Core Insights - The company reported a significant decline in net profit for 2024, with a loss of -9.51 billion yuan, a decrease of 270.17% year-on-year, primarily due to increased asset impairment provisions [1][4] - Revenue for 2024 reached 25.442 billion yuan, a year-on-year increase of 24.94%, driven by higher revenue recognition in the real estate sector [1] - The company is focusing on rapid turnover and inventory reduction strategies to navigate market fluctuations, with a strong performance in the Beijing market [5][6] Financial Performance - Total revenue for 2024 was 25.442 billion yuan, with a year-on-year growth of 24.94% [1] - The company's operating costs increased to 21.414 billion yuan, reflecting a 32.10% rise due to more project completions and varying profit margins across projects [1] - The top five clients contributed 7.52 billion yuan, accounting for 29.56% of total revenue [1] Profitability Challenges - The company faced a substantial net loss of -9.51 billion yuan, a decline of 270.17% compared to the previous year, with a non-recurring net profit of -15.49 billion yuan, down 397.40% [1][2] - Asset impairment provisions significantly impacted profitability, with a total reduction in net profit of approximately 234.76 million yuan due to inventory write-downs [4] Market Position and Strategy - The company has established a strong presence in the Beijing real estate market, with 2024 revenue from Beijing reaching 23.752 billion yuan, a 53.36% increase, representing 93.37% of total revenue [5] - The company is expanding its footprint beyond Beijing, with notable revenue declines in other regions such as Chongqing, Chengdu, Qingdao, and Tianjin, where revenues dropped significantly [6] - The company is actively pursuing opportunities in the Shanghai market, having successfully acquired land parcels and planning further expansions [6]

海外監管公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條而作出。 承董事會命 越秀地產股份有限公司 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不就因本公告全部或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任 何責任。 （在香港註冊成立的有限公司） （股份代號：00123） 余達峯 公司秘書 香港，二○二五年四月二十三日 於本公告刊發日期，董事會成員包括： 執行董事： 林昭遠（董事長）、朱輝松、江國雄、賀玉平、陳靜及劉艷 非執行董事： 張貽兵及蘇俊杰 獨立非執行董事： 余立發、李家麟、劉漢銓及張建生 债券代码：185772 债券简称：22 穗建 03 广州市城市建设开发有限公司关于放弃行使 "22穗建03"公司债券赎回选择权的公告 6、债券期限：5 年期，附第 3 年末发行人赎回选择权、发行人调整票面利率 选择权和投资者回售选择权。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要提示： 《广州市城市建设 ...

Core Insights - The company reported a record high revenue of approximately 25.44 billion yuan for the fiscal year 2024, marking a year-on-year increase of 24.94%. However, it also recorded a significant net loss of approximately 951 million yuan, a decline of 270.17% compared to the previous year, indicating a shift from profit to loss [1][4][6]. Revenue Performance - The revenue from Beijing, the company's primary market, reached 23.75 billion yuan, a year-on-year increase of 53.36%, accounting for 93.37% of total revenue. In contrast, revenues from other regions such as Chongqing, Chengdu, Qingdao, and Tianjin saw significant declines [1][4][6]. - The company achieved a sales amount of 20.27 billion yuan and a turnover revenue of 18.70 billion yuan during the year [3][4]. Profitability Metrics - The company's net profit attributable to shareholders was -951 million yuan, with a significant drop in net profit excluding non-recurring items to -1.55 billion yuan, a decrease of 397.4% [3][4][6]. - The gross profit margins for real estate development, leasing, and property management decreased by 4.19%, 0.49%, and 28.06% respectively, with the gross margin for real estate development standing at 14.1% [6][8]. Cash Flow and Assets - The net cash flow from operating activities decreased by 57.5% to approximately 5.57 billion yuan [3][6]. - The company's net assets were reported at approximately 22.24 billion yuan, down 5.75% from the previous year, while total assets decreased by 11.70% to approximately 122.23 billion yuan [3][6]. Market Expansion - The company made its first foray into the Shanghai market, acquiring two land parcels in Yangpu District, indicating a strategic shift towards the relatively hot East China market [1][8][9]. - The company plans to enhance its marketing strategies and sales systems to improve inventory turnover, particularly focusing on underperforming projects [14][16]. Project Development - The company launched its first project in Shanghai, the Guoyufu, with a sales price of approximately 107,000 yuan per square meter, achieving a sales rate of over 80% during the initial launch [11][12]. - Another project, Lingcui Binjiang, was also introduced with a sales price of around 115,700 yuan per square meter, although sales have been slower compared to expectations [14]. Land Acquisition - In 2024, the company added a total land reserve of 353,000 square meters, significantly lower than the 822,000 square meters added in 2023, indicating a cautious approach to land acquisition amid market challenges [16].

