本公告乃根據上市規則第13.18條之規定而作出。 本公告乃由越秀地產股份有限公司（「本公司」）董事會根據香港聯合交易所有限公司證券上市 規則（「上市規則」）第13.18條之披露規定而作出。 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） 公 告 公司秘書 香港，二○二五年三月三十一日 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 於二○二五年三月三十一日，本公司（作為借款人）與一家銀行（「貸款人」）訂立一份融資協議 （「融資協議」），據此，貸款人在融資協議的條款及條件之規限下提供 200,000,000港元之循環 貸款融資，貸款期由融資協議日期起計364天。 融資協議規定，倘本公司之控股股東越秀企業（集團）有限公司（「越秀企業」）於本公司已發行 之具投票權股份中持有少於30%之直接或間接權益，或倘越秀企業不再是 ...

t 1 - 1 - N'EDDER 对于房地产的走势，林昭远认为持续用力推动房地产市场的止跌回稳，这是一个总基调，从一二月份的情况看，所有的案场、看房人流在大幅度的提升，可 以看到市场的信心应该在恢复之中，我们预判今年会达到一个触底的过程。 谈及"好房子"政策对于二手房市场的影响，他认为按照目前的存量和从二手房的角度看，确实会带来一定压力，但是影响很有限，因为落实"好房子"的城市 数量目前还比较少。 t 29 SP 成功能 are P and delivery of pp r free 7-7 200 11 - 12 1000 a 11 83 also de r 89 ry IT 出品 | 搜狐地产&焦点财经 作者 | 王泽红 3月31日，越秀地产（00123.HK）召开2024年业绩发布会，董事长及执行董事林昭远、副董事长及执行董事朱辉松、联席总经理及执行董事江国雄、财务总 监曾志钊、总经理助理 姜永进等高管出席。 年报显示，越秀地产去年实现864亿元营业收入，同比增长7.7%；核心净利润为15.9亿元，归母净利润保持在10.4亿元；合同销售额为1145.4亿元，在行业排 名位居第8位。 具体来看，一二线城 ...

Group 1 - The core viewpoint of the news is that Yuexiu Property is focusing on precise investment strategies for 2025, emphasizing "steady investment" and "sales-driven investment" while targeting core cities and regions for land acquisition [1] - The company has set an equity investment budget of 30 billion yuan for the beginning of the year, which will be dynamically adjusted based on strategic development requirements and market changes [1] - In 2024, Yuexiu Property's total equity investment reached 29.46 billion yuan, with over 80% allocated to first-tier cities, specifically 9.3 billion yuan in Beijing, 6.9 billion yuan in Shanghai, and 8.16 billion yuan in Guangzhou [1] Group 2 - A market analyst noted that the top ten real estate companies are heavily invested in first-tier cities, but sustained success requires three key advantages: ample cash reserves, strong product capabilities, and a well-established land acquisition-sales cycle [2] - The analyst emphasized that having affordable financing and proven product lines are essential for continuous development in first-tier cities [2] - The importance of a sustainable cycle of using operational profits for reinvestment in development was highlighted as a critical factor for success in the competitive market [2]

