Group 1 - The core viewpoint of the articles highlights Sunac China’s financial performance and strategic plans for debt restructuring and project delivery [1][2] - In the first half of 2025, Sunac China reported revenue of 19.99 billion yuan and a net asset of 44.88 billion yuan, with a total land reserve area of approximately 124 million square meters [1] - The company achieved a net loss attributable to shareholders of 12.81 billion yuan, a reduction of about 14.4% compared to the same period last year [1] - Sunac China’s interest-bearing debt decreased by 22.61 billion yuan year-on-year, totaling 254.82 billion yuan [1] Group 2 - The company plans to deliver over 50,000 units by the end of 2025, with 14,900 homes delivered in the first half of the year [2] - The projects to be delivered from 2026 onwards are primarily new homes sold after 2022, ensuring quality delivery through strict management of pre-sale funds [2] - The total land reserve area, including joint ventures, is approximately 124 million square meters, with 86.24 million square meters of equity land reserves concentrated in core first- and second-tier cities [2] - Upcoming product launches include projects in Shanghai, Tianjin, and Wuhan, which are expected to support the company's return to a positive development cycle [2]

Group 1 - The core point of the announcement is that Sunac China reported a mid-2025 revenue of approximately RMB 19.99 billion, representing a decrease of about 41.7% compared to the same period last year [1] - The company reported a loss attributable to owners of approximately RMB 12.81 billion, which is a reduction of about 14.4% compared to the same period last year [1]

Core Viewpoint - Sunac China reported a significant decline in revenue and a net loss for the first half of the year, indicating ongoing financial challenges for the company [1] Financial Performance - Revenue for the first half of the year was 19.99 billion RMB, down from 34.279 billion RMB in the same period last year [1] - The net loss for the first half was 12.81 billion RMB, a decrease of 14% year-on-year [1] Liabilities and Assets - Accounts payable and other payables amounted to 258.6 billion RMB [1] - Total borrowings reached 254.82 billion RMB [1] - Total assets were reported at 850.82 billion RMB [1]

Core Viewpoint - Sunac China reported a significant decline in revenue and an increase in losses for the first half of 2025, indicating ongoing financial challenges for the company [1] Financial Performance - The total contract sales amount for the group and its joint ventures and associates was approximately RMB 23.55 billion [1] - The group's revenue was approximately RMB 19.99 billion, representing a decrease of about 41.7% compared to the same period last year [1] - The group experienced a gross loss of approximately RMB 2.08 billion, with losses increasing by about 14.9% year-on-year [1] - The loss attributable to the company's owners was approximately RMB 12.81 billion, which is a decrease of about 14.4% compared to the same period last year [1]

Core Insights - Sunac China (01918) reported a mid-year performance for 2025, with revenue approximately RMB 19.99 billion, a decrease of about 41.7% compared to the same period last year [1] - The company experienced a gross loss of approximately RMB 2.08 billion, an increase of about 14.9% year-on-year [1] - Loss attributable to shareholders was approximately RMB 12.81 billion, a decrease of about 14.4% compared to the same period last year, with a loss per share of RMB 1.26 [1] Revenue and Sales Performance - The decline in revenue was primarily due to a decrease in property sales revenue, which fell by approximately 50.1% to RMB 14 billion [1] - The total area of property deliveries decreased by approximately 39.1% to 1.695 million square meters [1] Land Reserves - As of June 30, 2025, the group, including its joint ventures and associates, had total land reserves of approximately 124 million square meters (equity land reserves of approximately 86.24 million square meters) [1] - Among these, unsold land reserves were approximately 92 million square meters (equity land reserves of approximately 63.06 million square meters), indicating a solid foundation for the group to gradually restore normal operations in the future [1]

Core Viewpoint - Sunac China reported a significant decline in revenue and an increase in losses for the first half of 2025, indicating ongoing financial challenges for the company [1] Financial Performance - The total contract sales amount for the group and its joint ventures and associates was approximately RMB 23.55 billion [1] - The group's revenue was approximately RMB 19.99 billion, representing a decrease of about 41.7% compared to the same period last year [1] - The group experienced a gross loss of approximately RMB 2.08 billion, with losses increasing by about 14.9% year-on-year [1] - The loss attributable to the owners of the company was approximately RMB 12.81 billion, which is a decrease of about 14.4% compared to the same period last year [1]

Core Viewpoint - Sunac China (01918.HK) reported a mid-year revenue of 19.99 billion yuan for 2025, a significant decrease from 34.279 billion yuan in the same period last year [1] Group 1 - The revenue for the first half of 2025 is 19.99 billion yuan [1] - The revenue for the same period in the previous year was 34.279 billion yuan [1] - This indicates a decline in revenue year-on-year [1]

