Summary of Yuexiu Property's Conference Call Company Overview - **Company**: Yuexiu Property - **Date**: July 25, 2025 Key Points Sales Performance - In the first half of 2025, Yuexiu Property achieved a contract sales amount of 61.5 billion yuan, completing 51% of the annual target of 120.5 billion yuan [2][3] - Major contributions came from Beijing, Shanghai, and Guangzhou, accounting for 80% of total sales [2][3] - Notable projects include HeYue WangYun and HeYue YuMing in Beijing, which topped sales rankings [3] Land Acquisition Strategy - The company acquired 11 new land parcels in major cities, totaling approximately 1.17 million square meters, with 72% of acquisitions in first-tier cities [2][5] - The rights acquisition amount was about 8 billion yuan, with a full-year target of 30 billion yuan [5] - Focus remains on core cities like Beijing, Shanghai, and Guangzhou, maintaining a rights ratio of around 60% [4][9] Financial Health - As of the end of 2024, cash reserves exceeded 50 billion yuan, a year-on-year increase of approximately 9% [6] - The company maintains a "green" status under the "three red lines" policy and has seen a reduction in financing costs from 3.82% to 3.49% [6] - Full-year gross profit margin is expected to be no less than 10%, with a projected decline in net profit attributable to shareholders by 20%-25% due to market price fluctuations [4][16] Future Outlook - The total salable resources for the year are estimated at 235.4 billion yuan, with a de-stocking target of 51% [7] - The company plans to focus on investment opportunities in eight cities, including Beijing, Shanghai, Guangzhou, and Hangzhou [7][10] - The annual sales target for 2025 is set at 240 billion yuan, with no adjustments anticipated [8] Market Conditions - The overall real estate market in core cities remains relatively stable compared to second and third-tier cities, with price fluctuations noted [10] - The company expects the market conditions in the second half of the year to mirror those of the first half [10][18] Product Development - The company has enhanced its product offerings, particularly in the high-end market, with new projects in Guangzhou and Shanghai [14] - The design and planning of new products reflect a deep understanding of local market needs, contributing to higher occupancy rates [14] Policy and Economic Environment - Future real estate policies are expected to focus on interest rate reductions and land supply management to stimulate the market [18] - The company is actively engaging with local governments to optimize land use and enhance project execution [15][12] Shareholder Engagement - The company emphasizes market value management, maintaining a stable dividend policy at 40% of core net profit [19] - Ongoing efforts to enhance shareholder value through stock incentive plans for management [19] Additional Insights - The company is cautious about future market conditions, particularly in less stable regions, and is prepared to adapt its strategies accordingly [17][18]

Overview - The aging population and increasing health awareness in China are driving rapid development in the health and wellness real estate market, with the market size reaching 15,510 billion yuan in 2022, a year-on-year increase of 1.51% [1][11] - However, the market is expected to decline to 13,918 billion yuan in 2024, a year-on-year decrease of 5.89%, due to the transition from a new housing era to a stock housing era [1][11] Market Segmentation - Health and wellness real estate products can be categorized into six types: smart health residential communities, active senior communities, health tourism communities/towns, medical and nursing institutions, health complexes, and health industrial parks [2][5] - The main revenue models include property sales, operational services, health and wellness services, elderly care operations, and property leasing [2] Development History - The health and wellness real estate industry in China began in the 1980s, initially focusing on basic medical care and daily assistance for the elderly [6] - The concept of "health and wellness" was proposed in 2010, leading to the establishment of health tourism demonstration bases and the integration of health services with tourism and leisure [6] Current Market Situation - The health and wellness real estate market is experiencing a downturn, with a significant decline in market size anticipated in the coming years [11] - The increasing elderly population, projected to reach 21,969 million by 2024, is creating a substantial demand for health and wellness services [9] Competitive Landscape - Major real estate companies such as Poly Developments, Greentown China, and China Resources Land are actively investing in the health and wellness sector [13][16] - Poly Developments has established a comprehensive "three-in-one" elderly care system, covering professional care, cognitive care, and travel elderly care [13][15] Future Trends - The health and wellness real estate sector is expected to focus on creating age-friendly communities that cater to both elderly and younger populations, emphasizing a vibrant community atmosphere [21] - There will be a greater emphasis on location selection, favoring suburban areas or satellite cities that offer a balance of natural surroundings and urban connectivity [21]

