Core Viewpoint - Yuexiu Property's 2025 interim performance report shows significant revenue growth and stable profit distribution, indicating a strong market position and effective strategy in high-capacity cities [1][2] Group 1: Financial Performance - Total revenue for the first half of 2025 reached 47.57 billion RMB, a year-on-year increase of 34.6%, marking seven consecutive years of revenue growth [1] - Core net profit and net profit attributable to shareholders were 1.52 billion RMB and 1.37 billion RMB, respectively [1] - The company maintained a stable dividend payout ratio for 14 years, with a mid-year payout ratio of 40% and a dividend of 0.151 RMB per share [1] Group 2: Sales Performance - Contract sales for the first half of 2025 amounted to 61.5 billion RMB, representing an 11% year-on-year growth, positioning the company as one of the only three firms in the top 10 with positive growth [1] - The company ranked 8th in industry sales, with over 80% of sales coming from first-tier cities, which are key drivers of revenue growth [1] - Notable sales included 15.2 billion RMB from projects in Beijing and 2.3 billion RMB from a project in Shanghai, with high sales rates in Guangzhou [1] Group 3: Strategic Focus - The company's long-term strategy of focusing on high-capacity cities is yielding results, with strong purchasing power and stable demand in core markets [2] - High-quality projects that align with market demand have optimized revenue structure and supported high-quality growth [2] - In addition to core real estate, commercial, service, and healthcare sectors are contributing to revenue stability, with property management revenue at 966 million RMB and service revenue at 1.962 billion RMB [2]

EF001 免責聲明 EF001 發行人所發行上市權證/可轉換債券的相關信息 發行人所發行上市權證/可轉換債券 不適用 其他信息 其他信息 不適用 發行人董事 於本公告刊發日期，董事會成員包括： 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 第 2 頁 共 2 頁 v 1.1.1 | 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 | | | --- | --- | | 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。 | | | 股票發行人現金股息公告 | | | 發行人名稱 | 越秀地產股份有限公司 | | 股份代號 | 00123 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至2025年6月30日止半年度之中期股息 | | 公告日期 | 2025年8月26日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 中期（ ...

（在香港註冊成立的有限公司） （股份代號：00123） 二○二五年中期業績公告 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。 業績摘要 – 1 – ‧ 營業收入約為人民幣475.7億元，同比上升34.6%。 ‧ 毛利率約為10.6%，同比下降3.1個百分點。 ‧ 權益持有人應佔盈利約為人民幣13.7億元，同比下降25.2%。 ‧ 核心淨利潤*約為人民幣15.2億元，同比下降12.7%。 ‧ 期內累計合同銷售（連同合營企業及聯營公司項目的銷售）金額約為人民幣 615.0億元，同比上升11.0%，完成全年合同銷售目標人民幣1,205億元的 51.0%。根据克而瑞統計，本集團上半年銷售金額排名保持全國前8。 ‧ 期內於6個城市新增13幅土地，總建築面積約為148萬平方米，全部位於一 線和二線城市。截至六月三十日，總土地儲備達到約2,043萬平方米。總土地 儲備中94%位於一線和二線城市。 – 2 – ‧ 截至六月三十日，本集團「三道紅線」保持「綠檔」達標 ...

Core Viewpoint - The Hong Kong property stocks experienced a collective decline after a brief rise, indicating market skepticism about the sustainability of recent policy changes aimed at boosting the real estate sector [1] Group 1: Market Performance - Major property stocks such as Shimao Group, New World Development, and Greentown China saw significant declines, with Shimao Group dropping by 6.4% and New World Development by 4.55% [1] - Other companies like China Jinmao, Midea Real Estate, and Country Garden also faced losses, with declines exceeding 2% [1] Group 2: Policy Impact - The recent policy adjustment in Shanghai, known as "Six Measures," allows unlimited purchases for eligible buyers outside the outer ring and treats single buyers as families, which initially boosted market confidence [1] - Despite the short-term positive impact, there are ongoing doubts about the long-term effectiveness of these policies and the actual improvement in the market fundamentals [1] Group 3: Future Outlook - The market requires continuous support beyond initial policy changes, with a focus on whether more cities will follow suit and how existing policies will be implemented, particularly regarding credit support [1]

