“销冠”保利第三季度再现亏损

Core 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 revenue of 56.87 billion yuan in Q3, 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][3] Profitability Challenges - The significant drop in profitability is attributed to industry and market fluctuations, leading to decreased project profitability [3] - Poly Developments has faced continuous pressure on profitability since 2021, with net profit growth rates declining for four consecutive years, from 27.39 billion yuan in 2021 to 5.00 billion yuan in 2024 [3] Inventory and Market Strategy - The company is under pressure from inventory, as it is in a deep adjustment phase, necessitating a strategy of price reduction to accelerate inventory turnover [4] - Poly Developments has implemented a strategy to reduce inventory, with a focus on revitalizing land parcels that can be adjusted or converted [5] Investment and Land Acquisition - In the first three quarters, Poly Developments acquired 2.90 million square meters of new floor area, a year-on-year increase of 30%, with total acquisition costs of 60.30 billion yuan, up 45.3% [5] - The company’s land acquisition strategy is focused on 38 core cities, with 51% of new investments located in key areas of first-tier cities [5] Market Outlook - Analysts maintain a positive outlook for Poly Developments, citing its status as a leading state-owned enterprise with strong financing advantages and a focus on high-quality land reserves [5]