股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國海外宏洋集團有限公司 呈交日期: 2025年11月3日 I. 法定/註冊股本變動 不適用 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00081 | 說明 | | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | | 3,559,374,732 | | 0 | | 3,559,374,732 | | 增加 / 減少 (-) | | | | | | | | | | 本月底結存 | | | | 3,559,374,732 | | 0 | | ...

Market Overview - The Hong Kong stock market showed a mixed performance with the Hang Seng Index closing down 0.24% at 26,282.69, the Hang Seng China Enterprises Index down 0.31% at 9,346.86, and the Hang Seng Tech Index down 0.68% at 6,051.76 [1][2] - Southbound funds recorded significant net purchases exceeding 11 billion HKD, with net purchases of 6.612 billion HKD through the Shanghai-Hong Kong Stock Connect and 7.03 billion HKD through the Shenzhen-Hong Kong Stock Connect [2] Sector Performance - Large technology stocks exhibited divergent trends, with Baidu, Bilibili, and NetEase each falling over 2%, while Meituan rose over 2% [4][6] - The lithium battery sector performed strongly, with Ganfeng Lithium surging nearly 15% after reporting better-than-expected earnings [4][12] - Coal stocks, port and shipping stocks, photovoltaic stocks, nuclear power stocks, home appliance stocks, and building materials stocks were mostly active [4] Notable Stocks - Ganfeng Lithium reported a revenue of 14.625 billion CNY for the first three quarters of 2025, a year-on-year increase of 5.02%, and a net profit of 25.52 million CNY, recovering from a loss of 640 million CNY in the previous year [12] - In the healthcare sector, innovative drug stocks declined, with companies like Xiansheng Pharmaceutical and Innovent Biologics dropping over 4% [9] - Real estate stocks faced downward pressure, with China Overseas Macro Group and R&F Properties falling 5% [10] Commodity Performance - Gold and precious metals saw significant gains, with companies like Zijin Mining and China Silver Group rising over 8% [11] - The World Gold Council reported a 3% year-on-year increase in global gold demand for Q3 2025, reaching 1,313 tons, marking the highest quarterly demand on record [11] Economic Outlook - Morgan Asset Management indicated that a moderate expansion of the U.S. economy and gradually declining interest rates could benefit risk assets, particularly in the technology, communication services, and financial sectors [14] - The Federal Reserve's interest rate cuts are expected to enhance global liquidity, potentially supporting non-U.S. markets [14]

Group 1 - Hong Kong property stocks experienced a collective decline on October 30, with notable drops in several companies [1] - Ronshine China (03301.HK) fell by 5.42%, trading at HKD 0.157 [1] - China Overseas Macro Group (00081.HK) decreased by 5.22%, with a price of HKD 2.18 [1] - R&F Properties (02777.HK) saw a decline of 5%, priced at HKD 0.57 [1] - Greentown China (03900.HK) dropped by 4.82%, trading at HKD 8.3 [1]

Core Viewpoint - The Chinese real estate sector is experiencing a significant downturn, with major property stocks declining sharply amid worsening sales figures and uncertainty regarding debt restructuring plans [1] Group 1: Stock Performance - Major property stocks in China have collectively dropped, with notable declines including: - R&F Properties (融信中国) down 5.42% to HKD 0.157 - China Overseas Grand Oceans Group (中国海外宏洋集团) down 5.22% to HKD 2.18 - Greentown China (绿城中国) down 4.82% to HKD 8.3 [1][1][1] Group 2: Sales Data - From January to September, the total sales area of new commercial housing in China was approximately 6.58 billion square meters, representing a year-on-year decline of 5.5%, with the drop accelerating by 0.8 percentage points compared to January to August [1][1] - The sales revenue for new commercial housing in the first three quarters was about 6.3 trillion yuan, down 7.9% year-on-year, with the decline also widening by 0.6 percentage points compared to the previous period [1][1] Group 3: Debt Restructuring and Market Outlook - R&F Properties' planned domestic debt restructuring scheme, initially set for October, remains uncertain, with intentions to further extend related bonds [1][1] - According to Fitch Ratings, the Chinese real estate industry has not yet hit bottom, and the recovery trend remains uncertain, with new home sales and prices declining since April, and further drops expected through 2026 [1][1][1]

Core Viewpoint - The Chinese real estate sector is experiencing a significant downturn, with major property stocks declining sharply amid worsening sales figures and uncertainty regarding recovery [1] Group 1: Stock Performance - Major property stocks in China have collectively dropped, with R&F Properties down 5% to HKD 0.57, China Overseas Land & Investment down 5.22% to HKD 2.18, and Sunac China down 5.42% to HKD 0.157 [1] - The decline in stock prices reflects broader concerns about the health of the real estate market [1] Group 2: Sales Data - From January to September, the total sales area of new commercial housing in China was approximately 6.58 billion square meters, representing a year-on-year decrease of 5.5%, with the decline accelerating by 0.8 percentage points compared to the first eight months [1] - The sales revenue for new commercial housing in the first three quarters was about CNY 6.3 trillion, down 7.9% year-on-year, with the decline also widening by 0.6 percentage points compared to the previous period [1] Group 3: Debt Restructuring and Market Outlook - Sunac China's planned domestic debt restructuring scheme, initially set for October, remains uncertain, with intentions to extend related bonds [1] - Fitch Ratings indicated that the Chinese real estate industry has not yet hit bottom, with recovery trends remaining uncertain; despite a brief market stabilization in Q1, new home sales and prices have been declining since April, with further drops noted in June [1] - The outlook for 2026 suggests that sales in the real estate market may continue to decline [1]

