Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The gross profit margin is showing signs of recovery compared to the previous year, and the long-term valuation is expected to improve. The company has a relatively abundant amount of unrecognized resources and stable asset impairment levels, which should support future performance [2][12] - The company remains the industry leader in sales, with proactive investment expansion and continuous optimization of land reserve quality through regulatory adjustments [2][12] - The successful issuance of convertible bonds indicates that the intrinsic value of the company is gradually being recognized, suggesting potential for long-term valuation recovery [2][12] Summary by Sections Financial Performance - In the first half of 2025, the company achieved revenue of 116.9 billion yuan, a decrease of 16.1%, and a net profit attributable to shareholders of 2.7 billion yuan, down 63.5%. The decline in revenue is primarily due to a decrease in project completion and revenue recognition [6][12] - The gross profit margin for the first half of 2025 was 14.9%, slightly down by 0.9 percentage points from the previous year, while the comprehensive gross profit margin was 14.6%, down 1.4 percentage points [12] Sales and Investment - The company achieved sales of 145.2 billion yuan in the first half of 2025, a decrease of 16.2%, with a sales area of 7.14 million square meters, down 25.2%. The average selling price increased by 12.0% to 20,300 yuan per square meter [12] - The company actively expanded its investment, with land acquisition amounting to 50.9 billion yuan, an increase of 303.7%, and the area acquired was 2.28 million square meters, up 96.5% [12] Business Highlights - The company reported operational income of 2.54 billion yuan from asset management, a 13% increase, and the property management segment showed stable performance with a net profit of 890 million yuan, up 5.3% [12] - The issuance of 8.5 billion yuan in convertible bonds at a low interest rate reflects strong investor confidence in the company's value [12]

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 ...

Group 1: Automotive Industry Insights - The automotive industry is experiencing a significant shift towards intelligent driving technologies, with companies like HUAWEI and Horizon leading the way in advanced driver assistance systems [13][14]. - The penetration rate of L2 and above autonomous driving features in passenger vehicles reached 29.7% as of June 2025, reflecting a year-on-year increase of 13 percentage points [14]. - Investment recommendations include companies such as Xpeng Motors, Leap Motor, and Geely for complete vehicles, and suppliers like Suoteng Technology and Hesai Technology for components [15]. Group 2: Pharmaceutical Sector Developments - The pharmaceutical sector showed weaker performance compared to the overall market, with the biopharmaceutical segment rising only 1.05% [16]. - The World Lung Cancer Conference (WCLC) in September 2025 will showcase innovative research from Chinese pharmaceutical companies, highlighting the growing competitiveness of domestic products [16][17]. - Investment focus is recommended on companies presenting at major conferences like ESMO and WCLC, particularly those with promising clinical data [17]. Group 3: Mining and Metals Performance - Luoyang Molybdenum's net profit for H1 2025 increased by 60% to CNY 8.67 billion, driven by rising copper and cobalt prices alongside increased production [18][19]. - Zijin Mining reported a 54.41% year-on-year increase in net profit for H1 2025, attributed to a significant rise in gold production and prices [22][23]. - Cloud Aluminum's net profit for H1 2025 grew by 10%, with a strong performance in aluminum production and a proposed cash dividend of CNY 3.2 per share [20][21]. Group 4: Real Estate and Property Management - Poly Property's revenue for H1 2025 reached CNY 8.4 billion, with a net profit increase of 5%, indicating steady growth in property management services [31][32]. - Greentown China reported a significant decline in net profit by 89.7% for H1 2025, primarily due to uneven revenue recognition and asset impairment provisions [33][34]. - The company maintained a strong sales performance, with total sales area down only 10% compared to the industry average, reflecting resilience in a challenging market [34].

