机构：东北证券 研究员：刘清海/刘张驰 事件： 公司公布2025 年中期报告，2025H1 公司实现营收949.2 亿元（yoy+19.9%）；毛利率24.0% （+1.8pct），归母净利润118.8 亿元（yoy+16.2%）；核心净利润100.0亿元。 资产结构稳健，财务持续优化。在手现金1202.4 亿元，净有息负债率39.2%，加权资本成本较去年年底 下降32bp 至2.79%，维持行业最低水平。拟派发中期股息0.20 元/股，与去年同期持平。 风险提示：业绩预测和估值不达预期；业务拓展放缓；商业竞争加剧 营收稳步增长，盈利水平稳定。2025H1 公司实现营收949.2 亿元（yoy+19.9%）；其中开发业务增长 25.8%至743.6 亿元。开发业务增长主要原因系结转结构优化（金额增长25.8%，面积下降7.2%），体现 出公司布局能级有所提升。公司上半年实现毛利率24.0%（+1.8pct），其中开发业务毛利率为15.6% （+3.2pct）。归母净利润118.8 亿元（yoy+16.2%）；核心净利润100.0 亿元。归母净利润增速略低于营 收原因系项目结转，财务费用由8.8 亿提升至15. ...

机构：中信建投证券 研究员：竺劲 核心观点 2025 年上半年公司实现营收949.2 亿元，同比增长19.9%；其中开发业务结算收入743.6 亿元，同比增长 25.8%，经常性业务营收为205.6 亿元，同比增长2.5%。上半年实现核心净利润10 0 .0亿元，同比下降 6.6%，增收不增利主因上半年其他收入与收益为15.8 亿元，较上年同期减少18.3 亿元；经常性业务贡 献核心净利润的60.2%，较上年同期增长8.8 个百分点。购物中心运营效率持续向好，上半年租金收入 104 亿元，同比增长9 .9%； 零售额1101 亿元，同比增长20.2%，同店增长9.4%。上半年销售金额1103 亿元，规模稳居行业第3；拿地金额347.6 亿元，同比增长45.6%，拿地强度31.5%，较上年同期提升12.4 个百分点。 事件 开发销售稳居第一梯队，积极补仓核心城市。上半年公司实现销售金额1103 亿元，同比下降11.5%，销 售规模稳居行业第3 。上半年公司稳健开展投资，新增18 个项目，全部位于一二线城市；拿地金额共 347.6 亿元，同比增长45.6%，以金额计算的拿地强度为31.5%，较上年同期提升12.4 ...

房企社群活动"润BA"现场。董红艳/摄 本报记者 董红艳 北京报道 当部分房企还在"卷"车库星空顶、风雨连廊、铝板外立面等硬件配置的时候，有部分头部房企已经开始 着重打造自身的软实力。基于当前部分业主对于"好房子"的要求已经超越房产本身，越来越多的房企在 提升物业服务的基础上，开始打造社群。 在舞蹈表演过后，周芮回到章岚旁边的观众席。周芮向记者表示，本次"润BA"开场舞在21日才开始排 练，23日就上台表演了。之后，记者了解到，周芮的大女儿也因为喜爱体育来到场馆观看"润BA"。 目前，华润置地、招商蛇口、华发股份、越秀地产等房企都已成立并开始运营自身的社群品牌。部分社 群品牌已经具备较强的组织运营能力，能够协同集团产业链，承办全国性的业主活动。 其中，近期华润置地旗下的润比邻社群品牌，协同华润旗下万象生活物业航道、文体公司等多业务条线 推出全国性的社区篮球运动IP"润BA"，并举行了全国性的篮球联赛。《华夏时报》记者多方采访了解 到，此类社群活动既可以带动部分小区业主加入参赛队伍，体验速度与激情，也能让部分业主在观众席 互动休闲，促进相关消费的提升。 对于房企社群的运营，有专家向《华夏时报》记者分析指出，房企 ...

面对"增收不增利"的局面，华润置地的业务结构差异凸显核心影响。从数据来看，上半年占总营业额比 重仅20%的经常性业务，贡献了超60%的核心净利润；而作为重要业务板块的开发销售业务，核心净利 润仅39.8亿元，同比降幅达23.8%。 央企华润置地近日发布了2025年中期业绩。 不过，开发业务的利润波动并未改变华润置地的战略布局方向：管理层对下半年市场保持看好，且公司 依旧在全国重点区域推进高价拿地，持续强化核心资源储备。 期内，华润置地实现综合营业额949.2亿元，同比增长19.9%；股东应占净利润118.8亿元，同比增长 16.2%；但核心净利润为100亿元，同比小幅下降6.6%。 开发业务拖累业绩 华润置地在财报中提到，核心净利润为本期股东应占溢利减去本期投资物业评估增值，并加回本期处置 部分投资物业项目之已实现的累计评估增值后的金额。业内普遍认为，这一指标是可以反映主营业务持 续盈利能力的利润指标。 值得关注的是，华润置地核心净利润在去年上半年之前，曾连续保持18年增长记录。但2024年中期这一 情况发生了变化，当期公司核心净利润为107.4亿元，同比下降4.7%；2024年全年，其核心净利润约达 254 ...

