归母净利润仅约20亿元！前三季度保利销售破2000亿元

Core Insights - Poly Developments reported a loss for the first time in a non-year-end settlement period in Q3 2025, with total revenue of 56.865 billion yuan, a year-on-year increase of 30.65%, but a net profit attributable to shareholders of -0.782 billion yuan, a decline of 299.19% [2] - The company experienced a phenomenon of "increased revenue without increased profit," attributed to decreased profitability from project turnover due to industry and market fluctuations [2] - In the first three quarters of 2025, Poly Developments achieved a total revenue of 173.722 billion yuan, a year-on-year decrease of 4.95%, and a net profit of 1.929 billion yuan, down 75.31% [2] Financial Performance - Q3 2025 revenue was 56.865 billion yuan, with a total profit of -60.0782 million yuan, and basic earnings per share of -0.07 yuan [2] - For the first three quarters, total profit was 9.849 billion yuan, with basic earnings per share of 0.16 yuan [2] - The company reported a significant drop in signed contracts, with a total amount of 201.731 billion yuan, down 16.53%, and a signed area of 10.1042 million square meters, down 25.13% [2] Market Position - Poly Developments ranked first in the sales volume of real estate companies for the first nine months of 2025, being the only company among the top 100 to exceed 200 billion yuan in sales [2] - The company focused on acquiring land in 38 core cities, with 51% of investment in key areas of first-tier cities [3] Strategic Insights - The company has 549 ongoing and planned projects, with a total construction area of 44.83 million square meters and a pending development area of 45.16 million square meters [3] - Analysts suggest that Poly Developments is actively lowering prices to clear inventory and using recovered funds to invest in high-margin projects in core cities, aiming to cover losses from older projects [3] - The company maintains a strong financing advantage as a state-owned enterprise, with a focus on optimizing land reserves and improving profit margins in the future [3]