41家A股上市房企亏掉872亿

Core Viewpoint - The performance of A-share listed real estate companies continues to decline, with over half reporting losses in the first three quarters of 2025, totaling a net loss of 872.16 billion yuan among 41 companies [3][4][6]. Group 1: Overall Performance - A total of 77 A-share listed real estate companies have disclosed their Q3 2025 reports, with a combined operating revenue of 973.3 billion yuan [3][4]. - 41 companies reported net losses, accounting for over 50% of the total, with significant losses from major firms such as Vanke and *ST Jinke [4][5]. Group 2: Major Losses - Vanke reported an operating revenue of 161.39 billion yuan with a net loss of 28.02 billion yuan in the first three quarters [4][5]. - *ST Jinke's total revenue was 5.699 billion yuan, down 73.57% year-on-year, with a net loss of 10.778 billion yuan [5][6]. - Huaxia Happiness reported a revenue of 3.882 billion yuan, down 72.09%, with a net loss of 9.829 billion yuan [5][6]. Group 3: Reasons for Losses - The losses are attributed to declining settlement scales in development projects, low gross margins, and increased provisions for inventory depreciation [5][11]. - Companies like Greenland Holdings and Xinda Real Estate also reported significant losses, with Greenland's revenue down 20.16% and a net loss of 6.69 billion yuan [5][6]. Group 4: Companies Turning Profits - Only 36 companies reported positive net profits, with notable performance from China Communications Real Estate, which achieved a revenue of 14.293 billion yuan and a net profit of 4.827 billion yuan [7][10]. - The profit turnaround for *ST Zhongdi was largely due to significant asset restructuring, which removed real estate development assets from its balance sheet [8][9]. Group 5: Future Outlook - Despite the ongoing losses, there is potential for profit recovery as core cities show increased activity, and companies are focusing on higher-margin projects [11]. - The overall market conditions, including reduced land and financing costs, may lead to a gradual improvement in performance for some firms [11].