据证券之星公开数据整理，近期滨江集团(002244)发布2025年中报。截至本报告期末，公司营业总收入 454.49亿元，同比上升87.8%，归母净利润18.53亿元，同比上升58.87%。按单季度数据看，第二季度营 业总收入229.41亿元，同比上升118.49%，第二季度归母净利润8.77亿元，同比上升73.19%。本报告期 滨江集团盈利能力上升，毛利率同比增幅27.88%，净利率同比增幅17.16%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率12.24%，同比增27.88%，净利率5.92%，同比增 17.16%，销售费用、管理费用、财务费用总计9.38亿元，三费占营收比2.06%，同比减43.87%，每股净 资产9.46元，同比增11.61%，每股经营性现金流-2.88元，同比减95.52%，每股收益0.6元，同比增 62.16% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 242.01亿 | 454.49 Z | 87.80% | | 归母净利润（元） | 11.66 Z | 18.53亿 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has reported significant growth in revenue and profit for the first half of 2025, driven by an increase in delivery scale and a strong focus on high-quality land reserves in Hangzhou, leading to a recovery in profitability [6] - The financing cost has decreased to the level of state-owned enterprises, enhancing the company's financial stability [8] - The company maintains a high investment intensity of over 60% and is expected to continue benefiting from the transfer of high-priced land [6] Financial Performance Summary - For the first half of 2025, the company achieved operating revenue of 454.5 billion yuan, a year-on-year increase of 87.8% - Net profit reached 26.9 billion yuan, up 120% year-on-year, while attributable net profit was 18.5 billion yuan, reflecting a 58.9% increase [6] - The company reported a gross margin of 12.24% and a net margin of 5.92%, with both margins showing improvements compared to the previous year [6] Sales and Land Acquisition - The company recorded sales of 527.5 billion yuan in the first half of 2025, a decrease of 9.4% year-on-year, ranking tenth in the industry and first among private enterprises [7] - In Hangzhou, the company achieved a sales amount of 287 billion yuan, maintaining the highest market share [7] - The company acquired 16 plots of land in Hangzhou and Jinhua, with a total land payment of 332.7 billion yuan, indicating a land acquisition intensity of 63% [7] Debt and Financing - As of the end of the first half of 2025, the company's consolidated interest-bearing debt was 333.5 billion yuan, a decrease of 40.8 billion yuan from the beginning of the year [8] - The financing cost has been reduced to 3.1%, down by 30 basis points from the beginning of the year, reflecting improved financial management [8] - The company maintains a cash-to-short-term debt ratio of 3.14 times, indicating strong liquidity [8] Earnings Forecast - The company forecasts attributable net profits of 29.4 billion yuan, 32.7 billion yuan, and 34.2 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.94, 1.05, and 1.10 yuan [6]

作者 | 黄昱 8月26日，滨江集团公布了2025年半年度报告。上半年，滨江集团实现营业收入454.49亿元，同比增长 87.8%；归属于母公司所有者的净利润18.53亿元，同比增长58.87%。 随着房地产进入深度调整期这三四年来，地产行业格局已经经历了大洗牌，如今销售额排名前十的房企 中只剩了一家民企，那就是来自杭州的滨江集团。 在保持一定投资强度的同时，对于滨江而言，确保财务健康仍然是其当前的首要任务。 财报显示，截至上半年底，滨江集团的权益有息负债约为265.06 亿元，较年初下降近40亿元，并表有息 负债规模333.52亿元，较上年末下降40.83 亿元，其中银行贷款占比 83.9%，直接融资占比 16.1%。 在市场处于筑底期的当下，滨江集团得以实现业绩反弹，主要是因为其上半年交付楼盘体量较去年同期 增加。同时，上半年毛利率同比增长2.67个百分点，回升至12.24%。 从销售额来看，今年上半年，滨江集团实现销售额 527.5 亿元，同比减少9.4%，位列克而瑞全国房企排 行榜第 10 位，较2024年同期下降两位，但仍是民营企业第 1位。 为了确保"拿地-销售"的正循环，滨江集团也保持了一定的投 ...

