据Wind数据统计，截至目前，已有81家A股上市房企发布2025年度业绩预告。其中仅21家公司预计实现 盈利，超过七成房企陷入亏损，60家房企合计亏损最高达 2092.35亿元，整个板块净利润总额亏超1700 亿元，行业整体盈利情况持续承压。 在已披露预告的房企中，预计亏损超过百亿的有5家。万科A目前位列亏损规模首位，预计2025年归属 于上市公司股东的净利润亏损约820亿元，同比亏损扩大约65.7%；扣非净利润亏损约800亿元，同样较 上年显著扩大。 此外，华夏幸福、绿地控股、华侨城A、金地集团四家房企预亏规模也均超过百亿元。对于业绩大幅下 滑，华夏幸福归因于房地产项目结转放缓、债务重组推进不及预期导致投资收益减少，以及利息资本化 率降低推高财务费用。绿地控股则表示，受资产价格下行、促销去化力度加大、部分项目周期延长等因 素影响，公司对存货计提减值准备；同时房地产与基建业务规模同比收缩，毛利率下滑，加之利息资本 化减少，共同导致业绩压力加剧。 从亏损规模分布来看，房企亏损梯队层次清晰：除上述5家百亿级亏损企业外，另有5家预计亏损50亿至 100亿元，8家亏损20亿至50亿元，11家亏损10亿至20亿元，还有 ...

2026.02.04 本文字数：2474，阅读时长大约4分钟 作者 |第一财经 黄思瑜 A股上市公司2025年度业绩预告披露落下帷幕，共有2957家预告了业绩，近五成公司预计亏损。 这些亏损的上市公司分布在31个省份，其中海南、吉林、青海上市公司预亏占比位居全国前三，当地亏 损的上市公司比例均超过40%；广东、江苏、浙江、上海等省市虽预亏家数居前，但占比低于市场均 值。 行业维度也呈现分化特征，房地产行业成亏损重灾区，不仅诞生A股"亏损王"万科A（000002.SZ），还 包揽亏损金额前十中的五席；IT服务、半导体、化学制药等行业预亏的上市公司数量也较多，多个行业 龙头爆出大额预亏，相关行业的"亏损王"也浮出水面。 海南、吉林、青海公司预亏占比居前 随着上市公司披露2025年年度业绩预告落下帷幕，共有2957家A股上市公司预告了业绩。 其中，623家预增，378家预减，82家略增，43家略减，374家扭亏，455家首亏，987家续亏，13家续 盈，2家不确定。 以此来看，预喜的上市公司合计1092家；预减或者预亏的上市公司1863家，占比63%，其中又有1442家 公司预计亏损，占披露业绩预告公司总数的49% ...

海南、吉林、青海的上市公司预亏占比居前。 A股上市公司2025年度业绩预告披露落下帷幕，共有2957家预告了业绩，近五成公司预计亏损。 随着上市公司披露2025年年度业绩预告落下帷幕，共有2957家A股上市公司预告了业绩。 其中，623家预增，378家预减，82家略增，43家略减，374家扭亏，455家首亏，987家续亏，13家续 盈，2家不确定。 这些亏损的上市公司分布在31个省份，其中海南、吉林、青海上市公司预亏占比位居全国前三，当地亏 损的上市公司比例均超过40%；广东、江苏、浙江、上海等省市虽预亏家数居前，但占比低于市场均 值。 海南、吉林、青海公司预亏占比居前 行业维度也呈现分化特征，房地产行业成亏损重灾区，不仅诞生A股"亏损王"万科A（000002.SZ），还 包揽亏损金额前十中的五席；IT服务、半导体、化学制药等行业预亏的上市公司数量也较多，多个行业 龙头爆出大额预亏，相关行业的"亏损王"也浮出水面。 以此来看，预喜的上市公司合计1092家；预减或者预亏的上市公司1863家，占比63%，其中又有1442家 公司预计亏损，占披露业绩预告公司总数的49%。 根据规则，上市公司预计净利润为负值；利润总 ...

的科目 发 · 现 · 中 · 国 · 地 · 产 · 前 · 行 · 的 · 力 · 量 · 2026年1月 深圳市典型房企销售金额 【全口径】 | 排名 | 企业名示 | 销售额(亿元) | | --- | --- | --- | | 1 | 中海地产 | 22.2 | | 2 | 华润置地 | 16.0 | | 3 | 卓越集团 | 9.6 | | 4 | 深铁置业 | 7.7 | | 5 | 保利置业 | 6.2 | | 6 | 金地集团 | 6.1 | | 7 | 京基集团 | 4.9 | | 8 | 联泰地产 | 3.9 | | 9 | 中建壹品 | 3.3 | | 10 | 鸿荣源 | 3.2 | | 11 | 深业集团 | 2.9 | | 12 | 怀德房地产 | 2.3 | | 13 | 招商蛇口 | 2.2 | | 14 | 宏发集团 | 2.0 | | --- | --- | --- | | 15 | 金光华集团 | 1.9 | | 16 | 满京华集团 | 1.8 | | 17 | 康利置业 | 1.5 | | 18 | 前海控股 | 1.4 | | 19 | 天健地产 | 1.3 | ...

