销售动能强劲、盈利能力领先，中海地产在市场调整中保持优等生风范

Core Viewpoint - China Overseas Development (中海地产) demonstrates strong operational quality and risk resilience amid a stabilizing real estate market, achieving significant sales and maintaining financial stability [3][10]. Financial Performance - In the first half of 2025, China Overseas achieved contract property sales of 120.15 billion yuan, ranking second in the industry; revenue reached 83.22 billion yuan, with a pre-tax profit of 13 billion yuan and a core profit attributable to shareholders of 8.78 billion yuan [3]. - The company maintains a debt ratio of 45.7% and a net gearing ratio of 28.4%, with cash reserves of 108.96 billion yuan, representing 12.1% of total assets [3][10]. - The average financing cost is at a low of 2.9%, and administrative expenses account for only 3.8% of revenue, indicating industry-leading efficiency [3]. Market Position and Strategy - The real estate market is expected to see an increase in improvement-driven demand, with China Overseas poised to capture a significant market share due to its competitive advantages [4][10]. - The company remains confident in achieving its annual sales targets, with a focus on key projects in major cities such as Beijing and Shanghai [5][11]. Sales and Development - In the first half of 2025, China Overseas recorded contract sales of 120.1 billion yuan, with a notable performance in first-tier cities contributing 53.7% of total sales [5][6]. - The company has acquired 22 land parcels with an investment of 55.01 billion yuan, leading the industry in investment scale [8]. Commercial Operations - The commercial property segment generated revenue of 3.54 billion yuan, with a growing contribution from first-tier city projects [7]. - The company is enhancing its asset quality through ongoing project upgrades and optimizations, with a focus on core business areas [7]. Future Outlook - China Overseas is optimistic about the second half of 2025, expecting growth in investments and sales, supported by a robust pipeline of projects [9][11]. - The company plans to maintain its leadership position by focusing on high-quality development and leveraging its full industry chain capabilities [11].