从三级管控全面转向两级管控，精兵简政提效能；投资节奏加快，京沪成投资重心。 行业排名居1 2位，销售回款率达9 9% 2024年中国金茂实现全口径销售额982.55亿元，行业排名提高1位至第12位，继续保持行业头部地位；销售面积581.84万平方米，销售业绩的降幅与百强房企 平均的收缩水平持平（百强全口径销售额同比降幅30.3%）。金茂持续优化"6-10-12-24"全周期管控体系，通过标准化提速在行业下行期实现更快的资金回 笼， 全年回款金额高达970亿元，回款率较去年同期提升5个百分点至99%。 ◎ 作者 / 沈晓玲、陈家凤 核 心 观 点 【 行业排名居12位，销售回款率达99%】 2024年中国金茂实现全口径销售额982.55亿元，行业排名提高1位至第12位。持续优化"6-10-12-24"全周期管 控体系， 全年回款金额高达970亿元。 年内金茂调 整组织架构 ，将开发单位三级架构精简为二级，推动资源向核心城市倾斜。 2025年预计总推货值达 1800亿 ，其中一二季度占比67%，推货节奏前置，叠加良好的货源结构（2023年以来新获取地块占比约70%）及精简的组织架构，销售规模有望突破千 亿。 【 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不就因本公告全部或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任 何責任。 （在香港註冊成立的有限公司） （股份代號：00123） 海外監管公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條而作出。 承董事會命 越秀地產股份有限公司 余達峯 公司秘書 香港，二○二五年四月二十二日 於本公告刊發日期，董事會成員包括： 執行董事： 林昭遠（董事長）、朱輝松、江國雄、賀玉平、陳靜及劉艷 非執行董事： 張貽兵及蘇俊杰 獨立非執行董事： 余立發、李家麟、劉漢銓及張建生 债券代码：185772 债券简称：22 穗建 03 广州市城市建设开发有限公司 关于"22 穗建 03"公司债券回售实施公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要提示： 1、根据《广州市城市建设开发有限公司 2022 年面向专业投资者公开发行公 司债券（第二期）募集说明书》中设定的投资者回售选择权 ...

Investment Rating - Industry investment rating: Real Estate Stronger than the Market (maintained) [1] Core Insights - Policy expectations are rising, enhancing the risk-reward ratio for the sector. The Prime Minister emphasized the need for new support measures during a recent survey in Beijing, coinciding with the upcoming Politburo meeting at the end of April. The report suggests that the short-term investment risk-reward ratio for the sector is improving due to potential policy enhancements aimed at boosting domestic demand and supporting the real estate market [2][3] - The report estimates that the potential demand for residential properties in China from 2025 to 2030 is around 876 million square meters, with 2024 sales expected to be 810 million square meters, indicating a significant gap. The promotion of "good houses" is expected to accelerate the release of improvement and replacement demand [2] - Short-term policy and fundamental factors are expected to resonate positively, while the long-term product iteration presents new opportunities. Recommended stocks include companies with strong product capabilities and optimized inventory structures, such as China Resources Land, China Overseas Development, and Poly Developments [2] Summary by Sections Policy Environment Monitoring - The Prime Minister highlighted the significant development space in China's real estate market. Recent new policies in cities like Wuxi, Qingdao, and Suzhou aim to stimulate housing demand and support families with multiple children [6] Market Operation Monitoring - Transaction volume remains stable, with new home sales in 50 key cities at 14,000 units, a slight decrease of 0.1% week-on-week. The average daily sales for new homes in April show a year-on-year decline of 22.2% [9][12] Capital Market Monitoring - The real estate sector saw a 3.4% increase in stock prices, outperforming the CSI 300 index, which rose by 0.59%. The current price-to-earnings ratio (TTM) for the real estate sector is 35.72, significantly higher than the CSI 300's 12.26, indicating a high valuation relative to historical levels [23][29]

