利润大跌近7成，越秀地产为了规模不要利润？

Group 1 - The core viewpoint of the article highlights the contrasting performance of Yuexiu Property in 2024, achieving revenue growth but facing significant profit declines and unmet sales targets [1][2][3] - In 2024, Yuexiu Property reported revenue of 86.4 billion yuan, a year-on-year increase of 7.7%, while the contract sales amounted to 114.54 billion yuan, marking a 19.4% decline [2][11] - The company set a sales target of 147 billion yuan for 2024 but fell short by over 32 billion yuan, leading to a revised target of 120.5 billion yuan for 2025 [2][14] Group 2 - The decline in profit is notable, with net profit attributable to equity holders dropping by 67.3% to 1.04 billion yuan, the lowest level since 2015 [2][6][8] - Yuexiu Property's strategy focuses on key first- and second-tier cities, which are seen as more resilient in the current market environment [4][5] - The company has aggressively acquired land in competitive markets, becoming a "land king" in Guangzhou, with significant land purchases at high premium rates [6][10] Group 3 - The workforce has been reduced by over 4,000 employees in 2024, leading to a 17.2% decrease in administrative expenses [15] - Despite the profit decline, the company completed new financing of approximately 41.69 billion yuan in 2024, with total borrowings around 103.89 billion yuan [26][29] - Yuexiu Property aims to improve product quality and address past issues, as indicated by their new "good product" initiative [18][29]