更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 Asia Pacific Equity Research 29 April 2025 China Property Property Data Monitor Mainland China: weekly sales stayed bleak; HK: Sierra Sea (1st batch) sold out Mainland China Hong Kong SAR See page 16 for analyst certification and important disclosures, including non-US analyst disclosures. J.P. Morgan does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect ...

The supervisory board of AS Trigon Property Development approved on 29th of April 2025 the audited annual report and profit allocation proposal for the year 2024. The supervisory board decided to present the annual report and profit allocation proposal as prepared by the management for the approval of the general meeting of shareholders. The revenues and profits remained unchanged compared to the preliminary disclosure on 20 February 2025. The original audited Annual Report 2024 document is submitted in mac ...

Summary of Conference Call on China Property Market Industry Overview - The conference call focused on the **China Property** market, specifically the performance of major developers in February 2025, as tracked by **CRIC** [1][2]. Key Points Sales Performance - **Contracted sales** of 30 major developers dropped **16% year-on-year (y-y)** in February 2025, following a low base [1]. - The **top 50 and top 100 developers** saw attributable sales growth of **3% and 2% y-y**, respectively, compared to declines of **-4% and -1% in January** [2]. - Year-to-date (YTD) sales decline for the top developers narrowed to **-1% and 0% y-y** in the first two months of 2025, contrasting with **+5% and +2% in Q4 2024** [2]. Divergence in Performance - **State-Owned Enterprises (SOEs)** outperformed others, with notable growth from **Yuexiu (+63%)**, **COLI (+55%)**, **CR Land (+47%)**, and **C&D (+36%)** y-y [3]. - Conversely, some developers like **Zhongliang**, **Zhongnan**, and **Seazen** experienced declines exceeding **50% y-y** [3]. - Semi-SOE developers such as **Gemdale** and **Vanke** also reported weak performance, with declines of **-45% and -27% y-y**, respectively [3]. Future Outlook - Sales for major developers are expected to weaken y-y in the coming months due to reduced saleable resources and a higher base [4]. - The housing policy response is anticipated to remain reactive, with limited demand-side stimulus until housing prices stabilize [4]. - There is a need for faster policy implementation, particularly regarding funding and inventory buybacks, to bolster homebuyer confidence [4]. Investment Recommendations - The industry performance may hinge on sustained sales and home price recovery, with mixed signals observed in the physical market [5]. - The recommendation is to focus on **defensive SOE players** with substantial saleable resources in tier 1 cities, such as **CR Land (1109.HK)**, **Greentown (3900.HK)**, and **Yuexiu (0123.HK)** [5]. Additional Insights - The **fragility of residential sentiment** is highlighted, as reflected in declining secondary listing prices [5]. - The **aggregate sales** for the top developers showed a **-1% y-y** change, with a **-5% month-on-month (m-m)** decline in February 2025 [9]. Conclusion - The China Property market is facing challenges with declining sales and a reactive policy environment. However, SOEs are showing resilience, and strategic investments in top-tier developers may present opportunities amidst the volatility.

