2025上半年，"好房子"理念成为房企品牌传播的核心指引，各企业围绕此从产品、营销、社群等多维度 发力，强化品牌辨识度与影响力。 本文版权归 克而瑞研究中心 所有 未经授权请勿转载 产品打造上，各房企独具匠心。 建发房产依托"文化-价值-策略-技术"四维框架，构建新中式产品体系，提 炼匠造理念并形成四大产品系列，让传统文化符号成为品牌独特标识；中海地产推出Living OS系统，以 16大产品系统精准满足172项客户需求，传递"全维服务"形象；象屿地产"一生之宅"品牌，以特定精神内 核搭配高端产品系，精准契合客群需求。 营销创新方面，房企借助AI与新媒体突破传播局限。 保利发展启动"繁星计划-星海联盟"，聚合众多线上 大V与粉丝，实现全域营销升级，推动品牌声量裂变传播；华发股份"家有AI更懂你"活动，通过沉浸式体 验吸引大量用户参与，达成销售转化与品牌曝光双赢；深业集团"五月Ai购节"将AI机器人融入多场景，强 化品牌创新形象。 社群运营是品牌价值观落地的重要途径。 绿城中国"百花邻里节"扩容社群，以高频活动增强业主归属感； 华润置地结合体育竞技与ESG理念开展活动，塑造责任房企形象；招商蛇口"24小时全球赏 ...

Group 1 - The core viewpoint of the articles indicates that the real estate market is experiencing fluctuations and adjustments, with a need for further policy support to stabilize the market [1][6][7] - In the first half of the year, the total sales of the top 100 real estate companies reached 18,364.1 billion yuan, a year-on-year decrease of 11.8%, with only four companies exceeding 100 billion yuan in sales [2][4] - The land acquisition strategy is shifting towards core cities such as Beijing, Shanghai, and Chengdu, with the average premium rate for land transactions increasing to 9.2% [4][5] Group 2 - Major cities like Beijing, Shanghai, and Guangzhou have shown significant growth in new residential sales, with Guangzhou experiencing a 16% year-on-year increase [3][6] - The government is expected to continue implementing policies to stabilize the market, including measures to enhance housing demand and improve supply [6][7] - The trend of "good cities + good houses" is emerging, indicating structural opportunities in the market, with a focus on product innovation to meet changing consumer preferences [7][8]

Core Viewpoint - The number of billion-dollar real estate companies in China is sharply declining, with only a few remaining amidst a cooling new housing market [1][2]. Group 1: Sales Performance of Real Estate Companies - In the first half of 2025, only three companies—Poly Developments, Greentown China, and China Overseas—achieved sales exceeding 100 billion yuan, with sales figures of 133.61 billion yuan, 122.11 billion yuan, and 114.12 billion yuan respectively [1]. - The overall sales performance indicates that by the end of 2025, it is estimated that only seven companies may reach the billion-dollar sales mark [2]. Group 2: New Housing Market Trends - The new housing market is experiencing a downturn, with a 2.9% year-on-year decrease in the sales area of newly built commercial housing from January to May 2025, and a 3.8% decline in sales revenue [3]. - The sales of pre-sold properties fell by 10.0%, while the sales of existing homes increased by 13.2% during the same period, indicating a preference for existing homes over new constructions [3]. Group 3: Market Segmentation and Pricing - The demand for homes in the 90-120 square meter range remains dominant, but there is an increasing interest in larger units (120-140 square meters and 180-220 square meters), reflecting a shift towards both first-time buyers and those seeking improved living conditions [6]. - In major cities, such as Shanghai, high-end projects are seeing strong demand, with some properties selling out quickly, while peripheral areas face significant challenges with low buyer interest [5]. Group 4: Land Market Dynamics - The residential land market is showing signs of recovery, with a nearly 30% year-on-year increase in land transfer fees across 300 cities, and an average premium rate of 10.2% [7]. - Core cities like Beijing, Shanghai, and Hangzhou are experiencing high demand for quality land parcels, with significant premium rates achieved during land auctions [8][9].