Investment Rating - The report maintains an "Outperform" rating for the real estate industry [1] Core Insights - The report highlights structural opportunities in the third and fourth-tier housing markets despite challenges such as inventory overhang and weak demand [6][8] - It emphasizes that the market for "good houses" is stabilizing, with a willingness to pay for quality increasing among consumers in lower-tier cities [6][8] Summary by Sections Market Overview - The inventory clearance cycle in third and fourth-tier cities is relatively stable, with a longer average clearance period of 50.5 months compared to 35.1 months in first-tier cities [11] - Price adjustments in these cities are gradually shrinking, indicating a stabilization in housing prices [11] Land Acquisition Trends - Land acquisition competition is weaker in third and fourth-tier cities, with fewer new entrants due to the exit of distressed developers [14][30] - The land transaction premium in third-tier cities has decreased by 0.7 percentage points compared to the previous year, indicating a more favorable environment for project profitability [14][30] Consumer Preferences - There is a noticeable trend towards larger units in third and fourth-tier cities, driven by family-oriented living arrangements and lower price thresholds [21][16] - The acceptance of "good houses" is higher in these markets, with consumers willing to pay a premium for quality [21][16] Competitive Landscape - The number of developers active in third and fourth-tier cities has significantly decreased, leading to a more favorable competitive environment for established players [30][31] - Companies that have maintained a presence in these markets, such as China Overseas Development and Greentown China, are likely to benefit from improved project margins [35][41] Implications for Higher-Tier Markets - The report suggests that the trends observed in third and fourth-tier cities may also apply to first and second-tier markets, where a differentiation and quality improvement trend is expected to continue [80] - Core areas in first-tier cities are anticipated to stabilize and potentially see price recovery, particularly for high-quality properties [80]

Company News - China Unicom (00762.HK) reported a revenue of 292.985 billion yuan for the first three quarters, a year-on-year increase of 1%; net profit reached 20 billion yuan, up 5.1% year-on-year. The company noted a significant breakthrough in computing power business, with cloud revenue of 52.9 billion yuan and data center revenue of 21.4 billion yuan, an increase of 8.9% year-on-year. The cumulative number of customers for 5G virtual private networks exceeded 20,000. Additionally, the company plans to spin off its smart network technology for listing on the Shenzhen Stock Exchange's Growth Enterprise Market [2] - Tmall (06110.HK) reported a mid-term revenue of approximately 12.2986 billion yuan for the period ending August 31, a decrease of 5.79% year-on-year; net profit was 789 million yuan, down 9.69% year-on-year, primarily due to fluctuations in the offline consumption environment affecting customer traffic. The gross profit margin for the period was 41.0%, a decrease of 0.1 percentage points year-on-year, with inventory at 5.834 billion yuan, down 4.7% year-on-year, and the total number of stores decreased by 19.4% year-on-year [2] - Shanshui Cement (00691.HK) reported operating revenue of 8.946 billion yuan for the first nine months, a year-on-year decrease of 17.99%; the company incurred a loss of 132 million yuan, an increase of 12.47% year-on-year [3] - China Overseas Macro Group (00081.HK) reported an operating profit of approximately 773 million yuan for the first three quarters, a year-on-year decline of 46.7% [4] - Tianjin Port Development (03382.HK) announced that its subsidiary plans to publicly sell 60% of the equity in China Railway Storage and Transportation [5] - China National Foreign Trade (00598.HK) completed the sale of a 25% stake in Lu Kai International, expecting to generate revenue of 1.65 billion yuan [6] - Xinyi International (00732.HK) plans to acquire approximately 11.43% equity in Xinyi Renshou through a public bidding process, involving an investment of 1.05 billion yuan [7] - Shanxi Installation (02520.HK) intends to establish a joint venture with Shanxi Sanjian and Huaneng Power for the Shanxi Qingshui Pumped Storage Power Station project, with a total registered capital of 100 million yuan [8] - Kaisa Group (01813.HK) has postponed the hearing for its liquidation application [9] - Baiguoyuan Group (02411.HK) has received approval from the Hong Kong Stock Exchange for its application to implement full circulation of H-shares [10] Buyback Dynamics - Haotian International Investment (01341.HK) completed the issuance of 1.6 billion shares to PCL [11] - AAC Technologies (02018.HK) repurchased 300,000 shares at a cost of approximately 11.9098 million Hong Kong dollars, with repurchase prices ranging from 39.46 to 39.98 Hong Kong dollars [12] - Mengniu Dairy (02319.HK) repurchased 500,000 shares at a cost of 7.1714 million Hong Kong dollars, with repurchase prices between 14.32 and 14.37 Hong Kong dollars [13] - Lianyi Rong Technology-W (09959.HK) repurchased 2.43 million shares at a cost of approximately 7.47075 million Hong Kong dollars, with repurchase prices ranging from 2.99 to 3.1 Hong Kong dollars [14]

