PDH(SH:600048) Xin Lang Cai Jing·2025-09-24 21:01Core Viewpoint - The company reported a significant decline in revenue and net profit for the first half of 2025, primarily due to decreased project turnover and lower gross margins [1][2]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 116.857 billion yuan, a year-on-year decrease of 16.08% - The net profit attributable to shareholders was 2.711 billion yuan, down 63.47% year-on-year [1][2]. Sales Performance - The company maintained its position as the industry leader in sales, with a signed amount of 145.171 billion yuan in the first half of 2025, a decrease of 16.25% year-on-year - The signed area was 7.1354 million square meters, down 25.2% year-on-year, while the average signed price increased by 12% to 20,300 yuan per square meter [2]. Project Development - In the first half of 2025, the company added 26 new projects located in key cities such as Beijing, Shanghai, Hangzhou, Xi'an, and Shijiazhuang - The total land price for these projects was 50.9 billion yuan, with an equity land price of 44.3 billion yuan and an equity ratio of 87%, totaling a construction area of 2.28 million square meters and a land sales ratio of 35.0% [2]. Financing and Cost - The company maintained smooth financing channels, issuing corporate bonds and medium-term notes totaling 5.7 billion yuan - It successfully issued the first domestic cash-type targeted convertible bonds with a scale of 8.5 billion yuan and a comprehensive cost of 2.32% over six years [2].