Core ideas:

In the first half of 2021, Greenland Holdings achieved sales of 164.1 billion yuan, an increase of 23.4% over the same period last year. Under the demand for debt control, the company's storage efforts were weakened, and the building area of new rights and interests land decreased by 54.2% to 5.71 million square meters compared with the same period last year. By the first half of 2021, the company's cash-to-short-debt ratio had more than doubled, reaching the three red line control standards, and the net debt ratio had dropped to 116.7%.

First, trading volume has increased compared with the same period last year, and sales for the whole year are expected to achieve positive growth. Due to the control of liabilities, the action of green space storage in the first half of the year was relatively small, and the new equity land construction area decreased by 54.2% to 5.71 million square meters compared with the same period last year. The company's debt repayment index has been optimized obviously, but the investment-to-sales ratio has been further reduced to 0.4, and the new land reserve building area has failed to keep up with the pace of sales. the company needs to pay attention to improving the debt while adapting to the pace of investment. to avoid a sharp reduction in market share as a result of a reserve emergency.

Second, the coordinated development of accounts received in advance and diversified industries to promote the growth of operating income the company as a whole is expected to further increase its operating income, mainly due to:

First, accounts received in advance have always maintained a trend of growth. The company's accounts received in advance have maintained growth for four consecutive years, and recorded 433.74 billion yuan in advance in 2021, an increase of 2.9% over the previous month. With the orderly completion of the project, the scale of business income will continue to expand. Second, the growth trend of diversified industries is obvious. Large infrastructure promotes the growth of business income; comprehensive financial and consumer industries promote innovation and transformation, and continue to upgrade the company's development energy level. The development of diversified industries will jointly promote the further expansion of the company's operating income scale.

Third, the infrastructure industry weakens profit performance, the advantage of fee control is still obvious, the profit margin of the infrastructure industry is still low, and the proportion of operating income of the infrastructure industry in the first half of the year has exceeded that of real estate by 51.6%, so the company's net profit margin is much lower than the performance of the industry as a whole. 3.9%. In the first half of 2020, the company's three-fee rate was further reduced to 5.1%. Greenland Holdings always has certain advantages in cost control.