保利置业通过精准调控土储结构、持续升级产品力、系统优化财务结构，成功穿越行业周期。 ◎ 文 / 房玲、洪宇桁 在房地产行业深度调整的背景下，保利置业以稳健的经营策略实现逆势崛起。根据克而瑞数据显示，保利置业 全口径销售行业排名从2021年的第60位持续攀升，至2025年中期已跃居第15位，展现出强劲的发展韧性。 行业排名持续提升 合约销售均价创新高 01 2025上半年保利置业实现全口径合约销售金额267亿元，同比减少6%， 跌幅同比优于百强房企平均水平的 11.4%， 在克而瑞《2025上半年中国房地产企业销售TOP100排行榜》上全口径销售额排名相较于2024年底提 高2名至第15名。 2025年8月单月全口径销售金额进入行业前十。 在百强销售规模持续下跌的背景下，保利置 业已经连续5年保持500亿元以上的销售规模，增速始终由于百强平均值， 行业排名也持续上升。 业绩的稳步前行离不开高品质项目的支撑。上海保利海上印4月底开盘以来，5个月时间内四开四罄；8月深圳 保利瑧誉首次开盘，当天销售额达23亿元、去化率96%，创下深圳年度新盘首开去化纪录；9月， 广州·保利翡 丽甲第入市，项目为保利置业的TOP级产品 ...

Core Insights - In the first half of 2025, only 6 out of 21 listed liquor companies in China reported positive revenue and profit growth, with most showing only single-digit increases [1] - Leading liquor companies maintain upward momentum due to strong brand power but are intentionally slowing their growth pace [1] - Mid and lower-tier liquor companies are facing declining revenue and net profit amid the industry's overall transformation [1] Industry Trends - Companies are exploring various strategies to navigate challenges, including diversifying product offerings to tap into personalized consumer markets and reconstructing channel ecosystems with standout products [1] - Some companies are aligning with consumer demand by leveraging regional culture and emotional connections to resonate with consumers [1] - Innovations in supply chains and traditional marketing logic are being pursued through cross-industry thinking [1] - A focus on core markets is evident as companies aim to solidify their foundations for long-term growth [1] Strategic Shifts - The obsession with short-term growth rates is diminishing, leading companies to return to quality fundamentals and deepen brand culture [1] - Embracing digital transformation is becoming a priority to enhance core competitiveness [1] - These explorations reflect a resilient growth trajectory, demonstrating the industry's ability to navigate through cycles [1]

Core Viewpoint - Guizhou Moutai aims to achieve approximately 9% growth in total operating revenue for 2025, despite ongoing adjustments in the Chinese liquor industry [1][9]. Financial Performance - In 2024, Guizhou Moutai achieved total operating revenue of 174.144 billion yuan, a year-on-year increase of 15.71% from 170.899 billion yuan in 2023 [4]. - The total profit reached 119.639 billion yuan, reflecting a year-on-year growth of 15.41% [4]. - The net profit attributable to shareholders was 86.228 billion yuan, with a year-on-year increase of 15.38% [4]. Industry Context - The Chinese liquor industry is undergoing a deep adjustment, which raises concerns among investors [5]. - The current industry cycle is characterized by a "three-phase overlap," including a transition in macroeconomic dynamics, the emergence of rational consumption trends, and a shift from chaotic growth to a phase of resolving contradictions [6]. Strategic Initiatives - Guizhou Moutai plans to focus on five key areas for future growth: strengthening core business foundations, building an ESG ecosystem, driving innovation, enhancing brand culture, and maintaining a bottom-line development mindset [9][10]. - The company will implement a "three transformation" strategy in 2024, focusing on customer segments, scenarios, and service upgrades to address supply-demand mismatches [9][10]. - The internationalization strategy will follow a "three-step" approach, expanding from product exports to a comprehensive international presence in products, services, and brand culture [10]. Brand and Quality Commitment - Guizhou Moutai emphasizes its strong brand value, product quality, and established distribution channels as fundamental supports for maintaining confidence and resilience during industry cycles [6][7]. - The company has developed a dual-channel system comprising a direct sales system and a social system, categorized into a "4+6" channel structure to ensure balance and collaboration [6].