机构：开源证券 研究员：齐东/胡耀文 公司2025H1 实现营业收入533.68 亿元，同比-23.3%；实现归母净利润2.10 亿元，同比下降89.7%，主要 由于结转面积同比下降22.7%，同时计提减值19.33亿元（较2024 年同期增加1.83 亿元）。公司2025H1 实现毛利率13.4%，同比提升0.3pct；其中开发业务12.7%，同比提升1.0pct。 销售规模位列第二，周转效率提升 公司2025H1 实现合同销售金额1222 亿元，全口径销售额位列第二；累计自投销售面积229 万平方米， 累计自投销售金额803 亿元，同比下降6.0%；权益销售金额为539 亿元，同比下降11.3%，权益比下降 4.1pct 至67.1%。公司上半年首开项目去化率高达80%，同比+2pct，首开项目较交底会溢价15 亿元，溢 价率达104%，经营兑现度强化。2025 下半年公司自投可售货值约1763 亿元，一二线城市占比83%，同 比+4pct。 新增货值同比高增，融资成本持续压降 公司2025H1 新增项目35 个，总建筑面积约355 万平方米，同比+171%；权益地价362 亿元，平均楼面 价13591 ...

Core Viewpoint - The article emphasizes that companies in Wuhan facing high debt pressures can effectively navigate financing challenges through strategies like "precise dismantling" and leveraging green credit as a key to unlock financing opportunities [4][6][12]. Group 1: Financing Strategies - Companies are encouraged to adopt flexible restructuring solutions, such as converting short-term bridge loans into 3-5 year installment products, and utilizing tax incentives to replace high-interest debt [4]. - A "three-step pressure relief method" is proposed, which includes using policy-supported green credit to cover 30% of rigid expenditures, releasing cash flow through accounts receivable pledges, and optimizing payment terms via supply chain finance [4]. - By implementing these strategies, one client reduced their debt ratio from 78% to 52% within six months and secured a bank interest rate discount [4]. Group 2: Green Credit Advantages - Green credit is highlighted as a "golden key" for Wuhan enterprises to address financing difficulties, allowing them to enjoy interest rate discounts of 15%-20% and access a "green channel" for bank approvals [6]. - Companies are advised to identify energy-saving and emission-reduction projects, such as upgrading production lines or installing solar equipment, and quantify their environmental benefits through professional reports [6][7]. - A manufacturing company successfully lowered its loan interest rate below the benchmark by submitting energy consumption data and emission reduction targets [7]. Group 3: Financing Structure Optimization - A "building block" approach is suggested for breaking down financing goals, prioritizing low-interest bank credit loans for basic needs, and supplementing with financing leasing or supply chain finance for mid-range gaps [9]. - As credit accumulates, companies can gradually introduce government-subsidized loans or green credit tools, reducing comprehensive interest rates from 28% to a range of 19% [9]. - The article mentions a tiered credit product from Wuhan Rural Commercial Bank that allows companies to unlock higher limits and a 5% interest rate discount after six months of normal repayments [9]. Group 4: Selection of Financing Partners - A five-step selection method is provided to help companies match resources effectively among over 200 financing institutions in Wuhan [9]. - The first step involves identifying the type of institution suitable for the company's cash flow stability or equipment upgrade needs [9]. - The second step emphasizes evaluating hidden costs, while the third focuses on matching repayment schedules to avoid cash flow disruptions [9]. - The fourth step involves verifying the institution's qualifications, particularly favoring local institutions with relevant experience [9]. - The final step suggests preparing value-added proofs, such as supply chain data, to enhance approval rates by 40% [9]. Group 5: Overall Impact - The methods discussed have helped 37 companies in Wuhan reduce their average financing costs by 19%, with some obtaining critical funds in as little as three days [10]. - The article concludes that the complex ecosystem of Wuhan's financial loan market is not insurmountable, and proactive strategies can lead to significant improvements in financing conditions [12].