Summary of Conference Call Company and Industry - The conference call pertains to the real estate industry, specifically focusing on the company 建发国际 (Jianfa International). Key Points and Arguments 1. **Sales Performance**: The company achieved sales of 138 billion CNY from April 16 to May 5, with 120 billion CNY coming from ongoing projects and only 17 billion CNY from new launches [1][2] 2. **Price Increase Strategy**: The company has implemented a price increase strategy, raising the value of unsold inventory by over 1 billion CNY since October of the previous year, with ongoing projects also seeing price increases [2][3] 3. **Sales Target**: The overall sales target for the year is set at over 150 billion CNY, with positive performance noted in both ongoing and new projects [3][4] 4. **Land Acquisition**: By the end of April, the company acquired land worth approximately 400 billion CNY, with a focus on key cities such as Xiamen, Shanghai, Beijing, Hangzhou, and Chengdu [3][4] 5. **Inventory Structure**: As of the end of last year, the company's inventory was valued at 220 billion CNY, with projects from 2021 and earlier accounting for about 20% of this inventory [5][6] 6. **Profit Margin Analysis**: The profit margins for projects vary, with older projects (pre-2021) showing lower profitability due to market conditions, while newer projects are expected to have better margins [8][10] 7. **Market Conditions**: The company noted that its sales performance during the May Day holiday was significantly better than that of competitors, attributed to strong product quality and strategic positioning in core cities [17][18] 8. **Future Land Investment Strategy**: The company plans to maintain a conservative investment strategy, aiming to match land acquisition with sales performance, targeting a land acquisition value of around 150 billion CNY [14][15] 9. **Project Pricing Dynamics**: Specific projects, such as those in Hangzhou, have seen price increases of up to 30%, indicating strong demand and pricing power in certain markets [20][21] 10. **Inventory Management**: The company is focused on managing its inventory effectively, particularly in challenging markets, to improve liquidity and reduce the burden of unsold properties [6][7] Other Important Content - The company emphasized the importance of early sales strategies, starting assessments and sales efforts well before key holiday periods to maximize performance [19] - There is a recognition of the need to adapt pricing strategies based on market conditions and customer acceptance, with a gradual approach to price increases being favored [21][22] - The company has a relatively low proportion of loss-making projects compared to industry peers, indicating a healthier asset structure [7][22]