格隆汇10月27日丨粤海置地(00124.HK)公布，截至2025年9月30日止九个月，集团综合收入约67.28亿港 元(2024年9月30日止九个月：40.43亿港元)，较上年同期增加约66.4%。收入增加主要因来自销售持有待 售物业的总楼面面积增加。于回顾期内，集团录得归属于公司持有者亏损约0.16亿港元(2024年9月30日 止九个月：1.91亿港元)。 影响集团截至2025年9月30日止九个月业绩的主要因素包括：(a)集团于回顾期内交付的物业主要是广州• 粤海云港城项目、惠州•粤海壹桂府项目及佛山•粤海拾桂府项目；其中广州•粤海云港城项目的毛利率 较高，带动物业销售溢利较2024年同期有所增加；(b)受最新房地产市场环境影响，基于集团部份物业 项目存在减值迹象，集团于回顾期内计提了存货减值拨备约10.97亿港元(2024年9月30日止九个月： 无)；及(c)集团于回顾期内录得投资物业公允值亏损(扣除相关递延税项支出)约9,912万港元(2024年9月 30日止九个月：2,583万港元)。 于回顾期内，集团物业已签约(包括已竣工持有待售物业及发展中持有待售物业)及交付总楼面面积分别 录得约168,000 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 96.1, indicating a potential upside of 28.2% from the current price of HKD 74.95 [6]. Core Insights - The company's mid-year performance for the fiscal year 2025 is stable, with total revenue increasing by 45% year-on-year to HKD 39.9 billion, while gross profit margin decreased by 11.3 percentage points to 38.9% [1][2]. - Core net profit rose by 17.5% year-on-year to approximately HKD 10.5 billion, aligning with market expectations [1]. - The company anticipates maintaining a dividend payout ratio of 40-50% for the full year, despite a slight decrease in the interim dividend payout ratio to 26.3% [1]. Summary by Sections Financial Performance - Total revenue increased by 45% to HKD 39.9 billion, with property development revenue surging by 323% to HKD 16.4 billion [2]. - Gross profit rose by 12.3% to HKD 15.5 billion, while net profit decreased by 17.7% to HKD 7.5 billion [2]. - The company reported a decrease in rental income by 1.3% to HKD 9.99 billion, with office rental income down by 5.3% [1][2]. Property Development - The company’s contract sales amounted to HKD 24.8 billion, with HKD 30.4 billion in unsold contracts expected to be recognized in the second half of 2025 [1]. - The company plans to launch six new projects in Hong Kong over the next ten months, totaling approximately 2.28 million square feet [1]. Rental and Other Income - Rental income from data center operations increased by 14% to HKD 1.47 billion, while other business lines remained stable [1]. - The report highlights that the company expects a recovery in retail rental income starting from Q4 2024 due to eased travel restrictions [1].