智通财经APP讯，路劲(01098)发布截至2025年6月30日止六个月中期业绩，收入17.85亿港元，同比减少 48.54%;股东应占亏损20.34亿港元，同比扩大98.12%;每股基本亏损2.71港元。 公告称，受房地产市场持续下行、销售低迷影响，集团2025年上半年实现物业销售额(包括合资及联营 企业项目)合共人民币52.32亿元，其中，签订销售合同额为人民币47.69亿元及销售协议待转合同为人民 币4.63亿元。 ...

Group 1 - The company Zhongyuan Jianye (09982) reported an unaudited interim performance for the six months ending June 30, 2025, with revenue of 140 million RMB, representing a year-on-year decrease of 4.53% [1] - The profit attributable to shareholders was 35.836 million RMB, a year-on-year decline of 20.24% [1] - The basic earnings per share were 0.94 cents [1] Group 2 - The decline in revenue is attributed to the ongoing downturn in the domestic real estate market, along with a reduction in service fee pricing [1]

Group 1: Real Estate Market Trends - The real estate sector in China, once considered a "ballast" for the economy, is now facing significant challenges, with many formerly successful companies experiencing downturns [1][4] - Vanke, a leading real estate company, has begun selling multiple assets to maintain cash flow, indicating a broader trend of asset liquidation among major players in the industry [2][4] - The luxury property market in Hong Kong has seen dramatic declines, with some properties losing over 60% of their value since their peak, reflecting a shift in market dynamics [5][6] Group 2: Luxury Property Market Insights - A notable case in Hong Kong involved a luxury property that sold for 790 million HKD, down from 2.1 billion HKD, highlighting the severe depreciation in high-end real estate [5][6] - The overall luxury market in Hong Kong has dropped more than 30% since its peak in 2021, with some properties experiencing declines of up to 40% [6] - The concept of luxury properties as safe investments is being challenged as supply increases and liquidity decreases, leading to a loss of the perceived "landmark premium" [8] Group 3: Market Dynamics and Consumer Behavior - In Shanghai, a luxury property sold at a significant discount through a foreclosure auction, indicating a drastic drop in market prices and raising concerns about liquidity in the high-end segment [10][11] - The experiences of ordinary homebuyers reflect the harsh realities of the real estate cycle, with many feeling trapped by rising prices and financial burdens [14] - Experts emphasize the importance of learning from the current downturn, as the real estate market is closely tied to the overall financial system and economic stability [17][18] Group 4: Future Outlook - The real estate market is transitioning away from a "only rise" mentality, with properties now being viewed more as essential living spaces rather than purely investment vehicles [20] - The ongoing challenges in the luxury and general property markets suggest that future buyers may need to reconsider their motivations for purchasing real estate [21]

中国恒大创立于1996年，1999年跻身广州房企十强，2003年之后进入全国扩张阶段。2006年引入淡马 锡、德意志银行等国际投资者，正式启动上市计划，但在2008 年金融危机中暂缓上市。延迟上市之 后，经过香港资本的助力，于2009 年11月5日成功登陆港交所，上市首日市值超 700 亿港元，成为当时 港股最大内地房企。 上市之后，中国恒大以 "高负债、高杠杆、高周转" 模式快速扩张，一直在高强度利用资本的钢丝绳上 寻找平衡，同时借助资本杠杆和地产红利快速进入地产企业第一梯队。在期业绩最高峰，营业收入达到 4775.61亿元，销售额超7000亿元，资产总额超2.3万亿元。 但随着房地产市场从高峰下行，以及恒大表外负债逐渐显现，公司被动收缩战线。2021年9月，恒大爆 发债务违约，各项业绩全面暴雷，全年净亏损高达6862亿元。 8月12日晚，中国恒大发布公告称：公司将于8月25日从港交所退市。 自2024年1月29日恒大收到清盘呈请停牌至今，已经期满18个月未恢复股票买卖，按照港交所要求，如 果恒大不满足复牌要求，将会被勒令退市。 恒大公告表示，8月8日，本公司收到联交所发出的信函，表示基于本公司未能满足联交 ...

