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Core Net Profit Soars to RMB 40.5 Billion and

 Date:2018.04.10   Publisher:Netease

On March 26, China Evergrande (HK. 3333) released 2017  annual results; its core business profit was RMB 40.51 billion, a significant year-on-year increase of 94.7%; its net profit was RMB 37.05 billion, a significant year-on-year increase of 110.3%; its turnover was RMB 311.02 billion, a significant year-on-year increase of 47.1%; its total assets reached RMB 1.7618 trillion, a year-on-year increase of 30.4%; and its cash balance was RMB 287.7 billion. A number of its core data were ranked first in the industry.

The annual report shows that  Evergrande realized the gross profit of RMB 112.26 billion, a significant year-on-year increase of 89%; the gross profit rate of 36.1%, a year-on-year increase of 8%; the core profit rate of 13%, a year-on-year increase of 3.2%.  Each profit index hit a record high. As a result of improved profitability, its net assets increased by 204%to RMB 242.2 billion. At the same time, the debt ratio of Evergrande declined rapidly, in which the net debt ratio declined by nearly 60%.

In the view of Hui Ka Yan, Chairman of the Board of Directors of Evergrande Group,  the significant rise of the core index not only declares the arrival of "New Evergrande", but also become a New Starting Point" for "New Evergrande".

Hui Ka Yan said that, at the brand-new starting point, Evergrande will implement "New Strategy", which includes that Evergrande will unwaveringly implement the development pattern of "scale + benefits" as well as the business model of "three lows and one high" including low liabilities, low leverage, low costs and high turnovers, so as to  further improve the quality of growth. Meanwhile, Evergrande will actively explore the high-tech industry in the industrial layout, so as to gradually form the industrial pattern which is based on the real estate for people's wellbeing, is led by the high-tech industry and takes cultural tourism and health preservation as its two wings.

As the "New Strategy" continuously advances, Evergrande will enter the period of a new round of high-quality growth. According to the "New Blueprint" drawn by Hui Ka Yan: By the end of 2020, Evergrande will realize the total assets of RMB 3 trillion, the annual sales of RMB 800 billion and the annual profits and taxes of RMB 150 billion; and it will lower its debt ratio to the middle or low level of the same trade and become one of the top 100 companies in the world.

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