Core Viewpoint - After restructuring, Midea Real Estate has strategically positioned itself to leverage its brand, capital, and synergies within the Midea ecosystem, aiming to recreate a new Midea Real Estate within three years [1] Financial Performance - In 2024, Midea Real Estate achieved revenue of 3.73 billion yuan, a year-on-year increase of 33% [1] - The core net profit attributable to shareholders reached 500 million yuan, up 25% year-on-year, with a gross margin of 35.7% [1] - As of the end of 2024, total assets were 9.72 billion yuan, net assets were 5.08 billion yuan, and the debt-to-asset ratio was 47.7% [1] Business Structure and Strategy - Midea Real Estate has shifted focus from real estate development to a light-asset model, with a business structure comprising four main segments: development services, property management services, asset operation, and real estate technology [1][2] - The management anticipates a compound annual growth rate (CAGR) of no less than 25% in revenue and 20% in net profit attributable to shareholders by 2025 [2] Property Management and Development - In 2024, property management services generated approximately 1.84 billion yuan, accounting for 49% of total revenue, with expectations for a growth rate of no less than 10% in 2025 [2] - Development services recognized revenue of 290 million yuan in 2024, representing only 8% of total revenue due to the timing of the restructuring [2] Asset Operation and Technology - The asset operation segment generated 600 million yuan in revenue from 13 commercial properties, with a focus on enhancing operational efficiency and rental income [3] - The real estate technology segment, led by Ruizhu Development, achieved revenue of 610 million yuan in 2024, with a 100% contribution from third-party projects [3] Management Philosophy - The management emphasizes the importance of adapting strategic models based on resource endowments and market conditions to ensure sustainable and controllable operations [3][4]
美的置业转型取得实质性成效 2025年营收复合增长率或超25%