<p>萊納公司（NYSE: LEN）的股票在週四下跌了 2%。過去三個月，該股下跌了 17%。儘管利率有所降低，但這家房屋建築商在 2025 年第四季度的收入和利潤仍然下降，因為它繼續面臨住房市場的挑戰。公司一直專注於維持銷售量和降低成本，以適應動態的市場環境。</p>
<p><img src="https://imageproxy.pbkrs.com/https://cdn.news.alphastreet.com/wp-content/uploads/2025/12/Lennar-4Q25.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1024" height="768" original-src="https://imageproxy.pbkrs.com/https://cdn.news.alphastreet.com/wp-content/uploads/2025/12/Lennar-4Q25.png"/></p>
<h2><strong>收入和盈利下降</strong></h2>
<p>在 2025 年第四季度，萊納的收入同比下降 5%，降至 94 億美元。在 GAAP 基礎上，每股收益下降 52%，至 1.93 美元，而調整後的每股收益較去年下降 50%，為 2.03 美元。</p>
<p>萊納公司 2025 年第四季度盈利信息圖</p>
<h2><strong>利率未能提供緩解</strong></h2>
<p>在其盈利電話會議上，萊納曾提到利率下降可能預示着住房市場的復甦，但由於可負擔性限制和消費者信心疲軟，這一情況並未發生。儘管抵押貸款利率略有緩和，但通脹壓力和對工作安全的擔憂使購房者望而卻步。十月到十一月的政府關門加劇了悲觀情緒。</p>
<p>萊納的第四季度業績受到這些低迷市場條件和可負擔性問題的影響。公司在維持銷售量方面面臨困難，不得不提供額外的激勵措施以實現銷售進度，避免庫存積壓。這反過來又損害了其利潤率。</p>
<p>在第四季度，新訂單增加了 18%，達到 20,018 套房，交付量上升 4%，達到 23,034 套房，但由於市場條件疲軟和更高的激勵措施推動銷售，平均銷售價格下降了 10%，降至 386,000 美元。毛利率從去年的 22.1% 降至本季度的 17%。</p>
<p>萊納一直專注於增加住房供應，同時降低成本以支持可負擔性。公司相信，當需求最終因低利率或政府贊助的項目而得到提升時，它將處於提供可負擔住房的良好位置。</p>
<p>萊納預計其利潤率將繼續承壓，銷售和交付在下個季度將季節性偏低。然而，公司預計在復甦最終發生時，將受益於其較低的成本結構、高效的產品供應和強大的市場地位。</p>
<h2><strong>謹慎的指引</strong></h2>
<p>由於運營環境的不確定性，萊納對 2026 年第一季度的指引有限。公司預計新訂單將在 18,000 至 19,000 套房之間，交付量將在 17,000 至 18,000 套房之間。預計平均銷售價格為 365,000 至 375,000 美元。毛利率預計在第一季度將較低，範圍在 15% 至 16% 之間。</p>
<p>萊納（LEN）繼續與頑固的困難住房市場作鬥爭的文章首次出現在 AlphaStreet 上。</p>

萊納房產-A

萊納房產-B

<p>萊納房產公司（NYSE: LEN）面臨着一個充滿挑戰的住房市場，2025 年第四季度的收入下降了 5%，降至 94 億美元，GAAP 每股收益下降了 52%，為 1.93 美元。儘管利率降低，但可負擔性問題和疲弱的消費者信心依然存在。萊納的股票在三個月內下跌了 17%，週四股價下跌了 2%。該公司預計下個季度將繼續面臨利潤壓力和銷售疲軟，專注於成本降低和高效的產品供應</p>

