Core Viewpoint - China Resources Land has reported a significant decline in net profit despite achieving the highest revenue in five years, indicating a "revenue without profit" dilemma due to shrinking profit margins in its development and sales business [1][4]. Financial Performance - In 2024, China Resources Land achieved a revenue of 278.799 billion yuan, an increase of 11.01% year-on-year [3]. - The net profit attributable to shareholders fell to 25.577 billion yuan, a decrease of 18.45% compared to the previous year, marking the lowest profit in five years [4]. - The gross profit margin for the development and sales business dropped from 29.1% in 2020 to 16.8% in 2024, a decline of 12.3 percentage points [5]. Market Conditions - The overall gross profit margin in the real estate market has been declining, exacerbating the profit pressure on China Resources Land [4]. - Rising land costs in major cities, along with increasing construction, labor, and financing costs, have compressed project profit margins [4]. Business Strategy - The decline in profit margins is partly attributed to the company's land acquisition strategy, which has led to higher costs [6]. - In 2023, China Resources Land acquired two land parcels in Beijing at a premium of 15%, leading to increased project development costs [6]. Sales Performance - The "price-for-volume" strategy adopted for the sales of the Oak Bay Phase III project resulted in a lower average selling price, causing a direct loss of approximately 219 million yuan [7]. - The sales rate for the Oak Bay Phase III project was only 63.31%, while competing projects in the area achieved higher sales rates [6][7]. - Similar discounting strategies were observed in other regions, such as Nanjing, where properties were sold at significant discounts [7].

华润置地：坚持城市聚焦和深耕策略 一二线城市投 资占比达94% 全面推动"3+1"一体化业务在地区公司穿透落地 3月26日，华润置地发布2024年全年业绩，并举行业绩发布会，各管理层出席会议。 金融投资重点关注一二线城市的主流区域、主流客户和主流产品，一二线城市投资占比高达94%， 北上广深、杭州等这些核心城市占比达到了72%。 另外，在存量方面，一方面持续加大库存去化；另一方面，利用中央的支持性政策，加大土地盘活 力度，资源换仓的成效比较显着。目前公司一二线城市土储占比达到了82%，土储规模和结构能够满足 公司持续高质量发展的需求。 据财报数据显示，2024年华润置地实现营业收入2788亿元(人民币，下同)，同比增长11.0%；核心 净利润254.2亿元，受行业整体毛利率持续探底影响同比下降8.5%。 其中，经常性业务营业收入同比增长6.6%，占比达到14.9%，利润贡献首次突破百亿大关，占比提 升至40.7%。与此同时，经常性业务利润贡献首次突破百亿大关，占比同比提升6.3个百分点至40.7%。 2024年实现毛利润603.3亿元，综合毛利率21.6%。年内，开发销售型业务毛利率16.8%，；经营性 不动 ...

出品 | 搜狐地产&焦点财经 作者 | 王泽红 华润置地李欣：房地产将迎来止跌回稳和突围破局的重要窗口期 "存量方面，华润置地也在加大去库存，同时积极利用中央的支持性政策，加大土地盘活的力度，资源换仓的成效还是比较显著的，目前一二线城市土储占 比达到了82%。" 张鑫指出。 郭世清指出，在可售资源及可结算资源方面，华润置地2025年总可售货源5009亿元，其中89%位于一二线高能级城市，住宅产品占比77%。 2024年全年，华润置地录得签约额2611亿元，约占全国商品房销售总额的2.7%，行业排名跃升至第三；实现营业额2788亿元，同比增加11%；实现归母净利 润255.8亿元，同比减少18.5%。 分业务来看，开发销售型业务营业额为2371.5亿元，同比增长11.8%；经营性不动产业务营业额为233.0亿元，同比增长4.8%，轻资产管理业务营业额为121.3 亿元，同比增长14.0%，生态圈要素型业务营业额为62.2亿元，同比增长0.5%。经常性业务收入合计为416.5亿元，同比增长6.6%，占总营业额14.9%。 华润置地综合毛利率为21.6%，其中，开发销售型业务毛利率为16.8%；经营性不动产业务毛利 ...

该项目合同显示，项目全称为"华润置地-西安万象里项目西地块一批次总承包工程"，发包人为华润置地众鑫（西安）房地产有限公司（以下简称 华润置地），承包人为福建六建集团有限公司（以下简称福建六建），合同签订日期为2018年12月。 华润置地一项目被指不退还施工方质保金，回应称"统一斟酌" 日前，福建六建集团有限公司相关项目负责人向澎湃新闻（www.thepaper.cn）反映称，该公司承建的"华润置地-西安万象里项目"工程于2022年11 月30日通过竣工验收，质保期也已满二年。但华润置地却迟迟不给退还质保金，导致他们也不能给下游供应商、劳务队支付款项。 关于质保期，双方在合同中约定为24个月，自工程竣工验收合格之日起计算。质保期满二年后，发包人退还全部质保金。竣工验收资料显示，上 述项目于2022年11月30日通过竣工验收，结论为工程质量合格。 后经双方协商，除去已使用的质保金、保留金等款项外，福建六建于2025年2月25日向华润置地递交付款申请书，申请后者返还保证金9345056.98 元。付款申请书还注明了六个收款账户，其中包括一个农民工工资专户和五个法院执行款专户。 2月25日，华润置地方相关负责人已同意 ...

