Investment Rating - The report assigns a rating of "Accumulate" to the company with a target price of 3.35 CNY, while the current price is 3.19 CNY [7]. Core Views - The company is experiencing profit pressure with a reported loss in performance for the first half of 2025. Revenue has declined year-on-year, and land acquisition remains cautious. However, operational and innovative businesses are progressing steadily, with a focus on synergistic development across diverse business lines [3][14]. Financial Summary - Total revenue for 2023 is reported at 47,763 million CNY, with a projected decline of 49.3% in 2024 to 24,213 million CNY, followed by a recovery to 26,710 million CNY in 2025, representing a 10.3% increase [5]. - The net profit attributable to the parent company shows a significant loss of -6,339 million CNY in 2023, worsening to -8,141 million CNY in 2024, but is expected to improve to -2,053 million CNY in 2025, marking a 74.8% increase [5]. - The earnings per share (EPS) is projected to be -0.80 CNY in 2025, improving from -3.16 CNY in 2024 [5]. Business Operations - The company’s sales area decreased by 1.7% year-on-year in the first half of 2025, with sales amounting to 114.1 billion CNY, down 25.1% from the previous year. The average selling price was 15,827 CNY per square meter [14]. - As of June 2025, the company has 148 major projects for sale or under construction, with a total construction area of 43 million square meters, of which 36.3% is located in Beijing [14]. - The company has only added one new land reserve in the first half of 2025, covering an area of 27,000 square meters in Daxing, Beijing [14]. Innovative Business Development - The company has made progress in its operational efficiency and innovation, with a property leasing area of 1.73 million square meters and hotel room sales reaching 157,000 room-days. The overall occupancy rate of six core landmark shopping malls is 95% [14]. - The "首开乐尚" long-term rental apartment brand has opened 11 locations in Beijing, Hangzhou, and Fuzhou, with nearly 7,000 listings and a rental rate of 93% in the first half of 2025 [14]. - The "首开寸草" elderly care brand is gradually establishing its influence, with nine nursing homes set up across various districts in Beijing [14].

Core Viewpoint - The company is experiencing profit pressure with losses in 2025H1, while sales scale is declining year-on-year, and land acquisition remains cautious. However, operational and innovative businesses are steadily advancing, with a focus on multi-business synergy [1]. Investment Highlights - The company is rated as "Buy" due to its brand and resource integration advantages in the real estate development sector as a state-owned enterprise in Beijing. It holds equity in Yushu Technology through its subsidiary, Shoukai Yingxin, and is expected to enter a harvest period. The projected net asset per share for 2025-2027 is 4.47/3.87/3.47 yuan, with a target price of 3.35 yuan based on a PB of 0.75X for 2025 [2]. - In 2025H1, the company reported a revenue increase of 105.2% year-on-year to 18.04 billion yuan, driven by an increase in housing delivery projects. However, the net profit attributable to shareholders was -1.84 billion yuan, primarily due to low gross profit, high taxes and expenses, and significant losses from joint ventures amounting to 1.33 billion yuan [2]. Real Estate Development Business - The company's sales area in 2025H1 was 720,000 square meters, a year-on-year decline of 1.7%, with sales revenue of 11.41 billion yuan, down 25.1%. The average sales price was 15,827 yuan per square meter. The company ranked 41st in the total sales amount according to CRIC, remaining in the second tier [3]. - As of June 2025, the company had 148 major projects for sale or under sale, with a total construction area of 43 million square meters. Projects in Beijing accounted for 36.3% of the total area, while those outside Beijing accounted for 63.7%. The company added only one new land reserve in 2025H1, covering an area of 27,000 square meters in Daxing, Beijing [3]. Operational and Innovative Business Development - The company is refining its operational business, with a property leasing area of 1.73 million square meters and hotel room sales of 157,000 room-nights in 2025H1. The overall occupancy rate of six core landmark shopping malls reached 95%. The "Shoukai Leshang" long-term rental apartment brand has opened 11 locations in Beijing, Hangzhou, and Fuzhou, with nearly 7,000 listings and a rental rate of 93% in 2025H1. The "Shoukai Cuncao" elderly care brand is gradually establishing its influence with nine nursing homes in various districts of Beijing [3].

Core Viewpoint - Beijing Capital Development Co., Ltd. (referred to as "the company") reported a significant increase in revenue for the first half of 2025, achieving an operating income of 18.039 billion yuan, a year-on-year growth of 105.19%, despite a net loss attributable to shareholders of 1.839 billion yuan [1] Group 1: Financial Performance - The company implemented strategies focused on enhancing sales and stabilizing financing, resulting in a signed area of 720,000 square meters and a signed amount of 11.4 billion yuan, with sales receipts reaching 15.5 billion yuan [1] - The company successfully sold non-residential assets, including commercial and parking spaces, achieving sales of 2.5 billion yuan, marking a significant breakthrough compared to the same period last year [1] - On the financing side, the company completed all debt obligations and repayments, repaying 6.62 billion yuan in bank loans and securing 15.05 billion yuan in bond financing, along with an additional 1.5 billion yuan in liquidity support from the parent group [1] Group 2: Business Development - The company is actively promoting urban renewal projects while ensuring positive interactions with real estate development and property management sectors [2] - The company has entered the residential leasing market to meet the high-quality rental demands of new citizens and young people, operating its own brand "Shoukaile Shang" with 11 long-term rental apartments across Beijing, Hangzhou, and Fuzhou, offering nearly 700 listings [2] - The occupancy rate of the long-term rental apartments reached 93%, contributing to the optimization and value enhancement of the company's existing assets [2]

Core Viewpoint - Beijing Capital Development Co., Ltd. reported significant growth in revenue for the first half of 2025, with a 105.19% increase in operating income compared to the same period last year, despite a net loss [2][3]. Company Overview and Financial Indicators - The company’s registered capital is approximately 2.58 billion yuan, and it has a total asset value of about 208.89 billion yuan as of the end of the reporting period [2]. - The net profit attributable to shareholders was a loss of approximately 1.84 billion yuan, showing an improvement from a loss of about 1.95 billion yuan in the previous year [2][3]. - The company’s net cash flow from operating activities was approximately 7.09 billion yuan, a significant recovery from a negative cash flow of about 4.49 billion yuan in the same period last year [2]. Business Performance - The company’s main business segments include real estate development, property management, and urban renewal, with a total of 148 projects under sale or development, covering nearly 43 million square meters [3][5]. - Property sales revenue reached approximately 17.58 billion yuan, with a cost of sales of about 15.41 billion yuan during the reporting period [3]. - The company has enhanced its property management services, achieving a rental area of 1.73 million square meters and generating property management income of approximately 1.17 billion yuan [3]. Market Environment - The domestic real estate market is gradually stabilizing, with government initiatives aimed at revitalizing the market and preventing debt defaults among property developers [5][6]. - The overall sales area of new residential properties in the country decreased by 3.7%, while the sales amount for new residential properties was approximately 3.88 trillion yuan, down 5.2% year-on-year [6][7]. - The company is adapting to market changes by focusing on quality and service, which are becoming increasingly important to customers [6]. Strategic Initiatives - The company has implemented a restructuring of its management to improve operational efficiency and enhance regional collaboration [3][9]. - It is actively pursuing urban renewal projects and has launched a long-term rental apartment brand, achieving a rental rate of 93% across its properties [3][5]. - The company is also expanding its presence in the cultural and creative industries, with projects that integrate various community services and cultural experiences [3].