2025.05. 02 此外，万科地产、建发房产位于四百亿阵营，销售额分别为428.5亿元、426.7亿元，华发股份、越 秀地产、滨江集团卡位最后三个TOP10位次，销售金额分别为353.1亿元、312.4亿元、272.4亿 元。 鉴于楼市仍在恢复进程中，4月百强房企各梯队的销售门槛也出现一定分化，TOP10、TOP30和 TOP50房企的销售操盘金额门槛均有不同程度提升，而TOP20房企销售操盘金额门槛同比降低8.9% 至112.6亿元，TOP100房企门槛降低3.1%至17.9亿元。 在今年召开的业绩发布会上，房企已鲜少提及销售目标，大多判断将维持在近年平均水平。业内表 示，这说明房企不再唯"销售金额"论，将聚焦高质量发展部分，提升签约回款率，以优质项目修复毛 利率。 在销售策略上，房企多实施"一城一策、因城施策"营销策略，以加快应对市场的反应速度，确保每个 项目都有合理流速，持续去化的同时优化区域土储结构。同时，加强自有渠道的建设力度，通过数字 化营销降本增效。 本文字数：1230，阅读时长大约2分钟 作者 | 第一财经 孙梦凡 楼市传统"金三银四"时期，房企销售业绩如何？ 克而瑞发布的最新数据显示，4 ...

Core Insights - The land transaction activity in key cities has significantly increased, with major real estate companies showing a positive trend in land acquisition and investment [1][2][3] Group 1: Land Acquisition Trends - In the first four months, the top 100 real estate companies' land acquisition amount reached 428.5 billion yuan, a year-on-year increase of 42% [2] - The total new value of land acquired by these companies was 830.9 billion yuan, reflecting a year-on-year growth of 23.6% [2] - The total construction area acquired was 39.15 million square meters, marking a 3.2% increase year-on-year [2] Group 2: Market Concentration - The top 10 real estate companies accounted for 69% of the total new value acquired by the top 100 companies, an increase of 7 percentage points compared to the end of 2024 [2] - The land acquisition to sales ratio for the top 100 companies remained stable at 0.3, which is an increase of 0.13 from the end of 2024 [2] - The market is showing signs of concentration, with leading companies and state-owned enterprises optimizing their land reserves, while smaller firms are reducing their investment due to liquidity pressures [3] Group 3: Regional Insights - The Yangtze River Delta region led the four major city clusters in land acquisition, with the top 10 companies acquiring 114.67 billion yuan worth of land [4] - In contrast, the Beijing-Tianjin-Hebei region ranked second with 69.8 billion yuan, while the Midwest region was third with 28.9 billion yuan [4] - Major state-owned and local enterprises dominate land acquisition in key cities, while private companies are focusing on specific areas to supplement their land reserves [4] Group 4: Market Outlook - The core cities are experiencing a recovery in market sentiment due to policy optimization and increased quality supply, although the national market has not fully stabilized [5] - Real estate companies are advised to seize the opportunity during the "stop falling and stabilize" policy window while being cautious in their investments [5]

| 74 | 米儿灯工门又 | IO. U | | --- | --- | --- | | 94 | 天津城投集团 | 18.0 | | 94 | 如东民泰城乡建设 | 18.0 | | 97 | 裕华城发 | 17.9 | | 98 | 环澳房地产 CP | 17.8 | | 99 | 曹妃甸新城投资 | 17.7 | | 100 | 南京江北新城投资 | 17.6 | 数据说明: 1.企业范畴:主营业务在中国内地的房地产开发企业;华夏幸福和华侨城的土地中含有大量产业用地和 文旅用地且无法区分,暂不计入。 导 读 2025年1-4月销售百强房企拿地集中度依然维持高位，销售TOP10房企新增货值占销售百强新增 货量的69%，较2024年末增加7个百分点，未来市场格局仍将集中于头部企业。 ☉ 文／克而瑞研究中心 | | 2025年1-4月 · 中国房地产企业 | | | --- | --- | --- | | | PARTE | | | 排名 | 企业名称 | 新增土地货值 (亿元) | | 1 | 花海置新 | 642. 2 | | 2 | 绿城中国 | 642. 0 | | 3 | 中国金茂 | 608. ...

