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（ ...

Financial Performance - Revenue for the period was approximately RMB 47.57 billion, an increase of 34.6% year-on-year[3] - Gross margin was approximately 10.6%, a decrease of 3.1 percentage points year-on-year[3] - Profit attributable to equity holders was approximately RMB 1.37 billion, a decrease of 25.2% year-on-year[3] - Core net profit was approximately RMB 1.52 billion, a decrease of 12.7% year-on-year[3] - Total revenue for the six months ended June 30, 2025, was RMB 51,269,904 thousand, representing an increase from RMB 37,879,083 thousand for the same period in 2024, reflecting a growth of approximately 35.4%[25][30] - Revenue from real estate development reached RMB 44,027,345 thousand for the six months ended June 30, 2025, compared to RMB 32,796,336 thousand in the prior year, marking a significant increase of about 34.3%[25][30] - The group reported a total segment profit of RMB 3,090,514 thousand for the six months ended June 30, 2025, slightly down from RMB 3,103,540 thousand in the same period of 2024, indicating a decrease of approximately 0.4%[28] - The company reported a pre-tax profit of RMB 4,154,197 thousand for the six months ended June 30, 2025, compared to RMB 3,823,741 thousand in the same period of 2024, indicating an increase of approximately 8.7%[28] Sales and Contracted Sales - Cumulative contracted sales amounted to approximately RMB 61.50 billion, an increase of 11.0% year-on-year, achieving 51.0% of the annual target of RMB 120.5 billion[3] - The cumulative contracted sales area for the first half of 2025 was approximately 1.46 million square meters, a decrease of 22.2% year-on-year, with an average price of RMB 42,100 per square meter, up 42.7% year-on-year[86] - The company recorded contract sales of approximately RMB 61.5 billion, a year-on-year increase of 11.0%, completing 51.0% of the annual contract sales target of RMB 120.5 billion[68] Cash Flow and Liquidity - Cash and bank balances totaled approximately RMB 44.64 billion, with a net cash inflow from operating activities during the period[4] - Net cash generated from operating activities was RMB 4,101,710 thousand for the six months ended June 30, 2025, down from RMB 6,130,253 thousand in the same period of 2024, a decrease of about 33%[15] - The company reported a net cash outflow from financing activities of RMB 9,331,341 thousand for the six months ended June 30, 2025, compared to RMB 4,147,345 thousand in the same period of 2024, indicating a significant increase in cash used[17] - The company’s cash and bank balances decreased to RMB 42,253,342 thousand from RMB 45,950,323 thousand, reflecting a decline of about 8%[17] - The group’s operating cash income and committed bank financing were the main sources of liquidity, with a current ratio of 1.6 times as of June 30, 2025[106] Debt and Financing - The company maintained a "green" status under the "three red lines" policy, with a debt-to-asset ratio of 64.6% and a net gearing ratio of 53.2%[4] - The weighted average borrowing rate was 3.16%, a decrease of 41 basis points year-on-year[4] - Total liabilities decreased from RMB 306,373,816 thousand as of December 31, 2024, to RMB 272,437,763 thousand, indicating a reduction of approximately 11%[13] - The total liabilities to equity ratio improved from 2.94 as of December 31, 2024, to 2.45 as of June 30, 2025, indicating a stronger equity position relative to liabilities[13] - The group completed new financing of approximately RMB 23.43 billion in the first half of 2025, with domestic financing of RMB 19.85 billion and overseas financing of RMB 3.58 billion[104] Investment and Land Acquisition - The company acquired 13 new land parcels in six cities, with a total construction area of approximately 1.48 million square meters, all located in first- and second-tier cities[3] - As of June 30, 2025, the company held total land reserves of approximately 20.43 million square meters, with 94% located in first- and second-tier cities[70] - The total land reserve as of June 30, 2025, was approximately 20.43 million square meters, with the Greater Bay Area, East China, Central and Western regions, Northern regions, and Haikou accounting for approximately 39.2%, 18.8%, 25.7%, 15.8%, and 0.5% of the total building area respectively[92] Operational Efficiency - The company aims to enhance operational capabilities and deepen organizational transformation to improve efficiency and reduce costs[78] - The company will continue to implement precise marketing strategies and pricing strategies to adapt to market changes and ensure the achievement of annual sales and cash collection targets[78] - The company launched four product series standard guidelines to enhance product standardization and brand building[73] Market Outlook - The overall real estate market in China showed signs of structural recovery, with a 3.5% decrease in sales area and a 5.5% decrease in sales value year-on-year, indicating a narrowing decline compared to the same period in 2024[65] - The company anticipates continued economic support measures from the central government to stabilize financial markets and promote economic growth amid challenges such as the real estate market and fluctuating RMB exchange rates[114] Corporate Governance and Compliance - The company has complied with the Corporate Governance Code during the six months ending June 30, 2025[117] - The company did not repurchase, sell, or redeem any of its listed securities during the six months ending June 30, 2025[119]

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].

Core Viewpoint - International rating agencies are showing positive signals towards the Chinese real estate industry, indicating an improvement in market expectations and credit ratings for companies like Yuexiu Property [2][3]. Group 1: Rating Upgrades - On August 25, S&P assigned an investment-grade rating of "BBB-" with a stable outlook to Yuexiu Property, making it the only local state-owned enterprise in the industry to receive such a rating [2]. - Fitch Ratings also upgraded Yuexiu Property's outlook to "stable" two months prior, maintaining the "BBB-" investment-grade rating, marking Fitch's first upgrade of a real estate company this year [2]. - The upgrades from S&P and Fitch reflect a broader improvement in the international capital market's outlook on the Chinese real estate sector [3]. Group 2: Company Performance - In the first half of 2025, Yuexiu Property achieved a contract sales amount of 61.5 billion yuan, a year-on-year increase of 11%, ranking second among the top 10 real estate companies [4]. - The company has successfully launched several high-quality projects, including sales of 15.2 billion yuan in Beijing and 2.3 billion yuan in Shanghai, contributing to its strong market presence [4]. - Yuexiu Property is actively expanding its land reserves in key cities, which strengthens its future development prospects [4]. Group 3: Financial Strategy - Yuexiu Property adheres to a prudent financial strategy, consistently maintaining a "green" status under the "three red lines" policy [5]. - The company recently issued a 1.4 billion yuan bond with a five-year interest rate of 1.95% and a ten-year interest rate of 2.50%, achieving a historical low for local state-owned enterprises [5]. - The favorable financing conditions enhance the company's investment capacity and operational stability, positioning it for continued leadership in the industry [5].

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 | ...

(本文来自第一财经) 万科企业涨超12%，远洋集团、融创中国涨超8%，新城发展控股、龙湖集团均涨超6%，越秀地产等跟 涨。 ...