佛山千灯湖。 佛山保利天瓒项目。 二十年，为佛山带来从制造基地到现代都市的深刻转型。 从2005年GDP不足3000亿元，到2024年达到约1.34万亿；从"制造名城"的家喻户晓，到"宜居宜业宜 游"成为新名片，佛山城市能级不断提升，成为粤港澳大湾区蓝图之上的重要一笔。作为全国唯一的国 家制造业转型升级综合改革试点，"有家就有佛山造"已蜚声海内外。 前行路，离不开同行者。2005年，保利发展华南公司落子佛山千灯湖畔，埋下第一颗与城市共生的种 子，彼时的千灯湖还是一片荒芜，2025年，这颗种子已枝繁叶茂，覆盖华南七城，服务30万家庭。二十 年，从"造房"到"造城"再到"造生活"，保利发展华南公司与佛山同频共振，共绘一幅城市与人居共生长 的温暖画卷。 城市底色 从制造名城到宜居大城 从一国一城到一间屋，其实都是"家"。 佛山就是一个与"家"最紧密相连的城市。 从家电家具，到陶瓷建材，这座制造业大市的城市化进程与产业升级紧密相连。这是佛山的城市底色， 也是发展底气。 将时间轴拉回到20年前，大佛山五区携手并进的蓝图已经起笔。佛山开启了从制造名城到宜居大城的新 篇。 这座"制造名城"亟须高品质生活空间和现代化城市功能 ...

Core Viewpoint - In 2025, the company reported a significant decline in revenue and profit amid a challenging real estate market and a recovering tourism sector, emphasizing a shift from a passive to an active approach to ensure survival and seek new opportunities [1][2]. Financial Performance - For the first half of 2025, the company achieved operating revenue of 11.317 billion yuan, a 50.82% decrease from 23.011 billion yuan in the same period last year [2]. - The net profit attributable to shareholders was -2.868 billion yuan, widening the loss by 171.52% compared to -1.056 billion yuan in the previous year [2]. - Cumulative losses from 2022 to 2024 exceeded 26 billion yuan, with the trend of increasing losses continuing [2]. Business Segments - The real estate segment faced significant challenges, with a signed sales area of 607,000 square meters, a 4.12% increase year-on-year, but a sales amount of 9.49 billion yuan, down 15.72% from 11.26 billion yuan [3]. - The tourism segment showed resilience, with 37.71 million visitors, a 3.77% increase from 36.33 million in the previous year, supported by marketing initiatives [3][4]. Cash Flow Improvement - The net cash flow from operating activities was 2.555 billion yuan, a 190.22% increase from -2.832 billion yuan in the same period last year [5]. - The improvement was attributed to enhanced sales collection and strict cost control, with sales expenses down 23.57% and operating expenses down 3.25% [5]. Strategic Adjustments - The company is focusing on "stabilizing finances, optimizing layout, and promoting transformation" through debt management, land investment, and business model adjustments [7]. - As of June, the total interest-bearing debt was 128.83 billion yuan, stable compared to the end of 2024, with a shift towards long-term borrowing [7]. - The company has resumed land acquisition, adding a new project in Chongqing, indicating a potential recovery in cash flow [7][8]. Future Outlook - The company aims to implement a "dual-wheel drive" strategy, enhancing competitiveness in tourism while optimizing resources in real estate [8]. - Plans for independent operations of tourism and real estate segments were discussed, moving away from the previous model of real estate supporting tourism [8]. - A significant leadership change is anticipated with the potential appointment of a new general manager, which may help address current challenges in the real estate sector [9].