徐荣亮相业绩发布会，华润置地经常性业务利润首超百亿元

Core Viewpoint - China Resources Land is implementing a strategy of adjusting pace, structure, and layout to optimize land reserve resources and structure [1] Financial Performance - In 2024, China Resources Land reported a total revenue of 278.799 billion yuan, an 11% increase year-on-year, marking a five-year high; however, net profit attributable to shareholders decreased by 18.45% to 25.577 billion yuan, and core net profit fell by 8.5% to 25.42 billion yuan [2] - The company's profit level has dropped to a near six-year low, slightly above 2018 levels, indicating that scale growth has not translated into profit conversion [2] - The decline in net profit is primarily attributed to a decrease in gross margin, which fell by 3.6 percentage points to 21.6% in 2024, with the gross margin for development and sales business at 16.8%, down 3.9 percentage points year-on-year [2] Business Segmentation - The development and sales business achieved a revenue of 237.15 billion yuan, an 11.8% increase year-on-year, while recurring business revenue (including operating real estate and asset management) reached 41.65 billion yuan, up 6.6%, accounting for 14.9% of total revenue [3] - The core net profit from recurring business grew by 8.2% to 10.3 billion yuan, marking the first time it surpassed 10 billion yuan, with its contribution to core net profit rising by 6.3 percentage points to 40.7% [3] Commercial Real Estate Performance - Despite a slowing consumer market, the shopping centers under China Resources Land achieved a retail sales figure of 195.3 billion yuan, a 19% increase year-on-year, with rental income of 19.35 billion yuan and an operating profit margin of 61% [4] - The company opened 16 new shopping centers in 2024, the highest in its history, with an average opening rate exceeding 95% [4] Investment Strategy - In 2024, China Resources Land acquired 29 new projects, adding approximately 3.93 million square meters of land reserves with an investment amount of 52.6 billion yuan, maintaining a top-three position in investment intensity within the industry [4] - The company focuses on urban concentration and deep cultivation, with 94% of investments in first- and second-tier cities, and 72% in core cities such as Beijing, Shanghai, Guangzhou, Shenzhen, and Hangzhou [4] Inventory Management - China Resources Land is actively increasing inventory reduction efforts and utilizing supportive central policies to enhance land revitalization, achieving significant results in resource exchange [5] - The company’s land reserves in first- and second-tier cities account for 82%, meeting development needs [5] Market Outlook - The new president of China Resources Land, Xu Rong, noted that the combination of policies to stabilize the real estate market has effectively boosted market confidence and reduced purchasing costs, leading to a rapid recovery in market activity [6][7] - Despite the recovery, high inventory pressure remains, necessitating a restructured supply-demand balance in the long term [7] - 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 [7]