Core Viewpoint - Country Garden (碧桂园) is expected to report a net loss for the first half of 2023 due to declining sales in the real estate sector, decreased gross profit margins, increased impairment of property projects, and significant foreign exchange losses [1][2]. Group 1: Financial Performance - For the first half of 2023, Country Garden anticipates an unaudited net loss, contrasting with a net profit of approximately 1.91 billion yuan in the same period of 2022 [1]. - In 2022, Country Garden reported a net loss attributable to shareholders of 6.05 billion yuan, with a core net profit of about 2.612 billion yuan after excluding fair value changes and foreign exchange losses [2]. - The company's sales performance in the first half of 2023 was ranked fifth nationally, with sales amounting to 167.88 billion yuan [2]. Group 2: Reasons for Loss - The anticipated net loss is attributed to three main factors: prolonged market downturn affecting low-margin projects, significant impairment provisions for inventory, and substantial foreign exchange losses due to the appreciation of the US dollar [1][2]. - The company has indicated that the current market downturn has exceeded expectations, leading to adjustments in project pricing and sales strategies to ensure cash flow safety [1]. Group 3: Strategic Responses - To ensure cash flow safety, the company plans to implement various strategies, including reducing operational expenses, accelerating payment collections, and exploring financing channels [2]. - Country Garden aims to deliver 700,000 housing units this year, having already completed the delivery of 278,000 units in the first half, maintaining a leading position in the industry [2]. Group 4: Industry Context - The real estate sector is facing significant challenges, with 31 out of 52 listed real estate companies in the A-share market expected to report losses for the first half of 2023 [3]. - The low gross profit margins and flexible sales strategies mentioned by Country Garden are common issues contributing to losses across the industry [3].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company remains the industry leader in sales despite a decline in sales volume, with a signed sales amount of 18.01 billion yuan in July 2025, down 28.9% year-on-year [7] - The company has increased its investment intensity, focusing on first- and second-tier cities, with over 90% of its land acquisitions in these areas [7] - The company is expected to gradually recover its valuation due to its strong market position and stable operations, despite facing challenges in the real estate market [7] Financial Performance Summary - Revenue projections for the company show a decline from 346.83 billion yuan in 2023 to an estimated 287.05 billion yuan in 2025, with a revenue growth rate of -10.14% in 2024 and -7.90% in 2025 [6][8] - The net profit attributable to shareholders is projected to decrease significantly from 12.07 billion yuan in 2023 to 5.19 billion yuan in 2025, with a net profit growth rate of -58.56% in 2024 [6][8] - The earnings per share (EPS) is expected to be 0.43 yuan in 2025, with a price-to-earnings (PE) ratio of 18.51 [6][8] Sales and Market Position - The company achieved a signed sales area of 910,000 square meters in July 2025, a decrease of 37.2% year-on-year, but still maintains the top position in the industry [7] - The average sales price for the company in the first seven months of 2025 was 20,260 yuan per square meter, reflecting a year-on-year increase of 12.1% [7] Investment Strategy - The company acquired 27 plots of land in the first seven months of 2025, with 22 plots in first- and second-tier cities and 5 in third- and fourth-tier cities, indicating a strategic focus on high-potential markets [7] - The total investment amount for the company reached 51.87 billion yuan, with over 90% allocated to first- and second-tier cities [7]

