8月26日，越秀地产披露中期财报。截至6月末，公司实现营收475.7亿元，同比增长34.6%，毛利同 比增长4.4%至50.6亿元，对应核心净利润15.2亿元。 行业承压的大背景下，上半年，越秀地产实现合同销售额615亿元，同比提升11%，跑赢TOP 100房 企-11.8%的同比增速，全年销售目标达成率为51%。 对于这一成绩，同日召开的业绩会上，越秀地产董事长林昭远称，跑赢同行得益于公司对市场的精 准研判以及销售环节的能力表现，另外比较重要的是对核心城市的布局。 报告期内，越秀地产坚持"一城一策"的营销策略，强化库存去化考核机制。上半年，越秀地产的销 售金额排名保持全国前8，一线城市销售额贡献占比达到80.5%，对应销售额为495亿元。 其中，在北京市场，越秀地产实现合同销售额197.2亿元，同比大幅上升255.1%，成为该城占有率 最高的房企。同时，大本营广州仍然是越秀地产的主力粮仓，实现157.56亿元销售额，排名第二，比 如"广府系"珑悦西关、熙悦江湾等项目热销频现、先锋系产品东山云起项目开盘去化近九成；在上海， 越秀地产也实现了144.92亿元销售额，位居第六名。 过往投资兑现的同时，越秀地产还在 ...

Core Viewpoint - In a challenging industry environment, the company achieved a contract sales amount of 61.5 billion yuan in the first half of the year, representing an 11% year-on-year increase, outperforming the top 100 real estate companies' average decline of 11.8% [1] Sales Performance - The company maintained a sales ranking within the top 8 nationally, with 80.5% of sales coming from first-tier cities, amounting to 49.5 billion yuan [1] - In Beijing, the company achieved a contract sales amount of 19.72 billion yuan, a significant increase of 255.1% year-on-year, making it the leading real estate firm in the city [1] - The company's main market, Guangzhou, generated a sales amount of 15.756 billion yuan, ranking second, with several projects experiencing strong sales [1] - In Shanghai, the company recorded a sales amount of 14.492 billion yuan, ranking sixth [1] Investment Strategy - The company’s total equity investment reached 10.96 billion yuan in the first half, with 92% directed towards high-quality land in core cities such as Beijing, Shanghai, Guangzhou, and Hangzhou [1] - As of the end of June, the company acquired approximately 1.48 million square meters of land in core cities, with 68% located in first-tier cities [2] Land Reserve and Financial Health - The company has a total land reserve of 20.43 million square meters, with 94% located in first- and second-tier core cities, providing a strong foundation for achieving annual targets [3] - The company reported a revenue of 47.57 billion yuan for the first half of the year, a year-on-year increase of 34.6%, with a gross profit of 5.06 billion yuan [4] Future Outlook - The company plans to continue precise investments, focusing on eight strategically important cities and projects with high customer engagement and quick cash flow [5] - The company has a cash flow of 4.46 billion yuan at the end of the period, with a reduction in interest-bearing debt to 103.86 billion yuan, and a weighted average borrowing cost down to 3.16% [6]

长沙晚报掌上长沙8月27日讯（全媒体记者 孙占锋）8月26日，越秀地产（00123.HK）发布2025年中期 业绩报告，在全国房地产市场深度调整的背景下，交出了一份亮眼的成绩单。作为首批披露财报的房企 之一，越秀地产展示出其对经营成果和财务实力的充分自信，报告显示：报告期内越秀地产实现475.7 亿元营业收入，同比增长34.6%；核心净利润15.2亿元、归母净利润13.7亿元；合同销售额615亿元，同 比上升11%，在克而瑞行业排名稳居第8位，这也是越秀地产连续七年实现营收增长。 在房地产行业高质量发展转型期，2025年上半年百强房企销售总额同比下降11.8%，而越秀地产却逆势 保持销售双位数增长，成为行业TOP10房企中唯三的正增长房企之一，增速排名第二。业内专家判断， 越秀地产销售逆势增长主要得益于其坚定深耕一二线城市的精准投资策略。年报显示，越秀地产2025年 上半年新增土储面积约148万平方米，全部位于一二线核心城市，其中68%位于一线城市；总土地储备 达2043万平方米，一二线核心城市占比达94%，其中半壁江山位于一线城市。 核心城市贡献增大的另一面，是越秀地产积极把握新周期市场结构变化趋势，提升产 ...

