保利发展20250509

Summary of Poly Developments Conference Call Company Overview - Company: Poly Developments - Date: April 2025 Key Points Industry and Market Performance - In April 2025, Poly Developments' subscription was concentrated in 38 core cities, accounting for 91% of total subscriptions, with first and second-tier cities making up approximately 80% [2][5] - The sales of incremental projects maintained a high proportion of 61% in April, indicating the company's strength in core areas and new projects [2][5] - The overall visitor volume in April 2025 decreased by about 40% year-on-year, but the top 50 star projects contributed 50% of the visits, showing increased attractiveness of leading projects [2][9] - During the May Day holiday, the subscription amount remained stable compared to last year, attributed to improved conversion rates and significant sales efforts at the end of April [2][10] Financial Performance - The total amount of new expansion projects from January to April 2025 reached 30.8 billion yuan, with an equity ratio of 82%, marking a recent high [2][11] - As of the end of April 2025, the comprehensive interest-bearing debt cost for Poly Developments fell below 3% for the first time, at 2.96%, with new debt costs at 2.8% [2][13][14] Sales and Inventory Management - In April 2025, the contract amount was 24.6 billion yuan, a year-on-year decrease of 25%, with a cumulative contract amount of 87.7 billion yuan from January to April, down 9% year-on-year [4] - The overall sales rate in April was not very high, with first-tier cities at 45% and second and third-tier cities between 35% and 40% [2][8] - The push sales amount in April was 19 billion yuan, with the last five days contributing 56% of the total, primarily in preparation for May Day sales [2][7] Expansion and Investment Strategy - Poly Developments disclosed four new expansion projects in April, totaling 450,000 square meters and an investment amount of 12.8 billion yuan, representing a 400% increase year-on-year [2][11] - The company aims to achieve an annual investment target of 100 billion yuan, having already realized about 40 billion yuan by April [12] Future Outlook - The company expects market heat to rise in the coming months, with several new projects scheduled to launch in May and June [15] - Recent government policies, including interest rate cuts, are anticipated to positively impact the real estate industry, enhancing liquidity and supporting recovery [16] Challenges and Adaptations - The shift to a current housing sales model is expected to change the industry dynamics, requiring companies to enhance their comprehensive capabilities [17][18] - Poly Developments has established a fast construction system to reduce the time from land acquisition to completion to 14 months, with some projects potentially completed in 12 months [3][19] Internal Structure - Poly Developments primarily handles development in most cities, with only a few cities, such as Shenzhen, managed by Poly Properties [21]