Investment Rating - The report maintains a "Buy" rating for the company [2][7] Core Insights - The company's performance in 2025 was below market expectations, with a significant decline in net profit and core net profit, leading to a generous dividend payout with a dividend yield of 4.5% [7] - The company aims for a sales target of 100 billion in 2026, despite a 7.2% decline in sales amount in 2025 [7] - The company has a strong cash position and low financing costs, maintaining a green status under the "three red lines" policy [7] Financial Data and Profit Forecast - Revenue projections for the company show a decline from 86,457 million in 2025 to 83,518 million in 2026, with a year-on-year growth rate of -3.4% [6][8] - The net profit attributable to ordinary shareholders is expected to drop significantly to 61 million in 2026, reflecting a year-on-year growth rate of 10.5% [6][8] - The company’s cash position was 467.6 billion in 2025, with a total debt of 1,048 billion, indicating a stable financial structure [7]

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之內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不就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之任何損失承擔任 何責任。 （在香港註冊成立的有限公司） （股份代號：00123） 公 告 余達峯 成都市成華區地塊 本公司透過重慶越嘉，通過公開掛牌方式以人民幣1,035,938,400元成功競得成都市成華區地 塊。 成都市成華區地塊佔地面積約32,172.32平方米，總可建築面積約96,903.13平方米，其中計容 建築面積約64,344平方米。成都市成華區地塊擬為住宅用地。成都市成華區地塊所建住宅物 業擬用於出售。 成都市成華區地塊位於崔家店板塊核心，成華樞紐經濟集聚區，屬於成華區重點打造板塊之 核心區位。周邊配套方面，成都市成華區地塊距地鐵 7號線雙店路站約步行距離2分鐘，緊鄰 中環路。3公里範圍內有成都師範附屬小學城東分校，大型頂級商業中心及公園等優質配套設 施，配套齊全。 – 1 – 董事會認為，本公司以合理成本收購成都市成華區地塊，將增加本公司的優質土地儲備，並進 一步鞏固本公司在成都的戰略地位。 承董事會命 越秀地 ...

本公告乃由越秀地產股份有限公司（「本公司」）董事會根據香港聯合交易所有限公司證券上市 規則（「上市規則」）第13.18條之披露規定而作出。 450,000,000港元之定期貸款融資 於二○二六年三月三十一日，泓景有限公司（「泓景」）（作為借款人）與一家銀行（「貸款人」） 訂立一份融資協議（「融資協議一」），據此，貸款人在融資協議一的條款及條件之規限下提供 450,000,000港元之定期貸款融資，最長貸款期由首次提款日期起計18個月。泓景為本公司全 資附屬公司，其於融資協議一項下責任由本公司擔保。 融資協議一規定，倘本公司之控股股東越秀企業（集團）有限公司（「越秀企業」）於本公司已發 行之具投票權股份中持有少於30%之直接或間接權益，或倘越秀企業不再是本公司單一最大 實益股東的地位，或倘越秀企業不再對本公司行使有效之管理控制權，即構成違約事件。若發 生有關違約事件，則貸款人可宣佈融資協議一項下所有債項已立即到期應付。 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之內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不就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之任何損失承 ...

