Core Points - Greentown China reported a mid-year revenue of 53.368 billion yuan for the first half of 2025, marking a 23.28% decrease compared to the "strongest" performance in 2024, but still the fourth highest since 2008 [1][3] - The company's net profit fell to 210 million yuan, a record low, representing an 89.74% decline year-on-year, with a net profit margin dropping from 3.1% in 2024 to 0.39% in 2025 [3][4] - The management attributed the revenue decline to a 22.7% drop in recognized area for the first half of the year, primarily due to delivery schedules, but expects an increase in deliveries in the second half [1][3] - The market remains skeptical about Greentown's performance, as evidenced by its stock price movements, which lagged behind other real estate companies despite overall market gains [1][3] Financial Performance - Revenue for the first half of 2025 was 53.368 billion yuan, down from 69.562 billion yuan in 2024 [4] - Net profit was 210 million yuan, down from 2.045 billion yuan in 2024 [4] - The company has recognized approximately 10 billion yuan in asset impairment losses since 2021, primarily from projects before 2021 [4][5] Inventory and Asset Management - Greentown's current inventory turnover days stand at 487 days, exceeding the industry average [7] - The company has approximately 800 billion yuan in remaining inventory to process, with an estimated equity inventory exceeding 300 billion yuan [5][6] - The management is focused on reducing old project inventory, which is critical for restoring net profit [6] Debt and Financial Strategy - As of June 30, 2025, Greentown's total liabilities were 398.791 billion yuan, with interest-bearing debt at 143.027 billion yuan [13] - The average interest cost of total borrowings decreased to 3.6% from 4.0% in 2024 [8] - The company plans to balance debt reduction with inventory clearance and development, indicating a cautious approach to land acquisition moving forward [13] Market Position and Strategy - Greentown continues to pursue scale, launching 35 new projects in the first half of 2025, with a total construction area of approximately 3.55 million square meters [11] - The company has been actively acquiring land at high premiums, with notable transactions in various cities [11][12] - Despite maintaining a high leverage ratio, the company is optimizing its debt structure and liquidity indicators [8][12]
半年花362亿拿地，净利润仅2.1亿，绿城还在被“老库存”拖累