正荣地产业绩放缓销售增速下滑明显

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　　正荣_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>地产_blank class=infotextkey>get=_blank class=infotextkey>集团_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>有_blank class=infotextkey>get=_blank class=infotextkey>限_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司（06158.HK，_blank class=infotextkey>get=_blank class=infotextkey>下称_blank class=infotextkey>get=_blank class=infotextkey>“正荣_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>地产_blank class=infotextkey>get=_blank class=infotextkey>”）日前披露的_blank class=infotextkey>get=_blank class=infotextkey>2019年_blank class=infotextkey>get=_blank class=infotextkey>中期业绩_blank class=infotextkey>get=_blank class=infotextkey>显示，_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>今年前_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>6个月，该_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司_blank class=infotextkey>get=_blank class=infotextkey>实现_blank class=infotextkey>合约_blank class=infotextkey>get=_blank class=infotextkey>销售额约为586_blank class=infotextkey>get=_blank class=infotextkey>亿元，与_blank class=infotextkey>get=_blank class=infotextkey>上年同期的581_blank class=infotextkey>get=_blank class=infotextkey>亿元相比，微幅_blank class=infotextkey>get=_blank class=infotextkey>增长0.8%。

　　_blank class=infotextkey>get=_blank class=infotextkey>去年同期，_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>2018年_blank class=infotextkey>get=_blank class=infotextkey>上_blank class=infotextkey>get=_blank class=infotextkey>半年，其_blank class=infotextkey>合约_blank class=infotextkey>get=_blank class=infotextkey>销售额由_blank class=infotextkey>get=_blank class=infotextkey>215_blank class=infotextkey>get=_blank class=infotextkey>亿元增至581_blank class=infotextkey>get=_blank class=infotextkey>亿元，同比_blank class=infotextkey>get=_blank class=infotextkey>增幅_blank class=infotextkey>get=_blank class=infotextkey>高达170%。而_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>2017年的_blank class=infotextkey>get=_blank class=infotextkey>数据则_blank class=infotextkey>get=_blank class=infotextkey>显示，正荣_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>地产_blank class=infotextkey>get=_blank class=infotextkey>全年_blank class=infotextkey>get=_blank class=infotextkey>实现的_blank class=infotextkey>合约_blank class=infotextkey>get=_blank class=infotextkey>销售额_blank class=infotextkey>get=_blank class=infotextkey>突破700_blank class=infotextkey>get=_blank class=infotextkey>亿元，同比_blank class=infotextkey>get=_blank class=infotextkey>增长了78.5%。_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>2018年，其_blank class=infotextkey>合约_blank class=infotextkey>get=_blank class=infotextkey>销售_blank class=infotextkey>get=_blank class=infotextkey>增幅_blank class=infotextkey>get=_blank class=infotextkey>回落到54%，而_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>今年_blank class=infotextkey>get=_blank class=infotextkey>上_blank class=infotextkey>get=_blank class=infotextkey>半年较_blank class=infotextkey>get=_blank class=infotextkey>上年同期相比则仅_blank class=infotextkey>get=_blank class=infotextkey>增长0.8%。

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　　正荣_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>地产_blank class=infotextkey>get=_blank class=infotextkey>2019年_blank class=infotextkey>get=_blank class=infotextkey>上_blank class=infotextkey>get=_blank class=infotextkey>半年_blank class=infotextkey>合约_blank class=infotextkey>get=_blank class=infotextkey>销售_blank class=infotextkey>get=_blank class=infotextkey>金额及_blank class=infotextkey>近几年同比_blank class=infotextkey>get=_blank class=infotextkey>增速_blank class=infotextkey>get=_blank class=infotextkey>情况。制图 梁红丽

　　业绩_blank class=infotextkey>get=_blank class=infotextkey>增长放缓，在其_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公开的_blank class=infotextkey>get=_blank class=infotextkey>业务_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>收入_blank class=infotextkey>get=_blank class=infotextkey>数据_blank class=infotextkey>get=_blank class=infotextkey>上也表现得较为_blank class=infotextkey>get=_blank class=infotextkey>明显。

　　此前，正荣_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>地产在招股书内披露其_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>上市前的_blank class=infotextkey>get=_blank class=infotextkey>2014—_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>2017年_blank class=infotextkey>get=_blank class=infotextkey>财务_blank class=infotextkey>get=_blank class=infotextkey>期内，其营业_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>收入_blank class=infotextkey>get=_blank class=infotextkey>增幅分别为41.8%、_blank class=infotextkey>get=_blank class=infotextkey>2_blank class=infotextkey>38.8%、_blank class=infotextkey>36.9%，毛利_blank class=infotextkey>get=_blank class=infotextkey>增幅分别为51%、_blank class=infotextkey>get=_blank class=infotextkey>2_blank class=infotextkey>get=_blank class=infotextkey>1_blank class=infotextkey>3.8%、_blank class=infotextkey>3_blank class=infotextkey>3.1%，对应营业_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>收入、毛利的三_blank class=infotextkey>get=_blank class=infotextkey>年内复_blank class=infotextkey>合_blank class=infotextkey>get=_blank class=infotextkey>增长率为87.4%、85%。

