Core Viewpoint - In the first half of 2025, the company achieved sales of 10.33 billion, a year-on-year decrease of 56.14%, while the collection amount reached 11.884 billion, resulting in a collection rate of 115.05% [3][4][7] - The company has not added new land reserves in the public market during the first half of 2025, with over 60% of land reserves located in third and fourth-tier cities, indicating a need for structural adjustment [9][10] - The gross profit margin increased year-on-year, with overall profit margins remaining relatively stable despite a decrease in revenue [12] - The financing sector made breakthroughs, successfully issuing 1 billion medium-term notes at a historical low interest rate of 2.68% [14][15] - The commercial operation segment has expanded significantly, with over 16 million square meters of operational space, becoming a crucial support for the company's profit structure [16][17] Sales Performance - The company achieved a sales amount of 10.33 billion, with a sales area of 1.335 million square meters, and an average selling price of 7,738 yuan per square meter, all showing significant declines year-on-year [4][7] - The contribution from the Yangtze River Delta region decreased, while the Bohai Rim region's contribution increased by 5 percentage points to 27% [7] Land Reserve Structure - The company has not added new land reserves in the public market, with an estimated available land reserve of approximately 32.1 million square meters by the end of the first half of 2025 [10] - Land reserves are concentrated in third and fourth-tier cities, accounting for over 60%, with only 39% in first and second-tier cities [10] Profitability Metrics - The company reported total revenue of 22.1 billion, a decrease of 34.8% year-on-year, with real estate business revenue down 44.9% [12][21] - The gross profit margin improved to 26.85%, an increase of 5.25 percentage points year-on-year, despite a decrease in net profit [12][21] Financing Achievements - The company successfully issued a 3-year, 300 million USD senior unsecured bond, marking the first private real estate offshore bond in three years, followed by the issuance of 1 billion medium-term notes [15] - The average financing cost decreased to 5.55%, down 0.37 percentage points from the end of 2024 [15] Commercial Operations - The company operates 205 Wuyue Plazas across 141 cities, with a total operational area of 16.0814 million square meters [17] - Commercial operating income reached 6.944 billion, a year-on-year increase of 11.8%, with a gross profit margin of 71.2% [17]

受销售规模下降以及计提减值影响，归母净利亏损；仍需关注流动性，但公开市场债务压力得到缓解。 ◎ 作者 / 沈晓玲、蔡浩盛 核 心 观 点 【 合约销售额同比下滑超五成，沪穗汉等七地为主力贡献城市】 2025上半年金地集团实现合约销售金额171.5亿元，同比下降52.5%；销售均价13676元/ 平方米，同比下降9.0%，较2024年全年的14533元/平方米下滑5.9%。由于销售业绩的下滑，金地集团全口径的行业排名也下滑至24位。根据金地集团公 布的主要开发投资及销售项目情况，25年上半年合约销售金额超5亿的共有7个城市，分别是上海、广州、武汉、天津、北京、太原和苏州，其中上海合约 销售超12亿。 【 拿地节奏放缓，总土储规模降至2701万平方米 】 进入2025年，金地仅在杭州、上海重启拿地，按权益金额算，2宗地累计土地权益成交金额仅1.47亿 元，投资依旧谨慎。由于拿地减少，金地集团土储进一步下降，上半年金地集团的总土地储备约2701万平方米，较年初下降7%。 【营收下滑叠加减值计提，归母净利润亏损37.01亿元】 2025上半年金地集团实现营业收入156.8亿元，同比下滑26%，其中房地产开发收入约97 ...

2025年第36周 Weekly 2025年9月1日-2025年9月7日，第36周土地供应规模、成交规模均环比下降超过四成，土拍热度低位回升。 本周重点城市监测供应土地建筑面积为464万平方米，环比下降45%，成交建筑面积为203万平方米，环比下 降41%。本周北京、上海均有宅地出让，土拍热度低位回升，平均溢价率6.4%，环比增加了4.1个百分点。 供应： 本周供应建筑面积464万平方米，环比下降45%。 本周一线城市仅广州新增挂牌了3宗含宅地，其中白云新 城宅地出让总价13.3亿元。重点城市供应含宅用地55幅，平均容积率2.05，成都、石家庄、郑州、广州本周供应宅 地平均容积率均不低于2.0。 重点供应地块方面，厦门本周进行了集中挂牌，4宗地块起拍价均不低于15亿元，容积率均不低于2.1。其中起拍楼 板价最高的是湖里中心地块，达到3.87万元/平方米，地块出让底价20.38亿元，容积率2.1，是本轮厦门挂牌宅地中 容积率最低的一块。地块隶属湖里西部老城核心区，教育、商业等配套齐全，南侧临近仙岳山公园，西面海湾湿 地，生态资源优势突出。地块西南方向约1公里的建发象屿观雲项目地块于2024年11月成交，容积率2 ...

