PDH(SH:600048) Mei Ri Jing Ji Xin Wen·2025-04-29 10:26Core Viewpoint - In 2024, China's real estate industry continues to stabilize amid policy support and market differentiation, with Poly Developments demonstrating resilience and growth despite industry challenges [1] Financial Performance - Poly Developments achieved a contract signing amount of 323 billion yuan, maintaining the industry's leading position, with operating cash flow positive for seven consecutive years [1][2] - The company reduced interest-bearing liabilities by 5.4 billion yuan, with the comprehensive cost of existing interest-bearing liabilities decreasing to 2.92%, down 22 basis points from the previous year [2] - The company’s cash flow management resulted in a net operating cash flow of 6.3 billion yuan, with year-end cash reserves of 134.2 billion yuan, significantly exceeding industry averages [2][4] Strategic Initiatives - Poly Developments actively utilized policy tools such as "operating property loans" and "real estate financing coordination mechanisms," securing 13 billion yuan in new operating loans [3] - The company plans to issue a targeted convertible bond with a financing scale of 8.5 billion yuan, further broadening its financing channels [3] Product Development and Market Position - The company transitioned from a "product developer" to a "city operation service provider," focusing on quality competition and technological innovation, resulting in a rise in product strength ranking from ninth to second in the industry [3][4] - Poly Developments completed the delivery of 165,000 residential units, with 22 projects recognized as exemplary construction sites, enhancing market confidence [4] Operational Efficiency - The company implemented a "fast construction system" in Hainan, achieving project completion within 14 months and reducing construction time by over 30% [5] - The rental housing brand "He Yu" expanded rapidly, with over 45,000 units in operation, and the third-party management area increased to 5.256 million square meters [5] Market Outlook - Poly Developments' strategic focus on core cities and optimized land reserve structure positions it well for future growth, with a market share of 7.1% in 38 core cities, reflecting a 0.3 percentage point increase from 2023 [6] - The company is expected to benefit from increased policy support in 2025, reinforcing its competitive edge in the evolving real estate landscape [6]