中指研究院指数研究部总经理曹晶晶通过文字向《每日经济新闻》记者表示，"稳预期"是推动房地产市场止跌回稳的关键，预计10月起各项已出台政策将 进一步落实，同时，增量政策仍有一定空间，激活市场购房需求。 9月29日下午，据深圳市住建局官微，深圳市、区将携手多家房企推出特色专场活动，福田、罗湖、南山等近百个在售楼盘推出限时优惠和礼品，降低购 房门槛。 据中指研究院不完全统计，9月以来，四川达州、浙江衢州及杭州、湖南岳阳、吉林长春、重庆等约20市、区发放购房补贴。 "销售价格下限不受限制" 国庆中秋长假将至，多地政府推出购房优惠政策，拿出"真金白银"补贴购房者。 9月30日，武汉市住房和城市更新局等部门联合发布政策，阶段性调整住房公积金贷款套数认定标准。2025年10月1日至2026年6月30日，缴存人家庭购买 新建商品住房申请住房公积金贷款时，正在挂牌出售的一套住房不纳入贷款套数认定。 从各地的购房活动看，多以房管或住建部门牵头，地方房地产协会组织热门楼盘进行集中展示。 比如，10月1日～8日，深圳将举行房产活动假日专场，鸿荣源、保利置业等房企的近30个项目将在前海冰雪大世界地铁口附近参展。 同期，南山区将举行好房 ...

Core Viewpoint - The company has shown significant recovery in revenue and gross margin in the first half of 2025 compared to the same period in 2024, with a narrowing of net losses and a reduction in inventory value [1][3][4]. Sales Performance - In the first half of 2025, the company achieved total sales of 11.4 billion yuan, a decrease of 25% year-on-year, with sales area down by 2% to 720,000 square meters [2][5]. - The average sales price dropped to 15,833 yuan per square meter, while cash received from sales reached 15.5 billion yuan, up 25.8% year-on-year [5][22]. - The company has made progress in liquidating non-residential assets, achieving sales of 2.5 billion yuan from commercial and parking space [2][5]. Financial Performance - The company reported revenue of 18 billion yuan in the first half of 2025, a 105% increase year-on-year, with gross profit rising 168% to 2.23 billion yuan, resulting in a gross margin of 12.39%, an increase of 7.6 percentage points [3][17]. - Despite a net loss of 1.436 billion yuan, the loss has narrowed compared to previous periods, indicating improved operational efficiency [3][18]. Inventory Management - The company's inventory value stood at 96.9 billion yuan, down 11% from the beginning of the year, with a focus on accelerating the disposal of underperforming residential projects and non-core assets [11][12]. - The structure of inventory has shifted, with the balance of development products increasing by 3% [12][13]. Financing and Debt Management - The company received 1.5 billion yuan in new liquidity support from its parent group and successfully issued multiple bonds and medium-term notes at low interest rates [20][21]. - Cash flow from financing activities showed a net outflow of 10 billion yuan, primarily due to efforts to reduce leverage, with total interest-bearing debt at 104.57 billion yuan, a decrease of 6% from the beginning of the year [4][22]. Property Management and Diversification - The company is actively developing its property management segment, with a focus on optimizing operations and enhancing brand presence in commercial spaces [26][27]. - In the long-term rental market, the company has established its own brand "Shoukai Leshang," with a current occupancy rate of 93% across 11 properties [28].

Core Viewpoint - The company reported a significant decline in revenue and net profit for 1H25, aligning with previous warnings and expectations, while maintaining stable debt levels and making progress in financing [1][2]. Financial Performance - The company’s revenue for 1H25 decreased by 26% year-on-year to 105.3 billion yuan, with a 30% drop in revenue from property development settlements. However, the gross margin improved by 1.3 percentage points to 8.1% [1]. - The net profit attributable to shareholders recorded a loss of 11.9 billion yuan, compared to a loss of 9.9 billion yuan in 1H24, consistent with prior profit warnings [2]. - As of the end of 1H25, the company’s interest-bearing debt stood at 364.3 billion yuan, showing a slight increase of 1% from the end of 2024, with a decrease in the proportion of short-term debt [2]. Business Trends - The property development business continues to face pressure, with a 44% year-on-year decline in contract sales amounting to 82.1 billion yuan from January to July 2025. The company added 6 new land reserves during the first half of the year [3]. - Non-development revenue remained stable at 31.3 billion yuan, increasing its proportion of total revenue by 8 percentage points to 30%, indicating an improvement in revenue structure [3]. - The company completed 13 major transactions in cities like Shanghai, Shenzhen, and Hangzhou, totaling 6.43 billion yuan, and is advancing asset transactions related to various REITs [3]. Profit Forecast and Valuation - The company maintains its profit forecasts for 2025 and 2026, projecting net losses of 28.3 billion yuan and 17.2 billion yuan, respectively. The current stock price trades at 0.49 times and 0.54 times the projected book value for 2025 and 2026 [4]. - The company retains an outperform rating and a target price of 8.30 yuan per share, suggesting a 16% upside potential from the current stock price [4].