虽然要比此前中期业绩预亏3.5亿元的情况略好，但是净利润降幅超4600%、亏损3.28亿元的嘉凯城(000918,股吧)（000918）无疑还是被扣上了今年上半年“最熊房企”的称号。与此同时，“未来五年市值和资产规模将达到双千亿”、“未来五年内力争实现公司市值行业排名前五”的目标似乎越来越远。

Although the medium-term performance than previously gets $350 million deficit of the situation is slightly better，But net profit fell by over 4600%、Loss of 328 million yuan jia KaiCheng(000918,Shares it)（000918）No doubt or be buckled in the first half of this year“The most bear room enterprises”title。At the same time，“The next five years market value and asset scale will reach ShuangQian”、“The next five years to try to realize value industry ranked in the top five”Target seems to be getting far。

　中报“首亏”逾3亿 Center daily news“First kui”More than 300 million

　　7月28日，嘉凯城“如约”披露2012年中报。中报显示，上半年实现营业收入15.19亿元，同比下降45.11%；净利润-3.28亿元，同比下降4601%。每股收益-0.18元。对此业绩表现，嘉凯城称：“上半年，房地产宏观调控政策对公司的经营业绩产生了一定的影响，但经营业绩较上年同期大幅下降出现大额亏损的主要原因是本年度大部分可结算的项目在下半年竣工，上半年可结算项目很少，随着这些项目陆续竣工并转入结算，预计下半年的营业收入相比上半年有较大增长。”

July 28,，Jia KaiCheng“edition”2012 NianZhongBao disclosure。Center daily news shows，Business income is 1.519 billion yuan in the first half realize，45.11% year-on-year drop；Net profit-328 million yuan，4601% year-on-year drop。Earnings per share-0.18 yuan。This performance，Jia KaiCheng says：“In the first half，Real estate macroeconomic regulation and control policy on the company's performance has produced certain effect，But business performance year-on-year drop sharply in large loss is the main cause of this year's most of the project can be settlement in the second half finished，In the first half but settlement project rarely，As these projects are completed and into the settlement，In the second half of the year is expected to business income more growth than in the first half。”

　　无独有偶，去年的7月28日，嘉凯城披露了一份业绩下降98%的中报。其时，公司半年实现净利润728.95万元，已“游走”在盈亏边际线上。

similarly，Last year's July 28，Jia KaiCheng revealed a performance the 98% decline in center daily news。when，The company a net profit of 7.2895 million yuan half a year，Has set up a file“wander”In the profit and loss marginal online。

　　记者根据WIND数据统计，58家房地产上市公司发布中报预告利润情况，其中亏损房企18家，首亏7家、续亏11家。嘉凯城位居“首亏”之列，且以逾3亿元的亏损额遥遥领先；排在其后的是京投银泰(600683,股吧)（600683），预计上半年亏损1.28亿元。

According to the statistical data reporter WIND，58 home real estate listed company profit forecast center daily news release，Which room 18 home losses enterprises，First kui 7 home、XuKui 11 home。Jia KaiCheng in“First kui”Row of the，And with the more than $300 million loss is far ahead；The top five is the intime shots(600683,Shares it)（600683），In the first half of 128 million yuan is expected losses。

　两大目标渐行渐远 Two objectives further away from it

　　“公司将在发展全国市场的过程中，深耕长三角，梯度进入其他都市圈；并明确提出未来五年市值和资产规模将达到双千亿的目标”、“未来五年内力争实现公司市值行业排名前五”，这些是嘉凯城管理层近年来在不同场合的表态。

“The company will be in the process of the development of the market，Deep long triangle，Gradient into other economic circle of the metropolis；And clearly put the next five years market value and asset scale will reach ShuangQian goal”、“The next five years to try to realize value industry ranked in the top five”，These are fine KaiCheng management in recent years in different situation statement。

　　嘉凯城2012年中报显示，截至2012年6月30日，公司资产总额为261.72亿元。以昨日收盘价3.59元测算，嘉凯城市值为64.77亿元。对照“双千亿”的目标，嘉凯城目前市值与资产规模只是目标值的6.48%、26.17%，差距高达935.23亿元、738.28亿元之巨。此外，按昨日收盘价计算，嘉凯城市值在证监会行业分类房地产业中总市值排第33名，距离排名第五的金地集团(600383,股吧)（600383，251.75亿元）达186.98亿元之巨。

Jia KaiCheng 2012 NianZhongBao display，By June 30, 2012，Total assets of 26.172 billion yuan。Yesterday the closing price of 3.59 yuan to measure，Jia kay city for 6.477 billion yuan value。control“ShuangQian hundred million”goal，Jia KaiCheng current market value and 6.48% of its asset scale only、26.17%，Gap is as high as 93.523 billion yuan、73.828 billion yuan of over。In addition，According to the calculation yesterday closing price，Jia kay city value in the securities industry classification in the real estate industry of total market value line of 33，Distance of the fifth ltd.gemdale corporation(600383,Shares it)（600383，$25.175 billion）Of $18.698 billion, the giant。

