Seazen(SH:601155) Cai Jing Wang·2025-08-30 16:47Core Viewpoint - Under the macro backdrop of industry adjustment, the company demonstrates strong resilience through its "residential + commercial" dual-drive strategy, maintaining positive profitability and steady operational development [1][2]. Financial Performance - The company achieved a revenue of 22.1 billion and a net profit attributable to shareholders of 0.895 billion, with a gross margin of 26.85%, an increase of 5.25 percentage points year-on-year [2]. - The company reported a contract sales amount of 10.33 billion and a collection amount of 11.88 billion, with a collection rate of 115.05% [2]. - As of the reporting period, the company had a cash balance of 9.183 billion and a net debt ratio of 53.40%, indicating a solid financial foundation [2][3]. Debt Management - The company actively adjusted its debt structure, reducing its financing balance to 52.276 billion, a decrease of 1.374 billion from the beginning of the year [3]. - The company’s interest-bearing liabilities from joint ventures decreased to 2.582 billion, down 0.691 billion from the beginning of the year [3]. Commercial Operations - The company’s commercial operations generated a total revenue of 6.944 billion, a year-on-year increase of 11.8%, with a gross margin of 71.20% [4]. - The company has established a presence in 141 cities with 205 integrated projects, with a total opening area of 16.0814 million square meters and a stable occupancy rate of 97.81% [4]. Strategic Initiatives - The company emphasizes a "five-sided management philosophy" focusing on quality, customer satisfaction, professional craftsmanship, green intelligence, and mutual engagement [5]. - The company has successfully integrated sports and commercial activities, enhancing consumer engagement and driving business momentum [5][6]. Financing Strategy - The company successfully issued a $300 million senior unsecured bond and a 1 billion medium-term note, maintaining a low financing cost [7]. - The company has diversified its financing channels, with approximately 4.479 billion in new financing secured against its commercial properties [7]. Construction Management Business - The company’s construction management segment achieved a breakthrough with over 3.05 million square meters of new signed area in the first half of 2025, managing a total of 1.9 million square meters [8]. - This segment is contributing to a sustainable management fee income system, becoming a new profit driver for the company [8].