8月25日，建发国际集团（01908.HK）召开业绩沟通会，董事会主席林伟国、行政总裁田美坦等出席会 议。 上半年，建发国际集团实现收入341.65亿元，同比增加4.31%。其中，物业开发业务收入321.4亿元。 期内，建发国际集团实现毛利44.02亿元，同比增加12.8%；毛利率为12.89%，较上年同期的11.92%增加 0.97个百分点。本公司权益持有人应占溢利9.14亿元，同比增加11.83%；净利润率2.67%，较上年同期 的2.49%增加0.18个百分点。 林伟国表示，今年上半年确实也算抓住机会，拿了几个灯塔的项目，这些项目虽然地段和质地都挺好， 但是我们要做到绝对领先，还有市场的认可，说句实话也都是战战兢兢，如履薄冰，最后是否能够成 功，需要市场检验。 对于下半年的土地拓展，林伟国表示，在整个市场不确定的环境下，公司会保持库存总量的合理性，以 及销售和投资的平衡；会继续加强对整个土地市场的研判，如果确实有一些比较合适的地块，也会继续 拓展；1500亿元的货值目标不是刚性的，整体会保持财务的弹性。 目前，公司已售未结的销售额已近2500亿元，2022年之后的项目占96%。从2021年至今年上半年， ...

Core Insights - The successful delivery ceremony of the Shenye Shanglinyuan project marks the official launch of the new operational brand "Lingli Gongsi" and instills strong confidence in the market and customers [1][2] Delivery and Customer Satisfaction - The project achieved a 100% delivery rate for the first batch of qualified customers from the 28th to 33rd floors, showcasing the developer's strength and commitment to quality living [2] - The high delivery rate and customer satisfaction reflect the project's appeal and the developer's promise of quality living, generating positive word-of-mouth for future operations [2] New Operational Brand and Value Creation - The launch of the new 3.0 operational brand emphasizes the project's unique value and operational philosophy, transforming from mere housing to a sense of belonging and community [3] - The innovative "five-year rent payment in one lump sum" mechanism allows for dual income streams for homeowners, enhancing the project's operational potential comparable to mid-sized hotels [3] Community Engagement and Future Activities - The event featured a community activity that allowed homeowners to experience the project's potential and the vibrant lifestyle of the Bay Area, setting the stage for future high-end community events [5] - The project aims to better understand homeowner needs and enhance their living experience through efficient management and personalized services [5] Corporate Commitment and Market Positioning - The event reflects the company's commitment to market stability and development, showcasing its evolution from a "space builder" to a "value operator" [7] - The company emphasizes its long-term vision and social responsibility, aiming to improve living quality and contribute positively to urban renewal [7]

Group 1 - The company held a meeting on June 30, 2025, via communication methods, with all four independent directors present, complying with relevant regulations [1] - The independent directors unanimously approved the proposal for the subsidiary Guangzhou Asset Management Co., Ltd. to increase its stake in Yuexiu Property Holdings Limited, indicating a strategic alignment with the company's business direction [1] - The investment will be conducted through the Hong Kong Stock Connect in the secondary market, ensuring compliance with legal and regulatory standards, and is expected to enhance collaboration and mutual benefits between the two entities [1] Group 2 - The company emphasizes the importance of monitoring real estate industry policies and market developments, as well as the performance and stock price trends of the target company to ensure successful investment outcomes [1] - The independent directors have advised the board to ensure that related directors abstain from voting on this matter during the board meeting [1]

Core Viewpoint - The company is facing short-term sales pressure despite maintaining a strong asset operation advantage, with a notable decline in contract sales and cash levels [2][3][4]. Group 1: Operational Performance - In April 2025, the company achieved a contract sales amount of 5.13 billion yuan (equity sales amount of 3.61 billion yuan) and a contract sales area of 415,000 square meters (equity sales area of 303,000 square meters) [2]. - For the first four months of 2025, the company reported a contract sales amount of 22.08 billion yuan and a contract sales area of 1.603 million square meters, with operating revenue of approximately 8.76 billion yuan (excluding tax) [2]. - The company's operational business rental income for 2024 was 13.52 billion yuan, a year-on-year increase of 4.5%, with a gross profit margin of 75% [3]. Group 2: Sales and Market Conditions - In 2024, the company recorded a cumulative contract sales amount of 101.12 billion yuan, a year-on-year decrease of 41.7%, and a sales area of 7.124 million square meters, down 34.0% [3]. - The average sales price in 2024 was 14,200 yuan per square meter, a year-on-year decrease of 11.7%, with a continued decline in both volume and price observed in early 2025 [3]. Group 3: Financial Position - As of the end of 2024, the company's cash on hand was 49.42 billion yuan, with a cash short-term debt ratio of 1.03 times, indicating a slight decrease in cash levels compared to the previous year [4]. - The net debt ratio stood at 51.7%, with a liability-to-asset ratio of 57.2% after excluding advance payments [4].