Core Viewpoint - The company reported a revenue of 214 million yuan for the first half of 2025, a year-on-year decrease of 1.92%, and a net profit attributable to shareholders of 2 million yuan, down 93.84% year-on-year. The company faces significant pressure in product sales but may see acceleration in core urban renewal projects as their importance increases [1][2]. Group 1: Financial Performance - The company's revenue for the first half of 2025 remained stable year-on-year, with operational business serving as a crucial stabilizing factor. The company did not generate real estate sales revenue in the first half due to the industry's ongoing stabilization, but rental income from real estate reached 146 million yuan, up 5% year-on-year, and hotel revenue was 68 million yuan, up 1% year-on-year, collectively accounting for 99.6% of total revenue [1][2]. - The decline in profit was primarily due to reduced interest income and losses from fair value changes [1]. Group 2: Project Development and Growth Strategy - The core project "Yupin Luanshan" has made progress, completing the zero-level target in May and reaching eight floors by the end of August, with plans to open a marketing showroom and model room in September, aiming for a launch within the year [2]. - The "Hualian Nanshan A District" project is still in the preliminary stages, but recent political meetings have highlighted urban renewal, which may benefit the project's advancement [2]. - The company is actively cultivating a second growth curve through investments in strategic emerging industries such as new energy, new materials, and new technologies, with ongoing projects like Shenzhen Juneng and Zhuhai Juneng [2]. Group 3: Shareholder Value and Valuation - The company completed a share repurchase plan, buying back 0.57% of its shares for approximately 30 million yuan, enhancing shareholder equity. The remaining shares will be used for employee stock ownership plans to promote sustainable development [2]. - The company maintains profit forecasts for 2025, 2026, and 2027 at 80 million, 90 million, and 190 million yuan respectively, with corresponding EPS of 0.06, 0.07, and 0.13 yuan. The estimated BPS for 2025 is 3.67 yuan [2]. - The target price has been adjusted to 4.53 yuan based on a 1.1x price-to-book ratio, reflecting an increase in comparable company valuations [2].

存量项目去化较慢，经营性业务贡献全部收入 公司25H1 营收同比基本持平，经营性业务发挥重要压舱石作用。25H1 由于行业仍在筑底企稳之中以及 公司销售产品的特殊性，上半年未产生房地产销售收入。但房地产出租业务实现收入1.46 亿元，同比 +5%，酒店收入0.68亿元，同比+1%；合计同比+4%，占总收入达到比例99.6%，对冲了销售收入的下 降并提供了稳定的现金流，经营性业务成为业绩的坚固基石。利润有所下降主要由公司利息收入减少、 公允价值变动确认损失所致。 核心项目预售在即，重要会议均提及城市更新或利好公司项目推进上半年公司核心项目开发亦取得一定 进展，其中"御品峦山"项目已在5 月完成正负零节点目标，截至8 月末，主体工程已出地面八层，计划9 月对外开放营销展示厅与样板房，今年内开盘预售，符合年初预期。"华联南山A区"项目则仍尚处前期 工作阶段，但上半年4 月政治局会议与7 月中央城市工作会议均提及城市更新，或一定程度有益于该城 市更新项目的推进。 公司8 月26 日发布25 中报：营收2.14 亿元，同比-1.92%；归母净利润0.02 亿元，同比-93.84%。公司在 售产品仍面临较大的去化压力，但 ...

证券研究报告 核心项目有序推进,持续关注转型进展 | 华泰研究 | | | 中报点评 | 投资评级(维持): | 增持 | | --- | --- | --- | --- | --- | --- | | 2025 年 | 8 月 | 28 日│中国内地 | 房地产开发 | 目标价(人民币): | 4.53 | 公司 8 月 26 日发布 25 中报：营收 2.14 亿元，同比-1.92%；归母净利润 0.02 亿元，同比-93.84%。公司在售产品仍面临较大的去化压力，但未来随 着城市更新重要性提升，其核心城市更新项目或有望加速推进。此外公司积 极打造第二增长曲线，长期需跟踪公司转型进展。维持"增持"评级。 存量项目去化较慢，经营性业务贡献全部收入 公司 25H1 营收同比基本持平，经营性业务发挥重要压舱石作用。25H1 由 于行业仍在筑底企稳之中以及公司销售产品的特殊性，上半年未产生房地产 销售收入。但房地产出租业务实现收入 1.46 亿元，同比+5%，酒店收入 0.68 亿元，同比+1%；合计同比+4%，占总收入达到比例 99.6%，对冲了销售收 入的下降并提供了稳定的现金流，经营性业务成为业绩的坚固基石 ...

证券日报网讯 华联控股（000036）8月21日在互动平台回答投资者提问时表示，公司目前确实面临房地 产市场调整带来的挑战，包括土地储备不足、在售产品去化压力大等问题。公司计划通过精耕细作在售 项目销售、确保"御品峦山"项目的建设与预售、加强物业经营与服务管理等方式维护主业稳定，同时积 极推进产业转型，围绕新能源、新材料和新技术等战略性新兴产业进行投资布局，形成"技术——资源 ——成品（或合作）"基本格局，并关注其他新兴产业投资机会，积极打造第二增长曲线，构建更加合 理的产业结构。 ...

Group 1 - The company reported a revenue of 430 million yuan for 2024, a year-on-year decrease of 25%, and a net profit attributable to shareholders of 40 million yuan, down 50% year-on-year, which aligns with the performance forecast of 35-45 million yuan [1] - The decline in performance is primarily due to a significant contraction in the real estate sales business, with property sales revenue dropping to 1.143 million yuan, a year-on-year decrease of 99%, and its contribution to total revenue falling from 18.81% to 0.27% [1] - The company has adopted a rental strategy to generate income, leasing out all remaining 122 apartments in the Hualian Urban Business Center project, resulting in an additional rental area of 22,000 square meters, contributing positively to performance [1] Group 2 - The company holds two urban renewal projects in Shenzhen, with the "Yupin Luanshan" project expected to start pre-sales in October 2025, which could positively impact future performance [2] - The company is actively cultivating new growth points, with the Zhuhai Juneng production line for enriched materials having commenced production in September 2024, and the product is now in the market promotion phase [2] - The company decided to cancel 80.1153 million shares from the 97.2153 million shares repurchased between January 2024 and January 2025, amounting to approximately 250 million yuan, enhancing shareholder equity value [2] Group 3 - The company has adjusted its net profit forecasts for 2025 and 2026 to 80 million yuan and 90 million yuan, representing decreases of 22% and 18% respectively, with an expected net profit of 190 million yuan for 2027 [3] - The estimated earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 0.05, 0.06, and 0.13 yuan respectively, with a book value per share (BPS) of 3.48 yuan for 2025 [3] - Considering the recovery of the real estate market and the acceleration of urban village renovations, the company’s reasonable price-to-book ratio (PB) for 2025 is estimated at 1.1x, with a target price of 3.83 yuan [3]