Core Viewpoint - The recent high land prices in Chengdu, particularly the record-breaking floor price of 31,700 yuan per square meter for the Danyuan West plot, indicate a bullish sentiment in the real estate market despite the overall economic uncertainty [1][2][3]. Group 1: Chengdu Land Prices - Chengdu's recent land auctions saw three plots sold at high premiums, with the Danyuan West plot achieving a floor price of 31,700 yuan per square meter, surpassing previous records [1][2]. - The Danyuan West plot's winning bid by China Merchants Shekou at a 70.4% premium reflects a significant risk appetite among developers [2][3]. - The previous record was held by Beike, which sold a plot for 27,300 yuan per square meter in September 2023 [1]. Group 2: Market Resilience - Chengdu's real estate market has shown resilience, maintaining the highest transaction volume in new homes in China, with 111,000 units sold in 2024, despite a 24.5% year-on-year decline [6][7]. - The second-hand housing market in Chengdu also led the nation with 231,000 units sold, marking a 5.2% increase year-on-year [8][9]. - The overall transaction area for both new and second-hand homes in Chengdu ranked first nationally, indicating strong market activity [10]. Group 3: Economic Indicators - China Merchants Shekou reported a slight increase in revenue to 178.95 billion yuan in 2024, but profits fell sharply by 35.02% to 9.09 billion yuan, raising questions about the sustainability of high land prices [3][5]. - The overall economic and employment situation remains uncertain, which may hinder a strong rebound in housing prices [28][29]. Group 4: Market Dynamics and Inventory - Chengdu's total housing inventory is approximately 270,000 units, with second-hand listings exceeding new homes by 1.6 times, indicating a saturated market [27]. - The market is expected to experience significant differentiation, with core areas showing better performance compared to peripheral regions [30][31]. - The absorption rate in core districts is much faster, with some areas like Wuhou and Jinjiang having a turnover period of just over two months, while outer districts face longer turnover periods exceeding 24 months [37][39].

【二手房成交】 1-2 月一线城市楼市成交同比正增长，弱能级城市仍 然承压；土拍溢价率创 42 个月以来新高 核心观点 【新房成交】 房地产行业|证券研究报告—行业月报 2025 年 3 月 13 日 强于大市 投资建议 房地产行业2025年2月月报 中银国际证券股份有限公司 具备证券投资咨询业务资格 房地产行业 证券分析师：夏亦丰 (8621)20328348 yifeng.xia@bocichina.com 证券投资咨询业务证书编号：S1300521070005 证券分析师：许佳璐 (8621)20328710 jialu.xu@bocichina.com 证券投资咨询业务证书编号：S1300521110002 因去年同期恰逢春节假期低基数原因，2 月新房成交面积同比增速转正。2 月 40 城新房成交面积环比-14.2%，同比+25.0%，同比增速由负转 正，同比增速较上月上升 36.6pct。1-2 月 40 城新房成交面积累计同比+1.8%。 从各能级城市来看，高能级城市新房成交量同比正增长，一线城市因新政利好效应增幅居前，三四线城市同比负增长。1）一线城市：2 月新 房成交面积环比-29.8%，同比 ...

Investment Rating - The report maintains a "Buy" rating for China Jinmao (0817.HK) [4][6] Core Views - The company is expected to achieve a significant turnaround in profitability, forecasting an attributable profit of approximately 1 billion yuan for 2024, compared to a core net loss of 6.9 billion yuan in 2023 [1] - The management transition aims to optimize operations, with the new chairman bringing over 25 years of experience in hotel and real estate development, which is anticipated to stabilize performance [2] - The company is actively expanding its land acquisition in first-tier and core second-tier cities, with total land acquisition exceeding 20 billion yuan in early 2025, indicating confidence in the real estate market [3] - The issuance of special bonds for land reserves is expected to enhance cash flow and facilitate further land acquisitions [3] Summary by Sections Profit Forecast and Financial Indicators - For 2024, total revenue is projected at 68.205 billion yuan, with a net profit of 1.042 billion yuan, marking a 115.1% increase from the previous year [5] - The earnings per share (EPS) is expected to rise from -0.51 yuan in 2023 to 0.08 yuan in 2024, with a price-to-earnings (P/E) ratio of 14x [5][8] - The company anticipates revenue growth rates of -5.8% in 2024, 2.0% in 2025, and 7.0% in 2026 [5] Land Acquisition and Market Position - The company has been proactive in land acquisition, securing multiple plots in major cities, which reflects a strategic positioning in a recovering real estate market [3] - The total land acquisition amount in late 2024 reached 15.8 billion yuan, further solidifying the company's market presence [3] Management and Strategic Direction - The new chairman's extensive experience is expected to enhance the company's market-oriented operations and stabilize performance [2] - The management's focus on lean management practices has led to reduced costs and improved efficiency, contributing to the anticipated profit growth [1]

