PDH(600048) 证券时报网· Zheng Quan Shi Bao Wang·2025-01-17 23:32Core Viewpoint - Poly Developments has reported a decline in both revenue and net profit for the year 2024, attributed to a decrease in the scale of project deliveries and a drop in gross profit margins [1][3]. Group 1: Financial Performance - In 2024, Poly Developments achieved an operating revenue of 312.81 billion yuan, a year-on-year decrease of 9.83%, and a net profit attributable to shareholders of 5.02 billion yuan, down 58.43% year-on-year [1]. - The company's total assets and net asset levels remained stable, with a slight increase of 0.22% in net asset per share due to share buybacks [1]. Group 2: Sales and Market Position - Poly Developments secured the title of industry sales champion in 2024, with a signed area of 17.97 million square meters and a signed amount of 323.03 billion yuan [2]. - The company's sales amount represented a 23.5% year-on-year decline, which was better than the overall market decline of 30.6% for the top 100 real estate companies [2]. Group 3: Resource and Financing - In 2024, Poly Developments added a new value of 129.3 billion yuan, ranking third in the industry, with significant investments in the Guangdong-Hong Kong-Macao Greater Bay Area and the Yangtze River Delta [2]. - The company increased its financing efforts, raising a total of 49.27 billion yuan in the public market from January to November 2024, and plans to issue convertible bonds to raise 9.5 billion yuan for various projects [2]. Group 4: Market Outlook - The real estate market is currently in a bottoming phase, with ongoing challenges due to declining sales and slow capital recovery [3]. - Despite a recent warming in core city markets, the overall market remains in an adjustment phase, with many listed real estate companies reporting lower performance [3]. - Looking ahead to 2025, there are expectations for policy support to drive recovery, but significant challenges remain for the real estate market [3].