Core Viewpoint - Greentown China (03900.HK) reported a significant decline in net profit despite a substantial increase in revenue, highlighting a concerning trend in profitability relative to its historical performance [1][5]. Financial Performance - For the first half of 2025, Greentown China's revenue was RMB 533.68 billion, a decrease of 23% year-on-year, while gross profit fell by 21% to RMB 71.59 billion [2]. - The company's net profit attributable to shareholders was only RMB 2.1 billion, down nearly 90% from RMB 20.45 billion in the same period last year, marking the lowest mid-year net profit since its listing in 2006 [1][2]. - The decline in revenue and profit was attributed to uneven delivery schedules and a 22.7% decrease in area recognized for revenue during the first half of the year [2]. Asset Impairment and Costs - Greentown China recorded asset impairment losses of RMB 19.33 billion in the first half of 2025, which significantly impacted net profit [2]. - The company also reported a non-financial asset impairment loss of RMB 17.17 billion, reflecting a cautious approach to asset valuation amid market conditions [8]. Shareholder Profit Distribution - Non-controlling shareholders took away RMB 10.01 billion of the total profit, which accounted for 83% of the net profit, leaving only RMB 2.1 billion for the company's shareholders [9][10]. - This represents a significant increase in the share of profits taken by non-controlling shareholders compared to the previous year, where they accounted for 38% of the total profit [10]. Market Position and Sales - Despite the profit decline, Greentown China remains a strong player in the real estate market, achieving total contract sales of approximately RMB 1,222 billion in the first half of 2025, ranking second in the industry [3]. - The company maintained a high collection rate of 96% for its sales, supporting further project investments [3]. Financial Health - Greentown China's cash and bank deposits amounted to approximately RMB 667.95 billion, which is 2.9 times its short-term debt, indicating a strong liquidity position [3]. - The company's average cost of debt decreased to 3.6%, down 40 basis points from the previous year, reflecting improved financing conditions [3].
暴跌90%，“换帅”后绿城中国创下19年来最低中期净利