龙湖上半年营收587.5亿，要让运营和服务业务成集团增长盘

Core Viewpoint - Longfor Group is focusing on its three main business segments: development, operation, and services, with an emphasis on the growth potential of its operation and service sectors to navigate through market cycles [1] Financial Performance - For the first half of 2025, Longfor Group reported a revenue of 587.5 billion yuan, representing a year-on-year increase of 25.4% [2] - The net profit attributable to shareholders was approximately 32.2 billion yuan, a decline of about 45% year-on-year, primarily due to a decrease in gross profit margin from real estate development [2] - The company aims to reduce interest-bearing debt by 100 billion yuan annually from 2024 to 2028, following a reduction of over 300 billion yuan in 2023 [1][2] Debt Management - As of the reporting period, Longfor's interest-bearing debt decreased to 1,698 billion yuan, with bank financing accounting for 87% of this debt [2] - The net debt ratio stood at 51.2%, and the asset-liability ratio, excluding pre-receipts, was 56.1% [1] Business Segments - The operation and service segments generated a combined revenue of 132.7 billion yuan, accounting for 22.6% of total revenue, with a core profit of approximately 40 billion yuan [3] - The operating business has a gross profit margin of 77.7%, while the service business has a gross profit margin of 30% [3] Future Strategy - Longfor plans to continue focusing on its four operational pathways: commercial investment, asset management, property management, and smart construction, aiming to build competitive advantages in these areas [3][4] - The company has acquired four land parcels in major cities, adding approximately 50 billion yuan in new value, with a total undeveloped land reserve of 2,840 million square meters [5] Market Outlook - Longfor's management expresses optimism about the resilience of the Chinese real estate market, particularly in first- and second-tier cities where demand for quality housing remains strong [5]