Investment Rating - Industry investment rating: Real Estate Stronger than the Market (maintained) [1] Core Viewpoints - Policy expectations are rising, enhancing the risk-reward ratio for the sector. The government is likely to introduce new support measures, especially with the upcoming Politburo meeting at the end of April. The short-term investment risk-reward ratio for the sector is improving due to potential policy enhancements aimed at boosting housing demand and supporting the market [2][3] - The real estate market still has significant development potential, with a projected demand for residential properties of 876 million square meters from 2025 to 2030. The estimated sales area for 2024 is 810 million square meters, which is below the mid-term demand center. The promotion of "good houses" is expected to accelerate the release of improvement and replacement demand [2] - Short-term policy and fundamental factors are expected to resonate positively, while the long-term product iteration presents new opportunities. Recommended stocks include companies with strong product capabilities and optimized inventory structures, such as China Resources Land, China Overseas Development, and Poly Developments [2] Summary by Sections Policy Environment Monitoring - The government emphasizes the significant development space in the real estate market, with new policies introduced in cities like Wuxi, Qingdao, and Suzhou to support housing demand [6] Market Operation Monitoring - Transaction volume remains stable, with new home sales in 50 key cities at 14,000 units, a slight decrease of 0.1% week-on-week. The average daily transaction volume for new homes in April shows a year-on-year decline of 22.2% [9][12] Capital Market Monitoring - The real estate sector saw a 3.4% increase in stock prices, outperforming the CSI 300 index, which rose by 0.59%. The current PE ratio for the real estate sector is 35.72, significantly higher than the CSI 300's 12.26, indicating a high valuation relative to historical levels [23][29]

Core Viewpoint - The bidding for the FZX-0303-6007 land plot in Tongzhou District, Beijing, has attracted significant interest from major developers, including China Railway Construction Real Estate and China Merchants Shekou, indicating a competitive landscape in the local real estate market [2][5][12]. Group 1: Bidding Plans and Land Details - China Railway Construction Real Estate and China Merchants Shekou have publicly announced their bidding plans for the FZX-0303-6007 land plot, with estimated investments of 223 million yuan and 226 million yuan respectively [2]. - The land plot covers an area of 12,700 square meters, with a total construction area of approximately 36,500 square meters and a low plot ratio of 1.7, which is a recent low for Tongzhou [3][11]. - The bidding results for the land plot are expected to be announced on April 29 [3]. Group 2: Market Dynamics and Developer Strategies - China Railway Construction Real Estate has been largely absent from the Beijing market, with its last acquisition three years ago, indicating a strategic return to the competitive landscape [5]. - The recent success of China Merchants Shekou's project, which sold 230 units for a total of 1.146 billion yuan at an average price of 58,900 yuan per square meter, demonstrates the potential profitability of the area [6]. - The competitive bidding for the land plot suggests a fierce contest between developers, with implications for pricing and market dynamics in the region [6][12]. Group 3: Financial Health of Developers - China Railway Construction Real Estate has a high debt ratio of 80.37% and significant short-term liabilities, indicating financial pressure as it re-enters the market [9]. - The company reported a negative operating cash flow of 2.37 billion yuan for the first nine months of 2024, compared to a positive cash flow of 374 million yuan in the same period the previous year [10].

越秀地產股份有限公司董事（「董事」）會（「董事會」）成員載列如下。 執行董事 林昭遠 （董事長） 朱輝松 （副董事長、總經理） 江國雄 （聯席總經理） 賀玉平 陳靜 劉艷 非執行董事 （在香港註冊成立的有限公司） （股份代號：00123） 董事名單與其角色和職能 董事會設立四個委員會。下表提供各董事會成員在這些委員會中所擔任的職位。 | | | 董事會委員會 | | | | --- | --- | --- | --- | --- | | | | | | 可持續發展 | | 董事 | 審核委員會 | 薪酬委員會 | 提名委員會 | 委員會 | | 林昭遠 | | M | C | C | | 朱輝松 | | | | M | | 江國雄 | | | | M | | 賀玉平 | | | M | | | 余立發 | C | C | M | M | | 李家麟 | M | M | M | M | | 劉漢銓 | M | M | M | M | | 張建生 | M | M | M | M | 附註： C 有關委員會的主席 M 有關委員會的成員 香港，二○二五年四月十七日 張貽兵 蘇俊杰 獨立非執行董事 余立發 李家麟 劉漢 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不就因本公告全部或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任 何責任。 承董事會命 （在香港註冊成立的有限公司） （股份代號：00123） 環境、社會及管治委員會變更 越秀地產股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈，董事會議決將「環境、社會及 管治委員會」更名為「可持續發展委員會」（「委員會」）。董事會亦議決相應修訂委員會的職權範 圍，以納入與可持續發展相關的職責。委員會名稱的變更及經修訂的職權範圍將於二○二五年 四月十七日生效。 董事會謹此宣佈，為進一步推動公司戰略與可持續發展深度融合，引領企業實現長遠穩健發 展，並積極促進本公司在可持續發展更加全面、廣泛和有深度的影響力，董事會已作出決議， 將環境、社會及管治委員會更名為可持續發展委員會，並相應調整委員會的職權範圍。 委員會的組成保持不變，包括三名執行董事，即林昭遠先生（委員會主席）、朱輝松先生及 江國雄先生；和四名獨立非執行董事，即余立發先生、李家麟先生、劉漢銓先生及張建生先 生。 越秀地產股份有限公司 ...