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]

Core Viewpoint - 建发国际集团 reported a revenue increase of 4.31% year-on-year for the first half of the year, driven primarily by its property development business, with a focus on maintaining sales targets and inventory management in a challenging market environment [1][2][3]. Financial Performance - The company achieved a revenue of 34.165 billion yuan, with property development contributing 32.14 billion yuan [1]. - Gross profit reached 4.402 billion yuan, reflecting a 12.8% increase, and the gross margin improved to 12.89% from 11.92% [1]. - Net profit attributable to equity holders was 914 million yuan, up 11.83%, with a net profit margin of 2.67%, an increase from 2.49% [1]. Sales and Inventory Management - The company has an unsold sales amount of 250 billion yuan, with an expected gross margin of 13%-15% for future sales [1]. - The sales target for the year remains at 150 billion yuan, with no adjustments planned as inventory and investment strategies align with this goal [1][3]. - As of June, the company has a saleable area of 12.71 million square meters, with Shanghai having the largest share [2]. Land Acquisition Strategy - In the first half of the year, the company acquired 33 projects with a total value of approximately 120 billion yuan, targeting an additional 150 billion yuan in land acquisition for the second half [1][2]. - The company aims to push a total sales value of around 270 billion yuan this year, with 66.7 billion yuan already added in the first half and an expected 100 billion yuan in the second half [2]. Market Conditions and Future Outlook - The market has shown signs of decline and significant differentiation since May, with major cities like Beijing, Shanghai, and Hangzhou still maintaining decent activity levels [2]. - The company plans to maintain a balanced approach to inventory and sales, with flexibility in its 150 billion yuan target based on market conditions [3]. - Future directions include exploring asset operations and potential trials in long-term rental apartments and elderly care services [3].

2024年的建发国际在等待市场黎明，而2025年则在建"灯塔"。 8月25日，建发国际召开了2025年中期业绩发布会，在会议上，主席兼执行董事林伟国及行政总裁兼执 行董事田美坦对上半年的工作作出了详细的汇报及回应。 据最新发布的2025年度中期财报显示，建发国际期内实现收入约341.6亿元，较去年同期增长了4.3%。 其中，物业发开部分收入321.4亿元，同比增长3.7%。 营收增长的同时，利润也有一定的提升。报告期内，公司录得净利润15.05亿元，较去年同期14.36亿元 增长了4.7%；归母净利润录得9.1亿元，同比增加11.8%。 然而，尽管上半年建发国际取得了"营收、利润双增收"的成绩，但据参会投资者转述，管理层对于市场 大环境依旧存在担忧。 "今年5月份之前的整体市场行情还是不错的，但5月过后，尤其是这两个月，市场下行地方不少，不同 层次分化比较严重。"田美坦指出，目前分化主要体现在城市、城市圈层以及一二手房，核心城市的核 心地段新房备受市场追捧，而外环及二手房市场持续遇冷。 基于对市场行情的判断，建发国际瞄准了2025年的前行目标：全面推进灯塔项目战略，即打造位于核心 城市核心地段的高端改善型项目 ...

Investment Rating - The investment rating for the company is "Buy" and it is maintained [10] Core Views - The company achieved steady growth in revenue and net profit attributable to shareholders in the first half of 2025, with net profit growth outpacing revenue growth due to an increase in gross margin [2][7] - The current valuation does not fully reflect the short-term operational improvements and long-term competitive advantages of the company, which emphasizes shareholder returns with a high dividend yield [2][11] Summary by Sections Financial Performance - In the first half of 2025, the company reported revenue of 34.2 billion and a net profit attributable to shareholders of 910 million, representing year-on-year growth of 4.2% and 11.8% respectively [7] - The gross margin improved by 1.0 percentage point to 12.9% year-on-year, contributing to the better performance of net profit compared to revenue [11] Sales and Land Acquisition - The company demonstrated strong sales performance with a sales amount of 70.7 billion (up 7%) and an equity sales amount of 53.4 billion (up 5%), with an average selling price of 26,506 per square meter (up 25%) [11] - The company adopted a "speed first, with profitability" land acquisition strategy, achieving a new land value of 98.7 billion (up 33%) in the first half of 2025 [11] Asset Quality and Financial Health - The company’s inventory value from projects acquired in 2021 and earlier was 47.4 billion, down approximately 3 billion from the end of 2024, indicating improved asset quality [11] - The financing cost decreased to 3.17% as of June 2025, down 39 basis points from the end of 2024, reflecting a strong financial safety margin [11] Future Outlook - The company is expected to achieve net profits of 4.91 billion, 5.31 billion, and 5.88 billion for the years 2025, 2026, and 2027, representing year-on-year growth of 2.1%, 8.2%, and 10.8% respectively [11] - The current valuation corresponds to price-to-earnings ratios of 7.7, 7.1, and 6.4 for the respective years, indicating significant investment value [11]

