LONGFOR GROUP(HK:00960) Mei Ri Jing Ji Xin Wen·2025-03-28 11:16Core Viewpoint - Longfor Group emphasizes prioritizing debt safety over incremental investment in its 2024 annual performance report, reflecting a cautious approach amid industry challenges [2][4][10]. Financial Performance - In 2024, Longfor Group achieved a revenue of 127.47 billion yuan and a net profit attributable to shareholders of 10.4 billion yuan, with a core net profit of 6.97 billion yuan after excluding fair value changes, resulting in a gross margin of 16% [2][4]. - The operational and service segment generated 26.71 billion yuan in revenue, accounting for approximately 21% of total revenue, up from 9% two years ago, contributing around 8 billion yuan to core net profit [4]. Debt Management - As of the end of 2024, Longfor Group's total borrowings amounted to 176.32 billion yuan, a decrease of approximately 16.3 billion yuan from the beginning of the year, with cash on hand at 49.42 billion yuan and a net debt ratio of 51.7% [10][12]. - The company aims to reduce overall debt to around 140 billion yuan by the end of 2025, with a focus on optimizing the financing structure and extending debt maturity [12]. Land Acquisition and Development Strategy - In 2024, Longfor Group acquired nine plots of land in major cities, adding a total construction area of 830,000 square meters, with an equity area of 390,000 square meters, bringing total land reserves to 33.12 million square meters [5]. - The company plans to maintain a steady investment strategy while ensuring debt repayment safety, with expectations of significant sales opportunities in 2025 [5][12]. Future Growth Expectations - Longfor Group's commercial segment is projected to achieve over 10% growth in 2025, driven by ongoing adjustments and upgrades to existing projects and the opening of a new shopping mall [5].