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9月30日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 保利置業集團有限公司 | | | 呈交日期: | 2025年10月2日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 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) | 00119 | 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 | | | 3,821,183,118 | | 0 | | 3,821,183,118 | | 增加 / 減少 (-) | | | | ...

2020-2024年全国与百强口径新房销售额分别累计下行44%及68%，但期间公司全口径销售额稳定在500- 600亿元，产业排名逆势提升50个位次至17名。该行判断公司全年500亿元销售目标的确定性高，或预期 实现同比小幅正成长。 中金发布研报称，首次覆盖保利置业(00119)，给予目标价2.15港元及"跑赢行业"评级。该行预计公司 2025-2026年每股盈利为0.04元人民币(下同)。 中金认为公司是少数具备高估值性价比的央企房企。市场在公司营运和估值上有预期差，看好后续经营 端超预期改善，以及政策驱动行情下公司的估值修复空间。公司此前受"同业竞争"与阶段性治理不确定 性影响，股价曾长期承压。随着前述问题解决，公司经营和资产品质在产业下行过程中持续改善。 ...

Core Viewpoint - CICC initiates coverage on Poly Real Estate (00119) with a target price of HKD 2.15 and an "outperform" rating, expecting earnings per share of RMB 0.04 for 2025-2026 [1] Group 1: Company Performance - The company is identified as one of the few central state-owned enterprises in the real estate sector with high valuation cost-effectiveness [1] - Despite a 44% and 68% decline in national and top 100 new home sales from 2020 to 2024, the company's total sales remained stable at RMB 50-60 billion, improving its industry ranking by 50 positions to 17th [1] - The company is expected to achieve its annual sales target of RMB 50 billion with a high degree of certainty, potentially realizing slight positive growth year-on-year [1] Group 2: Market Conditions - The market has a perception gap regarding the company's operations and valuation, with expectations for operational improvements and valuation recovery driven by policy changes [1] - The company's stock price had been under pressure due to "peer competition" and uncertainties related to governance, but these issues are now being resolved [1]

Group 1 - The new Federal Reserve Governor, Milan, advocates for aggressive interest rate cuts, suggesting a reduction of at least 150 to 200 basis points from the current range of 4.00%-4.25% [2] - Milan's stance is based on the concept of "neutral interest rate," which he believes is currently around 2%, significantly lower than the existing federal funds rate [2] - He attributes the previous higher neutral rate to government borrowing and increased immigration, which have now slowed due to tightened border policies and rising tariff revenues [2] Group 2 - No new issuances were reported in the primary market today [4] - Three companies had their ratings updated, including New World Development, which terminated a subscription agreement due to current market conditions [5] - Shimao Group is actively negotiating loan extensions and restructuring with domestic creditors, with approximately RMB 22.8 billion of loans successfully extended [5] - Poly Property Group announced a reduction in the coupon rate of a bond by 180 basis points, effective from November 1, 2025 [5] Group 3 - The Hong Kong Monetary Authority is expanding its RMB trade financing liquidity arrangement to support offshore RMB business growth [10] - The People's Bank of China conducted a reverse repurchase operation of CNY 165.8 billion at a rate of 1.40%, with a net injection of CNY 4.115 billion for the day [10]

Core Viewpoint - In the context of a deep adjustment in the real estate industry, Poly Real Estate has achieved a counter-cyclical rise through a steady operational strategy, with its sales ranking significantly improving from 60th in 2021 to 15th by mid-2025, demonstrating strong resilience in development [2]. Group 1: Sales Performance - In the first half of 2025, Poly Real Estate achieved a total contract sales amount of 26.7 billion yuan, a year-on-year decrease of 6%, which is better than the average decline of 11.4% among the top 100 real estate companies [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 [5]. - High-quality projects have supported steady performance, with notable sales records in Shanghai and Shenzhen, contributing to the company's sustained sales scale above 50 billion yuan for five consecutive years [4][5]. Group 2: Land Acquisition Strategy - Poly Real Estate has maintained a strong land acquisition capability, focusing on core cities, with 41% of new land reserves in first-tier cities in 2023 and 93% in first and second-tier cities combined [6][9]. - The company has continuously increased its land reserves in the Yangtze River Delta, with a significant portion of new land acquisitions located in Shanghai, Hangzhou, and Guangzhou [9]. Group 3: Financial Structure - The company has shown strong financing capabilities, completing three bond issuances totaling 4 billion yuan in the first half of 2025, with interest rates below 2.7% [10]. - By mid-2025, Poly Real Estate's cash holdings reached 28.5 billion yuan, maintaining a cash-to-total assets ratio of over 15% since 2021, indicating a solid liquidity position [10]. - The company's financial indicators have improved, with all three red lines turning green for the first time, reflecting a continuous optimization of its financial situation [10]. Group 4: Diversification and Shareholder Returns - Poly Real Estate has made progress in diversified operations, with investment property income growing from 779 million yuan in 2021 to 865 million yuan in 2024, providing stable cash flow [15]. - The property management business has also seen steady growth, with revenue increasing from 1.021 billion yuan in 2021 to 1.206 billion yuan in 2024 [15]. - The company has committed to a dividend policy guaranteeing a payout ratio of no less than 40% of net profit attributable to shareholders over the next three years, doubling the historical average [17].

