Core Viewpoint - Yuexiu Property has gained significant attention recently due to strong sales performance and strategic product launches in major cities like Beijing and Shanghai, indicating a robust market position and growth potential [1][4]. Group 1: Sales Performance - In the past week, Yuexiu Property achieved a remarkable sales figure of 152 billion yuan from two projects in Beijing, with over 1,000 units sold, marking a significant impact on the local market [1]. - For the fiscal year 2024, Yuexiu Property reported a revenue of 86.4 billion yuan, a year-on-year increase of 7.7%, with a core net profit of 1.59 billion yuan and a total contract sales amounting to 114.54 billion yuan, ranking 8th in the industry [1][6]. - The company’s sales in first-tier cities contributed over 50% of total sales, with Guangzhou being the largest market at 43.37 billion yuan, followed by Beijing and Shanghai [3][4]. Group 2: Product Strategy - Yuexiu Property has established product strength as a core competitive advantage, launching 16 product standards that have been well-received in the market [4]. - The "4+X" product system has shown strong sales performance, with notable projects achieving top sales rankings in their respective cities [4][5]. - The company aims to enhance its product offerings to ensure they are desirable to customers and competitive within the industry [8]. Group 3: Financial Health - Yuexiu Property maintains a strong financial position with over 50 billion yuan in cash reserves, reflecting a healthy cash flow and operational efficiency [6]. - The company has consistently remained in the "green" zone of the "three red lines" policy, indicating a stable financial structure and low debt levels [6]. - As of the end of 2024, the company’s interest-bearing debt was reduced to 103.89 billion yuan, with a low financing cost of 3.49%, positioning it favorably within the industry [6]. Group 4: Future Outlook - For 2025, Yuexiu Property has set a sales target of 120.5 billion yuan, representing a growth of 5.2%, supported by anticipated government policies aimed at stabilizing the market [7][8]. - The company plans to focus on quality sales, inventory reduction, and maintaining positive cash flow while optimizing its investment strategies [8]. - Yuexiu Property's strategic approach and emphasis on product quality and operational efficiency are expected to provide a valuable reference for other leading firms in the industry [8].

Investment Rating - The report maintains a "Buy" recommendation for Yuexiu Property (0123.HK) [1] Core Views - The company is expected to improve sales while actively optimizing its land reserve structure [1][7] - In 2024, the company achieved revenue of 86.4 billion yuan, a year-on-year increase of 7.7%, but the net profit attributable to shareholders decreased by 67.3% to 1.04 billion yuan [4][6] - The company aims for a sales target of 120.5 billion yuan in 2025, representing a year-on-year growth of 5.2% [7] Financial Performance - Revenue and profit projections for the upcoming years are as follows: - 2024: Revenue of 86.4 billion yuan, net profit of 1.04 billion yuan - 2025: Revenue of 94.2 billion yuan, net profit of 1.09 billion yuan - 2026: Revenue of 102.2 billion yuan, net profit of 1.14 billion yuan - 2027: Revenue of 110.4 billion yuan, net profit of 1.18 billion yuan [6][9] - The gross margin is projected to decline to 10.5% in 2024, down from 15.3% in 2023 [6][10] Land Acquisition and Financial Strategy - In 2024, the company completed equity investments of 29.46 billion yuan, with 100% of new land reserves located in first-tier and key second-tier cities [7] - The company maintains a healthy financial status, with a debt-to-asset ratio of 74.6% and an average borrowing cost of 3.49% [1][7] Market Position and Outlook - As a local state-owned enterprise in the Greater Bay Area, the company is positioned to expand its market share during the industry downturn, leveraging its financing advantages and diversified land acquisition strategies [7] - The report suggests that despite the ongoing industry adjustments, the company has the potential for growth due to its financial strengths and land reserve optimization [7][8]

