绿地控股战略收缩路线图：前三季度由盈转亏 三季度零拿地、零开工

Core Viewpoint - Greenland Holdings is undergoing a painful transformation period, with significant declines in revenue and net profit reported for the first three quarters of 2025 [3][4]. Financial Performance - For the first three quarters of 2025, Greenland Holdings achieved revenue of 127.697 billion yuan, a year-on-year decrease of 20.16%, and a net profit attributable to shareholders of -6.690 billion yuan, a staggering decline of 2927.38% [4]. - In Q3 2025, the company reported revenue of 33.202 billion yuan, down 25.59% year-on-year, and a net loss of 3.183 billion yuan, a decline of 11912.36% [4]. Real Estate Business - The real estate sector remains in a downturn, with contract sales amounting to 47.64 billion yuan, a slight decrease of 1.28%, while sales area increased by 13% to 5.374 million square meters, indicating a "volume up, price down" trend [4]. - New construction area for the first three quarters was only 490,000 square meters, a drop of 55.44%, with no new projects initiated in Q3 [4][5]. Land Acquisition Strategy - Greenland Holdings has adopted a cautious approach in the land market, adding only three new real estate project reserves with a total land area of 116,400 square meters in the first three quarters, and no new project reserves in Q3 [5]. Infrastructure Business - The infrastructure segment showed signs of stabilization, with cash collections of approximately 25.8 billion yuan in Q3 and a total of 84.9 billion yuan for the first three quarters [6]. - The company completed an output value of approximately 23.8 billion yuan in Q3, totaling about 71.1 billion yuan for the first three quarters [6]. Legal Challenges - The number of lawsuits involving Greenland Holdings has surged, with 1,344 new cases reported from October 1 to 20, 2025, involving a total amount of 6.381 billion yuan [7]. - In September 2025 alone, the company faced 3,102 lawsuits with a cumulative amount of 11.187 billion yuan, indicating an average of nearly 90 new lawsuits per day during a 50-day period [7][8]. Strategic Shift - In response to declining performance and transformation pressures, Greenland Holdings is actively exploring new business avenues, including expanding into the automotive industry and seizing opportunities in the electric vehicle export market [9].