Ge Long Hui·2025-08-30 04:11Core Viewpoint - The company reported a revenue of 83.22 billion yuan for the first half of 2025, a year-on-year decrease of 4.3%, and a net profit attributable to shareholders of 8.60 billion yuan, down 16.6% year-on-year, primarily due to a decline in the settlement scale of development business and a drop in gross profit margin by 4.7 percentage points to 17.4% [1][2] Revenue and Profit Performance - The company's revenue for the first half of 2025 was 83.22 billion yuan, reflecting a 4.3% decline year-on-year, mainly due to a decrease in the settlement scale of development business [2] - The net profit attributable to shareholders was 8.60 billion yuan, down 16.6% year-on-year, with the decline in profit being greater than that of revenue [1][2] Sales and Market Position - The company achieved a contract sales amount of 120.15 billion yuan in the first half of 2025, a year-on-year decline of 19.0%, but maintained the second-largest sales scale in the industry, with leading sales in 14 cities including Beijing, Tianjin, Dalian, and Jinan [1][2] - The company focused on high-energy cities for investment, acquiring 17 new land parcels with a total equity purchase amount of 40.11 billion yuan, of which 52.1% was in four first-tier cities and Hong Kong [1][2] Financial Health - As of the end of the first half of 2025, the company's total debt was 227.45 billion yuan, a decrease of 14.12 billion yuan from the end of 2024 [2] - The average financing cost for the first half of 2025 was 2.9%, down 0.6 percentage points year-on-year, indicating continuous optimization of financing costs, which remain among the lowest in the industry [2] Future Outlook - The company maintains its profit forecast unchanged, with expected earnings per share (EPS) of 1.48 yuan, 1.58 yuan, and 1.71 yuan for 2025-2027 [2] - Despite short-term performance pressure, the company is expected to see a recovery in profitability and valuation as resource structure continues to optimize, with a current price-to-book (PB) ratio of 0.36X indicating valuation advantages [2]