专题 | 2025上半年房企偿债能力报告：现金短债比继续下滑，行业信用修复仍需时间

Group 1 - The cash holdings of 50 typical listed real estate companies decreased to 118.67 billion yuan, a reduction of 9.49% compared to the beginning of the period [1][5][7] - The financing policies for real estate companies remained relatively loose in the first half of 2025, with a total of 6.7 trillion yuan approved for "white list" loans, alleviating some financial pressure [3][8] - The overall debt pressure for real estate companies remains high, with total interest-bearing liabilities decreasing by only 0.95% to 51.816 billion yuan [5][15] Group 2 - 80% of real estate companies experienced a decrease in cash holdings, with state-owned enterprises showing a smaller decline compared to private firms [10][11] - The adjusted non-restricted cash to short-term debt ratio fell to 0.37, indicating increasing short-term repayment pressure for real estate companies [23][27] - The average net debt ratio rose to 108.71%, with private real estate companies experiencing a significant increase [29][30] Group 3 - The overall financing cost for real estate companies decreased to 3.92%, with state-owned enterprises benefiting from lower costs [32][34] - Nearly 80% of real estate companies have an adjusted quick ratio of less than 1, highlighting liquidity pressures [33][34] - The industry is still in a bottoming phase, with 56% of the top 100 real estate companies reporting a year-on-year decline in sales performance [34][35]