近日，山东省住房和城乡建设厅公布了山东省第三批高品质住宅试点项目拟入选名单，济南共有11个项目入选，其中一个老城区的在建项目入围引起不少购 房者的关注，它就是位于大明湖畔的济南能源&保利置业·明湖印。作为济南首个挂牌的"高品质住宅"地块，明湖印项目的建设不仅满足了济南房地产市场对 高端住宅的迫切需求，也为老城区的居住环境注入了新的活力。 | ਡਿ | 城市 | 项目 | 项目名称 | 项目 | 建设单位 | | --- | --- | --- | --- | --- | --- | | 릉 | | 类型 | | 所在地 | | | 1 | 济南 | 在建 | 潘田城中村改造项目 B-1 地块 | 历城区 | 山东瑞齐置业有限公司 | | | | | (凤栖和鸣) | | | | 2 | 济南 | 在建 | 花园东路以南、开拓路以东 | 高新区 | 济南东博产业园开发有限 | | | | | A-1、A-2 住宅地块 | | 公司 | | 3 | 济南 | 在建 | 海信长岭山３号地块 | 力城区 | 济南岭海置业有限公司 | | 4 | 济南 | 建成 | 中建云境 A 地块 | 高新区 | 济南东鑫置业有限 ...

Core Insights - Poly Real Estate Group (00119) reported a contract sales amount of approximately RMB 6.1 billion in August 2025, with a contract sales area of about 132,000 square meters and an average contract sales price of approximately RMB 46,335 per square meter [1] - As of August 2025, the cumulative contract sales amount reached approximately RMB 35.6 billion, representing a year-on-year decrease of 3.26%. The cumulative contract sales area was about 1.188 million square meters, with an average contract sales price of approximately RMB 29,953 per square meter [1] Summary by Category Sales Performance - The contract sales amount for August 2025 was approximately RMB 6.1 billion [1] - The cumulative contract sales amount as of August 2025 was approximately RMB 35.6 billion, showing a year-on-year decrease of 3.26% [1] Sales Area - The contract sales area for August 2025 was approximately 132,000 square meters [1] - The cumulative contract sales area as of August 2025 was about 1.188 million square meters [1] Sales Price - The average contract sales price for August 2025 was approximately RMB 46,335 per square meter [1] - The average contract sales price for cumulative sales as of August 2025 was approximately RMB 29,953 per square meter [1]

Group 1 - The core point of the announcement is that Poly Real Estate Group reported a contract sales amount of approximately 6.1 billion RMB for the period ending August 2025, with a contract sales area of about 132,000 square meters and an average contract sales price of approximately 46,335 RMB per square meter [1] - Cumulatively, as of August 2025, the company achieved a total contract sales amount of approximately 35.6 billion RMB, with a total contract sales area of about 1.188 million square meters and an average contract sales price of approximately 29,953 RMB per square meter [1]

Core Viewpoint - Poly Real Estate Group announced a contract sales amount of approximately 6.1 billion yuan for August 2025, with a contract sales area of about 132,000 square meters and an average contract sales price of approximately 46,335 yuan per square meter [1] Summary by Category Sales Performance - For August 2025, the company achieved a contract sales amount of approximately 6.1 billion yuan [1] - The total contract sales area for the same period was about 132,000 square meters [1] - The average contract sales price was approximately 46,335 yuan per square meter [1] Cumulative Sales Data - As of August 2025, the cumulative contract sales amount reached approximately 35.6 billion yuan [1] - The cumulative contract sales area totaled about 1.188 million square meters [1] - The cumulative average contract sales price was approximately 29,953 yuan per square meter [1]

Core Viewpoint - Poly Real Estate Group reported a contract sales amount of approximately RMB 6.1 billion for August 2025, with a contract sales area of about 132,000 square meters and an average contract sales price of approximately RMB 46,335 per square meter [1] Summary by Relevant Categories Contract Sales Performance - As of August 2025, the cumulative contract sales amount reached approximately RMB 35.6 billion, representing a year-on-year decrease of 3.26% [1] - The cumulative contract sales area totaled approximately 1.188 million square meters, with an average contract sales price of about RMB 29,953 per square meter [1]

Core Viewpoint - Poly Real Estate Group (00119.HK) reported a contract sales amount of approximately RMB 6.1 billion in August 2025, with a contract sales area of about 132,000 square meters and an average contract sales price of approximately RMB 46,335 per square meter [1] Summary by Category Contract Sales Performance - In August 2025, the company achieved a contract sales amount of approximately RMB 6.1 billion [1] - The total contract sales area for the same month was around 132,000 square meters [1] - The average contract sales price in August 2025 was approximately RMB 46,335 per square meter [1] Cumulative Sales Data - As of August 2025, the cumulative contract sales amount reached approximately RMB 35.6 billion [1] - The cumulative contract sales area totaled about 1.188 million square meters [1] - The average cumulative contract sales price was approximately RMB 29,953 per square meter [1]

（股份代號：00119） 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分內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 Poly Property Group Co., Limited 保 利 置 業 集 團 有 限 公 司 （於香港註冊成立之有限公司） 承董事會命 保利置業集團有限公司 主席 香港，二零二五年九月八日 於本公告日期，本公司執行董事為萬宇清先生及胡在新先生；非執行董事為張毅先生、龔健先 生及鄧歡先生；獨立非執行董事為馮志堅先生、梁秀芬女士、黃家倫先生及吳劍林先生。 萬宇清 二零二五年八月未經審核銷售數據 保利置業集團有限公司（「本公司」）董事會（「董事會」）欣然公佈本公司連同其合 營及聯營公司（「置業集團」）2025年8月的若干未經審核銷售數據。 2025年8月，置業集團實現合同銷售金額約人民幣61億元，合同銷售面積約13.2萬平方 米，合同銷售均價約人民幣46,335元/平方米。 截至2025年8月，置業集團累計實現合同銷售金額約人民幣356億元。累計合同銷售面積 約118.8 ...

