CMSK(SZ:001979) Cai Jing Wang·2025-04-24 03:07Core Viewpoint - The company emphasizes a strategic focus on enhancing capabilities, including product iteration, content operation, and service value, while maintaining a stable and high-quality development approach in the real estate sector [1][2]. Group 1: Company Strategy - The company plans to maintain strategic determination and adhere to the "four no losses" work requirements: "no mistakes, no blood loss, no speed loss, no ambition loss" [2]. - The investment strategy will focus on core cities and sectors, ensuring cash flow safety while pursuing high-quality growth [2]. - The company aims to enhance its asset operation capabilities through a REITs platform, integrating operations with real estate investment trusts to create a new model for resource circulation [2]. Group 2: Market Outlook - Despite a slight year-on-year decline in new housing sales, the market shows signs of stabilization and recovery, with a 20% year-on-year increase in second-hand housing transactions in 30 key cities [1]. - The real estate industry is projected to maintain a scale of 8-10 trillion yuan, indicating a substantial market opportunity [1]. - The rapid iteration of residential products is expected to stimulate consumer interest in purchasing and upgrading homes [1]. Group 3: Financial Strategy - The company plans to develop new financing models in response to the evolving real estate landscape, focusing on asset yield and turnover cycles [3]. - Aiming for a "fortress-style" balance sheet and a "cotton-padded jacket-style" cash flow statement, the company will work on cost reduction and efficiency improvement [3]. - The goal is to maintain an industry-leading capital structure and optimal funding cost levels [3].