Core Viewpoint - The company anticipates a significant decline in net profit for the first half of 2025, primarily due to intensified industry competition and a lagging effect from the overall downturn in the real estate market [1] Group 1: Profit Warning - The company issued a profit warning on August 8, indicating that the net profit attributable to shareholders for the first half of 2025 is expected to decrease by approximately 40% to 50% compared to about RMB 5.01 billion in the same period of 2024 [1] - The anticipated decline in profit is attributed to increased competition in the industry and the lagging effects of the overall downturn in the real estate market, leading to a decrease in overall project revenue [1] Group 2: Business Growth - Despite the challenging market conditions, the company experienced strong growth in new construction management projects, with a total contracted construction area of 19.89 million square meters, representing an increase of approximately 13.9% year-on-year [1] - The estimated management fees for new construction projects are projected to be around RMB 5 billion, reflecting a year-on-year growth of approximately 19.1% [1] - The company has seen an increase in the proportion of commercial construction management and repeat commissioning rates, demonstrating its strong expansion capabilities and customer trust even under market pressure, which will contribute to performance certainty and lay a foundation for sustainable high-quality development [1]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company is experiencing a decline in revenue and profit due to reduced turnover scale and market fluctuations, with a significant drop in net profit margin [7] - Despite the challenges, the company remains a leader in the real estate sector, focusing on investment in first and second-tier cities, which is expected to gradually improve its valuation [7] - The forecasted net profit for 2025-2027 is projected to be 5.19 billion, 5.63 billion, and 6.03 billion RMB respectively, with corresponding EPS of 0.43, 0.47, and 0.50 RMB [7] Financial Performance Summary - Revenue for 2023 is projected at 346.83 billion RMB, with a growth rate of 23.4%, but is expected to decline in subsequent years [6] - The net profit for 2023 is estimated at 12.07 billion RMB, with a significant decrease in the following years, reflecting a net profit growth rate of -34.1% in 2023 and -58.6% in 2024 [6] - The company's operating profit margin for the first half of 2025 is reported at 8.4%, down from previous periods, indicating pressure on profitability [7] Market Position and Sales Performance - The company achieved a contract sales amount of 290.1 billion RMB in June 2025, a decrease of 31.0% year-on-year, aligning with industry trends [7] - The company has maintained its position as the top player in the industry despite the sales decline, with a total contract sales amount of 1,451.7 billion RMB for the first half of 2025, down 16.3% year-on-year [7] Investment Strategy - The company has increased its investment intensity, acquiring 27 land parcels in the first half of 2025, with 23 located in first and second-tier cities, representing 91.8% of total land costs [7] - The total land cost for these acquisitions is reported at 50.87 billion RMB, indicating a strategic focus on high-potential urban areas [7]

Investment Rating - The report maintains a cautious outlook on the Chinese real estate market, predicting a decline in sales and prices, with a potential bottoming out in Q4 2024 [7][8]. Core Insights - The Chinese real estate market is experiencing significant challenges, with a 2.9% year-on-year decline in new home sales expected to worsen in June 2024 [1][3]. - The inventory of new homes remains high, averaging 24 months across 70 cities, with second and third-tier cities facing particularly severe pressure [1][5]. - The shopping center market is undergoing positive consolidation, with leading operators like CR Land expanding market share through acquisitions and a light-asset model [2][9]. Summary by Sections Real Estate Market Overview - The report highlights a 3.8% year-on-year decline in national real estate sales, with top developers experiencing an 11% drop in sales in the first half of the year [3][4]. - Land sales in 300 key cities have decreased by over 6%, marking a 15-year low [4]. Housing Inventory and Prices - New home prices have been on a downward trend, with a 4% year-on-year decline in May and an 11% drop in second-hand home transaction prices in June [6][8]. - The report anticipates that new home sales will hit a low of 8.4 trillion RMB in 2025, with a reduction in new construction and completion areas [8]. Shopping Center Market Dynamics - The shopping center sector is seeing growth, with over 6,300 centers operational by 2024, primarily in lower-tier cities [9]. - CR Land's same-store sales growth significantly outpaces competitors, achieving a 16% increase compared to 8-9% for others [9][10]. Future Projections - By 2040, CR Land plans to expand its heavy-asset shopping center count by 90%, reaching 174 centers [10][18]. - The report predicts that the real estate market will stabilize in early 2026 for first-tier cities and late 2026 for second-tier cities [8]. Property Management Sector - In 2024, 74% of property management revenue will come from basic management services, with a significant decline in value-added services from developers [21][22]. - Leading companies are focusing on third-party expansion to drive future growth, with a notable decrease in reliance on parent company support [22][25]. Shareholder Returns - The property management industry is characterized by strong cash reserves, with many companies increasing dividends and share buybacks to enhance shareholder returns [27].

创维集团(00751)跌超3%，截至发稿，跌3.04%，报3.19港元，成交额786.24万港元。 消息面上，创维集团发盈警，预期集团截至2025年6月30日止6个月税后溢利较截至2024年6月30日止6个 月的税后溢利，将取得约50%的下降幅度。上述预期下降幅度主要受中国房地产市场持续下行、销售低 迷的影响，集团现代服务业业务板块中建设发展业务的部分区域物业因此计提减值及导致该业务业绩表 现欠佳。集团根据会计准则的要求增加了相关房地产存货减值准备，主要反映了当前市场环境的变化。 ...