SZPRD(SZ:000011)2024-11-14 10:52Group 1: Company Operations - The company primarily reflects its leasing properties in the investment property category [1] - The company has land reserves, including land in Huizhou and Haikou, as well as ongoing urban renewal projects in the Greater Bay Area [2] - In recent years, the company acquired 4 plots of land through bidding and urban renewal, maintaining a steady pace of land acquisition [2] Group 2: Strategic Direction - The major shareholder supports the company in maintaining its core business and developing a market-oriented commercial property platform [2] - The company is transitioning from pure residential development to a full industry chain operation, focusing on asset management and operational efficiency [2] - The company plans to upgrade other assets based on strategic, market, and financial considerations [2] Group 3: Financial Performance - The company has maintained a cash dividend payout ratio exceeding 40% over the past three years, with a commitment to stable returns for shareholders [2] - The capital expenditure for the Guomao shopping mall renovation is approximately 180 million [3] - The company is currently focused on inventory reduction and sales, with ongoing projects in pre-sale [3] Group 4: Market Positioning - The company uses the "Shen Property" brand for its projects, targeting mid-to-high-end customer segments in Yangzhou and primarily improving housing in other areas [3] - The company is considering both short-term and long-term financing options to maintain stable cash flow [3] - The negative cash flow is attributed to ongoing investments in construction projects and the impact of market conditions on sales [3]