Core Viewpoint - Poly Real Estate Group reported significant growth in its financial performance for the first nine months of 2025, indicating strong operational momentum and market demand [1] Financial Performance - The company's revenue reached approximately 22.759 billion yuan, representing a year-on-year increase of 82.13% [1] - The net profit attributable to the parent company's owners was 63.311 million yuan, showing a remarkable year-on-year growth of 208.8% [1]

Group 1 - The core viewpoint of the article highlights the significant growth in the financial performance of Poly Real Estate Group, with a notable increase in both revenue and net profit for the first nine months of 2025 [1] Group 2 - The company's operating revenue reached approximately 22.759 billion yuan, representing a year-on-year increase of 82.13% [1] - The net profit attributable to the parent company's owners was 63.311 million yuan, showing a remarkable year-on-year growth of 208.8% [1]

Core Insights - Poly Real Estate Group reported significant growth in revenue and net profit for its wholly-owned subsidiary, Shanghai Poly Real Estate, for the nine months ending September 30, 2025 [1] Financial Performance - The company achieved an operating revenue of 22.759 billion yuan, representing a year-on-year increase of 82.13% [1] - The net profit attributable to the owners of Shanghai Poly Real Estate was 63.311 million yuan, reflecting a year-on-year growth of 208.80% [1]

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份內容而產生或因倚 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） | | 截至 | 9 月 30 | 日止九個月 | | --- | --- | --- | --- | | 項目 | 2025 年 | | 2024 年 | | | 人民幣千元 | | 人民幣千元 | | 營業收入 | 22,758,847 | | 12,496,089 | | 營業成本 | 21,616,818 | | 12,510,698 | | 營業利潤 | 1,018,344 | | 69,691 | | 利潤總額 | 1,001,121 | | 129,400 | | 淨利潤/(虧損) | 333,653 | | (149,510) | | 歸屬於母公司所有者的淨利潤 | 63,311 | | 20,502 | 本公司股東及潛在投資者 ...

Core Viewpoint - Poly Group has issued a statement clarifying that it is not involved in any activities related to "Hong Kong Poly Stablecoin" or "Poly Stablecoin Fund" [2][3] Summary by Sections - **Clarification of Involvement**: Poly Group and its subsidiaries have not organized or participated in any business related to Hong Kong stablecoins or stablecoin funds. Companies registered in Hong Kong, such as "Poly Digital Industry Group Limited," "Poly Digital Asset Limited," and "Poly Digital Asset Issuance Limited," have no equity or affiliation with Poly Group and are not involved in any investment, cooperation, or business relations with it [2] - **Public Warning**: Poly Group has urged the public to remain vigilant, to carefully discern information, and to conduct investment cooperation cautiously. It has advised individuals to report any illegal activities to law enforcement [3] - **Official Statement**: The statement serves as a formal declaration from Poly Group regarding the misinformation circulating online [4]

10月23日，金科智慧服务集团股份有限公司宣布，其H股在香港联合交易所有限公司暂停买卖。此次暂 停交易自2025年10月23日上午9时13分开始，原因是金科服务需根据香港公司收购及合并守则刊发一份 载有内幕消息的公告。 ｜2025年10月24日星期五｜ NO.1 二十届四中全会：推动房地产高质量发展 中国共产党第二十届中央委员会第四次全体会议，于2025年10月20日至23日在北京举行。全会提出，加 大保障和改善民生力度，扎实推进全体人民共同富裕。坚持尽力而为、量力而行，加强普惠性、基础 性、兜底性民生建设，解决好人民群众急难愁盼问题，畅通社会流动渠道，提高人民生活品质。要促进 高质量充分就业，完善收入分配制度，办好人民满意的教育，健全社会保障体系，推动房地产高质量发 展，加快建设健康中国，促进人口高质量发展，稳步推进基本公共服务均等化。 点评：推动房地产高质量发展是适应我国房地产市场供求关系发生重大变化的新形势，着眼于破解房地 产发展难题和防范风险、促进房地产市场平稳健康发展的重要举措。 NO.2 重庆合川拟以11.75亿元回购13宗闲置土地 10月22日，重庆市合川区发布第二批拟使用土地储备专项债券收回闲 ...

Investment Rating - The report rates the real estate industry as "Outperforming the Market" [1] Core Viewpoints - In September, both new and second-hand housing transaction volumes turned positive on a month-on-month and year-on-year basis, driven by seasonal factors and new policies in first-tier cities [4][20] - The land auction market showed a decline in heat, with a notable drop in average land premium rates, although first-tier cities still maintained premiums above 10% [4][20] - The report highlights a significant increase in the sales and land acquisition of top real estate companies, indicating a recovery in the sector [4][20] Summary by Sections New Housing Transactions - In September, new housing transaction area in 40 cities reached 935.4 million square meters, with a month-on-month increase of 9.0% and a year-on-year increase of 0.7% [12][14] - First-tier cities saw a month-on-month increase of 22.7% and a year-on-year increase of 9.9% in new housing transactions [13][16] - Second-tier cities experienced a month-on-month increase of 9.2% and a year-on-year increase of 0.8% [13][16] Second-hand Housing Transactions - In September, second-hand housing transaction area in 18 cities reached 758.6 million square meters, with a month-on-month increase of 6.0% and a year-on-year increase of 9.4% [20][23] - First and second-tier cities showed positive year-on-year growth in second-hand housing transactions, while third and fourth-tier cities experienced a decline [21][25] Inventory and Absorption - As of the end of September, the inventory of new homes in 12 tracked cities increased by 2.0% month-on-month but decreased by 12.7% year-on-year, with an overall absorption period of 18.9 months [4][12] - The average opening absorption rate in September was 39%, indicating a slight decline but remaining at a high level for the year [4][20] Land Market - The overall land auction heat declined in September, with a national average land premium rate of 3.3%, down 0.8 percentage points month-on-month [4][20] - The total land transaction area in September increased by 19.5% month-on-month but decreased by 9.1% year-on-year [4][20] Real Estate Companies - In September, the top 100 real estate companies saw a year-on-year increase of 0.3% in equity sales, with a total sales amount of 2.49 trillion yuan, down 12.8% year-on-year [4][20] - The land acquisition amount for the top 100 companies in September increased by 184.2% year-on-year, indicating strong market activity [4][20] Policy Environment - The Ministry of Natural Resources encouraged market-oriented methods to revitalize idle land, while first-tier cities continued to optimize real estate policies [4][20] - Specific policy adjustments in cities like Shenzhen and Shanghai aimed to ease purchasing restrictions and improve financing conditions [4][20] Investment Recommendations - The report suggests focusing on companies with stable fundamentals in core cities, smaller firms with significant breakthroughs, and those benefiting from the recovery in the second-hand housing market [4][20]

