Ge Long Hui·2025-08-30 04:11Core Insights - The company reported a decline in net profit attributable to shareholders by 16.6% year-on-year for the first half of 2025, with a total net profit of 8.7 billion yuan [1] - The company's revenue for the same period was 83.2 billion yuan, reflecting a 4.5% year-on-year decrease [1] - The decline in net profit is primarily attributed to a decrease in turnover scale and a drop in gross profit margin, which fell by 4.7 percentage points to 17.4% [1] Sales Performance - The company achieved a sales amount of 120.2 billion yuan in the first half of 2025, down 19% year-on-year, but maintained a leading position in the industry [1] - The sales area reached 5.12 million square meters, a decrease of 6% year-on-year [1] - The company holds a strong market share, ranking among the top three in 31 cities, with 14 cities being the market leader [1] Land Investment and Reserves - In the first half of 2025, the company invested in 17 new land parcels, with an equity land acquisition amounting to 40.1 billion yuan, of which 86% was in first-tier and strong second-tier cities [1] - The total land reserve area reached 26.93 million square meters, with an equity area of 23.66 million square meters, indicating a robust development momentum [1] Commercial Operations - The company's commercial operations generated revenue of 3.5 billion yuan in the first half of 2025, with shopping centers and office buildings contributing 81% to the revenue [2] - The occupancy rate for mature shopping center projects was 96.2%, with an operating profit margin of 56.8% [2] - The average occupancy rate for hotels was 68.2%, while long-term apartment projects had a 94% occupancy rate for those open for over six months [2] Financial Health - The company holds a leading industry rating, being the only domestic real estate company with a double A- international credit rating [2] - As of the end of the first half of 2025, the company’s asset-liability ratio, excluding advance receipts, was 45.7%, and the net debt ratio was 28.4% [2] - The cash-to-short-term debt ratio stood at 4.9 times, indicating strong liquidity and financial stability [2]