Seazen(SH:601155) Sou Hu Cai Jing·2025-09-01 07:28Core 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] Financial Performance - The company reported a revenue of 22.1 billion, with a net profit attributable to shareholders of 0.895 billion and a net profit excluding non-recurring items of 0.947 billion, achieving a gross margin of 26.85%, an increase of 5.25 percentage points year-on-year [3] - The company achieved a contract sales amount of 10.33 billion and a contract sales area of 1.335 million square meters, with a cash collection amount of 11.884 billion, resulting in a cash collection rate of 115.05% [3] - As of the reporting period, the company had a cash balance of 9.183 billion and a net debt ratio of 53.40%, maintaining a low level of debt [3] Debt Management - The company actively adjusted its debt structure, reducing the financing balance to 52.276 billion, a decrease of 1.374 billion from the beginning of the year, and reducing joint venture interest-bearing liabilities to 2.582 billion, down 0.691 billion [4] - The company has maintained a good credit system, being one of the few private real estate companies in the industry to adhere to a "zero default" policy [7] Commercial Operations - The company achieved a total commercial operating revenue of 6.944 billion, a year-on-year increase of 11.8%, with property leasing and management gross profit contributing 4.573 billion, increasing its share of total gross profit from 57.21% to 77.06% [4] - The company has established a strong competitive moat in the commercial sector, with a total of 205 integrated projects across 141 cities and a stable occupancy rate of 97.81% [5] Strategic Initiatives - The company has expanded its commercial scale and is focusing on refined operations, implementing a "five-sided management philosophy" to enhance operational efficiency [5] - The company has also ventured into construction management, signing new contracts for over 3.05 million square meters in the first half of 2025, positioning itself among the top 10 in brand value for construction management in China [8]