Core Viewpoint - Poly Real Estate Group (00119) reported a contract sales amount of approximately RMB 2.5 billion for December 2025, representing a year-on-year increase of 25% [1] Summary by Categories Contract Sales Performance - The contract sales area for December 2025 was approximately 71,000 square meters, with an average contract sales price of about RMB 35,603 per square meter [1] - Cumulatively, as of December 2025, the group achieved a total contract sales amount of approximately RMB 50.2 billion, which is a year-on-year decrease of 7.38% [1] - The cumulative contract sales area was approximately 1.624 million square meters, with an average contract sales price of about RMB 30,917 per square meter [1]

Core Viewpoint - Poly Real Estate Group (00119) reported a total contract sales amount of approximately RMB 502 billion for 2025, reflecting a year-on-year decrease of 7.38% [1] Group 1: Sales Performance - In December 2025, the company achieved a contract sales amount of approximately RMB 25 billion, representing a year-on-year increase of 25% [1] - The total contract sales area reached approximately 162.4 million square meters, with an average contract sales price of about RMB 30,917 per square meter [1] Group 2: Sales Metrics - The contract sales area for December 2025 was approximately 71,000 square meters, with an average contract sales price of around RMB 35,603 per square meter [1]

截至2025年12月，置业集团累计实现合同销售金额约人民币502亿元，同比减少7.4%；累计合同销售面 积约162.4万平方米，合同销售均价约人民币30,917元/平方米。 格隆汇1月6日丨保利置业集团(00119.HK)发布公告，2025年12月，置业集团实现合同销售金额约人民币 25亿元，合同销售面积约7.1万平方米，合同销售均价约人民币35,603元/平方米。 ...

（股份代號：00119） 二零二五年十二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12月的若干未經審核銷售數據。 2025年12月，置業集團實現合同銷售金額約人民幣25億元，合同銷售面積約7.1萬平方 米，合同銷售均價約人民幣35,603元/平方米。 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） 上述銷售數據未經審核，乃根據本集團內部管理紀錄編製。鑒於收集該等銷售數據過程 中存在各種不確定因素，該等數據與本公司按年度或半年度刊發的經審核或未經審核綜 合財務報表中披露的數字可能存在差異，因此上述數據僅供投資者參考。投資者於買賣 本公司證券時，務請審慎行事，避免不恰當地依賴該等資料。如有任何疑問，投資者應 尋求專業人士或財務顧 ...

Group 1 - The top three companies with the highest short positions are Vanke Enterprises (02202), Dongfang Electric (01072), and COSCO Shipping Holdings (01919), with short ratios of 18.64%, 17.51%, and 16.68% respectively [1][2] - The company with the largest increase in short positions is Dongfang Electric (01072), which saw an increase of 2.20% from the previous short ratio [1][2] - The companies with the largest decrease in short positions include Sanhua Intelligent Control (02050), Tianqi Lithium (09696), and Yuejiang (02432), with decreases of -1.42%, -0.82%, and -0.71% respectively [1][3] Group 2 - The latest short position data shows that Vanke Enterprises has 411 million shares shorted, while Dongfang Electric has 71.45 million shares, and COSCO Shipping Holdings has 480 million shares shorted [2] - The companies with the largest increases in short positions also include JAKS Resources B (01167) and CSPC Pharmaceutical Group (01093), with increases of 0.77% and 0.56% respectively [2] - The companies with the largest decreases in short positions also include Ganfeng Lithium (01772) and Sunac China (01918), with decreases of -0.68% and -0.55% respectively [3][4]

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 (-) | | | | | | | | | 本月底結存 | | | 3,821,183,118 | | 0 | | 3,821,183,118 | 第 2 頁 共 10 頁 v 1.1.1 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12月31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 ...

Summary of Poly Real Estate Conference Call Company Overview - **Company**: Poly Real Estate - **Industry**: Real Estate Development Key Points Land Acquisition and Sales Strategy - In the first 11 months of 2025, Poly Real Estate's total land acquisition reached **15 billion RMB**. The land acquisition strategy is adjusted based on market conditions, sales, and cash flow dynamics. Historically, the ratio of equity land acquisition to equity sales was set at **0.4**, but this will be adjusted according to market conditions [2][6] - The company has approximately **40 billion RMB** of remaining inventory from projects between 2019 and 2021, with significant pressure from industry adjustments. Projects from 2022 to 2024 are expected to generate profits and help digest earlier inventory, with a total saleable value of over **40 billion RMB** [2][7] - For 2025, the expected land acquisition value is around **50 billion RMB**, with a total saleable volume of approximately **180 billion RMB**, and over half of the assets are considered good quality [2][7] Financial Performance and Debt Management - As of June 2025, the average funding cost is **2.9%**, with stable cash flow resulting in positive net cash inflow. The company has a debt structure where **60%** is bank loans, **35%** is public bonds, and the remaining is other forms like CMBS [3][9][14] - The total debt is **68.2 billion RMB**, with **38%** secured and **62%** unsecured. The company has a refinancing plan that, if completed before the earnings release, will enhance market confidence [10][11][14] - The debt maturing in 2026 is approximately **5 billion RMB**, and the company has a solid annual funding plan, indicating low repayment risk [11][12] Market Conditions and Future Outlook - The company has maintained a stable performance in the fixed income sector, with a focus on market sentiment and potential impacts from events like Vanke's situation. Since 2021, the company has seen stable cash inflows and decreasing leverage [9][10] - The company aims for a pre-tax profit margin and IRR of over **10%**, but may lower static return rate requirements if projects can quickly sell and recover funds [5][17] - The sales target for 2025 is **50 billion RMB**, with **47.7 billion RMB** already achieved by November. The target for 2026 may be slightly conservative, with expectations of a minor decline [25][26] Land Acquisition and Project Management - The company has a dynamic land acquisition strategy based on market conditions, with a focus on maintaining a **10+10** standard for land acquisition requirements [27] - The company is exploring alternative land acquisition methods, including partnerships and government negotiations, to secure quality land even in challenging market conditions [19][24] - Current inventory includes projects with a total value of **49.5 billion RMB**, with an overall gross margin of **14%**. The company anticipates this margin to be near the bottom, with future trends dependent on annual turnover and leadership decisions [28] Risk Management and Strategic Adjustments - The company maintains a cash reserve of around **30 billion RMB** to mitigate risks from potential market downturns. It has implemented stress testing measures to prepare for adverse market conditions [13] - The company is cautious about entering lower-tier markets, focusing primarily on core cities and quick-turnaround residential projects [24] Future Financing and Debt Structure Optimization - The company plans to prioritize repaying high-interest loans while managing its debt structure effectively. The average financing cost has decreased to **2.9%**, with ongoing efforts to optimize capital structure [35][36][37] - Future financing strategies include pursuing long-term, low-cost financing options, such as issuing bonds with maturities of over five years [38] Conclusion - Poly Real Estate is strategically positioned to navigate the current market challenges with a focus on maintaining financial stability, optimizing land acquisition strategies, and managing debt effectively. The company aims to achieve its sales targets while adapting to market conditions and exploring new opportunities for growth.