Core Viewpoint - Sunac China (01918) reported a significant decline in mid-year performance for 2025, with total revenue of approximately RMB 19.99 billion, representing a year-on-year decrease of about 41.7% [1] Financial Performance - The company experienced a gross loss of approximately RMB 2.08 billion, which is an increase of about 14.9% compared to the same period last year [1] - Loss attributable to shareholders was approximately RMB 12.81 billion, showing a year-on-year decrease of about 14.4% [1] - Earnings per share reported a loss of RMB 1.26 [1] Revenue Breakdown - The decline in revenue was primarily due to a decrease in property sales revenue, which fell by approximately 50.1% to RMB 14 billion [1] - The total area of property delivered decreased by approximately 39.1% to 1.695 million square meters [1] Land Reserves - As of June 30, 2025, the group, including its joint ventures and associates, had total land reserves of approximately 124 million square meters, with equity land reserves of about 86.24 million square meters [1] - The unsold land reserves amounted to approximately 92 million square meters, with equity land reserves of about 63.06 million square meters, indicating a solid foundation for the group to gradually restore normal operations in the future [1]

[Performance Highlights](index=1&type=section&id=%E6%A5%AD%E7%B8%BE%E6%91%98%E8%A6%81) This section presents key financial and operational highlights for the six months ended June 30, 2025, reflecting significant declines in revenue and increased losses Six Months Ended June 30, 2025 Key Financial and Operating Data | Indicator | Six Months Ended June 30, 2025 (CNY) | Change from Prior Period | | :--- | :--- | :--- | | Contracted Sales (Group and Joint Ventures/Associates) | 23.55 billion | - | | Attributable Land Reserve (Group and Joint Ventures/Associates) | 86.24 million sq.m. | - | | Unsold Attributable Land Reserve (Group and Joint Ventures/Associates) | 63.06 million sq.m. | - | | Revenue | 19.99 billion | Decreased by approximately 41.7% | | Gross Loss | 2.08 billion | Loss increased by approximately 14.9% | | Loss Attributable to Owners of the Company | 12.81 billion | Loss decreased by approximately 14.4% | | Total Equity | 44.88 billion | - | | Equity Attributable to Owners of the Company | 30.85 billion | - | | Total Borrowings | 254.82 billion | Decreased by approximately 4.85 billion from year-end | [Interim Condensed Consolidated Statement of Comprehensive Income](index=2&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) This section presents the interim condensed consolidated statement of comprehensive income for the six months ended June 30, 2025 and 2024, detailing revenue, costs, and losses Interim Condensed Consolidated Statement of Comprehensive Income for the Six Months Ended June 30 | Indicator | 2025 (thousand CNY) | 2024 (thousand CNY) | | :--- | :--- | :--- | | Revenue | 19,987,601 | 34,279,616 | | Cost of Sales | (22,071,876) | (36,088,266) | | Gross Loss | (2,084,275) | (1,808,650) | | Other Income and Gains | 5,614,027 | 2,529,694 | | Selling and Marketing Costs | (1,086,906) | (1,113,005) | | Administrative Expenses | (1,687,102) | (1,780,002) | | Other Expenses and Losses | (7,543,512) | (6,398,392) | | Net Impairment Losses Under Expected Credit Loss Model | (1,248,503) | (1,110,822) | | Operating Loss | (8,036,271) | (9,681,177) | | Finance Income | 45,348 | 102,795 | | Finance Costs | (5,290,724) | (6,486,933) | | Net Finance Costs | (5,245,376) | (6,384,138) | | Share of Net Loss of Joint Ventures and Associates Accounted for Using the Equity Method | (285,412) | (1,296,787) | | Loss Before Income Tax | (13,567,059) | (17,362,102) | | Income Tax Credit | 689,210 | 697,076 | | Loss for the Period and Total Comprehensive Loss | (12,877,849) | (16,665,026) | Loss Per Share Attributable to Owners of the Company | Indicator | 2025 (CNY) | 2024 (CNY) | | :--- | :--- | :--- | | Basic Loss Per Share | (1.26) | (1.79) | | Diluted Loss Per Share | (1.26) | (1.79) | [Interim Condensed Consolidated Statement of Financial Position](index=4&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B3%87%E7%94%A2%E8%B2%A0%E5%82%B5%E8%A1%A8) This section provides the interim condensed consolidated statement of financial position as of June 30, 2025 and December 31, 2024, outlining assets, equity, and liabilities Consolidated Statement of Financial Position as of June 30, 2025 | Indicator | June 30, 2025 (thousand CNY) | December 31, 2024 (thousand