Company Overview - The Group is one of the foremost property developers in China, with major businesses including property development, investment, and management [15]. - The Group's projects are located in 24 major cities, including Shanghai, Hong Kong, Shenzhen, Guangzhou, Suzhou, Ningbo, Jinan, and Wuhan [15]. - The Group maintains a high-quality investment property portfolio, including landmark properties such as Shanghai Poly Plaza and Beijing Poly Plaza [15]. - The Group's land reserves cover economically vibrant regions such as the Yangtze River Delta and Pearl River Delta [16]. - The Group's chairman is Wan Yuqing, and the managing director is Hu Zaixin [7]. - The Group has undergone changes in its board of directors, with several appointments and resignations in 2024 [10]. Corporate Vision and Values - The Group aims to safeguard the country and serve the people while striving for excellence in its operations [5]. - The Group's corporate vision is to become an inspiring and excellent enterprise [5]. - The Group emphasizes responsibility and development as its core values [5]. Financial Performance - The Group recorded a profit attributable to shareholders of RMB183 million, representing a year-on-year decrease of 87.3% due to market downturn and pressure on selling prices [25]. - Contracted sales for the year amounted to RMB54.2 billion, reflecting a year-on-year growth of 1%, ranking 17th in the industry, a jump of 10 places from the end of 2023 [28]. - The gross profit margin decreased by 4.0 percentage points to 16.4%, with a provision for impairment of properties under development and held for sale amounting to RMB708 million [25]. - The net operating cash inflow was RMB6.8 billion, leading to a net reduction of total borrowings by RMB3.4 billion or 4.7% [31]. - The net gearing ratio decreased by 16.2 percentage points year-on-year to 76.9%, while the cash-to-short-term debt ratio rose from 1.53 to 1.77 [31]. - For the year ended December 31, 2024, the Group recorded a revenue of RMB40,208 million, representing a decrease of 1.8% compared to RMB40,932 million in 2023 [96]. - Profit attributable to shareholders amounted to RMB183 million, a significant decrease of 87.3% from RMB1,445 million in 2023 [96]. - The Group's basic and diluted earnings per share were both RMB4.79 cents, reflecting a year-on-year decrease of 87.3% [96]. Sales and Market Activity - The annual sales of newly-built commercial housing in China amounted to approximately RMB9.7 trillion, representing a year-on-year decrease of 17.1% [24]. - The sales collection for the year was RMB54.8 billion, achieving a collection rate of 101% [28]. - The average selling price of contracted sales was RMB25,546 per square metre, with the average selling price in Mainland China remaining unchanged at RMB21,986 per square metre [104]. - In 2024, Poly Property Group achieved contracted sales of RMB 54,176 million, with the Yangtze River Delta contributing 41% of the total sales [106]. - The total area sold in 2024 was 2,121,000 square metres, with the Yangtze River Delta accounting for 31% of the area sold [106]. Project Development and Construction - The Group added six property development projects in major cities, aiming to enhance returns for shareholders amid sector consolidation [29]. - The Group completed approximately 4,553,000 square metres of construction during the year, with newly commenced construction of approximately 1,555,000 square metres [99]. - The Group had 55 projects under construction and planning, representing a total GFA of approximately 13,164,000 square metres [99]. - The total GFA of new land reserves acquired in 2024 is distributed across various cities, including Shanghai, Ningbo, Shenzhen, and Jinan [107]. - The company maintains that the cost of land for new acquisitions is considered reasonable [107]. Investment Properties - The Group's investment properties have a total gross floor area (GFA) of approximately 682,000 square meters and an asset value of approximately RMB 8,677 million [147]. - The average occupancy rate for investment properties in 2024 was 75% for Beijing Poly Plaza and 92% for Shenzhen Poly Cultural Plaza, indicating strong performance in these locations [150]. - The Group's major investment properties include hotels and commercial spaces located in first-tier cities, enhancing its portfolio in high-demand areas [147]. Property Management - In 2024, the property management companies recorded total revenue of RMB 1,206 million, managing 288 property projects with a GFA of approximately 52,738,000 square meters, representing a 3.9% increase from the previous year [152]. - The Group's property management services have been recognized as leading players in the industry, receiving numerous awards and accolades [151]. Regional Development Focus - As of December 31, 2024, Poly Property Group had 58 projects in the Yangtze River Delta Region, with a total GFA of 2,641,000 square meters, accounting for 20% of the Group's total land reserves [156]. - The total completed GFA by the end of 2024 is projected to be 7,910,000 square meters across various regions [133]. - The company is focusing on expanding its residential offerings in established areas, such as the Poly Brilliant Palace in the Development Zone [161]. - The company is actively developing Poly Center Manor in Qingpu District, which is part of a core area under strategic development [160]. Ongoing and Future Projects - The company is committed to maintaining a strong pipeline of residential and commercial properties to support future growth [183]. - The company continues to expand its project portfolio, with significant contributions from both established and new developments across key regions [135]. - The overall strategy includes a mix of delivered and for-sale projects, ensuring a balanced portfolio to meet market needs [184].
保利置业集团(00119) - 2024 - 年度财报