销售规模同比下滑，同时商业运营板块持续发力，成为利润结构的重要支撑。 ◎ 作者 / 沈晓玲、冯添龙 核 心 观 点 【 上半年销售规模下滑，区域业绩贡献呈现结构性变化 】 2025年上半年新城控股实现销售金额103.3亿元，同比下降56.14%；全口径销售额排名第43 名，行业排名继续下滑，较去年年底下滑19个名次。实现回款金额118.84亿元， 回款率达到115.05%。长三角销售贡献度继续下滑，下降7个百分点至 33%， 但仍是贡献度最高的区域，环渤海业绩贡献度增长5个百分点至27%。 【 三四线城市土储占比超六成，土地储备结构调整压力犹存 】 2025年上半年新城控股在公开市场未新增土地储备。由于本期企业官微未披露具体的土储 规模情况，根据2023度新城披露的可售土地储备与2024年以来销售及投资情况估算，2025年上半年末新城可售土地储备约3210万平左右。在从土储能级 分布情况来看， 新城控股土地储备集中在三四线城市约61%， 一、二线城市土地储备占比仅为39%，三四线土储中主要位于 长三角区域和中西部区域 。 【地产业务营收持续下降，整体利润率保持相对稳定】 2025年上半年新城控股实现营业收入2 ...

核 心 观 点 【合约销售下降12%至889亿，经营性现金流净流出20亿 2025年上半年，招商蛇口签约销售金额888.94亿元，同比下降12%，行业规模维持第五；销售权 益比为65%。期内，招商蛇口销售商品、提供劳务收到的现金同比略降2%至648亿，但购买商品、接受劳务支付的现金增长了11%，经营活动产生的现金 流量净额为净流出20亿元。 期内新增权益地价219亿，净利率3.38%，受永续债影响，留存收益不增反减。 ◎ 作者 / 房玲、易天宇 【新增土储权益地价219亿，期内加大开发与存量去化】 2025年上半年，招商蛇口累计获取 16宗地块，权益地价约219亿，占2024全年权益地价的65%； 同时也加大了项目的合作力度，新增土储总价的权益比为62%。期末，招商蛇口的存货中，在建开发产品的账面价值为2495亿元，较期初上升了10%；同 时加大存量项目去化，已完工开发产品的账面价值为783亿元，同比下降了9%。 【 净利率下降至3.38%，永续债影响留存收益 】 2025年上半年，招商蛇口的营业收入515亿元，与去年同期大致持平。毛利率14.4%，开发业务毛利率为 16.27%；净利率为3.38%。投资收益 ...

2025年第36周，地方稳市场政策持续加快推进，周内多地出台了优化公积金政策，并进一步加强了税费优惠，以此 进一步加强对于需求侧的支持。典型如深圳在周末大幅放松了限购政策，即便没有本地社保，在8区的前2套房不限 购，并同样在利率方面不区分首套房和二套房，限购放开力度显著大于北京和上海。 0 1 政策趋势：本周地方"稳市场"发声频次延续回升，补贴和税费类新政首次超过"优化公积金" 就周度政策发布频次来看，本周地方层面共发布稳市场政策17次，较上周持续回升。主要是本周涉及补贴类的政策数量有所 增加，下半年以来首次成为周度稳市场政策第一大类。 从本周主要稳市场政策的发布频次变动来看， 补贴与税费优惠类政策跃升为第一大类， 与传统营销周期同步， 8月末以来各 地补贴与税费优惠新政的发布频次显著提升， 譬如湖南岳阳出台了金九银十惠民置业活动，单套购房补贴（奖励）最高可达 20万元，杭州对购买余杭特定区域新房一次性给予4万元补助。 优化公积金则排在其次， 如深圳与限购解绑同步，就两项公 积金规定出台了相关优化提取的征求意见，加大对职工购买首套或第二套住房的支持力度。其他稳市场方面，除深圳限购解 绑之外，其他城市多为稳定市 ...

Core Viewpoint - The real estate market is experiencing a weak recovery trend, with new home transactions expected to rebound slightly in September due to increased supply and discounts, but overall growth remains limited due to weak consumer confidence and spending [1][22]. Market Performance - In August, the average opening sales rate in 30 key cities reached 42%, an increase of 12 percentage points month-on-month and 16 percentage points year-on-year, marking a return to the year's high [2][21]. - Cities like Chongqing, Changsha, Chengdu, and Hangzhou saw sales rates exceeding 60%, driven by the introduction of popular new projects [4][21]. City-Specific Trends - Major cities such as Shanghai and Shenzhen showed stable increases in sales rates, while second-tier cities like Wuhan and Nanjing continued their weak recovery [4][21]. - In contrast, weaker second and third-tier cities like Qingdao and Foshan experienced sales rates below 20%, indicating ongoing market sluggishness [4][21]. High-Quality Projects - New regulations and high-quality projects have positively impacted short-term market heat, with premium properties outperforming traditional projects in sales rates [9][21]. - Notable high-performing projects in August included those in Chengdu, Chongqing, and Nanjing, which achieved high sales rates due to their strong product offerings [10][11]. Luxury Market Dynamics - The luxury market in cities like Shanghai, Hangzhou, and Ningbo has seen increased activity, with flagship projects experiencing strong demand and high sales rates [13][21]. - For instance, the Shanghai One project achieved a remarkable sales performance, with multiple rounds of sales quickly selling out [14][21]. Discount Strategies in Weak Markets - In weaker markets, such as Xi'an and Wuhan, developers have resorted to discount strategies to boost sales, with significant price reductions leading to improved sales figures [18][21]. - Projects in these cities have implemented various promotional strategies, including special pricing and increased commission for sales channels, to enhance market performance [19][21]. Future Outlook - The market is expected to continue its weak recovery in September, with traditional marketing peaks and increased supply potentially aiding new home sales, although overall growth is anticipated to remain limited [22]. - The differentiation between cities and projects will persist, with core cities likely to maintain high market activity while weaker cities may struggle unless they offer compelling value propositions [22].

