2 1 Shi Ji Jing Ji Bao Dao·2025-08-28 00:32Core Viewpoint - The financial reports of major real estate companies, including China Overseas Land & Investment, China Resources Land, and Poly Developments, indicate a downward trend in profit metrics, reflecting the ongoing stabilization phase of the real estate market [1][2]. Financial Performance - Poly Developments reported a revenue of approximately 1168.56 billion yuan, a year-on-year decrease of 16.08%, with a net profit of about 27.1 billion yuan, down 63.47% [5]. - China Overseas Land recorded a revenue of 832.19 billion yuan, a decrease of 4.27%, and a net profit of 85.99 billion yuan, down 16.62% [5]. - China Resources Land achieved a revenue of 949.21 billion yuan, an increase of 19.86%, with a core net profit of 100 billion yuan, down 6.6%, and a net profit of 118.8 billion yuan, up 16.21% [5]. Profitability Metrics - China Resources Land exhibited the highest gross margin improvement, with a comprehensive gross margin of 24.0%, up 1.8 percentage points year-on-year [6]. - The gross margin for Poly Developments was 14.6%, slightly above the full-year level of 2024, while China Overseas Land maintained a gross margin of 17.4% [6]. Market Positioning - All three companies increased their market share in core cities, with China Overseas Land achieving a contract sales amount of 556.4 billion yuan in five major cities, accounting for 53.7% of total contract sales [7]. - Poly Developments reported an increased market share in 38 core cities, ranking first in cities like Shanghai, Guangzhou, Chengdu, and Xi'an [7]. Investment Strategies - Despite profit pressures, the companies continue to invest in core cities, with Poly Developments acquiring 26 new projects in major cities, totaling a land price of 509 billion yuan [8]. - China Resources Land added 148,000 square meters of land reserves, acquiring 18 projects with an investment of 322.8 billion yuan [8]. - China Overseas Land led the industry with a new equity investment of 550.1 billion yuan in the first seven months of the year [8]. Market Outlook - Company executives expressed optimism about the real estate market's recovery, citing supportive policies and improving market confidence [2][10]. - The focus on improving housing quality and addressing consumer needs is seen as a key driver for future demand in the real estate sector [9][10].