Seazen Group (1030) H2 2024 earnings summary

Executive summary

• Revenue for 2024 was RMB89,227 million, with commercial property management and rental income up 13.9% year-over-year to RMB12,033 million.

• Net profit attributable to equity holders was RMB491 million, down 44.1% year-over-year.

• Gross profit margin improved to 16.8% from 13.5% last year, driven by higher-margin commercial and rental income.

• The Group delivered over 100,000 residential units and opened 15 new Wuyue Plazas, with 173 plazas in operation at a 97.97% occupancy rate.

• No final dividend was declared for 2024.

Financial highlights

• Revenue declined 25.3% year-over-year, mainly due to a downturn in the property business.

• Gross profit was RMB14,984 million; net profit attributable to equity holders was RMB491 million.

• Core earnings (non-HKFRS) were RMB632 million.

• Total borrowings decreased 8.6% year-over-year to RMB57,733 million; net debt-to-equity ratio at 53.8%.

• Weighted average borrowing cost fell to 5.88%, with long-term borrowings making up 72.2% of total debt.

Outlook and guidance

• Real estate market expected to stabilize in 2025 with further policy support and improved supply-demand equilibrium.

• The Group aims to grow sales revenue and enhance asset operation efficiency, leveraging policy support and financial institution backing.

• Focus remains on dual-drive strategy: premium residential offerings and deepening commercial operations.