Market Overview - The Shanghai Composite Index closed up 0.41% at 3379.83 points, while the Shenzhen Component rose 0.33% and the ChiNext Index increased by 0.19%[1] - The Hang Seng Index fell slightly by 0.01% to 23782.14 points, with the Hang Seng Tech Index up 1.39% and the Hang Seng China Enterprises Index up 0.35%[1] - The total market turnover in Hong Kong was 3070.34 million HKD[1] Economic Policies - The U.S. will impose a 25% tariff on all imported steel and aluminum, with no exemptions for trade partners[3] - Ukraine is prepared to accept a U.S. proposal for a 30-day ceasefire with Russia, contingent on military aid and intelligence sharing[3][8] Corporate Developments - Avatr Technology, a Chinese electric vehicle manufacturer, plans to raise 7.8 billion HKD through a Hong Kong IPO, with a potential launch in May[4] - China National Railway plans to issue 30 billion RMB in bonds, which was oversubscribed by 0.68 times[9] Economic Indicators - The U.S. non-farm payrolls increased by 151,000 in February, with an unemployment rate of 4.1%[11] - China's PPI year-on-year decreased by 2.2% in February, while CPI fell by 0.7%[11] Market Sentiment - Former U.S. Treasury Secretary Summers indicated a nearly 50% chance of a recession in the U.S. this year due to various policy measures undermining confidence[8]

Investment Rating - The report indicates a positive investment outlook for the real estate industry, with a year-on-year increase in land acquisition by major companies [10][11]. Core Insights - The total land acquisition amount for the top 100 real estate companies reached 199.86 billion yuan in January-February 2025, representing a year-on-year growth of 26.7% [11]. - The Yangtze River Delta has emerged as the leading city cluster for land acquisition, with the top 10 companies in this region acquiring 51.98 billion yuan worth of land [24]. - Major companies such as China Resources Land, Poly Developments, and China Jinmao topped the list in terms of new value added from land acquisitions, with 46.5 billion yuan, 30.5 billion yuan, and 28.3 billion yuan respectively [13]. Summary by Sections Land Acquisition Rankings - China Resources Land ranked first in land acquisition amount with 23.2 billion yuan, followed by China Jinmao with 12.9 billion yuan and Greentown China with 12.2 billion yuan [3][4]. - The top companies in terms of land area acquired include Hengnan Development Group and Haixing County Xinggang Construction Development, with 1.22 million square meters and 860,000 square meters respectively [3]. Year-on-Year Growth - The report highlights that the total land acquisition amount for key real estate companies has shown a positive year-on-year trend, indicating a recovery in market sentiment [10][11]. - The increase in land acquisition is attributed to local governments actively releasing quality land in core areas, which has boosted companies' willingness to acquire land [11][12]. Special Debt and Land Recovery - The issuance of special bonds for land recovery has accelerated, with Guangdong Province being the first to issue such bonds, amounting to approximately 30.7 billion yuan, primarily aimed at acquiring idle land [14]. - The report emphasizes the expectation that various types of real estate companies will benefit from these initiatives, which are crucial for stabilizing the real estate market [14][20]. Regional Insights - In the Beijing-Tianjin-Hebei region, China Resources Land and other major companies have been active in land acquisition, with significant amounts reported [22]. - The report notes that state-owned enterprises and local government-backed companies remain dominant in land acquisition, while private enterprises are selectively increasing their land reserves in key areas [28].