证券研究报告 | 2025年08月28日 越秀地产（00123.HK） 优于大市 业绩承压，销售逆势增长 归母净利润-25%。2025 上半年公司实现营业收入 476 亿元，同比增长 34.6%； 归母净利润 14 亿元，同比下降 25.2%；核心净利润 15 亿元，同比下降 12.7%。 公司增收不增利的是由于结算毛利率约为 10.6%，同比下降 3.1pct。 销售逆势取得正增长。2025 上半年公司实现销售面积 146 万平方米，同比下 降 22%；实现销售金额 615 亿元，同比增长 11%，完成全年销售目标的 51%， 其中一线城市销售占比贡献 80.5%。上半年公司新增 13 幅土地，总建筑面积 约 148 万平方米，其中 68%位于一线城市。截至 2025 上半年末，公司总土储 2403 万平方米，其中大湾区占比 39%，一二线占比 94%，土储结构保持优质。 财务稳健，债务结构合理。公司财务水平始终保持"绿档"，截至 2025 上 半年末，公司剔除预收账款后的资产负债率为 64.6%，净负债率为 53.2%， 现金短债比为 1.7。公司融资成本继续下降，上半年平均借贷成本为 3.16%， 同比 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company achieved a revenue of 47.57 billion yuan, representing a year-on-year growth of 34.6%, but the net profit attributable to shareholders decreased by 25.2% to 1.37 billion yuan due to pressure on gross margin and an increase in minority shareholder losses [6][9] - The company’s sales performance was significantly better than its peers, with a sales amount of 61.5 billion yuan, up 11.0% year-on-year, and it is expected to meet its annual sales target [6][9] - The company has maintained a healthy financial structure with a leading financing cost in the industry, and its debt structure continues to optimize [6][9] Summary by Sections Revenue and Profitability - In the first half of 2025, the company reported a revenue of 47.57 billion yuan, a 34.6% increase, while the gross margin fell by 3.1 percentage points to 10.6%. The net profit attributable to shareholders was 1.37 billion yuan, down 25.2% [6][9] Sales Performance - The company’s sales amount reached 61.5 billion yuan, reflecting an 11.0% increase year-on-year, outperforming the industry average decline of 11.4%. The company completed 51% of its annual sales target by mid-year [6][9] Land Acquisition and Market Position - The company acquired 13 plots of land in core cities with a total construction area of approximately 1.48 million square meters, maintaining a low average premium rate of about 9%, significantly below the average of the top 10 real estate companies [6][9] Financial Health - The weighted average borrowing cost decreased by 41 basis points year-on-year to 3.16%, with further reduction to below 3% at the end of the period. The company maintains a healthy financial status with a net debt ratio of 53.2% and a cash-to-short-term debt ratio of 1.7 [6][9]

上 市 公 司 房地产 2025 年 08 月 27 日 越秀地产 (00123) ——业绩下滑符合预期，销售靓眼、融资成本新低 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 08 月 27 日 | | --- | --- | | 收盘价（港币） | 4.95 | | 恒生中国企业指数 | 9020.26 | | 52 周最高/最低（港币） | 8.38/3.77 | | H 股市值（亿港币） | 199.26 | | 流通 H 股（百万股） | 4,025.39 | | 汇率（人民币/港币） | 1.0953 | 一年内股价与基准指数对比走势： -6% 44% 94% 144% HSCEI 越秀地产 资料来源：Bloomberg 证券分析师 袁豪 A0230520120001 yuanhao@swsresearch.com 陈鹏 A0230521110002 chenpeng@swsresearch.com 联系人 陈鹏 (8621)23297818× chenpeng@swsresearch.com 投资要点： 财务数据及盈利预测 | | 2023 | 2024 | 202 ...

Core Viewpoint - Yuexiu Property has achieved a contract sales growth of 11% year-on-year, reaching 61.5 billion yuan in the first half of 2025, making it one of the few top 10 real estate companies to report positive growth in a declining market [1][2]. Sales Performance - In the first half of the year, Yuexiu Property's sales in first-tier cities amounted to 49.5 billion yuan, accounting for 80.5% of total sales [2]. - The company reported significant sales growth in key cities: Beijing saw a contract sales increase of 255.1% to 19.72 billion yuan, while Guangzhou maintained a steady sales figure of 15.766 billion yuan, and Shanghai recorded 14.492 billion yuan [2]. Investment Strategy - Yuexiu Property added 13 new land reserves totaling approximately 1.48 million square meters, with 68% located in first-tier cities [2]. - The management anticipates a rationalization of the land market in the second quarter and aims to achieve a high-quality investment target of 30 billion yuan for the year [2][3]. Operational Efficiency - The company adopts a "sales-driven investment" strategy, focusing on smaller land parcels to enhance turnover speed and improve cash flow [3]. - The management attributes growth to accurate market analysis, comprehensive project investment control, and concentration of resources in core cities [3]. Financial Performance - Yuexiu Property reported a revenue of 45.77 billion yuan, a year-on-year increase of 34.6%, while net profit attributable to shareholders decreased by 25.2% to 1.37 billion yuan [3][4]. - The gross profit was approximately 5.06 billion yuan, with a gross margin of 10.6%, down 3.1 percentage points year-on-year [3][4]. Future Outlook - The management emphasizes the need for improved product quality, service, brand, and team, aiming to implement lean management principles to enhance project efficiency [4]. - The chairman expressed a belief that the real estate industry will eventually shift towards selling completed properties, contingent on supportive financial policies [5]. Market Sentiment - Investment banks are optimistic about Yuexiu Property's performance, noting its sales growth and strong positioning in major cities, leading to an upgrade in credit rating outlook and a target price increase to 6.2 HKD per share [6].

