林昭远：现房销售影响拿地意愿，越秀地产已做好应对

Core Viewpoint - Yuexiu Property has achieved a contract sales growth of 11% year-on-year, reaching 61.5 billion yuan in the first half of 2025, making it one of the few top 10 real estate companies to report positive growth in a declining market [1][2]. Sales Performance - In the first half of the year, Yuexiu Property's sales in first-tier cities amounted to 49.5 billion yuan, accounting for 80.5% of total sales [2]. - The company reported significant sales growth in key cities: Beijing saw a contract sales increase of 255.1% to 19.72 billion yuan, while Guangzhou maintained a steady sales figure of 15.766 billion yuan, and Shanghai recorded 14.492 billion yuan [2]. Investment Strategy - Yuexiu Property added 13 new land reserves totaling approximately 1.48 million square meters, with 68% located in first-tier cities [2]. - The management anticipates a rationalization of the land market in the second quarter and aims to achieve a high-quality investment target of 30 billion yuan for the year [2][3]. Operational Efficiency - The company adopts a "sales-driven investment" strategy, focusing on smaller land parcels to enhance turnover speed and improve cash flow [3]. - The management attributes growth to accurate market analysis, comprehensive project investment control, and concentration of resources in core cities [3]. Financial Performance - Yuexiu Property reported a revenue of 45.77 billion yuan, a year-on-year increase of 34.6%, while net profit attributable to shareholders decreased by 25.2% to 1.37 billion yuan [3][4]. - The gross profit was approximately 5.06 billion yuan, with a gross margin of 10.6%, down 3.1 percentage points year-on-year [3][4]. Future Outlook - The management emphasizes the need for improved product quality, service, brand, and team, aiming to implement lean management principles to enhance project efficiency [4]. - The chairman expressed a belief that the real estate industry will eventually shift towards selling completed properties, contingent on supportive financial policies [5]. Market Sentiment - Investment banks are optimistic about Yuexiu Property's performance, noting its sales growth and strong positioning in major cities, leading to an upgrade in credit rating outlook and a target price increase to 6.2 HKD per share [6].