Core Viewpoint - The Hong Kong property stocks experienced a general rise on September 24, with notable increases in share prices for several major companies in the sector [1] Company Summaries - Longfor Group (03380.HK) saw a share price increase of 3.74%, reaching HKD 1.11 [1] - Country Garden (02007.HK) rose by 3.45%, with shares priced at HKD 0.6 [1] - China Overseas Macro Group (00081.HK) experienced a 2.85% increase, with shares at HKD 2.53 [1] - Shimao Group (00813.HK) increased by 2.56%, with shares priced at HKD 0.4 [1]

Group 1 - The core viewpoint of the article highlights the upward movement of Chinese property stocks, driven by recent policy adjustments in major cities [1] - Longfor Group (03380) increased by 3.74% to HKD 1.11, Country Garden (02007) rose by 3.45% to HKD 0.6, China Overseas Macro Group (00081) gained 2.85% to HKD 2.53, and Shimao Group (00813) went up by 2.56% to HKD 0.4 [1] - Since August, first-tier cities like Beijing and Shanghai have implemented optimized purchase restrictions, with Shanghai's finance bureau announcing adjustments to property tax policies on September 19 [1] Group 2 - Guojin Securities noted that the recent policy changes in first-tier cities, combined with the seasonal demand peak, are expected to help stabilize the real estate market [1] - August real estate data indicates a continued need for more policies to support the market's recovery, with expectations for further policy enhancements [1] - The current valuation of the real estate sector is considered low, suggesting a buying opportunity for investors [1]

Core Insights - The top short-selling stocks include New World Development Co. Ltd. (80016) and AIA Group Ltd. (81299), both with a short-selling ratio of 100%, followed by BYD Company Limited (81211) at 84.08% [1][2] - Alibaba Group Holding Limited (09988) leads in short-selling amount at 4.052 billion, followed by Baidu Inc. (09888) at 1.758 billion and Meituan (03690) at 1.615 billion [1][2] - The highest deviation values are seen in Alibaba-SWR (89988) at 32.37%, Nissin Foods (01475) at 31.05%, and China Xuyang Group (01907) at 26.53% [1][2] Short-Selling Ratio Summary - New World Development Co. Ltd. (80016): 634,800 with a short-selling ratio of 100.00% [2] - AIA Group Ltd. (81299): 144,800 with a short-selling ratio of 100.00% [2] - BYD Company Limited (81211): 2,118,500 with a short-selling ratio of 84.08% [2] - Anta Sports Products Limited (82020): 85,700 with a short-selling ratio of 83.05% [2] - China Resources Beer Holdings Company Limited (80291): 1,083,600 with a short-selling ratio of 75.33% [2] Short-Selling Amount Summary - Alibaba Group Holding Limited (09988): 4.052 billion with a short-selling ratio of 21.31% [2] - Baidu Inc. (09888): 1.758 billion with a short-selling ratio of 36.87% [2] - Meituan (03690): 1.615 billion with a short-selling ratio of 27.05% [2] - Tencent Holdings Limited (00700): 1.187 billion with a short-selling ratio of 12.24% [2] - BYD Company Limited (01211): 799 million with a short-selling ratio of 21.03% [2] Deviation Value Summary - Alibaba-SWR (89988): 8,385,400 with a short-selling ratio of 66.93% and a deviation value of 32.37% [2] - Nissin Foods (01475): 307,100 with a short-selling ratio of 38.98% and a deviation value of 31.05% [2] - China Xuyang Group (01907): 5,568,300 with a short-selling ratio of 34.03% and a deviation value of 26.53% [2] - AIA Group Ltd. (81299): 144,800 with a short-selling ratio of 100.00% and a deviation value of 25.88% [2] - Beijing Enterprises Water Group Limited (00371): 33,448,500 with a short-selling ratio of 49.80% and a deviation value of 25.23% [2]