Core Viewpoint - The company is confident in achieving its annual sales target of 120.5 billion yuan and plans to maintain a green status under the "three red lines" policy while optimizing investment and reducing financing costs [2][5]. Financial Performance - In the first half of 2025, the company reported revenue of 47.57 billion yuan, a year-on-year increase of 34.6%, and a core net profit of 1.52 billion yuan [2]. - The company achieved a contract sales amount of 61.5 billion yuan, reflecting an 11% year-on-year growth, ranking 8th in the industry according to the CRIC Real Estate Research list [2][3]. Market Position - The company is one of only three top 10 real estate firms to achieve positive growth in a market where the top 100 firms saw an 11.8% decline in sales [3]. - In first-tier cities, the company achieved significant sales, with contract sales in Beijing reaching 19.72 billion yuan (up 255.1%), Guangzhou at 15.756 billion yuan, and Shanghai at 14.492 billion yuan, collectively accounting for 80.5% of total sales [3]. Strategic Focus - The company plans to enhance inventory management, improve sales quality, and implement project-specific strategies to ensure effective sales pacing and market impact [4]. - The company has a strong land reserve, with 1.48 million square meters added in the first half of the year, 68% of which is located in first-tier cities [4]. Investment and Development - The company is actively engaging with local governments to leverage special bonds for land acquisition, which supports cash flow and project optimization [5]. - The company has a total land reserve of 20.43 million square meters, with 94% located in first and second-tier cities [4]. Future Outlook - The company is optimistic about meeting its annual sales target, with a supply volume of 235.4 billion yuan concentrated in key cities [5]. - The company is also focusing on urban renewal projects, benefiting from central government support for cities like Guangzhou [6]. Diversification and New Opportunities - The company maintains a healthy financial position, remaining in the green zone of the "three red lines" policy, with an average borrowing cost reduced to 3.16%, a decrease of 41 basis points year-on-year [5]. - The company is expanding its commercial sector, which is expected to enhance revenue stability and competitive advantage in fluctuating market conditions [6].

房地产/房地产开发 越秀地产（00123.HK） 销售规模逆势提升，中期派息比率保持稳定 2025 年 08 月 27 日 投资评级：买入（维持） | 日期 | 2025/8/26 | | --- | --- | | 当前股价(港元) | 4.930 | | 一年最高最低(港元) | 8.380/3.770 | | 总市值(亿港元) | 198.45 | | 流通市值(亿港元) | 198.45 | | 总股本(亿股) | 40.25 | | 流通港股(亿股) | 40.25 | | 近 3 个月换手率(%) | 24.8 | 股价走势图 -50% 0% 50% 100% 150% 2024-08 2024-12 2025-04 2025-08 越秀地产 恒生指数 数据来源：聚源 相关研究报告 公司 2025H1 实现合同销售金额 615.0 亿元，同比+11%，克而瑞销售排名上升至 第 8，完成全年销售目标 1205 亿元的 51%；其中一线城市销售占比 80.5%，在 北京排名第一，广州排名第二；销售均价 4.21 万元/平，同比+42.7%。公司上半 年在 6 座一二线城市新增 13 幅土地，总建面 1 ...

Core Viewpoint - Yuexiu Property has maintained strong sales growth in the first half of the year, achieving a contract sales amount of 61.5 billion yuan, a year-on-year increase of 11%, making it one of the few companies in the top 10 in the industry to show positive growth [1][2] Sales Performance - In the first half of the year, Yuexiu Property's contract sales reached 61.5 billion yuan, with a year-on-year growth of 11%, ranking second in growth among the top 10 real estate companies [1] - The company achieved a significant increase in market share in core first-tier cities, with sales in these cities amounting to 49.5 billion yuan, accounting for 80.5% of total sales [2] - In Beijing, Yuexiu Property's contract sales reached 19.72 billion yuan, a substantial increase of 255.1% year-on-year, making it the top real estate company in the Beijing market [2] Revenue Growth - Yuexiu Property reported operating revenue of 47.57 billion yuan in the first half of the year, representing a year-on-year increase of 34.6%, marking the seventh consecutive year of revenue growth [3] - The company has diversified its revenue streams, with commercial operations becoming a stabilizing factor, contributing to 10% of total revenue [3] Financial Health - As of June 30, 2025, Yuexiu Property maintained a healthy financial position, with a debt-to-asset ratio of 64.6% and a net gearing ratio of 53.2% [4] - The company has a cash reserve of 44.64 billion yuan, covering short-term debt by 1.7 times, and achieved a net cash inflow from operating activities of 4.1 billion yuan in the first half of the year [4] Debt Management - Yuexiu Property has optimized its debt structure, with interest-bearing liabilities controlled at 103.86 billion yuan and short-term debt accounting for only 24% [4] - The average borrowing cost has decreased to 3.16%, a reduction of 41 basis points year-on-year, with the interest rate falling below 3% for the first time [4]