Core Insights - Southbound funds increased their holdings in China Overseas Macro Holdings Group (00081.HK) by 619,000 shares on October 21, 2025, marking a 0.12% increase in total holdings [1] - Over the past five trading days, southbound funds have increased their holdings for five days, with a total net increase of 14.471 million shares [1] - In the last twenty trading days, there have been 17 days of net increases, totaling 55.3761 million shares [1] - As of now, southbound funds hold 526 million shares of China Overseas Macro Holdings Group, accounting for 14.76% of the company's total issued ordinary shares [1] Summary by Category Shareholding Changes - On October 21, 2025, total shares held reached 526 million, with an increase of 619,000 shares [2] - On October 20, 2025, total shares held were 525 million, with an increase of 1.991 million shares [2] - On October 17, 2025, total shares held were 523 million, with an increase of 1.243 million shares [2] - On October 16, 2025, total shares held were 522 million, with an increase of 8.414 million shares [2] - On October 15, 2025, total shares held were 513 million, with an increase of 2.204 million shares [2] Company Overview - China Overseas Macro Holdings Group Limited primarily engages in property development and commercial property operation [2] - The company operates through two segments: property development, which involves property development and sales, and commercial property operation, which includes property leasing, hotel, and other commercial property operations [2]

Group 1 - The company reported a revenue of approximately RMB 21.249 billion for the nine months ending September 30, 2025, representing a decline of 21.2% compared to the same period last year [1] - Operating profit for the same period was approximately RMB 0.773 billion, down 46.7% year-on-year [1] - In the third quarter of 2025, the company's revenue and operating profit were approximately RMB 6.705 billion and RMB 0.151 billion, respectively [1] Group 2 - The total contracted sales for the company and its joint ventures in the third quarter of 2025 amounted to approximately RMB 6.977 billion, covering a sales area of about 643,600 square meters [1] - Cumulative contracted sales for the nine months ending September 30, 2025, totaled approximately RMB 23.587 billion, with a sales area of about 2.116 million square meters, reflecting a year-on-year decline of 10.7% and 9.1%, respectively [1] - As of September 30, 2025, the total amount of subscribed but pending sales contracts was approximately RMB 0.546 billion, covering an area of about 46,800 square meters [1] Group 3 - During the current season, the company acquired four new land parcels in Baotou, Huizhou, and Tangshan, with a total attributable floor area of approximately 519,300 square meters and a total land cost of approximately RMB 1.822 billion [2] - As of September 30, 2025, the total buildable floor area held by the company and its joint ventures in mainland China was approximately 13.2672 million square meters, of which the company's attributable floor area was approximately 11.2296 million square meters [2]

Core Viewpoint - China Overseas Macro Holdings Group reported a significant decline in revenue and operating profit for the nine months ending September 30, 2025, indicating challenges in the current market environment [1][2] Financial Performance - The group's revenue for the nine months was approximately RMB 21.249 billion, a decrease of 21.2% compared to the same period last year [1] - Operating profit for the same period was about RMB 0.773 billion, down 46.7% year-on-year [1] - For the third quarter of 2025, revenue and operating profit were approximately RMB 6.705 billion and RMB 0.151 billion, respectively [1] Sales and Contracts - The total contract sales for the group and its associated companies in the third quarter reached approximately RMB 6.977 billion, covering an area of about 643,600 square meters [1] - Cumulative contract sales for the nine months amounted to approximately RMB 23.587 billion, with a total area of about 2,116,000 square meters, reflecting declines of 10.7% and 9.1% year-on-year, respectively [1] - As of September 30, 2025, the total amount of subscribed but pending sales contracts was approximately RMB 0.546 billion, covering an area of about 46,800 square meters [1] Land Acquisition and Holdings - During the quarter, the group acquired four new land parcels in Baotou, Huizhou, and Tangshan, with a total attributable floor area of approximately 519,300 square meters and a total land cost of about RMB 1.822 billion [2] - As of September 30, 2025, the total buildable area held by the group and its associated companies in mainland China was approximately 13,267,200 square meters, with the group's attributable share being about 11,229,600 square meters [2] Financial Management and Outlook - The group maintains a professional and prudent financial management approach and will continue to closely monitor external economic conditions, fluctuations in the RMB exchange rate, industry merger and acquisition opportunities, and changes in national policies to optimize long-term returns for shareholders [2]