Financial Performance - Total revenue for the year was approximately RMB 86.4 billion, an increase of 7.7% year-on-year[3] - Gross profit margin was approximately 10.5%, a decrease of 4.8 percentage points year-on-year[3] - Profit attributable to equity holders was approximately RMB 1.04 billion, a decrease of 67.3% year-on-year[5] - Core net profit was approximately RMB 1.59 billion, a decrease of 54.4% year-on-year[5] - Total contracted sales amounted to approximately RMB 114.54 billion, a decrease of 19.4% year-on-year[3] - The operating profit for the year was RMB 3,451,169, down from RMB 6,670,336 in 2023, reflecting a decrease of about 48.3%[26] - The company reported a pre-tax profit of RMB 4,195,629 for the year ended December 31, 2024, compared to RMB 7,720,643 in 2023, a decline of approximately 45.6%[26] - The company achieved operating revenue of approximately RMB 86.4 billion, an increase of 7.7% year-on-year[51] - The gross profit margin was approximately 10.5%, a decrease of 4.8 percentage points compared to the previous year[51] - Profit attributable to equity holders was approximately RMB 1.04 billion, a decline of 67.3% year-on-year[51] - Core net profit was approximately RMB 1.59 billion, down 54.4% year-on-year[51] Assets and Liabilities - Cash and cash equivalents, along with other restricted deposits, totaled approximately RMB 50.05 billion, an increase of 8.6% from the beginning of the year[4] - Non-current assets increased to RMB 69,661,119 thousand in 2024 from RMB 63,014,367 thousand in 2023, representing an increase of approximately 10.5%[9] - Current assets totaled RMB 340,791,865 thousand in 2024, slightly up from RMB 338,164,361 thousand in 2023, indicating a growth of about 0.8%[9] - Total liabilities increased to RMB 306,373,816 thousand in 2024 from RMB 299,969,948 thousand in 2023, reflecting a rise of approximately 2.1%[10] - The net asset value rose to RMB 104,079,168 thousand in 2024, compared to RMB 102,208,780 thousand in 2023, marking an increase of about 1.8%[10] - The company's borrowings increased to RMB 103,888,742 thousand in 2024 from RMB 103,370,898 thousand in 2023, reflecting a rise of approximately 0.5%[10] - The current liabilities totaled RMB 220,514,657 thousand in 2024, up from RMB 210,086,539 thousand in 2023, representing an increase of about 4.3%[10] Cash Flow and Financing - The company's investment properties increased to RMB 17,029,312 thousand in 2024 from RMB 16,785,640 thousand in 2023, a growth of approximately 1.5%[9] - The company completed new financing of approximately RMB 41.69 billion in 2024, with total borrowings at approximately RMB 103.89 billion as of December 31, 2024[99] - The company's operating cash flow and committed bank financing are the main sources of liquidity, with a net debt ratio of 51.7%[99] - The weighted average borrowing rate was 3.49%, a decrease of 33 basis points year-on-year[4] - The average financing cost decreased by 33 basis points year-on-year to 3.49%[60] - The company has arranged financial products to hedge approximately RMB 6.97 billion of foreign currency borrowings, maintaining a low foreign exchange exposure[106] Dividends and Shareholder Information - The board recommended not to declare a final dividend for the year, with total dividends amounting to approximately 44% of core net profit[5] - The board proposed not to declare a final dividend for the year ending December 31, 2024, with total dividends for the year being HKD 0.189 per share (equivalent to RMB 0.173)[51] - Basic earnings per share attributable to equity holders for 2024 were RMB 0.2584, down from RMB 0.8542 in 2023[96] - There will be a suspension of share transfer registration from June 17, 2025, to June 20, 2025, inclusive[114] - Shareholders must submit transfer forms by June 16, 2025, at 4:30 PM to qualify for the annual general meeting on June 20, 2025[114] Operational Strategy and Market Position - The company maintained a "green file" status under the "three red lines" policy, with a net debt ratio of 51.7%, down 5.3 percentage points[4] - The company is currently analyzing the impact of the new Hong Kong Financial Reporting Standard No. 18 on its financial statements and disclosures[18] - The company plans to continue expanding its real estate development and management services to enhance revenue streams[19] - The management is focused on evaluating the performance of its business segments to allocate resources effectively and improve overall profitability[19] - The company is committed to achieving net-zero emissions by 2060 and plans to peak carbon emissions by 2030[61] - The company is focused on a "precise investment" strategy, emphasizing investment in core cities and high-quality second-tier provincial capitals[66] - The company aims to implement a "one strategy per project" marketing approach to accelerate sales and cash collection[65] - The company is advancing its "commercial and residential dual development" strategy to increase the contribution of commercial properties to financial performance[67] Employee and Operational Metrics - The company employed approximately 15,180 employees as of December 31, 2024, down from 18,800 employees on June 30, 2024[110] - The company's selling and marketing expenses for 2024 were approximately RMB 2.719 billion, a year-on-year increase of 10.9%, accounting for 3.1% of the annual revenue, consistent with the previous year[92] - Administrative expenses decreased by 17.2% year-on-year to approximately RMB 1.489 billion, accounting for 1.7% of annual revenue, down from 2.2% the previous year[93] Real Estate Development and Land Acquisition - The company maintained a cautious land acquisition strategy, focusing on high-potential cities amid a differentiated land market[50] - In 2024, the company acquired 24 land parcels with a total construction area of approximately 2.71 million square meters, with over 70% of new land reserves located in first-tier cities[54] - The total land reserve held by the company is approximately 19.71 million square meters, with 36.5% located in the Greater Bay Area[83] - The company has a significant land reserve in the Greater Bay Area, totaling 7,193,000 square meters, with 4,644,100 square meters under construction[85] - The company aims to maintain a steady pace of project development in 2024, with all projects progressing normally[89]

