Group 1 - The company achieved a contract sales amount of approximately RMB 8.996 billion in December 2025, with a contract sales area of about 447,600 square meters [1] - For the entire year of 2025, the cumulative contract sales amount reached approximately RMB 106.21 billion, covering a total sales area of around 2.9525 million square meters [1] - The cumulative contract sales amount accounted for approximately 88.1% of the company's contract sales target of RMB 120.5 billion for 2025 [1] Group 2 - The company did not acquire any new land reserves in December 2025 [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。 – 1 – 上述資料是未經審計及根據本公司內部資料匯總編製而成，鑒於收集和核對該等資料過程中存 在各種不確定性，該等資料與未來本公司每年或每半年刊發的經審計或未經審計的財務報表中 披露的數據可能存在差異，因此上述資料僅作為供投資者參考。投資者交易本公司證券時，務 須小心謹慎，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問 的專業意見。 承董事會命 越秀地產股份有限公司 （在香港註冊成立的有限公司） （股份代號：00123） 公 告 截至二○二五年十二月三十一日未經審計銷售資料 越秀地產股份有限公司（「本公司」）董事會（「董事會」）謹此公佈截至二○二五年十二月三十一 日的未經審計銷售統計資料如下： 二○二五年十二月，本公司實現合同銷售（連同合營企業及聯營公司項目的合同銷售）金額約 為人民幣89.96億元，同比下降約33.4%，實現合同銷售面積約為44.76萬平方米，同比下降約 8. ...

Core Viewpoint - The "2025 China Real Estate Product Power TOP100 Release Conference" highlighted the importance of product innovation and quality in the real estate industry, emphasizing a comprehensive approach to building "good houses" that meet customer needs and local adaptations [1][24]. Group 1: Industry Trends and Insights - The real estate industry is entering a critical phase focused on quality enhancement, where each company has its own understanding of what constitutes a "good house" [5]. - The conference featured discussions on the new connotations of good housing and the collaborative efforts required to enhance product vitality in the industry [3][5]. Group 2: Key Standards and Frameworks - China Electric Power Construction Group has established a comprehensive "Good House" brand standard that includes six dimensions: safety, health, green, wisdom, craftsmanship, and aesthetics, with 165 quality control parameters [6][7]. - The standard emphasizes a systematic approach to product development, integrating customer insights and local adaptations to ensure quality and efficiency [8][13]. Group 3: Customer Insights and Needs - Companies are increasingly focusing on deep customer insights to inform product standards, moving from basic needs to more complex emotional and cultural requirements [12][20]. - The core customer demands have evolved to include not only basic functionality but also quality of life and emotional fulfillment, indicating a shift in how housing is perceived [12][20]. Group 4: Challenges and Solutions - The industry faces challenges such as irrational competition and the need for better collaboration across the supply chain to meet quality standards [18][20]. - Companies are adopting a long-term perspective to navigate these challenges, emphasizing the importance of aligning product offerings with genuine customer needs and organizational capabilities [21].

Core Viewpoint - The real estate industry is gradually bottoming out and undergoing value reconstruction, adhering to the core concept of "long-termism" [1] Group 1: Sales Performance - In 2025, 10 real estate companies achieved sales exceeding 100 billion yuan, with 4 companies surpassing 200 billion yuan [1] - The top 10 companies by sales in 2025 were: Poly Developments (253 billion), Greentown China (251.9 billion), China Overseas Land & Investment (251.2 billion), China Resources Land (233.6 billion), China Merchants Shekou (186 billion), Vanke (178 billion), Jianfa Real Estate (156 billion), China Jinmao (135 billion), Yuexiu Property (128 billion), and Binjiang Group (105 billion) [2] Group 2: Investment Trends - The investment amount in 2025 reflects the industry's situation, with state-owned enterprises dominating the top ten in investment [2] - China Overseas Land & Investment, China Resources Land, Poly Developments, and China Merchants Shekou accounted for over 30% of the total investment among the top ten companies [2] - Private enterprises showed signs of recovering investment confidence, with total land acquisition exceeding 100 billion yuan in 2025, marking an 8% year-on-year increase [3] Group 3: Market Outlook - The year 2026 is expected to be a pivotal year for the industry, with ongoing debt restructuring among real estate companies and a focus on completing housing delivery tasks [3] - The market is anticipated to seek a new supply-demand balance while maintaining a stable adjustment, with potential structural recovery in residential market transactions [3] - The average annual sales area of new residential buildings in the next five years is projected to remain between 700 million and 800 million square meters [4] Group 4: Company Visions for 2026 - Poly Developments aims to enhance its core value through refined operations and digital marketing while expanding into property services and light-asset construction [5] - Greentown China focuses on product innovation and community service, emphasizing high quality and sustainability [6] - China Overseas Land & Investment plans to deepen its core business and enhance its competitive edge through technology and investment [7] - China Resources Land intends to accelerate its strategic layout and ensure high-quality project execution [8] - China Jinmao aims to become a leader in product innovation and sustainable development through a three-step strategic plan [9] - Yuexiu Property emphasizes high-quality growth through enhanced service offerings and community engagement [10] - Country Garden is shifting its focus from housing delivery to optimizing its debt structure and restoring normal operations [11] - China Communications Construction Company is committed to urban deep cultivation and digital transformation [12]

