香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該 等內容而引致的任何損失承擔任何責任。 （在香港註冊成立之有限公司） （股份代號：81） 二零二五年第三季度財務及業務回顧 於本季內，本集團於包頭、惠州及唐山合共新購得四塊土地，其應佔權益樓面面 積合計約達 519,300 平方米，需支付權益地價合計約人民幣 18.22 億元。於二零 二五年九月三十日，中海宏洋系列公司持有位於中國內地可建樓面面積共約為 13,267,200 平方米（其中，包括由聯營公司及合營公司持有，本集團應佔權益之 樓面面積約為 11,229,600 平方米）之土地儲備。 1 本集團保持對財務資源專業及穩健之財務管理，並會繼續密切關注外圍經濟形 勢、人民幣匯率波動、行業收併購機會及國家政策變化對業務運作所帶來的影響， 為股東帶來長遠最佳回報。 一般資料 本公告可能包含涉及風險和不確定因素的前瞻性陳述。公司股東及潛在投資者不 應過份依賴公司於本公告日的前瞻性陳述。此前瞻性陳述是基於本集團自有的資 料和其他我們相信可靠來源的資 ...

Core Viewpoint - Hong Kong real estate stocks are experiencing a counter-trend rally, with notable increases in share prices for several major companies following the release of a government action plan aimed at stabilizing the real estate investment scale in Shanghai [1] Group 1: Market Performance - Country Garden shares rose by 3.5%, while Sunac China and Agile Group increased by 2.5%. Vanke Enterprises saw a nearly 2% rise, and other companies like New City Development, Longfor Group, and China Overseas Macro Holdings also reported gains exceeding 1% [2] - The overall trend indicates a positive market response among real estate stocks despite broader market challenges [1] Group 2: Government Policy - The Shanghai Municipal Government issued a notification to promote high-quality development in the construction industry, emphasizing the need to stabilize real estate investment and strengthen the foundational market in Shanghai [1] - The plan aims to facilitate the construction of "good houses" and provide application scenarios for good design, construction, and services [1] Group 3: Industry Insights - Huatai Securities' research report highlights that the sales performance of "good houses" is significantly better than the average, suggesting that companies with strong product capabilities may achieve better sales conversion and more stable cash flow [1] - The report posits that product strength could become a core competitive advantage for real estate companies, reshaping their market positions and competitive landscape [1] - Huatai Securities continues to recommend real estate stocks characterized by "good credit, good cities, and good products" as a strategic investment focus [1]

Investment Rating - The investment rating for the real estate industry is "Outperform the Market" (maintained) [2][3] Core Viewpoints - The real estate sector continues to face pressure, with significant declines in investment and sales figures. The cumulative year-on-year decline in real estate development investment reached 13.9% for the first nine months of 2025, with new housing starts down 18.9% and completed housing down 15.3% [4][45] - The sales performance of new commercial housing has weakened, with a cumulative year-on-year decline of 7.9% in sales revenue and 5.5% in sales area for the same period. The sales figures for September 2025 indicate a year-on-year decline of 11.8% in sales revenue and 10.5% in sales area [6][45] - The report suggests that the high base effect from last year's fourth quarter will create significant pressure this year, leading to increased policy expectations that may provide opportunities for the real estate sector [5][72] Summary by Sections Investment and Sales Data - In the first nine months of 2025, national real estate development investment totaled 67,706 billion, down 13.9% year-on-year. New housing starts were 45,399 million square meters, down 18.9%, and completed housing was 31,129 million square meters, down 15.3% [4][45] - The sales area of new commercial housing was 65,835 million square meters, with a year-on-year decline of 5.5%, and sales revenue was 63,040 billion, down 7.9% [4][6] Price Trends - The average selling price of new commercial housing was 9,575 yuan per square meter, down 2.5% year-on-year, with a slight improvement in the rate of decline compared to previous months. In September, the average price was 9,406 yuan per square meter, down 1.4% year-on-year [22][45] Development Investment and Funding - Real estate development investment accelerated its decline, with a year-on-year drop of 13.9% for the first nine months. Funding for real estate enterprises was 72,299 billion, down 8.4% year-on-year [45][58] - In September, the year-on-year decline in development investment was 21.3%, while funding saw a decline of 11.5% [45][58] Construction Data - The new housing starts for the first nine months were 45,399 million square meters, down 18.9%, while completed housing was 31,129 million square meters, down 15.3%. However, September saw a year-on-year improvement in completed housing [58][45]