Core Viewpoint - The article highlights the success of Yuexiu Tianyue Jiangwan in the Zhengzhou real estate market, emphasizing its innovative product offerings and lifestyle concepts that have redefined the standards of living in the region [1][34]. Group 1: Good Products - Yuexiu Tianyue Jiangwan has achieved approximately 100% comprehensive usable area rate in its unit designs, showcasing a significant improvement in space efficiency compared to larger market units [7]. - The project features unique design elements such as a 270° panoramic balcony and a spacious integrated living area, which reimagine living spaces for enhanced social interaction and comfort [9][12]. - The construction quality is emphasized with advanced building techniques, including a maximum floor thickness of approximately 17 cm and multiple layers of insulation and waterproofing, reflecting a commitment to long-term value [12]. Group 2: Good Life - The project promotes a "hotel-level living system," transforming the concept of good living into a tangible experience that enhances daily life [13]. - Amenities include a 2600㎡ sunken hotel-style clubhouse and various recreational facilities, providing residents with a resort-like lifestyle within the community [15][20]. - The design fosters a sense of community with spaces like libraries and music halls, encouraging natural social interactions among residents [22]. Group 3: Good Future - Yuexiu Tianyue Jiangwan positions itself as a long-term asset, with guaranteed educational resources and a comprehensive 12-year schooling system for residents' children, enhancing property value stability [28][30]. - The project is located in the Jinshui 3.0 district, a government-supported urban renewal area with significant investment aimed at improving ecological and living conditions, ensuring future growth potential [34][37]. - The success of Yuexiu Tianyue Jiangwan is attributed to its systematic approach to improving living standards, which has led to its continuous top sales performance in the region [34].

Core Insights - The People's Bank of China reported that as of the end of Q2 2025, the balance of RMB real estate loans was 53.33 trillion yuan, a year-on-year increase of 0.4%, with a growth rate 0.6 percentage points higher than the end of the previous year [1] - The National Bureau of Statistics indicated that while real estate sales area and prices are still declining, the overall real estate market is moving towards stabilization, with a reduction in inventory for four consecutive months [1] - The Ministry of Housing and Urban-Rural Development emphasized the importance of promoting a stable and healthy development of the real estate market, urging local governments to implement precise policies [2] Real Estate Loan Statistics - As of the end of Q2 2025, the balance of real estate development loans was 13.81 trillion yuan, a year-on-year increase of 0.3%, with an increase of 292.6 billion yuan in the first half of the year [1] - The balance of personal housing loans was 37.74 trillion yuan, a year-on-year decrease of 0.1%, but the growth rate was 1.2 percentage points higher than at the end of the previous year, with an increase of 51 billion yuan in the first half of the year [1] Market Trends and Company Performance - The real estate market is showing signs of stabilization, with improved funding sources for real estate companies and ongoing debt restructuring efforts [2] - Companies like Sunac, R&F, and others are accelerating their debt restructuring processes, which is seen as a critical step for distressed firms [2] - China Jinmao reported a signed sales amount of 15.6 billion yuan in June 2025, a year-on-year increase of 17.29% [5] Company-Specific Updates - Vanke Enterprises reported nearly 38 billion yuan in revenue and over 35 billion yuan in sales for Q1 2025, with a repayment rate exceeding 100% [4] - China Resources Land achieved a total contract sales amount of approximately 234.5 billion yuan in June 2025, a year-on-year decrease of 26.7% [4] - Yuexiu Property's cumulative contract sales for the first half of 2025 amounted to approximately 61.5 billion yuan, a year-on-year increase of about 11% [4]

