CMSK(SZ:001979) EBSCN·2025-08-02 09:36Investment Rating - The report maintains a "Buy" rating for the company [5] Core Insights - The company is actively progressing with its share buyback program, which is expected to enhance shareholder value and reduce registered capital [2] - Sales rankings have improved, with the company achieving sales amounts of CNY 2,193.0 billion and CNY 350.7 billion for 2024 and Q1 2025 respectively, placing it 5th in the China real estate sales ranking [2] - The company has successfully reduced its financing costs, with a comprehensive funding cost of 2.99% as of the end of 2024, maintaining an industry-leading level [3] Summary by Sections Share Buyback Progress - As of July 31, 2025, the company has repurchased 44,804,006 shares, accounting for 0.494% of its total share capital, with a total expenditure of approximately CNY 430.27 million [1][2] Sales Performance - The company ranked 4th in the China real estate sales ranking for the first seven months of 2025, with a total sales amount of approximately CNY 1,045.2 billion, showing a narrowing decline of 10.5% year-on-year [2] - The monthly sales in July 2025 were approximately CNY 156.3 billion, reflecting a year-on-year decline of only 1.5%, indicating a potential recovery in sales performance [2] Financing Cost Reduction - The company issued CNY 800 million of 3-year fixed-rate bonds at a coupon rate of 1.70%, with a subscription multiple of 4.5625 times, demonstrating strong market confidence in its financial strategy [3] - The report projects an increase in net profit for 2025 and 2026 to CNY 45.1 billion and CNY 48.1 billion respectively, up from previous estimates of CNY 42.1 billion and CNY 44.7 billion [3]