观点指数 在11月24日观点指数研究院发布的《聚焦核心板块 | 2025年11月房地产企业新增土地储备报 告》中，其指出住宅用地市场成交延续调整，二线城市面临一定挑战，三线城市短期现局部回暖但长期 压力仍存。 此外，在上海等重点城市的土拍市场上，房企在多重约束下更倾向核心地段、低密、成熟配套地块的战 略选择，整体呈现理性审慎的竞拍策略。 市场成交延续调整，土地购置费增速持续放缓 报告期内，一二三线城市成交住宅用地539宗，成交土地规划建筑面积3437.05万平方米，环比下降 6.61%，同比下降27.19%；成交总价1487.63亿元，环比下降13.42%，同比下降32.86%；成交楼面均价 4329.11元每平方米，环比下降7.29%，同比下降4.55%；平均溢价率3.42%。 二线城市住宅用地成交的土地规划建筑面积为810.62万平方米，环比下降30.84%，同比下降16.83%；成 交总价389.83亿元，环比下降41.56%，同比下降28.52%；成交楼面价4809.94元每平方米，环比下降 15.48%，同比下降14.25%。 数据来源：Wind、观点指数整理 | | | | 2025年10月各线城 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][17]. Core Insights - The company achieved a comprehensive revenue of 170.43 billion RMB in 2024, representing a year-on-year increase of 15.4%, with core net profit growing by 20.1% to 35.07 billion RMB [7][8]. - The comprehensive gross margin and net profit margin attributable to the parent company were 32.91% and 21.30%, respectively, both showing improvements compared to the previous year [7][8]. - The board declared a final dividend of 0.643 RMB per share, an increase of 33.7% year-on-year, maintaining a total payout ratio of 100% for 2024 [7][8]. Financial Performance Summary - **Revenue and Profit Forecasts**: - Revenue is projected to grow from 14,767 million RMB in 2023 to 19,797 million RMB in 2025, with a compound annual growth rate (CAGR) of 16.2% [6]. - Net profit is expected to increase from 2,929 million RMB in 2023 to 4,300 million RMB in 2025, reflecting a CAGR of 18.5% [6]. - The fully diluted EPS is forecasted to rise from 1.28 RMB in 2023 to 1.88 RMB in 2025 [6]. - **Margins and Returns**: - The gross margin is expected to improve from 31.8% in 2023 to 32.91% in 2025, while the return on equity (ROE) is projected to increase from 18.4% to 21.96% over the same period [6][16]. Business Segment Performance - **Commercial Segment**: - The commercial segment achieved retail sales of 215 billion RMB in 2024, a year-on-year increase of 18.7%, outperforming the retail sales growth of the broader market [11][12]. - The company opened 21 new shopping centers in 2024, bringing the total to 122 operational centers, with 50 centers leading in local market sales [11][12]. - **Property Management Segment**: - The total managed area reached 413 million square meters, a year-on-year increase of 11.6%, with a focus on expanding in first and second-tier cities [13]. - The company signed 3,485 million square meters of new third-party contracts, enhancing its market position [13]. - **Membership Business**: - The membership program saw a 32.0% increase in total members, reaching 61.07 million, with significant growth in cross-industry point redemption [17]