Group 1: Market Overview - Recent land premium rates in core cities have reached a new high since the second half of 2021, indicating a significant shift in the land market dynamics[2] - Overall, both supply and demand in the land market have decreased, with land supply dropping by approximately 25.5% year-on-year in early 2025[3] - The land transaction area also saw a decline of about 4.2% year-on-year, reflecting weak demand despite some recovery in core cities[3] Group 2: Inventory and Corporate Behavior - National land inventory has accumulated to approximately 3.8 billion square meters, with a depletion cycle extending to 56 months, indicating ongoing pressure in the market[4] - The willingness of real estate companies to acquire land remains low, with a land acquisition-to-sales ratio of 0.17, significantly below the historical threshold of 0.3[4] - Major state-owned enterprises have increased land acquisition, with the top seven state-owned enterprises acquiring land worth 109.4 billion yuan in early 2025, a 161% increase year-on-year[8] Group 3: Premium Rates and Future Outlook - The land premium rate for 2025 has surged to 13.4% in key cities, marking the highest level since July 2021[6] - The contribution of first-tier cities to the overall land premium rate has surpassed levels seen in the first half of 2021, indicating a structural recovery in the market[8] - Future land supply is expected to remain constrained, with policies focusing on reducing total supply while enhancing the quality of land offered in core urban areas[2]

Core Viewpoint - The land market in first and second-tier cities is showing signs of recovery with high premium land parcels frequently appearing, while third and fourth-tier cities are lagging behind, indicating a divergence in market stabilization and recovery progress [1][15]. Group 1: Market Overview - In February, the land market experienced a slight recovery, with a significant increase in transaction volume in core cities, leading to a 44% year-on-year growth in investment amounts among the top 100 companies [7]. - As of February 25, a total of 2,283 million square meters of commercial land was transacted across 300 cities, reflecting a 52% month-on-month decline and a 6% year-on-year decline, but the average premium rate increased to 13.4%, up by 4.7 percentage points from the previous month [7][8]. - Several land parcels set new price records, with notable examples including a residential land in Zhengzhou achieving an 87% premium rate, the highest in nearly three years [7]. Group 2: Investment Trends - The threshold values for the top 100 companies in terms of new land value and total price increased year-on-year, with the new land value threshold at 9.1 billion yuan, down 9% year-on-year, but the total price threshold rose by 43% to 3.9 billion yuan [9][10]. - In the first two months of 2025, the total new land value, total price, and building area for the top 100 real estate companies reached 437.9 billion yuan, 221 billion yuan, and 26.91 million square meters respectively, with the land value increasing by 11.3% year-on-year [11]. - Eight companies, primarily state-owned enterprises, reported land acquisition amounts exceeding 10 billion yuan in the first two months, with significant investments concentrated in core cities like Beijing, Shanghai, and Hangzhou [13]. Group 3: Regional Disparities - The land market in first and second-tier cities is characterized by high premium land transactions, while third and fourth-tier cities are still struggling, highlighting the uneven recovery across different regions [15]. - The strategy of multiple batches and quality-focused land supply in first and second-tier cities has proven effective, with leading real estate companies continuing to invest heavily in core residential land [15].

JINMAO中国�淼 中國金茂控股集團有限公司 CHINA JINMAO HOLDINGS GROUP LIMITED ( 於香港註冊成立的有限公司 ) (Incorporated in Hong Kong with limited liability) 股票代號 Stock Code: 00817 中期報告 2024Interim Report 中 国 中 化 成 员 企 业 a sinochem company 目錄 Contents 財務摘要 封面內頁 Financial Highlights Inside Cover 公司資料 1 Corporate Information 主席致辭 3 Chairman's Statement 管理層討論與分析 9 Management Discussion and Analysis 中期財務資料審閱報告 67 Report on Review of Interim Financial Information 中期簡明綜合財務資料 69 Interim Condensed Consolidated Financial Information 中期簡明綜合財務資料附註 ...

Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 21,974.9 million, a decrease of 18% compared to RMB 26,841.3 million in the same period of 2023[5]. - Profit attributable to owners of the parent increased by 133% to RMB 1,010.0 million, up from RMB 432.9 million in the previous year[5]. - Basic earnings per share rose by 123% to RMB 7.26, compared to RMB 3.25 in the same period last year[5]. - The Group's revenue for the same period decreased by 18% to approximately RMB 21,974.9 million, down from RMB 26,841.3 million in the previous year, primarily due to declines in city operations, property development, and hotel operations[89][91]. - Profit before tax increased to RMB 2,189,227, representing a growth of 6.6% from RMB 2,053,655 in the previous year[149]. - The company reported a total of RMB 22,109,686 from the sale of completed properties, marking a significant revenue source[196]. Dividends and Shareholder Returns - The interim dividend per share was declared at 3 HK cents, representing a 100% increase from 1.5 HK cents in the previous year[5]. - The company anticipates the distribution of the interim dividend on or before October 31, 2024[8]. Assets and Liabilities - Total assets as of June 30, 2024, amounted to RMB 419,376.0 million, reflecting a 3% increase from RMB 407,119.2 million as of December 31, 2023[5]. - Total liabilities as of December 31, 2023, were RMB 297,282,084, indicating a strategic management of debt levels[186]. - The company reported segment liabilities of RMB 371,012,988, with intersegment liabilities eliminated amounting to RMB 257,729,298[186]. Market Conditions and Strategic Focus - The real estate industry continues to face challenges, with new residential property sales down 25% year-on-year in the first half of 2024[8]. - The company has revised its strategic plan to focus on becoming a leading urban operator with good efficiency and quality[8]. - The company is focusing on "destocking" and optimizing additional projects to enhance competitiveness and promote high-quality development[23]. - The overall downward pressure on the real estate market remains significant, with the market expected to continue to dip in the short term[23]. Project Development and Sales Performance - In the first half of 2024, the contract amount reached RMB 44.54 billion, ranking 12th in the industry and maintaining stability[18]. - The company delivered approximately 14,000 houses in 27 batches in the first half of the year, achieving a delivery satisfaction score of 90%[21]. - The company achieved a "100% success rate" for new project launches, demonstrating strong product competitiveness[15]. - The sales performance of the Qingdao project ranked No. 1 in online contract signing during the review period, indicating strong market demand[33]. Operational Efficiency and Cost Management - The three expenses recorded a significant decrease year-on-year, supporting the achievement of performance targets[18]. - Selling and marketing expenses decreased by 19% to approximately RMB 982.8 million, primarily due to reduced employee and advertising expenses[96]. - Administrative expenses amounted to approximately RMB 1,285.0 million, representing a decrease of 34% from the previous year, mainly due to lower employee and general office expenses[96]. Cash Flow and Financing Activities - The Group reported a net cash inflow of approximately RMB 2,829.6 million for the six months ended June 30, 2024[109]. - Cash outflow from operating activities was approximately RMB 3,683.2 million, primarily due to land and construction costs[109]. - Cash inflow from financing activities was approximately RMB 10,704.0 million, driven by new bank loans and issuance of perpetual capital instruments[109]. Employee and Shareholder Engagement - As of June 30, 2024, the Group employed a total of 9,640 staff and provides competitive salaries, bonuses, and various benefits including retirement and medical insurance[113]. - The Company may issue up to 1,155,352,832 shares under the New Scheme, representing 8.56% of the issued shares as of the report date[113]. Sustainability and ESG Performance - The company was rated as an enterprise with the "highest rating" in the Asia-Pacific region in 2024 by Morningstar, highlighting its strong ESG performance[21]. - Jinmao is committed to sustainable development, promoting low-carbon and environmentally friendly practices while enhancing community well-being[82]. Future Outlook and Growth Strategies - The company aims to transform towards "high quality, new technology, good service" to better meet the needs of the public[23]. - The management is optimistic about future growth, with ongoing projects expected to contribute significantly to revenue in the upcoming quarters[44]. - The company is exploring potential mergers and acquisitions to strengthen its market position and diversify its portfolio[187].

