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） 海外監管公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條而作出。 承董事會命 越秀地產股份有限公司 余達峯 公司秘書 香港，二○二五年九月十九日 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 债券代码：188802 债券简称：21 穂建 05 广州市城市建设开发有限公司 2021 年面向专业投资者公开发行公司债券（第三期）（品种一） 2025 年付息公告 本公司全体董事或具有同等职责的人员保证本公告内容不 存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容的真 实性、准确性和完整性承担相应的法律责任。 重要内容提示： 广州市城市建设开发有限公司 2021 年面向专业投资者公开 发行公司债券 ...

Investment Rating - The investment rating for the real estate industry is "Positive" (maintained) [5] Core Viewpoints - The report emphasizes that since September 2024, the central government's clear requirement has been to stabilize the real estate and stock markets, which is crucial for boosting social expectations and facilitating domestic demand circulation [5][46] - The report suggests that high-quality residential properties may experience a development wave due to policy guidance and changes in supply-demand structure [5] Market Performance - The Shanghai Composite Index rose by 1.5%, the Shenzhen Component Index by 2.6%, the ChiNext Index by 2.1%, and the CSI 300 by 1.4%, while the real estate sector (Shenwan) increased by 6.0% [6][9] - The top five stocks in terms of growth were Shoukai Co. (+57.0%), Suning Universal (+47.1%), Wolong New Energy (+28.1%), Xinda Zheng (+24.5%), and Heimu Dan (+20.9%) [6][9] Data Tracking New Housing Transactions - In the week of September 6-12, 2025, new housing transactions in 42 key cities totaled 1.54 million square meters, a decrease of 9.6% from the previous week [15] - For September up to the week of September 12, new housing transactions totaled 2.72 million square meters, an increase of 14.1% month-on-month but a decrease of 3.2% year-on-year [19] Second-Hand Housing Transactions - In the week of September 6-12, 2025, second-hand housing transactions in 21 key cities totaled 1.96 million square meters, an increase of 13.5% from the previous week [29] - For September up to the week of September 12, second-hand housing transactions totaled 3.38 million square meters, an increase of 15.6% month-on-month and 21.5% year-on-year [33] Industry News - The Ministry of Housing and Urban-Rural Development issued guidelines to improve the quality of administrative law enforcement in housing construction [46] - The State Council emphasized the importance of high-quality completion of the 14th Five-Year Plan, with measures to enhance the convenience of real estate registration [46] - The report highlights that Guangdong Province has designated Guangzhou and Shenzhen as pilot cities for modular construction, with a trial period until the end of 2028 [46] Company Announcements - In August, New Town Holdings reported a sales amount of 1.58 billion yuan (down 37% year-on-year), while China Jinmao reported 9.077 billion yuan (up 46.5% year-on-year) [50] - China Jinmao's revenue for the first half of 2025 was 25.11 billion yuan, an increase of 14% year-on-year, with a net profit of 1.09 billion yuan, up 8% year-on-year [50]

Core Insights - The overall performance of real estate companies is stabilizing in the first half of 2025, with improved buyer confidence and expectations [1] - Brand recognition remains high among leading real estate firms, which are focusing on financial stability, core city strategies, and improved product offerings [1] Group 1: Brand Value and Market Position - The top three companies in brand value are China Overseas, Poly Developments, and China Resources, with values of 85.8 billion yuan, 61.4 billion yuan, and 58.3 billion yuan respectively [1] - The average sales premium rate for the top 10 brand companies in key cities is primarily in the range of 0% to 5%, with an average of 1.32% in 2024, down by 0.10 percentage points from the previous year [1] Group 2: Consumer Behavior and Brand Importance - In 2025, 55.72% of consumers consider brand importance as very significant, while 40.56% view it as important, reflecting a 0.30 percentage point increase from the previous year [2] - 65.18% of consumers are willing to pay a premium for reputable brands, an increase of 3.11 percentage points from the previous year, with the highest willingness to pay a premium of 0% to 10% [2] Group 3: Business Strategies and Trends - Brand companies are diversifying their business models to navigate market cycles, with a focus on stable revenue from operational businesses [3] - The concept of "good housing" is emerging as a new trend, with companies developing comprehensive product systems to meet national standards [3] - AI technology is increasingly being integrated into various stages of the real estate industry, enhancing operational efficiency and providing new cost-reduction pathways [3]

