透视半年报｜金地集团积极修复经营动能 轻重并举、均衡发展

Core Viewpoint - In the first half of 2025, the company reported a revenue of 15.678 billion yuan, a signed area of 1.254 million square meters, and a signed amount of 17.15 billion yuan, with a net loss attributable to shareholders of approximately 3.7 billion yuan. The company is focusing on cash flow and financial stability while gradually restoring operational momentum through a dual approach of focusing on core development and diversified business collaboration [1][2]. Group 1: Financial Performance - The company achieved a revenue of 15.678 billion yuan in the first half of 2025, with a net loss of approximately 3.7 billion yuan [1]. - The company has a total land reserve of approximately 27.01 million square meters, with equity land reserves of about 11.62 million square meters, of which 79% is located in first- and second-tier cities [3]. - The company has successfully repaid its medium-term notes on time, and its interest-bearing debt has shown a steady decline, with 98.5% of the debt being bank loans and long-term debt accounting for 60.88% of total interest-bearing debt [3]. Group 2: Operational Strategy - The company is actively promoting operational momentum recovery by revitalizing existing assets and optimizing new projects, focusing on land exchanges and planning adjustments [2][3]. - The company has acquired new residential land in Hangzhou and Shanghai, providing new growth momentum for future performance [3]. - The company’s commercial property indicators have stabilized, with a 3% year-on-year increase in foot traffic and a 1% increase in sales [5]. Group 3: Business Development - The company’s construction management business has maintained a top-three position in the industry for several years, with a 52% year-on-year increase in new signed contracts, totaling 6.98 million square meters [6]. - The company has launched a new product brand "Qinglan" in Xi'an, which has received high recognition from clients [7]. - The company continues to strengthen its exploration of new real estate development models, focusing on holding assets, property services, and construction management [5].