2025 Ir 在房地产市场逐步止跌回稳的进程中，中海地产的经营质量和抗风险能力持续凸显。 2025年上半年，中国海外发展有限公司(以下简称"中海发展"或"中海"，0688.HK)统筹发展与安全，积极应对各种困难与挑战，实现了稳中有进。报告期 内，中海地产系列公司实现合约物业销售额1201.5亿元，位居全行业第二；营业收入832.2亿元，除税前溢利130亿元，核心股东应占溢利87.8亿元。董事局 宣布派发中期股息每股港币25仙。 向来在财务上稳健可靠的中海地产，继续保持这一优良传统。财报显示，中海地产期末剔除预收款资产负债率45.7%，净借贷比率为28.4%，现金短债比4.9 倍，继续保持在"绿档"，同时，资金充裕，期末的在手现金达1089.6亿元，占总资产的12.1%，平均融资成本低至2.9%，处于行业最低区间，分销及行政费 用合计占收入3.8%，费效比行业领先。 行业领先的财务稳健性和经营业绩的良好表现，使得中海地产成为当前行业唯一获两家国际评级机构给予A-级评级的内房上市公司。 中国海外发展董事局主席颜建国表示，房地产行业虽然总体规模有所萎缩，但改善性需求将不断增长，房地产市场仍然是一个庞大的市场。行业 ...

Core Viewpoint - The construction of "good houses" is accelerating in China, with the implementation of national standards and a shift in focus from large and expensive houses to quality and affordable housing solutions [3][4][5]. Group 1: Implementation of Standards - The national standard "Residential Project Specification" was fully implemented on May 1, marking the beginning of the "standardization" era for "good houses" [4]. - The Ministry of Housing and Urban-Rural Development emphasized that "good houses" should not be equated with "large houses" or "expensive houses," but should focus on quality design, materials, construction, and services to address living issues [4][9]. - The standards aim to enhance housing quality across various regions, sizes, and price points, ensuring that different types of "good houses" are available [4][9]. Group 2: Market Dynamics - The increase in land supply for "good houses" is evident, with cities like Beijing and Hangzhou actively promoting the sale of land designated for quality housing projects [6][7]. - In May, Beijing's land auction saw a focus on encouraging refined design and higher quality residential projects, reflecting a broader trend of extending "good house" standards to suburban areas [6][7]. - The demand for improved housing is expected to stimulate the real estate market, with policies supporting the construction of "good houses" likely to be further refined [5][9]. Group 3: Corporate Initiatives - Several major real estate companies, including Longfor Group, China Overseas Property, and COFCO Joy City, have committed to developing "good houses" to meet diverse housing needs [7][8]. - COFCO Joy City is establishing a "Good House Laboratory" to innovate and test products that align with user demands, focusing on health and smart living solutions [8][9]. - The industry is moving towards a closed-loop logic of "research - standards - implementation," which is crucial for the successful rollout of "good houses" [9].

Core Viewpoint - China Overseas Development Company reported its 2024 annual performance amidst a declining real estate market, focusing on development and safety to create value for shareholders, achieving revenue of RMB 185.15 billion and a pre-tax profit of RMB 26.41 billion, with a core profit attributable to shareholders of RMB 15.72 billion, maintaining industry-leading levels [1] Group 1: Sales Performance - The company achieved contract sales of RMB 310.7 billion, a year-on-year increase of 0.3%, making it the only company among China's top ten real estate firms to experience sales growth, ranking first in equity sales [2] - In key markets, the company ranked among the top three in Beijing, Shanghai, Guangzhou, and Shenzhen, with a market share of 3.21%, an increase of 0.55 percentage points from the end of 2023 [3] Group 2: Commercial Revenue - The company launched nine commercial projects, resulting in a 12.1% year-on-year increase in commercial property revenue to RMB 7.13 billion, maintaining rapid growth [4] Group 3: Financial Health - The company received a credit rating upgrade to A- with a stable outlook from S&P Global, becoming the only Chinese real estate firm with dual A international credit ratings, while reducing interest-bearing debt by RMB 17.55 billion, with a debt-to-asset ratio of 55.8% and a net gearing ratio of 29.2%, among the lowest in the industry [5] - The company reported a record net operating cash inflow of RMB 46.45 billion, with cash on hand amounting to RMB 124.17 billion, representing 13.7% of total assets, indicating strong liquidity and development momentum [6] Group 4: Product Recognition - The company's "Good House" model received high recognition, emphasizing quality construction and design, aligning with the government's 2025 construction standards, and enhancing the company's competitive advantage [7]