Group 1 - The company plans to publicly issue 46,493,334 shares, accounting for 25% of the total share capital after the issuance [1] - Senior management and core employees will participate in a strategic placement plan, intending to subscribe for 10% of the public offering, which amounts to 4,649,334 shares, with a subscription amount not exceeding 166.45 million yuan [1] - The initial inquiry date for the issuance is set for November 11, 2025, with the subscription date on November 14, 2025, aiming for a listing on the Shenzhen Stock Exchange [1] Group 2 - The company's main business includes the research, production, and sales of giant all-steel radial tires for engineering machinery, as well as the operation management of mining tires [1] - The company has developed the production technology and mass production capability for a full range of all-steel giant tires (rim diameter of 49 inches and above) since its establishment in 2005, serving hundreds of mines domestically and internationally [1] - The net profits attributable to the parent company for the years 2022 to the first half of 2025 are 354 million yuan, 654 million yuan, 679 million yuan, and 341 million yuan respectively [2] Group 3 - The sales revenue for the company's 63-inch all-steel giant tire products during the same period were 67.86 million yuan, 101.50 million yuan, 85.08 million yuan, and 55.52 million yuan respectively [2] - As of the end of the reporting period, the total amount of orders for the 63-inch all-steel giant tires within one year was 43.67 million yuan [2] - The funds raised from the share issuance, after deducting relevant issuance costs, will be used for projects related to the company's main business, including expansion of all-steel giant engineering radial tire production and automation upgrades, research center construction, and working capital supplementation, totaling approximately 2.852 billion yuan [2]

Investment Rating - The investment rating for the real estate industry is "Positive" (maintained) [3] Core Views - The real estate sector is a crucial asset allocation and investment direction for Chinese households, with stable housing prices being significant for facilitating economic circulation. The 20th Central Committee's Fourth Plenary Session emphasized promoting high-quality development in real estate, indicating potential policy support [4][48] - There is an anticipated wave of development for high-quality housing due to policy guidance and changes in supply-demand structure, with a focus on core cities and strong land acquisition capabilities [4][48] Market Performance - The Shanghai Composite Index rose by 0.1%, the Shenzhen Component Index rose by 0.7%, and the ChiNext Index rose by 0.5%. The real estate sector (Shenwan) fell by 0.7% during the week [4][7] - In the new housing market, 42 key cities recorded a total transaction of 2.43 million square meters, a week-on-week increase of 4.8%, but a year-on-year decrease of 41.1% [14][18] - For the month of October, new housing transactions in 42 key cities totaled 8.43 million square meters, a year-on-year decrease of 34.6% [18][19] Data Tracking New Housing Transactions - In the week of October 25-31, new housing transactions in 42 key cities totaled 2.43 million square meters, with a year-on-year decrease of 41.1% [14] - For October, new housing transactions totaled 8.43 million square meters, a year-on-year decrease of 34.6% [18] Second-Hand Housing Transactions - In the week of October 25-31, second-hand housing transactions in 21 key cities totaled 2.05 million square meters, a year-on-year decrease of 23.6% [30] - For October, second-hand housing transactions totaled 7.32 million square meters, a year-on-year decrease of 21.2% [33] Industry News - The Ministry of Housing and Urban-Rural Development is promoting a system of selling existing homes to mitigate delivery risks. Additionally, five departments issued a plan to support qualified commercial real estate projects in issuing Real Estate Investment Trusts (REITs) [45] - Guangzhou has released guidelines for constructing quality housing, emphasizing green construction and energy-efficient appliances [45] - Policy adjustments in housing provident funds have been made, including increasing the maximum ratio of monthly repayments to family income from 55% to 60% in Hainan [45] Company Announcements - In Q3 2025, several companies reported their net profits, with notable figures including China Vanke at -16.07 billion yuan (a year-on-year decrease of 98.6%) and China Merchants Shekou at 1.05 billion yuan (a year-on-year decrease of 11.4%) [48][50] - Financing activities include a loan agreement where Shenzhen Metro Group will provide up to 22 billion yuan to China Vanke [48][50]

