销售逆势增长，入围行业十强，盈利稳健，营收增长超10%；债务结构良好，融资成本至2.96%。 ◎ 作者 / 沈晓玲 核 心 观 点 【上半年销售入围行业十强，一二线城市销售贡献超九成】 2025年上半年中国金茂实现全口径销售金额533.5亿元，同比增长20%。，行业排名继续提 升，较去年年底上升3位至第9名，步入行业TOP10金茂高度聚焦核心都市圈， 一二线销售额占比94%（其中一线36%）。 从单城市来看，企业TOP10城 市贡献占比亦较去年全年占比提升14个百分点至75%，其中上海（93.6亿）、北京（88.1亿）、西安（54亿）贡献显著，尤其是 上海单城销售近百亿。 【上半年投拓积极，京沪两地投资达324亿元】 中国金茂2025年上半年新增土地16幅，全部位于一二线城市，新增土储计容总建面145万平方米，项目总 土地款492亿元，拿地销售金额比达到0.92，远高于百强房企的平均水平（0.26）。 其中，北京、上海两地投资324亿元，占比达到66%。 中国金茂依然 坚持合作拿地，上半年权益土地款222亿。 【继续保持盈利，营收同比增超10%】 2025上半年金茂营收为251亿元，同比上升14%。从各板块来 ...

Core Viewpoint - China Jinmao reported a 14% year-on-year increase in revenue for the first half of 2025, reaching approximately RMB 25.113 billion, driven by growth in property development and Jinmao services [1] Financial Performance - The profit attributable to owners of the company was approximately RMB 1.09 billion, an 8% increase compared to the same period last year [1] - After accounting for fair value losses on investment properties (net of deferred tax), the profit attributable to owners was approximately RMB 1.123 billion, reflecting a 2% increase year-on-year [1] - The overall gross profit margin remained stable at 16%, consistent with the previous year [1]

Core Viewpoint - China Jinmao reported a revenue of approximately 59.05 billion RMB for 2024, reflecting an 18% year-on-year decrease, while the gross profit margin increased to 15% from 12% in 2023, indicating improved operational efficiency despite declining revenues [3][5]. Financial Performance - Revenue for 2024 was approximately 590.53 billion RMB, down 18% year-on-year [3] - Gross profit was about 85.96 billion RMB, a decrease of 5% year-on-year [3] - Net profit attributable to owners was approximately 10.64 billion RMB, an increase of 115% year-on-year [3] - Total assets reached approximately 409.26 billion RMB, with equity attributable to owners at about 53.58 billion RMB [3] Business Segments - Urban operations and property development generated approximately 493.01 billion RMB, accounting for 82% of total revenue, down 21% year-on-year [3] - Commercial leasing and retail operations brought in about 16.97 billion RMB, representing 3% of total revenue, down 6% year-on-year [3] - Hotel operations generated approximately 16.98 billion RMB, also 3% of total revenue, down 18% year-on-year [3] - Jinmao Services contributed about 29.66 billion RMB, making up 5% of total revenue, with a 10% year-on-year increase [3] - Other income was approximately 47.08 billion RMB, accounting for 7% of total revenue, up 8% year-on-year [3] Cash and Debt Position - As of the end of 2024, cash and cash equivalents were approximately 30.81 billion RMB, while interest-bearing bank loans and other borrowings totaled 122.8 billion RMB [3][4] - The total debt was approximately 122.8 billion RMB, slightly down from 127.38 billion RMB in 2023 [4] Sales and Inventory - The contracted sales for 2024 were approximately 98.3 billion RMB, with 68% from North and East China, and 90% from first and second-tier cities [4] - The total unsold value was approximately 280 billion RMB, with 63% concentrated in economically developed regions [4] - The company held 397 projects with an undeveloped area of approximately 77.96 million square meters [4] Strategic Focus - The company emphasized a strategy of "deep cultivation and focus, improving quality and efficiency," aiming to enhance cash flow and optimize structure during the industry adjustment period [5] - The focus on "activating stock" is deemed more urgent, alongside efforts to improve "incremental" growth through rapid turnover and reinvestment [5]