克而瑞地产研究·2025-05-22 08:53Core Viewpoint - The "2025 Real Estate Listed Companies Evaluation Research" report highlights a significant decline in the performance of listed real estate companies in China, with key metrics such as total assets, revenue, and profitability showing negative trends, indicating a challenging market environment for the industry [1][19][40]. Evaluation Results - The evaluation covers eight major aspects with 20 secondary indicators and 44 tertiary indicators, making it one of the most important professional assessments of listed real estate companies in China [1]. - The report indicates that the average total asset scale of listed real estate companies in 2024 was 1334.04 billion, with a year-on-year decline of 6.66% [19][27]. - The average revenue from real estate development for listed companies was 228.49 billion, down 11.42% year-on-year, reflecting a significant contraction in the market [19][27]. Financial Performance - The average net profit for listed real estate companies was -1.37 billion, marking a 114.35% year-on-year decline, with the net profit margin turning negative for the first time [19][23][27]. - The average net asset return rate decreased to 0.24%, down 1.18 percentage points from the previous year, indicating reduced profitability [19][23][27]. Market Trends - The report notes that the real estate market in 2024 continued to experience a downward trend, with new residential sales area and sales amount both showing negative growth, returning to levels seen in 2009 and 2015-2016, respectively [24][40]. - The average earnings per share for listed real estate companies saw a significant drop, reflecting a lack of confidence among buyers due to economic pressures [23][24]. Debt and Financing - The average net debt ratio for listed real estate companies rose to 83.99%, an increase of 7.24 percentage points from the previous year, indicating growing leverage and financial strain [19][27]. - The total financing amount for the top 30 listed real estate companies was 3934.61 billion, a year-on-year increase of 2.02%, suggesting ongoing efforts to manage debt [27][29]. Operational Efficiency - The average inventory turnover rate for listed companies was 0.36, down from the previous year, reflecting challenges in sales and inventory management [36]. - Approximately 80% of listed real estate companies reported a decline in inventory, with an average decrease of 9.75%, indicating a contraction in operational scale [36][40]. Social Responsibility - The average tax amount paid by listed real estate companies was 9.32 billion, down approximately 23.92% year-on-year, reflecting the industry's overall revenue decline [37]. - All top 10 listed real estate companies published their social responsibility reports for 2024, indicating a commitment to ESG practices amid market challenges [37].