Core Viewpoint - The real estate market has seen a recovery in transactions since Q4 2024, driven by favorable policies, but many new land acquisitions are facing challenges in sales and absorption rates as policy benefits wane [1][2][7]. Group 1: Market Conditions - Since Q4 2024, the real estate market has experienced a rebound in transaction volumes, particularly in major cities, influenced by the "926 Housing Policy" [7]. - Despite the initial recovery, many newly acquired lands are struggling with low absorption rates, leading some "land king" projects to delay the application for pre-sale permits [1][2][10]. - In 2025, several projects launched by a top 10 real estate company reported absorption rates below 20%, with only a few projects achieving around 30% [4]. Group 2: Sales Performance - A project managed by a marketing head named Wang Xiao achieved a sales rate of approximately 30%, which is considered the best among new launches in 2025 [4]. - The sales performance varies significantly within the same city, with core area projects performing better than those in suburban regions, which are experiencing sluggish sales [4][5]. - In Beijing, two projects launched in May 2025 had net signing rates of only 25% and 11%, indicating a broader trend of poor sales performance across various projects [4]. Group 3: Land Acquisition Trends - Major state-owned enterprises have been aggressively acquiring land in key urban areas, with significant increases in land prices, including several plots sold for over 10 million yuan per square meter [7]. - From January to July 2025, the top 100 real estate companies saw a 34% year-on-year increase in land acquisition spending, while their sales revenue decreased by 13% [7]. - The trend of focusing on core urban areas for land acquisition has become more pronounced, with companies like China Overseas and Greentown leading the charge [8][9]. Group 4: Project Success Factors - The success of a real estate project is influenced by multiple factors, including location, product quality, and market demand, with location being a critical determinant [12][14]. - Projects that align closely with market demand and customer preferences tend to perform better, highlighting the importance of understanding buyer psychology and needs [13][14]. - The disparity in sales performance among similar projects underscores the necessity for precise market positioning and product differentiation [12][14].

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected stock price increase of over 15% within the next six months [11]. Core Insights - The company reported a revenue of 949.2 billion yuan for H1 2025, reflecting a year-on-year growth of 19.9%. The gross margin improved to 24.0%, and the net profit attributable to shareholders reached 118.8 billion yuan, up 16.2% year-on-year [2][4]. - The development business saw a significant increase of 25.8% in revenue, totaling 743.6 billion yuan, driven by an optimized project turnover structure [2]. - The company maintained a strong sales performance, with a sales amount of 1,103.0 billion yuan in H1 2025, despite a year-on-year decline of 11.6% [2]. - The commercial segment continues to lead, with recurring business income growing by 2.5% to 205.6 billion yuan, contributing 21.3% to total revenue [3]. - The company has a robust financial structure, with cash on hand amounting to 1,202.4 billion yuan and a net interest-bearing debt ratio of 39.2% [3]. Summary by Sections Financial Performance - For H1 2025, the company achieved a revenue of 949.2 billion yuan, with a gross margin of 24.0% and a core net profit of 100.0 billion yuan [2][4]. - The development business's gross margin improved to 15.6%, up 3.2 percentage points [2]. Sales and Investment - The company ranked among the top three in sales, with a 46% share from first-tier cities, which increased by 8 percentage points year-on-year [2]. - In H1 2025, the company added 18 new investment projects totaling 447.3 billion yuan, with a land acquisition intensity of 40.6% [2]. Commercial Operations - The company operates 94 shopping malls, generating rental income of 104.2 billion yuan, with an occupancy rate of 97.3% [3]. - The retail sales reached 1,101.5 billion yuan, marking a year-on-year increase of 20.2% [3]. Financial Outlook - The company is projected to achieve revenues of 2,834.8 billion yuan, 2,877.6 billion yuan, and 2,989.9 billion yuan for the years 2025, 2026, and 2027, respectively [4]. - The net profit attributable to shareholders is expected to be 257.7 billion yuan, 267.4 billion yuan, and 298.5 billion yuan for the same years [4].

中银国际发布研报称，华润置地(01109)上半年收入同比增长19.9%至949亿元人民币，符合预期。毛利 率上升1.8个百分点至24%。由于去年减值损失，开发项目毛利率上升3.2个百分点至15.6%，投资物业毛 利率上升1.4个百分点至72.9%。该行表示，看好华润置地强劲的经常性收入、强劲的合同销售表现以及 稳健的财务状况，将其目标价上调4.9%至33.86港元，维持"买入"评级。 ...

智通财经APP获悉，中银国际发布研报称，华润置地(01109)上半年收入同比增长19.9%至949亿元人民 币，符合预期。毛利率上升1.8个百分点至24%。由于去年减值损失，开发项目毛利率上升3.2个百分点 至15.6%，投资物业毛利率上升1.4个百分点至72.9%。该行表示，看好华润置地强劲的经常性收入、强 劲的合同销售表现以及稳健的财务状况，将其目标价上调4.9%至33.86港元，维持"买入"评级。 ...

格隆汇8月29日｜中金发表研究报告指，华润置地上半年业绩符合预期，收入按年升19.9%，毛利率升 1.8个百分点至24%。管理层在业绩会上提出，未来3至5年计划发行REITs300至500亿元，节奏上平均每 年处置50至100亿元、对应租金影响6至7亿元。该行认为，集团在后续扩募落地时，预计在增强公司报 表利润的同时，亦可增强现金流与资产负债表韧性、提升资产周转效率。该行维持公司"跑赢行业"评 级，目标价上调13%至37港元。 ...

高盛发布研报称，华润置地(01109)上半年核心利润同比下降7%至100亿元人民币，低于该行对2025财年 持平的盈利预期，主要受拨备拖累。业绩发布后，高盛将润地2025-2027财年营收预测平均调升4%，大 致维持2025-2027财年每股盈利预测。在纳入最新土地收购后，该行将2025年净资产值(NAV)从每股40.6 港元上调至42.2港元，基于NAV折让10%，目标价从36.5港元上调至38港元。 展望未来，高盛对润地利润率复苏持乐观态度，原因包括其土地储备持续聚焦一线/二线城市、新盘销 售结构优化、新收购项目今年迄今现金利润率已见改善，且加速但严谨的土地储备策略持续以盈利为优 先，为利润增长提供保障。 ...