Investment Highlights - Company is covered for the first time by CICC with an "outperform" rating and a target price of HKD 2.15, corresponding to 0.24x P/B for 2025/2026 and an upside potential of 28% [1] - Company is an important real estate development platform under Poly Group, demonstrating stable operational performance during the current downturn cycle [1] - The low valuation is a prerequisite, as the company's fundamentals have not been fairly priced due to previous impacts from "peer competition" and governance uncertainties [1] Operational Performance - Despite a 44% and 68% cumulative decline in new home sales nationally and among the top 100 developers from 2020 to 2024, the company's total sales remained stable at RMB 50-60 billion, improving its industry ranking by 50 positions to 17th [1] - The company is expected to achieve its annual sales target of RMB 50 billion, with a possibility of slight year-on-year growth [1] Valuation and Market Position - The reasonable valuation range is estimated at 0.35-0.45x P/B based on NAV models and comparable companies in the industry [1] - The company possesses unique attributes such as being a central enterprise and a small-to-mid-cap stock, which are rare in the market [1] - The current trading at 0.17x P/B reflects a 63% discount to NAV, indicating high valuation potential [2] Catalysts and Future Outlook - Anticipated catalysts include potential outperformance in sales and land acquisition in Q4 2025, driven by policy support and improved operational performance [2] - The company is viewed as one of the few central enterprise real estate firms with high valuation cost-effectiveness, with expectations for operational improvements exceeding market forecasts [2]

Core Viewpoint - CICC initiates coverage on Poly Real Estate (00119) with an "outperform" rating and a target price of HKD 2.15, indicating a 28% upside potential based on 0.24x P/B for 2025/2026 [1][2] Investment Recommendations - Expected EPS for the company in 2025 and 2026 is projected at HKD 0.04 each, with current trading at 0.17x P/B and a 63% discount to NAV. The target price of HKD 2.15 per share corresponds to a 28% upside and a 52% NAV discount [2] - Potential catalysts include sales and land acquisition performance exceeding market expectations in Q4 2025 [2] Valuation Insights - The company has faced long-term pressure on its stock price due to "peer competition" and governance uncertainties, but these issues are being resolved, leading to improved operational and asset quality during the industry downturn. The reasonable valuation range is estimated at 0.35-0.45x P/B based on NAV models and comparable companies [3] Market Positioning - The company possesses unique attributes such as being a Deep Hong Kong Stock Connect target, a state-owned enterprise, and a small-to-mid-cap stock. Low trading activity has constrained value release, but the relatively loose liquidity in the Hong Kong market since the beginning of the year has created a favorable environment for value discovery [4] Operational Performance - From 2020 to 2024, national and top 100 new home sales declined by 44% and 68%, respectively, while the company maintained stable sales between RMB 50-60 billion, improving its industry ranking by 50 positions to 17th. The company is highly likely to achieve its annual sales target of RMB 50 billion, with a potential for slight year-on-year growth [5]

Core Viewpoint - CICC initiates coverage on Poly Real Estate (00119) with an "outperform" rating and a target price of HKD 2.15, indicating a 28% upside potential based on 2025/2026 P/B ratios of 0.24 [1][2] Investment Recommendations - Expected EPS for the company in 2025 and 2026 is projected at CNY 0.04 each year, with current trading at 0.17 times P/B and a 63% discount to NAV. The target price reflects a 28% upside and a 52% NAV discount [2] Valuation Insights - The company has faced long-term pressure on its stock price due to "peer competition" and governance uncertainties. However, with these issues resolved, the company's operational and asset quality have improved during the industry downturn. The reasonable valuation range is estimated at 0.35-0.45 times P/B based on NAV models and comparable companies [3] Market Positioning - The company possesses unique attributes such as being a Deep Hong Kong Stock Connect target, a state-owned enterprise, and a small to mid-cap stock. The low trading activity has been a constraint on value realization, but the relatively loose liquidity in the Hong Kong market since the beginning of the year has created a favorable environment for value discovery [4] Operational Performance - From 2020 to 2024, national and top 100 new home sales declined by 44% and 68%, respectively, while the company's total sales remained stable at CNY 50-60 billion, improving its industry ranking by 50 positions to 17th. The company is highly likely to achieve its annual sales target of CNY 50 billion, with potential for slight year-on-year growth [5]

(Incorporated in Hong Kong with limited liability) （於香港註冊成立的有限公司） (Stock code 股份代號：00119) N OT IF IC ATI ON LET TE R 通知信函 Dear Non-registered Shareholder(Note 1) , Poly Property Group Co., Limited (the "Company") – Notice of Publication of the 2025 Interim Report (the "Interim Report") The English and Chinese versions of the Company's Interim Report are available in the Investor Relations section of the Company's website at www.polyhongkong.com and on the website of Hong Kong Exchanges and Clearing Limited ...

(Incorporated in Hong Kong with limited liability) （於香港註冊成立的有限公司） 26 September 2025 Dear Registered Shareholder, Poly Property Group Co., Limited (the "Company") – Notice of Publication of the 2025 Interim Report (the "Interim Report") The English and Chinese versions of the Company's Interim Report are available in the Investor Relations section of the Company's website at www.polyhongkong.com and on the website of Hong Kong Exchanges and Clearing Limited ("HKEX") at www.hkexnews.hk. If you have previously ...