Group 1 - The core viewpoint of the news is that China Resources Land (01109) reported a decrease in net profit while showing growth in revenue and operational efficiency [1] - For the fiscal year ending December 31, 2024, the company achieved a revenue of 278.799 billion yuan, an increase of 11.01% year-on-year [1] - The net profit attributable to shareholders was 25.577 billion yuan, a decrease of 18.45% compared to the previous year [1] - The company proposed a final dividend of 1.119 yuan per share [1] - The regular business revenue grew by 6.6% year-on-year, contributing to 14.9% of total revenue, indicating a stronger second growth curve [1] - The contribution of regular business profit increased by 6.3 percentage points to 40.7%, enhancing the company's sustainable profitability [1] Group 2 - In 2024, the company achieved a contracted sales amount of 261.1 billion yuan, accounting for 2.7% of the national total for commodity housing sales, ranking third in the industry [1] - The company acquired 29 projects with an equity investment of 52.6 billion yuan, maintaining a strong investment intensity within the industry [1] - The operational quality of the property management business improved steadily, with asset management becoming a major contributor to the company's performance and long-term stable cash flow [1] Group 3 - The shopping centers achieved a retail sales figure of 195.3 billion yuan, representing approximately 0.4% of the national total for social consumer goods retail sales, with an overall operating profit margin of 61%, a historical high [2] - By the end of 2024, the company operated 92 shopping centers, opening 16 new ones, the highest in history, with an average opening rate exceeding 95% [2] - The company successfully launched the Xi'an MixC, a landmark project that significantly advanced commercial progress and industry development [2] - The office leasing business maintained an average occupancy rate of 75%, continuing to lead the industry despite market pressures and increased competition [2] - The company achieved historical highs in both new and renewed leasing areas, showcasing the effectiveness of high-quality tenants [2]

（於開曼群島註冊成立的有限公司） 香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 的 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全 部 或 任 何 部 分 內 容 而 產 生 或 因 依 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 （股份代號：1109） 截 至 二 零 二 四 年 十 二 月 三 十 一 日 止 財 政 年 度 業 績 公 告 摘 要 – 1 – • 二 零 二 四 年 綜 合 營 業 額 為 人 民 幣（「人 民 幣」）2,788.0億 元，同 比 增 長 11.0%。其 中，開 發 銷 售 型 業 務 營 業 額 為 人 民 幣2,371.5億 元，同 比 增 長11.8%；經 營 性 不 動 產 業 務 營 業 額 為 人 民 幣233.0億 元，同 比 增 長 4.8%，輕 資 產 管 理 業 務 營 業 額 為 人 民 幣121.3億 元，同 比 增 長14.0%， 生 態 圈 要 素 型 ...

Investment Rating - The report assigns a "Buy" rating for the company, with a target price based on projected earnings and valuation multiples [10][11]. Core Viewpoints - The company is recognized as a leading player in the real estate sector, combining business models, capabilities, resources, and financial advantages to drive growth. It has a strong sales ranking despite market challenges, supported by ample and quality land reserves [4][10]. - The company has released significant impairment pressure, with new land acquisitions expected to yield substantial profits, indicating a high degree of performance solidity and realization probability [4][10]. - As a leader in commercial real estate, the company excels in various dimensions including layout, leasing, operations, scale, rental income, efficiency, and luxury offerings, which not only provide stable cash flow but also enhance dividend and valuation potential [4][10]. Summary by Sections Company Overview - The company is a rare diversified real estate developer in China, under the umbrella of China Resources Group, with a strategic focus on urban investment and development operations. It has established a "3+1" integrated business model and achieved a core net profit of 27.8 billion in 2023, with operational business contributing 34.4% [7][42]. Real Estate Development - The company has a strong reputation for quality and efficiency, with a projected sales revenue of 261.1 billion for 2024, ranking it among the top three in the industry. The land reserves are robust, with over 70% located in first and second-tier cities, ensuring future sales stability [8][20]. - The company has recognized a cumulative inventory impairment of 21 billion from 2020 to 2024, indicating a high level of impairment pressure release compared to peers, which bodes well for future profitability [8][20]. Operating Real Estate - The company is a pioneer in shopping center development in mainland China, with a strong positioning in high-end markets. It has maintained double-digit growth in same-store rental income since 2016, demonstrating robust operational capabilities [9][24]. - The company plans to achieve steady growth in rental income, with a projected EBITDA margin of 55% and potential for a dividend yield of approximately 2.7% based on its operational real estate performance [9][27]. Financial Performance - The company has a solid financial structure, with a net debt ratio of 33.6%, indicating prudent debt management. The projected earnings for 2024-2026 are 26.6 billion, 27.3 billion, and 28.7 billion respectively, with corresponding PE ratios of 6.5, 6.3, and 6.0 [10][36].

