C&D INTL GROUP(HK:01908) Xin Lang Cai Jing·2025-08-30 02:21Core Viewpoint - Company achieved a 5% year-on-year increase in equity sales to 53.3 billion yuan in the first half of 2025, maintaining its annual sales target of 150 billion yuan [1][3]. Sales Performance - Equity sales amounted to 53.35 billion yuan, a 4.9% increase year-on-year, with a sales area of 2.008 million square meters, down 18.4% [3]. - The average selling price reached 26,569 yuan per square meter, a 30% increase compared to the full year of 2024 [3]. - The company plans to launch new projects in major cities such as Beijing, Shanghai, Chengdu, Hangzhou, and Xiamen under its lighthouse strategy [1][3]. Land Acquisition and Inventory - In the first half of 2025, the company acquired 26 plots of land, adding a total value of 121.9 billion yuan to its inventory [6][9]. - The total land inventory value is approximately 249.6 billion yuan, with 54% concentrated in five core cities: Xiamen, Hangzhou, Shanghai, Beijing, and Chengdu [9]. - The company emphasizes a focus on liquidity over net profit margins in its land acquisition strategy [9]. Financial Performance - Revenue for the first half of 2025 was 34.2 billion yuan, a 4% increase year-on-year, with gross profit rising 13% to 4.4 billion yuan [2][10]. - Gross margin increased by approximately 1 percentage point to 12.89%, while net profit rose 5% to 1.5 billion yuan [2][10]. - The company continues to provision for inventory impairment, with a provision of 390 million yuan in the first half of 2025 [10][12]. Financial Health - The company maintains a strong cash position with a cash-to-short-term debt ratio of 4.13, indicating no short-term repayment pressure [14][16]. - The net debt ratio stands at 33.37%, slightly up by 1.6 percentage points from the beginning of the year [14][16]. - The average financing cost of interest-bearing debt has decreased to 3.17%, down 39 basis points from the end of 2024 [14][16].