Core Viewpoint - In 2024, the real estate industry is undergoing significant restructuring, with the number of billion-dollar real estate companies decreasing to 11. China Merchants Shekou (001979.SZ) stands out with a total sales amount of 219.3 billion yuan, ranking fifth in the sales list by CRIC, demonstrating resilience and maintaining its position in the top tier of the industry [1][2]. Financial Performance - As of the end of the reporting period in 2024, China Merchants Shekou reported a cash balance of 100.35 billion yuan, an increase of 12.06 billion yuan or 13.66% year-on-year. The cash-to-short-term debt ratio improved to 1.58, up by 0.3 [1]. - The company achieved a total signed sales area of 9.359 million square meters and a signed sales amount of 219.3 billion yuan in 2024, with a peak monthly sales amount of 30.239 billion yuan in December [3]. Land Acquisition Strategy - China Merchants Shekou focuses its land investment strategy on first-tier and strong second-tier cities, particularly in the "Strong Heart 30 Cities" and "Core 6+10 Cities," with resource allocation increasingly directed towards cities like Shanghai, Hangzhou, Beijing, and Shenzhen [1][2]. - In December 2024, the company invested 10.115 billion yuan to acquire eight premium land parcels in core cities, with a significant portion of rights in two parcels in Baoshan District, Shanghai, reaching 70% [2]. Asset Quality and Product Development - The company proactively recognized asset impairments totaling 5.9 billion yuan, which may impact short-term profits but is expected to enhance asset quality for long-term stability [3]. - China Merchants Shekou restructured its product system with a "Chief Designer Product Manager System," launching four product lines to better meet market demands. In 2024, it delivered 95,000 housing units and upgraded its "Delivery as Service" system [3]. REITs and Operational Strategy - In 2024, China Merchants Shekou's rental housing REIT (code: 180502) was listed on the Shenzhen Stock Exchange, raising 1.3635 billion yuan with a subscription multiple of 103.66 times, marking a new high for the year [4]. - The company has established a comprehensive REITs layout across three major asset operation sectors: industrial parks, long-term rental apartments, and commercial offices, revitalizing over 14.2 billion yuan of existing assets since 2019 [4]. Property Services and Technological Innovation - The property service arm, China Merchants Jiyu, has enhanced operational efficiency through AI technology, achieving a fivefold increase in work order efficiency and covering 97% of projects with high-altitude object warning systems [4]. - The company continues to deepen its Integrated Facility Management (IFM) sector, managing over 36 million square meters and serving high-profile clients like Huawei and Alibaba, consistently recognized as a "Gold Medal Supplier" in back-office services [4].

中天服务股份有限公司 报告期，公司合并报表范围内实现营业收入3.63亿元，同比增长6.80%；实 现归属于上市公司股东的净利润708.02万元，同比下降64.98%；归属上市公司股 东扣非后的净利润2,601.24万元，同比下降29.21%；报告期末总资产4.99亿元， 同比增长55.02%；归属于上市公司股东的净资产为3.02亿元，同比增长128.73%。 1 二、2024年董事会运作情况 （一）董事会会议召开情况 2024年度董事会工作报告 2024年度，中天服务股份有限公司（以下简称"公司"）董事会严格按照《公 司法》《证券法》等法律法规以及《公司章程》《董事会议事规则》的规定，组 织和领导公司经营管理层及全体员工围绕发展战略，积极推动公司业务深度发展， 本着恪尽职守、勤勉尽责的工作态度，认真贯彻落实股东大会的各项决议，切实 履行股东大会赋予的董事会职责，推动公司高质量可持续发展，有效地保障公司 和全体股东的合法权益。 一、2024年公司经营情况 国家发改委公布《产业结构调整指导目录(2024年本)》，将物业服务纳入"鼓 励类-商务服务业"，国家对行业重新定位和政策调整使"物业服务"内容更为 细化、发展 ...