Core Viewpoint - Greentown China reported a significant decline in profitability for the first half of the year, but maintained a robust performance in sales despite challenging market conditions [1][3]. Financial Performance - As of June 30, Greentown China achieved revenue of 53.368 billion yuan, a year-on-year decrease of 23.3% [3]. - The company recorded an impairment and fair value change of 1.938 billion yuan, an increase of 10.7% compared to the same period last year [3]. - The net profit attributable to shareholders plummeted by 89.7% to 210 million yuan, while gross profit fell by 21.4% to 7.159 billion yuan [3]. - The gross margin for the first half was 13.4%, a slight increase of 0.3 percentage points year-on-year, primarily due to the delivery of the Shanghai Bund Lanting Phase II project, which contributed nearly 5 billion yuan in revenue with a gross margin of 35% [3][5]. Sales Performance - Greentown China achieved a contract sales amount of approximately 122.2 billion yuan, ranking second in the industry [6]. - The company launched 17 projects in the first half, with a price realization rate of 88% and a de-stocking realization rate of 82%, both exceeding last year's full-year levels [7]. - The company emphasized a strategy focused on balancing speed and price, aiming for high-quality de-stocking without resorting to indiscriminate price cuts [8]. Inventory and Project Management - As of June 30, Greentown China had a saleable value of approximately 270 billion yuan, with about 50% of this value coming from projects acquired in 2021 or earlier [8]. - The company plans to focus on optimizing resource allocation and enhancing the value of existing projects while continuing to promote new projects [8]. Land Acquisition Strategy - In the first half, Greentown China added 35 new projects with a land cost of 36.2 billion yuan, with 88% of the new land located in first- and second-tier cities [12]. - The company intends to slow down its land acquisition pace in the second half, adjusting its annual land acquisition target to between 120 billion and 130 billion yuan based on sales performance and cash flow [12]. Debt and Financial Management - As of June 30, Greentown China's total borrowings increased by 4.3% to 143.027 billion yuan, with bank loans rising by 11.8% [13]. - The net asset liability ratio increased by 7.3 percentage points to 63.9% compared to the end of last year [13]. - The company aims to balance inventory reduction, development, and debt reduction while optimizing its debt structure [13].
半年新增35个项目，绿城负债水平来到高点｜直击业绩会