Core Viewpoint - The A-share real estate sector has seen significant gains, particularly driven by the launch of a program in Shanghai to acquire second-hand housing for affordable rental housing projects, targeting new citizens, young people, and graduates [1] Group 1: Market Performance - Real estate stocks in the A-share market experienced substantial afternoon gains, with notable performers including I Love My Home and Huafa Co., which hit the daily limit [1] - Other companies such as Rong'an Real Estate, Jingtou Development, and Caixin Development also reached their daily limit previously, while China Merchants Shekou and City Investment Holdings rose over 7% [1] - The following companies showed significant increases: Jindi Group and Tefa Service over 6%, and Zhongzhou Holdings, Jingneng Real Estate, Binjiang Group, and Shilianhang over 5% [1] Group 2: Company Data - Rong'an Real Estate: 10.27% increase, market cap of 6.495 billion [2] - Jingtou Development: 10.09% increase, market cap of 4.445 billion [2] - I Love My Home: 10.06% increase, market cap of 8.503 billion [2] - Huafa Co.: 9.95% increase, market cap of 12.2 billion [2] - Caixin Development: 9.92% increase, market cap of 2.927 billion [2] - China Merchants Shekou: 7.50% increase, market cap of 98.2 billion [2] - City Investment Holdings: 7.13% increase, market cap of 1.39 billion [2] - Jindi Group: 6.69% increase, market cap of 15.1 billion [2] - Tefa Service: 6.52% increase, market cap of 7.183 billion [2] - New Town Holdings: 6.19% increase, market cap of 40.2 billion [2] - Zhongzhou Holdings: 5.88% increase, market cap of 5.87 billion [2] - Jingneng Real Estate: 5.79% increase, market cap of 2.898 billion [2] - Binjiang Group: 5.74% increase, market cap of 37.8 billion [2] - Shilianhang: 5.54% increase, market cap of 5.699 billion [2]

证券日报网讯2月2日，金地集团（600383）在互动平台回答投资者提问时表示，公司已构建规范的财务 管理制度和流程体系，并且重视数字化及智能化建设，持续推动财务管理与业务管理的深度融合，为公 司稳健经营提供坚实保障。 ...

February 1, 2026 09:28 PM GMT China Property | Asia Pacific Developers' Sales Decline Remained Deep in January; We Expect Further Drop in 1Q CRIC data show that contracted sales for the 25 major developers we track fell 32% y-y on average in January despite a low base due to the CNY calendar effect. We expect a further decline for 1Q owing to fragile buyer sentiment, increased inventory, a reactive policy rollout and a high base. Developers' sales decline remained deep in January: Top 50 and top 100 develop ...

房地产 联系人 陈鹏 A0230521110002 chenpeng@swsresearch.com 2026 年 02 月 01 日 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 袁豪 A0230520120001 yuanhao@swsresearch.com 陈鹏 A0230521110002 chenpeng@swsresearch.com 目前板块业绩仍然承压，但最困难时期或将逐渐过去 看好 ——房地产行业 2025 年业绩预告分析及前瞻 本期投资提示： 行 业 及 产 业 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 博时基金 博时基金管理有限公司(researchreport@bosera.com) 使用。1 - ⚫ 主流房企预告 2025 年业绩下降或亏损，但预计房企最困难时期或将逐渐过去。2026 年 1 月，AH 主流上市房企预告 2025 年业绩情况：招商蛇口预告同比-75%~-69%、越秀地产 预告同比-95%~-90%、保利发展预告同比-79%；万科 A 预告亏损 820 亿元、华发股份预 告亏损 70~90 亿元、城建发 ...

Core Viewpoint - The majority of A-share listed real estate companies are expected to report significant losses for the year 2025, indicating a challenging market environment for the industry [1][2]. Group 1: Loss Predictions - Out of 52 listed real estate companies, 40 are expected to report losses for 2025, which means over 80% of these companies are projected to be in the red [1]. - Five companies are expected to report losses exceeding 10 billion yuan, with Vanke leading at a projected loss of 820 billion yuan, followed by China Fortune Land Development, Greenland Holdings, Overseas Chinese Town, and Gemdale [2][3]. - Vanke's cumulative losses for 2024 and 2025 are projected to be nearly 1,315 billion yuan, surpassing the total profits from 2019 to 2023 [3]. Group 2: Reasons for Losses - The losses are attributed to declining property prices and significant impairment provisions that companies have had to make over the past two years [9][10]. - Many companies had previously anticipated a market recovery and began to recognize inventory impairments, but the continued market downturn has forced them to increase these provisions [10]. Group 3: Companies Reporting Profits - Twelve companies are expected to report profits, with Jinke Real Estate projected to achieve a net profit of 300 billion to 350 billion yuan, primarily due to successful restructuring [12][13]. - Poly Developments and China Merchants Shekou are also expected to report profits, albeit with significant declines compared to 2024, primarily due to impairment provisions [16][17]. Group 4: Market Dynamics - The list of loss-making companies includes a mix of private, state-owned, and central enterprises, indicating that the nature of the company does not correlate with the likelihood of losses [7]. - State-owned platform companies, which previously supported land acquisitions, are now facing increased pressure due to the ongoing market decline [8]. Group 5: Future Outlook - The upcoming annual report season in March and April 2025 will provide more detailed insights into the operational conditions of these companies [25].

商业不动产 REITs，资产出表再添工具 [Table_Industry] 房地产 首批商业不动产 REITs 申报 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 涂力磊(分析师) | 021-23185710 | tulilei@gtht.com | S0880525040101 | | 谢皓宇(分析师) | 010-83939826 | xiehaoyu@gtht.com | S0880518010002 | | 陈昭颖(分析师) | 021-23183953 | chenzhaoying@gtht.com | S0880525100002 | 本报告导读： 我国首批商业不动产 REITs 覆盖酒店、办公、配套商业及商业综合体等多元业态， 扩大了底层资产的覆盖范围，通过盘活多类型成熟资产，对改善企业现金流和业绩 具有实质利好，引导行业向新模式转型发展。 股票研究 /[Table_Date] 2026.01.31 证 券 研 究 报 股 票 投资要点： [Table_Report] 相关报告 房地产《核心销售趋于均衡，投 ...