市场风云莫测，但沈阳新建商品住宅的销冠却很久没有"变幻"了。 最新数据显示，2025年1月1日-6月30日，中寰悦府稳居沈阳商品房销售冠军之位，从单月角度来看，该项目已经连续9个月稳居销冠之位了。 也许有人会问，这个项目也不便宜，为什么一直卖的这么好？ 销冠的"自我修养"： 中寰悦府内功修炼无止境 数据显示，2025年上半年，中寰悦府以362套成交套数、12.1亿的成交金额稳居上半年销冠之位。需要注意的是，中寰悦府在二期新品首开以来，持续受 到各界关注，短短几个月内，几次加推均迅速售罄，"连开连罄"几乎已经成为中寰悦府最新的"代名词"。 而中寰悦府之所以能够实现现象级热销，成为高端住宅领域的标杆品牌，与华润置地对产品力的极致追求与不断自我升级有着密不可分的关系。在竞争激 烈的地产市场中，中寰悦府始终以超越客户预期的产品力赢得口碑。 比如按照中寰悦府目前的热销态势来说，两个顶级样板间已经足够惊艳，足够展现华润置地"悦系"产品的卓越品质了，如果就此"躺赢"，不再进行成本投 入亦不会影响销量。但项目不仅精心打造了香格里拉秘境花园，而且将原定9月完成的示范区提前至6月底竣工，并于近期盛大开放，再次超越了市场的期 待， ...

Group 1 - The total sales amount of the top 100 real estate companies in the first half of 2025 was 1,836.41 billion yuan, a year-on-year decrease of 11.8%, with the decline rate expanding by 1 percentage point compared to the first five months of the year [1] - In June alone, the sales amount of the top 100 real estate companies decreased by 18.5% year-on-year, with the decline rate increasing by 1.2 percentage points compared to May [1] - The top three companies by total sales were Poly Developments, Greentown China, and China Overseas Property, with sales amounts of 145.2 billion yuan, 122.1 billion yuan, and 120.14 billion yuan respectively [1][2] Group 2 - The contribution rate of sales from first-tier cities increased significantly, with 40.0% of sales coming from these cities, a year-on-year increase of 9.0 percentage points [3] - The top three cities contributing to sales in the first half of 2025 were Shanghai, Beijing, and Guangzhou, with contribution rates of 16.9%, 10.6%, and 9.0% respectively [4] - Shanghai's sales contribution rate increased by 4.5 percentage points compared to the same period in 2024, marking the largest increase among the top 10 cities [4] Group 3 - The total land acquisition amount for the top 100 companies in the first half of 2025 was 506.55 billion yuan, a year-on-year increase of 33.3% [5] - The top three companies by new land value added were Poly Developments, Greentown China, and China Jinmao, with new land values of 89.9 billion yuan, 83.1 billion yuan, and 74.9 billion yuan respectively [5] - The average premium rate for land sales in 300 cities exceeded 10%, showing a significant increase compared to the same period last year [6] Group 4 - The main players in land acquisition were state-owned enterprises, with eight out of the top ten land acquirers being state-owned [5][7] - Core cities such as Beijing, Shanghai, and Chengdu saw intense competition for quality land, while many third and fourth-tier cities continued to see land sold at base prices [6] - The Yangtze River Delta region led the four major city clusters in land acquisition, with the top ten companies in this region acquiring land worth 147 billion yuan [6]

Core Insights - The land market in the first half of 2025 shows a trend of "reduced volume and improved quality," with significant differentiation across regions [1][2] - The supply area of residential land in 300 cities decreased by 18.6%, while the transaction area fell by 6.8%, indicating a contraction in the market [1] - Land transfer revenue from state-owned land use rights reached 1,128.1 billion yuan, a year-on-year decline of 11.9%, highlighting market divergence [1] Supply and Demand Analysis - The supply area for first, second, and third-tier cities changed by +14.4%, -2.1%, and -24.6% respectively, while transaction areas saw increases of +17.6%, +15.7%, and decreases of -14.5% [2] - The land transfer revenue for first, second, and third-tier cities increased by +47.3%, +36.5%, and decreased by -1.1% respectively, with average premium rates of 11.9%, 14.3%, and 3.6% [2] - The top 20 cities accounted for 66% of the national land transfer revenue in the first half of 2025, up from 51% in 2024, indicating a rising concentration in the market [2] Company Performance - Among 22 cities, central state-owned enterprises accounted for 58% of the total land acquisition amount, with leading companies including Greentown, Poly, and China Overseas [1] - The leading cities for land transfer revenue were Hangzhou, Beijing, Shanghai, and Chengdu, with revenues of 101 billion, 100.6 billion, 63.8 billion, and 36.6 billion yuan respectively [2] - Major real estate companies focused their land acquisitions in cities like Beijing and Hangzhou, where over 40% of their total land acquisition amounts were concentrated [1][2] Market Characteristics - The land auction market has returned to a "highest bidder wins" model, with premium land parcels achieving high premiums due to their scarcity [2] - The demand for improved housing is increasingly driving trends in the new housing market, reflecting a shift in consumer preferences [2] - Overall, the land market in the first half of 2025 is characterized by a trend of reduced volume and continued differentiation, with core cities benefiting from improved supply quality and increased auction activity [2]