Core Insights - The real estate market is showing signs of stabilization, with an increase in the number of cities experiencing rising new home prices, indicating a warming market [1][2] - The industry is undergoing a deep adjustment, requiring a shift from a developer-centric model to a customer-centric approach, focusing on high-quality housing supply and innovative operational models [2][12] - The demand for "good houses" is strong, driven by genuine improvement needs, but supply has not kept pace, leading to market differentiation [5][6] Market Trends - In August 2025, the number of cities with rising new home prices increased to 9, up from 6 in July, while first-tier cities saw a slight price decline of 0.1% [1] - Second-tier cities experienced a 0.3% decline, and third-tier cities saw a 0.4% decline, indicating varying levels of market pressure across different city tiers [1] - The adjustment period for real estate has lasted four years, with some structural positive changes emerging in specific regions and housing types [1][2] Demand and Supply Dynamics - The concept of "market stabilization" involves both phase-based and structural recovery, with quality properties in prime locations showing positive growth [3][4] - The reasonable range for the price-to-income ratio internationally is 2-6 times, while first-tier cities in China have seen ratios as high as 40 times, indicating significant room for adjustment [4] - The demand for quality housing is evident, with a notable portion of buyers looking to upgrade their living conditions, particularly in desirable areas [6][12] Future Outlook - The future of the real estate market will depend on macroeconomic improvements and the return of key indicators to reasonable ranges, with opportunities concentrated in high-quality housing and innovative operational models [2][12] - The integration of AI and remote working trends will reshape housing needs, requiring developers to adapt designs and community features to accommodate new living and working arrangements [8][9] - The long-term transformation of the industry is expected to lead to healthier market conditions, with a focus on high-quality development and reduced reliance on traditional growth models [15][16] Company Strategies - Real estate companies must pivot from high turnover to meticulous product development, emphasizing consumer needs and preferences [12][17] - Successful companies in the future will likely be those that maintain financial stability, focus on core competencies, and adapt to emerging trends such as AI and remote work [13][15] - The shift towards non-traditional real estate businesses can be successful if companies remain focused and innovative, creating unique offerings that are difficult to replicate [18]

Investment Rating - The report maintains a "Recommended" rating for the real estate sector, indicating an expected increase in the industry index exceeding the benchmark index by more than 5% in the next 3-6 months [32]. Core Insights - The alpha of real estate stocks depends on the precision of land acquisition, with the current macroeconomic environment not supporting a general rise in housing prices, making it challenging for companies to ensure project profitability [6][7]. - The value of real estate stocks is derived from the discounted future residual earnings, which are based on the profitability of each project, ultimately reflecting on ROE and valuation [6][7]. - The report highlights that the market for new homes is contracting, and the effective market area for new homes is shrinking, complicating the identification of valuable land parcels [7][24]. - The report suggests that future sector opportunities will primarily arise from improved land acquisition comfort for real estate companies, transitioning from a contracting to an expanding market [24]. Summary by Sections Industry Basic Data - The real estate sector comprises 107 listed companies with a total market capitalization of 1,233.623 billion and a circulating market value of 1,183.334 billion [2]. Relative Index Performance - The absolute performance over 1 month, 6 months, and 12 months is 7.6%, 16.6%, and 3.4% respectively, while the relative performance is 4.4%, -1.9%, and -12.1% [3]. Project Profitability and Market Dynamics - The profitability of real estate companies is increasingly dependent on project-level earnings, with past profits driven by rising property prices and a focus on debt leverage [6][7]. - The report notes that the supply of quality land has increased, leading to heightened competition among projects, and some older projects may face challenges in sales due to new building regulations [7][24]. Investment Recommendations - The report recommends focusing on companies that have demonstrated precise land acquisition over the past three years, such as Greentown China, China Resources Land, and Jianfa International Group, while also monitoring companies like China Overseas Grand Oceans and China Jinmao for improvements in land acquisition in the latter half of 2024 [24].

Core Insights - China Overseas Macro Yang Group (00081) reported a contract sales amount of RMB 2.804 billion and a contract sales area of 251,700 square meters in September 2025, representing year-on-year declines of 11.0% and 4.0% respectively [1] - For the period from January to September 2025, the cumulative contract sales amount reached RMB 23.587 billion and the cumulative contract sales area was 2.116 million square meters, reflecting year-on-year decreases of 10.7% and 9.1% respectively [1] - As of the end of September 2025, the cumulative subscribed but unsigned amount was RMB 546 million with a subscribed but unsigned area of 46,800 square meters [1] Project Development - In September 2025, the company added 2 new projects in the Lubei District of Tangshan, Hebei Province, with a total floor area of 182,942 square meters and a total land cost of RMB 909.24 million [1] - From January 1 to September 30, 2025, the company accumulated a total new floor area of 1,847,569 square meters, with a total land cost of RMB 8.00927 billion, and an equity floor area of 1,651,124.94 square meters with an equity land cost of RMB 7.02929 billion [1]

