CMSK(001979)2025-03-28 07:10Performance Overview - The company reported a total of 600 billion in sales contribution from urban renewal projects over the next three years, with approximately 8 projects expected to be completed [2] - The company has around 20 urban renewal projects in incubation, covering a total construction area of about 7 million square meters [2] Economic and Market Outlook - The national economy grew by 5% last year, with expectations for stable growth in 2025 despite external uncertainties [3][4] - The real estate market experienced significant fluctuations in 2024, with a 45% year-on-year decline in Q1, followed by a 19% increase in Q4 [5] - In January and February, the transaction volume of second-hand housing in 30 monitored cities increased by 25% [5] Policy and Strategic Response - The government has emphasized the need for proactive macroeconomic policies, including more aggressive fiscal and moderately loose monetary policies [4] - The company plans to focus on core cities for urban renewal projects, particularly in the Greater Bay Area, including Shenzhen and Shanghai [2] Financing and Cost Management - The company has a total debt of 222.6 billion, with an average funding cost of 2.99% [8] - The company aims to maintain a stable leverage ratio while ensuring cash flow and asset quality [8] Land Acquisition Strategy - The company is optimistic about the land market in 2025, despite competitive pressures in core cities [10] - The company has successfully acquired several high-yield land parcels, with expected higher profit margins compared to previous years [10] Business Development and Diversification - The company has added 77 new construction projects, managing a total area of over 20 million square meters in its construction business [13] - The asset management segment generated revenue of 4.389 billion, with an EBITDA of 2.181 billion, reflecting a 15% year-on-year increase [15] REITs and Asset Management - The company has issued multiple REITs, including a public rental housing REIT, which is expected to enhance asset turnover and support the new real estate development model [18] - The company aims to leverage its REITs to create a new financing model that aligns with its asset management strategy [18]