Core Viewpoint - The financial reports of major real estate companies, including China Overseas Land & Investment, China Resources Land, and Poly Developments, indicate a downward trend in profit metrics, reflecting the ongoing stabilization phase of the real estate market [1][2]. Financial Performance - Poly Developments reported a revenue of approximately 1168.56 billion yuan, a year-on-year decrease of 16.08%, with a net profit of about 27.1 billion yuan, down 63.47% [5]. - China Overseas Land recorded a revenue of 832.19 billion yuan, a decrease of 4.27%, and a net profit of 85.99 billion yuan, down 16.62% [5]. - China Resources Land achieved a revenue of 949.21 billion yuan, an increase of 19.86%, with a core net profit of 100 billion yuan, down 6.6%, and a net profit of 118.8 billion yuan, up 16.21% [5]. Profitability Metrics - China Resources Land exhibited the highest gross margin improvement, with a comprehensive gross margin of 24.0%, up 1.8 percentage points year-on-year [6]. - The gross margin for Poly Developments was 14.6%, slightly above the full-year level of 2024, while China Overseas Land maintained a gross margin of 17.4% [6]. Market Positioning - All three companies increased their market share in core cities, with China Overseas Land achieving a contract sales amount of 556.4 billion yuan in five major cities, accounting for 53.7% of total contract sales [7]. - Poly Developments reported an increased market share in 38 core cities, ranking first in cities like Shanghai, Guangzhou, Chengdu, and Xi'an [7]. Investment Strategies - Despite profit pressures, the companies continue to invest in core cities, with Poly Developments acquiring 26 new projects in major cities, totaling a land price of 509 billion yuan [8]. - China Resources Land added 148,000 square meters of land reserves, acquiring 18 projects with an investment of 322.8 billion yuan [8]. - China Overseas Land led the industry with a new equity investment of 550.1 billion yuan in the first seven months of the year [8]. Market Outlook - Company executives expressed optimism about the real estate market's recovery, citing supportive policies and improving market confidence [2][10]. - The focus on improving housing quality and addressing consumer needs is seen as a key driver for future demand in the real estate sector [9][10].

记者丨 吴抒颖 编辑丨张伟贤 筑底回稳 在这三家房企之中，华润置地的业绩表现要相对优秀，这主要得益于华润置地在经营性不动产 业务的提前布局。 今年上半年，华润置地录得营业收入949.21亿元，同比增加19.86%；核心净利润为100亿元， 同比下滑6.6%；归母净利润118.8亿元，同比增加16.21%。 中海地产、华润置地于2025年8月27日同时发布2025年中期业绩。加上此前发布半年报的保利 发展， 房地产行业三家头部企业均已经交出答卷。从这三家头部房企的财报中，能够感知到 房地产市场的冷暖变化。 三家房企主要利润指标均有不同程度的走低，保利发展、中海地产归母净利润录得下滑，华润 置地核心净利润略有下降，显示房地产市场仍在筑底。不过，三家房企在投资上仍然积极，今 年以来，保利发展、中海地产以及华润置地在一线城市以及核心二线城市不断加仓，保持稳健 的拿地强度也印证三者对房地产市场的信心。 在业绩发布会上，中海地产、华润置地也均对后市持乐观态度。 中海集团董事长颜建国表示，公司对中国经济稳中求进充满信心，对房地产市场止跌回稳充满 信心。凭借强劲的比较优势，中海地产将继续保持攻守兼备的发展态势，在市场调整中保 ...

三家房企对后续市场仍有信心。 中海地产、华润置地于2025年8月27日同时发布2025年中期业绩。加上此前发布半年报的保利发展 （600048），房地产行业三家头部企业均已经交出答卷。从这三家头部房企的财报中，能够感知到房地 产市场的冷暖变化。 三家房企主要利润指标均有不同程度的走低，保利发展、中海地产归母净利润录得下滑，华润置地核心 净利润略有下降，显示房地产市场仍在筑底。不过，三家房企在投资上仍然积极，今年以来，保利发 展、中海地产以及华润置地在一线城市以及核心二线城市不断加仓，保持稳健的拿地强度也印证三者对 房地产市场的信心。 在销售方面，三家房企在核心城市的市占率均进一步提高。 在业绩发布会上，中海地产、华润置地也均对后市持乐观态度。 中海集团董事长颜建国表示，公司对中国经济稳中求进充满信心，对房地产市场止跌回稳充满信心。凭 借强劲的比较优势，中海地产将继续保持攻守兼备的发展态势，在市场调整中保持行业领导地位，实现 持续稳健高质量发展。 华润置地董事会主席李欣则表示，随着今年一揽子楼市政策持续落地，市场信心已逐步修复，核心城市 改善型需求加速释放，行业总体也延续风险缓释、市场企稳的态势。华润置地首席运 ...