Core Viewpoint - After the downturn in the real estate market, only a few companies are expected to report profits in their 2024 financial statements, indicating that those actively acquiring land have not only survived but are also poised for growth. The current real estate market is characterized by structural trends, with strong second-tier and first-tier cities stabilizing, while the market in third-tier cities and below is still bottoming out [1]. Company Analysis - The companies still acquiring land in 2024 are primarily focused on core cities. The ratio of 2024's newly added equity value to market capitalization indicates that Greentown China and Jianfa International have high ratios, with Greentown at 3.73 and Jianfa at 2.45. Greentown's market value dropped by 11% due to a leadership change, enhancing its ratio [3]. - In terms of operational data for 2024, Greentown China reported revenue of 158.5 billion, slightly higher than Jianfa International's 142.99 billion. Greentown's operating cash flow of 28.8 billion significantly outperformed Jianfa's 14.9 billion, indicating higher operational efficiency. Both companies recorded impairment provisions, with Greentown at 4.917 billion and Jianfa at 3.67 billion [3][4]. - Greentown's total land reserve value is double that of Jianfa, with over half of it from projects initiated before 2022. This heavier historical burden suggests that Greentown will likely face more significant and prolonged impairment provisions compared to Jianfa. Both companies have similar dividend payout ratios around 50%, but Greentown's net profit has been severely impacted by substantial impairment provisions, resulting in a current dividend yield of 3%, which is significantly lower than Jianfa's 7.36% [4]. - In terms of debt metrics for 2024, Greentown China has interest-bearing liabilities of 137.2 billion and a net asset liability ratio of 56.6%, both significantly higher than Jianfa's 84.5 billion and 31.78%. The financing rates are comparable, with Jianfa at 3.56% and Greentown at 3.7%, both considered low in the real estate sector. Greentown's debt indicators are showing a downward trend, with interest-bearing liabilities down 6.1%, net asset liability ratio down 7.2%, and financing rate down 0.4% year-on-year [4]. Summary - Jianfa International exhibits more stable finances, a lighter historical burden, and a higher dividend yield. In contrast, Greentown shows significant operational improvements in 2024, with notable growth potential in the recovering high-end city real estate market. If the real estate sector experiences another upturn, Greentown is likely to be a preferred choice [5].

VIEW 克而瑞研究中心 "每周研究精读" ， 聚焦宏观、行业、房企、土拍、产品、客需、榜单等多个研究 成果，与各界探讨行业运行逻辑、变数及未来趋势。 点击标题阅读全文 总结与展望 2025年一季度中国房地产行业总结与展望（上篇） 政策：两会定调"稳楼市" "好房子"，供需协同促转型 行业：市场企稳蓄动能，新模式发展稳中向好 融资：广东率先落地专项债收储，房企债务重组迎来进展 2025年一季度中国房地产行业总结与展望（中篇） 产品：政府工作报告首提"好房子"，品质提升新机遇 业绩：过半百强房企业绩增长 2025年一季度中国房地产行业总结与展望（下篇） 土地：核心城市高溢价领跑，供给侧缩量提质稳预期 城市：新房"止跌"二手"稳增"，城市K型裂变加速 年报点评 保利置业：销售逆势增长，财务状况明显改善 2 024年保利置业实现全口径合约销售金额542亿元，合约销售面积212.1万平方米，持续销售项目数量明显增加。 华润置地：销售升至行业第三，经常性核心净利润超百亿 TOP10城市销售贡献6 3%，总规模升至行业第三位 研报 代建双周报 | 润地管理中标广州7个保障房项目；旭辉建管签署水口湾人文经济活力区战略合作协 ...

