中报季，越秀地产（00123.HK）又一次成为行业焦点。 越秀地产董事长及执行董事林昭远（左二）、越秀地产副董事长及执行董事朱辉松（右二）、越秀地产 联席总经理及执行董事江国雄（左一）、越秀地产财务总监曾志钊（右二） 精准投资推动高效去化营收连续7年稳定增长 在房地产行业高质量发展转型期，多数房企仍面临销售下滑的困境。中指院数据显示，2025年上半年， 百强房企销售总额同比下降11.8%。越秀地产却在行业逆势中保持销售双位数增长，1-6月实现合同销售 额615亿元，同比增长11%，不仅是行业TOP10房企中唯三的正增长房企之一，增速更是排名第二。 业内专家判断，越秀地产销售逆势增长主要得益于其坚定深耕一二线城市的精准投资策略。年报显示， 越秀地产2025年上半年新增土储面积约148万平方米，全部位于一二线核心城市，其中68%位于一线城 市；总土地储备达2043万平方米，一二线核心城市占比达94%，其中半壁江山位于一线城市。 同期，越秀地产在核心一线城市的市场占有率同样表现突出：上半年一线核心城市的销售额为495亿， 占总销售额80.5%。其中，越秀地产在北京上半年实现合同销售额197.2亿元，同比大幅上升25 ...

Core Insights - The real estate construction management business is becoming a crucial avenue for many real estate companies to transition towards a light asset model amid the industry's deep adjustment period [1] - The construction management market is experiencing steady growth, with a notable "Matthew Effect" where leading companies are gaining more market share [2][5] Market Growth - In the first half of this year, the top 20 construction management companies added a total of approximately 10,983 million square meters in signed construction area, representing a year-on-year growth of 28%, which is the highest in the past three years [2][5] - The number of companies in the top 20 that signed over 3 million square meters has significantly increased compared to the same period last year, indicating a trend where the strong continue to get stronger [5] Company Performance - Among the top five companies in terms of added signed construction area, Greentown Management led with 1,989 million square meters, accounting for about 37% of the total for the top five, although its year-on-year growth was only 14% due to a high base [6] - Xuhui Construction Management and Blue City Group reported year-on-year growth rates of 20% and 23%, respectively, with Xuhui leveraging a dual strategy of "government construction + urban renewal" [6] Competitive Landscape - The construction management fee rates have been declining, currently averaging below 3%, down from the earlier range of 5% to 6% [1][11] - A significant 77.7% of construction management projects have fee rates between 1% and 3%, with 42.7% falling between 1% and 2% [11] Future Trends - The demand for construction management in areas such as affordable housing and urban village renovations is expected to exceed 500 million square meters over the next three years, becoming a primary focus for leading companies [9] - Companies are increasingly competing on product quality, with innovative projects integrating local cultural elements and high-end features [10] Strategic Directions - Companies are exploring new directions such as revitalizing non-performing assets and deepening their presence in niche markets to enhance their competitive edge [12][13] - The industry is transitioning from rapid growth to a phase of refined operations, with a shift in client selection criteria from "scale first" to "value co-creation" [13]

Core Viewpoint - The event marks the unveiling of the "Tianjin Iron City Green Town" project, emphasizing a deep dialogue about urban development, land, and culture in Tianjin, redefining the city's future [1][3][27] Group 1: Project Announcement and Vision - The project aims to integrate urban renewal with the "TOD+" model, focusing on creating high-quality living spaces and communities [5][20] - The project is positioned in the core area of Tianjin, leveraging the historical and cultural significance of the "Ti Bei" region, which has a rich legacy of elite residential development [12][20] Group 2: Company Strategies and Innovations - Green Town, a leading real estate company, is responding to national housing policies by introducing a new product standard system focused on aesthetics, sustainability, and health [9][10] - The company has successfully maintained its market position and growth despite industry challenges, showcasing resilience and innovation in its offerings [10] Group 3: Cultural and Historical Significance - The "Ti Bei" area is highlighted as a unique cultural and historical site, embodying the spirit of Tianjin and its elite community, which has evolved over decades [12][27] - The project aims to blend historical context with modern living, creating a lifestyle that resonates with both the past and the future [12][24] Group 4: Market Positioning and Target Audience - The "Tianjin Iron City Green Town" project is designed to cater to the high-end market, offering exclusive living spaces that align with the aspirations of affluent residents [22][27] - The project is expected to set a new benchmark for luxury living in Tianjin, appealing to the city's elite demographic [18][22]

Group 1: Inventory and Sales Performance - The company measures inventory impairment based on the lower of cost and net realizable value, recognizing impairment losses when the net realizable value is below cost [3] - In the first four months of 2025, the company achieved a cumulative contracted sales area of 396,000 square meters, an increase of 11% year-on-year, with a contracted sales amount of 6.14 billion yuan, up 2% year-on-year [3] Group 2: Debt Management and Financing - The company aims to maintain a stable yet decreasing overall debt scale, with a comprehensive financing cost of 3.62% as of the end of 2024, down by 29 basis points from the beginning of the year [4] - The company has an approved loan quota of 40 billion yuan from the parent group each year, with borrowing rates not exceeding those from financial institutions [4] Group 3: Tourism and IP Utilization - The company is innovating its tourism business by updating existing projects and enhancing visitor experiences through themed events and IP integration [5] - The company is developing new products like "Water Park+" and "Family Entertainment Centers" to expand market reach and enhance profitability [5] Group 4: Real Estate Development Strategy - The company focuses on acquiring land in first-tier and strong second-tier cities, leveraging market conditions to optimize resource allocation [6] - The company emphasizes high-quality housing development, integrating new technologies and materials to enhance product standards [7] Group 5: Shareholder Engagement and Market Value Management - The parent company has completed a round of share buybacks, acquiring 64,877,064 shares to support market stability and investor confidence [7] - The company plans to continue enhancing market value management through communication with major shareholders and potential share repurchase initiatives [7]

Group 1 - The concept of "Good House" transcends traditional housing, representing a systematic reshaping of urban space and lifestyle [1] - "Good House" emphasizes the importance of living attributes in housing, moving beyond mere affordability to provide thoughtful and warm services within an affordable range [1] - The promotion of "Good House" faces institutional challenges, including policy design, incentive mechanisms for real estate companies, and performance evaluation systems [1] Group 2 - "Good House" serves as a touchpoint for improving people's livelihoods and a test for modernizing housing systems [2] - The focus of urban renewal is not just replacing the old with the new, but ensuring that more people can live with peace of mind and a sense of happiness [2] - The transition from "Good House" to "Good Neighborhood" and "Good District" reflects a governance philosophy centered on human needs [2]