Core Viewpoint - The company has significantly increased land acquisition intensity, but impairment losses have pressured performance. Despite this, sales remain stable, and the company maintains a positive outlook with a "buy" rating. Group 1: Financial Performance - In H1 2025, the company reported revenue of 53.368 billion yuan, a decrease of 23.3% year-on-year, and a net profit attributable to shareholders of 210 million yuan, down 89.7% year-on-year, primarily due to a 22.7% decline in recognized area and an impairment provision of 1.933 billion yuan, which increased by 183 million yuan compared to the same period in 2024 [1] - The gross profit margin for H1 2025 was 13.4%, an increase of 0.3 percentage points year-on-year, with the development business gross margin at 12.7%, up 1.0 percentage point year-on-year [1] Group 2: Sales and Efficiency - The company achieved a contract sales amount of 122.2 billion yuan in H1 2025, ranking second in total sales; self-invested sales area totaled 2.29 million square meters, with a self-invested sales amount of 80.3 billion yuan, down 6.0% year-on-year; equity sales amounted to 53.9 billion yuan, down 11.3%, with the equity ratio decreasing by 4.1 percentage points to 67.1% [1] - The company’s first project sales rate reached 80%, an increase of 2 percentage points year-on-year, with a premium of 1.5 billion yuan over the base price, resulting in a premium rate of 104% [1] Group 3: Land Acquisition and Financing - In H1 2025, the company added 35 new projects with a total construction area of approximately 3.55 million square meters, an increase of 171% year-on-year; the equity land price was 36.2 billion yuan, with an average floor price of 13,591 yuan per square meter [2] - The expected new value of land is 90.7 billion yuan, an increase of 172% year-on-year, ranking third in the industry, with an equity acquisition intensity of 67%; the value of land in first and second-tier cities accounted for 88%, with Hangzhou accounting for 47% [2] - As of H1 2025, the company had cash on hand of approximately 66.8 billion yuan, which is 2.9 times the balance due within one year, with short-term debt accounting for a historical low of 16.3%, and the average financing cost reduced to 3.6%, a decrease of 40 basis points year-on-year [2]
绿城中国(03900.HK)港股公司信息更新报告：投资拿地强度大幅提升 减值拖累业绩水平