Investment Rating - The investment rating for the real estate development sector is "Buy" for key companies such as Poly Developments, China Merchants Shekou, and Binhai Group, while "Hold" is given to companies like Vanke A and China Overseas Development [6][35][60]. Core Insights - The real estate development sector's price-to-book ratio (PB) is 0.85, with a historical percentile of 31.46% as of September 19, 2025, indicating a relatively low valuation compared to historical levels [1][11]. - The property service sector has a price-to-earnings ratio (PE) of 47.78, with a historical percentile of 75.95%, suggesting a higher valuation compared to historical averages [2][38]. - Recent policy changes in major cities like Beijing, Shanghai, and Shenzhen have led to increased transaction volumes in the new housing market, particularly in Shanghai, where transaction intensity increased by 62.5% post-policy implementation [3][70]. Summary by Sections Real Estate Development Sector - As of September 19, 2025, the real estate development sector has seen a 5.2% increase in stock prices from September 1 to September 19, outperforming the CSI 300 index by 5.05 percentage points [1][29]. - Key companies in the A-share market with the highest stock price increases include Binhai Group (+34.68%), New Town Holdings (+31.77%), and Huafa Group (+0.99%) [1][31]. - In the H-share market, China Jinmao (+63.25%), Jianfa International Group (+49.68%), and China Overseas Hongyang Group (+48.88%) led the gains [1][31]. Property Service Sector - The property service sector experienced a 4.1% increase from September 1 to September 19, 2025, outperforming the CSI 300 index by 3.97 percentage points [2][49]. - The top-performing A-share companies in the property service sector include Nandu Property (+67.33%), New Dazheng (+46.07%), and China Merchants Jinling (+14.70%) [2][55]. - In the H-share market, the leading companies were China Resources Vientiane Life (+52.36%), Jianfa Property (+42.22%), and Greentown Service (+35.34%) [2][55]. Policy Impact and Market Dynamics - Since August 2025, favorable policies have been introduced, including measures in Beijing, Shanghai, and Shenzhen, which have significantly boosted new housing transactions [3][68]. - The average daily transaction volume for new homes in Shanghai surged by 62.5% following the policy changes, indicating a strong market response [4][70]. - The report highlights that the real estate market is gradually stabilizing, with core cities expected to benefit from urban renewal initiatives [5][79].

| 代码 | 名称 | 涨跌幅 ^ | 最新价 | 总市值 | | --- | --- | --- | --- | --- | | 09993 | 金辉控股 | 0 -8.97% | 2.840 | 114.88亿 | | 02007 | 碧桂元 | -8.70% | 0.630 | 176.33 Z | | 00813 | 世茂集团 | -8.24% | 0.390 | 31.32亿 | | 03383 | 雅居乐集团 | -7.41% | 0.500 | 25.23 乙 | | 00884 | 旭辉控股集团 | -7.17% | 0.246 | 25.85 乙 | | 02772 | 中梁控股 | -6.90% | 0.081 | 3.54Z | | 02777 | 富力地产 | -6.76% | 0.690 | 25.89亿 | | 03377 | 远洋集团 | -6.32% | 0.163 | 18.97亿 | | 01918 | 融创中国 | -6.21% | 1.660 | 190.4 Z | | 02202 | 万科企业 | -6.13% | 5.510 | 657.38 Z | | 03301 ...

Key Points - The top three stocks with net inflow of southbound funds are Alibaba-W (09988) with 5.278 billion, Yingfu Fund (02800) with 2.782 billion, and Hang Seng China Enterprises (02828) with 1.566 billion [1] - The top three stocks with net outflow of southbound funds are Xiaomi Group-W (01810) with -0.721 billion, Innovent Biologics (01801) with -0.466 billion, and Pop Mart (09992) with -0.458 billion [1] - In terms of net inflow ratio, Yuexiu Transportation Infrastructure (01052) leads with 63.76%, followed by Crystal International (02232) with 56.34%, and China Resources Gas (01193) with 53.63% [1] - The stocks with the highest net outflow ratio include QuanFeng Holdings (02285) at -59.36%, Yadea Group (01585) at -54.53%, and TCL Electronics (01070) at -54.28% [1] Net Inflow Rankings - The top ten stocks by net inflow include Alibaba-W (09988) with 5.278 billion, Yingfu Fund (02800) with 2.782 billion, and Hang Seng China Enterprises (02828) with 1.566 billion [2] - Other notable stocks in the net inflow list are Meituan-W (03690) with 0.670 billion and Southern Hang Seng Technology (03033) with 0.620 billion [2] Net Outflow Rankings - The top ten stocks by net outflow include Xiaomi Group-W (01810) with -0.721 billion, Innovent Biologics (01801) with -0.466 billion, and Pop Mart (09992) with -0.458 billion [2] - Other significant stocks in the net outflow list are Li Auto-W (02015) with -0.298 billion and China Construction Bank (00939) with -0.254 billion [2] Net Inflow Ratio Rankings - The top three stocks by net inflow ratio are Yuexiu Transportation Infrastructure (01052) at 63.76%, Crystal International (02232) at 56.34%, and China Resources Gas (01193) at 53.63% [3] - Additional stocks with high net inflow ratios include China Ship Leasing (03877) at 49.13% and Jiangsu Ninghu Expressway at 45.49% [3] Net Outflow Ratio Rankings - The stocks with the highest net outflow ratios include QuanFeng Holdings (02285) at -59.36%, Yadea Group (01585) at -54.53%, and TCL Electronics (01070) at -54.28% [3] - Other notable stocks with significant net outflow ratios are Kangji Medical (09997) at -53.77% and QiuTai Technology (01478) at -47.17% [3]

