CHINA OVERSEAS(HK:00688) Zhong Guo Jing Ji Wang·2025-03-31 07:28Core Viewpoint - China Overseas Development Company reported its 2024 annual performance amidst a declining real estate market, focusing on development and safety to create value for shareholders, achieving revenue of RMB 185.15 billion and a pre-tax profit of RMB 26.41 billion, with a core profit attributable to shareholders of RMB 15.72 billion, maintaining industry-leading levels [1] Group 1: Sales Performance - The company achieved contract sales of RMB 310.7 billion, a year-on-year increase of 0.3%, making it the only company among China's top ten real estate firms to experience sales growth, ranking first in equity sales [2] - In key markets, the company ranked among the top three in Beijing, Shanghai, Guangzhou, and Shenzhen, with a market share of 3.21%, an increase of 0.55 percentage points from the end of 2023 [3] Group 2: Commercial Revenue - The company launched nine commercial projects, resulting in a 12.1% year-on-year increase in commercial property revenue to RMB 7.13 billion, maintaining rapid growth [4] Group 3: Financial Health - The company received a credit rating upgrade to A- with a stable outlook from S&P Global, becoming the only Chinese real estate firm with dual A international credit ratings, while reducing interest-bearing debt by RMB 17.55 billion, with a debt-to-asset ratio of 55.8% and a net gearing ratio of 29.2%, among the lowest in the industry [5] - The company reported a record net operating cash inflow of RMB 46.45 billion, with cash on hand amounting to RMB 124.17 billion, representing 13.7% of total assets, indicating strong liquidity and development momentum [6] Group 4: Product Recognition - The company's "Good House" model received high recognition, emphasizing quality construction and design, aligning with the government's 2025 construction standards, and enhancing the company's competitive advantage [7]