　　_blank class=infotextkey>get=_blank class=infotextkey>2019年_blank class=infotextkey>get=_blank class=infotextkey>中期_blank class=infotextkey>get=_blank class=infotextkey>报告则_blank class=infotextkey>get=_blank class=infotextkey>显示，正荣_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>地产结算确认的_blank class=infotextkey>get=_blank class=infotextkey>业务_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>收入约为_blank class=infotextkey>get=_blank class=infotextkey>1_blank class=infotextkey>36.5_blank class=infotextkey>get=_blank class=infotextkey>亿元，比_blank class=infotextkey>get=_blank class=infotextkey>上年同期_blank class=infotextkey>get=_blank class=infotextkey>增长了_blank class=infotextkey>get=_blank class=infotextkey>10.8%；毛利_blank class=infotextkey>get=_blank class=infotextkey>27.7_blank class=infotextkey>get=_blank class=infotextkey>亿元，与_blank class=infotextkey>get=_blank class=infotextkey>上年同期基本持平；归属于母_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司股_blank class=infotextkey>get=_blank class=infotextkey>东净利润9._blank class=infotextkey>3_blank class=infotextkey>get=_blank class=infotextkey>亿元，同比_blank class=infotextkey>get=_blank class=infotextkey>增长了_blank class=infotextkey>11%。

　　对此，正荣_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>地产行_blank class=infotextkey>政_blank class=infotextkey>总裁_blank class=infotextkey>get=_blank class=infotextkey>王本_blank class=infotextkey>get=_blank class=infotextkey>龙在_blank class=infotextkey>get=_blank class=infotextkey>中期业绩_blank class=infotextkey>get=_blank class=infotextkey>会_blank class=infotextkey>get=_blank class=infotextkey>上_blank class=infotextkey>get=_blank class=infotextkey>表示，前几年正荣处于_blank class=infotextkey>get=_blank class=infotextkey>高速_blank class=infotextkey>get=_blank class=infotextkey>发展_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>时期，接_blank class=infotextkey>get=_blank class=infotextkey>下来的_blank class=infotextkey>get=_blank class=infotextkey>三年将_blank class=infotextkey>get=_blank class=infotextkey>是_blank class=infotextkey>get=_blank class=infotextkey>有_blank class=infotextkey>get=_blank class=infotextkey>质量的_blank class=infotextkey>get=_blank class=infotextkey>增长。_blank class=infotextkey>get=_blank class=infotextkey>除了_blank class=infotextkey>get=_blank class=infotextkey>规模以外，正荣将在_blank class=infotextkey>get=_blank class=infotextkey>产品、_blank class=infotextkey>get=_blank class=infotextkey>服务、_blank class=infotextkey>get=_blank class=infotextkey>经营能力_blank class=infotextkey>以及_blank class=infotextkey>get=_blank class=infotextkey>资源整_blank class=infotextkey>合_blank class=infotextkey>get=_blank class=infotextkey>方_blank class=infotextkey>面_blank class=infotextkey>get=_blank class=infotextkey>进行夯实，对整_blank class=infotextkey>get=_blank class=infotextkey>体_blank class=infotextkey>get=_blank class=infotextkey>规模_blank class=infotextkey>get=_blank class=infotextkey>有所_blank class=infotextkey>get=_blank class=infotextkey>控制。

　　与此_blank class=infotextkey>get=_blank class=infotextkey>同_blank class=infotextkey>时，_blank class=infotextkey>get=_blank class=infotextkey>控制并_blank class=infotextkey>get=_blank class=infotextkey>降低净_blank class=infotextkey>get=_blank class=infotextkey>负债率，_blank class=infotextkey>get=_blank class=infotextkey>一直是正荣_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>地产看_blank class=infotextkey>get=_blank class=infotextkey>重的_blank class=infotextkey>get=_blank class=infotextkey>财务_blank class=infotextkey>get=_blank class=infotextkey>管理目标。在正荣_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>地产_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>上市前的两个完整_blank class=infotextkey>get=_blank class=infotextkey>财务_blank class=infotextkey>get=_blank class=infotextkey>年度及_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>最_blank class=infotextkey>近一期末，即_blank class=infotextkey>get=_blank class=infotextkey>2015_blank class=infotextkey>get=_blank class=infotextkey>年底、_blank class=infotextkey>get=_blank class=infotextkey>2016_blank class=infotextkey>get=_blank class=infotextkey>年底及_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>2017年6_blank class=infotextkey>get=_blank class=infotextkey>月底，该_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司的净_blank class=infotextkey>债务与权益比率分别为_blank class=infotextkey>3_blank class=infotextkey>get=_blank class=infotextkey>26._blank class=infotextkey>get=_blank class=infotextkey>2%、_blank class=infotextkey>get=_blank class=infotextkey>206%及_blank class=infotextkey>get=_blank class=infotextkey>278.1%。