Core Viewpoint - The company has demonstrated strong sales performance and significant revenue and profit growth in the first half of 2025, positioning itself as a leading player in the real estate industry, particularly in the Hangzhou market [1][2][6]. Group 1: Sales Performance and Financial Results - In the first half of 2025, the company achieved sales of 52.75 billion yuan, ranking 10th among national real estate companies and 1st among private enterprises [1]. - The company reported operating income of 45.449 billion yuan, an increase of 87.8% year-on-year, and a net profit of 2.692 billion yuan, up 120% year-on-year, with attributable net profit of 1.853 billion yuan, rising 58.87% year-on-year [2]. - The gross profit margin for the first half of 2025 was 12.24%, an increase of 2.67 percentage points compared to the same period last year [2]. Group 2: Asset and Debt Management - As of the end of the reporting period, the company's total assets were 240.644 billion yuan, a decrease of 7.12% from the end of the previous year, while net assets attributable to shareholders increased by 6.90% to 29.426 billion yuan [2]. - The company’s asset-liability ratio, excluding pre-receipts, was 57.8%, indicating an optimized debt structure [3]. - The company’s interest-bearing liabilities decreased significantly, with a net debt ratio of 7.03% and a cash-to-short-term debt ratio of 3.14 times, ensuring effective coverage of short-term debts [3]. Group 3: Strategic Development and Land Acquisition - The company added 16 new land reserve projects during the reporting period, with a total construction area of 1.0067 million square meters and total land costs of 33.272 billion yuan, focusing on the Hangzhou market [3]. - The land reserves are concentrated in high-quality areas, with 73% located in Hangzhou, providing a strong foundation for sustainable development [3]. Group 4: Financing and Liquidity - The company has seen a continuous decline in financing costs, with an average cost of 3.1% as of June 2025, down 0.3 percentage points from the previous year [4]. - The total bank credit limit was 129.02 billion yuan, with 76% remaining available, indicating strong liquidity [4]. Group 5: Business Diversification - The company is expanding its construction business and has added a new project in Nanjing, with a construction area of approximately 57,000 square meters [5]. - The rental business includes approximately 490,500 square meters of commercial properties, generating rental income of 200 million yuan during the reporting period [5]. - The company’s first elderly care project has achieved a 90% occupancy rate, indicating successful operations in the healthcare sector [5]. Group 6: Market Outlook and Analyst Sentiment - Analysts from Shenwan Hongyuan believe the company’s strong market position and financial health will provide significant sales and profit elasticity in the future [6]. - Ping An Securities highlights the company's clear strategic planning and robust financial status, positioning it as a leading private enterprise in the real estate sector [7].

Investment Rating - The report maintains an "Accumulate" rating for Binjiang Group (002244) [2] Core Insights - Binjiang Group reported significant growth in the first half of 2025, with operating revenue reaching 454.49 billion yuan, a year-on-year increase of 87.80%, and net profit attributable to shareholders of 18.53 billion yuan, up 58.87% [5][6] - The company has a robust land reserve, with 16 new projects added in the first half of 2025, totaling a construction area of 1,006,700 square meters and land payments of 33.272 billion yuan [5] - The company's debt structure has improved, with interest-bearing liabilities decreasing by nearly 4 billion yuan compared to the beginning of the year, and financing costs have continuously declined, reaching a new low of 3.1% by June 2025 [5][6] Summary by Sections Financial Performance - In the second quarter of 2025, Binjiang Group achieved operating revenue of 229.41 billion yuan, a year-on-year increase of 118.49%, and net profit attributable to shareholders of 8.77 billion yuan, up 73.19% [5] - The gross profit margin for the first half of 2025 was 12.24%, an increase of 2.67 percentage points compared to the same period last year [5] Land Reserve and Strategic Layout - As of the end of the first half of 2025, the total land reserve amounted to 9,936,300 square meters, with 73% located in Hangzhou and 17% in other second and third-tier cities in Zhejiang [5] - The company plans to implement a "1+5" development strategy, targeting sales of approximately 100 billion yuan and aiming for a ranking within the top 15 in the industry [5][6] Financial Projections - The forecast for earnings per share (EPS) for 2025 and 2026 is 0.98 yuan and 1.00 yuan, respectively, corresponding to price-to-earnings (PE) ratios of 11 times and 10.7 times based on the current stock price [6][7]

Core Insights - Binjiang Group reported a significant increase in revenue and net profit for the first half of 2025, with revenue reaching 45.449 billion yuan, a year-on-year growth of 87.8%, and net profit of 1.853 billion yuan, up 58.87% [1] - The company's inventory management is highlighted as exceptional, with inventory value after deducting contract liabilities being only 60% of the current equity, a feat difficult for even state-owned enterprises to achieve [1][5] - Binjiang Group's debt levels have decreased, with total interest-bearing liabilities at 33.352 billion yuan, down 4.083 billion yuan from the end of 2024, and a financing cost reduced to 3.1% [1][5] Financial Performance - The company achieved a remarkable revenue growth of 87.8% and a net profit increase of 58.87% in the first half of 2025 [1] - The cash-to-debt ratio is close to 1:0.9, indicating a strong financial position compared to other real estate companies [5] - The asset-liability ratio, after deducting pre-sale funds, stands at 57.8%, with a net debt ratio of 7.03% [5] Inventory Management - Binjiang Group's inventory turnover period is only 1.78 years, significantly lower than the industry average, showcasing its superior inventory management capabilities [2] - The balance of completed but unsold development products decreased by 47.49% year-on-year, a performance unmatched by many competitors [2] - The company's ability to reduce year-end inventory by nearly half is rare in the industry [3] Land Acquisition and Development - In the first half of 2025, Binjiang Group added 16 new land reserve projects, with a total planned construction area of 1.0067 million square meters and total land costs reaching 33.272 billion yuan [6] - The total value of land to be developed exceeds 50 billion yuan, indicating strong growth potential despite a challenging market [6] Competitive Advantages - The company emphasizes its personnel advantage, with a lean structure and strong operational capability as its core competitive strength [7] - Brand quality and financing advantages are also highlighted, with an average financing cost of 3.1% as of June 2025 [8] - The company maintains a flexible decision-making process, allowing it to adapt strategies effectively in response to market conditions [9] Long-term Strategy - Binjiang Group's long-term advantages, including inventory and financial management, have accumulated over the years, reflected in its performance metrics [10] - The company's commitment to long-term value creation in the real estate sector positions it as a leader that is difficult for competitors to catch up with [10]

