Core Viewpoint - The real estate market is stabilizing in 2024 due to strong policy support, with significant improvements in transaction volumes, especially in first-tier and core second-tier cities [1] Company Performance - Poly Developments achieved a signed area of 17.9661 million square meters and a signed amount of 323 billion yuan in 2024, maintaining its position as the industry leader for two consecutive years [1] - The company reported total revenue of 311.67 billion yuan and a net profit of 9.74 billion yuan, with a cash recovery rate of 101%, an increase of 1.3 percentage points year-on-year [1][3] - The company’s debt structure continues to improve, with operating cash flow positive for seven consecutive years [1][3] Financial Health - In 2024, Poly Developments reduced interest-bearing debt to 348.8 billion yuan, with a debt-to-asset ratio of 74.3%, marking a four-year consecutive decline [5] - The company’s cash reserves reached 134.2 billion yuan, significantly exceeding industry averages, and financing costs have decreased, with the comprehensive cost of interest-bearing debt dropping to 2.92% [5] Market Strategy - Poly Developments focused on core city clusters, achieving a sales amount of 323.029 billion yuan, with a market share of 7.1% in 38 core cities [6] - The company implemented a "保价" (price protection) policy to boost consumer confidence amid market fluctuations, resulting in a sales increase of 28% year-on-year in October 2024 [7][8] Product Development - The company is enhancing its product competitiveness by focusing on high-quality housing, with a shift in consumer demand towards better living experiences [1][11] - Poly Developments has expanded its project portfolio significantly, with a total land price of nearly 400 billion yuan and a total value of approximately 735 billion yuan from 2022 to 2024 [9][10] Innovation and Quality - The company is investing in technology and innovation to optimize its development chain, achieving a construction time reduction of over 30% [11] - Poly Developments has established a comprehensive product brand service system, receiving high recognition in the industry for its product quality [11]