Core Viewpoint - The real estate market in China is experiencing a significant downturn, with the top 100 real estate companies reporting a total sales revenue of 20,730.1 billion yuan from January to July 2025, reflecting a year-on-year decline of 13.3% [1] Group 1: Sales Performance - In July 2025, the sales revenue of the top 100 real estate companies also saw a decline, with a year-on-year drop of 18.2% [1] - The average sales revenue for the top 10 real estate companies in the first seven months was 1,010.3 billion yuan, down 13.6% year-on-year [2] - Among the top 20 real estate companies, only seven firms, including Jianfa Real Estate and Yuexiu Property, reported an increase in sales, while the rest experienced varying degrees of decline [2][3] Group 2: Company Rankings and Changes - Companies like Jindi Group and New Town Holdings saw their sales drop by over 50%, causing them to fall out of the top 20 rankings [3] - Poly Developments, China Overseas Property, and China Resources Land experienced sales declines between 10% and 20%, aligning with industry trends [4] - The top 20 real estate companies saw a reshuffling in rankings, with nine companies improving their positions, while six companies, including Vanke and Longfor Group, saw their rankings decline [4] Group 3: Future Market Outlook - The Central Political Bureau's recent meeting emphasized maintaining policy continuity and stability, suggesting that more supportive measures may be introduced to stabilize the market [5] - The new housing market is expected to continue experiencing low transaction volumes in August, with significant differentiation between cities and projects [5]

Group 1: Real Estate Development and Property Services Valuation - As of July 25, 2025, the real estate sector (Shenwan) has a price-to-book ratio (PB) of 0.78, ranking in the 90.45th percentile historically since 2024 [3] - The Hang Seng real estate and construction sector has a PB of 0.44, ranking in the 98.69th percentile historically since 2024 [3] - From July 1 to July 25, 2025, the real estate sector (Shenwan) increased by 7.8%, outperforming the CSI 300 index by 2.93 percentage points [3] - Key A-share real estate companies with the highest gains during this period include New Town Holdings (+12.2%), China Merchants Shekou (+9.3%), and Gemdale Corporation (+7.4%) [3] Group 2: Property Services Market Performance - From July 1 to July 25, 2025, the property services sector (Shenwan) rose by 3.7%, underperforming the CSI 300 index by 1.20 percentage points [4] - The Hang Seng property services and management index increased by 5.1%, also underperforming the Hang Seng index by 0.37 percentage points [4] - Key A-share property service companies with the highest gains include TeFa Service (+10.4%), World Union (+9.2%), and Ningbo Fuda (+5.9%) [4] Group 3: Public Fund Holdings in Real Estate - As of the end of Q2 2025, public funds held a total market value of approximately 48.4 billion yuan in real estate stocks, down from 54.8 billion yuan at the end of Q1 2025 [5] - This represents about 0.14% of net asset value and 0.67% of stock investment value, indicating a lower allocation compared to standard industry benchmarks by 0.56 percentage points [5] Group 4: Market Trends and Opportunities - In the first half of 2025, the sales amount of commodity residential properties in six major cities (excluding affordable housing) reached 913.3 billion yuan, reflecting a 6.0% increase [6] - The average transaction price of land in core cities increased by 22.8% to 12,009 yuan per square meter [6] - Notable real estate companies with strong sales performance include China Jinmao (36.8 billion yuan, +19.6% YoY) and Yuexiu Property (36.9 billion yuan, +10.8% YoY) [6]

据此，发行人将根据市场情况，确定首批公司债券推介和发行时间。 发行人已取得上交所就该申请的批准并于2025年7月29日收到中国证监会发出的同意文件[(证监许可 [2025]1504号)]，同意发行人在中国面向专业投资者公开发行公司债券的注册申请。公司债券将分期发 行。 越秀地产(00123)发布公告，有关本公司拥有95%权益的间接中国附属公司广州市城市建设开发有限公司 (发行人)中国证券监督管理委员会(中国证监会)及上海证券交易所(上交所)申请注册在中国面向专业投资 者公开发行本金总额最高为人民币96亿元的公司债券(公司债券)额度并在上交所上市(该申请)。 ...

智通财经APP讯，越秀地产(00123)发布公告，有关本公司拥有95%权益的间接中国附属公司广州市城市 建设开发有限公司(发行人)中国证券监督管理委员会(中国证监会)及上海证券交易所(上交所)申请注册在 中国面向专业投资者公开发行本金总额最高为人民币96亿元的公司债券(公司债券)额度并在上交所上市 (该申请)。 发行人已取得上交所就该申请的批准并于2025年7月29日收到中国证监会发出的同意文件[(证监许可 [2025] 1504号)]，同意发行人在中国面向专业投资者公开发行公司债券的注册申请。公司债券将分期发 行。 据此，发行人将根据市场情况，确定首批公司债券推介和发行时间。 ...

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的任何損失承擔任 何責任。 上海證券交易所批准附屬公司申請註冊在中國面向 專業投資者公開發行公司債券 及 完成向中國證券監督管理委員會 註冊公司債券 本公告由越秀地產股份有限公司（「本公司」）自願作出。 茲提述本公司日期為二○二五年五月二十日及二○二五年七月四日的公告（「該等公告」），內 容有關本公司擁有95%權益的間接中國附屬公司廣州市城市建設開發有限公司（「發行人」）中 國證券監督管理委員會（「中國證監會」）及上海證券交易所（「上交所」）申請註冊在中國面向專 業投資者公開發行本金總額最高為人民幣9,600,000,000元的公司債券（「公司債券」）額度並在 上交所上市（「該申請」）。除非文義另有所指，本公告所用詞彙與該等公告中所界定的詞彙具 有相同涵義。 本公告只可作參考用途，並不構成收購、購買或認購證券的邀請或要約，或就進行上述任何事宜訂立協議的邀 請，亦不得視作在香港或其他地區收購、購買或認購本公司及其附屬公司任何證券的要 ...

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].