建发国际集团：瞄准高净值人群，下半年择机拓展合适的灯塔项目丨财面儿·年报洞见

Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of approximately 34.16 billion, a year-on-year increase of 4.3% [1] - The profit attributable to equity holders was approximately 910 million, reflecting a year-on-year growth of 11.8% [1] - The cumulative contract sales amounted to approximately 53.35 billion, with a year-on-year increase of 5% [1] Group 2: Sales Strategy - The company has implemented a sales strategy focused on strict control of new project launches and enhancing cash recovery efficiency [1] - The target for new project launches is estimated at approximately 270 billion, with an initial inventory value of around 100 billion and an additional supply of 66.7 billion in the first half of the year [2] - The company plans to add approximately 100 billion in new supply in the second half of the year, with a focus on key projects in major cities such as Beijing, Hangzhou, and Chengdu [1][2] Group 3: Investment Strategy - The company adheres to a cautious investment approach, prioritizing liquidity and has acquired 33 projects with a total value of approximately 120 billion in the first half of the year [2] - Future land acquisitions will be based on sales performance, with a focus on enhancing inventory liquidity and managing price risks [2] - The company aims to diversify its investment capabilities through urban renewal asset packages and other channels [2] Group 4: Product Development - The company is focusing on high-quality "lighthouse" projects, which are tailored to local characteristics and aimed at high-net-worth individuals [2][3] - The "lighthouse" projects are strategically located in core urban areas, ensuring high scarcity and market competitiveness [3] - The company is committed to enhancing product quality and customer satisfaction through rigorous production quality control and timely delivery [3] Group 5: Future Directions - The company is exploring light asset operations and has several practical cases in this area, with plans to further expand using group resources [3] - The company is also piloting long-term rental apartments in Shanghai and advancing trials in the elderly care sector [5] - The evolving commercial landscape is prompting the company to focus on asset operations as a significant development direction [4]