C&D INC.(SH:600153) Guo Ji Jin Rong Bao·2025-09-19 13:12Core Viewpoint - In the first half of the year, Jianfa Co., Ltd. reported a revenue of 315.32 billion yuan, a year-on-year decline of 1.16%, and a net profit attributable to shareholders of 840 million yuan, down 29.87%, marking the lowest level in nearly a decade [1][2]. Financial Performance - The total revenue for the first half of the year was 315.32 billion yuan, a decrease of 1.16% compared to the same period last year [2]. - The total profit for the period was 1.62 billion yuan, down 39.51% year-on-year [2]. - The net profit attributable to shareholders decreased by 29.87% to 840 million yuan [2]. - The net profit after deducting non-recurring gains and losses was 675 million yuan, a decline of 20.38% [2]. - The net cash flow from operating activities was 17.87 billion yuan, with no applicable comparison due to previous losses [2]. - The net assets attributable to shareholders were 71.33 billion yuan, a decrease of 0.92% from the end of the previous year [2]. - Total assets increased by 15.80% to 889.19 billion yuan compared to the end of the previous year [2]. Business Segment Performance - The real estate segment reported a net profit of 11 million yuan, down 1.43 billion yuan year-on-year [4]. - The home furnishing business segment saw a reduction of 213 million yuan in net profit [5]. - The supply chain operation segment remained stable compared to the previous year [2]. Subsidiary Performance - Jianfa Real Estate recorded a net profit of 969 million yuan, up 2.35% year-on-year, contributing 519 million yuan to Jianfa Co., Ltd. after adjustments [6]. - Lianfa Group reported a net profit of -534 million yuan, contributing -508 million yuan to Jianfa Co., Ltd., a decrease of 2.22 billion yuan year-on-year [6]. - Lianfa Group achieved a contract sales amount of 13.41 billion yuan, a year-on-year increase of 29.19% [6]. Land Acquisition and Strategy - Jianfa Co., Ltd. acquired 24 plots of land in the first half of the year, with a total acquisition amount of 58.24 billion yuan, of which over 96% was in first- and second-tier cities [7]. - The company’s land reserve value in first- and second-tier cities accounted for over 83%, an increase of 3.46 percentage points from the end of the previous year [7]. Home Furnishing Business Outlook - The company expressed optimism about the long-term prospects of the home furnishing retail industry, particularly through its investment in Red Star Macalline [7]. - Red Star Macalline's rental and operational business generated over 200 million yuan in operating profit, despite a decline in the fair value of investment properties exceeding 2 billion yuan [8]. - The company plans to enhance its core business and improve operational quality through a systematic core self-operated mall enhancement plan [9][10].