Investment Rating - The report maintains a "Buy" recommendation for Jianfa International Group (1908.HK) with a current stock price of 18.5 HKD [1][4]. Core Views - The company shows signs of improvement in its financial statements, with revenue and profit expected to grow positively. The first half of 2025 saw a revenue of 34.16 billion CNY, a year-on-year increase of 4.3%, and a net profit of 9.1 billion CNY, up 11.8% year-on-year [4][7]. - The company is benefiting from the release of high-quality residential demand and is actively expanding its land reserves, optimizing its land bank [5][7]. - The company has improved its financial metrics, with a debt-to-asset ratio of 75.9% and a financing cost of 3.17%, down 39 basis points from the end of 2024 [7][8]. Financial Summary - For the first half of 2025, the company reported a gross profit margin of 12.9%, an increase of 1 percentage point year-on-year. The total unsold amount reached 250.4 billion CNY, with 96% of the projects acquired in 2022 or later [7]. - The company achieved a total sales amount of 70.7 billion CNY and an equity sales amount of 53.4 billion CNY in the first half of 2025, representing year-on-year growth of 7% and 5%, respectively [7]. - The average selling price increased by 25% to 26,500 CNY per square meter [7]. Future Projections - Revenue projections for 2025 are estimated at 151.3 billion CNY, with a net profit of 4.93 billion CNY, reflecting a slight increase from previous years [6][10]. - The report anticipates continued improvement in the company's financial performance, with a projected EPS of 2.20 CNY for 2025, and a P/E ratio of 7.7 times [8][11].

Core Viewpoint - The company achieved a revenue of 34.16 billion yuan in the first half of 2025, representing a year-on-year growth of 4.2%, and a net profit attributable to shareholders of 910 million yuan, up 11.8% year-on-year. The profit growth outpaced revenue growth primarily due to a 1.0 percentage point increase in gross margin and a reduction of 90 million yuan in total borrowing costs compared to the same period last year [1][2]. Financial Performance - The company reported a revenue of 34.16 billion yuan, a 4.2% increase year-on-year, and a net profit of 910 million yuan, reflecting an 11.8% year-on-year growth [1]. - The increase in profit growth relative to revenue growth is attributed to improved profitability, with a gross margin increase of 1.0 percentage point year-on-year, and a decrease in total borrowing costs to 1.59 billion yuan, down 90 million yuan from the previous year [1]. Sales Performance - Despite a 5.5% decline in national commodity housing sales, the company experienced a 7% increase in total sales to 70.7 billion yuan, with equity sales rising 5% to 53.4 billion yuan. The company ranked 6th nationally, improving one position from the previous year [2]. - The company achieved the highest sales in 12 cities, with the five major cities of Beijing, Shanghai, Chengdu, Hangzhou, and Xiamen accounting for 46% of total sales, a 15 percentage point increase year-on-year [2]. Land Reserve Optimization - The company added land reserves worth 98.7 billion yuan in the first half of the year, a 33% increase year-on-year, with 74% of the new land reserves located in the five major cities [2]. - As of the end of June, the company had a total salable land reserve value of 249.6 billion yuan, with 54% located in the five major cities. Additionally, 81% of the land acquired was from 2022 onwards, indicating a focus on newer acquisitions [2]. Profitability Forecast - The company maintains its profit forecast unchanged, with expected EPS of 2.25, 2.41, and 2.48 yuan for 2025-2027. The target price has been raised to 25.85 HKD, based on a PE ratio of 10.5 times, consistent with the expected PE for comparable companies in 2025 [2].