Core Insights - The total land acquisition amount by the top 100 real estate companies in China reached 360.8 billion yuan from January to April 2025, marking a year-on-year increase of 26.6%, although the growth rate decreased by 4.0 percentage points compared to the previous month [1] - In April, 22 cities saw a more than 40% year-on-year increase in residential land transfer fees, indicating fierce competition among real estate companies for premium land parcels and reflecting the value of land in core areas [1] - Major cities such as Beijing, Hangzhou, Chengdu, Suzhou, Chongqing, and Nanjing auctioned high-premium land parcels, while the land market in many other cities continues to face short-term pressure [1] Group 1: Land Acquisition Data - The top three companies in terms of new land value from January to April 2025 are Greentown China with 64.2 billion yuan, China Jinmao with 59 billion yuan, and Poly Developments with 50.1 billion yuan [4] - The total new land value for the top 10 companies during this period was 456.16 billion yuan, accounting for 43.5% of the total for the top 100 companies, with a minimum threshold for new land value set at 3.5 billion yuan [4] - The Yangtze River Delta region led the four major city clusters with a land acquisition amount of 114.67 billion yuan, followed by the Beijing-Tianjin-Hebei region with 69.8 billion yuan, and the Central and Western regions with 28.9 billion yuan [4] Group 2: Company Rankings - The top 10 companies by total new value from January to April 2025 are as follows: Greentown China (64.2 billion yuan), China Jinmao (59 billion yuan), Poly Developments (50.1 billion yuan), China Merchants Shekou (47.1 billion yuan), and Shimao Group (45.6 billion yuan) [13] - The rankings for land acquisition amount and area for the top 100 companies show Greentown China leading in both metrics, with 31.3 billion yuan in land acquisition amount and 139 million square meters in area [7][8] - The data indicates a competitive landscape among real estate companies, with significant investments in land acquisition to secure future development opportunities [1][4]

Core Insights - The Ningbo real estate market experienced a cumulative transaction amount of 40.714 billion yuan from January to April 2025, showing a "rise then fall" trend, with April seeing a transaction amount of 3.785 billion yuan [1] - The average transaction price in April was 15,459 yuan per square meter, providing a more suitable purchasing window for first-time homebuyers [1] - Quality developers such as Jiangshan Wanli and Greentown China continue to lead the market, indicating strong recognition for premium projects [1] - The supply pace has moderately slowed, stabilizing the clearing cycle at 25.75 months, laying a foundation for stable market development [1] Sales Performance - The top 20 real estate companies in Ningbo achieved a total sales amount of 35.46 billion yuan and a total sales area of 1.304 million square meters from January to April 2025 [4] - Jiangshan Wanli led with a sales amount of 7.55 billion yuan, followed by Ningbo Rail Transit (5.94 billion yuan) and Greentown China (4.05 billion yuan) [4] - The top five companies contributed a total of 22.31 billion yuan, accounting for 70.7% of the total sales amount [4] Project Performance - The top 20 residential projects in Ningbo achieved a total sales amount of 18.66 billion yuan, with a threshold of 340 million yuan [6] - Jiangshan Wanli's projects, Jiuyao (3.66 billion yuan) and Jiuzhou (3.42 billion yuan), continued to lead the market [6] - The total sales area for the top 20 projects reached 635,000 square meters, with a threshold of 16,000 square meters [8] Market Dynamics - From January to April 2025, Ningbo's new housing transaction volume was 27,501 units, with a total transaction area of 1.9943 million square meters and a total transaction amount of 40.714 billion yuan [9] - April marked a deep adjustment phase for the Ningbo housing market, with a proactive contraction in supply and a focus on product quality and precise marketing by developers [9] - The China Railway Construction Ningbo Future Vision project is noted for its reasonable design and strong market competitiveness [10] Land Market Insights - On April 25, the Jiangbei Yonghong land parcel was auctioned, with adjustments made to the indicators, including a reduction in the floor area ratio to 1.8 and the cancellation of kindergarten requirements, enhancing the land's potential [14] - The land was ultimately acquired by a developer at a premium rate of 14.3%, totaling approximately 1.159 billion yuan [14]