核 心 观 点 【存货去化压力仍未好转，销售均价创新高】 2025上半年保利置业实现全口径合约销售金额267亿元，合约销售面积96.1万平方米，分别同比减少6%和 13.7%；合约销售均价达到了27763元/平米，再创近年来的新高。2025年中期企业的已竣工可售物业存货货值相较于期初增长了3.2%至466.9亿元，对存 货货值的占比由36%提升至37.4%，企业的存货去化压力仍未好转。 【拿地销售比大幅提高至1.26，重点布局上海杭州广州三个核心城市】 2025上半年保利置业在上海、广州、杭州、济南和威海新增了9个项目，新增土储 建面为118.3万平方米，权益比例为74%。拿地总价约337亿元，按金额计算的拿地销售比为1.26，企业的拿地力度大幅提高，且在上海、杭州和广州三个 核心城市的投资占比达到了88%。截至2025年中期，保利置业的总土储建面为1308万平方米，相较于期初减少了0.6%。 【 毛利率有所回升，盈利能力有待改善 】 2025上半年保利置业的营业收入为184.4亿元人民币，同比增长48.1%；毛利润同比增长了81.3%至32.2亿元， 毛利率同比提升了3.2个百分点至17.5%。净利率同比下 ...

Core Viewpoint - The company is facing increased profitability pressure as net profit margins have dropped to a critical low, while financing costs continue to decline, and the three red line indicators have reached green status for the first time [1][3][20]. Sales Performance - In the first half of 2025, the company achieved a total contract sales amount of 26.7 billion yuan, with a contract sales area of 961,000 square meters, representing a year-on-year decrease of 6% and 13.7% respectively [2][5]. - The average contract sales price reached 27,763 yuan per square meter, marking an 8.7% increase compared to 2024 and setting a new high in recent years [8]. Inventory Management - The value of completed and available-for-sale property inventory increased by 3.2% to 46.69 billion yuan compared to the beginning of the period, with the proportion of inventory value rising from 36% to 37.4%, indicating ongoing inventory digestion pressure [2][5]. Land Acquisition Strategy - The land acquisition-to-sales ratio significantly increased to 1.26, with the company acquiring 9 new projects in key cities such as Shanghai, Guangzhou, and Hangzhou, totaling a land area of 1.183 million square meters and a total acquisition cost of approximately 33.7 billion yuan [11][20]. - As of mid-2025, the total land reserve area was 13.08 million square meters, a slight decrease of 0.6% from the beginning of the period, with a land cost averaging 11,076 yuan per square meter [13]. Financial Performance - The company's operating revenue for the first half of 2025 was 18.44 billion yuan, a year-on-year increase of 48.1%, while gross profit rose by 81.3% to 3.22 billion yuan, with a gross margin improvement of 3.2 percentage points to 17.5% [3][23]. - However, net profit margin fell by 0.7 percentage points to 1.3%, and the core net profit attributable to shareholders decreased by 92.3% to 29 million yuan, reflecting significant profitability challenges [3][17]. Financing Conditions - The company completed the issuance of three bonds totaling 4 billion yuan in the first half of 2025, with coupon rates below 2.7%, leading to a reduction in average financing costs by 0.48 percentage points to 2.9% [19][20]. - The net debt ratio increased by 8.4 percentage points to 85.3%, while the asset-liability ratio, excluding pre-receipts, decreased by 0.9 percentage points to 69.5%, indicating ongoing financial optimization [20].

Investment Rating - The report maintains a "Buy" rating for the company [2][5]. Core Views - The company has shown resilience during the current deep adjustment cycle in the industry, with significant breakthroughs in sales and land acquisition. Its debt structure continues to improve, and it is well-positioned for future growth [5]. - The company achieved a total revenue of 18.44 billion RMB in the first half of 2025, representing a year-on-year increase of 48.1%. However, the net profit attributable to shareholders decreased by 44.3% to 210 million RMB [4][7][16]. Summary by Sections Financial Performance - The company reported a total revenue of 18.44 billion RMB in H1 2025, up 48.1% year-on-year, driven by increased project completions and revenue recognition [4][9]. - The net profit attributable to shareholders was 210 million RMB, down 44.3% year-on-year, primarily due to a significant decline in investment income [7][16]. - The gross margin improved to 17.5%, an increase of 3.2 percentage points year-on-year, while the net profit margin decreased to 1.1%, down 1.9 percentage points year-on-year [13][16]. Debt and Financial Health - As of June 30, 2025, the company had interest-bearing liabilities of 68.2 billion RMB, a decrease of 8.6% year-on-year. The debt structure has improved, with the proportion of short-term debt decreasing to 26% [25][29]. - The company successfully transitioned from a "yellow" to a "green" status under the "three red lines" policy, indicating improved financial health [7][29]. Sales and Market Position - The company ranked 15th in sales within the industry for the first seven months of 2025, with a sales amount of 29.5 billion RMB, a decrease of 13.5% year-on-year [40]. - The average selling price increased by 6.1% year-on-year to 27,900 RMB per square meter [42]. - The company has a strong focus on quality project expansion, acquiring 9 land parcels in H1 2025, with a total land reserve of 13.08 million square meters [38][46]. Future Outlook - The company aims for a sales target of 50 billion RMB for 2025, having achieved 59% of this target by July 2025 [40]. - Revenue forecasts for 2025-2027 are projected at 39.0 billion RMB, 40.4 billion RMB, and 40.9 billion RMB, with corresponding net profits of 180 million RMB, 190 million RMB, and 200 million RMB [5][47].