Core Viewpoint - Company reported a slight outperformance in 1H25 earnings, with revenue growth of 4% year-on-year to 34.2 billion yuan and a net profit increase of 12% to 910 million yuan, driven by improved settlement gross margin and equity ratio [1][2] Financial Performance - The company maintained a healthy financial position with a net debt ratio of 33.4% and a cash-to-short-term debt ratio of 4.1 times as of 1H25 [2] - The average financing cost decreased by 39 basis points to 3.17%, marking a historical low [2] - The company did not declare an interim dividend, consistent with its previous dividend policy [1] Land Acquisition Strategy - In 1H25, the company acquired 26 plots of land for a total cost of 49.5 billion yuan, achieving a land acquisition intensity of 70% [1] - The majority of new land acquisitions are located in top-tier cities, with approximately 80% of the new value coming from cities like Beijing, Hangzhou, Shanghai, Chengdu, and Xiamen [1] - The company’s strategy prioritizes liquidity while also considering profit margins, with estimated net profit margins for new land projects in 1H25 expected to be around 7-9% [1] Sales and Market Position - The company ranked sixth in total sales amount in 1H25, improving one position from 2024, with total supply estimated at 160-170 billion yuan [2] - The company plans to launch over 100 billion yuan in new supply in 2H25, aiming to achieve its annual sales target of 150 billion yuan [2] Growth Outlook - The company expects steady growth in overall performance for the year, with a significant amount of unsold inventory and a robust settlement resource pool [3] - The estimated settlement amount for the year is expected to remain stable, with profit margins improving year-on-year [3] Profit Forecast and Valuation - The company maintains its profit forecast for 2025 while slightly raising the 2026 profit forecast by 2% to 5.1 billion yuan, reflecting year-on-year growth of 10% and 8% respectively [3] - The target price has been increased by 7% to 21.4 HKD, indicating an upside potential of 16% [3]

持续深耕重点核心城市，拿地强度领先同业 公司上半年新获取26幅土地，总土地款495亿元，拿地强度达到70%(2024年约42%)，对应补充总货值 987亿元。从新增地块结构来看，除公司长期深耕的福建市场外，绝大部分位于头部一二线城市(北京/ 杭州/上海/成都/厦门新增货值约八成，北京/杭州/上海单城货值均超200亿元)。拿地策略层面，公司优 先流动性、同时兼顾利润率，该行测算公司2025年上半年新增拿地项目层面净利润率约7-9%。截至 1H25末公司未售货值约2,496亿元，其中2022年及以后新拿地项目占比达到81%，货值结构保持健康。 中金发布研报称，基于建发国际集团(01908)销售规模稳中有进，维持2025年盈利预测基本不变、小幅 上调2026年盈利预测2%至51亿元，同比分别增长10%/8%。维持跑赢行业评级，上调目标价7%至21.4港 元(对应8.5/7.8倍2025/26年P/E、1.4/1.2倍2025/26年P/B和16%上行空间)，主要考虑到市场风险偏好调 整。当前股价对应7.3/6.7倍2025/26年P/E和1.2/1.1倍2025/26年P/B。 中金主要观点如下： 1H25业绩略超 ...

中金发布研报称，基于建发国际集团(01908)销售规模稳中有进，维持2025年盈利预测基本不变、小幅 上调2026年盈利预测2%至51亿元，同比分别增长10%/8%。维持跑赢行业评级，上调目标价7%至21.4港 元(对应8.5/7.8倍2025/26年P/E、1.4/1.2倍2025/26年P/B和16%上行空间)，主要考虑到市场风险偏好调 整。当前股价对应7.3/6.7倍2025/26年P/E和1.2/1.1倍2025/26年P/B。 中金主要观点如下： 全年业绩有望实现稳健增长 公司1H25整体结算收入及利润实现稳健增长，展望全年，一方面公司历年上半年结算规模占比偏低、 该行预计今年或将延续;另一方面，1H25末公司并表已售未结2,065亿元，整体结算资源量较为充裕(1.6 倍于该行预测2025年房开收入)。该行预计全年结算量或保持大体平稳，结转利润率同比稳中向好，推 动业绩实现平稳增长。 风险提示：行业景气度恢复慢于预期，销售去化不及预期，结算规模和利润率低于预期。 财务指标保持稳健，融资端优势显著 1H25末公司净负债率33.4%，扣预负债率较2024年末下降0.8ppt至58.8%，现金短贷比维持在 ...