即将春节，房地产行业的组织架构调整如期而至。 今年1月底，中海集团董事长颜建国宣布，撤销中海地产沿用多年的华东、华南、北部、中西部4大区域 公司，中海地产正式告别"总部-区域-城市"的三级管控模式，未来将进入"总部-城市"的扁平管理时代， 华润置地也在近期宣布再度精简地区公司，从28个压缩至18个。在此次组织架构调整后，华润置地也形 成了"哑铃型"的组织，即"专总部"、"强一线"的模式。事实上，在这两家央企之前，招商蛇口已经先行 一步裁撤所有区域公司，至此，头部央企的极致扁平化组织已经宣告全面成型。 面对新的竞争环境，地产央企也在顺应市场做出改变。此次变动的逻辑是，房地产市场具备布局价值的 城市缩减，过往"摊大饼"式的发展逻辑已经不适应当下，房企采取总部"一盘棋"的投资决策，能够提高 运营和决策的效率。 随着房企纷纷深耕高能级城市，"规模为王"的时代也基本宣告终结。房企也在采取更灵活、敏捷、扁平 的组织，在深耕城市进行规模以外的比拼，例如商业布局，或者其他增量业务。 "扁平"的敏捷组织 在房地产行业的发展史上，区域公司曾经是规模扩张的利器。在行业高速发展之时，房企通常采取总 部-区域-城市的三级管控模式。在这 ...

Core Viewpoint - China Resources Land (01109) reported a significant increase in revenue and profit for the first half of 2025, indicating strong performance in its core business segments [1] Financial Performance - The company achieved a total revenue of RMB 94.921 billion, representing a year-on-year increase of 19.86% [1] - Profit attributable to shareholders was RMB 11.88 billion, up 16.21% year-on-year, with earnings per share at RMB 1.67 [1] - The comprehensive operating revenue for the first half of 2025 was RMB 94.92 billion, reflecting a growth of 19.9% [1] Business Segments - Revenue from development and sales business reached RMB 74.36 billion, marking a 25.8% increase year-on-year [1] - Operating property business revenue was RMB 12.11 billion, up 5.5% year-on-year [1] - Light asset management business revenue totaled RMB 6.0 billion, with a modest growth of 1.1% [1] - Revenue from ecosystem factor business declined to RMB 2.45 billion, down 7.7% year-on-year [1] Recurring Income - Total recurring income amounted to RMB 20.56 billion, a year-on-year increase of 2.5%, accounting for 21.7% of total revenue [1] Sales and Land Reserves - The company achieved property contracted sales of RMB 110.3 billion, with a contracted area of 4.12 million square meters [1] - As of June 30, 2025, the company had approximately RMB 251.37 billion in unsold contracted sales, with an expected RMB 159.53 billion to be recognized in the second half of 2025 [1] - The company added land reserves of 1.48 million square meters in the first half of 2025, bringing total land reserves to approximately 48.95 million square meters as of June 30, 2025 [1]