Core Viewpoint - The company has shown resilience in sales despite a challenging market, with a focus on inventory reduction and strategic land acquisition, while maintaining a stable financial position and financing channels [2][3][22]. Sales Performance - In the first half of 2025, the company achieved a contract sales amount of 122.2 billion, with a sales area of 5.35 million square meters, representing a year-on-year decrease of 3.4% and 9.5% respectively [2][4]. - The construction business recorded a sales amount of 41.9 billion, showing a year-on-year growth of 1.9%, contributing 34.3% to total sales [2][4]. - The sales target completion rate for self-invested projects reached 53.6%, indicating a strong cash flow with a collection rate of 96% [4][6]. Inventory Management - The company has made progress in inventory reduction, with 19 billion of inventory from 2021 and earlier being liquidated, resulting in a decrease in the proportion of completed unsold properties to 14.9% [6][8]. - The average liquidation rate for the first half of the year was 48%, with a target of 45% for the second half to meet the annual goal of 160 billion for self-invested projects [6][8]. Land Acquisition and Development - The company acquired 35 new land parcels with a total area of 3.55 million square meters, a year-on-year increase of 172%, with a new value of 90.7 billion [7][12]. - The land acquisition sales ratio increased to 0.67, indicating a significant increase in land acquisition efforts [7][10]. - The expected sales conversion rate for new projects in 2025 is 55%, which could contribute approximately 50 billion in sales [12][16]. Financial Performance - Total revenue for the first half of 2025 was 53.37 billion, a decrease of 23.3% year-on-year, with recognized revenue of 49.65 billion, down 22.1% [17][27]. - The comprehensive gross margin was 13.4%, a slight increase of 0.3 percentage points, while the net profit margin decreased by 2.5 percentage points to 2.3% [20][27]. - The company issued 7.711 billion in domestic bonds, with an average cost of 4%, and maintained a stable financial condition with a cash coverage ratio of 1.7 times for short-term debts [22][23].
中报点评|绿城中国:逆势扩张拿地,归母净利下降近九成