说到存量土地的大户，就不得不提大家这几年所熟知的城投公司。 自2021年开始，房企拿地积极性下降，城投就变成了多个城市土拍的主力军，拿地规模一直居高不下 众所周知，今年地产行业最重要的目标之一就是"去库存"。 不光要抓紧去化数量巨大的存量商品房，还要处置规模更为庞大的存量土地。 尤其在三四线城市，直接差不多快要承包了整个土地市场（详见：《城投公司快要承包整个土地市场了》）。 但是最近我们发现，各地城投公司现在又有了新的变化。 一 终于，城投拿地也开始锐减了。 据CRIC统计，2024年全国重点30城的城投拿地占比高达64%，一举来到了近几年的最高点。 不过今年形势发生了极剧变化，城投从各地的土拍名单中退潮了。一季度，全国重点30城的城投拿地总建面不足2000万平方米，占比更是大幅下降，已经 回落到了50%的水平。 进入4月，全国22城市区共出让涉宅地73宗，总出让金为871.4亿元。 城投类企业拿地金额只有219.8亿元，占比进一步下滑到了25.2%。 具体来看，深圳和广州两大一线城市较为突出。 深圳过去含住宅地块出让较少，而且较多都是租赁用房地块，所以城投拿地占比长期在50%以上。 到目前为止，深圳只卖了龙 ...

近期我一直在感冒生病，文章更新较少，望理解。 这会儿还在鼻塞，还没完全康复，写个小文，发点随想和感慨。 1、今天上午9点的发布会，各位可能也看了。没啥爆炸性信息，结果只是： 1.降低存款准备金率0.5个百分点；2.降低个人住房公积金贷款利率0.25 个百分点；3.五年期以上手台放利率由2.85%降至2.6%。 2、对于楼市的复苏和振兴而言，这点金融政策只是毛毛雨，或者只是眼药水。解决不了问题。 3、今年前4个月，全国楼市的数据，其实很不好看。 销售数据还在下跌。 4、今年的小阳春没有出现。无论是全国，还是郑州。包括这个五一假期，郑州楼市的表现并不明显，除了那几个刚需盘的"降价促销"。目前的降 价，一直到了10000元以下才有效果，这是可怕的。 5、舆论和市场，形成了两张皮。 所谓"开盘售罄"的信息，老百姓和买房人也不信了。事实上，我觉得不要再多发"开盘售罄"的信息了。因为，所谓 售罄是100%卖完——逻辑告诉我们，这是不可能的。 7、无论如何，四代宅的所谓超高得房率，让很多人比较心慌——老盘，和存量房。很多人担心过去的二手房咋办。但我想说，没必要过度忧虑。 8、现在楼市艰难的关键是什么？不是没有需求，而是—— ...

Financial Data and Key Metrics Changes - In Q4 2024, net sales were approximately $64.4 million, down from $66.7 million in Q4 2023 [2] - The net loss for Q4 2024 was $7.2 million compared to a net loss of $3.2 million in Q4 2023, which included an $8.2 million gain on the sale of assets [3] - For the fiscal year 2024, net sales were $265 million, down 4.1% from $276 million in 2023 [4] - The net loss from continuing operations for 2024 was $12.2 million or $0.83 per diluted share, compared to a net loss of $1.95 million or $0.13 per diluted share in 2023 [3] - Gross profit margin in 2024 was 24.7% of net sales, down from 26.7% in the prior year [5] Business Line Data and Key Metrics Changes - Selling and administrative expenses in 2024 were reduced by $4.3 million or 5.8% of net sales due to planned cost-cutting initiatives [5] - Facility consolidation expenses were $2.5 million lower than the prior year, including additional write-downs of idled assets [6] - The company reduced costs by over $35 million in 2023 and further reduced costs by over $10 million in 2024 [11] Market Data and Key Metrics Changes - Existing home sales have declined dramatically from over 6 million homes per year to under 4 million, impacting the industry significantly [9] - The actual square yards of carpet chips have decreased by 25% over the last three years [10] Company Strategy and Development Direction - The company has focused on cost reduction and restructuring to align capacity with current volume, reducing the number of associates by approximately 28% over the last three years [11] - Investment in extrusion equipment aims to provide lower-cost raw materials and ensure a consistent supply [12] - The company is expanding its product offerings, including hard surface products under the TrueCore brand and enhancing its high-end wood program [13][14] Management Comments on Operating Environment and Future Outlook - The management noted that the industry has been in a recession for several years, with existing home sales at the lowest point since 1995 [9] - The company anticipates further cost reductions exceeding $10 million in 2025 and continues to manage working capital effectively [11][17] - The impact of tariffs on imported products is uncertain, but the company is prepared to take appropriate actions as needed [16] Other Important Information - The company closed a new $75 million senior credit facility, enhancing its financial position [8] - The company has maintained low capital expenditures except for investments in extrusion equipment [11] Q&A Session Summary Question: What percent of hard surfaces is imported from China? - Very little is imported from China, with imports coming from Thailand, Cambodia, Vietnam, and some from Europe [19] Question: How quickly can the company pass along price increases due to tariffs? - It is unclear, but it is likely that price increases will be passed on quickly as tariffs become impactful [22] Question: What was the amount of the Q4 inventory write-down? - The overall reduction in inventory was $9.8 million, with additional reserves made for excess inventory [25][26] Question: How soon will the company achieve the $10 million cost reduction? - The company is very close to that level today, with most of the reductions planned months ago [27] Question: Is there potential benefit from tariffs for the soft side of the business? - It depends on where the tariffs end up, but imports are not a major factor for the domestic tufted carpet business [34] Question: Is the full amount of $12.2 million available to borrow under the new credit facility? - Yes, the $12.2 million includes the $6 million excess availability [35]