机构：光大证券 资产运营稳健增长，稳定现金流贡献提升：公司资产运营板块业务稳健增长，对业绩和长期稳定现金流 的贡献显著提升。2025 年上半年，资产运营板块营业收入121.1 亿元（同比增长5.5%）。1）截至2025 年6 月30 日，购物中心总建筑面积1185 万平方米（同比增加13.3%），在营购物中心94 座，零售额 1101.5亿元（同比增长20.2%），整体经营利润率65.9%，再创历史新高。2）截至2025年6 月30 日，写 字楼总建筑面积146 万平方米（同比增加7.8%），在营写字楼23 座，上半年平均出租率74.5%，维持行 业领先。 研究员：何缅南 事件：公司发布截至2025 年8 月31 日未经审核运营数据。 2025 年8 月，公司实现合同销售金额132 亿元，同比下降13.2%；合同销售面53.9 万平方米，同比下降 26.7%。 2025 年1-8 月，公司实现合同销售金额1368 亿元，同比下降12.0%；合同销售面积512.0 万平方米，同 比下降23.3%。 点评：销售均价提升明显，资产运营稳健增长，融资成本持续优化。 销售均价提升明显，销售结构聚焦核心：2025 年1- ...

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Insights - The company has shown a significant increase in average sales price while maintaining stable asset operations. The sales structure is focused on core cities, leading to a notable rise in sales price per square meter [2][3]. - The company achieved a contract sales amount of 136.8 billion yuan from January to August 2025, reflecting a year-on-year decline of 12.0%, with a sales area of 5.12 million square meters, down 23.3% year-on-year [1][4]. - The asset operation segment has demonstrated robust growth, contributing significantly to performance and stable cash flow. The revenue from the asset operation segment reached 12.11 billion yuan in the first half of 2025, a year-on-year increase of 5.5% [3]. Summary by Sections Sales Performance - For the first half of 2025, the company recorded a contracted sales amount of 110.3 billion yuan, a decrease of 11.5% year-on-year, with a sales area of 4.12 million square meters, down 20.9% year-on-year. The average sales price was 26,800 yuan per square meter, up 11.9% year-on-year [2][4]. Land Acquisition - The company adhered to a "quantity in, quantity out" principle in land acquisition, focusing on first and second-tier cities. In the first half of 2025, the company invested 32.28 billion yuan in land, adding 1.48 million square meters to its land reserves, which now total 48.95 million square meters [2][3]. Asset Operations - As of June 30, 2025, the total building area of shopping centers was 11.85 million square meters, with 94 centers in operation. The retail sales reached 110.15 billion yuan, a year-on-year increase of 20.2%, with an operating profit margin of 65.9%, setting a new historical high [3]. Financial Health - The company maintained a cash reserve of 120.24 billion yuan as of June 2025, with a net interest-bearing debt ratio of 39.2%. The weighted average financing cost decreased by 32 basis points from the end of 2024 to 2.79%, maintaining the lowest level in the industry [3]. Profit Forecast and Valuation - The company's net profit forecasts for 2025-2027 have been revised down to 24.74 billion yuan, 25.27 billion yuan, and 25.53 billion yuan, respectively. The current stock price corresponds to a PE ratio of 8.5, 8.3, and 8.3 times for 2025-2027 [4][10].