Financial Performance - The signed sales amount for the year 2023 reached RMB 141.2 billion, a decrease of 8.8% from RMB 155 billion in 2022[8]. - The company's revenue for 2023 was RMB 72,403.6 million, a decrease of 13% compared to RMB 82,991.4 million in 2022[18]. - Gross profit fell to RMB 9,021.5 million, down 31% from RMB 13,145.6 million in the previous year[18]. - The annual loss was RMB 4,858.3 million, a significant decline from a profit of RMB 5,220.9 million in 2022, representing a 193% change[18]. - The company's total assets decreased by 4% to RMB 407,119.2 million from RMB 421,895.6 million[18]. - The net profit attributable to owners for the year ended December 31, 2023, was a loss of RMB 6,896.6 million, a decrease of 448% compared to a profit of RMB 1,984.1 million in the previous year[137]. - Excluding fair value losses on investment properties, the adjusted net profit attributable to owners was a loss of RMB 6,793.5 million, down 846% from RMB 910.1 million in the prior year[137]. - Total revenue for the year ended December 31, 2023, was RMB 72,403.6 million, a decrease of 13% from RMB 82,991.4 million in the previous year[138]. - The gross margin for hotel operations improved to 46% in 2023 from 30% in 2022, indicating recovery in the hospitality sector[145]. - The company's annual profit for the year ended December 31, 2023, was RMB -4,858.3 million, a decrease of 193% compared to RMB 5,220.9 million in the previous year[153]. Revenue Sources - Rental income from investment properties amounted to RMB 1,802.3 million in 2023, up 16.1% from RMB 1,551 million in 2022[8]. - Hotel operating revenue for the year was RMB 2,080.4 million, significantly increasing from RMB 1,153.9 million in 2022, reflecting a recovery in the hospitality sector[8]. - Revenue from urban operations and property development was RMB 62,781.9 million, accounting for 85% of total revenue, down 16% year-on-year[143]. - Hotel operations revenue increased by 80% to RMB 2,080.4 million, driven by post-pandemic consumer recovery[143]. Strategic Initiatives - The company focuses on high-quality property development, premium holdings, and high-end services as part of its core business strategy[6]. - The company aims to enhance urban operational models while improving the operational efficiency of its core businesses[6]. - The company plans to focus on high-quality development and urban operation management, emphasizing product upgrades and service quality[20][24]. - The company is committed to enhancing urban operation management models and advancing product upgrades as part of its strategic initiatives[28]. - The company is focusing on digital transformation and enhancing service efficiency through technology integration, aiming to improve user experience[135]. - The company is committed to achieving carbon neutrality goals through its smart energy initiatives and green data centers[136]. Market Position and Expansion - The company has a total contracted construction area of approximately 106.4 million square meters across 70 cities in China, enhancing its market presence[9]. - The company successfully increased its land reserves in cities such as Shanghai, Tianjin, and Suzhou, contributing to its strategic expansion[8]. - The company has successfully acquired several key projects in major cities, including Shanghai and Xi'an, as part of its growth strategy[11]. - The company is actively expanding its market presence, with projects in various cities including Beijing, Shanghai, and Guangzhou[41]. - The company holds a total of 382 projects in urban operations, property development, commercial leasing, and hotel operations, with an unsold area of approximately 8.36 million square meters[43][44]. Awards and Recognition - In 2023, China Jinhui was awarded the 8th place in the "H-share 2023 Real Estate Comprehensive Competitiveness" ranking[31]. - The company received multiple awards in 2023, including "Top 9 in Brand Value of Chinese Real Estate Enterprises" and "Outstanding Value Real Estate Enterprise" at various industry forums[32][33]. - China Jinhui's property service division was recognized as one of the "Top 10 Leading Enterprises in Property Management" and "Top 3 in Investment Potential" among listed property companies[37]. - The company received multiple awards in 2023, including the "Outstanding Green Quality Award" and "Top 10 BIPV Brands"[39]. Challenges and Risks - The decline in profitability is attributed to the downturn in the real estate sector, leading to impairment provisions for development properties and reduced revenue from property development projects[137]. - The group faces market risks due to potential declines in the domestic property market, which could affect asset liquidity and sales prices[181]. - The company faces moderate environmental risks due to severe and permanent climate changes in China, which could adversely affect real estate construction and operations[186]. Investor Relations - In 2023, the company participated in multiple investor relations activities, including online and offline investor meetings, enhancing communication with over 100 investors throughout the year[188]. - The company actively seeks investor feedback to improve communication quality and enhance investor relations effectiveness[193]. - The company aims to expand its investor relations efforts to ensure compliance with disclosure responsibilities and enhance transparency[194]. - The company has organized site visits for investors to improve understanding of its projects and operations[192].