Core Viewpoint - The company reported steady growth in its mid-year performance for 2025, with revenue of 34.2 billion yuan, a year-on-year increase of 4.2%, and a net profit attributable to shareholders of 0.91 billion yuan, up 11.8% year-on-year [1] Group 1: Financial Performance - The company's mid-year revenue and net profit showed robust growth, with net profit growth outpacing revenue growth due to a 1.0 percentage point increase in gross margin to 12.9% [1] - The company expects its gross margin to remain at the bottom range for the year, with reduced impairment pressure, as historical project profit realization indicates average performance for new projects in 2023 [1] - As of June 30, 2025, the company had a stock value of 47.4 billion yuan for projects acquired in 2021 and earlier, a decrease of approximately 3 billion yuan from the end of 2024, indicating a reduction in inventory pressure [1] Group 2: Sales and Land Acquisition - The company achieved a sales amount of 70.7 billion yuan in the first half of 2025, a 7% increase, with equity sales amounting to 53.4 billion yuan, up 5%, and an average sales price of 26,506 yuan per square meter, a 25% increase [2] - The company maintained a strong land acquisition strategy, with new land value of 98.7 billion yuan, a 33% increase, and a land acquisition intensity of 70%, ranking sixth in the industry [2] - As of June 30, 2025, the company's saleable land value increased to 249.6 billion yuan, with 81% of land acquired in 2022 and later, further optimizing asset quality [2] Group 3: Financial Health - The company's financing cost continued to decline, with a financing cost of 3.17% for interest-bearing liabilities as of June 30, 2025, a decrease of 39 basis points from the end of 2024 [3] - The company's financial safety margins remain high, with asset-liability ratio, net debt ratio, and cash-to-short-term debt ratio at 58.9%, 33.4%, and 3.9 times, respectively [3] - The company is expected to achieve net profits attributable to shareholders of 4.91 billion yuan, 5.31 billion yuan, and 5.88 billion yuan for 2025-2027, with corresponding price-to-earnings ratios of 7.7, 7.1, and 6.4 times, indicating that current valuations do not fully reflect short-term operational improvements and long-term competitive advantages [3]
建发国际集团(1908.HK):业绩稳健增长 经营表现强劲