Group 1 - China Jinmao (00817) announced that its indirect wholly-owned subsidiary, Beijing Yicheng, has been designated as the successor preferential purchaser by Jiaxing Investment on January 22, 2025 [1] - On the same day, Beijing Yicheng exercised its preferential purchase right regarding the target assets, with a proposed exercise price not exceeding RMB 1.323 billion, subject to the final state-owned asset evaluation results [1] - On May 16, 2025, Beijing Yicheng entered into a transfer agreement with Huafu Securities, agreeing to acquire the target equity and debt held by Huafu Securities (representing a special plan) for a total consideration of RMB 1.323 billion [1] Group 2 - On June 10, 2022, the company’s indirect associate, Dingmao Real Estate, and Jiaxing Investment entered into a share transfer agreement and a debt transfer and debt confirmation agreement with Huafu Securities [2] - This led to the establishment of an asset-backed securities plan named Jinmao Huafu - Changsha Jinmao Plaza North Tower Phase II Green Asset-Backed Special Plan (Carbon Neutrality) on June 30, 2022, aimed at securitizing the properties held by Dingmao Real Estate and raising funds for the group's operations and business development [2] - The target assets include 100% equity of Dingmao Real Estate and a debt principal of RMB 750 million, with the target property being the Jinmao Plaza North Tower office property located in Xiangjiang New District, Changsha, Hunan Province, covering a leasable area of approximately 94,395.55 square meters [2]

Core Viewpoint - China Jinmao is undergoing significant organizational restructuring to adapt to the current competitive landscape in the real estate industry, with a focus on enhancing management efficiency and internal competition [2][3][10]. Organizational Changes - The new management team, led by Chairman Tao Tianhai, has implemented a major restructuring by eliminating the regional level and transitioning from a three-tier to a two-tier management structure [3][10]. - The company has appointed new leaders for its 14 city companies, maintaining a stable transition with a focus on promoting internal talent [4][5]. Performance Overview - China Jinmao's sales figures have fluctuated, with a peak of 235.6 billion in 2021, dropping to 141.2 billion in 2023 and further declining to 98.255 billion in 2024 [6][10]. - The company has seen its ranking improve from 15th in 2021 to 12th in 2024, but it has not matched the performance of leading competitors during the industry downturn [6][10]. Market Strategy - The company aims to return to core cities and high-end markets, leveraging its brand strengths and historical focus on premium products [8][10]. - Recent investments have increased, with a reported 20.2 billion in land acquisition expenditures in 2024, focusing on first and second-tier cities [11][12]. Future Outlook - Management anticipates a sales target of approximately 180 billion for 2025, with a focus on optimizing product offerings and maintaining a competitive ranking [11][12]. - The restructuring is seen as a critical step for enhancing organizational capabilities, which will be essential for competing in the evolving real estate market [10][12].

Core Viewpoint - China Jinmao has recently completed organizational restructuring and personnel appointments to enhance decision-making efficiency and focus on key cities, with expectations of stable sales ranking growth this year [2][7]. Group 1: Organizational Restructuring - The company has transitioned from a three-tier management structure ("headquarters-regional-city") to a two-tier structure ("headquarters-regional"), reducing the number of regional and city companies from nearly 20 to 14 city companies and 6 business units/areas [3][4]. - The six business units/areas include Longhe, Fujian, Wuhan, Chongqing, Jinan, and Ningbo [4]. - The restructuring aims to improve operational control, enhance organizational agility, and increase decision-making efficiency while maintaining the current workforce size [4]. Group 2: Personnel Appointments - Key personnel have been promoted to manage the newly structured city companies, with notable appointments including Guanchong as the general manager for Shanghai and Ma Hao for Beijing [5][6]. - The company has emphasized that the promotions are based on performance, with several executives taking on larger management responsibilities [5][6]. - The new leadership structure is expected to drive better performance in key regions, particularly in economically developed areas [6]. Group 3: Market Position and Sales Outlook - China Jinmao's sales performance is heavily reliant on the East and North China regions, contributing 68% of the projected sales of 98.3 billion yuan for 2024 [6]. - The company has a total unsold inventory of approximately 280 billion yuan, with 63% located in economically developed regions and 87% in first- and second-tier cities [6]. - The company plans to accelerate land acquisitions in core first- and second-tier cities, indicating a strategic shift to capitalize on market recovery [6][7].

