Bei Jing Shang Bao·2025-09-08 00:01Core Insights - The performance of major state-owned real estate companies in the first half of 2025 shows significant differentiation, with China Resources Land emerging as the "profit king" while Poly Developments experiences a decline in revenue for the first time in five years [1][2][3] Revenue and Profit Analysis - China Resources Land achieved a revenue of 949.21 billion yuan, a year-on-year increase of 19.96%, and a net profit of 118.8 billion yuan, up 15.87% [2][5] - Poly Developments reported a revenue of 1168.57 billion yuan, down 16.08% year-on-year, and a net profit of 27.11 billion yuan, a decrease of 63.46% [2][3] - China Overseas Development's revenue was 832.19 billion yuan, a decrease of 4.27%, with a net profit of 85.99 billion yuan, down 16.63% [2][3] Business Segment Performance - China Resources Land's growth is attributed to its operational real estate business, which generated 121.1 billion yuan in revenue, a 5.5% increase [5][6] - In contrast, China Overseas and Poly Developments lag in this segment, with China Overseas earning 35.4 billion yuan and Poly Developments only 25.4 billion yuan from operational real estate [6][7] Land Acquisition Trends - All three companies increased their land acquisition efforts, focusing on first-tier cities, with Poly Developments leading with 509 billion yuan in land purchases [8][9] - China Overseas acquired land worth 403.7 billion yuan, while China Resources Land's acquisitions totaled 447.3 billion yuan [9] Market Outlook and Strategy - The companies are optimistic about the market's stabilization, with a focus on core first and second-tier cities to enhance their development capabilities [9][10] - The emphasis on operational real estate as a secondary revenue source is seen as a strategic move to balance traditional development income [4][10]