Seazen(SH:601155) Xin Lang Cai Jing·2025-09-01 00:32Core Viewpoint - The company experienced a significant decline in revenue and profit in the first half of 2025, primarily due to a drop in residential development revenue, while its property leasing and management business remained stable [1][2]. Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 22.1 billion yuan, a year-on-year decrease of 34.82%, and a net profit attributable to shareholders of 0.895 billion yuan, down 32.11% [1]. - Residential development revenue was 15.2 billion yuan, a decline of 45% year-on-year, while property leasing and management revenue was 6.4 billion yuan, an increase of 10.66% [1]. - The gross profit margins for residential development and property leasing and management were 7.96% (down 2.97 percentage points) and 71.2% (down 1.01 percentage points), respectively [1]. Group 2: Sales and Contracts - The company reported a contract sales amount of approximately 10.33 billion yuan in the first half of 2025, a decrease of about 56.15% year-on-year, with a contract sales area of approximately 1.335 million square meters, down about 59.08% [1]. - As of June 30, 2025, the company had unsold area of 11.79 million square meters [1]. Group 3: Commercial Operations - The total revenue from commercial operations in the first half of 2025 was approximately 6.944 billion yuan, reflecting a year-on-year growth of 11.78%, with total sales (excluding vehicle sales) exceeding 51.5 billion yuan, up 16.5% [2]. - The company operates 205 Wuyue Plazas across 141 cities, with 174 currently open and a total area of 16.08 million square meters, achieving an occupancy rate of 97.81% [2]. Group 4: Debt and Cash Flow - As of June 30, 2025, the company had interest-bearing liabilities of 52.276 billion yuan, with an average financing cost of 5.55% and a net debt ratio of 53.4% [2]. - The company successfully repaid 1.067 billion yuan of domestic and international bonds in the first half of 2025 and secured approximately 4.479 billion yuan in new financing [2]. - The debt structure has been optimized, with a principal coverage ratio greater than 2 times based on Wuyue Plaza assets and an interest coverage ratio greater than 4 times based on total commercial operating revenue [2]. Group 5: Investment Outlook - The company has completed its nationwide layout of Wuyue Plazas and has demonstrated strong operational capabilities in lower-tier markets, ensuring stable growth in its commercial management business [3]. - With adjustments in residential development, the company is expected to achieve a "residential + commercial" dual-drive model in the future [3]. - EPS estimates for 2025-2027 are projected at 0.25, 0.32, and 0.36 yuan, respectively, with a target price of 19 yuan for 2025, corresponding to 0.7 times PB, maintaining a "recommended" rating [3].