Core Viewpoint - Greentown China reported a significant decline in both revenue and profit for the first half of 2025, with a notable 89.7% drop in shareholder profit, marking the worst performance in nearly two years. Despite this, the company aggressively expanded its project portfolio, investing 36.2 billion yuan in 35 new projects, elevating its sales ranking to second nationwide amidst a contracting industry [1][2]. Financial Performance - In the first half of 2025, Greentown China achieved revenue of 53.368 billion yuan, a decrease of 23.3% from 69.562 billion yuan in the same period of 2024 [2]. - The company's property sales revenue accounted for 93.0% of total income, with a significant drop in property sales revenue to 49.651 billion yuan, down 22.1% from 63.757 billion yuan year-on-year [2]. - The gross profit for the first half was 7.159 billion yuan, a decline of 21.4%, with shareholder profit plummeting to 210 million yuan from 2.045 billion yuan, a decrease of 89.7% [4]. Asset Impairment - Greentown China reported asset impairment losses of 1.933 billion yuan, which is nearly nine times the net profit for the first half, significantly impacting profitability [5]. - The company conducted impairment tests on certain properties, resulting in a non-financial asset impairment loss of 1.717 billion yuan, an increase of 20.7% from the previous year [4]. Land Acquisition and Sales Performance - The company acquired 35 new projects with a total construction area of approximately 3.55 million square meters, at a cost of about 36.2 billion yuan, ranking third in the industry for land acquisition [7]. - Greentown's total contract sales area reached approximately 5.35 million square meters, with a total contract sales amount of about 122.2 billion yuan, elevating its sales ranking to second nationwide [7]. Debt and Financial Health - As of June 30, 2025, Greentown's total borrowings increased to 1430.27 billion yuan from 1371.87 billion yuan at the end of 2024, leading to a rise in net debt to 762.32 billion yuan and a net debt-to-equity ratio of 63.9% [8]. - The company faces the challenge of balancing expansion with profitability, as it navigates the pressures of increased debt while striving for growth [8].

8月25日，绿城中国召开2025年中期业绩发布会，各管理层出席会议。 业绩方面，今年上半年，绿城中国取得总收入533.68亿元，同比减少23.28%；股东应占溢利2.1亿元， 同比减少89.74%；实现操盘销售金额1222亿元，行业排名上升一位至TOP2；权益销售额539亿元，行业 排名TOP5。回款率维持96%的高位。 对于收入和利润的下下滑，绿城中国执行董事、执行总裁耿忠强作出说明，主要是由于结转面积同比下 降及推动长库存去化等原因。 "受房地产大环境影响，绿城主动加大长库存去化力度。"耿忠强表示，今年上半年，针对存货计提减值 19.38亿元，其中针对子公司存货减值17.17亿元，这些存货集中发生在2021年获取的项目，出于谨慎原 则考虑，公司计提了减值报备。 耿忠强强调，长库存面临减值压力是当下每一家房企不可回避的难题，绿城针对这个难题已经找到了自 己的最优解。且公司近两年新获取的项目质量足够好，今年上半年新增907亿元的货值，平均项目单净 利润率超过12%。这些高质量的新项目在消化长库存折损的同时，为公司可持续的利润增长提供了一个 确定性的支撑。 绿城中国执行董事、副总裁李骏表示，上半年，公司紧扣市场 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [10]. Core Views - The company experienced a significant decline in revenue and net profit in the first half of 2025, primarily due to uneven delivery schedules and substantial asset impairment losses [7][10]. - Despite the short-term pressure on performance, the company has shown notable improvements in operational margins, sales rankings, and financial stability, indicating a potential recovery in the future [7][10]. Summary by Sections Financial Performance - In 2025H, the company achieved revenue of 53.368 billion (down 23.3%) and a net profit of 210 million (down 89.7%), largely impacted by uneven delivery schedules and a significant asset impairment loss of 1.933 billion [7][10]. - The gross margin was 13.4%, slightly up from 13.1% year-on-year, but still at a low level [10]. - The company recorded a total sales amount of 122.2 billion (including entrusted construction), with self-invested sales amounting to 80.3 billion (down 6%), outperforming the industry average decline of 11% [10]. Sales and Market Position - The company improved its sales ranking to fifth in the industry, with new sales value ranking third [10]. - The average self-invested sales price was 34,984 per square meter, maintaining a high level [10]. - The company acquired 35 new projects in the first half of the year, with a total equity land acquisition amount of approximately 36.2 billion [10]. Financial Health - The average financing cost decreased to 3.60%, down 40 basis points from the previous year, indicating improved financial conditions [10]. - The debt structure has been optimized, with short-term debt accounting for 16.3%, the lowest in history [10]. - The company maintains a cash-to-short-term debt ratio of 2.7, indicating a strong financial position [10]. Future Outlook - The company forecasts net profits of 1 billion, 1.9 billion, and 4.2 billion for 2025, 2026, and 2027 respectively, with growth rates of -36%, +88%, and +118% [10]. - The overall performance is expected to remain under pressure in the short term, but operational improvements and brand influence are anticipated to gradually manifest [10].