CHINA OVERSEAS(00688)2024-10-25 04:00Financial Performance - In the first nine months of 2024, the group achieved contract property sales of RMB 198.85 billion, with a corresponding sales area of 7.63 million square meters[3]. - In Q3 2024, the group recorded revenue of RMB 22.65 billion and operating profit of RMB 2.13 billion[4]. - As of September 30, 2024, the group's revenue for the first nine months was RMB 109.58 billion, with an operating profit of RMB 18.18 billion[4]. - The group maintains a strong financial position with a net gearing ratio and financing costs at the lowest range in the industry[4]. Market Conditions - The real estate market remains sluggish, but the group is confident in maintaining competitive advantages and sustainable high-quality development amid industry challenges[2]. - The Chinese economy is showing overall stability, but social demand remains insufficient, impacting the real estate market[1]. - The central government has introduced a series of economic and real estate stimulus policies to stabilize the market, including interest rate cuts and down payment reductions[1]. Strategic Development - The group acquired six new land parcels in six cities in mainland China during Q3 2024, with a total land reserve area of 730,000 square meters and total land cost of RMB 7.39 billion[3]. - The group is focused on strategic development and financial stability during the industry's downturn[2]. - The group emphasizes the importance of not overly relying on forward-looking statements due to inherent risks and uncertainties[5].