BCDC(SH:600376) Jin Rong Jie·2025-10-30 10:13Core Viewpoint - The financial performance of Shoukai Co., Ltd. has shown significant improvement in the third quarter of 2025, with substantial growth in revenue and a notable recovery in profitability, indicating a strong foundation for high-quality development [1][2]. Financial Performance - In the first three quarters, the company achieved operating revenue of 23.186 billion yuan, representing a year-on-year increase of 60.31% [2]. - The net profit attributable to shareholders saw a significant reduction in losses, improving by over 1.1 billion yuan compared to the previous year [2]. - The gross profit margin increased by 4.12 percentage points to 11.03%, positioning the company at a leading level within the industry [2]. Cash Flow Improvement - The net cash flow from operating activities turned positive, reaching 5.049 billion yuan, marking a fundamental shift from significant outflows to positive inflows [3]. - This improvement in cash flow alleviates short-term liquidity pressures and provides a solid financial foundation for future project development and debt repayment [3]. Funding Support - The company benefits from strong support from its major shareholder, Shoukai Group, which plans to provide up to 3 billion yuan in perpetual bond financing [4]. - The company has also enhanced its financing capabilities, successfully issuing private bonds totaling 1.206 billion yuan at a low interest rate of 2.79% [4]. - The backing from state-owned enterprises and a solid operational foundation help the company withstand industry uncertainties [4]. Strategic Development - The company has made strategic land acquisitions, including a key plot in Beijing's Chaoyang District for 446 million yuan, which is expected to enhance its competitiveness in the high-end residential market [5]. - In the first three quarters, the company recorded a total of 847,000 square meters of project completion, with a balanced layout focusing on both Beijing and surrounding high-quality areas [6]. - The recent policy guidance from the 14th Five-Year Plan emphasizes high-quality development in the real estate sector, aligning with the company's strategic direction [6]. Future Outlook - With ongoing project advancements in core areas of Beijing and a favorable policy environment, the company is positioned to capitalize on market recovery and transition from stable recovery to high-quality growth [6].