　　值得一提的是，去年7月29日，嘉凯城以124.85亿元的总市值在证监会行业分类房地产业中总市值排第17名，较其时排名第五的招商地产(000024,股吧)（000024，279.72亿元）少154.74亿元。一年的时间，嘉凯城距离目标是渐行渐远，排名下降16位、与目标市值差距扩大32.24亿元。

It is，Last July 29,，Jia KaiCheng with 12.485 billion yuan of total market value in the securities industry classification the real estate industry total market value line of 17，Time is the fifth investment real estate(000024,Shares it)（000024，$27.972 billion）15.474 billion yuan less。A year's time，The goal is KaiCheng distance further away from it，16 lower rankings、And the target market value gap 3.224 billion yuan。

　　而就在今年5月22日，由中国房地产研究会、中国房地产业协会与中国房地产测评中心联合发布了2012中国房地产上市公司综合实力榜100强榜单中，嘉凯城亦仅位列第60位。

And in this year May 22，By the China real estate institute、China real estate industry association and China real estate evaluation center jointly issued the 2012 China real estate the listed company's 100 strong comprehensive strength in the list，Jia KaiCheng also ranked only 60 th。

　“如何保生存”成目标 “How to survival”Into target

　　回顾嘉凯城的发展史，由浙江省商业集团有限公司（下称“浙商集团”）牵头，重组国际嘉业、中凯集团、名城集团3家地产公司并借壳*ST亚华上市。长久以来，嘉凯城主打中高端项目，旗下项目大部分集中于长三角地区。嘉凯城曾经在2009年交出过靓丽的首份成绩单，但随后，浙商集团的雄心壮志就接连遭受打击。

Review the history of the development of the KaiCheng，The business group Co., LTD, zhejiang province（Said the“Zheshang group”）lead，Restructuring international ka、Kay group、City group three real estate company and borrow shell * ST and China market。Has long，Jia kay hit high-end projects duke，Most of the focus on its project in Yangtze river delta。Jia KaiCheng once in 2009 gave up a beautiful beautiful first transcript，But then，Zhejiang merchants group ambitions will hit on。

　　与此同时，公司内部复杂的人事关系也成为制约公司发展的重要因素。6月29日，嘉凯城公告称，副总裁张煜因个人原因已提请辞职。不过，张煜辞职后仍在公司任职，但不再担任公司高管职务。此前3月9日，董事汤民强因工作原因离开嘉凯城。

At the same time，The company internal complex human relations also become the important factors restricting the development of the company。June 29,，Jia KaiCheng announcement said，Vice President ZhangYu due to personal reason has been submitted to resign。but，ZhangYu after resignation in the company，But no longer as a corporate executive position。On March 9, after，Director ShangMinJiang because working reason to leave the KaiCheng。

　　“嘉凯城对房地产市场的预判之前是比较乐观的，2010年上马的不少大项目给公司的压力不小，为了保证很多在建的项目不停工，又不断继续投入资金。虽然调控政策对其影响较大，但资金链相对吃紧等问题也不容忽视。”一房地产业内人士告诉《大众证券报》记者。

“Jia KaiCheng on the real estate market before the anticipation is optimistic，In 2010, many of the big project to mount the company of pressure，In order to ensure that a lot of the project under construction don't stop，And then continuously continue to devote funds。Although the great influence of adjustment and control policies，But capital chain tight relative problems also nots allow to ignore。”A real estate industry insiders told《Public stock certificate report》reporter。

　　上述人士的观点得到了浙商集团主管部门浙江省国资委领导的侧面验证。5月23日，浙江省国资委主任陈正兴赴嘉凯城调研时表示，包括嘉凯城在内的房地产公司，都必须围绕着如何保生存这一目标，改善财务状况、提高抗风险的能力。

Above to view has been the competent department of zhejiang merchants group, zhejiang province the leadership of the state-owned assets supervision and verification side。May 23,，Zhejiang province, director of the state-owned assets supervision ChenZhengXing to fine KaiCheng research said，Including jia KaiCheng, real estate company，Must be based on how to survival this goal，To improve its financial position、Improve the resistance to the ability of the risk。

　　数据显示，截至2012年6月30日，嘉凯城一年内到期的非流动负债为32.2亿元，较之年初（5.3亿元）激增500%以上。 记者 叶开

Data shows，By June 30, 2012，Jia kay city maturity of non-current liabilities for 3.22 billion yuan，Earlier than（$530 million）Surged more than 500%。 Reporter leaves open