Investment Rating - The report maintains a "Recommendation" rating for the real estate sector [2] Core Insights - The real estate sector index increased by 5.1% in the second week of January 2026, ranking 11th among 31 primary industry sectors [8][10] - New housing transactions in 20 monitored cities saw a 37% year-on-year decrease, while the average daily transaction volume increased by 104% week-on-week [22][27] - The report highlights three main issues in the real estate market: declining new housing demand, unresolved inventory issues, and the negative impact of land finance on the economy [34][35] Summary by Sections Industry Basic Data - The total market capitalization of the real estate sector is approximately 12,626.37 billion [2] Policy News - In Shenyang, new policies were implemented to optimize housing fund loans, including extending the minimum down payment policy to December 31, 2026, and increasing the loan limit for new citizens and youth [18][19] - Shanghai emphasized creating a fair market competition environment through new regulations [18][19] Sales Data - In the second week, the average daily transaction volume for new homes in 20 cities was 21.8 million square meters, with total transactions of 153 million square meters [26][27] - The average daily transaction volume for second-hand homes in 11 cities was 30.3 million square meters, with total transactions of 212 million square meters [27][32] Financing - The report notes that most companies issuing bonds this week are local state-owned enterprises, with New Hope Real Estate issuing the largest amount of 8.8 billion [33] Investment Recommendations - The report suggests focusing on three areas to find alpha in the real estate market: precision in land acquisition for developers, stable assets like leading shopping centers, and leading real estate agencies [34][35]

Core Insights - The real estate industry is currently facing significant challenges, with a decline in GDP contribution from the real estate and construction sectors, dropping from 15% in 2019 to 12% in the first three quarters of 2025 [7] - The shift in housing demand from "having a house" to "having a good house" indicates a structural change in the market, with a projected annual housing demand of over 860 million square meters until 2035, primarily driven by improvement needs [7] - The report emphasizes the need for policy adjustments to address the ongoing market downturn, with potential policy directions including administrative, public fund, fiscal, urban renewal, and stock activation measures [7][9] Macro Perspective - The economy is undergoing a transformation, with a noticeable decline in the contribution of the real estate sector to GDP [7] - The population peaked in 2021 and has been declining, affecting housing demand dynamics, particularly among potential first-time buyers [7] - Employment and income expectations remain weak, impacting consumer willingness to purchase homes [7] Mid-Macro Perspective - Market transaction volumes and prices are continuously declining, with new home transactions in 100 cities down 15% year-on-year from January to November 2025 [7] - The frequency and effectiveness of local policy interventions have decreased, leading to rising inventory levels and prolonged de-stocking periods [7] - Real estate companies are experiencing significant financial strain, with funding levels dropping from 20.1 trillion yuan in 2021 to 10.8 trillion yuan in 2024 [7] Micro Perspective - Home prices in first-tier cities have seen significant declines, with second-hand home prices dropping over 35% from their peak [7] - The expectation of falling home prices is growing among residents, with 23.5% anticipating further declines as of Q3 2025 [7] - The market is witnessing a shift towards improvement-type housing, with larger units (over 120 square meters) gaining market share [7] Policy Space - Future policy adjustments are expected to focus on loosening purchase restrictions in major cities and enhancing public fund policies [9] - Fiscal measures may include subsidies for home loans and adjustments to tax policies related to property transactions [9] - Urban renewal initiatives are anticipated to expand, particularly in transforming urban villages [9] Opportunities in the Real Estate Sector - The commercial real estate sector is poised for growth by adapting to new consumer demands and creating innovative shopping experiences [9] - Residential developers focusing on core cities and high-demand housing types are likely to benefit from market shifts [9] - The report highlights the potential for real estate investment trusts (REITs) to expand, particularly in commercial properties, as the market matures [9] Investment Recommendations - The report suggests focusing on companies with strong fundamentals in core cities, such as China Resources Land and China Merchants Shekou [9] - Smaller, agile firms that have made significant sales and land acquisition strides since 2024 are also recommended for consideration [9] - Companies innovating in the commercial real estate space, such as China Resources Vientiane Life and Swire Properties, are highlighted as potential investment opportunities [9]

