中海地产下半年能否保住利润？

Core Insights - The company reported a total property sales of RMB 120.15 billion for the first half of 2025, ranking second in the industry [1][2] - The net profit attributable to core shareholders reached RMB 8.78 billion, representing a significant portion of the top 10 real estate companies' profits [2][3] - The company has maintained a strong financial position with a net debt ratio of 28.4% and an average financing cost of 2.9% [1][3] Financial Performance - Revenue for the first half of 2025 was RMB 83.22 billion, with a pre-tax profit of RMB 13 billion [1] - The core net profit margin stood at 10.6%, indicating industry-leading profitability [3] - The company declared an interim dividend of HKD 0.25 per share [1] Sales and Market Position - The company achieved contract sales of RMB 55.64 billion in five major cities, accounting for 53.7% of total sales [1][7] - Sales in Beijing amounted to RMB 30.45 billion, with other cities like Hong Kong, Shanghai, Guangzhou, and Shenzhen each exceeding RMB 5 billion [1][7] - The company experienced a decline in sales compared to the previous year, with a drop of nearly RMB 30 billion due to reduced available inventory [6][7] Land Acquisition - The company acquired 17 new land parcels during the reporting period, with a total land cost of RMB 40.37 billion [4] - The total land area acquired was 2.58 million square meters, maintaining the industry's leading investment scale [4] - The company has consistently ranked first in land acquisition for two consecutive years, with a total of RMB 55 billion in rights-based land purchases [4][5] Future Outlook - The company expressed confidence in maintaining profit and margin levels due to high unsold inventory and strong investment in first-tier cities [3][6] - The company plans to continue its investment strategy based on sales performance, expecting growth in the second half of the year [6][9] - The company remains optimistic about the Hong Kong market, anticipating a positive sales environment [10]