智通财经网·2025-09-19 07:31Core Viewpoint - China Overseas Development (00688) has focused on high-energy cities and core areas for investment, enhancing its market share and maintaining a strong reputation for "good products" [1] Sales Performance - In the first half of 2025, the company ranked second in sales with a contract sales amount of approximately 120.15 billion yuan, a year-on-year decrease of 19.0% [1] - The average selling price increased by 1% to 23,500 yuan per square meter, with a total sales area of approximately 5.12 million square meters, down 5.9% year-on-year [1] - The company's market share stood at 2.72%, with major cities like Beijing contributing over 30 billion yuan in sales, driven by a focus on quality housing [1] Land Reserve - The company acquired land worth 40.37 billion yuan in the first half of 2025, with a total land area of 2.58 million square meters, leading the industry in land acquisition [2] - As of the end of July, 86% of the newly acquired land was in first-tier and strong second-tier cities, indicating high-quality land reserves [2] - The total land reserve reached approximately 40.47 million square meters, with a high unrecognized sales amount of 208.8 billion yuan, ensuring stable future performance [2] Profitability and Financial Health - Revenue in the first half of 2025 decreased by 4.3% to 83.22 billion yuan, with a gross profit margin of 17.4%, down 4.7 percentage points [3] - Core net profit attributable to shareholders fell by 17.5% to 8.78 billion yuan, with a core net profit margin of 10.6%, still placing the company in the industry’s top tier [3] - The company’s debt ratio was approximately 53.7%, down 2.1 percentage points from the end of 2024, with an average financing cost of 2.9% [3] Commercial Operations - Commercial operation revenue remained stable at 3.54 billion yuan, with first-tier cities contributing 47% of this revenue [4] - The occupancy rate for mature shopping center projects was 96.2%, with overall sales increasing by 6.7% year-on-year [4] - The company’s first commercial REIT has been accepted by the China Securities Regulatory Commission and Shenzhen Stock Exchange, marking a significant advancement in asset management capabilities [4]