Core Viewpoint - The company aims to achieve a sales target of 150 billion yuan for the year while prioritizing project liquidity over net profit margin [1][2]. Sales Performance - In the first half of 2025, the company achieved equity sales of 53.5 billion yuan, a year-on-year increase of 5% [2][4]. - The average selling price reached 26,569 yuan per square meter, reflecting a 30% increase compared to the full year of 2024 [4]. - The company plans to launch projects in key cities such as Beijing, Shanghai, Chengdu, Hangzhou, and Xiamen under its lighthouse strategy [2][4]. Land Acquisition and Inventory - The company acquired 26 plots of land in the first half of 2025, adding a total value of 121.9 billion yuan to its inventory [2][8]. - The total land bank value is approximately 249.6 billion yuan, with 54% located in five core cities [8][9]. - The company maintains a focus on liquidity and will prioritize land acquisition based on sales performance [8][9]. Financial Performance - The company reported a revenue of 34.2 billion yuan in the first half of 2025, a 4% increase year-on-year, with a gross profit margin of 12.89%, up by 1 percentage point [3][12]. - Net profit rose by 5% to 1.5 billion yuan, with a net profit margin of 4.4% [3][12]. - The company has a cash-to-short-term debt ratio of 4.13, indicating strong liquidity [17]. Debt and Financing - The average financing cost of interest-bearing debt is approximately 3.17%, down from 3.56% at the end of 2024 [17][15]. - The net debt ratio stands at 33.37%, showing a slight increase of 1.6 percentage points from the beginning of the year [17].

Core Viewpoint - Several Chinese real estate companies, including Greentown China, China Jinmao, and others, experienced stock price increases of over 2% on August 29, indicating a positive market sentiment towards the sector [1]. Group 1: Company Performance - Xincheng Development saw a stock price increase of 2.89%, with a latest price of 2.490 and a total market capitalization of 17.594 billion [2]. - Greentown China reported a 2.93% increase in stock price, reaching 9.830, with a total market value of 24.964 billion [2]. - China Jinmao's stock rose by 2.78%, with a latest price of 1.480 and a market capitalization of 19.989 billion [2]. - China Overseas Hong Kong Group's stock increased by 2.71%, priced at 2.270, with a total market value of 8.08 billion [2]. - Zhongliang Holdings experienced a 2.70% rise, with a stock price of 0.076 and a market capitalization of 0.331 billion [2]. - R&F Properties also saw a 2.70% increase, with a latest price of 0.760 and a total market value of 2.852 billion [2]. - Midea Real Estate's stock rose by 2.33%, priced at 4.840, with a market capitalization of 6.947 billion [2]. Group 2: Market Sentiment - The overall positive movement in stock prices for these companies suggests a favorable outlook for the real estate sector in China, reflecting investor confidence [1].

Core Viewpoint - The company reported a strong performance in the first half of 2025, with revenue of 34.16 billion yuan, a year-on-year increase of 4.3%, and a net profit attributable to shareholders of 910 million yuan, up 11.8% year-on-year, exceeding previous expectations due to improved gross margins and increased proportion of recognized projects [1] Group 1: Financial Performance - The company's net profit growth in H1 2025 was driven by a 1.0 percentage point increase in gross margin to 12.9%, a 4 percentage point decrease in minority interests to 39%, and a 59% year-on-year increase in profits from joint ventures to 400 million yuan [1] - The company recorded a 39% year-on-year increase in inventory impairment provisions to 390 million yuan, with cumulative impairments exceeding 10 billion yuan from 2021 to H1 2025, indicating significant historical burden reduction [1] - The total recognized but uncompleted resources reached 250.4 billion yuan by the end of H1 2025, with 96% of projects acquired in 2022 and later, and an expected net profit margin of 5-6% [1] Group 2: Sales and Market Strategy - The company achieved a contract sales amount of 53.4 billion yuan in H1 2025, a year-on-year increase of 5%, significantly outperforming the average sales decline of 13% among top 100 real estate companies, improving its industry ranking to 6th [1] - The company continues to focus on core cities, with a strategy to enhance market share and brand strength in cities like Shanghai, Hangzhou, and Chengdu, planning to launch more new projects [1] - The company supplemented its total inventory value by 98.7 billion yuan, a year-on-year increase of 33%, with over 60% of new acquisitions concentrated in Beijing, Shanghai, and Hangzhou [1] Group 3: Financial Health and Cost of Capital - As of the end of H1 2025, the company had interest-bearing liabilities of 86.4 billion yuan, a slight increase of 2.2% quarter-on-quarter, maintaining a healthy financial position with a debt-to-asset ratio of 58.9% and a net debt ratio of 33.4% [2] - The financing cost for H1 2025 was 3.17%, a decrease of 39 basis points from the end of 2024, marking a historical low [2] - In July, the company raised 1.011 billion Hong Kong dollars through a placement of 64.6 million new shares at 15.80 HKD per share, enhancing liquidity and optimizing capital structure for future investment opportunities [2] Group 4: Earnings Forecast and Valuation - Given the company's strong sales performance and ongoing optimization of recognized but uncompleted resources, revenue assumptions for 2025-2027 have been revised upward, with slight increases in gross margin assumptions for 2025-2026 [2] - The adjusted earnings per share (EPS) for 2025-2027 are projected at 2.06, 2.29, and 2.49 yuan, reflecting adjustments of -0.5%, +9.6%, and +11.7% respectively [2] - The company’s book value per share (BPS) for 2025 is estimated at 12.90 yuan, with a target price of 21.60 HKD based on a price-to-book (PB) ratio of 1.52, indicating an increase in premium from 60% to 80% [2]

