头部房企撑起“半边天”，做对了什么？

Sales Performance - The total sales revenue of the top 100 real estate companies in China for the first half of 2025 was 1,836.41 billion yuan, representing a year-on-year decline of 11.8%, although the decline has narrowed significantly compared to the same period last year [2] - In June 2025, the sales revenue of the top 100 companies decreased by 18.5% year-on-year, which is a 1.2 percentage point increase in the decline compared to May [2] - There were 4 companies with sales exceeding 100 billion yuan, a decrease of 2 compared to the same period last year, while the number of companies with sales exceeding 10 billion yuan increased by 2 to 46 [2] Market Share - The sales revenue share of the top 10 companies reached 48.7%, an increase of 0.5 percentage points from 2024, while the shares for the top 20 and top 50 companies were 64.8% and 85.5%, respectively, reflecting increases of 0.8 and 0.2 percentage points [4][5] Policy Response - The strong performance of leading companies is attributed to their proactive alignment with policy directions, focusing on creating "good houses" to enhance project sales and cash flow [7] - The concept of "good houses" was included in the 2025 government work report, indicating the government's emphasis on this initiative [7] Land Acquisition - The total land acquisition amount for the top 100 companies in the first half of 2025 was 506.55 billion yuan, marking a year-on-year increase of 33.3%, ending an 8-month streak of negative growth in land acquisition [9] - Among the top 100 companies, 73 were state-owned enterprises, accounting for 60% of the total land acquisition amount, while the number of private enterprises participating in land acquisition increased by 14 compared to the previous year [10] Investment Trends - The top 10 companies accounted for 55.3% of the total land acquisition amount, and the top 20 companies accounted for 69.3%, indicating a significant increase in the land acquisition efforts of leading firms [12] - The average land acquisition ratio for 20 representative companies was 39.2%, a 20.3 percentage point increase from the previous year, with some companies like Jianfa Real Estate and Jinmao exceeding a ratio of 60% [15]