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） （股份代號：00119） 承董事會命 保利置業集團有限公司 主席 香港，二零二五年十月八日 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。 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9月的若干未經審核銷售數據。 2025年9月，置業集團實現合同銷售金額約人民幣39億元，合同銷售面積約10.7萬平方 米，合同銷售均價約人民幣36,799元/平方米。 截至2025年9月，置業集團累計實現合同銷售金額約人民幣395億元。累計合同銷售面積 約129.5萬平方米，合同銷售均價約人民幣30,504元/平方 ...

Investment Rating - The report does not explicitly provide an investment rating for the real estate industry in Suzhou, Changshu, Kunshan, and Taicang for the year 2025 Core Insights - In the first eight months of 2025, Suzhou's real estate market saw a total of 1.72 million square meters of new residential supply and 2.04 million square meters sold, generating a sales revenue of 51.48 billion yuan [3][4] - The top-performing real estate companies in Suzhou included Suzhou Hengtai with sales of 4.4 billion yuan and Poly Real Estate with 3.64 billion yuan [5][6] - The average sales area for the top 20 projects in Suzhou was 37,000 square meters, with an average sales amount of 1.03 billion yuan [7] - In Changshu, Hengjia Real Estate led with sales of 1.39 billion yuan, while in Kunshan, China Merchants Shekou topped the list with 1.08 billion yuan in sales [8][10] - Taicang's real estate market was led by Taicang Group with sales of 520 million yuan, followed by Yuexiu Property with 420 million yuan [18][20] Summary by Sections Suzhou Real Estate Market - Total new residential supply in Suzhou from January to August 2025 was 1.72 million square meters, with total sales reaching 2.04 million square meters and revenue of 51.48 billion yuan [3][4] - The top companies by sales revenue included Suzhou Hengtai (4.4 billion yuan) and Poly Real Estate (3.64 billion yuan) [5][6] - The average sales area for the top 20 projects was 37,000 square meters, with an average sales amount of 1.03 billion yuan [7] Changshu Real Estate Market - Hengjia Real Estate led the sales with 1.39 billion yuan, followed by China Jinmao with 480 million yuan [8][9] Kunshan Real Estate Market - China Merchants Shekou topped the sales with 1.08 billion yuan, followed by Poly Real Estate with 690 million yuan [10][14] Taicang Real Estate Market - Taicang Group led with sales of 520 million yuan, while Yuexiu Property followed with 420 million yuan [18][20]

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].

机构：中金公司 研究员：宋志达/孙元祺/李晓豪/刘慧婷 投资亮点 首次覆盖保利置业（00119）给予跑赢行业评级，目标价2.15 港元，对应0.24/0.24 倍2025/2026 年P/B 和 28%上行空间。公司是保利集团下属重要的地产开发平台，本轮下行周期中经营表现稳健；结合公司低 估值现状，我们给予跑赢行业评级。理由如下： 低估值是先决条件，公司基本面未能公允定价。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。 风险 随着前述问题解决，公司经营和资产质量在行业下行过程中持续改善。我们基于NAV 模型和行业可比 公司，判断合理估值区间在0.35-0.45x P/B。 基本面超预期下行，公司拿地销售不及预期；治理提升与架构调整不及预期；港股市场风偏超预期下 行，流动性改善不及预期。 潜在催化剂：2025 年四季度销售、拿地等经营表现超出市场预期。 盈利预测与估值 我们预计公司2025~2026 年EPS 分别为0.04 元、0.04 元。公司当前交易于0.17/0.17 倍P/B 和63%的NAV 折让，我们给予公司跑赢行业评级，目标价2.15 港元/股，对应28%的上行空间，对应52 ...

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]