Ge Long Hui·2025-09-02 12:17Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, but maintains a strong market position and plans to launch new projects to support sales recovery [1][2]. Financial Performance - Revenue for the first half of 2025 was 83.2 billion yuan, down 4% year-on-year - Net profit attributable to shareholders was 8.6 billion yuan, down 17% year-on-year, which was below previous growth expectations of -6% [1] - Development business revenue decreased by 5% to 78 billion yuan, with a gross margin of 15.8%, down 0.5 percentage points from 2024 [1] Market Position - The company achieved a total contract sales amount of 120.2 billion yuan in the first half of 2025, a decrease of 19% year-on-year, ranking second in the industry [2] - The company secured 17 new land parcels during the period, with a total land acquisition amount of 40.4 billion yuan, an increase of 213% year-on-year, maintaining the industry's leading position [2] - The company holds a land reserve of 28.77 million square meters, with 85% located in first-tier and strong second-tier cities [2] Operational Resilience - Non-development business revenue remained stable at 3.54 billion yuan, with a 5 percentage point increase in revenue contribution from first-tier city projects [1] - The occupancy rate of mature shopping center projects was 96.2%, with a year-on-year operating profit margin increase of 1 percentage point to 56.8% [1] Financing and Cost Management - As of the end of the first half of 2025, the company had interest-bearing liabilities of 227.5 billion yuan, a decrease of 5.8% quarter-on-quarter [3] - The average financing cost was 2.9%, and the ratio of selling and administrative expenses was 3.8%, both remaining low in the industry [3] - The company has made significant progress in asset securitization, with its first commercial REIT formally accepted by regulatory authorities [3] Future Outlook - The company plans to launch 24 new projects in key cities in the second half of 2025, supported by a solid land reserve [1] - The total saleable value is approximately 520 billion yuan, with 93% located in first-tier and strong second-tier cities [2] - The company adjusted its earnings per share (EPS) forecasts for 2025-2027 to 1.39, 1.48, and 1.60 yuan, reflecting an increase in revenue and gross margin assumptions [3]