增收不增利，“利润王”华润置地净利润下跌

Core Viewpoint - China Resources Land reported a significant increase in revenue but a decline in net profit, indicating a "revenue growth without profit growth" scenario for the year 2024 [1][2]. Financial Performance - The company's total revenue for 2024 reached RMB 278.8 billion, marking an 11% year-on-year increase, the highest in nearly five years [1][2]. - Shareholders' net profit was RMB 25.6 billion, a decrease of 18.45% compared to the previous year, reaching the lowest level in five years [1][2][3]. - The overall gross profit margin fell to 21.6%, down from 30.9% in 2020, representing a decline of 9.3 percentage points over five years [3]. Cost and Profitability Analysis - The cost of sales increased significantly, with sales costs amounting to RMB 218.5 billion, up from RMB 188 billion the previous year [2]. - The gross profit for 2024 was RMB 60.3 billion, down from RMB 63.2 billion in 2023 [2]. - The gross margin for the development and sales business decreased from 29.1% in 2020 to 16.8% in 2024, a drop of 12.3 percentage points [3]. Regional Performance - The company reported varying performance across regions, with the East China region contributing the highest contract amount at RMB 73.4 billion, accounting for 28.1% of total contracts [5]. - The Central and Western regions showed strong growth, with contract amounts of RMB 62.3 billion and RMB 32.2 billion, respectively, indicating a strategic focus on these areas [5]. Strategic Insights - The decline in profitability is attributed to the company's strategy of acquiring land at high premiums and adopting a "price for volume" sales approach, leading to reduced margins [5]. - The company’s recurring income business showed promising growth, with revenues of RMB 41.6 billion, a 6.6% increase, and core net profit contribution rising to RMB 103 billion, up 8.2% [6]. - The asset management business is highlighted as a key growth driver, with assets under management reaching RMB 462.1 billion, reflecting an 8.1% growth [6].