每经AI快讯，珠江股份（SH 600684，收盘价：5.83元）9月10日晚间发布公告称，为优化公司资产结构 和资源配置，珠江股份拟公开挂牌转让亿华公司41%股权。因亿华公司未能提供资料，且珠江股份非亿 华公司实际控制人，导致公司无法获取亿华公司年度审计报告、最近财务报表等资料，专项审计及资产 评估均无法开展。鉴于目前公司对亿华公司股权投资账面价值已减值为0，故公司拟以不低于账面价值 （即1元）的底价，公开挂牌转让所持亿华公司41%股权，最终转让价格以受让方摘牌成交结果为准。 2024年1至12月份，珠江股份的营业收入构成为：物业服务占比70.43%，文体运营业务占比23.95%，房 地产业占比4.66%，物业出租及管理占比0.74%，其他业务占比0.21%。 截至发稿，珠江股份市值为50亿元。 每经头条（nbdtoutiao）——"史上最丑"与"丑上最薄"：iPhone 17系列背后的新战事 （记者 王晓波） ...

Core Viewpoint - The company has established a relatively complete second growth curve, laying a solid foundation for long-term cross-cycle development, which is an important direction for future growth [30]. Group 1: Sales Performance - In the first half of 2025, the company achieved a contracted sales amount of 110.3 billion yuan and a sales area of 4.12 million square meters, representing a year-on-year decrease of 11.5% and 20.9% respectively, while maintaining the third position in the industry in terms of total sales amount [2][3]. - The sales contribution from the top 10 cities reached 70%, with a year-on-year increase of 5 percentage points, and the sales proportion from first-tier cities (including Hong Kong) rose to 46%, up 8 percentage points year-on-year [2][6]. - The overall sales clearance rate for the first half of 2025 was approximately 33.2%, an increase of 2.1 percentage points year-on-year [4]. Group 2: Land Acquisition and Investment - In the first half of 2025, the company acquired 18 new projects with a total land investment of 32.28 billion yuan, resulting in a total construction area of 1.48 million square meters [11]. - The ratio of land acquisition sales amount rebounded to 0.44, compared to 0.29 in 2024, with new investments concentrated in first and second-tier cities [10][11]. - As of mid-2025, the total land reserve area was 48.95 million square meters, indicating a relatively healthy layout structure despite a 5.8% decrease from the beginning of the period [13]. Group 3: Financial Performance - The company reported operating revenue of 94.92 billion yuan in the first half of 2025, a year-on-year increase of 19.9%, while core net profit was 10 billion yuan, a decrease of 6.6% [3][15]. - The gross profit margin was 24%, up 1.8 percentage points year-on-year, while the net profit margin and attributable net profit margin decreased by 0.3 and 0.4 percentage points to 15.5% and 12.5% respectively [17]. - The company maintained a strong financial position with a cash holding of 120.24 billion yuan and a net debt ratio of 39.2%, remaining at a low level in the industry [20]. Group 4: Business Model and Diversification - The company continues to implement the "3+1" integrated business model, focusing on urban investment and development, with asset management scale reaching 483.5 billion yuan by mid-2025 [24]. - The retail revenue from shopping centers reached 110.1 billion yuan, a year-on-year increase of 20.2%, while the company plans to open approximately six new shopping centers in 2025 [26]. - The company is actively promoting the normalization of public REITs expansion, aiming for a scale of 30 billion to 50 billion yuan in the future [24].