头部房企“过冬”，招商蛇口撤销区域公司

Core Viewpoint - The restructuring trend among major state-owned enterprises in the real estate sector has reached leading companies, with China Merchants Shekou being the first to completely eliminate all regional companies, indicating a shift towards more efficient management structures in response to market pressures [2][3]. Company Restructuring - China Merchants Shekou has announced the establishment of an Asset Management Department at the headquarters level and has eliminated five regional companies, opting for direct management of city companies from the headquarters [2][3]. - This move reflects a broader trend among major state-owned enterprises, including Poly Developments and China Overseas Land & Investment, which have also made organizational adjustments to streamline operations [3]. Market Conditions - The real estate market is under significant pressure, leading to a reduction in the number of cities that companies focus on, with a trend towards flat management structures to enhance efficiency [2][4]. - China Merchants Shekou's performance has been impacted by the overall downturn in the industry, with a notable decrease in net profit despite a slight increase in revenue [5][6]. Financial Performance - In 2024, China Merchants Shekou reported a revenue of 178.95 billion yuan, a year-on-year increase of 2.25%, but net profit fell by 36.09% to 4.04 billion yuan due to declining gross margins and increased impairment provisions [5][6]. - The company has significantly reduced land acquisitions, securing only 26 plots in 2024, which is half of the previous year's total, with a focus on high-yield projects in core cities [6][7]. Future Outlook - Despite recent challenges, there are signs of recovery, with a slight increase in net profit in the first quarter of the current year, suggesting potential for improved performance moving forward [7].