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]

Core Insights - Yuexiu Property achieved a contract sales amount of 61.5 billion yuan in the first half of the year, marking an 11% year-on-year growth, maintaining double-digit growth amidst industry challenges [1][3] - The company reported an operating revenue of 47.57 billion yuan, a 34.6% increase year-on-year, achieving seven consecutive years of revenue growth [1][6] - Core net profit reached 1.52 billion yuan, while net profit attributable to shareholders was 1.37 billion yuan [1] Sales Performance - Yuexiu Property ranked second in sales growth among the top 10 real estate companies, with a significant increase in market share in core first-tier cities [3] - Sales in first-tier cities amounted to 49.5 billion yuan, accounting for 80.5% of total sales, with a remarkable 255.1% increase in Beijing, where it became the market leader [3][4] Sales Target and Supply - The company set an annual sales target of 120.5 billion yuan, having completed 51% of this target in the first half of the year [4] - Yuexiu Property plans to supply 235.4 billion yuan worth of new projects in the second half, focusing on high-quality projects in major cities [4] Land Acquisition and Investment - In the first half of the year, Yuexiu Property acquired approximately 1.48 million square meters of land, with 68% located in first-tier cities [5] - The total equity investment for the first half of 2025 is projected to reach 10.96 billion yuan, with 92% directed towards core areas in major cities [5] Revenue Growth and Business Diversification - The company’s revenue from commercial operations has become a stabilizing factor, contributing to the overall revenue growth [6] - Yuexiu Property's commercial revenue reached 1.96 billion yuan, with a significant increase in managed area and occupancy rates in its healthcare projects [6] Financial Health - Yuexiu Property maintained a healthy financial status, remaining in the "green" category of the "three red lines" policy, with a debt-to-asset ratio of 64.6% and a net gearing ratio of 53.2% [6][7] - The company’s average borrowing cost decreased to 3.16%, with a significant reduction in short-term debt [7]

Core Viewpoint - Citigroup has a positive outlook on Yuexiu Property, noting a year-on-year sales growth of 11% in the first half of the year, achieving 51% of its annual target [1] Sales Performance - The company ranked first in sales in Beijing and second in Guangzhou, with accelerated sales in Shanghai and Hangzhou [1] Land Acquisition and Financials - Yuexiu Property has supplemented its high-quality land reserves, maintained a stable gross profit margin, and successfully reduced inventory [1] - The financing cost has decreased to 3.16%, leading to an upgrade in credit rating outlook [1] Dividend and Management - The company maintains a stable dividend payout ratio of 40% [1] - Despite recent management changes, the company's strategic direction remains consistent [1] Investment Rating - Citigroup maintains a "Buy" rating on Yuexiu Property, raising the target price from HKD 5.45 to HKD 6.2 [1]

Core Viewpoint - Yuexiu Property is one of the few real estate companies experiencing sales growth amidst a declining market, achieving a contract sales amount of 61.5 billion yuan in the first half of 2025, representing a year-on-year increase of 11% [1][2]. Group 1: Sales Performance - In the first half of 2025, Yuexiu Property's revenue reached 47.57 billion yuan, a year-on-year increase of 34.6%, with a core net profit of 1.52 billion yuan and a net profit attributable to shareholders of 1.37 billion yuan [1]. - The company achieved 50.04% of its annual sales target of 120.5 billion yuan by mid-2025, with confidence in meeting the remaining targets due to upcoming quality project launches in major cities [1]. Group 2: Market Strategy - Yuexiu Property's sales growth is attributed to its focus on first and second-tier cities, with 80.5% of sales coming from core cities, including 19.72 billion yuan from Beijing, 15.76 billion yuan from Guangzhou, and 14.49 billion yuan from Shanghai [2]. - The company has added 13 new land parcels in core cities, with 68% located in first-tier cities, and its total land reserve has reached 20.43 million square meters, with 94% in first and second-tier cities [2]. Group 3: Investment Strategy - The company is adopting a strategy of investing in smaller projects in older urban areas, which allows for quicker turnover and higher efficiency [3]. - Yuexiu Property plans to invest approximately 30 billion yuan this year, focusing on high-quality project acquisitions [3].

【1】苏州取消市区范围内新建商品住房2年限售 【3】滨江集团上半年归母净利润18.53亿元 8月26日，滨江集团发布2025年半年度业绩报告。报告显示，1—6月滨江集团实现营业收入约454.49亿 元，同比增长87.8%；归母净利润18.53亿元，同比增长58.87%；经营活动产生的现金流量净额亏损 89.65亿元，同比下降95.52%。 【4】路劲上半年股东应占亏损20.34亿港元 8月26日，懋源地产以底价10.3亿元摘得顺义区薛大人庄村剩余1、2号地块土地一级开发项目SY00— 0025—6017地块。 8月26日，越秀地产发布2025年半年度业绩报告。报告显示，1—6月越秀地产实现营业收入约475.7亿 元，同比上升34.6%；权益持有人应占盈利13.7亿元；核心净利润15.2亿元；经营业务所得的现金净额 41.02亿元。 出让信息显示，该宗地块土地面积约2.3万平方米，总建筑规模约3.68万平方米，容积率1.6，建筑限高 40米，成交楼面价约2.8万元/平方米。 北京商报记者 王寅浩 李晗 8月26日，路劲发布2025年半年度业绩报告。报告显示，1—6月路劲实现营业收入约17.85亿港元，同比 下降 ...