Investment Rating - The investment rating for the company is "Buy" [6] Core Insights - The company has shown significant sales growth, with a total sales amount of 251.0 billion yuan in January-February 2025, representing a year-on-year increase of 21.8% [1] - The company ranked third in total sales amount in the industry, outperforming the average performance of the top 100 real estate companies [1] - The company has actively acquired land in key cities, achieving a top position in land acquisition amount with 317.7 billion yuan in January-February 2025 [2] - The company has reported steady growth in recurring income, with a total of 83.9 billion yuan in recurring business income for January-February 2025, a year-on-year increase of 11.6% [3] - The company is expected to maintain strong earnings growth, with an estimated EPS of 3.73 yuan for 2024 [4] Summary by Sections Sales Performance - In January-February 2025, the company achieved a sales area of 1.073 million square meters, a year-on-year increase of 8.7%, with an average sales price of 23,392 yuan per square meter, up 12% year-on-year [1] - In February alone, the sales amount reached 135 billion yuan, a year-on-year increase of 46.9% [1] Land Acquisition - The company acquired land worth 317.7 billion yuan, with a new value of 620.7 billion yuan, leading the land acquisition rankings [2] - Notable acquisitions include a land parcel in Shanghai for 50.9 billion yuan and a new land price record in Hangzhou at 50,683 yuan per square meter [2] Recurring Income - The company's recurring business income for January-February 2025 was 54.6 billion yuan, reflecting a year-on-year increase of 12.7% [3] - The growth in recurring income is expected to continue with the opening of five new major shopping centers in 2025 [3] Earnings Forecast - The company is projected to have a net profit of 28.5 billion yuan in 2025, with a year-on-year growth of 7.17% [10] - The estimated P/E ratio for 2025 is 5.83, indicating a favorable valuation [10]

2 月销售量价齐升，优质资产率先修复 ——华润置地点评报告 事件 2025 年 3 月 13 日，华润置地发布 2025 年 2 月经营数据情况。 投资要点 ❑ 销售额同比高增，印证核心地段核心资产价格率先修复 2025 年 1-2 月，公司累计销售额 251.0 亿元，同比增长 21.8%；销售面积 107.3 万平方米，同比增长 8.7%；销售均价 23392 元/平，同比上涨 12%，与 2024 年销售均价相比上涨 1.5%。2 月单月来看，公司销售额 135 亿元，同比增 长 46.9%；销售面积 58.5 万平，同比增长 28.1%；销售均价 23077 元/平，同 比增长 14.6%。2025 年 1-2 月公司全口径销售金额位列克而瑞排行榜第 3 位， 与 2024 年相比排名保持稳定，公司销售金额同比增幅亮眼，显著优于百强房企 平均表现（百强 2 月增幅 1.2%，1-2 月增幅-1.2%），彰显了公司城市深耕的优 势，我们认为在市场企稳修复期的，公司的销售弹性更加值得关注。 ❑ 经常性收入稳健增长，2 月单月增幅扩大 2025 年 1-2 月公司经常性业务收入 83.9 亿元，同比增长 1 ...

Investment Rating - The report assigns a "Buy" rating for China Resources Land (01109.HK) [5] Core Views - China Resources Land, backed by a state-owned enterprise, demonstrates stable sales and land acquisition, with a continuous increase in market share and ample land reserves to support future performance [5] - The company is expected to achieve net profits attributable to shareholders of 27.74 billion, 30.47 billion, and 33.88 billion yuan for the years 2024-2026, with corresponding EPS of 3.89, 4.27, and 4.75 yuan, indicating a PE ratio of 6.2, 5.7, and 5.1 times respectively [5] Summary by Sections Sales and Land Acquisition - In 2024, the company achieved a contracted sales amount of 261.1 billion yuan, a year-on-year decrease of 15.0%, ranking among the top three in the industry with a market share of 2.7% [6][48] - The company maintained a strong land acquisition intensity, with rights-based land acquisition amounts exceeding 110 billion yuan from 2021 to 2023, and a rights-based land acquisition intensity above 50% [6][59] - As of the first half of 2024, the company’s land reserves totaled 56.99 million square meters, with 84% being development and sales-type land reserves, and over 70% located in first and second-tier cities [72] Real Estate Operations - The company’s rental income from real estate operations reached 11.47 billion yuan in the first half of 2024, a year-on-year increase of 7.0%, with a core net profit of 4.51 billion yuan, up 12.5% [7][81] - The shopping center segment has shown strong growth, with 82 centers opened and 46 under development, aiming to increase the number of operational shopping centers to 110 by the end of 2027 [86] Financial Performance - In the first half of 2024, the company reported a revenue of 79.51 billion yuan, a year-on-year increase of 8.5%, while the net profit attributable to shareholders was 10.25 billion yuan, down 25.4% [8][37] - The company’s gross margin for development and sales was 12.4%, a decrease of 4.6 percentage points year-on-year, but still ranked first among major peers in terms of net profit margin [8][42]