上半年亏损128亿，同比减少14% 上半年，融创中国的主要收入来源，主要是销售住宅及商业物业、文旅城建设及运营、物业管理及其他 业务。其中，物业销售收入约140亿元，同比下降50.1%，文旅板块和物业管理收入分别为21.7亿元、 34.7亿元。 针对收入大幅下降，融创中国解释称：近年来房地产市场大幅收缩，房企债务问题导致购房者对期房信 心不足，进一步加剧了新房销售困难。集团现处于集中资源解决保交付和债务问题的阶段，也制约了项 目推售节奏。 销售方面，2025年上半年，融创中国实现销售金额约235.5亿元；截至6月30日，总土储面积约1.24亿平 方米，权益土储约8624万平方米，其中未售权益土储约6306万平方米。 虽然上半年实现减亏，但融创中国和孙宏斌肩上的包袱仍然不轻。 近日，融创中国披露中期业绩报告显示，上半年，融创中国实现收入约199.9亿元，同比减少41.7%；公 司拥有人应占亏损约128.1亿元，亏损同比减少14.4%。 同时，融创中国也在中报中披露了化债时间表。其中，境内债方面，预计将于今年年底前完成境内债重 组方案的执行；境外债方面，预计在2025年底前完成境外债重组相关的所有法庭程序。 在中 ...

Market Overview - The Hang Seng Index closed at 25,201.76 points, down 1.27% [1] - The Hang Seng Tech Index closed at 5,697.53 points, down 1.47% [1] - The China Enterprises Index closed at 9,020.26 points, down 1.40% [1] - The Red Chip Index closed at 4,273.29 points, down 1.62% [1] Top Gainers - Nongfu Spring rose over 7% to 50.250 HKD [1][2] - NIO-SW increased over 4% to 51.700 HKD [1][2] - Shanghai Fudan and WanGuo Data-SW both rose over 1% [1][2] Top Losers - Beike-W fell over 6% to 47.200 HKD [1][2] - Naixue's Tea and Stone Pharmaceutical Group both dropped over 5% [1][2] - Li Ning, Alibaba Health, and Pop Mart fell over 4% [1][2] - JD Logistics, Zhou Hei Ya, and Mengniu Dairy declined over 3% [1][2] - Other notable declines include Zhou Dafu, Dongfang Zhenxuan, and Haidilao, all down over 2% [1][2]

区别于此前行业大多数房企普遍采用的境内债展期策略，融创在境内债的化解上，首次拿出了整体重组 的创新方案，提供了现金要约收购、股票经济收益权兑付、以资抵债、留债展期四大"菜单式"选项，受 到债权人欢迎。目前重组方案已进入落地执行阶段，预计将为融创削减近70%的境内公开债。 融创的境外债重组方案，则采用的是全额债权转股权方式，彻底解决境外债风险，还未占用境内任何资 金和资源，同步解决了股权结构和团队稳定问题，实现多方共赢。自重组方案公布，到顺利争取到超 75%债权人支持，仅用时两个月的时间。 2025年是房地产的关键年，一方面，从中央到地方频频释放稳楼市的积极信号，行业"止跌回稳"态势日 渐清晰；另一方面，7月70城新房房价仅6城上涨，市场仍然处在深度筑底期，信心修复需要时间，企业 经营面临重要考验。 同在逆境之中，那些走在自救和恢复前列、率先破局的房企，无疑更值得关注和期许。他们展现出不躺 平、积极努力的韧性，往往也积蓄着更充沛的回暖力量，更有机会在行业恢复后率先走出困境，成为行 业可借鉴的鲜活样板。 融创就是这样的一个典型房企，在上半年贡献出多个行业标志性事件：第一个实现境内债整体重组并落 地执行；境外债重组 ...

Core Viewpoint - Sunac has shown significant progress in debt resolution and asset activation, with strong sales performance in its top-tier products, indicating a potential recovery from the current market cycle [1][2] Financial Performance - In the first half of 2025, Sunac reported revenue of 19.99 billion yuan and a net asset of 44.88 billion yuan, with a net loss attributable to shareholders of 12.81 billion yuan, a reduction of approximately 14.4% year-on-year [1] - The company’s interest-bearing debt decreased by 22.61 billion yuan to 254.82 billion yuan, maintaining a stable capital structure [1] - Sunac's mid-term report indicated a total land reserve area of approximately 124 million square meters, with equity land reserves of about 86.24 million square meters, primarily located in core first- and second-tier cities [1] Sales and Market Position - Sunac achieved a contract sales amount of 23.55 billion yuan in the first half of the year, ranking third among private enterprises in the industry [1] - The company successfully delivered quality new homes to 14,900 families, with a cumulative delivery of 683,000 units over the past three years [1] Business Segments - The property management and cultural tourism segments generated over 5.6 billion yuan in revenue, accounting for 28.3% of total revenue, contributing stable cash flow to the company [2] - Sunac's property management segment reported revenue of 3.55 billion yuan and a net profit of 120 million yuan, marking a turnaround from previous losses [2] - The company has expanded its management scale to 290 million square meters, with a significant portion of new contracts signed in over 40 core cities [2]