Core Viewpoint - China Overseas Hongyang Group reported a decline in contract sales and sales area for September 2025, indicating ongoing challenges in the real estate market [1] Sales Performance - In September 2025, the company achieved contract sales of RMB 2.804 billion and a sales area of 251,700 square meters, representing year-on-year declines of 11.0% and 4.0% respectively [1] - For the period from January to September 2025, cumulative contract sales amounted to RMB 23.587 billion and a sales area of 2,116,000 square meters, reflecting year-on-year decreases of 10.7% and 9.1% respectively [1] Uncontracted Sales - As of the end of September 2025, the cumulative amount of uncontracted sales stood at RMB 546 million, with an uncontracted sales area of 46,800 square meters [1] New Projects - In September 2025, the company added two new projects in the Lubei District of Tangshan, Hebei Province, with a total floor area of 182,942 square meters and a total land cost of RMB 909 million [1] - From January 1 to September 30, 2025, the company added a total floor area of 1,847,569 square meters, with a total land cost of RMB 8.009 billion, and an equity floor area of 1,651,124.94 square meters, with an equity land cost of RMB 7.029 billion [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性 亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致 的任何損失承擔任何責任。 （於香港註冊成立之有限公司） （股份代號：688） 截至二零二五年九月三十日止九個月 物業銷售和新增土地更新 二零二五年九月，本公司（連同其附屬公司（統稱「本集團」））新增土地涵蓋上海、 青島和瀋陽四幅地塊（包括將透過已簽約股權交易所獲得的土地），權益建築面積約 554,410.45 平方米，權益地價約人民幣 21,626.86 百萬元。二零二五年一月至九月，本集 團新增土地累計權益建築面積約 3,633,709.14 平方米，累計權益地價約人民幣 76,633.83 百萬元。 中國海外發展有限公司（「本公司」）欣然宣佈本公司連同其附屬公司、合營公司及聯 營公司（統稱「中國海外系列公司」）截至二零二五年九月三十日止九個月的若干經營 數據（「物業銷售和新增土地更新」）。本公告亦可於本公司網站（www.coli.com.hk） 閱覽。 一、物業銷售更新 於二零二五年九月，中國海外系列公司的合約物業銷售金額約 ...

Core Viewpoint - China Overseas Macro Yang Group reported a decline in contract sales and sales area for September 2025, indicating a challenging market environment [1] Group 1: Sales Performance - In September 2025, the company achieved contract sales of RMB 2.804 billion and a sales area of 251,700 square meters, representing year-on-year declines of 11.0% and 4.0% respectively [1] - For the period from January to September 2025, the cumulative contract sales amounted to RMB 23.587 billion and a sales area of 2.116 million square meters, reflecting year-on-year decreases of 10.7% and 9.1% respectively [1] - As of the end of September 2025, the cumulative subscribed but unsigned amount was RMB 546 million, with a subscribed but unsigned area of 46,800 square meters [1] Group 2: New Projects - In September 2025, the company added 2 new projects in the Lubei District of Tangshan, Hebei Province, with a total floor area of 182,942 square meters and a total land cost of RMB 909.24 million [1] - From January 1 to September 30, 2025, the company added a total floor area of 1,847,569 square meters, with a total land cost of RMB 8.009 billion [1] - The equity floor area during the same period was 1,651,124.94 square meters, with an equity land cost of RMB 7.029 billion [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性亦不發 表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承 擔任何責任。 （在香港註冊成立之有限公司） （股份代號：81） 二零二五年九月份的未經審核營運數據 中國海外宏洋集團有限公司（「本公司」）董事局（「董事局」）欣然宣佈本公司及其附屬 公司（「本集團」）及本集團之聯營公司和合營公司（統稱「中海宏洋系列公司」）若干未 經審核營運數據如下： 在2025年9月份，中海宏洋系列公司實現合約銷售額人民幣2,804,000,000元及合約銷售面積 251,700平方米，分別按年下跌11.0%及4.0%。在2025年1至9月份，累計合約銷售額人民幣 23,587,000,000元及合約銷售面積2,116,000平方米，分別按年下跌10.7%及9.1%。截至2025年 9月底，累計認購未簽約額人民幣546,000,000元及認購未簽約面積46,800平方米。 在2025年9月份，本集團於河北省唐山市路北區新增項目2個，總樓面面積182,942平方米， 總土地成本人民幣909,240,0 ...