VIEW 克而瑞研究中心 "每周研究精读" ， 聚焦宏观、行业、房企、土拍、产品、客需、榜单等多个研究成果，与各界探讨行业运 行逻辑、变数及未来趋势。 点击标题阅读全文 专题 2025上半年房企存货管理专题——典型房企计提减值准备仍在继续 以5 0 家典型上市房企为研究样本，揭示行业在"规模收缩"与"风险缓释"中的实践路径，为房企优化库存结构、投资者研判行业风险提供参 考。 2025年上半年房企盈利能力报告——毛利率修复至10.87%，净利润维持亏损 期内确认存货跌价损失494亿，净利润亏损902亿。 2025上半年房企偿债能力报告：现金短债比继续下滑，行业信用修复仍需时间 20 25年中期50家典型上市房企的现金持有量为11867亿元，较期初减少了9. 49%。 观点 头部房企加速布局社群运营，华润、华发均已设立集团IP 土拍｜厦门4宗宅地成交81.25亿元，均由本地国企竞得 9月23日，厦门4宗宅地顺利出让，合计揽金81.2 5亿元，均由本地国企底价竞得。 研报 地产社群运营正被越来越多的房企关注，其热度呈现爆发式增长。 城市更新催生代建需求，企业如何"入场"？ 能否真正理解政策、整合资源、平衡多方诉求， ...

◎ 文 / 房玲 洪宇桁 2025年中期50家典型上市房企的现金持有量为11867亿元，较期初减少了9.49%。 研究视点 2025上半年房企融资政策延续了相对宽松的基调，城市房地产融资协调机制持续推进，截至5月7日"白名单"贷款审 批通过金额已达到6.7万亿元，缓解了房企的部分资金压力。与此同时，出险房企的债务重组进程也在持续推进中， 部分房企已经实现境内外债务重组成功，但当前房企整体的债务压力依然较大。 从50家样本房企 1 的财务情况来看，2025年中期 样本房企的现金持有量较期初继续减少9.49%，总有息负债减少 0.95%。 在此背景下， 调整后的非受限现金短债比相比期初略有下降，达0.37，房企短期压力仍在加大。 从2025年中期样本房企三条红线分档结果来看，踩线房企占比较期初降低2个百分点至72%， 其中黄档占比和期初 持平，橙档和红档占比较期初分别降低4个和提高2个百分点至24%和34%。 | 财务指标 | 2021年 | 2022年 | 2023年 | 2024年 | 2025H | 较期初变动 | | --- | --- | --- | --- | --- | --- | --- | | ...

Core Viewpoint - By the end of 2024, 84% of the 50 sample real estate companies have seen a decrease in cash holdings compared to the beginning of the year, with 62% of companies experiencing a worsening in their adjusted unrestricted cash to short-term debt ratio, and the proportion of companies at risk has increased by 2 percentage points to 72% [1][29]. Group 1: Cash Holdings and Financial Pressure - The cash holdings of sample real estate companies decreased by 8.04% by the end of 2024, with a total cash holding of 12,925 billion [4][6]. - 84% of real estate companies have seen a decrease in cash compared to the beginning of the year, while state-owned enterprises have increased their cash holdings [7][30]. - The adjusted restricted cash ratio reached 28%, indicating that the actual short-term debt repayment capacity of real estate companies may be lower [7][30]. Group 2: Total Interest-Bearing Debt - The total interest-bearing debt decreased by 3.12% compared to the beginning of the year, with the total interest-bearing debt scale at 50,023 billion [9][30]. - Private real estate companies saw a 9.35% reduction in total interest-bearing debt, with 18 companies having total interest-bearing debt exceeding 100 billion [11][30]. - 20% of real estate companies experienced an increase in total interest-bearing debt, while most companies have either actively or passively reduced their debt levels [11][30]. Group 3: Debt Pressure and Default Risk - The proportion of short-term interest-bearing debt increased to 43%, while state-owned enterprises maintained a relatively sound debt structure [16][30]. - The adjusted unrestricted cash to short-term debt ratio continued to decline, with 64% of companies below the red line, indicating significant short-term repayment pressure [16][30]. Group 4: Net Debt Ratio and Company Classification - The average net debt ratio rose to 98.07%, with significant increases observed in state-owned and mixed-ownership enterprises [14][19]. - 21 companies have a net debt ratio exceeding the red line, highlighting significant differentiation among companies [22][30]. - The proportion of companies at risk increased to 72%, with deterioration observed across all types of enterprises [22][30]. Group 5: Financing Capability and Market Conditions - The overall financing cost for real estate companies decreased to 4.87%, but financing capabilities are increasingly differentiated [25][30]. - The rate of off-balance-sheet financing continues to rise, increasing pressure on real estate companies [25][30]. - 80% of real estate companies have an adjusted quick ratio of less than 1, indicating that debt restructuring for distressed companies remains urgent [25][30].