【中国海外发展（0688.HK）】销售策略积极去化，商业运营稳步发展——动态跟踪报告（何缅南）

Core Viewpoint - The company reported a decline in property sales and land acquisitions for the first eight months of 2025, indicating a strategic shift towards volume over price in a challenging market environment [4]. Sales Performance - In August 2025, the company's contract sales amounted to 18.33 billion, a year-on-year decrease of 0.7%, while the sales area increased by 27.7% to 889,000 square meters [4]. - For the first eight months of 2025, the total contract sales reached 150.33 billion, down 16.5% year-on-year, with a sales area of 6.669 million square meters, a slight decrease of 0.2% [4]. Development Strategy - The company has a strong brand advantage and is actively implementing a "price for volume" strategy to accelerate sales [4]. - The average sales price in the first eight months of 2025 was 22,500 per square meter, reflecting a 16.3% decrease compared to the same period in 2024 [4]. Financial Performance - The company's revenue for the first half of 2025 was 83.22 billion, a decline of 4.27% year-on-year, with the real estate development segment contributing 77.96 billion, down 4.97% [4]. - The gross profit margin decreased to 17.4% from 22.1% in 2024, while the net profit attributable to shareholders was 8.6 billion, down 16.6% year-on-year [4]. Asset Management and Commercial Operations - The company is focused on establishing a comprehensive real estate asset management platform covering investment, financing, construction, management, and exit strategies [5]. - In the first half of 2025, commercial property revenue was 3.54 billion, with office buildings generating 1.7 billion and shopping centers 1.17 billion [5]. - The occupancy rate for mature shopping center projects over three years was 96.2%, with foot traffic increasing by 11.0% year-on-year [5]. Financial Stability - As of June 30, 2025, the company's total debt was 227.45 billion, a reduction of 14.12 billion from the end of 2024, with cash and bank deposits totaling 108.96 billion [6]. - The debt-to-asset ratio stood at 53.7%, and the net debt ratio was 28.4%, indicating a strong credit position [7]. - The average financing cost was maintained at 2.9%, among the lowest in the industry, with total interest expenses decreasing by 1.21 billion year-on-year [7].