Group 1 - The core viewpoint of the article indicates that the sales performance of major property developers in mainland China showed significant improvement in December, with a total sales amount of 340.9 billion RMB, a 39.5% increase from November's 244.4 billion RMB [1] - The report highlights that the sales of 20 major listed developers tracked by the company increased by 48.2% month-on-month in December, primarily driven by strong performances from leading state-owned enterprises [1] - Among the top 10 developers by sales in December, 9 were state-owned enterprises, with Poly Developments (600048.SH) ranking first [1] Group 2 - The company expects that demand in the secondary housing market will continue to improve and outperform the primary market, while the new housing market is anticipated to remain stable [1] - The report suggests that buyers will continue to prefer projects from state-owned enterprises, indicating a positive outlook for companies like China Resources Land (01109) and Yuexiu Property (00123), which have demonstrated strong sales performance and execution capabilities in recent years [1] - Both China Resources Land and Yuexiu Property are given a "buy" rating due to their favorable sales track record [1]

Investment Rating - The report indicates a positive outlook for the real estate sector, suggesting that the industry is entering a phase of stable structure and profitability, with a focus on quality over quantity in land acquisition [61]. Core Insights - The 2025 land market is characterized by a "quality over quantity" approach, with a significant decrease in land supply and transaction volumes, while average transaction prices have increased [25][61]. - Central state-owned enterprises (SOEs) and leading real estate companies are becoming more active in land acquisition, with a notable increase in land acquisition intensity among major firms [48][61]. - The average premium rate for land transactions in national sample cities has risen, indicating strong competition for prime land in first and second-tier cities [31][61]. Summary by Sections Land Market Overview - In 2025, the total land supply in national sample cities decreased by 16.9% year-on-year to 1,172.42 million square meters, with first, second, and third-fourth tier cities experiencing declines of 27.6%, 6.4%, and 19.2% respectively [25][28]. - Land transaction volumes also fell by 12.5% to 986.63 million square meters, with transaction values dropping by 11.4% to RMB 28,488 billion, while the average transaction floor price increased by 3.4% to RMB 2,887 per square meter [25][28]. Premium Rates and City Focus - The average premium rate for land transactions in 2025 was 5.3%, up 1.1 percentage points year-on-year, with first-tier cities averaging 10.7% and second-tier cities at 6.2% [31][61]. - Major cities like Shanghai, Shenzhen, Hangzhou, and Chengdu saw premium rates exceeding 10%, indicating a strong demand for quality land [31][61]. Investment Strategies of Key Players - In 2025, 12 real estate companies exceeded RMB 10 billion in land acquisition, with 11 being central SOEs, highlighting the dominance of state-owned enterprises in the market [48][61]. - The land acquisition intensity for the top 100 real estate companies was 0.29, reflecting a 70.6% increase year-on-year, with Hangzhou Binjiang Real Estate Group leading at 81.9% [48][61]. Investment Recommendations - The report suggests focusing on key players in the real estate sector, including Poly Developments, China Merchants Shekou, and China Resources Land, among others, as they are well-positioned to benefit from the current market dynamics [61][65].