Core Insights - The Hong Kong Stock Exchange reported that on August 25, Executive Director Xu Yixuan reduced his holdings in Jianfa International Group (01908) by 169,000 shares at a price of HKD 18.85 per share, totaling approximately HKD 3.1857 million [1] - After the reduction, the latest number of shares held by Xu Yixuan is approximately 37.4788 million, representing a holding percentage of 1.67% [1]

Group 1 - The executive director Xu Yixuan of Jianfa International Group (01908) reduced holdings by 169,000 shares at a price of HKD 18.85 per share, totaling approximately HKD 3.1857 million [1] - After the reduction, the latest shareholding is approximately 37.4788 million shares, representing a holding percentage of 1.67% [1]

证券研究报告 房地产 行业定期报告 hyzqdatemark 2025 年 08 月 28 日 证券分析师 邓力 SAC：S1350525070006 dengli@jzsec.com 戴铭余 SAC：S1350524060003 daimingyu@huayuanstock.com 唐志玮 tangzhiwei@huayuanstock.com 止跌回稳仍是重要目标，储备政策值得期待 投资评级： 看好（维持） ——房地产行业周报（25/08/16-25/08/22） 投资要点： 风险提示：房地产量价超预期下行、房地产融资资金趋紧、房地产政策不及预期 请务必仔细阅读正文之后的评级说明和重要声明 板块行情：本周上证指数上升 3.5%、深证成指上升 4.6%、创业板指上升 5.9%、沪 深 300 上升 4.2%、房地产（申万）上升 0.5%。个股方面，涨跌幅前五的分别为： ST 中迪(+17.2%)、深深房 A(+14.4%)、黑牡丹(+13.3%)、电子城(+11.0%)、万通发 展(+9.1%)，涨跌幅后五的分别为：衢州发展(-11.7%)、*ST 南置(-11.1%)、皇庭国 际(-6.4%)、深物业 A ...

证券研究报告 港股通 建发国际集团 (1908 HK) 灯塔项目强化产品力 | 华泰研究 | | | 中报点评 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | --- | --- | | 2025 年 | 8 月 | 27 日│中国香港 | 房地产开发 | 目标价(港币): | 21.60 | 公司公布上半年业绩：收入 341.6 亿元，同比+4.3%；归母净利润 9.1 亿元， 同比+11.8%，利润增速好于我们此前预计的全年增速（-2.2%），业绩超预 期主要得益于结转项目毛利率改善及结转权益比例提升。我们认为公司自 2021 年以来存货减值已较为充分，当前已售未结资源结构持续优化，叠加 结转利润率显现回升趋势，未来盈利能力有望企稳修复。维持"买入"评级。 结转资源持续优化，业绩有望稳中有增 25H1 公司归母净利增幅显著，主要由于：1）毛利率同比+1.0pct 至 12.9%； 2）少数股东损益占比同比-4pct 至 39%；3）合联营公司利润同比+59%至 4 亿元。上半年，公司存货计提减值同比+39%至 3.9 亿元，2021-2025H1 累计并表存货减值 ...

