The competition is fierce, especially in some good cities and some large-scale business and government projects. The quality of this year's expansion should be said to be under the strict screening of the company. The quality is also steadily improving, but from the scale of the expansion to the first three quarters, it is still declining.
Our goal for the whole year is to reach the one-year contract amount of Xintuo in 2024. The third-party one-year contract amount is the same as last year. This is our guiding goal. Compared with the 10% growth at the beginning of the year, there is a decline.
The third one is about the return on investment. Compared to the first half of the year, the return on investment is gradually increasing. The fourth quarter is also the peak of return on investment.
In the past three quarters, the return rate of copper has fallen, but it has not expanded further compared to the mid-term.
Actually, this year, we have given market guidance before. We hope that the annual net cash flow will be no less than double than the net profit. At present, we are also in the high-speed period of repayment, so we are also striving for this goal. Mainly, this 360-degree is for business-wide, so I will update it here.
If you have any questions, please feel free to ask them in the Q&A section. Thank you. Thank you, Ms. Pena. Please, Assistant Hui, please share your questions. Hello, everyone. If you have a question, please press the number 1 on the screen. If you have a question, please press the number 1 on the screen. If you have a question, please press the number 1 on the screen. If you have a question, please press the number 1 on the screen. If you have a question, please press the number 1 on the screen. If you have a question, please press the number 1 on the screen. If you have a question, please press the number 1 on the screen. If you have a question, please press the number 1 on the screen. If you have a question, please press the number 1 on the screen. If you have a question, please press the number 1 on the screen. If you have a question, please press the number 1 on the screen. If you have a question, please press the number 1 on the screen.
What is the average unit price of the new housing project in the past two years? What do you think about the move that Youshang announced yesterday to enter the unit price range below 2 yuan? Yesterday, Youshang announced the unit price below 2 yuan.
I'll go check it out later. I saw that there was one that said the price was fixed, but it didn't say it was less than 2 yuan. I'll go check it out later. And then about the price of our expansion, in fact, our housing, that is, housing this industry,
More than 90% of our projects come from the development of security. Their unit prices have been gradually rising in recent years, mainly because they focus more on Shanghai and Guangzhou, which are the core cities. For example, the unit price of Shanghai's new projects should be more than 5 yuan.
Guangzhou is also more than 3 yuan. For example, the price of the flour factory in Guangzhou is estimated to be more than 10 yuan. So I want to say that the single price from the law development is gradually increasing. You can see the single price in the last one or two periods. For example, last year, the average single price in Xinjiang was 2.7 yuan.
And all of these units, all of these loans and new deals, these balance sheet units are $2.40, so there is still an increase of more than 10% compared to the historical balance sheet. And this trend is still continuing. So this is a conservative development. In terms of foreign loans, in fact, we have less loans for these two years, that is to say, housing and new houses.
In terms of new housing, the average unit price for third-party housing is about 1.8-1.9 yuan. This is lower than the development rate. Since last year, we have also expanded some second-hand housing. Basically, the military price is more than 3 yuan. Mainly to expand some high-level cities. We basically focus on 11 cities, such as Beijing, Nanjing, Guangzhou, Chongqing, and Shanghai.
Wuhan, etc. These are the core cities. The unit price is more than 3 RMB. That's all for my answer. Okay, thank you. There is another question. I'd like to ask about the revenue of the company. Have you observed that the revenue of 2B or 2Z has improved after October?
Yes, of course. At the end of the year, the return on investment will be at the peak.
From the customer's spending habits and the momentum of the project, it will definitely be a peak at the end of the year. As for the B-end and G-end repayments,
It is mainly due to the strengthening of our repayment. It will also gradually improve. From the data we see now, the repayment rate is also gradually climbing. And the B-end hard-earned money, the overall recovery situation is the best of the three leaves. The repayment rate is the same as last year.
