Investment Rating - The industry investment rating is "Outperform the Market" [25] Core Viewpoints - In August 2025, new home prices in 70 major cities decreased by 0.3% month-on-month, while second-hand home prices fell by 0.6%. The decline in second-hand home prices has expanded compared to July [6][9] - The number of cities with declining new home prices was 57, with an average decline of 0.41%, while 69 cities saw a drop in second-hand home prices, with an average decline of 0.59% [6][12] - First-tier cities experienced a narrowing decline in new home prices, down 0.1%, while second-hand home prices remained stable, with a decline of 1.0% [6][14] - The report emphasizes the need for the real estate market to stabilize and recover from the current downward pressure on prices, with a focus on policy adjustments in major cities to boost market sentiment [6][18] Summary by Sections Price Trends - New home prices in first-tier cities decreased by 0.1%, while second-hand home prices fell by 1.0% in August [6][14] - Second-tier cities saw new home prices decline by 0.3% and second-hand prices drop by 0.6% [6][14] - Third-tier cities experienced a 0.4% decline in new home prices, while second-hand prices remained stable [6][14] Market Dynamics - The report highlights that the current price declines are the largest since November 2024, indicating significant downward pressure on the market [6][18] - Policy adjustments in cities like Beijing, Shanghai, and Shenzhen aim to improve market conditions, although the sustainability of these effects remains uncertain [6][18] Investment Opportunities - The report suggests focusing on four main lines for investment: 1. Companies with stable fundamentals and high market share in core cities, such as Binjiang Group and China Resources Land [6] 2. Smaller companies that have made significant breakthroughs in sales and land acquisition since 2024, like Poly Real Estate Group [6] 3. Companies with operational or strategic changes, such as New Town Holdings and China Vanke [6] 4. Real estate brokerage firms benefiting from the recovery in the second-hand market, including Beike and Wo Ai Wo Jia [6]

Core Viewpoint - The announcement of the third batch of high-quality residential pilot projects in Shandong Province highlights the inclusion of the "Minghu Yin" project in Jinan, which aims to meet the demand for high-end housing and rejuvenate the living environment in the old city area [1][5]. Group 1: Project Overview - The "Minghu Yin" project is located near Daming Lake and is the first high-quality residential land parcel in Jinan, addressing the urgent need for high-end housing in the area [1][5]. - The project is a collaboration between Jinan Energy Group and Poly Real Estate, marking a significant development in the urban renewal of the Daming Lake area [5][10]. Group 2: Design and Construction Standards - The project adheres to the "Shandong Province High-Quality Residential Development Guidelines," with a minimum floor height of 3 meters, and the "Minghu Yin" project features heights starting at 3.1 meters [7][9]. - Enhanced soundproofing measures include a thicker sound insulation pad of 10mm in most areas, and separate soundproofing for bathroom drainage pipes [7][9]. Group 3: Community Features and Amenities - The project incorporates advanced technology for convenience, such as facial recognition for access and a monitoring system for children's activity areas [9][10]. - The design includes various community spaces, including a fitness center, tea room, and children's playground, to cater to the needs of high-end residents [12][14]. Group 4: Market Positioning and Future Plans - "Minghu Yin" is positioned within Poly Real Estate's premium product line, targeting high-end markets in first and second-tier cities, with unit sizes ranging from 155 to 300 square meters [12][14]. - A launch event is scheduled for September 20, with the marketing center set to open in late September, allowing potential buyers to experience the high-quality living environment firsthand [14].

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 ...

Core Viewpoint - The company is facing inventory destocking pressure while achieving a record high in sales price per square meter, indicating a mixed performance in the real estate market [1][4][7]. 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 [1][4]. - The average contract sales price reached 27,763 yuan per square meter, an increase of 8.7% compared to 2024, marking a new high in recent years [7]. - The company ranked 15th in the top 100 real estate companies in China based on total sales, improving its position by two places compared to the end of 2024 [4]. Inventory and Land Acquisition - The value of completed and available-for-sale property inventory increased by 3.2% to 46.69 billion yuan, with the proportion of inventory value rising from 36% to 37.4%, indicating ongoing destocking pressure [1][4]. - The land acquisition sales ratio significantly increased to 1.26, with a total land acquisition cost of approximately 33.7 billion yuan, focusing investments in core cities such as Shanghai, Guangzhou, and Hangzhou, which accounted for 88% of total investments [10][12]. 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% [2][24]. - However, net profit decreased by 6.5% to 232 million yuan, with the net profit margin declining by 0.7 percentage points to 1.3% [16][24]. - The core net profit attributable to shareholders dropped by 92.3% to 29 million yuan, reflecting challenges in profitability [2][24]. Financing and Debt Management - The company completed the issuance of three bonds totaling 4 billion yuan with a coupon rate below 2.7%, leading to a reduction in average financing costs by 0.48 percentage points to 2.9% [20][21]. - The total interest-bearing debt decreased by 3.2% to 68.2 billion yuan, while the net debt ratio increased by 8.4 percentage points to 85.3%, indicating a need for continued financial optimization [21][24].

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].