Financial Performance - Revenue for the year was approximately RMB 86.46 billion, a year-on-year increase of 0.1%[3] - Gross margin was approximately 7.8%, a decrease of 2.7 percentage points year-on-year[3] - Profit attributable to equity holders was approximately RMB 0.06 billion, a year-on-year decrease of 94.7%[3] - Core net profit was approximately RMB 0.26 billion, a year-on-year decrease of 83.5%[3] - Total operating revenue for the group in 2025 was RMB 86,457,288 thousand, compared to RMB 86,400,562 thousand in 2024, indicating a marginal increase of 0.1%[24] - The operating profit for the group was RMB 2,648,249 thousand, a decrease from RMB 3,451,169 thousand in the previous year[22] - The group reported a pre-tax profit of RMB 3,321,023 thousand, down from RMB 4,195,629 thousand year-on-year[22] - The total tax expense for 2025 was RMB 3,148,308 thousand, down from RMB 4,968,561 thousand in 2024, representing a decrease of approximately 36.6%[33] - The group reported a total borrowing cost of RMB 3,716,805 thousand in 2025, down from RMB 4,841,127 thousand in 2024, a decrease of about 23.2%[27] Sales and Contracted Sales - Total contracted sales amounted to approximately RMB 106.21 billion, a year-on-year decrease of 7.3%[4] - The cumulative contract sales amount for 2025 was approximately RMB 106.21 billion, a year-on-year decrease of 7.3%, with a total sales area of about 2.95 million square meters, down 24.7%[64] - In the core six cities, the contract sales reached approximately RMB 90.9 billion, accounting for 85.6% of the total contract sales[46] - The average price per square meter for contract sales in 2025 was RMB 36,000, an increase of 23.3% year-on-year[64] Assets and Liabilities - Cash and bank balances, including restricted deposits, totaled approximately RMB 46.76 billion, a decrease of 6.6%[5] - Total assets as of December 31, 2025, decreased to RMB 369,744,870 thousand from RMB 410,452,984 thousand in 2024, representing a decline of approximately 9.9%[23] - Current assets decreased to RMB 297,685,814 thousand in 2025 from RMB 340,791,865 thousand in 2024, representing a decline of about 12.6%[9] - Current liabilities decreased significantly to RMB 182,044,974 thousand in 2025 from RMB 220,514,657 thousand in 2024, a reduction of approximately 17.4%[10] - The total liabilities decreased from RMB 306,373,816 thousand in 2024 to RMB 263,912,482 thousand in 2025, a decrease of approximately 13.8%[10] - The company's equity attributable to shareholders remained stable at RMB 54,817,260 thousand in 2025 compared to RMB 55,261,066 thousand in 2024[10] Investments and Land Acquisition - The company acquired 25 new land parcels in 9 cities, with a total investment of approximately RMB 24.4 billion, focusing on core cities[4] - The company acquired 25 quality land parcels, adding approximately 2.78 million square meters of land reserves, with an investment amount of approximately RMB 24.4 billion[47] - As of the end of 2025, the total land reserves amounted to approximately 18.55 million square meters, with 94.4% concentrated in first and second-tier cities[48] Financing and Debt Management - The net gearing ratio was 54.9%, an increase of 3.2 percentage points year-on-year[5] - The weighted average borrowing interest rate was 3.05%, a decrease of 44 basis points year-on-year[5] - The company issued two domestic bonds totaling RMB 2.9 billion with coupon rates between 1.95% and 2.5%, and one offshore dim sum bond of RMB 2.85 billion with a coupon rate of 3.3%[50] - The company’s sustainable financing accounted for 35.0% of the total financing by year-end, with RMB 2.85 billion in green dim sum bonds issued[53] - The group has approximately HKD 143.4 billion (equivalent to RMB 129.5 billion) in bank loans denominated in HKD as of December 31, 2025[91] Operational Efficiency - The company's basic earnings per share for 2025 was RMB 0.0137, compared to RMB 0.2584 in 2024[38] - The group’s financial income was RMB 699,179 thousand, while financial expenses totaled RMB 828,323 thousand[22] - The group's share of net profit from joint ventures in 2025 was approximately RMB 1.219 billion, up from RMB 1.021 billion in 2024, mainly driven by net investment income from cooperative projects[79] - The group’s operating costs not allocated amounted to RMB 36,316 thousand, down from RMB 103,675 thousand in the previous year[22] Market Position and Strategy - The company aims to strengthen its market position in the Greater Bay Area and achieve sales targets of RMB 100 billion while ensuring financial stability and maintaining investment-grade credit ratings[57] - The group plans to continue implementing policies to stabilize the economy and the real estate market in response to ongoing economic challenges[91] - The company is focused on enhancing property services and expanding value-added services to achieve high-quality growth[58] Employee and Workforce - The group employs approximately 14,000 employees as of December 31, 2025, down from 14,940 employees as of June 30, 2025[95]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report indicates that the recent weekly transaction data shows a continued year-on-year decline in new and second-hand housing sales across 30 cities, reflecting a slight shortfall in the expected "small spring" recovery. However, new local policies in cities like Suzhou, Nanchang, Qingdao, and Guangzhou are expected to improve supply and demand dynamics, leading to price stabilization in the real estate market [5][6][46]. Summary by Sections Policy Developments - Multiple cities have introduced local policies aimed at revitalizing the real estate market, including: - Suzhou's implementation of a housing fund interest subsidy for young talents starting April 1, 2026, covering 50% of the actual interest paid on housing fund loans, with a maximum subsidy of 50,000 yuan [6][13]. - Qingdao's initiative to explore efficient utilization of idle land resources [6][14]. - Guangzhou's measures to promote modular construction in new public housing projects [6][15]. Market Performance - Sales data shows a decline in both new and second-hand housing transactions: - In the 13th week of 2026, the new housing transaction area in 30 cities was 2.912 million square meters, down 8.5% year-on-year, with a cumulative decline of 18.4% [7][16]. - The second-hand housing transaction area in 15 cities was 200.2 million square meters, down 8% year-on-year, with a cumulative decline of 8.5% [24][25]. Investment Trends - The land transaction area in 100 major cities increased by 21% year-on-year in the 13th week of 2026, totaling 2.554 million square meters. However, the cumulative land transaction area for the first 13 weeks of 2026 showed a decline of 5% [32][33]. Price Trends - The Iceberg 100 Index, which tracks second-hand housing prices, was reported at 9983, reflecting a week-on-week decrease of 0.1% and a year-on-year decrease of 12.4% [42][44]. Investment Recommendations - The report maintains a "Positive" rating for the industry, suggesting that the recent local policies will lead to improved market conditions. Recommended stocks include: - Strong credit real estate companies that cater to improving customer demand: China Jinmao, Jianfa International Group, China Merchants Shekou, and others [5][46]. - Companies benefiting from both residential and commercial real estate recovery: China Resources Land, New Town Holdings, and Longfor Group [5][46]. - Quality property management firms under the "Good House, Good Service" policy: China Resources Mixc Life, Greentown Service, and others [5][46].

