明源君经常强调，最近两年，伴随着地产新模式持续推进，以及好房子理念深入人心，地产行业的竞争逻辑，也从早期依赖高杠杆、追求快周转的粗放式 扩张，迅速转向以品牌力、产品力、经营力、服务力为特征的内在价值比拼。 1 按照住建部的说法，房企今后发展要拼的应该是高质量、新科技、好服务。谁能抓住这个转型的时机，谁能为群众建设好房子、提供好的服务，谁就能有 市场和未来。 地产行业底层逻辑的深刻重构，在房企管理以及单盘项目经营层面，体现得尤其直观。 比如在早年市场环境中，不少项目凭借优越地段或成熟配套等单一优势，便足以撬动整盘销售。可时过境迁，随着购房者的需求从"有房住"向"住得好"升 级，地产项目也彻底步入高度分化的二八定律阶段。 而且这种分化不光体现在城市能级和板块价值的冷热分野上，即便身处同一条街道、共享相同的外部资源配套，不同项目也因产品力、营销力等内在价值 的差异，在去化表现上拉开不小差距。 纵观市场上的热销项目，无一例外都是"全维度均好"的六边形战士，既坐拥"好城市+好地段"的先天优势，又具备过硬的产品价值与精准的营销操盘能 力，是把单盘主义做精做深做透的典型代表，由此也印证了在当前市场环境下，谁能深度链接客户， ...

以下文章来源于克而瑞产品测评 ，作者产品力研究中心 克而瑞产品测评 . 聚焦房地产产品、交付研究及产品力、交付力测评 引言：中国豪宅市场不单是"唯总价论"市场，已然进入一个由客户需求精细化和产品品质深度较量主导的新周期。豪宅客户从追求空间尺度，转向对情绪 价值和生活体验的重视,尤其是文化内涵、审美表达以及会所营造，追求"松弛感"与"度假感"成为新趋势。 克而瑞地产在《2025年高端产品趋势》的解读中表示，目前豪宅市场主要沿三大方向构建竞争壁垒：一是精准应对客群分化的"两端突破"策略，在顶豪市场以稀缺资 源+超配产品树立标杆；二是发起"空间效率革命"，公区钻研地形与功能融合，套内提升为开合自如的空间战略，提升使用效能；三是推动"场景时代"全面落地，将 度假、酒店、文化等元素转化为可感知的生活场景。 随着地产行业的深度洗牌，拥有成熟产品线和开发实力的标杆房企竞争从未停歇，在"拿地"的资源整合、"产品"的硬核创新、"运营"的软性服务等方面挖掘房企自身 差异化竞争优势。 保利置业作为标杆房企之一，2025年1-10月实现全口径合约销售金额438亿元，在克而瑞全口径销售榜稳居15名，同比上升2名，业绩稳步上升的背后是高 ...

Core Viewpoint - In the context of a deep adjustment in the real estate industry, Poly Real Estate has achieved a counter-cyclical rise through a steady operational strategy, with its sales ranking significantly improving from 60th in 2021 to 15th by mid-2025, demonstrating strong resilience in development [2]. Group 1: Sales Performance - In the first half of 2025, Poly Real Estate achieved a total contract sales amount of 26.7 billion yuan, a year-on-year decrease of 6%, which is better than the average decline of 11.4% among the top 100 real estate companies [4]. - The average contract sales price reached 27,763 yuan per square meter, an increase of 8.7% compared to 2024, marking a new high in recent years [5]. - High-quality projects have supported steady performance, with notable sales records in Shanghai and Shenzhen, contributing to the company's sustained sales scale above 50 billion yuan for five consecutive years [4][5]. Group 2: Land Acquisition Strategy - Poly Real Estate has maintained a strong land acquisition capability, focusing on core cities, with 41% of new land reserves in first-tier cities in 2023 and 93% in first and second-tier cities combined [6][9]. - The company has continuously increased its land reserves in the Yangtze River Delta, with a significant portion of new land acquisitions located in Shanghai, Hangzhou, and Guangzhou [9]. Group 3: Financial Structure - The company has shown strong financing capabilities, completing three bond issuances totaling 4 billion yuan in the first half of 2025, with interest rates below 2.7% [10]. - By mid-2025, Poly Real Estate's cash holdings reached 28.5 billion yuan, maintaining a cash-to-total assets ratio of over 15% since 2021, indicating a solid liquidity position [10]. - The company's financial indicators have improved, with all three red lines turning green for the first time, reflecting a continuous optimization of its financial situation [10]. Group 4: Diversification and Shareholder Returns - Poly Real Estate has made progress in diversified operations, with investment property income growing from 779 million yuan in 2021 to 865 million yuan in 2024, providing stable cash flow [15]. - The property management business has also seen steady growth, with revenue increasing from 1.021 billion yuan in 2021 to 1.206 billion yuan in 2024 [15]. - The company has committed to a dividend policy guaranteeing a payout ratio of no less than 40% of net profit attributable to shareholders over the next three years, doubling the historical average [17].