2025.05. 29 本文字数：1960，阅读时长大约3分钟 导读 ：面对2024年巨额亏损，金科称其董事长和总裁主动降薪至三万元每月。 作者 | 第一财经 马一凡 首家进行司法重整的全国性上市房企金科股份（000656.SZ，证券简称*ST金科）于5月29日下午举 行2024年业绩说明会，这也是金科股份在进入司法重整执行过程后第一次召开业绩说明会。 金科股份董事长周达，金科股份总裁杨程钧，金科股份副总裁兼董事会秘书张强，金科股份副总裁兼 财务负责人宋柯，金科司法重整的产业投资人、品器资管董事长冯仑，品器资管CEO李根等人参加 了会议。 在业绩说明会上，金科股份管理层就金科司法重整最新进展、未来的经营计划等外界关注的问题进行 了介绍。 同时，金科管理层也就"*ST金科何时能脱帽""为什么2024年经营业绩大幅度亏损""外界传言金科股份 用26.28亿偿还1000多亿债务"等问题进行了解释。 金科股份2024年年报显示，公司2024年实现营业总收入275.55亿元，同比下降56.43%；归属净利 润为-319.70亿元，同比大幅下降266.11%；扣非净利润为-284.18亿元，同比下降284.37%。 对于 ...

Core Viewpoint - Kinkor Holdings (金科股份) is undergoing judicial reorganization due to significant financial losses in 2024, with its chairman and president voluntarily reducing their salaries to 30,000 yuan per month to address the situation [1][5]. Financial Performance - In 2024, Kinkor reported total revenue of 27.555 billion yuan, a year-on-year decline of 56.43% [1]. - The net profit attributable to shareholders was -31.970 billion yuan, a substantial decrease of 266.11% compared to the previous year [1]. - The net profit after deducting non-recurring items was -28.418 billion yuan, down 284.37% year-on-year [1]. Operational Strategy - Kinkor prioritized "ensuring housing delivery and stabilizing people's livelihoods," successfully delivering approximately 72,400 residential and commercial units [2]. - The company secured a total of 4.89 billion yuan in various financing sources to support its housing delivery tasks [2]. - Kinkor signed 56 new construction management projects in 2024, adding 4.5 million square meters of managed area, ranking eighth in the new contract scale among Chinese real estate construction management companies [2]. Judicial Reorganization Progress - The chairman of Kinkor reported that the reorganization investors have paid approximately 1.4 billion yuan in performance guarantees, exceeding the agreed amount by 86 million yuan [2]. - Kinkor's management outlined three conditions necessary for the company to "remove its caps," including the completion of the reorganization plan and positive net profit in the following fiscal year [3]. Misunderstandings Regarding Debt - There were market rumors suggesting that Kinkor's reorganization involved using 2.628 billion yuan to repay over 100 billion yuan in debt, which the financial officer clarified as a misunderstanding [3]. - The 2.628 billion yuan represents the investment from investors, not direct debt repayment, and the majority of Kinkor's debt is related to project financing guarantees [3][4]. Future Outlook - Kinkor's management anticipates a transformation in the real estate sector, viewing it as an opportunity for a "new model" of development [5]. - The company aims to reposition itself as a property operator focused on technological innovation and operational management, shifting from traditional development to asset management [5]. - Future changes will include a shift in business model, core capabilities, and regional focus, concentrating on high-energy cities and a balanced approach to development and asset management [5].

Core Viewpoint - The company emphasizes a strategic focus on enhancing capabilities, including product iteration, content operation, and service value, while maintaining a stable and high-quality development approach in the real estate sector [1][2]. Group 1: Company Strategy - The company plans to maintain strategic determination and adhere to the "four no losses" work requirements: "no mistakes, no blood loss, no speed loss, no ambition loss" [2]. - The investment strategy will focus on core cities and sectors, ensuring cash flow safety while pursuing high-quality growth [2]. - The company aims to enhance its asset operation capabilities through a REITs platform, integrating operations with real estate investment trusts to create a new model for resource circulation [2]. Group 2: Market Outlook - Despite a slight year-on-year decline in new housing sales, the market shows signs of stabilization and recovery, with a 20% year-on-year increase in second-hand housing transactions in 30 key cities [1]. - The real estate industry is projected to maintain a scale of 8-10 trillion yuan, indicating a substantial market opportunity [1]. - The rapid iteration of residential products is expected to stimulate consumer interest in purchasing and upgrading homes [1]. Group 3: Financial Strategy - The company plans to develop new financing models in response to the evolving real estate landscape, focusing on asset yield and turnover cycles [3]. - Aiming for a "fortress-style" balance sheet and a "cotton-padded jacket-style" cash flow statement, the company will work on cost reduction and efficiency improvement [3]. - The goal is to maintain an industry-leading capital structure and optimal funding cost levels [3].

Group 1: Economic Outlook - The macroeconomic environment in 2024 faces multiple downward pressures, but recent policies have stabilized the economy, with GDP growth targets expected to be met [1] - The government plans to implement more proactive macro policies in 2025 to stabilize the real estate and stock markets [2] - High-quality economic growth in 2025 will be driven by breakthroughs in frontier technologies [2] Group 2: Real Estate Policy - The government has introduced policies to stabilize the real estate market, including measures to control new construction and optimize existing stock [2] - The emphasis on "good housing" construction and the release of market potential are key focuses for 2025 [2] - Recent policies have sent strong signals for stabilizing the real estate market, with expectations for more supportive measures to be implemented [2] Group 3: Market Performance - In Q1 2025, new housing sales volume and prices in 100 cities showed a slight year-on-year decline, but the rate of decline has narrowed significantly [3] - Major cities like Beijing, Shanghai, and Shenzhen have seen significant price increases, with a 20% year-on-year rise in second-hand home transactions in 30 key cities [3] - The land market has shown signs of recovery, with significant land price increases in cities like Hangzhou and Shanghai, indicating a positive trend ahead of residential sales [3] Group 4: Company Strategy - The company will maintain its strategic focus on core cities and sectors, ensuring cash flow safety while pursuing high-quality development [4] - The real estate sector is expected to stabilize at an industry scale of 8-10 trillion yuan, with the company committed to enhancing product quality and operational capabilities [4] - The company aims to strengthen its asset management capabilities, focusing on commercial, industrial, and residential properties, with a significant number of projects entering operation [4] Group 5: Financial Strategy - The company plans to develop a new financing model tailored to the characteristics of different business segments, ensuring a robust capital structure [5] - Continuous cost reduction and efficiency improvements are prioritized to maintain industry-leading capital structure and optimal funding costs [5]