Investment Rating - The report assigns a "Buy" rating to the company, with a target price based on projected earnings growth and valuation metrics [10]. Core Insights - The company, Yuexiu Property, is a state-owned enterprise based in Guangzhou, leveraging its strong government backing and innovative business models to enhance its market position [6][15]. - The company achieved a total sales amount of 615 billion HKD in the first half of 2025, representing an 11% year-on-year increase, and ranks 8th in the industry [3][25]. - The company is expected to recover its profit margins, with projected net profits of 14 billion, 17 billion, and 18 billion HKD for 2025, 2026, and 2027, respectively, indicating significant growth [9][41]. Summary by Sections Company Overview - Yuexiu Property is a Guangzhou-based state-owned developer with a strong focus on innovation and a stable ownership structure supported by major shareholders, including Yuexiu Group and Guangzhou Metro Group [6][17]. Sales Performance - The company reported a total sales amount of 1,145 billion HKD in 2024, a decrease of 19% year-on-year, but achieved 615 billion HKD in the first half of 2025, an increase of 11% year-on-year [6][25]. - The sales ranking improved to 8th in the industry, with a notable increase in sales price driven by key projects [26][29]. Financial Performance - In 2024, the company recorded an operating revenue of approximately 864 billion HKD, a year-on-year increase of 7.7%, but faced a significant decline in net profit to about 10.4 billion HKD, down 67.3% [6][31]. - The gross profit margin fell to 10.5%, indicating pressure on profitability amid market challenges [31][37]. Investment Strategy - The company has adopted a diversified land acquisition strategy, focusing on major cities like Guangzhou, Beijing, and Hangzhou, with a land acquisition intensity maintained at around 50% [7][45]. - The investment strategy includes various models such as TOD (Transit-Oriented Development) and urban renewal, enhancing the company's land bank and operational efficiency [7][41]. Operational Efficiency - The company has shown improvements in cost control, with a sales expense ratio of 3.3% and a management expense ratio reduced to 1.8% [8][41]. - Despite a lower return on equity (ROE) of 1.9%, the company maintains a healthy financial status with a decreasing financing cost [8][41].

Core Insights - The article highlights the performance of real estate companies in Shanghai for the first half of 2025, showcasing significant sales growth compared to the previous year [9][10]. Sales Performance - The total sales amount of the top 20 real estate companies in Shanghai reached 256.06 billion yuan, representing a year-on-year increase of approximately 35% compared to the first half of 2024 [9]. - Twelve companies surpassed 10 billion yuan in sales, with Poly Developments, China Resources Land, and China Merchants Shekou leading the rankings, each exceeding 24 billion yuan [9][10]. - The total sales area for the top 20 companies was 2.996 million square meters, up about 10% year-on-year [9]. Company Highlights - Poly Developments topped the sales rankings due to its strong land reserves and product offerings, successfully launching several high-demand projects in key areas like Yangpu [9][10]. - China Resources Land combined area operation experience with TOD development practices, achieving significant sales in the Baoshan district [10]. - China Jinmao entered the top 15 in sales amount and ranked 8th in sales area, with its "Jin Yu Man Tang" product line gaining traction [10]. - Yuexiu Property's rapid rise is attributed to its focus on high-end improvement demands, successfully launching over 10 premium projects in core urban areas [10]. Market Trends - The Shanghai real estate market in the first half of 2025 exhibited characteristics of "volume decline and price increase" with a notable contraction in both supply and demand [11]. - The supply area of commodity residential properties decreased by 37% year-on-year, while transaction area fell by 8.4%, although the decline was less severe than the national average [11]. - The average transaction price for new homes reached 80,668 yuan per square meter, reflecting a year-on-year increase of 2.35% [11]. Project Performance - In June 2025, 155 openings were recorded across 103 projects, with an average absorption rate of nearly 50% [11]. - Notably, 15 projects had a subscription rate exceeding 100%, with five projects surpassing 200%, indicating strong market recognition for high-quality offerings [14]. - The top-performing project, Fei Huan Yue Fu, achieved a remarkable subscription rate of 288% [14].