Core Insights - Yuexiu Property achieved a contract sales amount of approximately RMB 12.29 billion in October 2025, representing a year-on-year decrease of about 8.0% [1] - For the period from January to October 2025, the cumulative contract sales amount reached approximately RMB 92.102 billion, a year-on-year increase of about 1.2%, while the cumulative contract sales area decreased by approximately 25.1% [1] - The cumulative contract sales amount accounted for 76.4% of the company's contract sales target of RMB 120.5 billion for 2025 [1] Land Acquisition Summary - In October 2025, Yuexiu Property acquired five new land parcels, including three residential plots in Guangzhou with a total buildable area of approximately 167,800 square meters and total land costs of RMB 33.27 billion [2] - Additionally, a residential and cultural land parcel in Shanghai was acquired with a buildable area of approximately 153,900 square meters at a land cost of RMB 14.7 billion [2] - A residential land parcel in Chengdu was also acquired, with a buildable area of approximately 115,200 square meters and a land cost of RMB 12.55 billion [2]

Group 1: Housing and Real Estate Developments - Xi'an has initiated the registration and allocation process for 1,149 units of affordable rental housing, as per the guidelines from the local government [1] - China State Construction and Hubei Lian Investment acquired the DX04-0102-6038 land plot in Xihongmen, Beijing, for a base price of 1.904 billion yuan, covering approximately 27,600 square meters with a planned building area of about 63,500 square meters [2] - Yuexiu Property reported a contract sales amount of approximately 12.29 billion yuan in October, reflecting a year-on-year decrease of about 8%, with a sales area of approximately 272,400 square meters, down 42% year-on-year [3] - Agile Group disclosed a total pre-sale amount of approximately 710 million yuan in October, corresponding to a building area of 83,000 square meters, with an average price of about 8,517 yuan per square meter [4] Group 2: Property Management Sector - According to a report from the China Index Academy, the top 50 property service companies added approximately 60.83 million square meters of new contract area in October, indicating continued expansion among leading firms [5] - The average new contract area for these top companies was 1.22 million square meters, with notable growth from companies like China Resources Vientiane Life and Henan Jianye New Life Service, each exceeding 3.9 million square meters in new contracts [5]

Group 1: Housing and Real Estate Developments - Xi'an has initiated the registration and allocation process for 1,149 units of affordable rental housing, as per various government documents aimed at accelerating the development of such housing [1] - China State Construction and Hubei Lian Investment acquired the DX04-0102-6038 land parcel in Xihongmen, Beijing, for a base price of 1.904 billion yuan, covering approximately 27,600 square meters with a planned construction area of about 63,500 square meters and a floor area ratio of 2.3 [2] - Yuexiu Property reported a contract sales amount of approximately 12.29 billion yuan in October, reflecting a year-on-year decline of about 8%, with a sales area of approximately 272,400 square meters, down about 42% year-on-year [3] - Agile Group disclosed a total pre-sale amount of approximately 710 million yuan in October, corresponding to a construction area of 83,000 square meters, with an average price of about 8,517 yuan per square meter [4] Group 2: Property Services Sector - According to a report by the China Index Academy, the top 50 property service companies added approximately 60.83 million square meters of new contract area in October, indicating continued expansion among leading firms, with an average new contract area of 1.22 million square meters [5]

Core Viewpoint - Yuexiu Property disclosed its October unaudited sales report, indicating a decline in both contract sales amount and area sold compared to the previous year [1] Sales Performance - In October, Yuexiu Property achieved a contract sales amount of approximately 12.29 billion yuan, representing a year-on-year decrease of about 8% [1] - The contract sales area for the month was approximately 272,400 square meters, which reflects a year-on-year decline of about 42% [1]

