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， ...

智通财经APP获悉，9月22日，克而瑞地产研究发布，从典型企业公布的2025上半年数据来看，存货账 面价值总计8.14万亿元，较2024年末的8.53万亿元下降4.6%。存货规模自2022年以来，已经连续多年呈 现负增长趋势，今年已步入第四年。从半年时间的下降幅度来看，对比2024上半年较期初下降5.1%的 降幅，存货总量规模下降节奏略有减缓。 从不同梯队来看，各梯队房企存货总量下降速度基本与去年相当，其中TOP31-50、TOP51-100房企降幅 最大，较年初下滑超7%，TOP10房企降幅最小，较年初下滑2.3%，主要由于头部房企投资、开工、去 化相对稳健，存货变动相对较小。从企业性质上看，2025上半年末央企存货总量基本与去年持平了，降 幅小于1%，主要由于今年上半年央企在核心城市择机获取较多优质地块。央企中中国金茂（00817）、 招商蛇口（001979.SZ）、华润置地（01109）的存货总量甚至较期初有不同程度的上涨。其中中国金茂 2025年上半年新增土地16幅，全部位于一二线城市，新增土储计容总建面145万平方米，项目总土地款 492亿元，拿地销售金额比达到0.92。且北京、上海两地投资324亿 ...

Core Viewpoint - The article analyzes the inventory status and development trends of typical real estate companies in 2024, focusing on inventory scale, structure, and investment intensity, highlighting a significant decline in total inventory and an increase in the proportion of completed housing inventory [1][3]. Group 1: Inventory Trends - Total inventory of typical real estate companies decreased by 15% compared to the beginning of the year, marking a continuous decline for three years [4][5]. - Among 50 typical listed companies, the total inventory value reached 7.98 trillion yuan, down from 9.4 trillion yuan at the end of 2023 [5]. - The decline in inventory is most pronounced among companies ranked 51-100, with a drop of 22.3%, while the top 10 companies experienced a smaller decline of 12.4% [7]. - Completed inventory accounted for 27% of total inventory, reaching a five-year high, with a 5.6 percentage point increase from the beginning of the year [10][12]. Group 2: Current Housing Inventory - The scale of completed housing inventory grew by 7% compared to the beginning of the year, with state-owned enterprises showing the highest increase of 22.7% [14][16]. - Nearly 60% of real estate companies reported an increase in completed inventory, indicating persistent pressure on current housing inventory [21]. - The inventory impairment ratio rose to 4.42%, reflecting ongoing challenges in the market [22][25]. Group 3: Investment and Inventory Management - The proportion of inventory to total assets decreased to 47.5%, with 86% of companies experiencing a decline in this ratio [26][28]. - The weighted average inventory turnover rate for 50 typical companies was 0.35 times per year, slightly down from the beginning of the year [26][28]. - Companies are focusing on high-quality investments and strategies to quickly liquidate completed inventory to alleviate pressure [27][28].