证券研究报告 | 2025年08月27日 绿城中国（03900.HK） 优于大市 结算和计提节奏导致盈利承压，销售拿地仍优于行业平均 归母净利润同减近九成。2025 上半年公司实现营业收入 533.7 亿元，同比下 降 23.5%；归母净利润 2.1 亿元，同比下降 89.7%。公司收入下降的原因主 要是上下半年结转节奏分布不均匀，公司归母净利润下降的主要原因是计提 资产减值及公允价值约 20 亿元（2024 年共 49 亿元）。 销售拿地优于行业平均。2025 上半年公司实现总销售面积 535 万平方米，同 比下降 10%；实现总销售金额 1222 亿元，同比下降 3%，位居全行业 TOP2， 公司销售增速显著优于行业平均水平。在公司的操盘销售中，自投销售 803 亿元，归属公司权益金额为 539 亿元。上半年，公司首开高效，溢价凸显， 其中上海潮鸣东方整盘溢价预计 6.5 亿元，利润率较交底水平提升 7.6pct。 公司聚焦高能级城市，一、二线销售额占比高达 86%，回款率达 94%，继续 维持高位。分区域看，公司长三角区域占销售总额的 69%。 2025 上半年公司新增项目 35 个，新增建面 355 ...

Core Viewpoint - Greentown China celebrates its 30th anniversary by unveiling seven major annual projects in East China, emphasizing the integration of urban spirit and architectural design [1][2] Group 1: Major Projects - The seven annual projects include notable developments such as Shanghai Chaoming Oriental and Suzhou Fengqi Chaoming, as well as modern stacked villa products like Shanghai Yilu and Wuxi Yilu [1] - These projects are strategically located in urban core landmarks, reflecting the city's cultural heritage and identity [1] Group 2: Design Philosophy - Greentown aims to create a "small but exquisite" concept with its projects, showcasing different living philosophies through various designs that resonate with contemporary lifestyle aspirations [1][2] - The company emphasizes the importance of not only architectural aesthetics but also the fulfillment of emotional and cultural needs for residents [2] Group 3: Market Position and Achievements - In the first half of 2025, Greentown China's sales reached 122.1 billion yuan, positioning the company as the second in the industry [2] - The company has consistently ranked top in product strength evaluations and customer satisfaction for 13 consecutive years, demonstrating its commitment to quality and customer-centric values [2]

Core Viewpoint - The article discusses the launch of the public voting phase for the "Top Ten Works" in the 2025 semi-annual evaluation of Chinese real estate products, emphasizing the importance of product quality in the housing market [2][9]. Group 1: Voting Process - The public voting for the top ten projects will take place from June 17 to June 23, with a two-day expert review occurring on June 17-18 [2][10]. - Each participant can vote once per WeChat ID, selecting up to ten projects in each category, with the final vote count being the cumulative total of valid votes [8]. Group 2: Evaluation Framework - The evaluation process includes expert reviews, public voting, and assessment models, culminating in the announcement of the "Top Ten High-end/Luxury/Quality Works" and the "China Good House Comprehensive Award/Individual Award" at the end of June [10]. - The "Product Power 100" evaluation has been conducted by CRIC for eight consecutive years since 2018, focusing on enhancing residential product quality and addressing living challenges [7]. Group 3: Featured Projects - The article highlights various projects that have made it to the shortlist, including: - Guangzhou Poly Tianyi, a modern residential project by Poly Development [11][13]. - Fuzhou Poly Tianzan, a luxury waterfront property [14]. - Beijing Heyue Wangyun, showcasing modern Eastern garden aesthetics [16][17]. - Xi'an Boyue Wanjing, featuring a limited number of luxury courtyard homes [19]. - Shanghai Chaoming Dongfang, a community project celebrating Green Town China's 30th anniversary [21]. - Wuhan Changjiang Tianji, a large flat community with river views [23]. - Chongqing Changjia Waitan, an innovative residential project in a core area [25]. - Hangzhou Hangxu Mansion, a modern residential development [27].

