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].

本报讯 （记者向炎涛）8月26日，北京首都开发股份有限公司（以下简称"首开股份"）发布2025年半年 度报告。上半年，公司实现营业收入180.39亿元，同比增长105.19%；实现归属于上市公司股东的净利 润-18.39亿元。 报告期内，公司结合存量资产盘活继续有序推进城市更新业务、与房地产开发、物业经营等板块实现良 性互动。公司顺应新市民、青年人高品质租住需求，布局住宅租赁赛道。公司拥有"首开乐尚"长租公寓 自有品牌，长租公寓主要分布于北京、杭州、福州三地，现开业达到11家，上市房源近700套。报告期 内出租率达到93%。通过长租公寓业态运营实现存量资产的优化运营和价值提升。 （编辑 张昕） 上半年，公司坚持"精准发力促销售、多措并举稳融资"的策略，着力强化内生"造血"功能与外部"补 血"能力，全力攻坚销售去化。上半年，公司实现签约面积72万平方米，签约金额114亿元，销售回款达 155亿元。其中，公司集中力量推进商办、车位等非住宅类资产去化，成功实现销售额25亿元，较上年 同期取得显著突破。 融资端亦表现稳健，公司顺利完成本期全部债务行权及到期偿付，上半年偿还银行贷款66.2亿元，完成 债券融资接续150 ...

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].