华润置地(01109) - 2024 - 年度财报

Financial Performance - In 2024, the company's revenue reached RMB 278.8 billion, representing an 11.0% year-over-year increase[11]. - The core net profit for 2024 was RMB 25.4 billion, reflecting an 8.5% decrease compared to the previous year[11]. - The recurring business revenue in 2024 was RMB 41.6 billion, which is a 6.6% increase year-over-year[11]. - The full-year dividend per share for 2024 was RMB 1.319, down 8.5% year-over-year[11]. - Revenue for 2024 reached RMB 278,799 million, reflecting an 11.0% increase from RMB 251,137 million in 2023[84]. - Gross profit for 2024 was RMB 60,334 million, down 4.5% from RMB 63,162 million in the previous year[84]. - Net profit attributable to owners of the Company for 2024 was RMB 25,577 million, a decline of 18.5% from RMB 31,365 million in 2023[84]. - Core net profit attributable to owners of the Company decreased by 8.5% to RMB 25,418 million from RMB 27,774 million[84]. - The gross profit reached RMB60.33 billion, with a comprehensive gross profit margin of 21.6%, down 3.6 percentage points year-on-year[130]. - The gross profit margin for the investment property business increased by 0.4 percentage points year-on-year to 70.0%[130]. Sales and Market Position - The contracted sales for 2024 amounted to RMB 261.1 billion, ranking third in the industry[13]. - Contracted sales for 2024 amounted to RMB 261,100 million, a decrease of 15.0% compared to RMB 307,033 million in 2023[84]. - The Group's contracted sales amounted to RMB261.1 billion, accounting for approximately 2.7% of total commercial housing sales in the PRC, with an industry ranking increase to 3rd place[92]. - Recognised revenue from development properties for 2024 was RMB237.15 billion, representing an increase of 11.8% YoY, while booked GFA decreased by 10.0% YoY to 10.65 million square meters[141]. Asset Management and Investments - By the end of 2024, the asset management scale reached RMB 462.1 billion, an 8.1% increase year-over-year[13]. - The Group acquired 29 projects with an equity investment of RMB52.6 billion, maintaining a focus of 94% on tier-one and tier-two cities[93]. - The Group achieved total comprehensive revenue of RMB278.8 billion in 2024, representing a year-on-year increase of 11.0%[126]. - The investment property business included significant projects such as Changsha MIXc with a total GFA of 255,000 square meters, fully attributable to the group[166]. - The Group acquired 29 high-quality land parcels in 2024, with a total land premium of RMB77.58 billion, adding 3.93 million square meters to its land bank[176][177]. Operational Metrics - The number of operational shopping malls by the end of 2024 was 92, with retail sales of RMB 195.3 billion, up 19.2% year-over-year[13]. - The average occupancy rate for newly opened malls in 2024 was 95.9%[59]. - Retail sales from shopping malls reached RMB195.3 billion, representing approximately 0.4% of national retail sales, with an operating profit margin of 61%[98]. - The total GFA of shopping malls increased by 19.0% YoY to 11.46 million square meters[150]. - The total carrying value of shopping malls after revaluation was RMB212.99 billion, accounting for 18.9% of the Group's total assets[150]. Financial Position and Debt Management - Total assets at year-end 2024 were RMB 1,128,394 million, down 5.3% from RMB 1,191,177 million in 2023[84]. - The total debt at year-end 2024 was RMB 259,782 million, an increase of 8.5% from RMB 239,529 million in 2023[84]. - Cash reserves at the end of 2024 increased by 16.5% year-on-year to RMB133.21 billion, maintaining low total interest-bearing gearing and net gearing ratios[120]. - The net interest-bearing debt-to-equity ratio was 31.9% as of December 31, 2024, down from 32.6% at the end of 2023, indicating a strong financial position[187]. - The Group maintained a low weighted average financing cost of approximately 3.11% as of December 31, 2024, a decrease of 45 basis points from 3.56% at the end of 2023[188]. Employee and Corporate Governance - The total number of employees in mainland China and Hong Kong was 65,785 as of December 31, 2024[200]. - The company offers performance bonuses and other employee benefits, including provident funds and insurance[200]. - The company maintains credit ratings of BBB+, Baa1, and BBB+ from S&P, Moody's, and Fitch respectively[193]. Sustainability and Community Impact - The Group's carbon emission intensity was reduced by 27.16% through energy-saving technologies, achieving zero carbon electricity usage upon opening for Xi'an MIXc[119]. - The Group constructed 19.15 million square meters of affordable housing, contributing to community welfare and rural revitalization[119].