Core Viewpoint - Yuexiu Property achieved a revenue of 86.4 billion yuan in 2024, marking a year-on-year growth of 7.7% and maintaining a healthy financial status with a net operating cash flow of 21.73 billion yuan and cash reserves of 50.05 billion yuan, up 8.6% from the beginning of the year [1][2] Financial Performance - The company’s interest-bearing debt was reduced to 103.89 billion yuan by the end of 2024, with short-term debt accounting for only 22% [1] - The weighted average financing cost for bonds issued domestically was 2.61%, while the overall weighted financing cost for the year decreased to 3.49%, positioning the company at a low level within the industry [1] Business Strategy - The company emphasizes sustainable growth driven by internal cash flow rather than relying solely on financing, showcasing a consistent positive operating cash flow over the years [1] - Yuexiu Property is recognized as a representative of high-quality development in the industry, focusing on "precise investment + high-quality turnover" to strengthen its presence in core cities like Beijing, Shanghai, and Guangzhou [1][2] Market Positioning - The company implemented a "one strategy, one plan" marketing approach to solidify its leading position in the Greater Bay Area and Guangzhou markets, achieving a top 10 market share in Beijing and a top 5 position in Hangzhou for 2024 [2] Operational Efficiency - A new production management center was established to integrate various departments, enhancing the agility of the production system and improving asset and turnover efficiency [2] - The company aims to eliminate ineffective costs through lean management, thereby enhancing profitability [2] Future Outlook - For 2025, the company plans to maintain positive operating cash flow, continue reducing financing costs, and ensure compliance with the "three red lines" policy to enhance financial health and liquidity [2]

t 1 - 1 - N'EDDER 对于房地产的走势，林昭远认为持续用力推动房地产市场的止跌回稳，这是一个总基调，从一二月份的情况看，所有的案场、看房人流在大幅度的提升，可 以看到市场的信心应该在恢复之中，我们预判今年会达到一个触底的过程。 谈及"好房子"政策对于二手房市场的影响，他认为按照目前的存量和从二手房的角度看，确实会带来一定压力，但是影响很有限，因为落实"好房子"的城市 数量目前还比较少。 t 29 SP 成功能 are P and delivery of pp r free 7-7 200 11 - 12 1000 a 11 83 also de r 89 ry IT 出品 | 搜狐地产&焦点财经 作者 | 王泽红 3月31日，越秀地产（00123.HK）召开2024年业绩发布会，董事长及执行董事林昭远、副董事长及执行董事朱辉松、联席总经理及执行董事江国雄、财务总 监曾志钊、总经理助理 姜永进等高管出席。 年报显示，越秀地产去年实现864亿元营业收入，同比增长7.7%；核心净利润为15.9亿元，归母净利润保持在10.4亿元；合同销售额为1145.4亿元，在行业排 名位居第8位。 具体来看，一二线城 ...

一位市场分析人士表示，前十房企都在重仓一线城市，但是要想在一线城市获得持续成功，至少需要同 时具备三大优势。第一，有便宜的钱、有充裕的现金储备，支持在一线城市持续投拓发展；第二，过硬 的产品力，有行业领先、市场验证过的产品IP、标杆产品系；第三，城市深耕已形成拿地－销售的持续 良性滚动闭环，用经营赚来的钱再投入发展。 北京商报讯（记者 王寅浩 李晗）3月31日，越秀地产召开2024年度线上业绩发布会。越秀地产董事长林 昭远在业绩会上表示，2025年公司的投资刻度将更加精准，坚持"稳健投资""以销定投"，聚焦核心城 市、核心区域持续增储，不断优化存量和增量土储结构，增强投资收益的确定性。重点关注广州、深 圳、上海、北京四个一线城市和杭州、合肥、成都、西安等强二线城市的优质拿地机会，实现精准投 资。据透露，越秀地产年初权益投资预算铺排为300亿元，全年投资预算将根据战略发展要求以及销售 现金流回流情况及市场变化动态调整。 数据显示，越秀地产2024年全年权益投资总额294.6亿元，其中超80%资金精准投向北京、上海、广州 一线城市，分别投入93亿、69亿和81.6亿元。2024年，越秀地产新增土地储备约271万平 ...

