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state-owned enterprises are willing to sell everything they have to protect their profits, but the situation is not good after the first half of this year.

in the past two years, local state-owned enterprises continued to acquire land, while private real estate companies were trapped in debt restructuring.

now when we look at the performance of state-owned enterprises, we are confused.

maozi compiled a list of the profit performance of state-owned enterprise developers in the first half of 2024, which is basically:

profits declined, losses widened, and profits turned into losses. in the first half of the year, it was not easy for anyone to make money.

state-owned developers are losing money at a rate far beyond imagination.

the profit king is still china overseas

due to the lag in the carry-over of real estate income, real estate companies' current performance reports usually reflect the profits from land acquisition one to two years ago.

judging from the published data of real estate companies, china overseas, china resources and poly are the three giants in terms of profits.

in the first half of the year, the net profit attributable to shareholders of "china insurance" was 10.3 billion, 10.25 billion, and 7.4 billion, respectively, down 24%-39% year-on-year.

china overseas’ profit volume is still the largest, but the gap with china resources land is narrowing.

comparing the two financial reports, we can see what the difference is between the king and the king: non-controlling interest.

in terms of revenue, china overseas’ scale is obviously larger than that of china resources, but its gross profit margin and net profit margin performance are both lower than those of china resources.

the size of china overseas' net profit attributable to shareholders of the parent company can still exceed that of china resources because china overseas' non-controlling interests account for a much smaller proportion than that of china resources. china overseas' non-controlling interests are 1.2 billion, while china resources' are 2.3 billion.

in other words, if cooperative projects and non-controlling interests account for a small proportion, the group can retain most of its profits.

the profits of these three leading central soes have not declined so much. but it is hard to say for the others...

wukuang real estate is in danger

in the first half of the year, among state-owned developers, three real estate developers saw their net profits turn from profit to loss:

one is wuliangye real estate, one is vanke, which has state-owned capital participation, and the other is beijing capital development.

vanke will release its interim financial report in two days and we will analyze it then. here we will focus on wuliangye real estate.

this morning, minmetals real estate released its interim financial report. both revenue and profit plummeted, which attracted attention.

revenue was 5.023 billion, down 40%; net loss was 1.05 billion, down 277%;

in addition, the net loss attributable to the parent was 1.04 billion, a plunge of 1032%.

in the previous two fiscal years, wuliangye real estate suffered consecutive net losses, and the situation this year is probably not optimistic.

while wuliangye real estate is facing declining revenue and decreasing profits, its three expenses are still increasing.

among them, sales and marketing expenses increased by 90 million year-on-year, and administrative expenses increased by 50 million year-on-year.

at the same time, the interests of non-controlling shareholders of wuliangye real estate also lagged behind.

compared with leading state-owned enterprises such as poly, china overseas and china resources, the overall scale of wuliangye real estate is much smaller.

wugang real estate is a first-level company under wugang group and its only real estate platform.

backed by china minmetals and mcc group, minmetals real estate enjoys convenient access to financing in the capital market.

but a look at the balance sheet of minmetals real estate is incredible...

the huge debt will depend on what kind of support the parent company will provide in the future.

first of all, wuliangye real estate’s unrestricted cash and bank deposits are only 2.959 billion, which is less than 3 billion.

however, short-term loans due within one year amount to 15.466 billion.

the cash-to-short-term debt ratio is only 0.19, and the current cash on hand cannot cover short-term liabilities at all.

total liabilities reached 35.345 billion yuan, with debt reduction of 3.9 billion yuan in the first half of the year.

considering the current market, real estate companies' cash collection income has been affected, so wuliangye real estate needs to work hard.

judging from the net profit performance of central state-owned enterprises, the days of belt tightening are expected to continue until the end of the year.

money is becoming harder and harder to make...

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