Seazen(SH:601155) 克而瑞地产研究·2025-09-10 09:44Core Viewpoint - In the first half of 2025, the company achieved sales of 10.33 billion, a year-on-year decrease of 56.14%, while the collection amount reached 11.884 billion, resulting in a collection rate of 115.05% [3][4][7] - The company has not added new land reserves in the public market during the first half of 2025, with over 60% of land reserves located in third and fourth-tier cities, indicating a need for structural adjustment [9][10] - The gross profit margin increased year-on-year, with overall profit margins remaining relatively stable despite a decrease in revenue [12] - The financing sector made breakthroughs, successfully issuing 1 billion medium-term notes at a historical low interest rate of 2.68% [14][15] - The commercial operation segment has expanded significantly, with over 16 million square meters of operational space, becoming a crucial support for the company's profit structure [16][17] Sales Performance - The company achieved a sales amount of 10.33 billion, with a sales area of 1.335 million square meters, and an average selling price of 7,738 yuan per square meter, all showing significant declines year-on-year [4][7] - The contribution from the Yangtze River Delta region decreased, while the Bohai Rim region's contribution increased by 5 percentage points to 27% [7] Land Reserve Structure - The company has not added new land reserves in the public market, with an estimated available land reserve of approximately 32.1 million square meters by the end of the first half of 2025 [10] - Land reserves are concentrated in third and fourth-tier cities, accounting for over 60%, with only 39% in first and second-tier cities [10] Profitability Metrics - The company reported total revenue of 22.1 billion, a decrease of 34.8% year-on-year, with real estate business revenue down 44.9% [12][21] - The gross profit margin improved to 26.85%, an increase of 5.25 percentage points year-on-year, despite a decrease in net profit [12][21] Financing Achievements - The company successfully issued a 3-year, 300 million USD senior unsecured bond, marking the first private real estate offshore bond in three years, followed by the issuance of 1 billion medium-term notes [15] - The average financing cost decreased to 5.55%, down 0.37 percentage points from the end of 2024 [15] Commercial Operations - The company operates 205 Wuyue Plazas across 141 cities, with a total operational area of 16.0814 million square meters [17] - Commercial operating income reached 6.944 billion, a year-on-year increase of 11.8%, with a gross profit margin of 71.2% [17]