Excellent enterprises are better, unhealthy enterprises are more and more difficult, and the two-level differentiation of the real estate circle is intensified.
For example, last week, Poly Real Estate, the only central enterprise among TOP5 housing enterprises, released a semi-annual report.
Data show that in the first half of this year, the contracted amount of Poly Real Estate increased by 27% year-on-year, the operating income increased by 22% year-on-year, and the net profit increased by 65,438+00% year-on-year. Core indicators have maintained steady improvement.
Moreover, under the background of limited financing of housing enterprises and tight credit resources in the first half of the year, Poly still achieved a repayment rate of nearly 90%, ensuring sufficient cash flow.
According to the annual report, as of the first half of the year, the ending cash balance of Poly Real Estate reached 654.38+055 billion, an increase of nearly 10 billion over the beginning of the year.
When many real estate enterprises are deeply short of money, Poly Real Estate has maintained high-quality development. While expanding its scale, its asset-liability ratio has been further reduced.
Today, let's talk about Poly, the top five in 14 industry. Why is it so stable?
1
Strategic determination to cross the cycle
In fact, in the real estate circle, many people may not think of Poly when it comes to fast-growing housing enterprises.
However, Poly's advantage lies in its long-term and stable growth, so it has always been at the forefront of the industry.
The data shows that when Poly Real Estate went public in 2006, the sales scale was only 8.4 billion, and by 2020, the sales scale will reach 502.8 billion, achieving a leap-forward growth of 65,438+60 times in 2004, with an annualized growth rate of nearly 34%.
Tao Ge had an exchange with a friend of Paulie's. He believes that Poly can span the cycle because of its clear strategic direction and strong execution.
Strategically, since its establishment, Poly has always followed the development direction of the country and firmly grasped the development opportunities brought about by urbanization expansion.
Adhere to the just-needed and improved housing, solve the housing needs of residents, actively participate in the construction of affordable housing and people's livelihood projects, and practice the social responsibility of central enterprises.
Moreover, in the process of many changes in the industry environment, Poly has always adhered to residential real estate, adhered to core first-and second-tier cities, adhered to real estate-related diversification, and did not make blind strategic transformation, thus maintaining a stable industry position.
In the first half of this year, Poly achieved a contracted amount of 28.5185 billion yuan, up 27% year-on-year, of which 38 core cities contributed 77% of the sales, and the contracted amount of the Pearl River Delta and the Yangtze River Delta both exceeded 70 billion.
Its sales in Guangzhou exceeded 26 billion, Foshan exceeded 20 billion, and Shanghai, Nanjing and Dongguan exceeded 654.38+0 billion. Strategic focus has outstanding advantages.
2
Management ability of steady operation
If the determination of strategy is the foundation of Poly's long-term growth, then stable management ability is the guarantee of high-quality development.
From the investment point of view, Poly has always adhered to a steady and safe investment strategy, and the soil storage structure is of high quality and reasonable.
In the first half of the year, in the case of fierce competition in the land market of core cities, Poly did not blindly follow, adhered to the standards for project establishment, and moderately increased the potential regional layout of core urban agglomerations.
According to the annual report, in the first half of the year, there were 84 expansion projects, with an additional production area of 165 1000 square meters, with an expansion amount of 96.3 billion yuan and an average floor price of only 5,833 yuan/square meter.
In addition, the expansion area of Poly in the first half of the year accounts for 99% of the sales area, which reflects the development idea of "equal expansion" and ensures a high turnover efficiency on the premise that the resource reserve is enough for 2-3 years' development needs.
From the debt side, Poly Real Estate's financial structure is very healthy and extremely safe.
Poly said that the company's asset-liability ratio has remained below 80% since its listing, and it is the first green housing enterprise in TOP5.
In the first half of this year, the net debt ratio of Poly Real Estate was 58.73%, and the short-term cash debt ratio was 1.93 times. Excluding the accounts received in advance, its asset-liability ratio is 66.24%, which remains in the "green file".
Moreover, Poly's cash flow management ability is first-class, and the payment rate has been maintained at around 90% for a long time.
