华润置地李欣：房地产将迎来止跌回稳和突围破局的重要窗口期

Core Viewpoint - The real estate market is undergoing a deep adjustment, but recent policy measures have led to a stabilization in sales and prices, indicating an important window for recovery and breakthrough in the industry [3][4]. Company Strategy - The company emphasizes the need for enhanced capabilities in precise investment, refined operations, and high-quality products as the market enters a lean development phase [3]. - For 2025, the company will adhere to a principle of cautious investment, focusing on cash flow safety while optimizing land reserves and structural adjustments [3][4]. Investment Performance - In the previous year, the company acquired 29 projects with an equity investment of 52.6 billion, maintaining a top-three position in investment intensity, with 94% of investments in first- and second-tier cities [4]. - The company aims to increase inventory turnover and leverage central government support to enhance land utilization, achieving a significant resource exchange effect [4]. Financial Highlights - The company reported a total saleable resource of 500.9 billion for 2025, with 89% located in high-energy first- and second-tier cities, and residential products making up 77% [5]. - In 2024, the company achieved a contract amount of 261.1 billion, accounting for 2.7% of national housing sales, ranking third in the industry; total revenue reached 278.8 billion, an 11% year-on-year increase, while net profit decreased by 18.5% to 25.58 billion [5]. - The company’s comprehensive gross margin stands at 21.6%, with a net interest-bearing debt ratio of 31.9% and a weighted average financing cost reduced to 3.11% [5].