研报掘金丨开源证券：维持保利发展“买入”评级，看好低价项目结转完成后业绩持续修复

Core Viewpoint - Poly Developments reported a decline in both revenue and profit for the third quarter of 2025, with pressure on gross profit margins from revenue recognition, yet maintained the top sales ranking in the industry [1] Group 1: Financial Performance - Revenue and profit both declined in the third quarter of 2025 [1] - Gross profit margin under pressure due to revenue recognition [1] Group 2: Market Position - Maintained the top sales ranking in the industry [1] Group 3: Land Acquisition and Debt Structure - Continuous optimization of land reserve structure, with over 50% of land acquisitions in first-tier cities [1] - Improvement in debt structure and significant advantages in funding costs [1]