（文/孙梅欣 编辑/张广凯） 经过了3年多的降债，龙湖集团即将度过偿债高峰期。 龙湖集团近期公布的2025年中期业绩显示，上半年公司收入587.5亿元，同比增长25.4%；公司拥有人应 占利润32.2亿元，核心税后利润率为3%。 其中，地产开发业务收入454.8亿元，同比增长34.7%；运营业务收入70亿元，同比增长2.5%；服务业务 收入62.6亿元，同比略有上升；运营及服务业务收入合计132亿元，在总营收中的占比达到22.6%。 龙湖在财报中称，运营业务及服务业务核心利润保持增长，是集团核心利润的主要来源。 这也意味，包括物业、商业、公寓等等强现金流业务带来的收入利润支撑，已经超过了传统的地产开发 业务。 他提到，一、二线城市的核心地段仍然缺少"好房子"，核心地段改善需求仍然强劲："市场短期走势会 看政策刺激力度，中长期仍然看好国内房地产市场的发展。" 据悉，今年上半年，龙湖在上海、重庆、苏州、贵阳等4座城市新增4宗地块，新增土储总建筑面积24.9 万平方米。截至期末，持有土地储备合计2840万平方米，其中权益占比为75%。 从利润表现来看，龙湖集团上半年表算不上精彩，但对于这家民营房企而言，今年最重要的 ...

"近日，北京、上海等城市出台限购放松的政策，是非常有必要的。"8月29日，在龙湖集团中期业绩会 上，董事会主席兼首席执行官陈序平在判断楼市未来走势时表示："楼市的'止跌回稳'，短期来看，主 要是政策的刺激力度，中长期来看，我们非常看好中国房地产市场发展的韧性。" 上半年，龙湖集团运营及服务业务合计实现收入132.7亿元，创历史新高。期内，运营及服务业务在龙 湖集团营业收入中占比达到22.6%，成为收入、利润及现金流的稳定贡献来源。 2025年上半年，由商业投资、资产管理组成的运营业务不含税租金收入为70.1亿元，同比增长2.5%；以 物业管理、智慧营造为主的服务业务板块不含税收入为62.6亿元，同比微增。 具体来看，运营板块中，以龙湖天街品牌为代表的商业投资航道2025年上半年租金收入同比增长4.9% 至55.0亿元，出租率保持97%高位。以冠寓长租公寓为代表进而延伸到产业办公、服务式公寓、活力街 区、妇儿医院和健康养老六个业态协同发力的资产管理航道"龙智资管"，2025年上半年实现收入15.1亿 元。其中，冠寓累计开业12.7万间房源，整体出租率95.6%，租金收入12.4亿元。 同时，服务板块中，今年上半 ...

公司2025 上半年收入587.5 亿元，同比+25.4%；其中地产开发收入454.8 亿元，同比+34.7%；运营及服 务132.7 亿元，同比+1.3%，占比22.6%；归母净利润32.2亿元，同比-45.2%，核心归母净利润约13.8 亿 元；毛利率12.6%，同比-7.9pct，其中开发、运营、服务业务毛利率分别约为0.2%、77.7%、30.0%。截 至上半年末公司有息负债1698 亿元，较年初压降65 亿元；剔预负债率56.1%，净负债率51.2%，现金短 债比1.74 倍，平均融资成本降至3.58%，同比-42BP；在手现金446.7 亿元，派发中期每股派息0.07 元人 民币，股息约占归母净利润21.7%。 销售规模收缩，土地储备较为充裕 公司2025 上半年销售金额350.1 亿元，同比-31.5%；销售面积261.5 万方，同比-28.5%。截至上半年 末，公司已售未结转金额1059 亿元，面积约854 万方。公司上半年在上海、苏州、重庆、贵阳新增土储 4 宗，新增总建面24.9 万方，权益拿地金额14.5 亿元，其中长三角和西部区域面积分别占比52.2%、 47.8%。截至上半年末，公司 ...

