Core Viewpoint - Greentown China reported a significant decline in revenue and profit for the first half of the year, attributed to reduced area for revenue recognition and efforts to reduce long-term inventory, while maintaining a high collection rate of 96% [1][2] Financial Performance - Total revenue for the first half of the year was 53.368 billion, a year-on-year decrease of 23.28% - Shareholder profit was 210 million, down 89.74% year-on-year - Sales amount reached 122.2 billion, ranking the company second in the industry - Equity sales amounted to 53.9 billion, placing the company in the top five [1] Inventory Management - The company recognized an inventory impairment of 1.938 billion, with 1.717 billion related to subsidiaries, primarily from projects acquired in 2021 - The management emphasized that the pressure of inventory impairment is a challenge faced by all real estate companies, and Greentown has found its optimal solution [1][3] Sales Strategy - The company launched 17 new projects in the first half of the year, achieving a project realization rate of 88% and a de-stocking rate of 82%, both exceeding the full-year targets for 2024 - The sales strategy focused on balancing speed and price, with a comprehensive management upgrade across the project lifecycle [2][3] Project Acquisition - In the first half of the year, Greentown acquired 35 projects with a total construction area of 3.55 million square meters, generating over 90 billion in new value, with 88% of this value located in first and second-tier cities [3] Future Land Acquisition Strategy - The company plans to slow down its land acquisition pace in the second half of the year due to the volume acquired in the first half, adopting a more cautious and precise strategy for new projects [4] - The annual land acquisition target is expected to be adjusted dynamically based on sales performance and cash flow, estimated at around 120 billion [4] Industry Outlook and Company Strategy - Greentown China aims to maintain its strategic focus amidst industry changes, emphasizing three key principles: unwavering strategic determination, commitment to product quality, and prudent operations [5]
财面儿·中报洞见丨绿城中国上半年项目平均净利润率超12%，三个不动摇锚定未来发展方向