净利润由盈转亏，深陷经营困境的光明地产（600708）正面临严峻挑战。近日，光明地产披露2025年半年度业绩预告，公司上半年净亏损约3.6亿—4.4亿 元，较上年同期由盈转亏。 面对业绩颓势，光明地产已着手实施调整举措。北京商报记者注意到，2024年光明地产一方面通过剥离旗下涉足仓储运营、物流运输及生活服务等业务的子 公司，收缩非核心业务板块；另一方面，逐步退出江苏、浙江等非重点深耕区域的项目，2024年新增土地储备全部落子上海，持续优化投资布局。尽管采取 了上述一系列操作，光明地产的净利润仍未出现回升，反而呈现下滑态势。 净利润由盈转亏 2025年半年度业绩预告显示，光明地产净亏损约为3.6亿—4.4亿元，而在去年同期净利润为0.08亿元，同比大幅下滑536%—636%。 对于净利润亏损的原因，光明地产方面表示，主要系公司房地产开发业务规模及报告期内结转项目毛利率水平下降所致。 北京商报记者梳理发现，光明地产在上半年净利润为负是近四年同期首次。具体来看，2021—2024年上半年，光明地产净利润分别为0.44亿元、0.09亿元、 0.09亿元及0.08亿元。 值得一提的是，在2023年及2024年光明地产分 ...

Core Viewpoint - Bright Real Estate has reported a significant shift from profit to loss, with an estimated net loss of approximately 360 million to 440 million yuan for the first half of 2025, compared to a net profit of 8 million yuan in the same period last year, marking a year-on-year decline of 536% to 636% [3][4]. Financial Performance - The net loss of Bright Real Estate is attributed to a decrease in the scale of its real estate development business and a decline in the gross profit margin of projects recognized during the reporting period [4]. - This marks the first time in four years that the company has reported a negative net profit for the first half of the year, with previous net profits recorded at 44 million, 9 million, 9 million, and 8 million yuan from 2021 to 2024 [4]. Business Strategy Adjustments - In response to the declining performance, Bright Real Estate is implementing strategic adjustments, including divesting subsidiaries involved in warehousing, logistics, and lifestyle services, and gradually exiting non-core regions such as Jiangsu and Zhejiang [4][6]. - The company plans to focus its new land reserves exclusively in Shanghai, with an estimated new land reserve area of approximately 31,200 square meters in 2024, down from 36,500 square meters in 2023 [7][8]. Land Acquisition and Investment Focus - Bright Real Estate has set a land investment budget of 6 billion yuan for both 2023 and 2024, emphasizing its commitment to deepening its investment in Shanghai [8]. - The company has successfully acquired land parcels in Shanghai, spending nearly 1.2 billion yuan on two plots in the Pudong New Area [8]. Asset Disposal and Mergers - Bright Real Estate is also optimizing its business structure by planning to transfer 100% equity and debt of its wholly-owned subsidiary, Haibo Supply Chain, for a total of 295 million yuan [8]. - The company is expected to generate a net profit of approximately 294 million yuan from the potential transfer of its subsidiaries, Haibo Siban and Bright Life Services [8]. Industry Trends - The real estate industry is witnessing an increase in mergers and acquisitions as companies face declining revenues and profits, with 81 transactions recorded in the first half of 2025, totaling approximately 29.1 billion yuan [9]. - The trend of asset disposal and focused residential business strategies is prevalent among leading real estate firms, with significant land acquisition in core cities [10].