土地、城市 土地：核心城市高溢价领跑，供给侧缩量提质稳预期 城市：新房"止跌"二手"稳增"，城市K型裂变加速 ◎ 文 / 克而瑞研究中心 陆 土地篇 核心城市高溢价领跑，供给侧缩量提质稳预期 2025年一季度，供给侧延续三年缩量趋势，土地交易量仍在持续同比下滑，成交建筑面积同比下降19%， 但一二线城市成交占比提升，成交金额反而上升了9%。市场热度方面，京沪杭蓉等核心城市频频拍出高溢 价地块，尤其是取消限价的杭州，其内圈层地块溢价率突破40%已经是屡见不鲜，一季度平均溢价率也由 此得以达到11%，重新回到2021年初的高位。 0 1 一季度土地成交量缩价涨，京沪杭频现高热地块、溢价率创2022年以来新高 展望未来，鉴于中央进一步明确2025年将稳预期、促转型。在供给侧将收购存量商品房、闲置土地收储优 化供给结构，形成"以存量换增量"的良性循环，缓解库存压力，在需求侧加快构建"好房子"标准体系，提 高新出让地块的产品力，以及促消费政策对于居民房价预期的支持，预计二季度核心城市土拍热度有望继 续保持，高总价、高溢价地块也将愈发普遍。从整体规模趋势来看，2025年土地供求规模仍将保持低位运 行，热度方面，随着年中三 ...

自去年四季度以来，房地产支持政策持续深化落地。在近期闭幕的全国"两会"上，政府工作报告明确提出持续用力推动房地产市场止跌回稳，并将"好房 子"建设纳入年度工作任务。3月27日，主题为"越来·越秀"的越秀地产好产品发布会在上海中心举行。发布会上，越秀地产重磅发布了"4×4好产品理念"和 4+X 产品系，对新时代"好房子"命题给出自身答案。 越秀集团总经理、越秀地产董事长林昭远在致辞中表示，当前行业正从"快字当头"转向"好字优先"，作为广州资产规模最大市属国企越秀集团下属板块，越 秀地产坚定践行"四好企业"战略，把产品力放在突出位置，提炼形成越秀好产品理念，与住建部好房子标准高度契合，是贯彻国家政策的深化和细化。此次 在上海这一品牌高地发布好产品标准，既是表达公司坚定深耕一线城市的决心，也是传递公司将持续赋能城市发展和美好人居。 重磅发布好产品标准，打造好房子新范式 在房地产行业全面转向产品力竞争的新阶段，头部房企正围绕居住体验优化与资产价值沉淀展开深度革新。面对市场供需重构与客群需求升级，越秀地产经 过系统调研与深度共创，正式发布"4×4好产品理念"，对产品如何超越时间、体现以人为本、创造智慧体验、实现可持续成 ...

房地产行业 行业研究 | 行业周报 1-2 月销售较去年全年降幅收窄，但较去年 年末降幅扩大 核心观点 投资建议与投资标的 国家/地区 中国 行业 房地产行业 报告发布日期 2025 年 03 月 26 日 看好（维持） | 赵旭翔 | zhaoxuxiang@orientsec.com.cn | | --- | --- | | | 执业证书编号：S0860521070001 | | 李雪君 | 021-63325888*6069 | | | lixuejun@orientsec.com.cn | | | 执业证书编号：S0860517020001 | | | 香港证监会牌照：BSW124 | | sunyixuan@orientsec.com.cn | | --- | | 孙怡萱 | | 两会再提止跌回稳目标 | 2025-03-12 | | --- | --- | | 1-2 月百强房企拿地总额实现两位数增长 | 2025-03-04 | | 1 月一线城市房价环比继续上行 | 2025-02-24 | 有关分析师的申明，见本报告最后部分。其他重要信息披露见分析师申明之后部分，或请与您的投资代表联系。并请 ...

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的內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不對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的任何損失承擔任 何責任。 （在香港註冊成立的有限公司） （股份代號：00123） 董事會召開日期 越秀地產股份有限公司（「本公司」）董事會（「董事會」）宣佈，本公司將於二○二五年三月 三十一日（星期一）舉行董事會會議，籍以（其中包括）批准本公司及其附屬公司截至二○二四 年十二月三十一日止年度的全年業績，以及考慮派發末期股息的建議。 承董事會命 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 越秀地產股份有限公司 余達峯 公司秘書 香港，二○二五年三月十九日 ...