3 6 Ke·2025-09-08 03:55Core Insights - Country Garden reported a monthly sales figure of RMB 2.96 billion in August 2025, with over 77% of the second category debt holders agreeing to the debt restructuring plan [1][4] - The company’s total revenue for the first half of 2025 was RMB 72.57 billion, a year-on-year decrease of approximately 28.9% [1] - The net loss for the period reached RMB 19.65 billion, with a parent net loss of RMB 19.08 billion [1] Financial Performance - Total revenue decreased to RMB 72.57 billion, with real estate development revenue falling by 29.1% to RMB 70.03 billion [1] - The company recorded a gross loss of RMB 6.46 billion, with property project asset impairment contributing to the net loss [1] - Net debt stands at approximately RMB 254.58 billion, with short-term debt of RMB 130.13 billion against a total cash balance of RMB 24.06 billion [2] Sales Performance - In August 2025, the company achieved a contract sales amount of approximately RMB 2.96 billion, with a total sales area of about 350,000 square meters [2] - Cumulative contract sales for the first eight months of 2025 reached RMB 22.48 billion, reflecting a year-on-year decline of approximately 31.4% [2][3] - Despite negative growth, the company maintained stability in operations compared to the overall real estate market [2] Debt Restructuring - The company is making progress in its debt restructuring, with over 77% of the second category debt holders signing the restructuring support agreement [4] - The restructuring of all offshore debts is expected to be completed by the end of December 2025 [4] Delivery and Operational Focus - The company has delivered over 1.7 million homes in the past three years, with a target of delivering 200,000 homes in 2025 [5][6] - As of the first half of 2025, approximately 74,000 homes were delivered, leaving a target of 126,000 homes to be completed within the remaining six months [6] - The company is focusing on "guaranteeing delivery" as a primary task, with a strategic emphasis on resource allocation and project planning [8][9] Management Strategy - The company is transitioning from a focus on delivery to debt recovery and normal operations, emphasizing a multi-goal approach in management [10] - Recent management meetings have highlighted the importance of optimizing asset and fund usage based on a healthy balance sheet [10]