Core Viewpoint - The article discusses the launch of the public voting phase for the "Top Ten Works" in the 2025 semi-annual evaluation of Chinese real estate products, emphasizing the importance of product quality in the housing market [1][2][9]. Group 1: Voting Process and Timeline - The public voting for the top ten projects will take place from June 17 to June 23, with expert evaluations occurring on June 17-18 [2][10]. - Each participant can vote once per category using the same WeChat ID, with a maximum of ten projects selected per category [8]. Group 2: Evaluation and Categories - The evaluation process includes expert reviews, public voting, and assessment models, culminating in the announcement of the "Top Ten High-end/Luxury/Quality Works" and the "China Good House Comprehensive Award/Individual Award" by the end of June [10]. - The voting categories include high-end, luxury, and quality residential products, all accessible through the same voting channel [8]. Group 3: Industry Context and Initiatives - Since 2018, the company has conducted the "Product Power 100" evaluation to enhance product quality and address housing pain points, reflecting a commitment to improving residential offerings [7]. - The initiative aligns with the "Good House" strategy, encouraging real estate companies to focus on product strength and quality [7].

Core Viewpoint - The article discusses the launch of the public voting phase for the "Top Ten Works" in the 2025 semi-annual evaluation of Chinese real estate products, emphasizing the importance of product quality in the housing sector [1][2][9]. Group 1: Voting Process and Timeline - The public voting for the top ten projects will take place from June 17 to June 23, with expert evaluations occurring on June 17-18 [2][10]. - Each participant can vote once per category using the same WeChat ID, with a maximum of ten projects selected per category [8]. Group 2: Evaluation and Categories - The evaluation process includes expert reviews, public voting, and assessment models, culminating in the announcement of the "Top Ten High-end/Luxury/Quality Works" and the "China Good House Comprehensive Award/Individual Award" by the end of June [10]. - The voting categories include high-end, luxury, and quality residential products, reflecting the industry's focus on enhancing living standards [7][9]. Group 3: Industry Context - Since 2018, the company has conducted the "Product Power 100" evaluation, highlighting the ongoing commitment of real estate companies to improve product quality and address housing pain points [7].

Core Viewpoint - The article discusses the launch of the public voting phase for the "Top Ten Works" in the 2025 semi-annual evaluation of Chinese real estate products, emphasizing the importance of product quality in the housing sector [2][9]. Group 1: Voting Process - The public voting for the top ten projects will take place from June 17 to June 23, with a two-day expert review occurring on June 17-18 [2][10]. - Each participant can vote once per category using the same WeChat ID, with a maximum of ten projects selected per category [8]. Group 2: Evaluation Framework - The evaluation process includes expert reviews, public voting, and a measurement model, culminating in the announcement of the "Top Ten High-end/Luxury/Quality Works" and the "China Good House Comprehensive Award/Individual Award" by the end of June [10]. - The "Product Power 100" evaluation has been conducted by CRIC for eight consecutive years since 2018, focusing on enhancing residential product quality and addressing living pain points [7]. Group 3: Project Showcase - The shortlisted projects will be showcased online to provide detailed information about each project [6]. - The article highlights various high-end and luxury residential projects from different developers, showcasing their architectural styles and product types [11][13][14][19][21][23][25][27][29][31][33][36][38][40][42][44][47][49][51][53].

Core Viewpoint - The "2025 Mid-Year China Real Estate Product Evaluation" has officially entered the project display phase, with the initial shortlisted projects announced on June 3rd, following a vigorous selection process involving industry experts and enterprises [1]. Group 1: Evaluation Process - The evaluation will combine expert reviews and online voting to determine the final awards, including "Top Ten High-End/Light Luxury/Quality Works" and "National Good House Comprehensive Award" [1]. - The evaluation work is currently progressing in an orderly manner, with shortlisted projects being showcased [1]. Group 2: Shortlisted Projects - High-end shortlisted projects include: - Fuzhou Poly Tianzan, a luxury waterfront residence [1]. - Guangzhou Poly Tianyi, characterized by modern high-rise residential design [2]. - Shanghai Chaoming Dongfang, a significant work celebrating Greentown China's 30th anniversary [3]. - Yuyiao Zhenyuan, showcasing a modern architectural style [4]. - Quality shortlisted projects include: - Chongqing Longhu·Guancui, representing high-end living in South Chongqing [7]. - Beijing Chang'an Huaxi Mansion, noted for its five highlights contributing to its exceptional product strength [10]. - Taizhou Jiangying Yundian, located in a core area with lake view aesthetics [10]. Group 3: Industry Focus - Since 2018, the industry has focused on changes in product strength, evolving from "product strength" to "product system" and "customer demand" research, emphasizing the importance of delivery capability [14]. - The 2025 China Real Estate Product Strength Evaluation has been fully launched, with awards for the top works and good houses to be announced at the end of June [14].