Core Viewpoint - In 2025, China Merchants Shekou Chongqing Company will enhance service quality through property upgrades, community evolution, product innovation, and support actions to create a comprehensive service ecosystem in Chongqing [1][13] Group 1: Service Quality Enhancement - The "Rainbow Plan" aims to improve residents' living experience by optimizing community facilities and landscapes, with over one million yuan invested in more than 100 upgrades in recent years [1][3] - A 360-degree, all-cycle refined service system will be established, focusing on human-centered services, including care for elderly residents and pet convenience [3][5] - The "Little Service Station" will provide a one-stop community service center, offering online and offline services, with a pilot launch planned for 2025 in the Chongqing Yutianfu community [5][9] Group 2: Product Innovation - The company is shifting consumer demand from "living space" to "lifestyle," introducing the fourth generation of residential designs that cater to the needs of all family members [7][9] - Over 5,000 families have experienced quality living through the company's "textbook-level" delivery, with 1,500 more homes set for delivery in 2025 [9][12] Group 3: Community Engagement - The "Zhao Xi Xiang Jian" community initiative will foster new neighborly relationships through various sub-communities and activities, aiming to transform over 100,000 residents from mere occupants to co-builders [10][12] - A new recruitment plan for community leaders has been launched, providing resources and support to enhance community engagement and collaboration [12][13] Group 4: Business Support Services - The company will focus on supporting business-operating residents through new media platforms and promotional services, including a special column to assist in business operations [13] - The "Zhao Xi Xiang Jian Market" will invite external businesses to participate in community events, integrating resources to support local commerce [13]

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].