Core Viewpoint - The Chinese real estate industry in 2025 is still navigating through challenges, with a focus on restoring market confidence as companies like Sunac China demonstrate resilience and innovative strategies to overcome debt and operational hurdles [2][3]. Debt Management - Sunac China has introduced a comprehensive debt restructuring plan, offering creditors a menu of options including cash buyouts and stock rights, which is expected to reduce nearly 70% of its domestic public debt [3]. - The company aims to become the first major real estate firm to effectively eliminate its offshore debt through a full debt-to-equity swap, achieving over 75% creditor support within two months [3]. - As of mid-2025, Sunac's interest-bearing liabilities have decreased to 254.82 billion yuan, down 22.61 billion yuan from the previous year, facilitating a lighter operational burden [3]. Delivery Assurance - Sunac has delivered 14,900 homes in the first half of the year, with a cumulative delivery of 683,000 units over three years, aiming to complete over 50,000 deliveries by the end of 2025 [4]. - The company is focusing on delivering projects sold after 2022, ensuring quality through strict pre-sale fund management, which is crucial for restoring market confidence [4]. Land and Sales Performance - As of mid-2025, Sunac holds approximately 12.4 million square meters of land reserves, primarily in core first- and second-tier cities, providing a solid foundation for future growth [5]. - The company achieved a contract sales amount of 23.55 billion yuan in the first half of the year, ranking third among private enterprises, with significant contributions from flagship projects like Shanghai Yihua Courtyard [5][6]. Diversified Revenue Streams - Sunac's property management and cultural tourism segments generated over 5.6 billion yuan in revenue, accounting for 28.3% of total income, with property management turning profitable [6]. - The cultural tourism division is expanding through new projects and IP development, contributing additional growth opportunities [6]. Overall Assessment - Sunac has made significant progress in addressing debt, ensuring delivery, and restoring operations, positioning itself as a model for the industry amid ongoing challenges [6].

Core Viewpoint - The overall recovery of the real estate market may take time, despite supportive policies leading to stabilization in core cities and locations [2] Financial Performance - In the first half of the year, the company reported revenue of approximately 19.99 billion yuan, a year-on-year decrease of 41.7% [2] - The loss attributable to shareholders was approximately 12.81 billion yuan, a year-on-year decrease of 14.4% [2] - The company's mid-year losses over the past four years were -18.76 billion yuan, -15.37 billion yuan, -14.96 billion yuan, and -12.81 billion yuan respectively [2] Sales and Revenue Breakdown - Property sales revenue, the main income source, was approximately 14 billion yuan, down 50.1% year-on-year [3] - The company achieved sales amounting to approximately 23.55 billion yuan in the first half of the year [3] - The total land reserve area was approximately 124 million square meters, with equity land reserves of about 86.24 million square meters [3] Cost and Expenses - Sales and marketing costs reached 1.09 billion yuan, with only a slight reduction of 0.2 billion yuan compared to the previous year [3] - Administrative expenses were approximately 1.69 billion yuan, a decrease of only 0.09 billion yuan year-on-year [3] Additional Losses - The company confirmed various other losses, including approximately 2.99 billion yuan from the sale of subsidiaries and joint ventures, and about 2 billion yuan in provisions for litigation and other contingent liabilities [4] - Total losses from these items amounted to 7.54 billion yuan [4] Cash and Debt Restructuring - By mid-2025, the company's cash balance decreased from 19.75 billion yuan to 18.63 billion yuan, with non-restricted cash around 4.4 billion yuan [5] - The company completed a domestic debt restructuring plan, with a debt reduction ratio of 70% on 15.4 billion yuan of domestic debt [6] - The restructuring generated a profit of 4.02 billion yuan, included in "other income and gains" [6] Legal and Operational Challenges - The company faces approximately 455 lawsuits with claims totaling about 166.38 billion yuan due to unpaid loans and other obligations [7] - In the first half of 2025, the company delivered approximately 14,900 housing units across 23 cities, with an expected delivery of 39,100 units in the second half of 2025 [7] - The company aims to enhance net asset value and return to a healthy development track [7]

