绿城中国 - 2025 年上半年因签约额低不及预期；投资效率提升支撑复苏前景；买入评级

26 August 2025 | 11:53AM CST Greentown China Holdings (3900.HK) 1H25 below expectation on low booking; improving investment efficiency supporting recovery outlook; Buy Greentown's 1H25 net profit declined -90% yoy to Rmb0.2bn (in line with profit alert), mainly dragged by DP topline contraction due to uneven project delivery schedule, disproportionately high SG&A against smaller revenue, enlarged impairment loss (-Rmb1.9bn, vs. -Rmb1.7bn in 1H24), though partially mitigated by yoy DP GPM improvement. If exc ...