越秀地产(00123.HK)：业绩承压 销售逆势增长

Group 1 - The company achieved operating revenue of 47.6 billion yuan in the first half of 2025, representing a year-on-year growth of 34.6%, while the net profit attributable to shareholders decreased by 25.2% to 1.4 billion yuan [1] - The gross profit margin for settlements was approximately 10.6%, a decline of 3.1 percentage points year-on-year, indicating that revenue growth did not translate into profit growth [1] - Sales volume decreased by 22% year-on-year to 1.46 million square meters, but sales amount increased by 11% to 61.5 billion yuan, achieving 51% of the annual sales target, with 80.5% of sales coming from first-tier cities [1] Group 2 - The company's financial health remains robust, with a debt-to-asset ratio of 64.6% and a net debt ratio of 53.2% as of the end of the first half of 2025, indicating a reasonable debt structure [2] - The average borrowing cost decreased to 3.16%, down 41 basis points year-on-year, reflecting improved financing conditions [2] - The proportion of debt maturing within one year is 24%, further supporting the company's sound debt structure [2]