Sales Performance - In 2024, the company achieved contracted sales of approximately RMB 276.8 billion, ranking third in the industry[15]. - The newly added saleable value ranked fourth in the industry, indicating strong growth momentum[15]. - Total contracted sales area reached approximately 14.09 million sqm, with a total sales amount of approximately RMB 276.8 billion in 2024[103]. - Self-investment projects contributed approximately RMB171.8 billion in sales, with an attributable ratio of 70%[105]. - The sell-through rate for newly launched self-investment properties was 82%, with 64% achieving price premiums at first launches[105]. - The average sell-through rate of existing projects increased by 106% due to customized sales strategies[107]. - The company maintained a leading position in core cities, with 79% of sales from first- and second-tier cities[109]. - Property sales revenue in the Zhejiang area was RMB75.866 billion, accounting for 51.6% of total sales, while Beijing and Shaanxi followed with 11.8% and 9.7% respectively[175]. Financial Performance - In 2023, the company's revenue reached RMB 131,383,150, an increase from RMB 127,153,071 in 2022, reflecting a growth of approximately 1.8%[52]. - The gross profit for 2023 was RMB 17,072,861, down from RMB 22,020,747 in 2022, representing a decline of approximately 22.5%[52]. - The profit for the year in 2023 was RMB 6,678,139, a decrease from RMB 8,894,964 in 2022, marking a decline of around 25%[52]. - The Group's total revenue for the year reached RMB158.546 billion, a 20.7% increase from RMB131.383 billion in 2023, with property sales contributing 92.7% of the total revenue[172]. - Revenue from property sales amounted to RMB147.017 billion, representing a 21.9% increase from RMB120.58 billion in 2023[173]. - The Group recorded a gross profit of RMB20,225 million, an increase of 18.5% from RMB17,073 million in 2023[185]. - The gross profit margin for the Year was 12.8%, a decrease of 0.2 percentage points from 13.0% in 2023[186]. - Profit attributable to owners decreased by 48.8% to RMB1.60 billion, primarily due to asset impairment provisions totaling RMB4.92 billion[101]. Market Conditions - The global economic situation remains challenging, with the real estate industry still in a vulnerable phase of reform, characterized by shrinking market demand and weakening expectations[32]. - Key indicators such as new construction projects and actual funds available for development have sharply declined since 2021, indicating a weakening vitality in the industry[35]. - The average net profit margin in the real estate industry has significantly decreased, marking the gradual end of the "high turnover" model[36]. - The real estate industry is undergoing three fundamental restructurings: market landscape, development model, and competition factors[36]. - The company recognizes the long-term nature of structural adjustments within the industry, with no immediate changes expected in the downward trend of market demand[33]. - In 2024, the Chinese real estate market experienced deep adjustments, with new commercial property sales falling below RMB 10 trillion for the year[95]. - The inventory of commercial properties reached a historical high, indicating ongoing market challenges[96]. - The financing scale of the industry constantly contracted, posing significant challenges for overall market recovery[96]. Strategic Goals and Initiatives - The company aims to build the "quality benchmark among the Top 10" and focuses on being the best at understanding customers and products[16]. - The strategic goal includes creating "Good Houses" that are gorgeous, low-carbon, full-cycle, and healthy[16]. - The company aims to enhance its capabilities from "good" to "excellent" while adhering to prudent and stable operational principles[37]. - The transition from "quantity" to "quality" is a key focus for the company in the current market environment[37]. - The company plans to formulate its "Strategy 2030" plan in 2025, focusing on regional layout, business presence, and capacity deployment for the next five years[40]. - The company is committed to achieving "comprehensively high-quality and sustainable" development in the face of industry challenges[37]. - The company is committed to promoting digitalization to improve management efficiency and support operational decision-making[47]. - Greentown China is focusing on product upgrading by refining construction practices around the six major elements of "Good Houses" to enhance technical support[160]. Project and Land Management - The company has a strong land bank and effective organizational structure, contributing to its sustainable development[14]. - The total site area across various projects amounts to 2,188,934 sqm, with a total gross floor area (GFA) of 5,190,292 sqm[76]. - The company is actively expanding its land bank, with ongoing adjustments to GFA and saleable areas based on planning changes[66]. - The company has a total land reserve of 146 projects with a total GFA of approximately 27.47 million sqm, of which the attributable GFA is approximately 17.85 million sqm[120]. - The average land price per sqm is approximately RMB7,901, with 76% of the saleable value located in first- and second-tier cities[120]. - The company acquired 42 new projects with a total GFA of approximately 4.18 million sqm, incurring costs of approximately RMB48.4 billion and an average land cost of RMB14,383 per sqm[111]. Operational Efficiency - The Company completed the delivery of 241 projects, covering approximately 30.6 million sqm, with a delivery satisfaction score of 91 points, an increase of 2 points year-on-year[132]. - The average construction cost was reduced by approximately RMB114 per sqm, achieving over a 14% price reduction in key categories through centralized procurement[133]. - The development cycle for newly acquired projects was shortened to 1.7 months from land acquisition to commencement of construction, and 12.3 months to achieve positive operational cash flow[131]. - The organization achieved a total engagement score of 92% in 2024, maintaining a position above the industry average[135]. - The Company optimized 92 management systems, enhancing the efficiency and quality of its governance structure[136]. Sustainability and Social Responsibility - Greentown China constructed a total of 327 green building projects by the end of 2024, with an additional 2.28 million sqm certified as green buildings during the year[147][148]. - The Company has actively participated in the construction of affordable housing, with cumulative delivery reaching approximately 63.9 million sqm, benefiting around 428,000 residents[147]. - Greentown China's ESG governance received a BBB rating from MSCI and an A rating from Wind, placing it in the top 5% of the industry[153]. - As of December 31, 2024, Greentown China had delivered approximately 63.9 million sqm of affordable housing, improving living conditions for about 428,000 households[150].

