PDH(SH:600048) Di Yi Cai Jing·2025-10-24 00:54Core Insights - Poly Developments, despite being the top seller in the industry, reported a quarterly loss for the first time, with a significant decline in both contract amount and area sold [2][3] Financial Performance - In the first three quarters of the year, Poly Developments achieved a contract amount of 201.73 billion yuan, a year-on-year decrease of 16.53%, and a signed area of 10.10 million square meters, down 25.13% [2] - The company reported a third-quarter revenue of 56.87 billion yuan, a year-on-year increase of 30.65%, but a total profit of -60.78 million yuan, a decline of 102.37%, and a net profit attributable to shareholders of -782 million yuan, down 299.19% [2] - The trend of declining net profit has persisted since 2021, with net profit decreasing from 27.39 billion yuan in 2021 to 5.00 billion yuan in 2024, reflecting a continuous decline over four years [3] Inventory and Market Conditions - The company faces significant pressure from inventory, as it is still in a deep adjustment period, which affects profitability [3] - To address inventory issues, Poly Developments has adopted a strategy of price reduction to increase sales volume, which negatively impacts profit margins [4] Land Acquisition and Future Outlook - Poly Developments is focusing on optimizing its sales and profit structure through land acquisition in high-potential core areas, with a total new land area of 2.90 million square meters in the first three quarters, a 30% increase year-on-year [5] - The company has a total of 549 ongoing and planned projects, with a construction area of 44.83 million square meters and a pending development area of 45.16 million square meters [5] - Analysts maintain a positive outlook for Poly Developments, citing its strong financing advantages and focus on core cities, which may lead to improved profit margins in the future [5]