绿城中国上半年盈利水平创下低点，但在销售端表现稳健。 截至6月末，绿城中国实现营收533.68亿元，同比下滑23.3%；若干资产的减值及公允价值变动净额达到19.38亿元，较上年同期增加10.7%；对应归母净利 润同比下滑89.7%至2.1亿元，毛利同比下滑21.4%至71.59亿元。 对于盈利规模的大幅下跌，耿忠强称，公司认真剖析了当中的原因，主要因素有两点：其一，上半年绿城中国的交付面积同比下滑了22.7%，导致收入同 比下滑，但他强调，若放在全年维度，今年的收入水平预计与去年差不多。 其二，绿城中国今年积极推动长库存去化，导致出现一定的价格折损，中期计提相关资产减值损失19.38亿元，进而拉低了归母净利润水平。 毛利率方面，中期财报显示，绿城中国上半年毛利率为13.4%，较去年同期微增0.3个百分点，主要得益于上海外滩兰亭2期项目在今年上半年交付结转， 收入近50亿元，该项目毛利率达35%，整体拉高了当期毛利率水平。 吴典摄 但从全年来看，受收入结转结构以及重难点库存去化的影响，全年毛利率水平仍面临一定压力，预计将低于2024年，基本处于底部。 "在充满不确定性的当下，活着比什么都重要，活着是发展的前提 ...

Core Viewpoint - Agricultural Bank successfully issued 30 billion TLAC bonds in the interbank market, marking the first combination issuance of three maturities in the financial bond market this year [1] Summary by Categories Issuance Details - The bond issuance consists of three maturities: 150 billion for 3+1 years at an interest rate of 1.83%, 30 billion for 5+1 years at an interest rate of 1.87%, and 120 billion for 10+1 years at an interest rate of 2.06% [1] Financial Strategy - The bank has set up a mechanism for additional issuance, with an excess issuance of 10 billion allocated entirely to the 10+1 year maturity, which helps ensure compliance with TLAC requirements while further optimizing the liability structure [1]

Core Viewpoint - The availability of high-yield large-denomination certificates of deposit (CDs) is decreasing, with many banks no longer offering products with longer maturities, and the interest rates have entered the 1% era for most banks [1][2]. Group 1: Availability of Large-Denomination CDs - Many banks, including major state-owned and joint-stock banks, have removed five-year and some three-year large-denomination CDs from their offerings, now only providing up to two-year products [1][2]. - The interest rates for large-denomination CDs have significantly decreased, with most banks offering rates below those of money market funds [4][2]. Group 2: Interest Rate Comparison - The annualized interest rates for large-denomination CDs vary by bank size and type, with major banks offering rates as low as 0.9% for one-month CDs and 1.55% for three-year CDs, while some private banks offer rates as high as 2.3% for three-year CDs [3][6]. - The average annualized interest rate for listed banks' deposit rates has decreased to 1.82% in 2024, down 15 basis points from 2023 [9]. Group 3: Market Trends and Strategies - In response to declining interest rates, banks are focusing on optimizing their liability structures and shifting resources towards high-net-worth clients [6][9]. - The trend of transferring high-yield large-denomination CDs is gaining traction, with clients seeking to acquire older CDs with better rates through transfer zones [5][6]. Group 4: Regional Rate Discrepancies - There are notable regional differences in the interest rates for the same large-denomination CD products, with variations observed across cities such as Shanghai, Zhejiang, and Jiangsu [6][9]. Group 5: Impact of Regulatory Changes - The continuous decline in the interest rates for large-denomination CDs is a result of the market-oriented interest rate reforms and the reduction of the Loan Prime Rate (LPR) [6][8]. - The net interest margin for banks has narrowed, with the average margin dropping to 1.43% in the first quarter of 2025, down from 1.54% in the previous year [6][8].

