2 1 Shi Ji Jing Ji Bao Dao·2025-08-27 12:24Core Insights - Three major real estate companies, China Overseas Land & Investment, China Resources Land, and Poly Developments, have reported their mid-year results for 2025, reflecting the current state of the real estate market [1][2] Financial Performance - Poly Developments and China Overseas Land & Investment reported declines in net profit, while China Resources Land experienced a slight decrease in core net profit, indicating a continued bottoming out of the real estate market [1][2] - China Resources Land achieved a revenue of 94.921 billion yuan, a year-on-year increase of 19.86%, with a core net profit of 10 billion yuan, down 6.6% [2] - China Overseas Land & Investment reported a revenue of 83.219 billion yuan, a decrease of 4.27%, and a net profit of 8.599 billion yuan, down 16.62% [3] - Poly Developments recorded a revenue of approximately 116.856 billion yuan, a decline of 16.08%, with a net profit of approximately 2.71 billion yuan, down 63.47% [3] Profitability Metrics - Despite the decline in total profits, the profitability of these companies has stabilized, with China Resources Land's gross margin increasing to 24.0%, up 1.8 percentage points year-on-year [4] - The gross margin for Poly Developments was 14.6%, slightly above the previous year's level, while China Overseas Land & Investment maintained a gross margin of 17.4% [4] Market Position and Sales - The market share of these companies in core cities has increased, with China Overseas Land & Investment achieving a contract sales amount of 55.64 billion yuan in five major cities, accounting for 53.7% of total contract sales [5] - Poly Developments reported an increased market share in 38 core cities, ranking first in nine key cities including Shanghai and Guangzhou [5] Investment Strategies - All three companies continue to invest in core cities, with Poly Developments adding 26 projects in major cities, totaling a land price of 50.9 billion yuan [6] - China Resources Land acquired 1.48 million square meters of land, investing 32.28 billion yuan [6] - China Overseas Land & Investment led the industry with a new investment of 55.01 billion yuan in the first seven months of the year [6] Market Outlook - Company executives expressed optimism about the future of the real estate market, citing government policies and economic stability as key factors for recovery [2][7] - The focus on improving housing quality and addressing consumer needs is seen as a significant opportunity for growth in the sector [6][7]