建发海宸是建发国际全国布局的五个灯塔项目之一。今年，建发国际预计将在北京、厦门、上海、杭 州、成都陆续布局5个灯塔项目。 对比建发国际的其他改善型产品项目，"灯塔"因项目数量、产品的稀缺性，成为建发国际高阶造宅的集 大成之作。 建发海晏是建发国际在北京海淀打造的高端住宅项目，自 2025 年 6 月 12 日开盘以来，取得了非常优异 的销售成绩，首开去化9成以上，成为北京豪宅市场的现象级红盘，荣登"6月份北京新房网签套数&网 签金额北京TOP2、海淀TOP1"，充分验证了灯塔项目的市场号召力。 产品与营销向上求索的结果。 2025年6月，建发房产旗下子公司建发国际（01908.HK）摘得上海市杨浦区新江湾社区G1-06地块，项 目便是"建发海宸"，近期，建发海宸公开了项目展厅，预计首批次产品9月底入市。 这是市场驱动的结果，也是高净值人群的资产配置需求所在。楼市分化，高净值人群只为具有稀缺性的 好房子买单。建发国际"灯塔"的高端定位和优质产品力恰好契合了这一需求，可见"灯塔"战略落地并非 偶然。 逆势扩张 重点布局核心城市 中指院数据显示，2025年1月-8月，TOP100房企销售总额23270.5亿元，同比 ...

Core Viewpoint - The article highlights the strategic focus of Jianfa International on high-end residential projects, particularly the "Lighthouse" initiative, which aims to meet the asset allocation needs of high-net-worth individuals in a differentiated real estate market [2][12]. Group 1: Project Development and Sales Performance - Jianfa International's project "Jianfa Haichen" in Shanghai is set to launch its first batch of products by the end of September 2025, as part of its five "Lighthouse" projects across major cities [1]. - The "Lighthouse" projects are characterized by their scarcity and high-quality offerings, which have shown strong market appeal, as evidenced by the successful sales of Jianfa Haiyan in Beijing, achieving over 90% sales in its initial launch [1][2]. - In the first half of 2025, Jianfa International achieved a total contract sales amount of 70.7 billion yuan, a year-on-year increase of 7%, while its equity contract sales reached 53.35 billion yuan, up 4.9% [4]. Group 2: Market Positioning and Strategy - Despite a general decline in the real estate market, Jianfa International has set an ambitious sales target of 150 billion yuan for 2025, representing a 12% year-on-year growth [4]. - The company has strategically focused on core cities, with 67% of its land acquisition value in Beijing, Shanghai, and Hangzhou, indicating a commitment to high-potential urban areas [5]. - Jianfa International's "Lighthouse" strategy is a response to market demands for high-quality properties, aligning with the preferences of high-net-worth individuals for unique and scarce housing options [2][12]. Group 3: Financial Health and Risk Management - Jianfa International reported a revenue of approximately 34.16 billion yuan for the first half of 2025, a 4.3% increase from the previous year, with a net profit of 1.505 billion yuan, reflecting a 4.7% growth [10]. - The company's financial metrics, including a debt-to-asset ratio of 58.9% and a net debt ratio of 33.4%, indicate a stable financial position, providing a buffer against market fluctuations [10]. - Jianfa International's ability to maintain low financing costs and a strong cash reserve enhances its resilience in the current real estate market [10]. Group 4: Product Innovation and Market Adaptation - The "Lighthouse" projects are designed to cater to the specific needs of high-net-worth individuals, emphasizing unique resources and strong product capabilities [12]. - Jianfa International employs a localized approach in its project development, ensuring that each "Lighthouse" project reflects the cultural and aesthetic values of its respective city [12]. - The company has successfully sold out its Jianfa Chenqi Ruihu project in Xiamen and achieved over 50% sales in the Jianfa Haiyan project in Beijing, demonstrating the competitive edge of its "Lighthouse" offerings [13].

Core Viewpoint - Company achieved a 5% year-on-year increase in equity sales to 53.3 billion yuan in the first half of 2025, maintaining its annual sales target of 150 billion yuan [1][3]. Sales Performance - Equity sales amounted to 53.35 billion yuan, a 4.9% increase year-on-year, with a sales area of 2.008 million square meters, down 18.4% [3]. - The average selling price reached 26,569 yuan per square meter, a 30% increase compared to the full year of 2024 [3]. - The company plans to launch new projects in major cities such as Beijing, Shanghai, Chengdu, Hangzhou, and Xiamen under its lighthouse strategy [1][3]. Land Acquisition and Inventory - In the first half of 2025, the company acquired 26 plots of land, adding a total value of 121.9 billion yuan to its inventory [6][9]. - The total land inventory value is approximately 249.6 billion yuan, with 54% concentrated in five core cities: Xiamen, Hangzhou, Shanghai, Beijing, and Chengdu [9]. - The company emphasizes a focus on liquidity over net profit margins in its land acquisition strategy [9]. Financial Performance - Revenue for the first half of 2025 was 34.2 billion yuan, a 4% increase year-on-year, with gross profit rising 13% to 4.4 billion yuan [2][10]. - Gross margin increased by approximately 1 percentage point to 12.89%, while net profit rose 5% to 1.5 billion yuan [2][10]. - The company continues to provision for inventory impairment, with a provision of 390 million yuan in the first half of 2025 [10][12]. Financial Health - The company maintains a strong cash position with a cash-to-short-term debt ratio of 4.13, indicating no short-term repayment pressure [14][16]. - The net debt ratio stands at 33.37%, slightly up by 1.6 percentage points from the beginning of the year [14][16]. - The average financing cost of interest-bearing debt has decreased to 3.17%, down 39 basis points from the end of 2024 [14][16].

Core Viewpoint - The company aims to achieve a sales target of 150 billion yuan for the year while prioritizing project liquidity over net profit margin [1][2]. Sales Performance - In the first half of 2025, the company achieved equity sales of 53.5 billion yuan, a year-on-year increase of 5% [2][4]. - The average selling price reached 26,569 yuan per square meter, reflecting a 30% increase compared to the full year of 2024 [4]. - The company plans to launch projects in key cities such as Beijing, Shanghai, Chengdu, Hangzhou, and Xiamen under its lighthouse strategy [2][4]. Land Acquisition and Inventory - The company acquired 26 plots of land in the first half of 2025, adding a total value of 121.9 billion yuan to its inventory [2][8]. - The total land bank value is approximately 249.6 billion yuan, with 54% located in five core cities [8][9]. - The company maintains a focus on liquidity and will prioritize land acquisition based on sales performance [8][9]. Financial Performance - The company reported a revenue of 34.2 billion yuan in the first half of 2025, a 4% increase year-on-year, with a gross profit margin of 12.89%, up by 1 percentage point [3][12]. - Net profit rose by 5% to 1.5 billion yuan, with a net profit margin of 4.4% [3][12]. - The company has a cash-to-short-term debt ratio of 4.13, indicating strong liquidity [17]. Debt and Financing - The average financing cost of interest-bearing debt is approximately 3.17%, down from 3.56% at the end of 2024 [17][15]. - The net debt ratio stands at 33.37%, showing a slight increase of 1.6 percentage points from the beginning of the year [17].