保利发展半年报：稳健经营下的高质量突围

Core Viewpoint - Poly Developments reported a strong performance in the first half of 2025, achieving revenue of 116.9 billion yuan and a net profit of 2.711 billion yuan, demonstrating resilience and profitability in a challenging market environment [1] Sales Performance - In the first half of 2025, Poly Developments maintained its position as the industry leader with a sales amount of 145.171 billion yuan and a sales area of 7.1354 million square meters [2] - The company adopted a strategy focused on maximizing sales and optimizing product offerings, resulting in a strong start with 63 billion yuan in sales in Q1 and effective market strategies during Q2 [2] - The company achieved 39.4 million square meters in sales from existing projects, contributing 51.4 billion yuan, which accounted for 35% of total sales [2] Project Development - New projects acquired since 2022 contributed approximately 93.7 billion yuan in sales, representing 65% of total sales, with a 5% increase compared to the previous year [3] - The company expanded its land reserves by acquiring 26 new projects in key cities, with a total land price of 50.9 billion yuan and a total planned area of 2.28 million square meters [3] - As of June 30, 2025, the company had a total planned area of 58.55 million square meters for unsold projects, a decrease of 4.03 million square meters from the beginning of the year [3] Quality and Customer Focus - Poly Developments implemented a "Three Good Strategy" focusing on good products, good services, and good living, which has been pivotal in achieving sales leadership [5] - The company established a comprehensive quality management system based on extensive customer research, enhancing product offerings and customer service [6] - The introduction of the "Dine-in Action" initiative improved customer experience by integrating service requests and enhancing delivery quality [6] Financial Health - The company reported a cash inflow of 16 billion yuan from operations, with a total sales recovery rate of 100%, an increase of 15 percentage points year-on-year [7] - The average cost of interest-bearing liabilities decreased by 21 basis points to 2.71%, with a comprehensive financing cost of 2.89% [8] - As of June 30, 2025, the company's asset-liability ratio was 73.53%, with a net liability ratio of 59.64%, both showing improvements from the beginning of the year [8] Real Estate Operations - Poly Developments achieved an operating income of 2.54 billion yuan from real estate operations, a 13% increase year-on-year, with a total operating area of 5.73 million square meters [9] - The company expanded its third-party property management projects, achieving a contract amount of 1.406 billion yuan, a 17% increase year-on-year [9] - The total managed area for third-party projects reached 550 million square meters, accounting for 65.9% of the total managed area [9]