"沪六条"对上海外环外区域放开购房额度，释放大量购买力。 8月25日，上海市住房城乡建设管理委、市房屋管理局等六部门联合印发《关于优化调整本市房地产政 策措施的通知》（以下简称"沪六条"），涉及调整住房限购、优化住房公积金、优化个人住房信贷以及 完善个人住房房产税等一揽子措施。 26日是"沪六条"正式生效后的第一天，上海有两个楼盘开盘即售罄。 位于宝山区杨行镇的"金茂棠前"项目，共计推出160套房，均价5.39万元/平方米，有效认筹率达到 162.5%，26日的认购现场座无虚席，全数售罄。 在闵行区梅陇镇，由保利开发的"海上印"26日共推出168套房源，均价8.2万元/平方米，累计认购286 组，认购率超170%，也于当天售罄。 太平洋房屋的数据则显示，新政后首日新增房源环比上涨166%，新增客环比上涨40%，成交环比上涨 14.8%。该公司相关人士表示："一般周六、周日是带看和成交的高峰，一周后新政的效应或许会更明 显。" 无论是金茂棠前还是保利海上印，都位于外环外板块。"沪六条"针对楼市结构性问题精准发力，对外环 外区域放开购房额度，释放购买力，明确"符合条件居民家庭在外环外购房不限套数"。 位于松江区泗 ...

【 规模稳居行业第一，存货去化压力还在加大 】 2025上半年保利发展实现全口径销售金额1451.71亿元，销售面积713.54万平方米，分别同比减少 16.25%和25.23%，销售额排名仍然稳居行业第一。其中，2021 年及以前获取的存量项目签约销售金额 514 亿元，占比35.4%，期内企业积极推进存量去 化。但期末存货中竣工物业规模相较于期初继续增长了7.2%至2137.7亿元，对存货的占比也继续提高了3.1个百分点至28.1%，企业的存货去化压力仍在加 大。 【 拿地力度明显加大，继续重点投资一线城市 】 2025上半年新增计容建筑面积为228万平方米，拓展成本509亿元，分别同比增长96.6%和304%，拿地 销售金额比由去年同期的0.07提升到了0.35，拿地力度明显加大。上半年企业重点投资一线城市，建面占比达到23.8%，处于近年来的较高水平。期末企 业总土地储备为11426万平方米，相较于期初减少了9.1%，其中三四线占比达43.8%；对比企业2022年以来的新增土地规模以及三四线新增土地建面占比 都小于30%来看，企业库存，尤其是三四线城市的库存，去化压力突出。 待结算收入储备充足，利润率 ...

Market Overview - The Shanghai Composite Index fell by 1.76% on August 27, with only one industry, telecommunications, showing an increase of 1.66%. The real estate and beauty care sectors experienced significant declines of 3.51% and 3.86%, respectively [1] Capital Flow Analysis - The main capital flow in the two markets showed a net outflow of 129.75 billion yuan, with all industries under Shenwan experiencing net outflows. The computer industry had the largest net outflow of 16.31 billion yuan, followed by the pharmaceutical and biological sector with a net outflow of 12.32 billion yuan [1] Real Estate Sector Performance - The real estate sector saw a decline of 3.51%, with a total net outflow of 2.696 billion yuan. Out of 100 stocks in this sector, only 4 rose, and 1 hit the daily limit, while 96 fell, with 2 hitting the daily limit down [2] - Among the stocks with net inflows, the top performer was China New Group, with a net inflow of 78.12 million yuan, followed by Huafa Group and Wanye Enterprises with net inflows of 31.61 million yuan and 21.28 million yuan, respectively [2] - The stocks with the largest net outflows included Wantong Development, Poly Development, and Zhangjiang Hi-Tech, with net outflows of 522.48 million yuan, 241.02 million yuan, and 220.43 million yuan, respectively [3]

机构报告显示，上半年保利发展的销售额和销售面积均维持在行业第一规模。具体来看，上半年保利发 展实现签约金额1451.71亿元，实现签约面积713.54万平方米。 领先的销售业绩离不开公司对市场的精准预判和积极的销售策略。保利发展表示，年初公司确立了全面 抢抓销售、增量存量分类施策的策略。一季度把握市场窗口，优化产品、提升展示，取得630亿元签约 的良好开局；二季度市场有所下行，公司紧抓五一关键节点、用好房票安置等政策机会，稳住市场份 额。 在存量方面，保利发展推行"老盘新作、全面焕新"，通过推动存量项目调规调产品等方式加速去化。财 报显示，上半年公司存量项目签约销售394万平方米，销售金额514亿元，占比达35%。 增量项目亦有效改善了上半年的销售质量。报告显示，期内公司2022年及之后获取的增量项目合计签约 金额约937亿元，占比65%，较2024年全年进一步提升了5个百分点。同时，公司38个核心城市销售贡献 同比提升3个百分点至92%，其中在上海、广州、成都、西安等9个核心城市排名第一，在石家庄、福州 等8个核心城市排名前三，广佛、太原、石家庄等7个核心城市市占率突破15%，重点城市竞争优势持续 巩固。 ...