floor price of 29,917 yuan per square meter [1]

上述项目的取得有利于公司进一步增加土地储备，增加公司的可 持续发展能力。 特此公告。 杭州滨江房产集团股份有限公司 证券代码：002244 证券简称：滨江集团 公告编号：2025-005 杭州滨江房产集团股份有限公司 关于新增土地储备项目的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 2025 年 2 月 10 日，公司新增土地储备项目如下： | 序 | 地块名称 | 所在城 | 规划用 | 建设用地面 | 容积率 | 土地总价 | 土地权益 | | --- | --- | --- | --- | --- | --- | --- | --- | | 号 | | 市 | 途 | 积(㎡) | | (万元) | | | 1 | 婺城区二七区块 ZX 20-05-15、ZX -20- | 金华市 | 商业、 住宅 | 24765 | 1.25 | 33100 | 51% | | | 05-16 地块 | | | | | | | | 2 | 婺城区二七区块 ZX-21-09-03 地块 | 金华市 | 商业 | 22902 | 1.50 | 24510 | 5 ...

证券代码：002244 证券简称：滨江集团 公告编号：2025-004 杭州滨江房产集团股份有限公司 关于竞得土地使用权的公告 | 序 | 地块编号 | | 规划用途 | 建设用地面 | 容积率 | 土地总价 | 土地权益 | | --- | --- | --- | --- | --- | --- | --- | --- | | 号 | | | | 积(㎡) | | (万元) | | | 1 | 杭政储出[2024]158 | 号 | 住宅 | 32367 | 2.6 | 545608 | 100% | 公司在上述项目中所占权益比例可能发生变化，上述比例仅供投 资者作阶段性参考。 特此公告。 杭州滨江房产集团股份有限公司 董事会 二○二五年一月二十五日 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 2025 年 1 月 24 日，公司竞得下述地块的国有建设用地使用权： ...

Group 1: Sales Performance - In 2024, the company achieved sales exceeding 110 billion yuan, ranking 9th in the national TOP10 real estate companies, an increase of 2 positions from 2023, and the only private enterprise in the top ten [2] - The total cash inflow from equity in 2024 is approximately 48 billion yuan [2] Group 2: Land Acquisition - The company acquired a total of 23 plots of land in 2024, with 22 located in Hangzhou and 1 in Nanjing, maintaining its leading position in Hangzhou [2] Group 3: Debt and Financing - As of the end of 2024, the company's equity-bearing debt was 30.5 billion yuan, a decrease of 5.5 billion yuan from the beginning of the year [3] - The average financing cost decreased to 3.4% by the end of 2024, down from 4.9% at the end of 2021 [3] - In 2024, the company issued 10 direct financing instruments, including 3.6 billion yuan in short-term financing bonds and 2.4 billion yuan in medium-term notes, with a total direct financing balance of 6 billion yuan at the end of 2024, a decrease of nearly 2 billion yuan from the end of 2023 [3] Group 4: Future Plans - For 2025, the company aims to maintain sales around 100 billion yuan and stay within the top 15 nationally, with sales accounting for over 1% of the national total [3] - The company plans to reduce equity-bearing debt to below 30 billion yuan and continue lowering financing costs to ensure a rate of 3.3%, striving for 3.2% [3] - The company intends to enhance operational management capabilities and product quality [3]

杭州滨江房产集团股份有限公司 证券代码：002244 证券简称：滨江集团 公告编号：2025-001 第六届董事会第四十四次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 杭州滨江房产集团股份有限公司(以下简称"公司")第六届董事 会第四十四次会议通知于 2025 年 1 月 8 日以专人送达、传真形式发 出，会议于 2025 年 1 月 13 日以通讯方式召开，应出席董事 5 人，实 际出席董事 5 人。本次会议召开程序符合《公司法》和《公司章程》 的规定。 会议以通讯表决的方式，审议并表决了以下议案： 二○二五年一月十四日 一、审议通过《关于将杭政储出[2024]143 号地块土地出让合同 的受让人调整为项目公司的议案》 同意将公司联合竞拍获得的杭政储出[2024]143 号地块土地出让 合同的受让人调整至项目公司杭州星缤嘉好置业有限公司名下，相应 的权利义务 100%调整至项目公司。 表决结果：同意 5 票，反对 0 票，弃权 0 票。 特此公告。 杭州滨江房产集团股份有限公司 董事会 ...