Group 1 - The core viewpoint of the news is that Binhai Group's stock has experienced fluctuations, with a recent decline of 2.05% and a year-to-date increase of 23.01% [1][2] - As of August 27, Binhai Group's stock price is 10.49 yuan per share, with a total market capitalization of 32.639 billion yuan [1] - The company primarily engages in real estate development and sales, with 98.93% of its revenue coming from property sales [1] Group 2 - For the first half of 2025, Binhai Group reported a revenue of 45.449 billion yuan, representing a year-on-year growth of 87.80%, and a net profit of 1.853 billion yuan, up 58.87% [2] - The number of shareholders decreased by 10.17% to 30,200, while the average circulating shares per person increased by 11.32% to 89,081 shares [2] - The company has distributed a total of 4.735 billion yuan in dividends since its A-share listing, with 1.313 billion yuan in the last three years [2]

公司摊薄每股收益为0.60元，较去年同报告期摊薄每股收益增加0.23元，同比较去年同期上涨62.16%。 公司最新总资产周转率为0.18次，较去年同期总资产周转率增加0.10次，同比较去年同期上涨115.27%。最新存货周转率为0.28次，较去年同期存货周转率增 加0.15次，实现3年连续上涨，同比较去年同期上涨121.59%。 公司股东户数为3.27万户，前十大股东持股数量为22.13亿股，占总股本比例为71.12%，前十大股东持股情况如下： | 序号 | 股东名称 | 持股 | | --- | --- | --- | | l | 杭州滨江投资控股有限公司 | 45.4 | | 2 | 戚金兴 | 11.9 | | 3 | 夏建で | 3.22 | | ব | 朱慧明 | 3.07 | | 5 | 中国工商银行股份有限公司-富国天惠精选成长混合型证券投资基金(LOF) | 1.70 | | 6 | 香港中央结算有限公司 | 1.65 | | 7 | 珠海阿巴马私募基金投资管理有限公司-阿巴马元享红利72号私募证券投资基金 | 1.21 | | 8 | 戚加奇 | 1.00 | | d | 交通银行股份有限公 ...

【1】苏州取消市区范围内新建商品住房2年限售 8月26日，苏州市住房和城乡建设局宣布，为进一步满足居民改善性住房需求，即日起，取消苏州市区 范围内新建商品住房取得不动产权登记证书满2年方可转让的限制措施(有特殊限制转让要求的住房除 外)。 【4】路劲上半年股东应占亏损20.34亿港元 8月26日，路劲发布2025年半年度业绩报告。报告显示，1—6月路劲实现营业收入约17.85亿港元，同比 下降48.53%；股东应占亏损20.34亿港元。 【5】越秀地产上半年权益持有人应占盈利13.7亿元 8月26日，越秀地产发布2025年半年度业绩报告。报告显示，1—6月越秀地产实现营业收入约475.7亿 元，同比上升34.6%；权益持有人应占盈利13.7亿元；核心净利润15.2亿元；经营业务所得的现金净额 41.02亿元。 出让信息显示，该宗地块土地面积约2.3万平方米，总建筑规模约3.68万平方米，容积率1.6，建筑限高 40米，成交楼面价约2.8万元/平方米。 【3】滨江集团上半年归母净利润18.53亿元 8月26日，滨江集团（002244）发布2025年半年度业绩报告。报告显示，1—6月滨江集团实现营业收入 约454 ...

【1】苏州取消市区范围内新建商品住房2年限售 【3】滨江集团上半年归母净利润18.53亿元 8月26日，滨江集团发布2025年半年度业绩报告。报告显示，1—6月滨江集团实现营业收入约454.49亿 元，同比增长87.8%；归母净利润18.53亿元，同比增长58.87%；经营活动产生的现金流量净额亏损 89.65亿元，同比下降95.52%。 【4】路劲上半年股东应占亏损20.34亿港元 8月26日，懋源地产以底价10.3亿元摘得顺义区薛大人庄村剩余1、2号地块土地一级开发项目SY00— 0025—6017地块。 8月26日，越秀地产发布2025年半年度业绩报告。报告显示，1—6月越秀地产实现营业收入约475.7亿 元，同比上升34.6%；权益持有人应占盈利13.7亿元；核心净利润15.2亿元；经营业务所得的现金净额 41.02亿元。 出让信息显示，该宗地块土地面积约2.3万平方米，总建筑规模约3.68万平方米，容积率1.6，建筑限高 40米，成交楼面价约2.8万元/平方米。 北京商报记者 王寅浩 李晗 8月26日，路劲发布2025年半年度业绩报告。报告显示，1—6月路劲实现营业收入约17.85亿港元，同比 下降 ...