　　净_blank class=infotextkey>债务与权益比率是期末_blank class=infotextkey>get=_blank class=infotextkey>有息借款总额抵减_blank class=infotextkey>get=_blank class=infotextkey>现_blank class=infotextkey>get=_blank class=infotextkey>金_blank class=infotextkey>get=_blank class=infotextkey>资源后与权益总额的比率。_blank class=infotextkey>get=_blank class=infotextkey>一般来讲，当比值_blank class=infotextkey>get=_blank class=infotextkey>小于_blank class=infotextkey>get=_blank class=infotextkey>100%甚至为负数_blank class=infotextkey>时，说明_blank class=infotextkey>get=_blank class=infotextkey>企业的_blank class=infotextkey>get=_blank class=infotextkey>财务结构稳健，股_blank class=infotextkey>get=_blank class=infotextkey>东权益_blank class=infotextkey>get=_blank class=infotextkey>受到_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>保障，反之亦然。

　　_blank class=infotextkey>get=_blank class=infotextkey>中期_blank class=infotextkey>get=_blank class=infotextkey>数据_blank class=infotextkey>get=_blank class=infotextkey>显示，至_blank class=infotextkey>get=_blank class=infotextkey>2019年6_blank class=infotextkey>get=_blank class=infotextkey>月底，正荣_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>地产的这一_blank class=infotextkey>指标已经_blank class=infotextkey>get=_blank class=infotextkey>降至70.8%，较年初的74%_blank class=infotextkey>继续_blank class=infotextkey>get=_blank class=infotextkey>有所_blank class=infotextkey>get=_blank class=infotextkey>下_blank class=infotextkey>get=_blank class=infotextkey>降，_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>收_blank class=infotextkey>获_blank class=infotextkey>get=_blank class=infotextkey>良好效果。

　　_blank class=infotextkey>get=_blank class=infotextkey>业内认为，正荣_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>地产_blank class=infotextkey>get=_blank class=infotextkey>通过IPO（_blank class=infotextkey>get=_blank class=infotextkey>首次_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公开发售）、增发_blank class=infotextkey>get=_blank class=infotextkey>新股、_blank class=infotextkey>get=_blank class=infotextkey>发行永续债等_blank class=infotextkey>get=_blank class=infotextkey>方式，以增厚权益总额的_blank class=infotextkey>get=_blank class=infotextkey>方式，_blank class=infotextkey>get=_blank class=infotextkey>实现了_blank class=infotextkey>get=_blank class=infotextkey>降低_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司净_blank class=infotextkey>债务与权益比率的目标。_blank class=infotextkey>get=_blank class=infotextkey>数据_blank class=infotextkey>get=_blank class=infotextkey>显示，计入_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>今年_blank class=infotextkey>get=_blank class=infotextkey>7月份刚刚_blank class=infotextkey>get=_blank class=infotextkey>完成的_blank class=infotextkey>get=_blank class=infotextkey>股份配售所增加的权益后，到_blank class=infotextkey>get=_blank class=infotextkey>2019年6_blank class=infotextkey>get=_blank class=infotextkey>月底，.fan_blank class=infotextkey>g558.com/futian/ tar_blank class=infotextkey>get=_blank class=infotextkey>福田，正荣_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>地产的权益总额约为_blank class=infotextkey>316._blank class=infotextkey>3_blank class=infotextkey>get=_blank class=infotextkey>亿元。其_blank class=infotextkey>get=_blank class=infotextkey>中，接_blank class=infotextkey>近45_blank class=infotextkey>get=_blank class=infotextkey>亿元的权益额是永续债，相比年初_blank class=infotextkey>继续增加约15_blank class=infotextkey>get=_blank class=infotextkey>亿元。