Group 1 - The core viewpoint of the news is the launch of a long-awaited pure villa project in Guangzhou's core urban area, named Jinmao Yuexiu | Puyue Villa, developed by China Jinmao and Yuexiu Property [1][5] - The project is located in the World Grand View area, which has seen significant developments including the establishment of educational institutions and various themed parks [7] - The project features high-end residential styles from both Jinmao and Yuexiu, designed by renowned international design firms [5] Group 2 - In April, Jinmao acquired the World Grand View Phase IV land parcel for 1.077 billion yuan, with a low plot ratio of 1.1, suggesting a focus on villa-type products [3] - The newly unveiled villa project offers 110 units with a building area ranging from 190 to 360 square meters, starting at a total price of 20 million yuan [7] - The previous Yuexiu project in the same area had a signed average price of 78,000 yuan per square meter in 2024, projected to rise to 87,000 yuan per square meter in 2025, indicating a strong market demand [7]

Core Viewpoint - Yuexiu Property has been granted a "BBB-" long-term issuer credit rating with a stable outlook by S&P, reflecting its competitive position in the market despite industry challenges [1][8]. Group 1: Rating and Market Position - The recognition from international rating agencies is rare among real estate companies, indicating that high-quality firms like Yuexiu Property are gaining more development opportunities in a recovering market [2]. - S&P expects Yuexiu Property's contract sales to reach approximately 120 billion yuan by 2025, representing a growth of 4%-5% compared to 2024, driven by strong sales performance in high-end projects in Beijing and Shanghai [2][4]. Group 2: Sales Performance - In the first half of the year, Yuexiu Property achieved a contract sales amount of 61.5 billion yuan, an 11% increase, surpassing the overall market trend where many developers faced declines [4]. - The company recorded significant sales in key cities, with projects in Shanghai and Beijing achieving remarkable sales figures, including 23 billion yuan from Yuexiu Jing'an Tianyue and 152 billion yuan from two projects in Haidian, Beijing [4][5]. Group 3: Investment Strategy - Yuexiu Property's success is attributed to its precise investment strategy, with over 70% of its new land reserves in first-tier cities, totaling 1,971 million square meters as of December 2024 [5][6]. - The company focuses on core cities and selectively adds land reserves, which helps mitigate operational risks during national expansion [5][6]. Group 4: Financial Health - As of the end of 2024, Yuexiu Property maintained all "three red lines" indicators in the green zone, with a liability-to-asset ratio of 68.1% and a net debt ratio of 51.7% [6][7]. - The company reported a net operating cash inflow of 21.73 billion yuan and had cash reserves exceeding 50 billion yuan, indicating strong cash flow health [6][7]. Group 5: Future Outlook - S&P believes that Yuexiu Property will maintain its market position over the next one to two years, supported by its strategic importance within Yuexiu Group and expected backing from its parent company [8]. - The stable outlook from both S&P and Fitch reflects an increasing recognition of Yuexiu Property in the capital markets, positioning it favorably to benefit from improving real estate policies in major cities [7][8].