钱江世纪城地块也是杭州这次土拍唯一的一宗热门地块，杭州贝壳研究院院长上官剑对智通财经记者表示，"核心板块未来新房补涨预期较为强烈，具备 区位、资源优势等条件的优质地块，销售去化安全度高，对房地产企业还是具有较大吸引力，积极参与竞拍"。 钱江世纪城奥体一度被杭州誉为杭州楼市"第二中心"，保利竞获的地块一路之隔就是车位一位难求的奥体印象城。 角逐了168轮、耗时近三个半小时后，保利发展以51611元/平米夺下了钱江世纪城奥体印象城南地块，这是杭州第四高楼面价，世纪城第一楼面价。 4月28日，杭州土地出让上架了6宗宅地，分别位于钱江世纪城、市北、云城、运河新城、双浦和下沙，总起拍价高达103亿元。 连续几年来，杭州土地市场核心地段一直是开发商们激烈争夺的高地。杭州土地市场取消摇号、恢复价高者得后，核心板块的核心地段更被开发商们抢红 了眼，这些地块地王频现。 除了滨江一家民企外，杭州核心地块均被央企拿下。一位杭州央企相关人士对智通财经记者表示，"一方面，央企担当要求下，央企下场拿地。另一方 面，杭州市场仍然是全国为数不多的几个好市场，杭州拿地也是我们的战略"。 另外，5万以上楼面价地块大部分为2025年出让地块，为杭 ...