Core Insights - The real estate industry is shifting from high-leverage, rapid turnover expansion to a focus on brand strength, product quality, operational efficiency, and service quality as key competitive factors [1][53] - Companies that can adapt to this transformation and provide high-quality housing and services will secure market opportunities and future growth [1][53] Industry Trends - The competition logic in the real estate sector has fundamentally changed, with a clear shift towards a focus on intrinsic value rather than just location or basic amenities [1][53] - The market is experiencing a "two-eight rule" where a small percentage of projects capture the majority of demand, highlighting the importance of product and marketing capabilities [1][53] Successful Case Study: Poly Real Estate - Poly Real Estate's project, Shenzhen Poly Zhenyu, achieved the highest sales rate among new projects in Shenzhen for 2025 without relying on traditional distribution channels [2][54] - Over 70% of customers were directly acquired through the company's own digital marketing team, demonstrating the effectiveness of a self-sourced customer acquisition model [4][56] Marketing Innovations - Poly Zhenyu implemented a "four-wheel drive" marketing model that enhances customer acquisition capabilities through a combination of online and offline strategies [6][58] - The project utilized various digital platforms, including Douyin and WeChat, to reach potential customers and increase brand visibility [6][58] Team Structure and Collaboration - The project established a diverse customer acquisition team with specialized roles to enhance efficiency and effectiveness in attracting and converting leads [11][63] - A structured approach was adopted to ensure collaboration among team members, maximizing customer acquisition and conversion rates [12][64] Digital Customer Acquisition System - Poly Zhenyu developed a digital customer acquisition system that integrates precise targeting, matrix operations, and conversion loops to turn traffic into sales [13][65] - The project achieved a conversion rate exceeding 10%, significantly higher than the industry average of less than 5% [19][71] Customer Research and Product Development - Prior to land acquisition, extensive market research was conducted to understand customer needs and market trends, leading to tailored investment and product strategies [21][73] - The project focused on creating high-quality products that resonate with high-net-worth individuals, incorporating innovative design and functionality [25][77] Service Excellence - Poly Real Estate has upgraded its customer service to be a key driver of business development, implementing a comprehensive service system that covers the entire customer journey [51][103] - Customer satisfaction scores improved significantly, reflecting the effectiveness of the company's service initiatives [52][104]

12月26日，武汉成功出让14宗地，涉宅地块12宗，共成交土地面积820004.98㎡，建筑面积1122397㎡， 成交金额34.707亿元。其中，经过48轮竞价，保利置业以总价10.2亿元竞得武汉市武昌区徐家棚街与武 车中路交汇处的P(2025)238号地块，溢价率29.93%，成交楼面价19504.78元/㎡。该地块土地面积18930 ㎡，建筑面积52300㎡，距离临江大道仅约200米，紧邻地铁徐家棚站三线交汇。 溢价率29.93%，成交楼面价19504.78元/㎡。 ...

文/上海进深 严明会 首开一周后，保利誉静安迅速推进二批次房源过会，均价定在12万/㎡。 此批次推出的是88地块南侧的3号楼，一共96套112-119㎡房源，较一批次直降约1万/㎡。 需要注意的是，网上房地产的备案名称是"苏河佳苑"，并不是过会信息中的"苏河雅园"。 99地块产品线相对完整，除主力143㎡户型外，还规划了110-119-164㎡的3-4房，以及建面约245-289㎡的叠墅。 即将登场的88地块，彻底转向了另一种产品逻辑：主打小面积户型，最小面积89㎡，最大面积控制在128㎡，总价门槛显著下探，1200万左右就能上车。 显然，这是瞄准了另一批客群：预算千万级、渴望上车内环的年轻家庭或新兴改善力量。 地段上，88地块与99地块共享三轨交汇的交通优势，却也共同承受着板块的共同短板，如整体城市界面老旧、大型商业缺失、学区资源一般。 誉静安分两个地块，西边的是99地块，东边的是88地块，两个地块之间并不连通，会所也不通用。 一批次推出的是99地块的143㎡大四房，以约13万/㎡的均价试水，96套房源收获71组有效认筹，官宣首开去化约62套，去化率65%。 一周时间过去，网上房地产显示，网签6套，已签房源 ...