2024 Annual Results
Announcement
2024年3月
March 2025
Contents
01 Operational Review
02 Financial Highlights
03 Appendix
01
Operational Review
Industry continues to undergo a bottoming adjustment
Investment has declined for 3 years
2022 vs 2023 vs 2024 -10% → -9.6% → -10.6%
New residential construction area has declined for 5 years
2022 vs 2023 vs 2024 -39.8% → -20.9% → -23%
Residential construction area has declined for 3 years
2022 vs 2023 vs 2024 -7.3% → -7.7% → -13.1%
Note: The data sources are the National Bureau of Statistics, Wind & China Index Academy.
Main focus for the Year
With business safety as the bottom line, optimal operational results as the principle,
and cash flow as the cornerstone,
we firmly implemented the business strategy of "refining the inventories, optimizing the
increments and reinforcing the variables".
Key measures
01
Investing through | Destocking with | Improving product quality |
precise selection | refined efforts | with attention on details |
02
03
04
Exercising prudent capital management
05
Striving for excellence to enhance efficiency
06 Collaborating with integrity for 07 Applying targeted strategies project management
for reform
Results Overview
Enhanced development momentum
Prominent development edges
Robust foundation for development
Steady improvement in sales position
Three consecutive years of
Total sales RMB 276.8 bn Top3
self-investment projects
Flat
Sales of RMB171.8 bn Attr. sales RMB120.6 bn
Top6
⬆1 postion1
Top6 ⬆2 postions1
Sufficient investment with high quality Products continue to lead
Grand Slam in Product Strength Assessments by 3 major institutions
Ranked 1st in customer satisfaction across 16 cities
Leading in delivery quality
Newly added saleable value
RMB108.8 bn Top4 ⬆1 position1
Tier 1&2 cities RMB100.1 bn 92% +8pts
Delivery satisfaction score of 91, industry leading
Chinese Real Estate Enterprises by
Delivery Capacity Top1 1
Financially stable and secure
Operating cash flow RMB 28.8 bn
Net gearing ratio 56.6%
Record high -7.2 pts
Dividend per share RMB 0.3 / Payout ratio 45%
Enhancement of brand value
Brand value RMB118.8 bn Top3 2 ⬆1 position
Brand Communication Power of
Real Estate Companies Top1 1
Notes: 1. CRIC
2. China Index Academy
• Precise marketing positioning and strategy to ensure efficient destocking
RMB276.8 bn / Top3 (Remained flat) Total sales
Greentown: -8.1% VS Top10：-24.1%
RMB171.8 bn / Top6 (⬆1 position1)
Sales of self investment projects
Greentown: -11.6% VS Top10：-24.4%
RMB120.6 bn / Top6 (⬆2 positions1) Attr. sales
Note: 1. CRIC
Greentown：-5.5% VS Top10：-22.1%
Sell-through rate of newly-launched 82% Remained at high level
(64% of which realized price premium at first launches, and the total premium reached RMB530 mn with the highest premium reached 11%)
• Strengthening specialized capacity to help destocking
Proportion of new media transactions: 12.1% / + 5.4pts
Avg. fee rate 0.6% industry-leading level
Value marketing covers 100% of newly added projects, accelerating sell-through to enhance operational performance by building core competitiveness
• Precise scheduling to tackle sales challenges with in-depth analysis of inventory and price and customized plans for each project
Avg. destocking rate of existing properties with value enhancement initiatives ⬆106%
Carpark to residential sales ratio 1.39:1 / ⬆7% (26 projects were sold out of both carpark and residential units)%
• Consolidating advantages in core cities
Tier 1&2 cities RMB135.9 bn / 79%
8 cities with Top1 ranking：
Ningbo (5 consecutive years), Xi'an (3 consecutive years),
Suzhou, Huzhou, and others
10 cities with Top5 ranking:
• High cash collection rate
cash collection rate 104%
Accumulating favorable development momentum
• Increasing attr. ratio
9 projects recorded sales over
RMB4 bn for each
Nanjing Jinling
Yuehua
Sales amount reached
RMB6.1 bn Ranked 1st in Jiangsu
66%
70%
Yiwu Fengqi Chaoming Huge successes in all eight launches with sales amount of RMB5.6 bn
Dynamic saleable value +RMB625 mn as compared to established target
2022
2023
2024
2. Investment: implementing precisely to strive for success in every project
42 projects / 4.18 mn sqm
Newly added quantity / Construction area RMB108.8 bn / Top4 (⬆2 postions1)
Newly-added saleable value
Greentown：-23.6% VS Top10：-40.6%
RMB48.4 bn / Top4 (⬆1 position2)
Adhere to "success in every project" and differentiated
investment strategies, deeply rooted in core cities and precisely grasped structural opportunities in lower-tier cities while ensuring security, highlighting liquidity, and balancing profitability
Strengthening investment research to provide support Focused on promoting specialized and targeted city-by-city researches and continued to iterate investment research tools
Attr. land costs
Greentown：-17.9% VS Top10：-40.9%
RMB14,383 / sqm
ASP (total land cost / total GFA)
Focusing on core cities to ensure safety
Concentrated on safe areas to enhance the ability to withstand risk
Enhancing equity interests to strengthen profit realization
Ensured the efficiency of project development and maintained favorable net profit margin
Note: 1. CRIC
2. China Index Academy