国际评级机构对中国房地产行业释放出积极信号。 8月25日，国际三大评级机构之一的标普发布报告，授予越秀地产(00123.HK)投资级评级，评级展望为稳定。与此同时， 标普授予公司的长期发行人信用评级为"BBB-"。至此，越秀地产成为行业内唯一获得标普投资级评级的地方国企。 标普在评级报告中强调，越秀地产获得该评级主要得益于其强大的政府与越秀集团支持背景、高度集中于高能级城市的 土地储备以及多元顺畅的融资渠道。越秀地产作为越秀集团的核心企业，同时获得广州市政府对维持房地产稳健发展的 持续支持。此外，标普指出，公司长期深耕一线及强二线城市，良好的市场口碑与经济韧性强的区域布局为其业绩提供 了稳定支撑。 越秀成为行业新"三好"学生 2025年上半年，越秀地产在投资、产品和财务等方面的表现十分亮眼，持续领跑行业。1-6月，公司实现合同销售额615 亿元，同比增长11%，增速位于TOP10房企第二名，在核心城市群的市场份额不断扩大，北京排名第一，广州第二，上海 第六。 产品力已成为越秀地产的核心竞争力，此前发布的"4×4好产品理念"被业内视为"好房子"的引领标准，多个高品质项目在 今年取得出色销售成绩。北京海淀的和樾望 ...

Group 1 - S&P has granted Yuexiu Property a stable investment-grade rating, making it the only local state-owned enterprise in the industry to receive such a rating [1] - The rating is supported by strong government backing, concentrated land reserves in high-energy cities, and diverse financing channels [1][2] - Yuexiu Property's recent performance includes a contract sales amount of 61.5 billion yuan in the first half of 2025, representing an 11% year-on-year increase, ranking second among the top 10 real estate companies [3] Group 2 - The company has successfully issued bonds at historically low rates, with a five-year interest rate of 1.95% and a ten-year rate of 2.50%, enhancing its investment capacity and operational stability [4] - The positive outlook from international rating agencies signals a recovery in the real estate market, potentially leading to lower international financing costs for the company [2][5] - Yuexiu Property's strategic focus on high-quality projects and expansion into key cities positions it well for sustainable growth in the evolving real estate landscape [3][5]

Group 1 - The event on the night of August 23 was a grand tribute to the millennium-old Grand Canal, featuring an unprecedented drone light show in Hangzhou [1][6] - Hundreds of drones created stunning visual narratives, depicting the winding beauty of the canal and symbolizing life and heritage through artistic representations [5][6] - The drone show marked the beginning of a new aesthetic lifestyle along the canal, celebrating the cultural significance of the Grand Canal and envisioning a beautiful future [6][10] Group 2 - The Grand Canal has historically shaped Hangzhou's urban structure, serving as a vital waterway since the Southern Song Dynasty, facilitating trade and cultural exchange [14][16] - The Hangzhou section of the Grand Canal was recognized as a UNESCO World Heritage site in 2014, with a cultural landscape stretching 29 kilometers along its banks [17] - The canal continues to influence contemporary urban development in Hangzhou, linking historical and modern residential areas along its axis [20] Group 3 - Yuexiu Group, originating from Guangzhou, has been deeply involved in Hangzhou's real estate market for 15 years, emphasizing a respect for time and heritage in its developments [25] - The latest project, located along the Grand Canal, is the ninth in Yuexiu's series of developments, aiming to create a low-density, lush living environment that reflects Hangzhou's unique culture [35]

为鼓励和吸引人才在上海生活，上海官方也对符合条件的非沪籍居民家庭所购第一套房，暂免征收房产 税。第二套及以上住房，人均可扣除60平方米的免税面积。2025年1月1日起符合条件的购房者可享受这 条政策。 这是上海今年首次出台政策优化房地产政策。去年5月和9月，上海市两次出手放宽政策刺激楼市。 | 代码 | 名称 | | 涨跌幅 √ | 最新价 | 总市值 | | --- | --- | --- | --- | --- | --- | | 02202 | 万科企业 | (0) | 9.86% | 5.680 | 677.66亿 | | 00081 | 中国海外宏洋集团 | | 6.98% | 2.300 | 81.87 亿 | | 03377 | 远洋集团 | | 6.78% | 0.126 | 14.05亿 | | 01918 | 融创中国 | | 6.58% | 1.620 | 185.81 乙 | | 03301 | 融信中国 | | 5.50% | 0.211 | 3.55 Z | | 00960 | 龙湖集团 | | 5.22% | 11.280 | 788.15亿 | | 02777 | 富力地产 | ...