And then the other two, basically, I think the data for October should still be the same. The return rate is still a little bit lower. But this range, as I just said, compared to the mid-term, it should be said that it is slightly narrowed. Yes, and we are still in a peak period, still looking forward to the whole year.
What will be the overall draw this year compared to last year? I think there will be a drop, mainly due to the environment in the market.
I feel that the environment is still more challenging than last year. So, in terms of return rate, we think that the rate is still a bit lower than last year. And the main thing is that in the past two or three years, we have actually made a better return. Last year, the net profit of OCF was close to 1.8 times. Last year was a particularly good year in terms of revenue.
So last year, it was a relatively low number. Okay, thank you. Assistant Hui, please report the question again. President Tsai, there is another question about our cash. I observed that many companies are holding cash. How will the company arrange this cash?
Will you consider increasing the share reporting?
Oh, yes, increasing shareholder returns. I think this should be a common voice of most investors in the market. Since last year, we have been increasing the dividend ratio from 25% to 40%. At this point this year, because the company is a one-year one-shot, the management team has not yet
We haven't decided on a specific distribution ratio yet, so we haven't shared a specific direction yet. But in general, we will definitely consider increasing the return of investors. This is for sure.
In terms of cash allocation, we have a cash balance of 10.6 billion yuan at the time of 6.3. We have about 50 billion yuan in cash allocated to the exchange rate for the development of security. In addition, our daily operating funds
We have about 30 billion yuan in operating funds for about three months. The rest is about 20 to 30 billion yuan, which is our basic investment, such as technology, infrastructure, but this amount is relatively small. The rest is for some funds for merger and acquisition. That's about it.
I see, I see. I have a small question. Are there any good mergers or acquisitions on the market? Or what is the current idea of mergers? Are you looking for mergers in different fields, or are you looking for mergers with a certain volume?
Well, the current ordering market is much more profitable than it was two years ago. First of all, there is less competition. Second, the price of the seller has also dropped. So it is indeed a buyer's market now, and we also have some options to choose from. For us, we are mainly considering
First of all, we will consider some relatively large-scale areas and some regionalized areas, which can be added to our existing density. Then, in the non-residential areas, we will focus on some opportunities for state-owned enterprises to fly in and out. For example, some of the state-owned enterprises such as banks or airlines, their own logistics teams,
And then there is this kind of two-glass glass, such a wish is now being followed. And then it is true that we have been looking at these landmarks, and now there are some that are being discussed. If there is any progress in the future, I will share it with you. Okay, thank you. Assistant Hui, please repeat the question.
I have another question. I would like to ask the company to look forward to the guidance of the profit margin for the next 1 to 2 years. Sorry, you mean the profit margin for the next 24 years and the overall profit margin in the future, right? Yes, profit margin. I see. In fact, when we look at the mid-term, there is already a trend that the profit margin has dropped slightly.
in the future.
Mao's interest rate may have a slight decline in the same ratio, and then the interest rate will fall, and the net interest rate will remain stable. This is an ideal state for us. So, in other words, in 2024, the basic trend can be stable. In 2025, and in the future, we think the interest rate will still have some pressure. The main thing is that there are several factors, one of which is the new expansion of these projects.
In terms of price, there is a lot of competition, so there is a lot of pressure in terms of price, and the profit margin is also thinner, which will be reflected in the following years. On the other hand, the housing projects of Xinjiaofu are relatively high profit margins, but in terms of absolute value, the volume should be slightly lower.
So the overall stretching effect will also be weakened. The third one is from the perspective of the reduction rate. After all, the reduction effect is a phase, it does not last forever. So there is also a certain limit to the relaxation effect of the net profit margin.
So in the future, we think that the profit margin is relatively low. But at this point, we are also laying out some budget plans for next year. We may have to wait until next year's opening ceremony to share with you the specific guidance on quantification.