今年上半年，千亿房企阵营再度收缩。 据中指院数据，2025年1-6月百强房企销售总额为18364.1亿元，同比下降11.8%；权益销 售额为12812.7亿元，权益销售面积为6570.6万平方米。 而曾经被视为规模房企门槛的"千亿销售额"，如今成为不少公司难以逾越的高峰。 2025年上半年，销售额超千亿房企仅剩4家，较去年同期减少2家。具体来看，上半年仅保利 发展、中海地产、华润置地、招商蛇口四家房企销售额突破千亿关口。 其中，保利发展以1452亿元销售额守住第一的位置，绿城中国、中海地产紧随其后，销售额 分别为1221亿元和1201.3亿元，华润置地以1103亿元位列第四。 同时，行业洗牌速度超过市场预期， 曾经的行业龙头万科已滑出前五，以686亿元销售额降 至行业第七 ，而一些央国企凭借融资优势和稳健经营，销售业绩上升明显。 湘财证券数据显示，今年1-6月，中国金茂、越秀地产、建发房产2025年以来销售业绩表现 优异，这三家公司全口径累计销售金额分别同比增加7%、10.8%以及19.6%。 尽管上半年房企整体业绩表现欠佳， 但从单月销售情况来看，房企6月单月的部分销售指标， 较5月略有好转 。 面对行业深 ...

Group 1 - The land auction market has shown a structural recovery in the first half of the year, driven by central and state-owned enterprises, with high premium land parcels frequently appearing in core cities like Beijing, Shanghai, Hangzhou, and Chengdu [1][2] - Despite the active land market, the sales side has shown a marginal decline, with the top 100 real estate companies experiencing a sales drop of over 10% year-on-year, indicating a need for further policy support [1][4] - The total land acquisition amount for key real estate companies increased by 33.3% year-on-year, reaching 506.55 billion yuan in the first half of 2025, with state-owned enterprises dominating the top ten land acquirers [2][3] Group 2 - The sales performance of the top 100 real estate companies showed a decline of 10.8% year-on-year, with June sales dropping by 22.8% compared to the previous year, indicating a worsening trend [4][5] - The sales contribution from second-tier cities decreased by 6.8 percentage points, while first-tier cities saw a significant increase in contribution rate by 9 percentage points to 40% [5][6] - The market is expected to continue facing pressure in the second half of the year, with a need for stronger policy support to improve sales performance [6]

Group 1 - In the first half of 2025, China's top 100 real estate companies showed strong investment willingness, with total land acquisition amounting to 506.55 billion yuan, a year-on-year increase of 33.3% [1] - Poly Developments led the land acquisition with a new value of 89.9 billion yuan, followed by Greentown China at 83.1 billion yuan and China Jinmao at 74.9 billion yuan [1] - The land acquisition intensity of real estate companies is positively correlated with their sales performance, with the top four companies exceeding 100 billion yuan in sales [1] Group 2 - The land acquisition by the top 100 real estate companies is primarily concentrated in core cities such as Beijing, Hangzhou, Shanghai, and Chengdu, where premium land parcels are often sold at high premiums [2] - The average premium rate for residential land sales across 300 cities in China increased by over 20% year-on-year, with an average premium rate exceeding 10% [2] - In the first half of 2025, 47.8% of sales performance from 20 representative companies came from second-tier cities, a decrease of 6.8 percentage points year-on-year, while first-tier cities' contribution increased by 9 percentage points to 40% [2]

上半年，拿地排名TOP100房企在土拍市场共耗资5065.5亿元，同比增长33.3%，自2022年以来出现罕见的正增长。 但金额的同比增长，是靠各城上架了大量城市核心区优质地块换来的。如果以住宅用地成交面积计算，中指研究院统计的300城住宅用地成交面积仍在继 续缩量。 同时，房企也在进一步向重点一二线城市聚焦，尤其是北上广深、杭州、成都等几个热门城市。 未来，楼市的基本盘在头部20-30个城市。上半年，TOP20城市出让金在全国的占比已经超过65%，其它所有城市之和才占到1/3。 对于房企，楼市"战场"空间变小了，在这些城市的土地市场上正面交锋、硬碰硬不可避免。 一方面，头部房企之间的竞争加剧，是频频推高优质地块的溢价率高企的主要原因，后果是：企业做项目的成本越来越高； 另一方面，"资金+操盘"实力稍弱，会很快被挤出第一梯队。能让房企跑赢的已经不是某一年的爆发力，而是持续的资金续航和产品升级能力。 值得注意的是，TOP100房企权益拿地金额的中位数只有约20亿元，TOP1的权益拿地金额，已经达到了第30位的14.8倍。现在及未来，还有能力在多个城 市群全面深耕的房企也就20家左右，在全国热门城市多点开花已经和 ...