Sales Performance - In 2024, the company achieved contracted sales of approximately RMB 276.8 billion, ranking third in the industry[15]. - The newly added saleable value ranked fourth in the industry, indicating strong growth momentum[15]. - Total contracted sales area reached approximately 14.09 million sqm, with a total sales amount of approximately RMB 276.8 billion in 2024[103]. - Self-investment projects contributed approximately RMB171.8 billion in sales, with an attributable ratio of 70%[105]. - The sell-through rate for newly launched self-investment properties was 82%, with 64% achieving price premiums at first launches[105]. - The average sell-through rate of existing projects increased by 106% due to customized sales strategies[107]. - The company maintained a leading position in core cities, with 79% of sales from first- and second-tier cities[109]. - Property sales revenue in the Zhejiang area was RMB75.866 billion, accounting for 51.6% of total sales, while Beijing and Shaanxi followed with 11.8% and 9.7% respectively[175]. Financial Performance - In 2023, the company's revenue reached RMB 131,383,150, an increase from RMB 127,153,071 in 2022, reflecting a growth of approximately 1.8%[52]. - The gross profit for 2023 was RMB 17,072,861, down from RMB 22,020,747 in 2022, representing a decline of approximately 22.5%[52]. - The profit for the year in 2023 was RMB 6,678,139, a decrease from RMB 8,894,964 in 2022, marking a decline of around 25%[52]. - The Group's total revenue for the year reached RMB158.546 billion, a 20.7% increase from RMB131.383 billion in 2023, with property sales contributing 92.7% of the total revenue[172]. - Revenue from property sales amounted to RMB147.017 billion, representing a 21.9% increase from RMB120.58 billion in 2023[173]. - The Group recorded a gross profit of RMB20,225 million, an increase of 18.5% from RMB17,073 million in 2023[185]. - The gross profit margin for the Year was 12.8%, a decrease of 0.2 percentage points from 13.0% in 2023[186]. - Profit attributable to owners decreased by 48.8% to RMB1.60 billion, primarily due to asset impairment provisions totaling RMB4.92 billion[101]. Market Conditions - The global economic situation remains challenging, with the real estate industry still in a vulnerable phase of reform, characterized by shrinking market demand and weakening expectations[32]. - Key indicators such as new construction projects and actual funds available for development have sharply declined since 2021, indicating a weakening vitality in the industry[35]. - The average net profit margin in the real estate industry has significantly decreased, marking the gradual end of the "high turnover" model[36]. - The real estate industry is undergoing three fundamental restructurings: market landscape, development model, and competition factors[36]. - The company recognizes the long-term nature of structural adjustments within the industry, with no immediate changes expected in the downward trend of market demand[33]. - In 2024, the Chinese real estate market experienced deep adjustments, with new commercial property sales falling below RMB 10 trillion for the year[95]. - The inventory of commercial properties reached a historical high, indicating ongoing market challenges[96]. - The financing scale of the industry constantly contracted, posing significant challenges for overall market recovery[96]. Strategic Goals and Initiatives - The company aims to build the "quality benchmark among the Top 10" and focuses on being the best at understanding customers and products[16]. - The strategic goal includes creating "Good Houses" that are gorgeous, low-carbon, full-cycle, and healthy[16]. - The company aims to enhance its capabilities from "good" to "excellent" while adhering to prudent and stable operational principles[37]. - The transition from "quantity" to "quality" is a key focus for the company in the current market environment[37]. - The company plans to formulate its "Strategy 2030" plan in 2025, focusing on regional layout, business presence, and capacity deployment for the next five years[40]. - The company is committed to achieving "comprehensively high-quality and sustainable" development in the face of industry challenges[37]. - The company is committed to promoting digitalization to improve management efficiency and support operational decision-making[47]. - Greentown China is focusing on product upgrading by refining construction practices around the six major elements of "Good Houses" to enhance technical support[160]. Project and Land Management - The company has a strong land bank and effective organizational structure, contributing to its sustainable development[14]. - The total site area across various projects amounts to 2,188,934 sqm, with a total gross floor area (GFA) of 5,190,292 sqm[76]. - The company is actively expanding its land bank, with ongoing adjustments to GFA and saleable areas based on planning changes[66]. - The company has a total land reserve of 146 projects with a total GFA of approximately 27.47 million sqm, of which the attributable GFA is approximately 17.85 million sqm[120]. - The average land price per sqm is approximately RMB7,901, with 76% of the saleable value located in first- and second-tier cities[120]. - The company acquired 42 new projects with a total GFA of approximately 4.18 million sqm, incurring costs of approximately RMB48.4 billion and an average land cost of RMB14,383 per sqm[111]. Operational Efficiency - The Company completed the delivery of 241 projects, covering approximately 30.6 million sqm, with a delivery satisfaction score of 91 points, an increase of 2 points year-on-year[132]. - The average construction cost was reduced by approximately RMB114 per sqm, achieving over a 14% price reduction in key categories through centralized procurement[133]. - The development cycle for newly acquired projects was shortened to 1.7 months from land acquisition to commencement of construction, and 12.3 months to achieve positive operational cash flow[131]. - The organization achieved a total engagement score of 92% in 2024, maintaining a position above the industry average[135]. - The Company optimized 92 management systems, enhancing the efficiency and quality of its governance structure[136]. Sustainability and Social Responsibility - Greentown China constructed a total of 327 green building projects by the end of 2024, with an additional 2.28 million sqm certified as green buildings during the year[147][148]. - The Company has actively participated in the construction of affordable housing, with cumulative delivery reaching approximately 63.9 million sqm, benefiting around 428,000 residents[147]. - Greentown China's ESG governance received a BBB rating from MSCI and an A rating from Wind, placing it in the top 5% of the industry[153]. - As of December 31, 2024, Greentown China had delivered approximately 63.9 million sqm of affordable housing, improving living conditions for about 428,000 households[150].
绿城中国(03900) - 2024 - 年度财报