Core Insights - The article highlights the release of the "Top 20 Brand Influence in Delivery of Chinese Real Estate Companies for the First Half of 2025" by CRIC, focusing on the importance of delivery capability in the real estate sector [1][4] - Yuexiu Property ranked ninth on this list, reflecting its strong reputation for high-quality delivery amidst industry challenges [1][4] Industry Overview - The real estate industry is transitioning from a "seller's market" to a "buyer's market," emphasizing the need for quality delivery as customer expectations rise [4] - The establishment of the delivery influence ranking aims to shift the industry focus from "scale competition" to "value co-creation" [4] Company Performance - Yuexiu Property successfully delivered 29 projects across 11 cities in the first half of 2025, totaling 11,024 residential units and a total construction area of 2.2035 million square meters [4] - The average customer satisfaction score for Yuexiu's delivery was nearly 90 points, indicating strong performance in meeting client expectations [4] Delivery Quality Management - Yuexiu has implemented a comprehensive quality control system that spans the entire project lifecycle, ensuring high standards from design to delivery [7][12] - The company utilizes a detailed quality control manual that breaks down the delivery process into quantifiable standards for various aspects of the project [7][12] Customer Experience Enhancement - Yuexiu has developed a full-cycle customer service system, "YES Beautiful+", to enhance the overall living experience beyond just delivering a house [19][20] - The company provides various services during the waiting period for delivery, including project updates and community engagement activities, to ensure a positive customer experience [19][20] Conclusion - Yuexiu Property's consistent high-quality delivery has positioned it as a benchmark in the industry, demonstrating a sustainable model for quality delivery that can be replicated [21] - The company's focus on high standards in delivery is seen as a significant factor in navigating the challenges of the real estate market and contributing to the industry's shift towards a quality-driven era [21]

Core Insights - The first land auction in Hangzhou during the "Golden September and Silver October" period successfully sold two residential plots for a total of 2.12289 billion yuan, with developers Yuexiu and Xingyao acquiring the land [1] Group 1: Land Auction Details - The auction saw increased interest, particularly for the residential land in the Yunhe New City, which had a premium rate of 25.47% [1][2] - The 105th plot in Yunhe New City was sold for 1.33007 billion yuan, translating to a floor price of 20,490 yuan per square meter after 28 rounds of bidding [2] - The plot covers an area of 34,165 square meters with a low plot ratio of 1.9, and is located near key amenities such as schools and hospitals [2] Group 2: Competitive Landscape - In 2023, five residential plots have already been sold in Yunhe New City, with previous sales by developers including Binjiang and Greentown, indicating a competitive market [3] - The 40th plot acquired by Binjiang had a floor price of 17,090 yuan per square meter, while Greentown's 62nd project had a higher floor price of 23,707 yuan per square meter [3] Group 3: Xingyao's Expansion - The 106th plot in the Xia Sha Medical Port area was sold to Xingyao for 792.82 million yuan, with a floor price of 9,773 yuan per square meter and a low premium rate of 1.28% [4] - This acquisition marks Xingyao's further expansion in the Xia Sha area, which has not been a focus for land supply recently [4] - The last land sale in this area occurred in 2022, indicating a potential shift in development strategy for the region [4]