Core Viewpoint - The Shanghai land auction market in 2025 has seen the emergence of "land kings," with significant transactions and a cautious approach from developers amid changing market conditions [1][9]. Summary by Sections Auction Details - The eighth batch of land auctions in Shanghai included 6 plots with a total area of 191,600 square meters and a starting price of 18.495 billion yuan, attracting over 20 real estate companies [1]. - All 6 plots were sold, generating a total transaction amount of 19.877 billion yuan, with 3 plots sold at a premium and 3 at the starting price [1][9]. Key Transactions - The most notable transaction was the Xuhui Riverside plot, sold for 4.465 billion yuan with a floor price of approximately 148,500 yuan per square meter, setting a new record for the area [3][4]. - The Yangpu East Bund plot was sold to Poly Real Estate with a premium rate of 14.69%, highlighting competitive bidding among four participants [5][6]. Market Trends - Analysts noted a shift towards more conservative bidding strategies among developers, with premium rates significantly lower than in previous auctions [1][9]. - The overall market sentiment reflects a cautious approach as developers assess future market conditions and the potential for high-end residential sales [1][9]. Future Outlook - The upcoming ninth batch of land auctions is set to include 9 plots across various districts, indicating continued activity in the Shanghai land market [9]. - Experts anticipate that the rational performance observed in land auctions will gradually influence the new housing sales market [9].

Core Insights - The eighth batch of land auctions in Shanghai for 2025 concluded on October 20, with a total of 6 plots offered, resulting in a total transaction amount of 19.877 billion yuan, with 3 plots sold at a premium and 3 at the base price [1] - The premium rates for the sold plots were all below 20%, indicating a rational return in the current real estate market amid deep adjustments [1][2] - Major developers such as China Overseas, Poly Developments, and China Merchants Shekou participated in the auction, reflecting the strong demand for scarce land in core cities [1][2] Auction Performance - The total land area offered was 408,700 square meters, with residential land accounting for approximately 305,100 square meters, and the final transaction price was 7.47% higher than the starting price [2] - Notable highlights included record-breaking prices for residential plots in Xuhui, Jing'an, and Yangpu districts, with the highest floor price reaching 148,500 yuan per square meter [3] - The highest premium rate was recorded at 14.69% for the Yangpu plot, indicating a strategic approach by developers to replenish land reserves and leverage resource advantages [2][3] Market Dynamics - There is a clear "cold-hot" differentiation in the auction results, with core urban areas experiencing fierce competition while peripheral areas saw plots sold at base prices [4] - The participation of over 20 companies, primarily state-owned enterprises and local investment platforms, indicates a cautious approach to non-core area investments [4][5] - The return of the Binjiang Group to the Shanghai land market after ten years highlights an increase in private enterprise participation, reflecting a shift in market sentiment [6][7] Policy Impact - The recent "good housing" policy has optimized land sale indicators, removing the requirement for a proportion of small units, aligning with the current market demand for improved housing [6][7] - The cancellation of the minimum ratio for small units marks a significant policy breakthrough, allowing market supply and demand to dictate product sizes [7][8] - The trend towards product upgrades is evident, with developers focusing on high-end residential offerings and innovative designs to meet the evolving market demands [9][10]

Core Insights - The recent land auction in Shanghai on October 20, 2025, saw significant interest, particularly in the Xuhui and Jing'an districts, with both areas achieving premium sales [1][3] - The total starting price for the six land parcels auctioned was approximately 18.495 billion yuan, indicating a competitive market environment [1][4] Group 1: Auction Results - The Jing'an district's C070102 unit 32-04 and 32-08 underground space was won by a consortium led by China Merchants Shekou for 7.73715 billion yuan, with a premium rate of about 9.03% after 52 bidding rounds [1][2] - China Overseas Land & Investment secured the Xuhui district WS5 unit 188N-I-21 land for 4.465 billion yuan, achieving a record floor price of approximately 148,503 yuan per square meter [3][4] - The Yangpu district N090602 unit D1-7 was acquired by Poly Real Estate for 2.6162 billion yuan, with a premium rate of approximately 14.69% after 43 rounds of bidding [3] Group 2: Market Trends - The auction highlighted a clear market differentiation, with city center parcels attracting premiums while suburban lands sold at base prices, indicating varying demand levels [4][5] - The overall premium rates were relatively low, with the highest being 14.69%, suggesting a more conservative approach from developers compared to earlier in the year [4][5] - State-owned and central enterprises continue to dominate the land acquisition landscape, reflecting their strong financial capabilities in a competitive market [4][5]