Core Insights - In 2024, the company achieved a revenue of approximately 864.0 billion RMB, representing a year-on-year increase of 7.7% despite ongoing market pressures [3] - The company's contract sales, including joint ventures, amounted to approximately 1,145.4 billion RMB, marking its first entry into the top 10 national sales rankings, placing 8th [3][2] - The company is focusing its investment strategy on first-tier and key second-tier cities, acquiring 24 new land parcels in 2024, with over 70% of new land reserves located in first-tier cities [6] Financial Performance - The company reported a rental income of approximately 6.68 billion RMB from directly held commercial properties, a year-on-year increase of 37.1% [4] - The company's cash and cash equivalents totaled approximately 500.5 billion RMB, an increase of 8.6% from the beginning of the year, indicating strong liquidity [5] Regional Sales Breakdown - Contract sales from the Greater Bay Area reached approximately 488.4 billion RMB, accounting for 42.7% of total contract sales, with Guangzhou contributing about 433.7 billion RMB [3] - The East China region generated approximately 331.4 billion RMB in contract sales, representing 28.9% of total sales, with Hangzhou alone contributing about 221.0 billion RMB [3] - The Central and Western regions achieved contract sales of approximately 196.0 billion RMB, while the Northern region contributed about 129.6 billion RMB [3] Strategic Initiatives - The company is implementing a "commercial and residential dual development" strategy, enhancing its product offerings in line with government policies promoting quality housing [4][7] - The company introduced the "4×4 good product concept" and the 4+X product series, focusing on quality, warmth, intelligence, and growth to meet diverse market needs [7] - Recent projects in first-tier cities have seen significant sales success, with notable transactions in Guangzhou and Beijing, indicating strong market demand [8]