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [2]. Core Views - The fundamentals of the real estate industry are still bottoming out, but positive policy factors are accumulating. Recent policies include extending loan financing for whitelist projects from 2 years to 5 years and various local government initiatives to support housing and talent retention [2][26]. - The report highlights that the real estate market has undergone a deep adjustment, and with recent central government calls to stabilize the market, there is an expectation for positive policy changes ahead. The current valuation levels for quality companies are attractive [2][26]. Industry Data Summary New Home Transaction Volume - For the week of January 3-9, 2026, new home transactions in 34 key cities totaled 1.784 million square meters, a decrease of 57.3% week-on-week. Among these, first and second-tier cities saw a 58.2% decline, while third and fourth-tier cities experienced a 40.2% drop [3][4]. - Year-on-year, new home transactions in January (up to January 9) decreased by 40.9% compared to the same period last year, with first and second-tier cities down 40.6% and third and fourth-tier cities down 44.2% [4][6]. Second-Hand Home Transaction Volume - For the same week, second-hand home transactions in 13 key cities totaled 1.26 million square meters, reflecting a week-on-week increase of 12.6%. However, year-on-year, January's cumulative transactions were down 23.3% compared to last year [10]. Inventory and Sales Ratio - In the week of January 3-9, 2026, 15 key cities launched 770,000 square meters of new homes, with total sales of 640,000 square meters, resulting in a sales-to-launch ratio of 0.83. The average monthly inventory turnover for the last three months was 21.6 months, a decrease of 0.24 months [19]. Policy and News Tracking - Recent policies include the Shanghai announcement for tax relief on land use for eligible taxpayers, and Nanjing's new talent policies offering living subsidies and expanded housing rental support [26][29]. - The establishment of the first local government-guided REITs fund in Xiamen, with a target size of 5.5 billion over 10 years, aims to revitalize existing assets [26][30]. Company Dynamics - December sales data for major real estate companies showed significant declines, with China Overseas Development reporting 39.83 billion yuan (-1%), and CIFI Holdings down 58.3% to 1 billion yuan [35]. - Notable changes in shareholding include the reduction of shares by the controlling shareholder of Binhai Group, decreasing their stake to 60% [35].

Group 1 - Shanghai's first land auction of 2026 raised 4.57 billion yuan, with Yuexiu Property acquiring a plot in Pudong New District for 2.561 billion yuan [2] - The first residential land from the Shanghai Zhaojialou urban village renovation project was sold for 664 million yuan [3] - Beijing's Fengtai District plans to supply 10 plots in 2026, focusing on urban village and shantytown redevelopment projects [4] Group 2 - Guangzhou's Panyu District has approved a land reserve plan for 157 hectares aimed at creating a central innovation zone in the Bay Area [5] - China State Construction International won a residential land plot in Guangzhou's Baiyun District for 315 million yuan, with a floor price of 4,642 yuan per square meter [6] - Shenzhen's Shen International and Qianhai Construction Investment won a logistics land plot of nearly 60,000 square meters [7] Group 3 - A consortium of Sino Land and Eagle Group won a residential plot in Hong Kong's Jordan Valley for 1.61 billion HKD, with a floor price of 4,339 HKD per square foot [9] - Fuzhou's first land auction of 2026 is scheduled for January 21, with two commercial and residential plots starting at 204.5 million yuan [10] - Jiangsu Yixing's first land auction of 2026 raised 1.305 billion yuan from three residential plots, with the highest floor price at 6,648 yuan per square meter [11] Group 4 - Qingdao is offering a mixed-use land plot with a starting price of 441 million yuan and a floor price of 10,230 yuan per square meter [12] - Nantong Qidong is auctioning three residential plots with a total starting price of 1.86 billion yuan [13] - Wenzhou's Rui'an is set to auction a residential plot with a starting price of 276 million yuan [14] Group 5 - Taizhou Yuanhe Real Estate acquired a commercial and residential plot in Jinhua for 480 million yuan, with a premium rate of 32.25% [15] - Oriental Asset Management won three plots in Kunming's Songming vocational education new city, totaling 2.9 million yuan [16] - Benchmark Global Group acquired the original Aeon Mall site in Foshan Nanhai District to develop an international racing circuit [17] - Zhongnan Industry won a residential plot in Wenzhou's Longwan District for 403 million yuan, with a floor price of 12,582 yuan per square meter [18]