[Table_Author] 丨证券研究报告丨 行业研究丨专题报告丨房地产 [Table_Title] 业绩逐步寻底，经营边际改善 ——房地产行业 2025 年中报综述 报告要点 [Table_Summary] 2025 年上半年重点房企业绩整体依旧承压，杠杆控制与资金链安全仍是多数房企当前的重要 课题，但随着政策进入右侧区间，前端经营出现边际改善，重点房企销售金额降幅有所收窄， 拿地表现也阶段性明显改善。经过本轮周期的洗礼，行业竞争格局明显优化，具备资源禀赋、 融资、产品力优势的房企，有望获取持续的销售与业绩阿尔法，今年在业绩和经营方面已初步 兑现，短期关注结构性机会，若后续迎来政策面与基本面的共振，当前隐含过度悲观预期的估 值或有望迎来较大向上弹性。 分析师及联系人 SAC：S0490520040001 SAC：S0490522080002 SAC：S0490525060001 SFC：BUV416 刘义 宋子逸 侯兆熔 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 业绩逐步寻底，经营边际改善 2] ——房地产行业 2025 年中 ...

Core Viewpoint - The company, despite experiencing significant losses in 2024, remains confident in its ability to navigate the challenging real estate market and is focused on sustainable development and strategic adjustments [1][6]. Financial Performance - In 2024, the company reported a revenue of approximately 753.44 billion yuan, with a net loss attributable to shareholders of 61.15 billion yuan, marking a year-on-year decline of about 788.54% [1]. - The company's contracted sales amounted to 685.1 billion yuan, down 55.39% year-on-year, with a contracted area of 4.714 million square meters, a decrease of 46.25% [1]. - By the end of 2024, the company had a total interest-bearing debt of 735 billion yuan, with only about 5.6 billion yuan of public debt remaining to be repaid, indicating that the peak of debt repayment has passed [2]. Market Conditions - The overall market remains in a downturn, with the national market heat reaching a low of 15% in September 2023, recovering to around 50% in October but still below previous highs [3]. - The company has seen a significant drop in sales, with a monthly average sales scale decreasing from approximately 60 billion yuan in 2023 to about 30 billion yuan in 2024 [3]. Strategic Focus - The company plans to continue a cautious approach to investment, focusing on core business areas and optimizing resource allocation while ensuring financial safety [4][5]. - The management emphasizes the importance of adapting to market changes and policy directions to find new opportunities for survival and growth during the ongoing structural adjustments in the industry [5][6]. Future Outlook - The company believes that the real estate market in China will continue to exist long-term, with projected annual sales remaining between 4 trillion to 5 trillion yuan in the next 10 to 15 years [5]. - The management is confident that despite the challenges, there will be opportunities for resilient companies to thrive in the evolving market landscape [6].