Core Viewpoint - Midea Real Estate aims for a compound annual growth rate (CAGR) of at least 25% in revenue and 20% in net profit attributable to shareholders by 2025, focusing on a mixed asset-light and heavy model post-restructuring [1][2]. Group 1: Business Strategy and Restructuring - The company plans to divest its real estate development business and undergo asset restructuring to significantly reduce interest-bearing liabilities while integrating high-quality assets [1][2]. - After restructuring, the business will consist of four main segments: development services, property management services, asset operation, and real estate technology [2][3]. - The company will maintain a balanced revenue contribution from property management and development services, which are expected to account for about 70% of the total revenue over the next three years [1][2]. Group 2: Financial Performance - In 2024, the retained business generated revenue of 3.73 billion yuan, a year-on-year increase of 33%, with a gross margin of 35.7% and a core net profit of 500 million yuan, up 25% [2]. - The property management segment contributed 1.84 billion yuan in revenue, reflecting a 13% increase, while the asset operation segment saw a significant growth of 91.8%, reaching 987 million yuan [2]. - Despite the high revenue contribution from property management and asset operation, the development services segment is expected to provide new growth opportunities starting in 2025 [3][4]. Group 3: Market Position and Future Outlook - The company emphasizes that it will not solely become a property management or commercial management firm post-restructuring, as it aims to leverage its full value chain in real estate development [3]. - The focus on value extraction from the existing market and competitive positioning will require a comprehensive service capability beyond just property management [3]. - The property management segment is projected to remain a crucial part of the business, with its revenue share expected to stabilize around 40% in 2025 [4].
美的置业：2025年开发服务将成上市公司新的增长点