Financial Performance - Total revenue for the year was approximately RMB 86.4 billion, an increase of 7.7% year-on-year[3] - Gross profit margin was approximately 10.5%, a decrease of 4.8 percentage points year-on-year[3] - Profit attributable to equity holders was approximately RMB 1.04 billion, a decrease of 67.3% year-on-year[5] - Core net profit was approximately RMB 1.59 billion, a decrease of 54.4% year-on-year[5] - Total contracted sales amounted to approximately RMB 114.54 billion, a decrease of 19.4% year-on-year[3] - The operating profit for the year was RMB 3,451,169, down from RMB 6,670,336 in 2023, reflecting a decrease of about 48.3%[26] - The company reported a pre-tax profit of RMB 4,195,629 for the year ended December 31, 2024, compared to RMB 7,720,643 in 2023, a decline of approximately 45.6%[26] - The company achieved operating revenue of approximately RMB 86.4 billion, an increase of 7.7% year-on-year[51] - The gross profit margin was approximately 10.5%, a decrease of 4.8 percentage points compared to the previous year[51] - Profit attributable to equity holders was approximately RMB 1.04 billion, a decline of 67.3% year-on-year[51] - Core net profit was approximately RMB 1.59 billion, down 54.4% year-on-year[51] Assets and Liabilities - Cash and cash equivalents, along with other restricted deposits, totaled approximately RMB 50.05 billion, an increase of 8.6% from the beginning of the year[4] - Non-current assets increased to RMB 69,661,119 thousand in 2024 from RMB 63,014,367 thousand in 2023, representing an increase of approximately 10.5%[9] - Current assets totaled RMB 340,791,865 thousand in 2024, slightly up from RMB 338,164,361 thousand in 2023, indicating a growth of about 0.8%[9] - Total liabilities increased to RMB 306,373,816 thousand in 2024 from RMB 299,969,948 thousand in 2023, reflecting a rise of approximately 2.1%[10] - The net asset value rose to RMB 104,079,168 thousand in 2024, compared to RMB 102,208,780 thousand in 2023, marking an increase of about 1.8%[10] - The company's borrowings increased to RMB 103,888,742 thousand in 2024 from RMB 103,370,898 thousand in 2023, reflecting a rise of approximately 0.5%[10] - The current liabilities totaled RMB 220,514,657 thousand in 2024, up from RMB 210,086,539 thousand in 2023, representing an increase of about 4.3%[10] Cash Flow and Financing - The company's investment properties increased to RMB 17,029,312 thousand in 2024 from RMB 16,785,640 thousand in 2023, a growth of approximately 1.5%[9] - The company completed new financing of approximately RMB 41.69 billion in 2024, with total borrowings at approximately RMB 103.89 billion as of December 31, 2024[99] - The company's operating cash flow and committed bank financing are the main sources of liquidity, with a net debt ratio of 51.7%[99] - The weighted average borrowing rate was 3.49%, a decrease of 33 basis points year-on-year[4] - The average financing cost decreased by 33 basis points year-on-year to 3.49%[60] - The company has arranged financial products to hedge approximately RMB 6.97 billion of foreign currency borrowings, maintaining a low foreign exchange exposure[106] Dividends and Shareholder Information - The board recommended not to declare a final dividend for the year, with total dividends amounting to approximately 44% of core net profit[5] - The board proposed not to declare a final dividend for the year ending December 31, 2024, with total dividends for the year being HKD 0.189 per share (equivalent to RMB 0.173)[51] - Basic earnings per share attributable to equity holders for 2024 were RMB 0.2584, down from RMB 0.8542 in 2023[96] - There will be a suspension of share transfer registration from June 17, 2025, to June 20, 2025, inclusive[114] - Shareholders must submit transfer forms by June 16, 2025, at 4:30 PM to qualify for the annual general meeting on June 20, 2025[114] Operational Strategy and Market Position - The company maintained a "green file" status under the "three red lines" policy, with a net debt ratio of 51.7%, down 5.3 percentage points[4] - The company is currently analyzing the impact of the new Hong Kong Financial Reporting Standard No. 18 on its financial statements and disclosures[18] - The company plans to continue expanding its real estate development and management services to enhance revenue streams[19] - The management is focused on evaluating the performance of its business segments to allocate resources effectively and improve overall profitability[19] - The company is committed to achieving net-zero emissions by 2060 and plans to peak carbon emissions by 2030[61] - The company is focused on a "precise investment" strategy, emphasizing investment in core cities and high-quality second-tier provincial capitals[66] - The company aims to implement a "one strategy per project" marketing approach to accelerate sales and cash collection[65] - The company is advancing its "commercial and residential dual development" strategy to increase the contribution of commercial properties to financial performance[67] Employee and Operational Metrics - The company employed approximately 15,180 employees as of December 31, 2024, down from 18,800 employees on June 30, 2024[110] - The company's selling and marketing expenses for 2024 were approximately RMB 2.719 billion, a year-on-year increase of 10.9%, accounting for 3.1% of the annual revenue, consistent with the previous year[92] - Administrative expenses decreased by 17.2% year-on-year to approximately RMB 1.489 billion, accounting for 1.7% of annual revenue, down from 2.2% the previous year[93] Real Estate Development and Land Acquisition - The company maintained a cautious land acquisition strategy, focusing on high-potential cities amid a differentiated land market[50] - In 2024, the company acquired 24 land parcels with a total construction area of approximately 2.71 million square meters, with over 70% of new land reserves located in first-tier cities[54] - The total land reserve held by the company is approximately 19.71 million square meters, with 36.5% located in the Greater Bay Area[83] - The company has a significant land reserve in the Greater Bay Area, totaling 7,193,000 square meters, with 4,644,100 square meters under construction[85] - The company aims to maintain a steady pace of project development in 2024, with all projects progressing normally[89]