　　_blank class=infotextkey>get=_blank class=infotextkey>记者_blank class=infotextkey>get=_blank class=infotextkey>发现，正荣_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>地产在境外发_blank class=infotextkey>get=_blank class=infotextkey>行的_blank class=infotextkey>get=_blank class=infotextkey>这些永续债_blank class=infotextkey>get=_blank class=infotextkey>成本_blank class=infotextkey>get=_blank class=infotextkey>高企。以该_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>公司在_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>今年6月份发_blank class=infotextkey>get=_blank class=infotextkey>行的一笔_blank class=infotextkey>get=_blank class=infotextkey>本_blank class=infotextkey>get=_blank class=infotextkey>金总额为_blank class=infotextkey>get=_blank class=infotextkey>2亿_blank class=infotextkey>get=_blank class=infotextkey>美元的优先永续资本证券为例，前两年半_blank class=infotextkey>get=_blank class=infotextkey>期_blank class=infotextkey>get=_blank class=infotextkey>限内（至_blank class=infotextkey>get=_blank class=infotextkey>20_blank class=infotextkey>get=_blank class=infotextkey>2_blank class=infotextkey>get=_blank class=infotextkey>2年1月份）的年息率达到_blank class=infotextkey>get=_blank class=infotextkey>10._blank class=infotextkey>get=_blank class=infotextkey>25%。

　　正荣_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>地产在_blank class=infotextkey>get=_blank class=infotextkey>中报_blank class=infotextkey>get=_blank class=infotextkey>中指出，该笔优先永续资本证券无固_blank class=infotextkey>定_blank class=infotextkey>get=_blank class=infotextkey>到期日，_blank class=infotextkey>get=_blank class=infotextkey>随后将在_blank class=infotextkey>get=_blank class=infotextkey>每三_blank class=infotextkey>get=_blank class=infotextkey>年内_blank class=infotextkey>get=_blank class=infotextkey>进行一次_blank class=infotextkey>get=_blank class=infotextkey>利率_blank class=infotextkey>get=_blank class=infotextkey>重置，_blank class=infotextkey>get=_blank class=infotextkey>重置_blank class=infotextkey>get=_blank class=infotextkey>利率为对应日期的国_blank class=infotextkey>get=_blank class=infotextkey>库_blank class=infotextkey>get=_blank class=infotextkey>利率基础_blank class=infotextkey>get=_blank class=infotextkey>上另加8.414%的初步息差及5%的递进息率。可见，届_blank class=infotextkey>时年息率_blank class=infotextkey>get=_blank class=infotextkey>水平_blank class=infotextkey>get=_blank class=infotextkey>会_blank class=infotextkey>get=_blank class=infotextkey>高于初期的_blank class=infotextkey>get=_blank class=infotextkey>10._blank class=infotextkey>get=_blank class=infotextkey>25%。

　　_blank class=infotextkey>get=_blank class=infotextkey>一直以来，永续债是_blank class=infotextkey>get=_blank class=infotextkey>可以计入权益工具的，但_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>最_blank class=infotextkey>get=_blank class=infotextkey>新的_blank class=infotextkey>get=_blank class=infotextkey>监管_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>政策则提出要_blank class=infotextkey>get=_blank class=infotextkey>“_blank class=infotextkey>get=_blank class=infotextkey>谨慎_blank class=infotextkey>get=_blank class=infotextkey>分析_blank class=infotextkey>get=_blank class=infotextkey>”、_blank class=infotextkey>get=_blank class=infotextkey>“审慎_blank class=infotextkey>get=_blank class=infotextkey>考虑_blank class=infotextkey>get=_blank class=infotextkey>”。_blank class=infotextkey>get=_blank class=infotextkey>一位_blank class=infotextkey>不愿_blank class=infotextkey>透露姓名的_blank class=infotextkey>get=_blank class=infotextkey>业内_blank class=infotextkey>get=_blank class=infotextkey>人士_blank class=infotextkey>get=_blank class=infotextkey>表示，_blank class=infotextkey>如果把_blank class=infotextkey>get=_blank class=infotextkey>这些永续债从正荣_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>地产的权益里剔除，而将其_blank class=infotextkey>get=_blank class=infotextkey>调整为_blank class=infotextkey>get=_blank class=infotextkey>有息_blank class=infotextkey>get=_blank class=infotextkey>负债，_blank class=infotextkey>get=_blank class=infotextkey>那么正荣_blank class=infotextkey>get=_blank class=infotextkey>_blank class=infotextkey>get=_blank class=infotextkey>地产到_blank class=infotextkey>get=_blank class=infotextkey>2019年6_blank class=infotextkey>get=_blank class=infotextkey>月底的权益总额将减至_blank class=infotextkey>get=_blank class=infotextkey>271.4_blank class=infotextkey>get=_blank class=infotextkey>亿元，相应期末净_blank class=infotextkey>债务与权益比率或将_blank class=infotextkey>get=_blank class=infotextkey>升至_blank class=infotextkey>get=_blank class=infotextkey>99%左右。

(责编：任志慧、邓楠)