Core Viewpoint - The recent decline in bank deposit rates, particularly for large-denomination certificates of deposit (CDs), is primarily driven by the narrowing net interest margin pressures faced by banks, necessitating a reduction in high-cost liabilities to stabilize operations [1][3]. Group 1: Current Trends in Deposit Rates - Many banks have seen their large-denomination CD rates drop to the "1" range, with significant reductions in medium to long-term products [1]. - Major state-owned banks have lowered their large-denomination CD rates below "2," with China Bank's recent offerings showing rates as low as 0.9% for 1-month and 1.55% for 3-year terms [1]. - Smaller banks are also following suit, with some approaching rates near 1%, indicating a widespread trend across the banking sector [1]. Group 2: Factors Influencing Rate Changes - The decline in large-denomination CD rates is influenced by three main factors: policy transmission mechanisms, an increasing trend towards fixed-term deposits, and pressures on banks' net interest margins [3]. - The central bank's actions, such as lowering reserve requirements and reverse repo rates, are guiding market interest rates downward, prompting banks to adjust deposit rates accordingly [3]. - The shift towards fixed-term deposits is leading banks to lower long-term rates to alleviate pressure on their liabilities [3]. Group 3: Implications for Banks and the Economy - The reduction in large-denomination CD rates directly impacts banks' funding costs and profitability, allowing them to stabilize net interest margins and create room for lower financing rates for the real economy [3]. - The decrease in deposit yields may encourage a shift of funds towards wealth management products, thereby diversifying asset allocation for residents and expanding the wealth management market [3]. Group 4: Strategic Responses from Banks - Banks are exploring diverse strategies to cope with the impact of declining rates, including innovating financial product offerings and focusing on inclusive finance for small and micro enterprises [4]. - Optimizing liability structures by increasing the proportion of demand deposits and expanding interbank certificates of deposit is also a key strategy [4]. - Accelerating digital transformation and encouraging smaller banks to adopt differentiated competitive strategies are recommended to enhance product offerings [4]. Group 5: Future Outlook - The outlook suggests that large-denomination CD rates are likely to remain low in the short term, with any future reductions expected to be gradual [5].

Performance Overview - In Q1 2025, the company achieved total revenue of 152 million yuan, a year-on-year decrease of 0.25% [1] - The net profit attributable to shareholders was -2.43 million yuan, a year-on-year decline of 141.66% [1] - The net profit after deducting non-recurring items was -3.06 million yuan, a year-on-year decrease of 180.99%, indicating a loss for the quarter [1] Profitability Analysis - The company's gross margin was 21.57%, down 12.02% compared to the same period last year [2] - The net margin was -1.72%, a year-on-year reduction of 146.01% [2] - Earnings per share were -0.02 yuan, a decrease of 140.00% year-on-year [2] Cost and Expenses - Total selling, administrative, and financial expenses amounted to 27.07 million yuan, accounting for 17.78% of revenue, which is a year-on-year increase of 21.02% [3] Cash Flow and Asset Status - Operating cash flow per share was 0.14 yuan, a year-on-year increase of 184.64%, indicating improvement in cash flow from operations [4] - However, cash and cash equivalents decreased from 152 million yuan to 83.86 million yuan, a decline of 44.98%, raising concerns about liquidity risk [4] Accounts Receivable and Liabilities - As of the end of Q1 2025, accounts receivable stood at 217 million yuan, a year-on-year increase of 14.43%, with accounts receivable accounting for 555.68% of the latest annual net profit, highlighting the need to monitor collection [5] - Interest-bearing liabilities significantly decreased from 41.43 million yuan to 2.99 million yuan, a reduction of 92.79%, indicating progress in reducing debt [5] Business Model and Capital Return - The company's performance relies heavily on R&D and marketing, necessitating further analysis of these drivers' effectiveness [6] - The return on invested capital (ROIC) was 5.75%, indicating average capital returns, while the net margin was 5.82%, suggesting that the added value of products or services is also at an average level [6] Summary - Overall, the company's performance in Q1 2025 was poor, particularly with a significant decline in profitability [7] - The company needs to focus on managing accounts receivable, controlling costs, and optimizing cash flow management and debt structure [7]