20家典型上市房企：5家毛利率超15%

Core Insights - The real estate industry in the first half of 2025 continues to face "profit pressure," with an overall gross profit margin dropping to 11.26%, indicating a deepening "low margin" phenomenon [1] - There is a widening profit disparity among real estate companies, with leading firms stabilizing profits through diversified businesses, while some distressed companies are experiencing expanding gross losses [1][5] Summary by Category Gross Profit Margin Analysis - The overall gross profit margin for 20 typical listed real estate companies has further declined, with a significant divide into three tiers based on profitability [5] - The top three companies by gross profit margin are: - New城控股 (26.85%, up 5.25 percentage points) - 华润置地 (24%, up 1.72 percentage points) - 保利置业 (17.46%, up 3.2 percentage points) [5][6] - Companies with gross profit margins below 15% include 招商蛇口 (14.38%), 华发股份 (14.16%), and others, indicating a significant compression of profit space [6][8] Performance of Distressed Companies - Distressed companies like 碧桂园, 融创中国, and 世茂集团 reported negative gross profit margins of -8.9%, -10.43%, and -6.2%, respectively [7] - 融创中国's gross loss increased to approximately 2.08 billion, with a gross profit margin decline from -5.3% to -10.4% [7][9] Trends and Future Outlook - The gross profit margin decline is a common challenge across the industry, with projections indicating that the overall gross profit margin for 50 typical listed companies may only reach 10% in 2024 [10] - Despite recent policy support and a slight market rebound, the financial results reflect past project performances during a low market period [10][11] - Future improvements in gross profit margins are anticipated to be marginal, as the market has not fundamentally improved, and companies must find new growth avenues within limited profit margins [11]