CECL(SH:600675) 3 6 Ke·2025-05-19 02:14Core Viewpoint - In 2024, the company experienced a decline in revenue from its real estate development segment due to project handovers, while both the commercial and property management segments saw revenue growth [1][4]. Group 1: Revenue Performance - The real estate development segment's revenue decreased, with total sales amounting to 5.82 billion yuan and a sales area of 100,000 square meters, resulting in a handover revenue of 5.05 billion yuan and a handover area of 75,000 square meters [1]. - The company's total operating revenue for the period was 6.959 billion yuan, a decrease of 47.23% compared to the same period last year, with a net profit attributable to shareholders of -317 million yuan, down 157.06% year-on-year [1]. - The main projects contributing to revenue in 2024 included the Zhongqi Yuncui Forest project in Shanghai, while several key projects were not included in the 2024 revenue recognition [1]. Group 2: Business Segment Performance - The main business revenue accounted for 99.69% of total revenue, with real estate business revenue at 5.918 billion yuan and a gross margin of 37.61%, down 51.93% year-on-year [4]. - Property management revenue reached 698 million yuan, with a gross margin of 4.1%, an increase of 16.16% compared to the previous year [4]. - Commercial revenue was 320 million yuan, reflecting a growth of 41.98% year-on-year [4]. Group 3: Land and Financing - The company faced insufficient land reserves, with no new land acquisitions in 2024, relying on previously accumulated land reserves [7]. - The company had only three plots of land awaiting development, totaling 212,200 square meters [7]. - The net debt ratio for 2024 was 27.6%, continuing a three-year decline, and the cash-to-short-term debt ratio was 13.9 times, the lowest in five years [8]. Group 4: Asset Optimization and Agricultural Development - The company focused on optimizing existing assets, expanding leasing business scale, and enhancing asset management efficiency, achieving a rental income of 647 million yuan from over 800,000 square meters of leasable assets [13]. - The company improved its property management system and service quality, managing 296 projects with a total area of 25.5 million square meters, leading to significant revenue growth [14]. - The company also developed urban agriculture, achieving a revenue of 320 million yuan in 2024 through enhanced supply chain management and market expansion [14].