华发股份：前三季度经营性现金流净额大幅增长 冰雪世界火爆出圈

Core Insights - Huafa Co., Ltd. reported a revenue of 51.75 billion yuan and a net profit of 1.097 billion yuan for the first three quarters of the year, with a significant increase in operating cash flow by 372.76% to 17.416 billion yuan [1] - The company ranked 11th in the China Real Estate Sales List by CRIC, achieving sales of 63.31 billion yuan from January to September [1] - Despite the ongoing deep adjustment in the real estate industry, Huafa maintains strategic focus on core cities, demonstrating resilience through solid operational performance [1] Financial Performance - For the first three quarters, Huafa's operating cash flow reached 17.416 billion yuan, reflecting a year-on-year growth of 372.76% [2] - The company has effectively managed costs, with management expenses decreasing by 8.2% year-on-year, enhancing operational efficiency [2] - Huafa's asset-liability structure remains stable, laying a solid foundation for high-quality development [2] Market Position - In the Greater Bay Area, Huafa ranked second in both equity sales and sales area, achieving 20.925 billion yuan in equity performance and 781,900 square meters in sales area [2] - In its home market of Zhuhai, Huafa topped the sales charts with 16.61 billion yuan in sales and 620,000 square meters in sales area [2] - In Jiangsu, the company secured a top-three position in the local real estate sales rankings with a sales amount of 9.01 billion yuan [2] Project Development - The Shenzhen Huafa Qianhai Ice and Snow World has attracted over 400,000 visitors in its first month of trial operation, with a peak daily visitor count exceeding 40,000 [3] - The project features a total construction area of approximately 100,000 square meters, equipped with five professional ski slopes and certified by the FIS for hosting international events [3] - Plans are in place to introduce international ice and snow events by 2026, enhancing the long-term operational value of the project and reflecting Huafa's shift from single project operation to industry ecosystem development [3]