Investment Rating - The investment rating for the real estate industry is "Outperform the Market" (maintained) [2] Core Viewpoints - The real estate market continues to show a downward trend, with significant policy negotiations expected in September [3][4] - From January to August 2025, national real estate development investment reached 60,309 billion yuan, a year-on-year decrease of 12.9% [3][39] - New housing starts and completion areas are at historically low levels, with new starts down 19.5% and completions down 17.0% year-on-year [55] Summary by Sections Investment and Sales Data - From January to August 2025, new housing sales area was 57,304 million square meters, down 4.7% year-on-year, while sales revenue was 55,015 billion yuan, down 7.3% [3][5] - In August alone, new housing sales revenue fell by 14.0% year-on-year, and sales area decreased by 10.6% [5] Price Trends - The average selling price of new residential properties was 9,600 yuan per square meter, down 2.7% year-on-year [19] - In August, the average price was 9,487 yuan per square meter, reflecting a year-on-year decline of 3.8% [19] Investment and Funding - Real estate development investment for January to August 2025 was 60,309 billion yuan, with a year-on-year decline of 12.9% [39] - Funding for real estate enterprises was 64,318 billion yuan, down 8.0% year-on-year [39] Construction Activity - New housing starts were 39,801 million square meters, down 19.5% year-on-year, while completions were 27,694 million square meters, down 17.0% [55] - In August, new housing starts fell by 20.3% year-on-year, and completions decreased by 21.4% [55] Investment Recommendations - The report suggests that the real estate sector is unlikely to see a trend-driven market due to the current fundamentals, but recent policy relaxations in major cities may provide opportunities [70] - Recommended stocks include China Jinmao, China Overseas Grand Oceans Group, Beike-W, and I Love My Home [70]

(Incorporated in Hong Kong with limited liability) （在香港註冊成立之有限公司） （Stock Code 股份代號：81） NOTIFICATION LETTER 通知信函 16 September 2025 Dear Non-registered Shareholders(Note 1), China Overseas Grand Oceans Group Limited (the "Company") – Notice of Publication of the 2025 Interim Report (the "Current Corporate Communication") The English and Chinese versions of the Company's Current Corporate Communication are now available on the website of the Company at www.cogogl.com.hk (click "Announcements & Circulars" under ...

(Incorporated in Hong Kong with limited liability) （在香港註冊成立之有限公司） （Stock Code 股份代號：81） NOTIFICATION LETTER 通知信函 16 September 2025 Dear Registered Shareholders, China Overseas Grand Oceans Group Limited (the "Company") – Notice of Publication of the 2025 Interim Report (the "Current Corporate Communication") The English and Chinese versions of the Company's Current Corporate Communication are now available on the website of the Company at www.cogogl.com.hk (click "Announcements & Circulars" under "Investors" ...

