【龙湖集团（0960.HK）】销售持续弱势，结算压力明显，资产运营稳健——动态跟踪（何缅南）

Core Viewpoint - The company is experiencing a significant decline in short-term sales, with pressure on settlement gross margins, while asset operations show steady growth [4][5]. Sales Performance - In August 2025, the company achieved a contract sales amount of 4.73 billion (equity sales amount of 3.39 billion) and a contract sales area of 414,000 square meters (equity sales area of 310,000 square meters) [4]. - From January to August 2025, the company reported a contract sales amount of 45.74 billion, a contract sales area of 3.496 million square meters, and an operating income of approximately 17.69 billion (excluding tax) [4]. - The sales amount for January to August 2025 decreased by 29.8% year-on-year, and the sales area decreased by 26.3% year-on-year, with an average sales price of 13,100 per square meter, down 4.7% year-on-year [4]. Gross Margin Analysis - In the first half of 2025, the company reported operating income of 58.75 billion, a year-on-year increase of 25.4%, but gross profit decreased by 23% to 7.42 billion, resulting in a comprehensive gross margin of 12.6%, down from 20.6% in the same period of 2024 [5]. - The real estate development settlement segment was the main drag, with segment revenue of 45.48 billion (up 34.7% year-on-year) and segment gross profit of 98 million, down from 3.19 billion in 2024, leading to a settlement gross margin of 0.2% [5]. Asset Operations - As of June 2025, the company operated 89 shopping malls (75 heavy assets and 14 light assets) with a total operating area of 12.56 million square meters and an overall occupancy rate of 96.8%, with total sales increasing by 17% [5]. - The company has opened 127,000 long-term rental apartments with an occupancy rate of 95.6% and manages approximately 2,200 property management projects covering about 400 million square meters [5]. - In the first half of 2025, the property investment segment reported revenue of 7.01 billion (up 2.5% year-on-year) with a gross margin of 77.7%, while the property service segment reported revenue of 6.26 billion with a gross margin of 30%, both remaining stable compared to 2024 [5].