Group 1 - The core viewpoint of the article is the leadership change at China Jinmao, with Tao Tianhai becoming the new chairman and CEO, leading to significant organizational restructuring [1] - The restructuring involves the dissolution of all regional companies and the formation of 14 regional companies, shifting from a three-tier structure to a two-tier structure [1] - Key personnel appointments were made following the restructuring, including the promotion of Li Xing to Senior Vice President and the appointments of Guan Chong and Li Jian as Vice Presidents [1] Group 2 - Li Xing will oversee the Cost Contract Department, Asset Management Department, and Jinmao Guangshen [1] - Guan Chong will manage Jinmao Shanghai, Jinmao Nanjing, Jinmao Hefei, Jinmao Sunan, and Jinmao Zhejiang, while also serving as the General Manager of Jinmao Shanghai [1] - Li Jian will be responsible for the Marketing Management Department and will also serve as the Director of the Customer and Product Research Committee [1] Group 3 - Other key appointments include Qiao Xiaojie as Chief Financial Officer and General Counsel, Tang Yong as Chief Cultural Tourism Officer, and Tian Jiupao as Chief Product Officer [2] - The official announcements regarding these appointments were not found on the websites of China Jinmao or Sinochem Group, with the latest update being the 2024 ESG report [4]

Financial Performance - The company's revenue for 2024 was RMB 59,053.0 million, a decrease of 18% compared to RMB 72,403.6 million in 2023[17]. - Gross profit for 2024 was RMB 8,596.9 million, down 5% from RMB 9,021.5 million in 2023[17]. - The profit attributable to owners of the company for 2024 was RMB 1,064.8 million, a significant recovery from a loss of RMB 6,896.6 million in 2023, representing a 115% increase[17]. - The total assets increased slightly to RMB 409,256.4 million in 2024 from RMB 407,119.2 million in 2023, reflecting a 1% growth[17]. - The company's equity attributable to owners rose by 36% to RMB 53,575.1 million in 2024 from RMB 39,291.3 million in 2023[17]. - The basic earnings per share for 2024 was RMB 5.19, a recovery from a loss of RMB 51.62 in 2023, marking a 110% increase[17]. - The company declared an interim dividend of HKD 3.0 cents per share for 2024, doubling from HKD 1.5 cents in 2023[17]. - The net debt to adjusted capital ratio improved to 67% in 2024 from 73% in 2023[17]. Market Position and Sales - In 2024, the company achieved a signed sales revenue of approximately RMB 98.3 billion, ranking 12th in the industry, indicating stable progress in its market position[25]. - The company managed a total of 595 property projects across 71 cities in China, with a total managed area of approximately 100.93 million square meters[10]. - The company successfully increased land reserves in major cities including Beijing, Shanghai, and Chengdu, with a signed sales amount of RMB 98,255 million in 2024[8]. - The cumulative sales scale of the top 100 real estate companies in 2024 decreased by 28.1% year-on-year, with the sales threshold for the top 10 companies dropping by 39.3%[55]. - The total area of newly sold commercial housing decreased by 12.9% compared to the previous year, while the sales amount dropped by 17.1%[54]. Strategic Focus and Development - The company is focused on a strategy of "activating stock and optimizing increment," emphasizing cash flow management and cost control to support operational performance[24]. - The company plans to explore new models for real estate development, focusing on core cities and high-end products, while enhancing its technological competitive edge[29]. - The company is actively pursuing new projects, with several under development and expected to contribute significantly to future revenue streams[71]. - The company aims to ensure the delivery of 37,000 housing units on schedule, with a delivery satisfaction rate rising to 90.26 points, maintaining a high industry standard[28]. ESG and Social Responsibility - The company’s ESG rating has improved, being selected for the "Central Enterprise ESG Pioneer 100 Index," reflecting its commitment to social responsibility[28]. - The company is committed to accelerating the construction of green and low-carbon buildings, aligning with national sustainable development goals[28]. - China Jinmao Holdings Group Limited was awarded the "2024 ESG Model Enterprise" at the 2024 ESG and High-Quality Development Innovation Forum[33]. - The company received the "Stable Development Value Enterprise" award at the 21st (2024) Blue Chip