2023年仍有盈利的房地产企业主要包括： **央企/国企背景：** – 保利发展 – 华润置地 – 中海地产 – 招商蛇口 – 中国金茂 – 国贸地产 **部分民营房企（表现相对稳健）：** – 龙湖集团 – 新城控股（基本盘） **说明：** 2023年房地产行业整体承压，多数民营房企出现亏损或债务重组。上述企业盈利能力也因市场下行而显著减弱，部分为”微利”状态。具体财务数据需查阅各公司年度财报。

Based on 2022 revenue scale, as of August 31, 2023, only three of China's top ten A-share real estate companies posted profitable and growing results in the first half of the year: Poly Development, Huafa Co., and Binjiang Group. The situation on the Hong Kong Stock Exchange was similar, with only Longfor Group, China Resources Land, Greentown China, and C&D International realizing profitability alongside year-over-year data growth; among them, Longfor Group is one of the few privately owned developers.

The core reason Poly Development and Longfor Group have maintained profit growth is their diversified businesses (specifically, growth in property management income), making them industry assets worth holding.

With the 2023 interim reports released, which developers can navigate through the cycle?