Core Viewpoint - The company, as a real estate platform under COFCO Group, is focusing on high-quality development and has proposed not to distribute profits for the year 2024 due to negative distributable profits, while emphasizing its commitment to sustainable growth and operational stability [2][66][70]. Company Overview - The company operates primarily in real estate development, management, and sales, covering residential, commercial, and industrial properties across 38 cities in China [3][4]. - The company aims to enhance its brand influence by focusing on the new generation's housing needs and continuously upgrading its residential products [3][4]. Financial Performance - The company reported a negative distributable profit of approximately -2.86 billion yuan for the consolidated financial statements for 2024, leading to the decision not to distribute cash dividends or issue new shares [68][70]. - The company’s net profit for the year was approximately 149.79 million yuan, with a beginning retained earnings of about 5.1 billion yuan [68]. Strategic Initiatives - The company has established a "1123" strategic framework to optimize its organizational structure and enhance corporate culture, aiming for high-quality and sustainable development [8]. - The company has successfully opened new commercial projects in Xiamen, Sanya, and Haidian, and launched a commercial REIT in Chengdu, expanding its operational footprint [8]. Profit Distribution Plan - The proposed profit distribution plan for 2024 includes no cash dividends, no stock dividends, and no capital reserve transfers due to the negative distributable profit [66][68]. - The company’s profit distribution policy requires positive distributable profits and compliance with specific conditions outlined in its articles of association [72]. Financial Assistance - The company plans to provide financial assistance to joint ventures and subsidiaries in 2025, ensuring that such assistance does not affect its normal business operations [75][78]. - The financial assistance will be proportionate to the equity stakes of the shareholders involved in the projects [78].