Annual Meeting[33]. - The company won the "Most Socially Responsible Company Award" in the 2024 Listed Company Reputation List[33]. Awards and Recognition - Jinmao Service was ranked 13th in the "2024 Top 100 Comprehensive Strength of Property Service Enterprises" by China Index Academy[39]. - Jinmao Service received multiple awards including "Top 20 High-Quality Property Service Enterprises" and "Top 10 Leading Enterprises in Property Management Listed Companies" from CRIC[42]. - The company was recognized as a member of the "2024 Carbon Road Future Ecological Partner" at the Carbon Neutral Service System Launch Conference[33]. Hotel and Hospitality Sector - The hotel market in 2024 faces significant pressure, with the company focusing on dynamic operational strategies to enhance performance through innovative service capabilities[174]. - Average room rates for major hotels include RMB 1,283 for Jinmao Grand Hotel Shanghai and RMB 1,932 for Ritz-Carlton, with average occupancy rates ranging from 35.9% to 86.7% across various locations[175]. - The average occupancy rate is highest at 85.1% for Hilton in Yalong Bay and lowest at 43.0% for Hyatt in Chongming[176]. - The company is committed to maintaining high occupancy rates, with several hotels achieving rates above 80%[176]. - The company aims to enhance guest experiences by integrating local cultural elements into hotel designs, as seen in the Changsha hotel[194]. Commercial Real Estate and Leasing - The overall leasing rate for office projects remained high, with specific rates for major buildings: Beijing Kaichen World Trade Center at 96.8%, Xicheng Jinmao Center at 94.0%, Jinmao Tower at 83.5%, and Jinmao Plaza at 86.0% for 2024[137]. - The total area of major commercial leasing and retail projects held by the company is 794,373 square meters[59]. - The company has a 100% ownership stake in 9 out of 12 commercial projects listed, indicating strong control over its assets[59]. Project Development and Sales Performance - The company holds a total of 397 urban operation, property development, business leasing, and hotel operation projects, with an undeveloped area of approximately 77.96 million square meters[50]. - The company is expanding its presence in major cities, with projects in Beijing, Shanghai, and Xi'an, including the Beijing Jinmao Puyi Fengyi (101,986 sqm) and Shanghai Runyun Jinmao Mansion (487,119 sqm)[71]. - The Hangzhou Shangcheng Jinmao Mansion project achieved a 100% sales rate across all four openings, demonstrating strong demand in the high-end real estate market[103]. - The Wuhan Fangdao Jinmao Xiaotang project became the sales champion in Wuhan, achieving top sales for four consecutive months from August to November[113]. - The Xi'an Technology Road Jinmao Mansion project ranked first in the number of signed contracts, sales area, and sales revenue among improved projects in the area[116].

Summary of Conference Call Company and Industry - The conference call pertains to China Economic Management (中国经贸) and the real estate industry in China Key Points and Arguments 1. **Sales Performance**: In 2014, the company achieved sales of 93.3 billion, ranking 12th, an increase of 5 positions from the previous year. The collection amount reached 97 billion with a collection rate of 99% [2] 2. **Sales Distribution**: 90% of sales are from first and second-tier cities, with 68% from North China and East China. The top 10 cities contribute 61% of sales [2] 3. **Land Investment**: In the first two months of 2025, total land investment was 18.9 billion, with core city investments increasing significantly. By the end of 2020, the company's unrecognized value was approximately 280 billion, with 87% in first and second-tier cities [3] 4. **Operational Efficiency**: The company has improved cash flow cycles and reduced operational costs significantly. The number of cities managed has decreased from 22 to 18, enhancing decision-making efficiency [4] 5. **Debt Management**: The company has reduced short-term debt to 18% by the end of 2024, with foreign currency debt also decreasing. The cost of new domestic and foreign debt is 3.39%, with domestic debt at 2.87% [5] 6. **Revenue Growth**: The company expects a revenue increase of over 10% in 2025, projecting total revenue around 70 billion [18] 7. **Market Strategy**: The company aims to optimize inventory management and enhance operational efficiency, focusing on high-quality city investments [8][9] 8. **Investment Focus**: Future investments will concentrate on 16 key cities, with a