CNY) | | :--- | :--- | :--- | | **ASSETS** | | | | Total Non-current Assets | 185,865,452 | 193,416,085 | | Total Current Assets | 664,952,408 | 689,467,066 | | Total Assets | 850,817,860 | 882,883,151 | | **EQUITY AND LIABILITIES** | | | | Equity Attributable to Owners of the Company | 30,851,724 | 40,521,108 | | Non-controlling Interests | 14,024,220 | 14,625,260 | | Total Equity | 44,875,944 | 55,146,368 | | Total Non-current Liabilities | 46,894,224 | 84,749,731 | | Total Current Liabilities | 759,047,692 | 742,987,052 | | Total Liabilities | 805,941,916 | 827,736,783 | | Total Equity and Liabilities | 850,817,860 | 882,883,151 | [Notes](index=6&type=section&id=%E9%99%84%E8%A8%BB) This section details the accounting policies, segment information, and specific financial items, providing context to the interim financial statements [1 General Information](index=6&type=section&id=1%20%E4%B8%80%E8%88%AC%E8%B3%87%E6%96%99) This section describes the company's principal activities, incorporation details, listing status, and presentation currency - The Group is principally engaged in property development and investment, culture and tourism city construction and operation, property management services, and other businesses in China[10](index=10&type=chunk) - The Company is a limited liability company incorporated in the Cayman Islands, with its shares listed on the Main Board of The Stock Exchange of Hong Kong Limited[10](index=10&type=chunk)[11](index=11&type=chunk) - This interim condensed consolidated financial information is presented in Renminbi (RMB)[12](index=12&type=chunk) [2 Accounting Policies](index=6&type=section&id=2%20%E6%9C%83%E8%A8%88%E6%94%BF%E7%AD%96) This section outlines the accounting policies adopted, the impact of new standards, and significant uncertainties regarding the group's ability to continue as a going concern - The Group first applied "Lack of Exchangeability – Amendments to HKAS 21 and HKFRS 1" for the annual reporting period beginning January 1, 2025, with no significant impact on amounts recognized in prior and current periods[14](index=14&type=chunk) - The Group is evaluating several new standards, amendments, and interpretations not yet mandatorily adopted, including those related to contracts for electricity produced from natural energy sources and amendments to classification and measurement of financial instruments, effective in 2026 or 2027[15](index=15&type=chunk)[16](index=16&type=chunk) - As of June 30, 2025, the Group reported a net loss of approximately **RMB12.88 billion**, net current liabilities of approximately **RMB94.10 billion**, and overdue borrowings totaling approximately **RMB112.49 billion**, indicating significant going concern uncertainties[17](index=17&type=chunk) - Management has implemented several plans and measures to alleviate liquidity pressure, including: a domestic debt restructuring plan that has been approved and partially executed through buybacks and share-based settlements; an offshore debt restructuring plan launched with over **75%** creditor support; loan extensions totaling approximately **RMB36.58 billion**; special "guaranteed delivery" loans, bank matching financing, and "white list project" financing totaling approximately **RMB38.56 billion**; active resolution of domestic litigation; organizational restructuring for cost control; accelerated property presales and cash collection; and full commitment to "guaranteed delivery" efforts[18](index=18&type=chunk)[19](index=19&type=chunk)[20](index=20&type=chunk) - Despite management's plans, the Group's ability to continue as a going concern remains subject to significant uncertainties, including the successful advancement and completion of debt management measures (including offshore debt restructuring), successful resolution of major financial institution litigation, and successful achievement of sales targets and cash collection[21](index=21&type=chunk)[24](index=24&type=chunk) [3 Segment Information](index=9&type=section&id=3%20%E5%88%86%E9%83%A8%E8%B3%87%E6%96%

为鼓励和吸引人才在上海生活，上海官方也对符合条件的非沪籍居民家庭所购第一套房，暂免征收房产 税。第二套及以上住房，人均可扣除60平方米的免税面积。2025年1月1日起符合条件的购房者可享受这 条政策。 这是上海今年首次出台政策优化房地产政策。去年5月和9月，上海市两次出手放宽政策刺激楼市。 | 代码 | 名称 | | 涨跌幅 √ | 最新价 | 总市值 | | --- | --- | --- | --- | --- | --- | | 02202 | 万科企业 | (0) | 9.86% | 5.680 | 677.66亿 | | 00081 | 中国海外宏洋集团 | | 6.98% | 2.300 | 81.87 亿 | | 03377 | 远洋集团 | | 6.78% | 0.126 | 14.05亿 | | 01918 | 融创中国 | | 6.58% | 1.620 | 185.81 乙 | | 03301 | 融信中国 | | 5.50% | 0.211 | 3.55 Z | | 00960 | 龙湖集团 | | 5.22% | 11.280 | 788.15亿 | | 02777 | 富力地产 | ...