房企上半年业绩分化：金隅中交等亏损扩大 广宇大悦城扭亏

Core Viewpoint - The performance of listed real estate companies reflects their efforts during the market adjustment period, with mixed results in the latest half-year earnings forecasts for 2025, indicating a divergence in strategies among different companies [1][2]. Performance Overview - Many real estate companies continue to experience performance declines compared to the same period last year, with companies like Jin Di, Huashang, and Greenland reporting increased losses [1][3][4]. - Vanke reported a sales amount of 69.11 billion yuan in the first half of the year, with expected net losses between 10 billion to 12 billion yuan, slightly worse than the previous year's losses [3]. - Poly Developments remains one of the few profitable companies, although its profits have decreased compared to last year [5]. - Smaller companies like Huashang, Rongsheng, and others have also seen expanded losses, while some companies like Xinda Real Estate have managed to reduce their losses [5][6]. Market Conditions - The real estate market has shown signs of stabilization since the fourth quarter of last year due to various supportive policies, but the overall performance of real estate companies remains under pressure [1][8]. - National statistics indicate a decline in new housing sales area and sales revenue, with a 3.5% drop in sales area and a 5.5% drop in sales revenue in the first half of the year [8]. Strategic Responses - Some companies, such as Dayue City and Guangyu Group, have turned losses into profits due to increased settlement scales and high-margin projects [6][7]. - Companies are adopting cost-saving measures to improve efficiency and reduce expenses [7]. Future Outlook - The real estate market is expected to continue experiencing fluctuations, with government policies aimed at stabilizing expectations and activating demand [11]. - The performance of real estate companies in the second half of the year will depend on their ability to manage high-cost land and the overall market recovery [11].