Core Viewpoint - Greentown China anticipates a slowdown in land acquisition in the second half of the year, with a target land value of between 120 billion to 130 billion yuan for the year, while sales for 2025 are expected to remain comparable to the previous year [1][2][4] Financial Performance - In the first half of the year, Greentown achieved total contract sales of approximately 122.2 billion yuan, ranking second nationally; revenue was about 53.368 billion yuan, with a profit attributable to shareholders of approximately 210 million yuan [1] - The company added 35 new projects with a total construction area of about 3.55 million square meters, expected to have a saleable value of approximately 90.7 billion yuan, ranking third in the industry [1] - As of June 30, 2025, the company's bank deposits and cash amounted to approximately 66.795 billion yuan, which is 2.9 times the balance of short-term borrowings due within one year, marking a historical high [1] Land Acquisition Strategy - The company plans to adopt a more cautious and precise strategy for land acquisition in the second half of the year, focusing on high-quality land parcels that have scarcity and development potential [2][3] - The land acquisition pace will be slowed due to the significant amount of land acquired in the first half of the year, with a dynamic adjustment of the annual land value target based on sales and cash flow conditions [2] Market Outlook - The high-end residential market is expected to maintain its heat due to previously suppressed demand and the recent supply of quality low-density and core land [3] - The company foresees a potential local recovery in the real estate market during the "Golden September and Silver October" period, with a gradual stabilization expected in the overall market [4] - The recovery process is anticipated to be uneven, with first-tier and core second-tier cities likely to stabilize first, while non-core second-tier and third- and fourth-tier cities may take longer to recover [3][4]
绿城中国：下半年放缓拿地节奏 全年拿地货值目标在1200亿—1300亿元