<p>Shares of Lennar Corporation (NYSE: LEN) were down 2% on Thursday. The stock has dropped 17% over the past three months. The homebuilder saw its revenues and profits decline in the fourth quarter of 2025 as it continued to face headwinds from a housing market that remained challenging despite the reduction in interest rates. The company has been focusing on maintaining volume and reducing costs as it adapts to the dynamic market conditions.</p>
<div class="lb-trans"><p>萊納公司（NYSE: LEN）的股票在週四下跌了 2%。過去三個月，該股下跌了 17%。儘管利率有所降低，但這家房屋建築商在 2025 年第四季度的收入和利潤仍然下降，因為它繼續面臨住房市場的挑戰。公司一直專注於維持銷售量和降低成本，以適應動態的市場環境。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://cdn.news.alphastreet.com/wp-content/uploads/2025/12/Lennar-4Q25.png" alt="" original-src="https://cdn.news.alphastreet.com/wp-content/uploads/2025/12/Lennar-4Q25.png"/></p>
<h2><strong>Decline in revenue and earnings</strong></h2>
<div class="lb-trans"><h2><strong>收入和盈利下降</strong></h2>
</div><p>In the fourth quarter of 2025, Lennar’s revenues decreased 5% year-over-year to $9.4 billion. On a GAAP basis, earnings per share declined 52% to $1.93, while adjusted EPS fell 50% to $2.03 compared to the previous year.</p>
<div class="lb-trans"><p>在 2025 年第四季度，萊納的收入同比下降 5%，降至 94 億美元。在 GAAP 基礎上，每股收益下降 52%，至 1.93 美元，而調整後的每股收益較去年下降 50%，為 2.03 美元。</p>
</div><p>Lennar Corporation Q4 2025 Earnings Infographic</p>
<div class="lb-trans"><p>萊納公司 2025 年第四季度盈利信息圖</p>
</div><h2><strong>Interest rates fail to provide relief</strong></h2>
<div class="lb-trans"><h2><strong>利率未能提供緩解</strong></h2>
</div><p>As stated on its earnings call, Lennar had previously mentioned that a decline in interest rates could point to a recovery in the housing market but this did not happen due to affordability constraints and a weak consumer sentiment. Even though mortgage rates witnessed a slight moderation, inflationary pressures and concerns over job security held homebuyers back. The October-November government shutdown exacerbated the bleak sentiment.</p>
<div class="lb-trans"><p>在其盈利電話會議上，萊納曾提到利率下降可能預示着住房市場的復甦，但由於可負擔性限制和消費者信心疲軟，這一情況並未發生。儘管抵押貸款利率略有緩和，但通脹壓力和對工作安全的擔憂使購房者望而卻步。十月到十一月的政府關門加劇了悲觀情緒。</p>
</div><p>Lennar’s fourth quarter performance was impacted by these subdued market conditions and affordability concerns. The company faced difficulty in maintaining sales volume and had to provide additional incentives to achieve its sales pace and avoid building up inventory. This in turn hurt its margins.</p>
<div class="lb-trans"><p>萊納的第四季度業績受到這些低迷市場條件和可負擔性問題的影響。公司在維持銷售量方面面臨困難，不得不提供額外的激勵措施以實現銷售進度，避免庫存積壓。這反過來又損害了其利潤率。</p>
</div><p>In Q4, new orders increased 18% to 20,018 homes and deliveries were up 4% to 23,034 homes, but average sales price decreased 10% to $386,000 due to soft market conditions and higher use of incentives to drive sales. Gross margin fell to 17% in the quarter from 22.1% last year.</p>
<div class="lb-trans"><p>在第四季度，新訂單增加了 18%，達到 20,018 套房，交付量上升 4%，達到 23,034 套房，但由於市場條件疲軟和更高的激勵措施推動銷售，平均銷售價格下降了 10%，降至 386,000 美元。毛利率從去年的 22.1% 降至本季度的 17%。</p>
</div><p>LEN has been focusing on increasing housing supply while also reducing costs to support affordability. The company believes it is well-positioned to provide an affordable supply of homes when demand is finally boosted by low interest rates or government-sponsored programs.</p>
<div class="lb-trans"><p>萊納一直專注於增加住房供應，同時降低成本以支持可負擔性。公司相信，當需求最終因低利率或政府贊助的項目而得到提升時，它將處於提供可負擔住房的良好位置。</p>
</div><p>LEN expects its margins to remain pressured and sales and closings to be seasonally light next quarter. However, the company expects to benefit from its lower cost structure, efficient product offerings and strong market positions when a recovery finally takes place.</p>
<div class="lb-trans"><p>萊納預計其利潤率將繼續承壓，銷售和交付在下個季度將季節性偏低。然而，公司預計在復甦最終發生時，將受益於其較低的成本結構、高效的產品供應和強大的市場地位。</p>
</div><h2><strong>Light guidance</strong></h2>
<div class="lb-trans"><h2><strong>謹慎的指引</strong></h2>
</div><p>Due to the prevailing uncertainty in the operating environment, Lennar has given limited guidance for the first quarter of 2026. The company expects new orders to range between 18,000-19,000 homes and deliveries to range between 17,000-18,000 homes. Average sales price is expected to be $365,000-375,000. Gross margin is expected to be lower in Q1, ranging between 15-16%.</p>
<div class="lb-trans"><p>由於運營環境的不確定性，萊納對 2026 年第一季度的指引有限。公司預計新訂單將在 18,000 至 19,000 套房之間，交付量將在 17,000 至 18,000 套房之間。預計平均銷售價格為 365,000 至 375,000 美元。毛利率預計在第一季度將較低，範圍在 15% 至 16% 之間。</p>
</div><p>The post Lennar (LEN) continues to battle a stubbornly difficult housing market first appeared on AlphaStreet.</p>
<div class="lb-trans"><p>萊納（LEN）繼續與頑固的困難住房市場作鬥爭的文章首次出現在 AlphaStreet 上。</p>
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萊納房產-A (LEN) 仍在與異常艱難的房地產市場進行抗爭