Financial Data and Key Metrics Changes - The company recorded a revenue of RMB9.75 billion and a net profit of RMB1.4 billion for 2023, with profit attributable to shareholders amounting to RMB810 million [10][21] - Total rental and related income increased to RMB3.24 billion, representing a growth of 16% year on year [11][47] - The net gearing ratio increased slightly to 52%, while cash and bank deposits totaled RMB8.9 billion [11][27] Business Line Data and Key Metrics Changes - Property sales amounted to RMB5.9 billion, primarily from the Panlong Qiandi project, with total contract sales of RMB11.4 billion [21][33] - Rental income increased by 16% year on year to RMB2.4 billion, driven by successful openings of commercial projects [21][47] - The company maintained a stable management area of 9 million square meters in property management [48] Market Data and Key Metrics Changes - The residential market showed a slow recovery, with a significant drop in residential sales area and record high national housing inventory [14] - In Shanghai, prime retail property vacancy rates and rents remained stable, with a slight 0.2% drop in rental rates year on year [15] - The office market faced challenges with a 27% drop in grade A office rents in Shanghai, leading to higher vacancy rates [16] Company Strategy and Development Direction - The company will continue to adopt a prudent capital management strategy and maintain an asset-light approach, focusing on Tier one cities in the Yangtze River Delta and Greater Bay Area [6][17] - Emphasis on urban regeneration and mixed-use developments to capture unique market opportunities [18][44] - The company aims to strengthen its brand and enhance product quality in high-quality mixed-use communities [45] Management's Comments on Operating Environment and Future Outlook - The management highlighted ongoing economic challenges, including geopolitical tensions, high interest rates, and sluggish market recovery [5][7] - Future market recovery is expected to be slow, with continued consolidation in the property sector [7][14] - The company remains optimistic about the Shanghai market, citing stable demand and opportunities for growth [7][43] Other Important Information - The company successfully issued the largest private green mortgage-backed onshore CMBS in April 2023 [12] - The Board recommended a final dividend of $0.58 per share, with a total full-year dividend of $0.90 per share [13][21] - Significant progress in sustainability efforts, with improved ESG ratings and over 96% of existing assets certified as green or healthy buildings [19] Q&A Session Summary Question: What are the company's views on the current market conditions? - The company noted that the property sector is experiencing a downturn, with divergent performance among cities and regions, but top-tier cities are showing resilience [43][44] Question: How does the company plan to navigate the challenges in the office market? - The company aims to maintain high occupancy rates and focus on acquiring large tenants while enhancing service offerings [52][56] Question: What are the future plans for property development? - The company plans to launch several premium residential projects in Shanghai and continue to explore urban renewal opportunities [36][40][45]

Financial Data and Key Metrics Changes - The Group revenue increased by 46% to RMB 6.4 billion in the first half of 2023 compared to the same period in 2022 [7] - Profit for the period rose by 17% year on year to RMB 913 million, while profit attributable to shareholders increased by 37% year on year to RMB 618 million [7][24] - The net gearing ratio increased slightly to 50% as of June 30, 2023, compared to 45% at the end of 2022 [9][25] Business Line Data and Key Metrics Changes - Property sales in the first half increased by 90% to RMB 4.6 billion, primarily driven by the Panlong Tiendi project in Shanghai [8][19] - Total rental and related income was RMB 1.5 billion, representing a growth of 3% year on year [8] - The recognized property sales for the first half amounted to RMB 34.7 billion when including joint ventures and associates [12][20] Market Data and Key Metrics Changes - The retail portfolio occupancy averaged 91% as of June 30, with rental reversions remaining positive [13] - The office portfolio maintained an average occupancy rate of 88%, with Shanghai achieving an average occupancy of 92% [13][45] - The K-shaped market trend was noted, with solid demand in top-tier cities and quality products remaining high in demand [11][32] Company Strategy and Development Direction - The company aims to maintain prudent but proactive capital management to ensure strong liquidity and explore additional onshore financing channels [15] - Long-term expansion plans focus on Shanghai and other first-tier cities, emphasizing urban regeneration projects [15][39] - The company is well-positioned to capitalize on urban renewal opportunities, particularly in Shanghai, supported by recent government policies [39][40] Management's Comments on Operating Environment and Future Outlook - The management highlighted challenges such as geopolitical tensions, high inflation, and a poor economic outlook affecting consumer spending [4][5] - Despite these challenges, the company has seen an increase in profit and stable occupancy rates, indicating resilience [6][11] - The management expressed cautious optimism regarding urban regeneration policies that could provide new opportunities [5][39] Other Important Information - The company successfully issued the largest private green mortgage-backed onshore CMBS in April, valued at RMB 4.4 billion [9][29] - The interim dividend for 2023 was recommended at $0.32 per share, reflecting the group's financial performance [10] Q&A Session Summary Question: What are the company's strategies in the current market? - The company will continue to adopt flexible leasing strategies and enhance service quality to improve occupancy rates [50] - There is a focus on strengthening competitive advantages in community products and urban retreat offerings [50] Question: How is the company addressing the challenges in the property market? - The company is leveraging its strong brand and track record in urban regeneration to navigate the current market correction [39] - The management noted the importance of maintaining a balanced portfolio and proactive asset management [45]