Even though the bank lending rate slowed down in the first half of the year, Poly still achieved a high repayment of 255.6 billion yuan, with a cash balance of 654.38+05.5 billion at the end of the period, and its solvency was worry-free.
At the same time, Poly is constantly reducing the financing cost. In the first half of the year, 7.5 billion corporate bonds and 5 billion medium-term notes were issued, and the average financing cost was only 3.62%.
At present, the comprehensive cost of its interest-bearing liabilities is only about 4.70%, which is 7 basis points lower than the end of last year, maintaining its leading position in the industry.
three
Positive and enterprising development spirit
Over the years, Poly not only ranks among the top 5 in the industry, but also ranks 1 in the national central enterprises of real estate.
A friend who is an executive in Poly told me that the reason is that Poly has always maintained the spirit of striving for progress.
Different from the general state-owned enterprises, most of the entrepreneurial teams of Poly Real Estate come from the military, and the sense of struggle derived from the military lineage flows in their blood. "Gathering" itself comes from the military spirit of "protecting the country and benefiting the people".
After the country restarted IPO in 2006, Poly was the first listed real estate enterprise. It broke through 1000 billion in just six years after listing, and it is the second enterprise in the industry to break through 1000 billion, and has maintained a rapid development speed.
Since listing, the total assets have increased from 165 billion to more than one trillion; Revenue increased from 4 billion to more than 240 billion, with a compound growth rate of over 34%; The gross profit margin has always remained between 30% and 40%, and the weighted average return on equity has remained above 15%.
Moreover, unlike the state-owned central enterprises in traditional cognition, Poly is a leader among the central enterprises in promoting the market-oriented mechanism.
In 20 12 and 20 16, Poly implemented two equity incentive plans, becoming the first real estate company of central enterprises to implement equity incentive.
In 20 17, Poly became the first real estate representative of central enterprises to set up a real estate project follow-up and investment mechanism, which stimulated the company's new development vitality.
In 20 19, Poly Real Estate was spun off and listed, once again becoming the first central enterprise real estate company in China to spin off and list.
In the first half of this year, Poly continued to promote the standardization strategy, accelerated the operation and control, shortened the opening cycle by 65,438+0 months, and achieved cost reduction and efficiency improvement on the premise of ensuring quality.
It can be seen that Poly is a central enterprise, but it is not rigid. Hard-working gene+marketization mechanism is its long-term leading power source.
four
Accelerated layout of two-wing industries
While the main business occupies a leading position in the industry, in recent years Poly has gradually increased the industrial layout of the two wings.
The financial report shows that in the first half of the year, Poly's property management area was 428 million square meters, the contract area was 622 million square meters, and there were 265,438+078 contract management projects, achieving a revenue of 56,543.8+0.5 billion, a year-on-year increase of 43%.
Poly Commercial signed 7 new shopping centers in the first half of the year, and 29 shopping centers have been opened, with an opening area of 1.93 million square meters and an occupancy rate of over 80%.
Poly Hotel signed four new projects in the first half of the year. At present, there are 20 hotels with 4873 rooms.
In the first half of the year, there were 40 apartment projects in operation in Poly Apartment, covering Shanghai, Guangzhou, Hangzhou, Chengdu and other core cities, with a total opening of 665,438+020 apartments.
Sales agency business covers more than 200 cities across the country, with more than 2,200 agency projects and agency sales scale exceeding 250 billion.
At the same time, in terms of real estate finance, the accumulated management scale of its funds is nearly 654.38+06 billion, and Xinbao Fund and Poly Capital were awarded the "Top 2026.5438+0 Real Estate Fund in China 10".
Poly started with real estate investment and development, and gradually formed a comprehensive service wing represented by property services, global management, sales agents and commercial management, and a real estate financial wing represented by real estate funds and inclusive finance, creating a brand-new platform for real estate ecological development.
To some extent, Poly is equivalent to the vanguard of state-owned real estate. Leading achievements have been made in scale development, management level, mechanism construction and industrial layout, and innovation breakthroughs have been maintained.
No matter how the market changes, with its clear strategy and strong execution, Poly keeps its own pace and moves forward steadily.
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