Ge Long Hui·2025-08-30 04:13Core Viewpoint - The company reported steady revenue growth and stable profitability in the first half of 2025, with significant contributions from its development and commercial operations [1][2][3] Revenue and Profitability - In H1 2025, the company achieved revenue of 94.92 billion yuan, a year-on-year increase of 19.9%, with a gross margin of 24.0%, up by 1.8 percentage points [1] - The net profit attributable to shareholders was 11.88 billion yuan, reflecting a year-on-year growth of 16.2%, while the core net profit stood at 10.0 billion yuan [1] - Development business revenue grew by 25.8% to 74.36 billion yuan, driven by optimized project turnover despite a 7.2% decrease in area [1] Sales Performance - The company recorded sales in the development business amounting to 110.3 billion yuan, a decrease of 11.6% year-on-year, maintaining a top-three ranking [1] - Sales in first-tier cities accounted for 46% of total sales, an increase of 8 percentage points year-on-year [1][2] Investment and Land Acquisition - The company added 18 new investment projects in H1 2025, with a total investment amount of 44.73 billion yuan and an equity amount of 32.28 billion yuan, focusing on first- and second-tier cities [2] - The land reserve for development business reached 4,119 million square meters, laying a solid foundation for future growth [2] Commercial Operations - Regular business revenue increased by 2.5% to 20.56 billion yuan, contributing 21.3% to total revenue, with significant growth in operating properties and light asset management [2] - The company operates 94 shopping centers, generating rental income of 10.42 billion yuan, a year-on-year increase of 9.9%, with an occupancy rate of 97.3% [2] Financial Health - The company holds cash reserves of 120.24 billion yuan, with a net interest-bearing debt ratio of 39.2%, and a weighted average cost of capital reduced by 32 basis points to 2.79%, maintaining the lowest level in the industry [2] - A mid-term dividend of 0.20 yuan per share is proposed, unchanged from the previous year [2] Future Outlook - The company is expected to achieve revenues of 283.48 billion yuan, 287.76 billion yuan, and 298.99 billion yuan for 2025-2027, with net profits of 25.77 billion yuan, 26.74 billion yuan, and 29.85 billion yuan respectively [3] - The company is rated with a "buy" recommendation based on its focus on first- and second-tier cities, stable sales, and optimized financial structure [3]