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [4][6] Core Insights - The real estate market is showing positive signals, particularly in core cities, with Shanghai's second-hand housing transactions nearing recent highs. In March 2026, the number of second-hand homes sold in Shanghai, Beijing, and Shenzhen were 27,733, 17,153, and 4,671 respectively, with year-on-year changes of +4.5%, -1.3%, and -17.0% [1][11] - The new housing market in 30 cities recorded a transaction area of 2.277 million square meters this week, a month-on-month increase of 16.1% but a year-on-year decrease of 6.7%. The first-tier cities accounted for 546,000 square meters, with a month-on-month increase of 9.1% and a year-on-year decrease of 10.2% [2][34] - The report emphasizes the importance of observing real estate data over a longer cycle and the transmission chain from second-hand to new housing [1][11] Summary by Sections Second-hand Housing Market - In March 2026, Shanghai's second-hand housing transactions are expected to exceed 30,000 units, with a significant daily transaction peak of 1,585 units on March 28, the highest since 2022 [1][11] - The average daily transaction volumes for Shanghai, Beijing, and Shenzhen are 991, 613, and 167 units respectively [1][11] New Housing Market - The new housing transaction area in first-tier cities was 546,000 square meters, while second-tier cities saw 1.248 million square meters, and third-tier cities recorded 482,000 square meters [2][34] - Cumulative new housing transaction area for the first 12 weeks of the year in 30 cities is 1,538.9 million square meters, reflecting a year-on-year decrease of 29.6% [2][34] Credit Bond Market - A total of 14 credit bonds were issued by real estate companies this week, amounting to 10.301 billion yuan, a decrease of 5.33 billion yuan from the previous week [3][49] - The net financing amount was -4.885 billion yuan, indicating a significant increase in the repayment volume [3][49] Investment Recommendations - The report suggests focusing on real estate-related stocks due to the expected policy support and improving competitive landscape, particularly favoring first-tier and select second-tier cities [4][6]

Core Insights - The report indicates a recovery in real estate prices, with capital market sentiment expected to reach a "singularity" soon [1] - The industry rating remains at "Buy," consistent with previous assessments [2] Policy Updates - Local governments are implementing targeted policies, such as Nanjing's "sell old buy new" loan interest subsidy, which offers a 1% subsidy on total loan amounts for buyers completing transactions by the end of 2026 [5][16] - Other cities like Zhengzhou and Chengdu are optimizing housing fund policies to support home purchases [16][17] Transaction Performance - The new housing market is showing signs of improvement, with a 31.6% week-on-week increase in transaction area across 49 cities, and a year-on-year increase of 48.1% when aligned with the Spring Festival [19][20] - Second-hand housing transactions also saw a 7.5% week-on-week increase, with a year-on-year growth of 13.5% [19] Market Sentiment - The report notes a significant increase in new housing supply, with a 58% week-on-week rise in new housing launches, while second-hand listings continue to decline [5] - The sentiment in the second-hand housing market remains unexpectedly strong, contributing to a gradual recovery in market confidence [5] Land Market Performance - The report highlights a decrease in land transaction volumes, with a 37.3% week-on-week drop in land sales revenue across 300 cities [19] Company Valuations and Financial Analysis - Key companies in the real estate sector are rated as "Buy," with reasonable values set for several firms, including Vanke A at 7.64 RMB and China Overseas Development at 16.02 HKD [6] - The report provides detailed financial metrics for various companies, indicating potential for valuation recovery [6] C-REITs Market Overview - The C-REITs sector saw a 0.85% decline in the comprehensive return index, with 12 out of 78 REITs experiencing gains [5]

