Core Insights - The performance of listed real estate companies in the first half of 2025 has shown signs of recovery, particularly among those focusing on first and second-tier cities, driven by favorable policies [1][2] Group 1: Financial Performance - Among 95 A-share listed real estate companies, 46 reported revenue growth year-on-year, while 43 saw an increase in net profit attributable to shareholders [2] - In the Hong Kong market, 239 listed real estate companies disclosed their half-year reports, with 107 achieving revenue growth and 104 reporting net profit growth [2] - Notable examples include Binjiang Group, which reported revenue of approximately 454.49 billion yuan, a year-on-year increase of 87.8%, and net profit of about 18.53 billion yuan, up 58.87% [2] - China Merchants Shekou's revenue was 514.85 billion yuan, with a slight increase of 0.41%, and net profit of 14.48 billion yuan, up 2.18% [2] - Major companies like Vanke A and Poly Developments experienced revenue declines of 26.23% and 16.08%, respectively [3] Group 2: Focus on High-Energy Cities - Real estate companies focusing on high-energy cities have seen significant performance improvements due to ongoing policy optimizations [4] - China Resources Land reported a settlement income of 744 billion yuan from development sales, with a settlement area of 3.21 million square meters, where first and second-tier cities accounted for 93% of revenue [4] - Longfor Group achieved revenue of 587.5 billion yuan, a year-on-year increase of 25.4%, with real estate development income rising by 34.7% [4] - Longfor Group plans to acquire new land while ensuring safety and maintaining a flexible supply mechanism, continuing to focus on high-energy cities [4] Group 3: Second Growth Curve - Many real estate companies are actively pursuing a second growth curve, focusing on commercial and construction management sectors [5] - China Resources Land reported a revenue of 949.2 billion yuan, a 19.9% increase, with recurring profits contributing over 60% to its earnings [5] - The operational real estate and asset management sectors have become new growth engines for China Resources Land, with operational real estate revenue reaching 121.1 billion yuan, up 5.5% [5] - The construction management sector is rapidly growing, with over a hundred companies entering this market, and a 17.6% increase in planned construction area year-on-year [6] - The industry is shifting towards long-term operational capabilities and social value creation, moving away from merely focusing on development scale [6]
近半数上市房企上半年 业绩回暖
Zhong Guo Zheng Quan Bao·2025-08-29 22:28