In the 2026 semi-annual report season, the real estate industry showed a special financial phenomenon: the operating cash flow of listed housing enterprises generally improved, but overall profits continued to decline, and the differentiation between warm and cold was remarkable. This divergence between profit and cash flow is the result of a combination of accounting rules, industry cycle adjustments, and changes in business management strategies. It is worth noting that the implementation of the “8.28” new property market policy has been institutionalized, the pre-sale threshold has been greatly raised, and capital supervision has been completely tightened, completely changing the traditional repayment and financing logic of housing enterprises. In the future, industry competition will accelerate its concentration on high-quality leading housing enterprises. Experts suggest that when studying the fundamentals of housing enterprises now, we should put the quality of repayments, liquidity safety, and debt risk first. The semi-annual report shows that the cash flow of housing enterprises improved markedly in the first half of this year. According to Wind statistics, among the 92 listed companies included in the Shenwan Real Estate Development Index, the average net cash flow from operating activities increased from 316 million yuan in the same period last year to 736 million yuan, and the median also increased to a certain extent. In contrast to this, the overall profit performance of these 92 listed housing companies is still declining. Among the housing companies mentioned above, only Greenland Holdings achieved an increase in net profit to mother, and losses have narrowed.

In the 2026 semi-annual report season, the real estate industry showed a special financial phenomenon: the operating cash flow of listed housing enterprises generally improved, but overall profits continued to decline, and the differentiation between warm and cold was remarkable. This divergence between profit and cash flow is the result of a combination of accounting rules, industry cycle adjustments, and changes in business management strategies. It is worth noting that the implementation of the “8.28” new property market policy has been institutionalized, the pre-sale threshold has been greatly raised, and capital supervision has been completely tightened, completely changing the traditional repayment and financing logic of housing enterprises. In the future, industry competition will accelerate its concentration on high-quality leading housing enterprises. Experts suggest that when studying the fundamentals of housing enterprises now, we should put the quality of repayments, liquidity safety, and debt risk first. The semi-annual report shows that the cash flow of housing enterprises improved markedly in the first half of this year. According to Wind statistics, among the 92 listed companies included in the Shenwan Real Estate Development Index, the average net cash flow from operating activities increased from 316 million yuan in the same period last year to 736 million yuan, and the median also increased to a certain extent. In contrast to this, the overall profit performance of these 92 listed housing companies is still declining. Among the housing companies mentioned above, only Greenland Holdings achieved an increase in net profit to mother, and losses have narrowed.