Core Viewpoint - The company, Greentown, has aggressively expanded its land acquisition activities in 2025, achieving significant growth in both land acquisition amounts and new value, despite facing challenges in profitability [1][2][8]. Group 1: Land Acquisition Performance - Greentown has emerged as a leader in land acquisition, ranking first in the top 100 real estate companies in China for the first four months of 2025, with a total land acquisition amount of 31.3 billion yuan [2]. - The company achieved a new value of 64.2 billion yuan in the same period, significantly outperforming competitors such as China Jinmao and Poly Developments [2]. - Compared to the same period last year, Greentown's land acquisition amount increased by 108.7%, while the new value surged by 145% [2]. Group 2: Competitive Bidding and Pricing - In key markets like Hangzhou and Suzhou, Greentown has engaged in intense bidding wars, securing several high-priced plots with premium rates exceeding 40% [3][4]. - Notable acquisitions include a plot in Hangzhou with a 59.39% premium and another in Suzhou with a floor price exceeding 40,000 yuan per square meter [3][4]. - The company has consistently ranked among the top three in land acquisition amounts in major cities, indicating a strong competitive presence [2]. Group 3: Financial Performance and Challenges - Despite the aggressive land acquisition strategy, Greentown's profitability has faced significant challenges, with a reported profit of 4.146 billion yuan in 2024, down 37.9% year-on-year [8]. - The company's shareholder profit dropped by 48.8%, indicating a severe decline in profitability, attributed to high impairment losses and increased sales expenses [8]. - The gross profit margin has also decreased to 12.8%, down from previous years, raising concerns about the sustainability of its high-priced land acquisitions [8]. Group 4: Leadership and Strategic Direction - The recent leadership change to Liu Chengyun has not altered the company's aggressive land acquisition strategy, maintaining a strong presence in the market [7][9]. - Liu Chengyun's challenge will be to balance continued growth in scale with addressing the profitability issues that have emerged from the current strategy [9].