8月29日，龙湖集团（0960.HK）发布中期业绩报告，公司2025年上半年实现营收587.5亿元，同比增长 25%。 其中，地产开发业务收入454.8亿元，同比增长34.7%；运营及服务业务收入132.7亿元，同比增长 1.3%，占总营业收入22.6%。股东应占溢利32.2亿元，剔除公平值变动等影响后的股东应占核心溢利 13.8亿元。 在中期业绩会上，龙湖集团董事会主席兼首席执行官陈序平指出，当前楼市止跌回稳对于中国经济包括 金融稳定非常关键，公司将继续看好核心一二线城市市场表现。 聚焦核心城市 业绩报告显示，上半年龙湖集团地产开发业务实现营收454.8亿元，同比增长34.7%；结算毛利率0.2%， 主要是近两年来销售价格承压进入结算管道所带来的影响。 上半年，龙湖集团全口径销售额为350.1亿元，并表回款率超过100%。从城市等级来看，约90%的销售 额来自一二线城市。 交付方面，上半年，龙湖集团在全国36座城市交付约4万套房源，交付满意度超过90%。 陈序平表示，去年9月26日中央首提止跌回稳，并出台了一揽子的刺激政策，效果显著，楼市在去年10 月到今年3月连续6个月呈现回稳态势。不过，从今年4月份以来 ...

中国经济网北京8月29日讯(记者李方)8月29日，龙湖集团控股有限公司公布其截至2025年6月30日的半 年业绩。上半年，龙湖集团营业收入为人民币587.5亿元，同比增长25.4%。其中，地产开发业务收入为 人民币454.8亿元，同比增长34.7%；运营业务收入为人民币70.1亿元，同比增长2.5%；服务业务收入为 人民币62.6亿元，同比微增。运营及服务业务收入合计为人民币132.7亿元，同比增长1.3%，占总营业 收入22.6%。股东应占溢利32.2亿元，剔除公平值变动等影响后的股东应占核心溢利13.8亿元。 2025年以来，在多轮政策协同发力下，宏观经济正释放出强劲的增长韧性。地产行业也在深度调整中加 速重构。2024年9月以来，需求端的支持政策与"好房子"引导下的人居升级，在为房地产销售市场注入 动能的同时，也为行业指出高质量发展的方向。 上半年，龙湖集团开发业务实现营业收入454.8亿元，交付物业总建筑面积为352.7万平方米。报告期 内，龙湖集团实现地产开发合同销售金额350.1亿元，并表回款率超100%。报告期内在全国36座城市交 付近4万套房源，交付满意度超过90%。 上半年，龙湖集团于上海、 ...

聚焦一二线高能级城市的布局策略，上半年龙湖在南宁布局的首座天街——龙湖南宁青秀天街提前一个 月开业，出租率超95%，开业率92%。截至2025年6月30日，龙湖商业累计开业运营商场达89座(分期项 目合并后商场个数)，覆盖全国24座城市，运营总建面为943万平方米(含车位总建筑面积为1256万平方 米)，合作品牌超7300家，战略合作品牌超400家，以"一店一策"的差异化运营思路，持续输出独有的创 新消费场景与体验。 资产管理航道长租公寓、产业办公、服务式公寓、活力街区、妇儿医院和健康养老六个业态协同发力， 2025年上半年实现收入15.1亿元，通过优化资产配置与运营效能，实现资产质量与盈利能力的双提升。 其中，截至2025年6月30日，长租公寓品牌冠寓累计开业12.7万间房源，通过精耕产品和服务不断升级 租住体验，整体出租率95.6%，租金收入12.4亿元，盈利能力行业领先。两座活力街区"欢肆"于上半年 同步亮相合肥、成都，以品质公寓叠加街区式商业的创新混合空间，焕新城市（300778）生活。 展望下半年，商业投资航道预计新开约10座商场，并持续迭新商业空间，推动头部项目的改造提升，与 商户共谋共赢；资产管 ...