target internal rate of return of 15% and a net profit margin of 12% [11] 9. **Collaboration with Other Firms**: The company has established partnerships with leading firms to reduce land acquisition costs and enhance operational capabilities [15] 10. **Market Outlook**: The real estate market is expected to stabilize, with high-tier cities leading the recovery, which will positively influence lower-tier cities [23] Other Important but Possibly Overlooked Content 1. **Organizational Changes**: The company has undergone significant organizational restructuring, merging regional companies to improve operational agility and decision-making [25] 2. **Product Development**: New product lines have been introduced to enhance competitiveness, including the launch of "金玉满堂" [26] 3. **Financial Strategy**: The company emphasizes a balanced approach to investment and risk management, focusing on sustainable growth and operational efficiency [30] 4. **Government Relations**: The company is actively engaging with government entities to secure favorable land deals and support for urban development projects [20][36] 5. **Long-term Vision**: The management expresses confidence in the company's ability to navigate market challenges and achieve long-term growth through strategic investments and operational improvements [9][12]

Core Viewpoint - China Jinmao reported a revenue of approximately 59.05 billion RMB for 2024, reflecting an 18% year-on-year decrease, while the gross profit margin increased to 15% from 12% in 2023, indicating improved operational efficiency despite declining revenues [3][5]. Financial Performance - Revenue for 2024 was approximately 590.53 billion RMB, down 18% year-on-year [3] - Gross profit was about 85.96 billion RMB, a decrease of 5% year-on-year [3] - Net profit attributable to owners was approximately 10.64 billion RMB, an increase of 115% year-on-year [3] - Total assets reached approximately 409.26 billion RMB, with equity attributable to owners at about 53.58 billion RMB [3] Business Segments - Urban operations and property development generated approximately 493.01 billion RMB, accounting for 82% of total revenue, down 21% year-on-year [3] - Commercial leasing and retail operations brought in about 16.97 billion RMB, representing 3% of total revenue, down 6% year-on-year [3] - Hotel operations generated approximately 16.98 billion RMB, also 3% of total revenue, down 18% year-on-year [3] - Jinmao Services contributed about 29.66 billion RMB, making up 5% of total revenue, with a 10% year-on-year increase [3] - Other income was approximately 47.08 billion RMB, accounting for 7% of total revenue, up 8% year-on-year [3] Cash and Debt Position - As of the end of 2024, cash and cash equivalents were approximately 30.81 billion RMB, while interest-bearing bank loans and other borrowings totaled 122.8 billion RMB [3][4] - The total debt was approximately 122.8 billion RMB, slightly down from 127.38 billion RMB in 2023 [4] Sales and Inventory - The contracted sales for 2024 were approximately 98.3 billion RMB, with 68% from North and East China, and 90% from first and second-tier cities [4] - The total unsold value was approximately 280 billion RMB, with 63% concentrated in economically developed regions [4] - The company held 397 projects with an undeveloped area of approximately 77.96 million square meters [4] Strategic Focus - The company emphasized a strategy of "deep cultivation and focus, improving quality and efficiency," aiming to enhance cash flow and optimize structure during the industry adjustment period [5] - The focus on "activating stock" is deemed more urgent, alongside efforts to improve "incremental" growth through rapid turnover and reinvestment [5]

Sales Performance - China Jinmao Holdings Group reported a signed sales amount of RMB 98,255 million for 2024, a decrease of 30.4% from RMB 141,200 million in 2023[10]. - Revenue for 2024 was RMB 59,053 million, a decrease of 18% compared to RMB 72,403.6 million in 2023[23]. - The company achieved a total contracted sales amount of approximately RMB 98.3 billion in 2024, maintaining its industry position[31]. - The company ranked 12th in sales scale within the industry in 2024, improving by one position from 2023, maintaining its presence in the first tier of the industry[64]. Financial Performance - Gross profit for 2024 was RMB 8,596.9 million, down 5% from RMB 9,021.5 million in 2023[23]. - The profit attributable to the owners of the company was RMB 1,064.8 million, a significant recovery from a loss of RMB 6,896.6 