机构：长江证券 业绩稳健增长，经营表现强劲。公司2025 年上半年营收和归母净利润实现稳健增长，归母净利润同比 表现好于营收，主要由于毛利率同比提升；销售拿地表现强劲，资产质量和周转效率继续保持领先，综 合竞争力持续巩固。预计2025-2027 年公司实现归母净利润49.1/53.1/58.8 亿元，同比分别 +2.1%/+8.2%/+10.8%，对应PE 分别为7.7/7.1/6.4 倍，当前估值并未充分反映其短期经营改善和中长期竞 争优势，且公司近年来现金分红比例维持在40%以上，按45%比例测算，对应2025 年股息率约5.8%，综 合配置价值突出。 风险提示 1、行业量价修复进度低于预期； 2、部分货值仍有一定减值压力。 事件评论 中期业绩稳健增长，全年展望相对平稳。公司2025 年上半年营收和归母净利润实现稳健增长，归母净 利润同比表现好于营收，主要由于毛利率同比提升1.0pct 至12.9%。目前影响房企业绩的两大核心因素 为毛利率和存货减值，公司全年毛利率预计处于底部区间、减值压力减小，业绩展望平稳：1）从公司 历史项目利润兑现情况来看，2023 年新增项目去化表现相对一般、利润率可能存在一定压 ...

Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of approximately 34.16 billion, a year-on-year increase of 4.3% [1] - The profit attributable to equity holders was approximately 910 million, reflecting a year-on-year growth of 11.8% [1] - The cumulative contract sales amounted to approximately 53.35 billion, with a year-on-year increase of 5% [1] Group 2: Sales Strategy - The company has implemented a sales strategy focused on strict control of new project launches and enhancing cash recovery efficiency [1] - The target for new project launches is estimated at approximately 270 billion, with an initial inventory value of around 100 billion and an additional supply of 66.7 billion in the first half of the year [2] - The company plans to add approximately 100 billion in new supply in the second half of the year, with a focus on key projects in major cities such as Beijing, Hangzhou, and Chengdu [1][2] Group 3: Investment Strategy - The company adheres to a cautious investment approach, prioritizing liquidity and has acquired 33 projects with a total value of approximately 120 billion in the first half of the year [2] - Future land acquisitions will be based on sales performance, with a focus on enhancing inventory liquidity and managing price risks [2] - The company aims to diversify its investment capabilities through urban renewal asset packages and other channels [2] Group 4: Product Development - The company is focusing on high-quality "lighthouse" projects, which are tailored to local characteristics and aimed at high-net-worth individuals [2][3] - The "lighthouse" projects are strategically located in core urban areas, ensuring high scarcity and market competitiveness [3] - The company is committed to enhancing product quality and customer satisfaction through rigorous production quality control and timely delivery [3] Group 5: Future Directions - The company is exploring light asset operations and has several practical cases in this area, with plans to further expand using group resources [3] - The company is also piloting long-term rental apartments in Shanghai and advancing trials in the elderly care sector [5] - The evolving commercial landscape is prompting the company to focus on asset operations as a significant development direction [4]

Core Viewpoint - The Hong Kong property stocks experienced a collective decline after a brief rise, indicating market skepticism about the sustainability of recent policy changes aimed at boosting the real estate sector [1] Group 1: Market Performance - Major property stocks such as Shimao Group, New World Development, and Greentown China saw significant declines, with Shimao Group dropping by 6.4% and New World Development by 4.55% [1] - Other companies like China Jinmao, Midea Real Estate, and Country Garden also faced losses, with declines exceeding 2% [1] Group 2: Policy Impact - The recent policy adjustment in Shanghai, known as "Six Measures," allows unlimited purchases for eligible buyers outside the outer ring and treats single buyers as families, which initially boosted market confidence [1] - Despite the short-term positive impact, there are ongoing doubts about the long-term effectiveness of these policies and the actual improvement in the market fundamentals [1] Group 3: Future Outlook - The market requires continuous support beyond initial policy changes, with a focus on whether more cities will follow suit and how existing policies will be implemented, particularly regarding credit support [1]