高品质发展时代，长跑选手保利发展的领跑答卷

Core Insights - The real estate industry is undergoing significant changes, with leading companies facing market pressures, yet some, like Poly Developments, are demonstrating resilience and adaptability [1][2]. Sales Performance - In 2024, Poly Developments achieved a signed contract amount of 3230.29 billion, maintaining its position in the "3000 billion" club, alongside only one other company [2]. - The company saw a 40% year-on-year increase in sales area in first-tier cities during the fourth quarter, significantly outperforming the industry average [2]. - Sales from new projects acquired in 2022 and beyond reached nearly 2000 billion, accounting for about 60% of total sales [2]. Strategic Management - Poly Developments has effectively implemented a "de-leveraging" strategy since 2021, focusing on inventory management and project liquidation, resulting in a significant reduction in inventory [3]. - The company has adapted its sales strategies to market dynamics, optimizing inventory management and accelerating project liquidation, with a 20% decrease in the area of opened projects compared to the beginning of the year [4]. Financial Performance - In 2024, Poly Developments reported approximately 3116.6 billion in revenue and a net profit of about 50.01 billion, maintaining a strong position within the industry [5]. - The company reduced interest-bearing liabilities by 5.4 billion and lowered the comprehensive cost of existing interest-bearing liabilities to 2.92%, a decrease of 22 basis points from the previous year [7]. - Operating cash flow remained positive for the seventh consecutive year, with a net cash flow of 6.3 billion and year-end cash reserves of 134.2 billion [7]. Product Quality and Innovation - Poly Developments has positioned itself as a leader in product quality, ranking second in the industry according to CRIC, with its "Tianyue Renhe" product series achieving high sales rates [9]. - The company has implemented innovative construction practices, reducing construction time by over 30% and ensuring quality control through technology [10]. Diversification and Future Outlook - The company is expanding its asset management and commercial operations, with a rental housing brand rapidly growing to over 45,000 units [10]. - Management believes that focusing on customer-centric approaches will enable the company to navigate market cycles successfully and maintain its leading position [10].