（在香港註冊成立的有限公司） （股份代號：00123） 非執行董事 張貽兵 蘇俊杰 獨立非執行董事 余立發 董事名單與其角色和職能 越秀地產股份有限公司董事（「董事」）會（「董事會」）成員載列如下。 執行董事 林昭遠 （董事長） 朱輝松 （副董事長、總經理） 江国雄 （聯席總經理） 賀玉平 陳靜 劉艷 | | | | 董事會委員會 | | | --- | --- | --- | --- | --- | | | | | | 可持續發展 | | 董事 | 審核委員會 | 薪酬委員會 | 提名委員會 | 委員會 | | 林昭遠 | | M | C | C | | 朱輝松 | | | | M | | 江国雄 | | | | M | | 賀玉平 | | | M | | | 陳靜 | | | M | | | 余立發 | C | C | M | M | | 李家麟 | M | M | M | M | | 劉漢銓 | M | M | M | M | | 張建生 | M | M | M | M | 附註： C 有關委員會的主席 M 有關委員會的成員 香港，二○二六年三月二十五日 李家麟 劉漢銓 張建生 董事會設立四個委員會。下 ...

（股份代號：00123） 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之內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不就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之任何損失承擔任 何責任。 （在香港註冊成立的有限公司） 香港，二○二六年三月二十五日 公 告 於本公告刊發日期，董事會成員包括： 委任提名委員會成員 執行董事： 林昭遠（董事長）、朱輝松、江国雄、賀玉平、陳靜及劉艷 非執行董事： 張貽兵及蘇俊杰 獨立非執行董事： 余立發、李家麟、劉漢銓及張建生 越秀地產股份有限公司董事（「董事」）會（「董事會」）謹此公佈，為提高董事會下屬提名委員會 多元化，並促進公司整體良好的公司管治常規，執行董事陳靜女士已獲委任為董事會下屬提名 委員會成員，自二○二六年三月二十五日起生效。 承董事會命 越秀地產股份有限公司 余達峯 公司秘書 ...

Investment Rating - The report maintains a "Recommendation" rating for the real estate sector, specifically highlighting the potential of companies like China Resources Land and Greentown China [2]. Core Insights - The real estate sector has seen a 4.2% decline in the 12th week, ranking 15th among 31 primary industry sectors [9][10]. - New home transactions increased by 33% week-on-week, while year-on-year, they decreased by 13% [22]. - The report emphasizes the importance of precise land acquisition for developers to ensure asset yield and suggests focusing on companies with strong regional expertise [2]. Industry Overview - **Basic Data**: The real estate sector comprises 107 listed companies with a total market capitalization of approximately 1,109.43 billion yuan [2]. - **Sales Performance**: In the 12th week, the average daily transaction area for new homes in 20 cities was 32.7 million square meters, with a total transaction area of 229 million square meters [22][25]. - **Year-to-Date Performance**: From the beginning of the year, the total transaction area for new homes in 20 cities was 1,658 million square meters, reflecting a 21% year-on-year decrease [22]. Policy Developments - Recent policies in various regions aim to stimulate the real estate market, including measures to support housing for sanitation workers and incentives for families with multiple children [17][19]. - Nanjing has introduced specific measures to stabilize the real estate market, focusing on differentiated housing supply and encouraging housing consumption [17][19]. Company Dynamics - **China Jinmao**: Acquired a land parcel in Changsha for 2.027 billion yuan, with a floor price of approximately 11,010 yuan per square meter [21]. - **China Resources Land**: Secured four land parcels in Shenyang for a total of 3 billion yuan, setting a record for the largest single land acquisition in the city in nearly a decade [20][21]. - **Vanke and Others**: Successfully acquired a "commercial-to-residential" land parcel in Qingdao for a total price of 998 million yuan, with a floor price of 9,010 yuan per square meter [21].