Core Viewpoint - The overall recovery of the real estate market may take time, despite supportive policies being implemented [1] Company Performance - Sunac China reported a revenue of approximately 19.99 billion, a year-on-year decrease of 41.7% [1] - The company recorded a loss attributable to shareholders of about 12.81 billion, which is a year-on-year decrease of 14.4% [1] - Over the past four years, the company's mid-year losses were -18.76 billion, -15.37 billion, -14.96 billion, and -12.81 billion respectively [1] Market Reaction - Following the release of the interim report, Sunac China's stock price fell by 5.63%, closing at 1.51 HKD on the 27th [1]

房企"化债"代表披露中期业绩。 "在支持性政策持续出台的大环境下，核心城市、核心地段将逐步企稳，但房地产市场的整体恢复，可 能还需要一个过程和较长时间。"在最新披露的中报里，融创中国（01918.HK）董事局主席孙宏斌表 示。 上半年，融创中国实现收入约199.9 亿元，同比减少41.7%； 公司拥有人应占亏损约128.1亿元，亏损同 比减少14.4%；近四年中报期，该集团中期亏损分别为-187.60亿元、-153.67亿元、-149.57亿元、-128.1 亿元。 融创的业绩依然让市场担忧，中报披露后，融创中国股价在27日下跌，截至收盘报1.51港元，跌幅 5.63%。 物业销售收入下滑五成 上半年，融创中国的主要收入来源，主要是销售住宅及商业物业、文旅城建设及运营、物业管理及其他 业务。其中，"主力军"物业销售收入约140亿元，同比下降50.1%，文旅板块和物业管理收入分别为21.7 亿元、34.7亿元。 针对收入大幅下降，公司解释称：近年来房地产市场大幅收缩，房企债务问题导致购房者对期房信心不 足，进一步加剧了新房销售困难。集团现处于集中资源解决保交付和债务问题的阶段，也制约了项目推 售节奏。 数据显示 ...

而在境外债上，2023年11月，为化解90.48亿美元的债务，融创中国给出"债转股+发行新票据"的方式， 以时间换空间。今年，面对新一轮债务清算，融创中国于8月下旬公布了境外债重组的实施细则，转而 采用全额债权转股权方式。 8月26日，融创中国（01918.HK）发布中期业绩公告。报告期内，该公司拥有人应占亏损约128.1亿元， 较去年同期减少约14.4%。 《中国经营报》记者了解到，上半年，融创中国在化债、交付、项目盘活销售等领域均有突破。截至今 年6月底，公司有息负债已降至2548.2亿元，较去年同期下降226.1亿元，资本结构保持稳定。 有息负债减少 据了解，自出险之后，融创中国已采取多项举措"自救"，工作重心也转向化债和全力保交付、保基本运 营。 据不完全统计，已有60家出险房企公布了债务重组和破产重整的进展，解决债务问题成为企业"走出 来"最重要的任务之一。 在化债方面，2024年，融创中国完成总规模154亿元的境内债重组，也是行业首家完成境内公司债整体 重组的房企，其提供了现金要约收购、股票经济收益权兑付、以资抵债、留债展期四大选项。目前，该 重组方案已进入落地执行阶段，预计将为融创削减近70%的 ...

消息面上，融创中国公布上半年业绩，集团连同其合营公司及联营公司的合同销售金额约为人民币 235.5亿元；集团收入约为人民币199.9亿元，同比减少约41.7%；集团毛亏约为人民币20.8亿元，同比增 加约14.9%；公司拥有人应占亏损约为人民币128.1亿元，同比减少约14.4%。 融创中国表示，集团一直在全力推进重组方案的执行落地，目前已经完成现金回购选项和股票经济收益 权兑付选项下的新股发行，预计将于2025年底前完成境内公开市场债务重组方案下其他选项的执行。另 外，下半年将继续加大力度推动与资产管理公司等能提供增量资金的金融机构的合作，进一步化解项目 债务风险和盘活优质项目，从而支持集团运营的逐步恢复。 融创中国(01918)绩后跌超4%，截至发稿，跌4.38%，报1.53港元，成交额3.09亿港元。 ...