Core Viewpoint - The recent sale of 48 Wanda Plaza locations by Wanda Group marks the third significant asset divestiture in two years, reflecting a strategic shift towards a "light asset" model amid ongoing financial challenges [1][4]. Group 1: Asset Divestiture and Financial Strategy - Wanda Group has sold nearly 200 Wanda Plaza locations since the beginning of 2023, alongside hotel and cinema assets, as part of its transition to a light asset model [1][2]. - The company has raised over 50 billion yuan through asset sales since December 2023, yet still faces substantial debt challenges, with total executed amounts exceeding 7.5 billion yuan by May 2025 [1][3]. Group 2: Transition to Light Asset Model - The core of the light asset model is "de-real estate," where Wanda no longer holds property ownership but generates revenue through brand, design, leasing, and operational capabilities [2][4]. - Currently, over 40% of the 498 Wanda Plazas managed by Wanda Commercial Management are light asset projects, with only 2 out of 23 new projects in 2023 being self-owned properties [2]. Group 3: Challenges and Brand Value - Despite short-term cash flow from asset sales, Wanda faces ongoing debt pressure and a gradual loss of brand value, as ownership of over 30% of Wanda Plazas has changed hands since 2023 [3][4]. - The shift in ownership has led to operational disputes, with some new owners opting to change management teams or reduce rental standards, impacting the brand's perception among consumers [3][4]. Group 4: Industry Insights - Wanda's experience offers key insights for the Chinese commercial real estate sector, emphasizing the importance of brand and operational capabilities in a light asset model [4]. - The transition must be accompanied by debt restructuring efforts, and there is a need to balance asset sales with the retention of operational control to avoid diminishing brand value [4].

Core Viewpoint - Huayuan Real Estate has shifted its focus from real estate development to becoming a "landlord" by transitioning into hotel and long-term rental apartment businesses, but faces skepticism regarding its ability to sustain its market capitalization of 2 billion [2][3][12]. Group 1: Business Transition - Huayuan Real Estate plans to change its name to Beijing Huayuan New航控股股份有限公司 and focus on property management, hotel management, and long-term rental apartments [3][12]. - The company aims to create a business model centered around hotels, property management, and long-term rentals to diversify its operations and revitalize existing assets [2][3][12]. - The hotel business currently includes three product lines: city business hotels, city boutique hotels, and leisure resorts, with the Changsha Junyue Hotel being its most notable asset [3][6][8]. Group 2: Financial Performance - In the latest financial report, real estate development accounted for 93.07% of total revenue, generating 4.308 billion, while hotel and property services contributed only 6% combined [12][13]. - The hotel business generated 218 million in revenue, a 15% decrease year-on-year, while property services saw an 80.61% increase to 44.7368 million [12]. - The gross profit margin for the hotel business was 34.58%, which is significantly higher than the 14.27% margin from real estate development [12]. Group 3: Industry Context - The real estate industry is undergoing a transformation as companies seek new revenue streams amid a peak in property development [14][15]. - Several real estate firms, including Huayuan, have announced exits from traditional development to pursue lighter asset models, but the transition is challenging [16][18]. - Successful examples in the industry include companies like China Resources and Longfor, which have diversified their operations and achieved significant contributions from non-development businesses [18][20].

Core Insights - The report highlights the robust growth in the housing rental sector, with companies focusing on both scale and efficiency, while urban village redevelopment for affordable housing emerges as a new growth opportunity [2][4]. Group 1: Revenue Growth - Six disclosed rental companies reported a combined revenue of 8.87 billion yuan, reflecting a year-on-year increase of 3.65% [2]. - Among these, Boyu contributed 41.76% and Guanyu contributed 29.89% to the total revenue [2]. - Rental companies such as Boyu, Guanyu, and Zhaoshang Yidun achieved revenue growth ranging from 3.92% to 42.11% in 2024, with Boyu, Guanyu, and Zhaoshang Yidun generating revenues of 3.702 billion yuan, 2.65 billion yuan, and 1.234 billion yuan respectively, marking year-on-year growth of 7%, 4%, and 13% [2]. Group 2: Operational Efficiency - Rental companies like Xiangyu, Boyu, and Guanyu reported occupancy rates exceeding 95%, indicating stable operations [3]. - As of the end of the previous year, Guanyu's overall occupancy rate was 95.3%, while Boyu's occupancy rate was 95.6%, with a front-end GOP profit margin of 89.8% and a customer satisfaction rate exceeding 95% [3]. - The report noted a significant increase in new rental projects, with 26 new projects launched, primarily due to multiple openings by Vanke Boyu and Longhu Guanyu [3]. Group 3: Policy and Market Trends - Recent policies have been implemented to support the acquisition of existing residential properties for affordable housing, indicating a clear direction from the national level [4]. - Various cities, including Guangzhou, are promoting urban village redevelopment to enhance the affordable housing supply, mandating that at least 10% of residential land in redevelopment projects be allocated for affordable housing [5]. - Despite downward pressure on rents in key cities, signs of stabilization are emerging, with 35 out of 50 monitored cities experiencing a decline in rents, while 15 cities maintained or increased rents [5][6].