Zhi Tong Cai Jing·2024-03-28 04:26Core Viewpoint - China Overseas Development (00688) reported a revenue of 202.52 billion RMB for the year ending December 31, 2023, representing a year-on-year increase of 12.3% [1] - The company's net profit attributable to shareholders was 25.61 billion RMB, up 10.1% year-on-year, indicating strong resilience and value creation for shareholders despite a challenging market environment [1] Financial Performance - Revenue for the year reached 202.52 billion RMB, a 12.3% increase compared to the previous year [1] - Net profit attributable to shareholders was 25.61 billion RMB, reflecting a 10.1% year-on-year growth [1] - Core net profit attributable to shareholders was 23.65 billion RMB, with basic earnings per share at 2.34 RMB [1] - The proposed final dividend is 0.45 HKD per share [1] Sales and Property Development - Contracted property sales increased by 5.1% to 309.81 billion RMB, while the corresponding sales area decreased by 3.7% to 13.36 million square meters [1] - The commercial property revenue rose by 20.9% to 6.36 billion RMB, supported by the addition of 12 new commercial properties [1] - The flagship shopping center, Zhenru Huanyu City MAX, opened in December 2023 and has maintained a top position in Shanghai's shopping center rankings [1] Land Acquisition and Reserves - The company acquired 43 new land parcels across 23 cities in mainland China and Hong Kong, with a total building area of 7.64 million square meters [1] - The equity land price for these acquisitions was 122.66 billion RMB, a 42.0% increase year-on-year [1] - As of December 31, 2023, the total land reserve amounted to 54.03 million square meters [1] Debt and Financing - Total borrowings stood at 257.66 billion RMB, with bank balances and cash amounting to 105.63 billion RMB [1] - The net gearing ratio was 38.7%, with a weighted average financing cost of 3.55%, positioning the company within the lowest financing cost range in the industry [1]