Financial Performance - For the first half of 2025, the company reported revenue of RMB 14.543 billion, a decrease of 33.4% year-on-year[17]. - The profit attributable to shareholders was RMB 284 million, down 67.9% compared to the previous year[17]. - Basic earnings per share were RMB 0.08[17]. - Revenue for the first half of 2025 was RMB 14.54 billion, down 33.4% from RMB 21.85 billion in the first half of 2024, primarily due to the ongoing consolidation in the real estate market[34]. - The gross profit for the first half of 2025 decreased by 36.1% to RMB 1.35 billion, with a gross margin narrowing to approximately 9.3% from 9.6% in the previous year[34]. - Operating profit for the first half of 2025 was RMB 622 million, a decline of 52.9% compared to RMB 1.32 billion in the same period of 2024[35]. - The company's attributable profit for the first half of 2025 was RMB 284 million, a decrease of 67.9% from RMB 885 million in the same period of 2024[37]. - The company reported a profit of RMB 283,841 for the six months ended June 30, 2025, compared to a profit of RMB 884,588 for the same period in 2024, indicating a decline of approximately 68%[72]. - The total comprehensive income for the six months ended June 30, 2025, was RMB 609,304, compared to RMB 644,941 for the same period in 2024, showing a decrease of about 5.5%[72]. Market Conditions - The Chinese economy showed resilience with a GDP growth of 5.3% in the first half of 2025 despite complex international conditions[18]. - The real estate market is stabilizing, with new home sales area and sales amount remaining stable, and a 2.1% year-on-year decline in sales amount for the first half of 2025[18]. Sales and Contracts - In the first half of 2025, the group's contracted sales amounted to RMB 16.61 billion, a year-on-year decrease of 12.7%, with a contracted sales area of 1,472,400 square meters, down 11.1%[20]. - The company's contracted sales amounted to RMB 16.610 billion, a decrease of 12.7% compared to RMB 19.017 billion in the same period last year, with a contracted area of 1,472,400 square meters, down 11.1% year-on-year[40]. - The company aims to accelerate property sales to respond to market changes and ensure a stable financial position[45]. Financial Position - The group's cash reserves reached RMB 28.526 billion, with a net debt ratio of 33.5% and a weighted average financing cost of 3.5%[24]. - The group achieved sales collection of RMB 16.947 billion, maintaining positive operating cash flow for three consecutive years[24]. - The company emphasizes maintaining financial flexibility and has kept its debt structure and financing costs under regular review to ensure sufficient cash on hand[28]. - The net debt-to-equity ratio was recorded at 33.5% as of June 30, 2025, slightly up from 33.1% at the end of 2024, while the debt-to-asset ratio improved to 69.9% from 70.9%[61]. - The group maintained a cash-to-short-term debt ratio of 1.5 times as of June 30, 2025, compared to 1.7 times at the end of 2024, indicating compliance with regulatory requirements[61]. - The group’s operating cash flow recorded a net inflow of RMB 11.73 billion during the six months ended June 30, 2025, with a sales collection rate exceeding 102%[60]. Strategic Initiatives - The company aims to adapt to the new real estate development model and is focusing on sustainable development and green low-carbon transformation[19]. - The company is committed to enhancing its core business and exploring new opportunities in response to market changes[19]. - The group plans to focus on key second and third-tier cities, leveraging its brand influence and product system to enhance core competitiveness[26]. - The company is focusing on digital transformation and enhancing employee digital skills to improve operational efficiency amid market challenges[29]. - The company aims to leverage structural opportunities in different cities and buyer groups to drive product innovation and upgrades[30]. Project Development - The group acquired 11 quality projects, adding a total floor area of 1,328,300 square meters and a total land cost of RMB 6.187 billion[22]. - The company acquired 11 new projects in seven key cities, totaling a floor area of approximately 1,328,300 square meters, with a total cost of RMB 6.187 billion during the six months ending June 30, 2025[38]. - The total area of completed properties ready for occupancy was approximately 1,570,400 square meters, with about 75% sold before the end of the period[45]. - The total area of properties under construction and completed as of June 30, 2025, is 10,539,700 square meters, down from 11,118,600 square meters as of December 31, 2024[50]. Debt and Financing - The company successfully issued domestic bonds totaling RMB 1.5 billion with a maturity of three to five years and an interest rate of 2.4% to 2.7%[54]. - New credit facilities obtained from leading financial institutions amounted to RMB 8.151 billion during the period[55]. - The total amount of bank and other loans increased by RMB 0.782 billion to RMB 31.702 billion compared to the end of last year[55]. - The weighted average financing cost for total borrowings decreased to 3.5% from 4.1% for the year ended December 31, 2024, primarily due to lower interest rates for onshore financing[59]. - The company has established a credit facility with a maximum amount of HKD 1 billion, with a term of three years from the first drawdown date[146]. Shareholder Information - The largest shareholder, China State Construction Group, holds 1,410,758,152 shares, representing 39.63% of the issued shares[138]. - The second-largest shareholder, Diamond Key Enterprises, owns 190,910,903 shares, accounting for 5.36% of the issued shares[138]. - The beneficial owner, Mr. Ong Kwok Kee, holds 19,194,749 shares, which is 13.05% of the issued shares[130]. - The total beneficial ownership of Mr. Ong Kwok Kee, including family interests, amounts to 464,390,730 shares[130]. - The company has confirmed that all directors have complied with the code of conduct for the six months ending June 30, 2025[128]. Corporate Governance - The audit committee has reviewed the unaudited interim report for the six months ending June 30, 2025, and discussed important matters with the management[149]. - The company has complied with the corporate governance principles as outlined in the listing rules appendix C1[142].