Core Viewpoint - The article emphasizes the increasing importance of community operations in the real estate sector, highlighting how companies are leveraging community engagement to enhance brand value and customer experience [3][4][27]. Group 1: Community Engagement Trends - Real estate companies are intensifying their community operations, moving beyond traditional community engagement to create commercial value through resource collaboration [3][4]. - A market survey indicates that "community service experience" has risen to 47% in the decision-making factors for homebuyers in 2024, up from 18% in 2019, reflecting a shift in value assessment from location to quality of life [4]. - Community engagement has become a standard feature for many real estate companies, evolving into a critical component of residential products [4]. Group 2: Innovative Community Activities - Companies like Greentown China are launching themed community events, such as the "Dolphin Plan," which includes a comprehensive ecosystem for youth swimming talent development [6][9]. - China Merchants Shekou initiated the "Deck Life Festival," integrating community activities across over 30 cities, emphasizing a holistic approach to community engagement [7][20]. - China Electric Power Real Estate introduced the "Little Wave Camping Season Community Carnival," focusing on sports and outdoor activities to enhance community interaction [7][12]. Group 3: Community as a Value Driver - The article discusses how community initiatives are evolving to create unique emotional value and differentiation in a highly competitive market [11][19]. - Companies like China Resources Land are innovating by integrating pet-friendly spaces within residential areas, fostering community engagement through pet-related activities [19][21]. - The article highlights the emergence of community leaders who are driving the co-creation of community experiences, moving towards a model of shared governance and collaboration [18][27]. Group 4: Commercial Value Creation - Real estate companies are exploring new commercial opportunities through community engagement, aiming for sustainable development by building trust and effective communication with residents [19][20]. - The article notes that successful community initiatives can lead to significant brand value and customer loyalty, as seen in the case of China Railway Construction's diverse community events [26][27]. - The integration of community activities with commercial partnerships is becoming a key strategy for enhancing the overall value proposition of real estate offerings [20][27].

鸟姐 VIEW 克而瑞研究中心 "每周研究精读" ， 聚焦宏观、行业、房企、土拍、产品、客需、榜单等多个研究成果，与各界探讨行业运 行逻辑、变数及未来趋势。 点击标题阅读全文 排行榜 1 、 前 8 月 30 城 累 计 成 交 7869 万 平 方 米 ， 较 去 年 同 期 微 降 3%；2 、 百 强 房 企 8 月 实 现 销 售 操 盘 金 额 2070.4 亿 元 ， 环 比 降 低 1.9% ， 同 比 降 低 17 .6%。 2025年1-8月中国房地产企业新增货值TOP100排行榜 企业投资脚步大幅放缓。CRIC重点监测的30家典型企业8月拿地金额环比"腰斩"，创近一年新低，其中有18家企业本月无新增土地入账。 2025年8月中国房地产企业品牌传播力TOP50 头部企业"用业绩稳信心、以ESG塑品牌、靠交付赢口碑"，同时通过文化IP和社群活动强化与用户的情感链接，在淡市中凸显差异化竞争力。 观点 2 0 2 5年1 - 8月中国房地产企业销售TOP1 0 0排行榜 行业透视 | 9月预期新房供应"量增质优"，成交或迎低位回升 随着传统营销旺季来临，9月供应稳中有增，故而新房成交绝对量或将止跌 ...

Core Insights - The article highlights the dual nature of the real estate market in August, showcasing both rational performance reports and vibrant community engagement activities [1] - It emphasizes the importance of brand communication in the current market, where companies are not only focusing on survival but also on thriving through emotional connections with consumers [2] Group 1: Industry Performance - The real estate sector is experiencing a weak recovery with significant differentiation among companies, as evidenced by the contrasting strategies of leading firms like China Overseas, China Resources, and Poly [1] - Vanke's major organizational restructuring in August, including headquarters downsizing and executive changes, reflects the industry's need for adaptation to survive [2] - The delisting of China Evergrande from the Hong Kong Stock Exchange marks a significant event, symbolizing the challenges faced by high-debt companies in the current market [2] Group 2: Brand Communication - The brand communication power rankings for August show that Greentown China, China Resources, and Poly Development are leading, with a focus on performance stability, ESG initiatives, and customer satisfaction [2] - Companies are leveraging cultural IP and community activities to enhance emotional connections with users, thereby differentiating themselves in a challenging market [2] - The ongoing popularity of community activities among real estate firms indicates a trend towards broader coverage and increased promotional efforts [5]