打折促销背后收益承压，长实集团：将审慎扩充土储

Core Viewpoint - The company reported an increase in revenue but a significant decrease in net profit, indicating a "revenue growth without profit growth" scenario due to discount promotions and property valuation adjustments [1]. Financial Performance - For the first half of 2025, the company achieved a revenue of approximately HKD 25.386 billion, a year-on-year increase of 15.3% [1]. - The net profit attributable to shareholders was approximately HKD 6.302 billion, a decrease of 26.2% compared to the previous year [2]. - Before property revaluation, the net profit was approximately HKD 6.805 billion, reflecting a slight increase of 1.6% year-on-year [2]. Property Sales - The company reported property sales revenue of approximately HKD 7.366 billion, a significant increase of 58.92% compared to HKD 4.635 billion in the same period last year [3]. - However, the overall property sales revenue decreased by 2.91% to approximately HKD 1.768 billion, with Hong Kong property sales dropping by 92.91% [3]. - The mainland market showed a strong performance with property sales revenue of approximately HKD 1.469 billion, a year-on-year increase of 106.9% [3]. Discount Promotions - The company has been implementing discount promotions to stimulate sales in a weak market, which has led to lower revenue per sale [3][4]. - The company launched a "Greater Bay Area Dual Residence Life" plan, promoting properties at significantly lower prices compared to Hong Kong [5]. Land Reserves and Strategy - The company's land reserves have been decreasing, with approximately 67 million square feet available for development, including 6 million square feet in Hong Kong and 58 million square feet in mainland China [6]. - The company plans to continue a prudent strategy in land acquisition, focusing on quality land for future development [6]. - Management indicated that several projects are expected to contribute profits in the second half of the year, while one project is anticipated to incur losses [6].