Core Viewpoint - The performance of listed real estate companies in China is expected to decline significantly in the first half of 2025, with continued losses and rising debt levels, indicating a challenging market environment [1][5]. Financial Performance - In the first half of 2025, the average revenue of listed real estate companies was 10.42 billion yuan, a year-on-year decrease of 16.9%, with the decline rate widening by 3.2 percentage points compared to the same period in 2024 [1]. - The average net profit of the industry fell to -830 million yuan, with approximately 60% of listed companies experiencing varying degrees of losses, indicating a growing trend of financial distress [1][5]. Debt and Liquidity - The asset-liability ratio of listed real estate companies, excluding pre-receivables, reached 66.5%, an increase of 0.9 percentage points year-on-year, while the net debt ratio surged to 171.8%, up by 55.8 percentage points [5]. - The cash-to-short-term-debt ratio dropped to 0.88, indicating that over half of the companies cannot cover their short-term debts with available cash, leading to increased liquidity pressure [5]. Company Strategies - Major real estate companies are focusing on accelerating inventory clearance, optimizing the quality of new projects, and enhancing product iteration to adapt to market conditions [1][12]. - Companies like China Resources Land and Longfor Group are demonstrating strong anti-cyclical resilience, with diversified revenue structures where non-development business contributes over 60% of profits [8][11]. Investment Strategy - In the second half of 2025, leading real estate firms will prioritize inventory clearance and ensure the safety, liquidity, and profitability of new projects, focusing on core cities and prime locations [14]. - Companies are adopting precise investment strategies to enhance resource quality and improve operational capabilities [14]. Product Strategy - Companies are responding to the "good housing" policy by enhancing product iteration and focusing on customer needs to improve product quality and service delivery [15]. Business Strategy - Firms are working to establish new development models and create second growth curves, with China Resources Land aiming to strengthen its operational real estate and asset management businesses [16]. - Longfor Group is advancing in multiple operational sectors, focusing on commercial, asset management, property management, and construction to maintain growth and competitive advantages [16].

Group 1 - The stock price of Jindi Group is reported at 4.02 yuan, down 0.18 yuan from the previous trading day, with an opening price of 4.17 yuan, a high of 4.21 yuan, and a low of 4.02 yuan [1] - The trading volume reached 1.5694 million hands, with a transaction amount of 644 million yuan [1] - Jindi Group operates in the real estate development industry, focusing on residential development and commercial real estate operations, and is a significant player in the industry based in Shenzhen, Guangdong Province [1] Group 2 - The overall performance of the real estate industry is weak, with 96 out of 100 stocks in the sector experiencing declines [1] - The net outflow of main funds in the sector reached 2.696 billion yuan, ranking among the top in the Shenwan first-level industry [1] - There is a significant divergence in fund flow within the sector, with only 21 stocks receiving net inflows [1] Group 3 - Jindi Group experienced a net outflow of main funds amounting to 88.0496 million yuan, which accounts for 0.49% of its circulating market value [1] - Over the past five trading days, the cumulative net inflow was 34.4481 million yuan, representing 0.19% of its circulating market value [1]

2023 Interim Results Presentation 1 Disclaimer This presentation has been prepared by Powerlong Real Estate Holdings Limited (the "Company") for your reference only. The information contained in this presentation has not been independently verified. The Company does not make any representation, warranty or undertaking, whether express or implied, on and no reliance should be placed on, the fairness, accuracy, suitability, completeness or correctness of the information or opinions contained herein. Any summa ...