million in 2023, representing a 115% change[23]. - Total assets increased by 1% to RMB 409,256.4 million from RMB 407,119.2 million in 2023[23]. - The equity attributable to the owners of the company rose by 36% to RMB 53,575.1 million from RMB 39,291.3 million in 2023[23]. - Basic earnings per share improved to RMB 5.19 from a loss of RMB 51.62 in 2023, marking a 110% increase[23]. Property Development and Acquisitions - The company successfully acquired multiple land parcels in key cities, including Chengdu, Beijing, and Xi'an throughout 2024, enhancing its land reserves[14][17]. - The company holds a total of 397 projects in urban operations, property development, commercial leasing, and hotel management, with an undeveloped area of approximately 77.96 million square meters[57]. - The company is actively pursuing new projects, including the Beijing Jinmao project with a saleable area of 101,986 square meters, expected to complete in 2026[78]. Operational Efficiency and Strategy - The company aims to enhance operational efficiency in its core development and holding businesses, focusing on high-quality real estate development and premium services[8]. - The company plans to continue its strategy of "activating stock and optimizing increment" to enhance competitiveness and achieve higher quality transformation[27][34]. - The company is strategically positioned to withstand cyclical fluctuations in the market by developing a new model for growth[35]. Hotel and Rental Income - Hotel operating income reached RMB 2,080.4 million in 2024, an increase of 22.5% compared to RMB 1,698.6 million in 2023[10]. - Rental income from major investment properties was RMB 1,697.3 million in 2024, down from RMB 1,802.3 million in 2023, reflecting a decline of 5.8%[10]. - The company is focusing on optimizing hotel operations and enhancing service capabilities to improve performance amid a competitive market[64]. Market Trends and Challenges - In 2024, the real estate market is expected to see a 12.9% decrease in newly sold residential property area and a 17.1% decline in sales value compared to the previous year[61]. - The top 100 real estate companies in China experienced a 28.1% year-on-year decrease in cumulative sales scale in 2024, with the sales threshold for the top 10 companies dropping by 39.3%[62]. - The hotel market in China is facing a downward trend, with average occupancy rates and room prices declining, although first-tier and new first-tier cities show resilience[62]. Sustainability and Innovation - The company has received multiple awards, including the "Outstanding Corporate Social Responsibility Enterprise" and "ESG Model Enterprise" in 2024, highlighting its commitment to sustainability[39][40]. - The company successfully obtained TÜV certification for three products developed by its green construction division, demonstrating its focus on quality and innovation[52]. - The company is enhancing its core competitiveness by building a technological moat around its main business, focusing on "green health" and "smart technology"[35]. Property and Project Details - The total area of commercial and retail projects held by the company is 794,373 square meters[66]. - The company has significant residential projects in Guangzhou, with a total saleable area of 1,261,134 square meters across multiple developments[69]. - The company is expanding its presence in Ningbo with the Ningbo Jin Mao Jiayue Hotel, expected to be completed in 2024, featuring 260 rooms[68]. Customer Engagement and Market Demand - The Hangzhou Shangcheng Jinmao Mansion project achieved a 100% sales rate across all four openings, demonstrating strong demand in the high-end real estate market[109]. - The Nanjing Jinmao Lanhui City became one of the most vibrant shopping centers in Nanjing, ranking top in multiple online sales channels in the Gulou District[156]. - The company is focusing on hotel performance growth by dynamically optimizing operational strategies and enhancing service capabilities in a competitive market[180].

JINMAO中国�淼 中國金茂控股集團有限公司 CHINA JINMAO HOLDINGS GROUP LIMITED ( 於香港註冊成立的有限公司 ) (Incorporated in Hong Kong with limited liability) 股票代號 Stock Code: 00817 中期報告 2024Interim Report 中 国 中 化 成 员 企 业 a sinochem company 目錄 Contents 財務摘要 封面內頁 Financial Highlights Inside Cover 公司資料 1 Corporate Information 主席致辭 3 Chairman's Statement 管理層討論與分析 9 Management Discussion and Analysis 中期財務資料審閱報告 67 Report on Review of Interim Financial Information 中期簡明綜合財務資料 69 Interim Condensed Consolidated Financial Information 中期簡明綜合財務資料附註 ...

Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 21,974.9 million, a decrease of 18% compared to RMB 26,841.3 million in the same period of 2023[5]. - Profit attributable to owners of the parent increased by 133% to RMB 1,010.0 million, up from RMB 432.9 million in the previous year[5]. - Basic earnings per share rose by 123% to RMB 7.26, compared to RMB 3.25 in the same period last year[5]. - The Group's revenue for the same period decreased by 18% to approximately RMB 21,974.9 million, down from RMB 26,841.3 million in the previous year, primarily due to declines in city operations, property development, and hotel operations[89][91]. - Profit before tax increased to RMB 2,189,227, representing a growth of 6.6% from RMB 2,053,655 in the previous year[149]. - The company reported a total of RMB 22,109,686 from the sale of completed properties, marking a significant revenue source[196]. Dividends and Shareholder Returns - The interim dividend per share was declared at 3 HK cents, representing a 100% increase from 1.5 HK cents in the previous year[5]. - The company anticipates the distribution of the interim dividend on or before October 31, 2024[8]. Assets and Liabilities - Total assets as of June 30, 2024, amounted to RMB 419,376.0 million, reflecting a 3% increase from RMB 407,119.2 million as of December 31, 2023[5]. - Total liabilities as of December 31, 2023, were RMB 297,282,084, indicating a strategic management of debt levels[186]. - The company reported segment liabilities of RMB 371,012,988, with intersegment liabilities eliminated amounting to RMB 257,729,298[186]. Market Conditions and Strategic Focus - The real estate industry continues to face challenges, with new residential property sales down 25% year-on-year in the first half of 2024[8]. - The company has revised its strategic plan to focus on becoming a leading urban operator with good efficiency and quality[8]. - The company is focusing on "destocking" and optimizing additional projects to enhance competitiveness and promote high-quality development[23]. - The overall downward pressure on the real estate market remains significant, with the market expected to continue to dip in the short term[23]. Project Development and Sales Performance - In the first half of 2024, the contract amount reached RMB 44.54 billion, ranking 12th in the industry and maintaining stability[18]. - The company delivered approximately 14,000 houses in 27 batches in the first half of the year, achieving a delivery satisfaction score of 90%[21]. - The company achieved a "100% success rate" for new project launches, demonstrating strong product competitiveness[15]. - The sales performance of the Qingdao project ranked No. 1 in online contract signing during the review period, indicating strong market demand[33]. Operational Efficiency and Cost Management - The three expenses recorded a significant decrease year-on-year, supporting the achievement of performance targets[18]. - Selling and marketing expenses decreased by 19% to approximately RMB 982.8 million, primarily due to reduced employee and advertising expenses[96]. - Administrative expenses amounted to approximately RMB 1,285.0 million, representing a decrease of 34% from the previous year, mainly due to lower employee and general office expenses[96]. Cash Flow and Financing Activities - The Group reported a net cash inflow of approximately RMB 2,829.6 million for the six months ended June 30, 2024[109]. - Cash outflow from operating activities was approximately RMB 3,683.2 million, primarily due to land and construction costs[109]. - Cash inflow from financing activities was approximately RMB 10,704.0 million, driven by new bank loans and issuance of perpetual capital instruments[109]. Employee and Shareholder Engagement - As of June 30, 2024, the Group employed a total of 9,640 staff and provides competitive salaries, bonuses, and various benefits including retirement and medical insurance[113]. - The Company may issue up to 1,155,352,832 shares under the New Scheme, representing 8.56% of the issued shares as of the report date[113]. Sustainability and ESG Performance - The company was rated as an enterprise with the "highest rating" in the Asia-Pacific region in 2024 by Morningstar, highlighting its strong ESG performance[21]. - Jinmao is committed to sustainable development, promoting low-carbon and environmentally friendly practices while enhancing community well-being[82]. Future Outlook and Growth Strategies - The company aims to transform towards "high quality, new technology, good service" to better meet the needs of the public[23]. - The management is optimistic about future growth, with ongoing projects expected to contribute significantly to revenue in the upcoming quarters[44]. - The company is exploring potential mergers and acquisitions to strengthen its market position and diversify its portfolio[187].