Core Viewpoint - The real estate company Yuexiu Properties has launched a "4×4 Good Product Concept" to align with the industry's consensus on "good housing," aiming to drive a transformation towards high-quality development in the real estate sector [1][2][13] Group 1: 4×4 Good Product Concept - The "4×4 Good Product Concept" includes four dimensions and sixteen propositions, focusing on quality, warmth, intelligence, and growth [2][3] - The concept represents a shift from being a "space provider" to a "lifestyle service provider," emphasizing a dynamic evolution in product offerings [3][4] Group 2: Quality and Experience - In terms of quality, Yuexiu Properties emphasizes strict construction standards and continuous technological innovation to create products with long-term value [4] - The "temperature experience" aspect includes a "Ten-Item Health Home System" and wellness-oriented community features, enhancing the emotional connection within the living environment [4][5] Group 3: Community and Emotional Engagement - The company focuses on enhancing community living value and emotional experiences through design elements like extended home interfaces and hotel-style drop-off areas [6][7] - Projects like Xiangshan Yuyuan incorporate local cultural elements and natural resources, creating spaces that respect and renew historical context [6][8] Group 4: Customization and Lifestyle - Yuexiu Properties tailors community spaces to meet the desires of high-knowledge demographics, offering customized clubhouses that elevate social interactions to personal enjoyment [8][9] - The "Starry Future" project features a multifunctional clubhouse designed for various activities, promoting a sense of community and interaction among residents [10][11] Group 5: Sales Performance - The implementation of the "4×4 Good Product Concept" has contributed to strong sales performance, with recent projects in Beijing achieving over 1,000 units sold on opening day, totaling 15.2 billion yuan [12][13]

Core Viewpoint - The real estate industry is shifting from a focus on speed to prioritizing quality, with companies like Yuexiu Real Estate emphasizing product strength and aligning with national housing policies [2][9]. Group 1: Product Development and Strategy - Yuexiu Real Estate launched the "4×4 Good Product Concept," which focuses on quality, warmth, intelligence, and growth, aiming to create sustainable living solutions [3][4]. - The company introduced the "4+X Product System," which offers differentiated quality living solutions tailored to various cities and customer segments [5][6]. - The "4+X Product System" includes six major product lines, such as "Yue" for high-end improvements and "Tian" for urban renewal, reflecting a strategic focus on core cities [5][6]. Group 2: Market Performance and Sales - Yuexiu Real Estate has seen strong market performance, with flagship projects achieving significant sales figures, such as the Guangzhou project with a transaction value of 8.601 billion and the Beijing project at 6.017 billion [8]. - In 2025, the company reported robust sales momentum in major cities, with projects in Shanghai and Guangzhou achieving record sales [8]. - The company aims to continue its commitment to the "People's City" concept and the national "Good House" initiative through innovation and quality construction [8][9].

Core Viewpoint - The initiative to recover idle land using local special bonds is expected to accelerate significantly by 2025, with various cities actively participating in land recovery efforts [1][6]. Group 1: Land Recovery Initiatives - As of February 11, 2024, over 160 parcels of land covering more than 6.8 million square meters have been announced for recovery in cities like Foshan, Huizhou, Zhuhai, Zhongshan, and Jiangmen, with a total proposed acquisition price exceeding 35 billion yuan [2][3]. - Huizhou leads with a proposed acquisition price of over 12 billion yuan, followed by Zhuhai at 6.65 billion yuan [2][3]. - The Guangzhou Land Development Center is utilizing promissory notes or deferred cash payments for land recovery, which does not strain government finances while revitalizing idle land [2]. Group 2: Financial Implications for Companies - The total area of undeveloped residential and commercial land nationwide is approximately 57.6 million square meters, valued at around 3.5 trillion yuan, indicating a potential funding requirement of about 1.4 trillion yuan for future land recovery [3][5]. - The recovery and repurposing of idle land could potentially drive an additional 1 trillion yuan in new real estate or infrastructure investment [3][5]. - Companies like China Resources Land and Yuexiu Property have seen significant land returns, with Yuexiu returning land worth over 13 billion yuan between August and November 2024 [4]. Group 3: Market Dynamics and Future Outlook - The "debt land recovery model" is expected to facilitate the efficient revitalization of idle land, positively impacting the balance of supply and demand in the land market [5][6]. - The initiative is seen as a key measure to stabilize and promote real estate development investment and new project starts by 2025 [6]. - Future improvements in related policies and operational guidelines are anticipated to further enhance the recovery pace and promote a healthier real estate market [6].