Core Viewpoint - Greentown China has experienced a significant decline in revenue and profit in the first half of 2025, with a notable 89.7% drop in shareholder profit, marking the worst performance in nearly two years. Despite this, the company has aggressively expanded its project portfolio, ranking second in nationwide sales [2][3][4]. Financial Performance - In the first half of 2025, Greentown China reported revenue of 53.368 billion yuan, a decrease of 23.3% from 69.562 billion yuan in the same period of 2024 [3]. - The company's property sales revenue accounted for 93.0% of total revenue, with a significant decline in all business segments, particularly a 22.1% drop in property sales revenue to 49.651 billion yuan [3][4]. - The gross profit for the first half was 7.159 billion yuan, down 21.4% year-on-year, with shareholder profit plummeting to 210 million yuan from 2.045 billion yuan, a decrease of 89.7% [4][5]. Asset Impairment and Losses - Greentown China recorded asset impairment losses of 1.933 billion yuan in the first half of 2025, significantly impacting shareholder profit. This included a non-financial asset impairment loss of 1.717 billion yuan, up 20.7% from the previous year [5]. - The impairment losses were nearly nine times the company's net profit for the period, highlighting the financial strain [5]. Land Acquisition and Sales Performance - The company aggressively acquired 35 new projects in the first half of 2025, with a total investment of 36.2 billion yuan, ranking third in the industry for land acquisition [7]. - Greentown's total contract sales area reached approximately 5.35 million square meters, with a total sales amount of about 122.2 billion yuan, elevating its sales ranking to second nationwide [8]. Debt and Financial Health - As of June 30, 2025, Greentown's total borrowings increased to 143.027 billion yuan, up from 137.187 billion yuan at the end of 2024, leading to a net debt ratio of 63.9%, an increase of 7.3 percentage points [9]. - The company holds cash and bank deposits of 66.795 billion yuan, down 8.2% from the end of 2024, indicating a tightening liquidity position [9].
透视半年报｜绿城逆势拿地AB面：销售跃居第二 营收、利润双降