Core Viewpoint - China Jinmao reported a revenue of approximately 59.05 billion RMB for 2024, reflecting an 18% year-on-year decrease, while the gross profit margin increased to 15% from 12% in 2023, indicating improved operational efficiency despite declining revenues [3][5]. Financial Performance - Revenue for 2024 was approximately 590.53 billion RMB, down 18% year-on-year [3] - Gross profit was about 85.96 billion RMB, a decrease of 5% year-on-year [3] - Net profit attributable to owners was approximately 10.64 billion RMB, an increase of 115% year-on-year [3] - Total assets reached approximately 409.26 billion RMB, with equity attributable to owners at about 53.58 billion RMB [3] Business Segments - Urban operations and property development generated approximately 493.01 billion RMB, accounting for 82% of total revenue, down 21% year-on-year [3] - Commercial leasing and retail operations brought in about 16.97 billion RMB, representing 3% of total revenue, down 6% year-on-year [3] - Hotel operations generated approximately 16.98 billion RMB, also 3% of total revenue, down 18% year-on-year [3] - Jinmao Services contributed about 29.66 billion RMB, making up 5% of total revenue, with a 10% year-on-year increase [3] - Other income was approximately 47.08 billion RMB, accounting for 7% of total revenue, up 8% year-on-year [3] Cash and Debt Position - As of the end of 2024, cash and cash equivalents were approximately 30.81 billion RMB, while interest-bearing bank loans and other borrowings totaled 122.8 billion RMB [3][4] - The total debt was approximately 122.8 billion RMB, slightly down from 127.38 billion RMB in 2023 [4] Sales and Inventory - The contracted sales for 2024 were approximately 98.3 billion RMB, with 68% from North and East China, and 90% from first and second-tier cities [4] - The total unsold value was approximately 280 billion RMB, with 63% concentrated in economically developed regions [4] - The company held 397 projects with an undeveloped area of approximately 77.96 million square meters [4] Strategic Focus - The company emphasized a strategy of "deep cultivation and focus, improving quality and efficiency," aiming to enhance cash flow and optimize structure during the industry adjustment period [5] - The focus on "activating stock" is deemed more urgent, alongside efforts to improve "incremental" growth through rapid turnover and reinvestment [5]