Core Insights - The real estate industry is undergoing significant changes, with leading companies facing market pressures, yet some, like Poly Developments, are demonstrating resilience and adaptability [1][2]. Sales Performance - In 2024, Poly Developments achieved a signed contract amount of 3230.29 billion, maintaining its position in the "3000 billion" club, alongside only one other company [2]. - The company saw a 40% year-on-year increase in sales area in first-tier cities during the fourth quarter, significantly outperforming the industry average [2]. - Sales from new projects acquired in 2022 and beyond reached nearly 2000 billion, accounting for about 60% of total sales [2]. Strategic Management - Poly Developments has effectively implemented a "de-leveraging" strategy since 2021, focusing on inventory management and project liquidation, resulting in a significant reduction in inventory [3]. - The company has adapted its sales strategies to market dynamics, optimizing inventory management and accelerating project liquidation, with a 20% decrease in the area of opened projects compared to the beginning of the year [4]. Financial Performance - In 2024, Poly Developments reported approximately 3116.6 billion in revenue and a net profit of about 50.01 billion, maintaining a strong position within the industry [5]. - The company reduced interest-bearing liabilities by 5.4 billion and lowered the comprehensive cost of existing interest-bearing liabilities to 2.92%, a decrease of 22 basis points from the previous year [7]. - Operating cash flow remained positive for the seventh consecutive year, with a net cash flow of 6.3 billion and year-end cash reserves of 134.2 billion [7]. Product Quality and Innovation - Poly Developments has positioned itself as a leader in product quality, ranking second in the industry according to CRIC, with its "Tianyue Renhe" product series achieving high sales rates [9]. - The company has implemented innovative construction practices, reducing construction time by over 30% and ensuring quality control through technology [10]. Diversification and Future Outlook - The company is expanding its asset management and commercial operations, with a rental housing brand rapidly growing to over 45,000 units [10]. - Management believes that focusing on customer-centric approaches will enable the company to navigate market cycles successfully and maintain its leading position [10].

Core Viewpoint - In 2024, China's real estate industry continues to stabilize amid policy support and market differentiation, with Poly Developments demonstrating resilience and growth despite industry challenges [1] Financial Performance - Poly Developments achieved a contract signing amount of 323 billion yuan, maintaining the industry's leading position, with operating cash flow positive for seven consecutive years [1][2] - The company reduced interest-bearing liabilities by 5.4 billion yuan, with the comprehensive cost of existing interest-bearing liabilities decreasing to 2.92%, down 22 basis points from the previous year [2] - The company’s cash flow management resulted in a net operating cash flow of 6.3 billion yuan, with year-end cash reserves of 134.2 billion yuan, significantly exceeding industry averages [2][4] Strategic Initiatives - Poly Developments actively utilized policy tools such as "operating property loans" and "real estate financing coordination mechanisms," securing 13 billion yuan in new operating loans [3] - The company plans to issue a targeted convertible bond with a financing scale of 8.5 billion yuan, further broadening its financing channels [3] Product Development and Market Position - The company transitioned from a "product developer" to a "city operation service provider," focusing on quality competition and technological innovation, resulting in a rise in product strength ranking from ninth to second in the industry [3][4] - Poly Developments completed the delivery of 165,000 residential units, with 22 projects recognized as exemplary construction sites, enhancing market confidence [4] Operational Efficiency - The company implemented a "fast construction system" in Hainan, achieving project completion within 14 months and reducing construction time by over 30% [5] - The rental housing brand "He Yu" expanded rapidly, with over 45,000 units in operation, and the third-party management area increased to 5.256 million square meters [5] Market Outlook - Poly Developments' strategic focus on core cities and optimized land reserve structure positions it well for future growth, with a market share of 7.1% in 38 core cities, reflecting a 0.3 percentage point increase from 2023 [6] - The company is expected to benefit from increased policy support in 2025, reinforcing its competitive edge in the evolving real estate landscape [6]

Core Viewpoint - The Chinese real estate market is undergoing unprecedented structural changes, with consumers shifting from speculative buying to rational purchasing, and companies focusing on product innovation to meet refined living needs [1] Group 1: Financial Performance - In 2024, the company achieved operating revenue of 311.67 billion yuan and a net profit of 9.74 billion yuan, with a parent net profit of 5 billion yuan [1] - The company maintained its position as the industry leader in sales for two consecutive years, with a signed sales amount of 323.03 billion yuan in 2024 [2] - The company reported a positive operating cash flow for seven consecutive years, amounting to 6.3 billion yuan in 2024 [7] Group 2: Market Position and Strategy - The company’s market share in 38 core cities reached 90%, an increase of 2 percentage points year-on-year, with a market share of 7.1% in these cities, up 0.3 percentage points from 2023 [2] - The company has adopted a product-centric approach, focusing on customer needs, which has strengthened its competitive edge in a transitioning market [2] - The company has implemented a comprehensive quality management system, enhancing product quality and customer satisfaction [3] Group 3: Land Reserve and Investment Strategy - In 2024, the company expanded its land acquisition with a total land price of 68.3 billion yuan, with 60.2 billion yuan attributed to equity land price, achieving an equity ratio of 88% [5] - The company has optimized its land reserve structure, with a total land reserve area of approximately 62.58 million square meters, a 20% decrease in stock projects compared to the beginning of the year [6] - The company has successfully revitalized approximately 2.7 million square meters of undeveloped land, releasing over 10 billion yuan in capital [5] Group 4: Debt Management and Financial Health - The company reduced its interest-bearing debt by 5.4 billion yuan to 348.8 billion yuan, achieving a continuous decline in debt scale for two consecutive years [7] - The company’s asset-liability ratio decreased by 2.2 percentage points to 74.3%, marking four consecutive years of decline [7] - The company has increased the proportion of long-term debt, with over 39.6% of its debt maturing in more than three years, reflecting a strategic shift in debt management [8]