滨江集团戚金兴：以战略定力破局行业调整

Core Viewpoint - The company is strategically positioning itself for recovery and growth in a challenging real estate market, emphasizing a philosophy of "active lying down, crawling forward" to prepare for future opportunities [1][6]. Group 1: Sales and Market Position - The company achieved a sales revenue of 101.7 billion yuan in 2025, maintaining its position as the tenth largest real estate firm in China and the top among private enterprises [2]. - The land acquisition amount reached 48.7 billion yuan in 2025, with equity land acquisition at 19.2 billion yuan, ranking seventh nationally and first among private firms [2]. - The company focused heavily on the Zhejiang province, with land acquisition accounting for 21% of the province's total and 33% of Hangzhou's total [2]. Group 2: Financial Health - The company's interest-bearing debt decreased from 30.5 billion yuan to 26.2 billion yuan, a nearly 10% reduction, with loans and deposits nearly balanced at year-end [2]. - The comprehensive loan interest rate dropped from 3.4% to 3.0%, aligning with top industry players [2]. - The company aims to further reduce interest-bearing debt by 10% to approximately 23 billion yuan and lower financing costs to below 2.9% [4]. Group 3: Social Responsibility - The company invested over 600 million yuan in rural revitalization, achieving significant economic improvements in targeted areas, including a project that generated over 15 million yuan in annual revenue and created over 100 jobs [3]. - The financial contributions led to a tenfold increase in local fiscal revenue, supporting sustainable regional development [3]. Group 4: Future Outlook - The company anticipates a sales target of approximately 80 billion yuan for the upcoming year, aiming to remain within the top 15 nationally [4]. - The company is preparing for a potential market recovery, contingent on favorable government policies and renewed consumer confidence in home buying [3][4]. Group 5: Strategic Philosophy - The company believes in the resilience of the real estate sector, asserting that even if the market size decreases, it will remain a significant industry [5]. - The company's operational philosophy emphasizes a balance between aggressive growth and prudent risk management, likening its approach to a military strategy [5].