Core Insights - Yuexiu Property released its unaudited sales data for the period ending October 31, 2025, indicating a decline in sales figures for October compared to the previous year [1] Sales Performance - In October, the company achieved a contract sales amount of approximately RMB 12.29 billion, representing a year-on-year decrease of about 8.0% [1] - The contract sales area for October was approximately 272,400 square meters, showing a significant year-on-year decline of about 42.0% [1] Year-to-Date Performance - For the period from January to October, the cumulative contract sales amount reached approximately RMB 92.10 billion, reflecting a year-on-year increase of about 1.2% [1] - The cumulative contract sales area for the same period was approximately 2.32 million square meters, which represents a year-on-year decrease of about 25.1% [1] - The cumulative contract sales amount accounted for 76.4% of the company's contract sales target of RMB 120.5 billion for 2025 [1]

Core Viewpoint - Yuexiu Property (00123.HK) reported a decline in contract sales for October 2025, with a total sales amount of approximately RMB 12.29 billion, representing a year-on-year decrease of about 8.0% [1] Summary by Category Contract Sales Performance - In October 2025, the company achieved a contract sales amount of approximately RMB 12.29 billion, down about 8.0% year-on-year [1] - The contract sales area for October 2025 was approximately 272,400 square meters, reflecting a year-on-year decrease of about 42.0% [1] Cumulative Sales Data - From January to October 2025, the cumulative contract sales amount reached approximately RMB 92.10 billion, which is an increase of about 1.2% year-on-year [1] - The cumulative contract sales area for the same period was approximately 2,320,800 square meters, showing a year-on-year decline of about 25.1% [1] - The cumulative contract sales amount accounted for 76.4% of the company's 2025 contract sales target of RMB 120.5 billion [1]

Core Insights - The company reported a contract sales amount of approximately RMB 12.29 billion for October 2025, with a total sales area of about 272,400 square meters [1] - From January to October 2025, the cumulative contract sales reached approximately RMB 92.10 billion, representing a year-on-year increase of about 1.2%, with a total sales area of approximately 2.32 million square meters [1] - The cumulative contract sales amount accounted for 76.4% of the company's 2025 sales target of RMB 120.5 billion [1] Land Acquisitions - In October 2025, the company's subsidiary, holding a 95.475% interest, acquired two adjacent plots in Guangzhou's Tianhe District, with total buildable areas of approximately 62,452 square meters and 105,491 square meters, for a total land cost of approximately RMB 33.27 billion [1] - The company also acquired a plot in Panyu District, Guangzhou, with a buildable area of approximately 114,771 square meters for a land cost of about RMB 11.40 billion [1] - Additionally, a subsidiary with a 95.00% interest obtained a 20% stake in a plot in Shanghai's Jing'an District, with a buildable area of approximately 153,943 square meters, for a land cost of approximately RMB 14.70 billion [2] - The company acquired another plot in Chenghua District, Chengdu, with a buildable area of approximately 115,174 square meters for a land cost of about RMB 12.55 billion [2]

Core Insights - The company achieved a contract sales amount of approximately RMB 12.29 billion in October 2025, with a total contract sales area of about 272,400 square meters [1] - From January to October 2025, the cumulative contract sales amounted to approximately RMB 92.10 billion, representing a year-on-year increase of about 1.2%, with a cumulative sales area of approximately 2.32 million square meters [1] - The cumulative contract sales amount accounted for 76.4% of the company's 2025 contract sales target of RMB 120.5 billion [1] Land Acquisitions - In October 2025, the company, through a subsidiary with a 95.475% equity interest, acquired two adjacent plots in Tianhe District, Guangzhou, with a total buildable area of approximately 62,452 square meters and 105,491 square meters, respectively, for a total land cost of approximately RMB 33.27 billion [1] - The company also acquired a plot in Panyu District, Guangzhou, with a buildable area of approximately 114,771 square meters for a land cost of approximately RMB 1.14 billion [2] - Additionally, a subsidiary with a 95.00% equity interest obtained a 20% stake in a plot in Jing'an District, Shanghai, with a buildable area of approximately 153,943 square meters for a land cost of approximately RMB 1.47 billion [2] - The company further acquired a plot in Chenghua District, Chengdu, with a buildable area of approximately 115,174 square meters for a land cost of approximately RMB 1.26 billion [2]