Core Viewpoint - Zhongliang Holdings (02772) reported a significant decline in revenue and a narrowed loss for the first half of 2025, indicating challenges in the real estate sector while maintaining a strong position in property deliveries [1] Financial Performance - Revenue for the six months ended June 30, 2025, was RMB 5.13 billion, a decrease of 77.4% year-on-year [1] - Shareholders' loss amounted to RMB 781 million, which represents a 54.28% reduction compared to the previous year [1] - Basic loss per share was RMB 0.18 [1] Operational Highlights - The group, including its joint ventures and associates, delivered approximately 15,000 property units in the first half of 2025 [1] - According to data from E-Han Research Institute, the group ranked among the top 10 Chinese real estate developers by the number of property units delivered in the first half of 2025 [1]

Core Viewpoint - China Resources Land (01109) reported a significant increase in revenue and profit for the first half of 2025, indicating strong performance in its core business segments [1] Financial Performance - The company achieved a total revenue of RMB 94.921 billion, representing a year-on-year increase of 19.86% [1] - Profit attributable to shareholders was RMB 11.88 billion, up 16.21% year-on-year, with earnings per share at RMB 1.67 [1] - The comprehensive operating revenue for the first half of 2025 was RMB 94.92 billion, reflecting a growth of 19.9% [1] Business Segments - Revenue from development and sales business reached RMB 74.36 billion, marking a 25.8% increase year-on-year [1] - Operating property business revenue was RMB 12.11 billion, up 5.5% year-on-year [1] - Light asset management business revenue totaled RMB 6.0 billion, with a modest growth of 1.1% [1] - Revenue from ecosystem factor business declined to RMB 2.45 billion, down 7.7% year-on-year [1] Recurring Income - Total recurring income amounted to RMB 20.56 billion, a year-on-year increase of 2.5%, accounting for 21.7% of total revenue [1] Sales and Land Reserves - The company achieved property contracted sales of RMB 110.3 billion, with a contracted area of 4.12 million square meters [1] - As of June 30, 2025, the company had approximately RMB 251.37 billion in unsold contracted sales, with an expected RMB 159.53 billion to be recognized in the second half of 2025 [1] - The company added land reserves of 1.48 million square meters in the first half of 2025, bringing total land reserves to approximately 48.95 million square meters as of June 30, 2025 [1]