Group 1 - Hong Kong's Hang Seng Index rose by 0.07%, gaining 16 points to close at 21,997 points, while the Hang Seng Tech Index increased by 0.50% [1] - Yao Cai Securities surged by 66% as it plans to acquire Ant Group at a premium of approximately 17.6% [1] - Jin Mao Yin Mao saw a 9.6% increase in share price, with a name change to "Zhu Feng Gold" effective tomorrow, as institutions believe its market value does not reflect the potential for upstream business expansion [1] - Pop Mart's shares rose over 11%, driven by the Labubu phenomenon, which helped its official app reach the top of the US App Store shopping chart [1] - Bluko's stock increased by over 7%, with institutions indicating that the company's new product rhythm is accelerating, leading to high growth expectations [1] - Gu Ming's share price rose over 9%, reaching a new historical high, with an increase of more than 1.4 times from its IPO price [1] - Luoyang Molybdenum's shares rose over 4%, reporting a 90% year-on-year increase in net profit for the first quarter, and plans to acquire Lumina Gold [1] - Green Power Environmental's shares once rose by 9%, with a 33.21% year-on-year increase in net profit attributable to shareholders for the first quarter, reaching 185 million yuan [1] - Rongchang Bio's shares rose over 4% ahead of its performance report, with multiple results selected for the 2025 ASCO oral presentation, and positive Phase III data for Taitasip [1] - Real estate stocks collectively declined, with institutions stating that Q2 real estate policies are leaning towards stabilization rather than strong stimulus, with Jin Hui Holdings down 5% and Greentown China down 3% [1] Group 2 - China Shenhua's shares fell by 3.57% post-earnings, with coal business volume and price declining, resulting in an 18% year-on-year drop in net profit for the period [2] - BYD Electronics' shares dropped by 7% after earnings, with a slight year-on-year increase in revenue and profit, and changes in iPhone shipment structure potentially affecting its mid-frame business [2] Group 3 - Chifeng Gold's shares fell by 3.66% post-earnings, but the stock has still seen a cumulative increase of nearly 60% this month, with net profit for the first quarter increasing by over 140% due to rising gold prices [3]

Group 1 - The stock prices of several real estate companies have declined significantly, with Jin Hui Holdings (09993.HK) down by 6.87%, Vanke Enterprises (02202.HK) down by 3.85%, Greentown China (03900.HK) down by 3.28%, and China Resources Land (01109.HK) down by 3.14% [1]

2025年以来，随着房地产市场"止跌回稳"势头巩固，土地市场也持续迎来积极变化。 包括北京、杭州、成都等在内的核心城市成交楼面价接连创新高。在此带动下，台州、嘉兴、重庆等更 多城市土地市场活跃度也在持续提升。同时，一批中小民营房企涌现，加快拿地步伐，市场信心显现边 际改善。 中小民营房企 积极入市 2025年3月份，得益于供给放量、房企营销力度增加等因素，克而瑞地产研究数据显示，百强房企3月份 实现销售操盘金额3175.7亿元，环比增长68.8%。随着销售端数据回暖，房企在土地市场的布局意愿也 同步增强。 根据中指研究院数据，截至4月22日，22个重点城市溢价成交宅地中，民企拿地金额占比已升至24%， 不少城市土拍市场中小民营开发商"面孔"持续增加。 4月14日，浙江台州市椒江区一宗涉宅地块吸引25轮竞价，最终由方远房地产集团有限公司(以下简 称"方远地产")旗下台州湾新区方远乐居置业有限公司以总价2.18亿元竞得，楼面价8431元/平方米，溢 价率达12.38%。 据了解，方远地产为台州本地民营房企，业务涵盖住宅开发、工业地产、商业地产以及保障房代建等全 产品线开发链。 同样表现活跃的还有河南本地民营房企河 ...