（在香港註冊成立的有限公司） （股份代號：00123） 公 告 本公告乃根據上市規則第13.18條之規定而作出。 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 – 於本公告刊發日期，董事會成員包括： – 2 – 執行董事： 林昭遠（董事長）、朱輝松、江國雄、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 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。 於二○二五年七月十七日，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」），據此，貸款人在融資協議的條款及條件之規限下提供 500,000,000人民幣（或等值之港元）之定期貸款融資，貸款期由融資協議日期起計364天。泓 景為本公司全資附屬公司，其於融資協議項下責任由本公司擔保。 融資協議規定，倘本公司之 ...

Investment Rating - The report maintains a "Positive" rating for the real estate sector, anticipating stronger policies to stabilize the market [3][4][36]. Core Insights - The investment and sales in the real estate sector are both weakening, with expectations for more robust policies to halt the decline and stabilize the market [3][4]. - The report highlights that the investment in real estate from January to June 2025 has decreased by 11.2% year-on-year, with new starts down by 20.0% and completions down by 14.8% [4][19]. - Sales volume and prices are both declining, with sales area down by 3.5% and sales amount down by 5.5% in the same period [20][35]. - Funding sources are tightening, with a 6.2% year-on-year decline in total funding sources for real estate development [36][38]. Investment Analysis Investment Side - Real estate development investment totaled 466.58 billion yuan from January to June 2025, down 11.2% year-on-year, with June alone seeing a 12.9% decline [4][19]. - New starts and completions are also down significantly, with new starts down 20.0% and completions down 14.8% year-on-year [19][20]. Sales Side - The total sales area for real estate was 460 million square meters, a decrease of 3.5% year-on-year, with June seeing a 5.5% decline [20][35]. - The average selling price of properties decreased by 1.9% year-on-year, with June's average price at 9,649 yuan per square meter, down 5.6% year-on-year [34][35]. Funding Side - Total funding sources for real estate development amounted to 500.2 billion yuan, down 6.2% year-on-year, with domestic loans showing a positive growth of 0.6% [36][38]. - Sales returns are weakening, with deposits and prepayments down by 16.7% year-on-year in June [36][38].

Group 1 - China's Q2 GDP growth reached 5.2%, exceeding expectations, leading to a rally in Hong Kong stocks [1] - The Hang Seng Technology Index surged by 2.8%, while the Hang Seng Index and the National Enterprises Index rose by 1.6% and 1.65% respectively [1][2] - Major technology stocks performed strongly, with Alibaba rising nearly 7%, Meituan and Baidu up over 4%, and Tencent increasing by 3.5% [2][4] Group 2 - The cryptocurrency sector faced challenges, with Bitcoin dropping below $117,000, leading to a decline in related stocks [2] - Real estate development investment in China fell by 11.2% year-on-year in the first half of the year, impacting domestic property stocks significantly [2][13] - The construction materials and cement stocks also saw declines, with major players like Jinyu Group and Anhui Conch Cement dropping over 6% and 4% respectively [11][12] Group 3 - The innovative drug sector showed strength, with companies like BeiGene and CSPC Pharmaceutical rising over 7% [7][8] - Stablecoin-related stocks performed well, with Yunfeng Financial increasing by 19.5% and Weishi Jiajie up by 11% [9][10] - The entertainment sector saw gains, with China Star Group rising over 10% and Tencent Music increasing by over 5% [15] Group 4 - Southbound funds recorded a net inflow of HKD 3.824 billion, indicating strong interest in Hong Kong stocks [18] - Analysts noted a shift in investor sentiment towards undervalued stocks, with some funds looking to capitalize on recent price corrections in major internet companies [17]

智通财经7月14日电，越秀地产公告称，全资附属公司与银行达成14.5亿港元定期贷款融资。 ...