近期，浙江土地市场延续活跃态势。9月上旬，杭州、义乌、永康等多地土拍竞拍激烈，优质地块受追 捧，高溢价成交频现，彰显房企对核心板块及潜力市场的信心。 具体来看，9月16日，杭州土地市场成功出让两宗住宅用地，分别为拱墅区康桥单元地块和钱塘区元成 单元地块。其中，康桥单元地块起始价10.6亿元，起始楼面价16331元/平方米，由越秀地产股份有限公 司(以下简称"越秀地产")以总价13.30亿元溢价25.47%竞得。元成单元地块则由杭州本土房企杭州兴耀控 股集团有限公司以总价7.93亿元溢价1.28%摘得。 9月9日，永康出让一宗地块，该地块经过109轮竞价成交，由本地民企金华市听涧置业有限公司以总价 2.60亿元斩获地块，成交楼面价25231元/平方米，溢价率72.19%。 "房企不盲目聚焦一二线城市，而是更加关注核心区位与具备人口、产业支撑的潜力城市。这不仅有利 于后续项目去化，也有助于企业控制投资风险。"上海易居房地产研究院副院长严跃进对《证券日报》 记者表示，浙江全省范围内土地市场亮点频现，特别是高溢价率成交的出现，说明房企拿地逻辑加快 向"优质化、精细化"转变。 严跃进表示，高溢价率成交释放了积极信号，表 ...

Major Events - Health 160 (02656) received a subscription rate of 751.77 times for its public offering in Hong Kong, with listing scheduled for September 17 [1] - Huajian Medical (01931) and Renhe International have reached a significant strategic cooperation to establish the world's first vertical RWA exchange focused on the OTC sector [1] - Giant Legend (06683) strategically invested in the operation company of the Bird's Nest to enhance IP and landmark synergy [1] - Yuexiu Property (00123) successfully acquired the Kangqiao land in Hangzhou's Gongshu District for 1.33 billion [1] - China Jinmao (00817) plans to increase capital by 350 million to Beijing Chaoyang and 2.15 billion to Beijing Manmao [1] - Sichuan Energy Investment Development (01713) signed a construction contract with Degge Gesaer Power for development [1] - Qianxun Technology (01640) signed a memorandum of understanding for the proposed acquisition of 100% equity in Punk Code Technology [1] - GCL-Poly Energy (03800) clarified that the profit statement for August-September is not an annual forecast, but based on the trend of polysilicon prices and disclosed data [1] Operating Performance - China Shenhua (01088) reported a coal production of 28.6 million tons in August, a year-on-year decrease of 0.3% [1] - Nanshun (Hong Kong) (00411) announced annual results with a net profit of 303 million HKD, representing a year-on-year increase of 51% [1]

格隆汇9月16日｜越秀地产(0123.HK)公告，杭州市拱墅区康桥地块位于运河新城中部，邻近余杭北部新 城，距离京杭大运河约750米，与拱墅区政府直线距离4.5公里，与市政府直线距离14.1公里。该地块周 边配套完善，距离约550米到达地铁4号线、15号线(在建)平安桥站，南侧约600米为杭州市育才大城北 学校，3公里范围内分布有浙江大学医学院附属邵逸夫医院大运河分院、商业中心及医疗中心等各类优 质配套。 ...

Group 1 - Company announced the successful acquisition of a land parcel in Hangzhou for RMB 1.33 billion on September 16, 2025, through its subsidiary, Hangzhou Yuelong Real Estate Development Co., Ltd. [1] - The acquired land in Gongshu District covers approximately 34,165 square meters with a total buildable area of about 98,001 square meters, of which the planned residential area is approximately 64,914 square meters [1][2] - The residential properties built on the land are intended for sale, and the development will include community facilities such as a childcare center, children's growth center, and community canteen, which will be handed over to the government upon completion [1] Group 2 - The land is strategically located in the central part of the Canal New City, close to the northern part of Yuhang New City, approximately 750 meters from the Grand Canal and 4.5 kilometers from the Gongshu District government [2] - The area is positioned as a northern urban sub-center, integrating residential living, business offices, trade logistics, tourism, cultural creativity, and headquarters economy [2] - The proximity to public transport, educational institutions, and healthcare facilities enhances the attractiveness of the location, with the nearest subway station about 550 meters away and various amenities within a 3-kilometer radius [2]

格隆汇9月16日丨越秀地产(00123.HK)宣布，于2025年9月16日，透过杭州越珑房地产开发有限公司(公 司实际拥有95%权益的附属公司)，通过公开挂牌方式以人民币13.3亿元成功竞得杭州市拱墅区康桥单元 GS120103-09地块。 ...