Next, I would like to invite the moderator of plan No. 6920 to ask a question. Hello, Ms. Tana, can you hear me? Yes, we can. Hello, Ms. Tana, I would like to ask you two questions. One is, what is the general value of the clothing market and the purchasing market? And what are the projects that the companies are working on?
Well, the market price of Ethereum is generally a few times lower than our own valuation. But there are some exceptions. Some sellers may have higher psychological prices. But this is definitely not in line with the market situation.
So what we're talking about right now is basically a level of 6 or 7 times or something like that. And then you just talked about this kind of project, that is, we are not talking about this kind of project right now. Generally, we will talk about a certain scale, and then there is a company's main body.
I see. Do you think it is possible for the company to increase the profitability of these 67-times projects through acquisitions? Or is it basically a stable profitability model? It may not grow much, but it is still a stable asset.
Well, I think it depends on the specific situation of the project. Let's see how it compares with our profit margin. Generally speaking, I think our profit margin is about 14%.
In the market, it should be at a medium level. Then for some small companies, some may be slightly lower than this. So if it is slightly lower in itself, it may play a role in lowering us. Then the following, for example, is whether we can improve it. This depends on the situation of our integration. In theory, it is possible.
Because the main consideration of the housing project is density. So our company is also pushing for this kind of regional management, which is to organize and manage human-centric projects. So there will be some costs for the back-end management staff, and there will be some sales. Then you can enjoy a more favorable price in terms of collecting for the regional supply chain.
So in terms of these aspects, yes, it is possible. But I think we still have to look at the specific project in detail. After all, we haven't landed yet. If there is a landing in the future, we may have to analyze it according to the specific situation. Okay, thank you. I understand. My second question is, what is the overall reduction rate of the current company, that is, the total reduction rate of the entire property?
And if we look at the small drivership of the pure industry committee, that is, the two or three years that the developer has given, what is the income ratio and how accurate is its reduction rate? Yes, I understand. The reduction rate is an absolute number, because it is, how to say, we don't actually say
I am not able to give you the exact number because it is quite sensitive now. But in terms of copper ratio, in the first three quarters and the first ten months of housing, the trend is basically consistent. The copper ratio of the harvest rate has dropped by about two points. This is a trend. We also hope that by the end of this year, this range can be narrowed.
As for the second-hand housing projects of the third party, we have very few such projects. In the past, the housing of Tord was basically a new product of the developers. We started to develop the second-hand housing project in 2013. Last year,
The single-year contract income is less than 100 million yuan. So in our general plan, in the second and third years, the income of the second-hand housing in Tuo is less than 100 million yuan. So the ratio in our plan is very, very small. But the quality of the projects in Tuo is relatively good. Its average unit price is more than 3 yuan. And they are all in some high-level cities, such as Beijing.
Wuhan, Nanjing, and so on. These projects have good quality. And the handling rate is similar to our system. Okay. Thank you, Ms. Pei. We'll keep working on it. Okay. You're welcome. Hi, I'd like to ask you one last question. Hi, I'd like to ask you one last question. Hi, I'd like to ask you one last question. Hi, I'd like to ask you one last question. Hi, I'd like to ask you one last question. Hi, I'd like to ask you one last question. Hi, I'd like to ask you one last question. Hi, I'd like to ask you one last question. Hi, I'd like to ask you one last question. Hi, I'd like to ask you one last question. Hi, I'd like to ask you one last question. Hi, I'd like to ask you one last question. Hi, I'd like to ask you one last question. Hi, I'd like to ask you one last question. Hi, I'd like
Mr. Pei, I don't see any more questions online. I think we've covered everything today. It's about time. Thank you, Mr. Pei, for your time today. Thank you to all the investors. That's all for today's meeting. Thank you. Okay. Thank you, Mr. Fang. Thank you, everyone. See you next time. Okay. Bye-bye. Okay. Bye-bye.
Thank you for attending this meeting. Welcome to end this meeting. I wish you a happy life. Goodbye.