《中华人民共和国国民经济和社会发展第十四个五年规划和2035年远景目标纲要》提出，坚持房子是用 来住的、不是用来炒的定位，加快建立多主体供给、多渠道保障、租购并举的住房制度，让全体人民住 有所居、职住平衡。 近日，中国上市公司协会联合《证券日报》等媒体开展"我在'十四五'这五年上市公司在行动"主题宣传 活动。记者深入保利发展（600048）控股集团股份有限公司(以下简称"保利发展")采访调研时了解到， 当众多房地产企业还在规模扩张的"快车道"时，保利发展提前"踩刹车"，采用稳健发展策略，并于2023 年在行业内率先提出商品房开发由"峰值时代"向"品质时代"过渡的论断。 "房地产行业发展至今，市场对房企的专业能力提出更高、更全面的要求。"保利发展董事长刘平对《证 券日报》记者表示，"保利发展将继续深耕城市、理解市场、深度挖掘客户需求，在品质时代打造'好房 子'标杆。" "好房子"从基本细节入手 2025年，"好房子"首次被写入当年的《政府工作报告》。什么是品质时代的"好房子"？对于这个行业新 命题，保利发展正在积极探索。 为防止厨房烟道反烟，采用304不锈钢烟道配合密封焊缝；为攻克隔音难题，施工中增加中空玻璃与 ...

2025年，中国房地产行业在深度调整中加速向"品质时代"转型。尽管政策端通过"白名单"机制持续强化保交付托底作用， 但受市场销售规模收缩影响，行业整体交付体量同比下滑，房企普遍面临"规模缩减"与"品质升级"的双重挑战。 在此背景下，交付品牌影响力成为房企品牌核心竞争力。它不仅是企业综合实力的具象化表达，更是市场信任度、客户忠 诚度与行业话语权的关键衡量，通过整合产品力、服务力与社会责任，构建差异化的价值标签。 克而瑞首次发布房企交付品牌影响力TOP20榜单，旨在以数据化、多维度的评估体系，挖掘行业标杆实践，为房企提供战 略升级的参考框架，为购房者建立品质选择的科学依据，最终推动行业从"规模竞争"迈向"价值共生"的新阶段，让交付力 成为房企穿越周期的确定性力量。 企业交付品牌影响力指标体系共分为四大维度9个细项，分别从"交付市场占有率""交付推广与传播""行业奖项与认证""美誉 度与舆情管控"等四个维度对企业交付品牌影响力进行测评。 | | 表:企业交付品牌影响力指标体系 | | --- | --- | | 一级指标 | 二级指标 | | 交付市场占有率 | 交付规模 | | | 交付项目个数 | | 交付推广 ...

Core Viewpoint - The report highlights a significant decline in the financial performance of Poly Developments and Holdings Group Co., Ltd. for the first half of 2025, with a notable drop in revenue and net profit compared to the previous year, reflecting ongoing challenges in the real estate market [2][5][14]. Financial Performance - Total revenue for the first half of 2025 was approximately 11.69 billion RMB, a decrease of 16.08% compared to 13.92 billion RMB in the same period last year [2][22]. - The total profit amounted to about 990.88 million RMB, down 29.70% from 1.41 billion RMB year-on-year [2][22]. - Net profit attributable to shareholders was 271.08 million RMB, representing a 63.47% decline from 741.99 million RMB in the previous year [2][22]. - The basic earnings per share decreased to 0.23 RMB, down 63.39% from 0.62 RMB [2][22]. Market Conditions - The overall real estate market in China faced significant pressure, with new residential sales dropping by 5.5% year-on-year, and sales area declining by 3.5% [3][5]. - The top 100 real estate companies saw a sales scale decrease of 11.8% in the first half of the year [5]. - Core cities showed relative resilience, with new residential sales in 30 key cities remaining stable at approximately 1.5 trillion RMB [3]. Operational Strategies - The company implemented strategies to optimize resource allocation and enhance quality while controlling costs, achieving a sales recovery of 144.8 billion RMB with a recovery rate of 100% [6][7]. - The company focused on improving cash flow management, resulting in a net cash inflow from operating activities of 16.02 billion RMB [7][19]. - The company successfully issued a cash-type convertible bond worth 8.5 billion RMB, indicating innovative financing strategies [8]. Industry Trends - The real estate sector is undergoing a transformation towards high-quality development, with a focus on enhancing product quality and customer experience [12][20]. - The market is characterized by a significant inventory of unsold properties, with a total of 770 million square meters of unsold residential space as of June 2025 [3][5]. - The company is adapting to market changes by enhancing its product offerings and service quality, aiming to meet evolving customer demands [12][20].

Core Viewpoint - The real estate market is stabilizing in 2024 due to strong policy support, with significant improvements in transaction volumes, especially in first-tier and core second-tier cities [1] Company Performance - Poly Developments achieved a signed area of 17.9661 million square meters and a signed amount of 323 billion yuan in 2024, maintaining its position as the industry leader for two consecutive years [1] - The company reported total revenue of 311.67 billion yuan and a net profit of 9.74 billion yuan, with a cash recovery rate of 101%, an increase of 1.3 percentage points year-on-year [1][3] - The company’s debt structure continues to improve, with operating cash flow positive for seven consecutive years [1][3] Financial Health - In 2024, Poly Developments reduced interest-bearing debt to 348.8 billion yuan, with a debt-to-asset ratio of 74.3%, marking a four-year consecutive decline [5] - The company’s cash reserves reached 134.2 billion yuan, significantly exceeding industry averages, and financing costs have decreased, with the comprehensive cost of interest-bearing debt dropping to 2.92% [5] Market Strategy - Poly Developments focused on core city clusters, achieving a sales amount of 323.029 billion yuan, with a market share of 7.1% in 38 core cities [6] - The company implemented a "保价" (price protection) policy to boost consumer confidence amid market fluctuations, resulting in a sales increase of 28% year-on-year in October 2024 [7][8] Product Development - The company is enhancing its product competitiveness by focusing on high-quality housing, with a shift in consumer demand towards better living experiences [1][11] - Poly Developments has expanded its project portfolio significantly, with a total land price of nearly 400 billion yuan and a total value of approximately 735 billion yuan from 2022 to 2024 [9][10] Innovation and Quality - The company is investing in technology and innovation to optimize its development chain, achieving a construction time reduction of over 30% [11] - Poly Developments has established a comprehensive product brand service system, receiving high recognition in the industry for its product quality [11]