Core Viewpoint - Yuexiu Property (00123.HK) reported a decline in contract sales for October 2025, with a total sales amount of approximately RMB 12.29 billion, representing a year-on-year decrease of about 8.0% [1] Summary by Category Contract Sales Performance - In October 2025, the company achieved a contract sales amount of approximately RMB 12.29 billion, down about 8.0% year-on-year [1] - The contract sales area for October 2025 was approximately 272,400 square meters, reflecting a year-on-year decrease of about 42.0% [1] Cumulative Sales Data - From January to October 2025, the cumulative contract sales amount reached approximately RMB 92.10 billion, which is an increase of about 1.2% year-on-year [1] - The cumulative contract sales area for the same period was approximately 2,320,800 square meters, showing a year-on-year decline of about 25.1% [1] - The cumulative contract sales amount accounted for 76.4% of the company's 2025 contract sales target of RMB 120.5 billion [1]

Core Insights - The company reported a contract sales amount of approximately RMB 12.29 billion for October 2025, with a total sales area of about 272,400 square meters [1] - From January to October 2025, the cumulative contract sales reached approximately RMB 92.10 billion, representing a year-on-year increase of about 1.2%, with a total sales area of approximately 2.32 million square meters [1] - The cumulative contract sales amount accounted for 76.4% of the company's 2025 sales target of RMB 120.5 billion [1] Land Acquisitions - In October 2025, the company's subsidiary, holding a 95.475% interest, acquired two adjacent plots in Guangzhou's Tianhe District, with total buildable areas of approximately 62,452 square meters and 105,491 square meters, for a total land cost of approximately RMB 33.27 billion [1] - The company also acquired a plot in Panyu District, Guangzhou, with a buildable area of approximately 114,771 square meters for a land cost of about RMB 11.40 billion [1] - Additionally, a subsidiary with a 95.00% interest obtained a 20% stake in a plot in Shanghai's Jing'an District, with a buildable area of approximately 153,943 square meters, for a land cost of approximately RMB 14.70 billion [2] - The company acquired another plot in Chenghua District, Chengdu, with a buildable area of approximately 115,174 square meters for a land cost of about RMB 12.55 billion [2]

Core Insights - The company achieved a contract sales amount of approximately RMB 12.29 billion in October 2025, with a total contract sales area of about 272,400 square meters [1] - From January to October 2025, the cumulative contract sales amounted to approximately RMB 92.10 billion, representing a year-on-year increase of about 1.2%, with a cumulative sales area of approximately 2.32 million square meters [1] - The cumulative contract sales amount accounted for 76.4% of the company's 2025 contract sales target of RMB 120.5 billion [1] Land Acquisitions - In October 2025, the company, through a subsidiary with a 95.475% equity interest, acquired two adjacent plots in Tianhe District, Guangzhou, with a total buildable area of approximately 62,452 square meters and 105,491 square meters, respectively, for a total land cost of approximately RMB 33.27 billion [1] - The company also acquired a plot in Panyu District, Guangzhou, with a buildable area of approximately 114,771 square meters for a land cost of approximately RMB 1.14 billion [2] - Additionally, a subsidiary with a 95.00% equity interest obtained a 20% stake in a plot in Jing'an District, Shanghai, with a buildable area of approximately 153,943 square meters for a land cost of approximately RMB 1.47 billion [2] - The company further acquired a plot in Chenghua District, Chengdu, with a buildable area of approximately 115,174 square meters for a land cost of approximately RMB 1.26 billion [2]

Core Viewpoint - The company reported a decline in contract sales for October 2025, with a total sales amount of approximately RMB 12.29 billion, representing a year-on-year decrease of about 8.0% [1] - Cumulatively, from January to October 2025, the company achieved contract sales of approximately RMB 92.10 billion, a slight increase of about 1.2% year-on-year, but the sales area decreased by 25.1% [1] Group 1 - In October 2025, the company acquired two residential land plots in Guangzhou, with total construction areas of approximately 62,452 square meters and 105,491 square meters, for a total land price of approximately RMB 33.27 billion [1] - The company also acquired a residential land plot in Panyu District, Guangzhou, with a total construction area of approximately 114,771 square meters, for a land price of approximately RMB 11.40 billion [1] Group 2 - In October 2025, the company, through a subsidiary with 95.00% ownership, acquired a 20% interest in a land plot in Jing'an District, Shanghai, with a total construction area of approximately 153,943 square meters, for a land price of approximately RMB 14.70 billion [2] - Additionally, the company acquired a residential land plot in Chenghua District, Chengdu, with a total construction area of approximately 115,174 square meters, for a land price of approximately RMB 12.55 billion [2]

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。 二○二五年十月，本公司實際擁有95.475%權益的附屬公司通過公開掛牌方式取得廣州市兩幅 臨近地塊。兩幅地塊位於廣州市天河區天河智谷廣氮廣棠片區，總可建築面積分別約62,452 平方米和105,491平方米，規劃用途均為住宅用地。代表本公司實際權益的土地價款分別約為 人民幣12.21億元和人民幣21.06億元。 – 1 – （在香港註冊成立的有限公司） （股份代號：00123） 公 告 截至二○二五年十月三十一日未經審計銷售資料及 十月份土地收購資料 越秀地產股份有限公司（「本公司」）董事會（「董事會」）謹此公佈截至二○二五年十月三十一日 的未經審計銷售統計資料及十月份新購土地資料如下： 本月銷售 二○二五年十月，本公司實現合同銷售（連同合營企業及聯營公司項目的合同銷售）金額約為 人民幣122.90億元，同比下降約8.0%，實現合同銷售面積約為27.24萬平方米，同比下降約 42.0%。 二○二五年一月 ...

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。 本公告及發售通函（定義見下文）僅供參考，並不構成收購、購買或認購本公告所述證券及證券擔保的一項邀請或 要約。 本公告及發售通函並不構成或組成在美國境內購買或認購證券及證券擔保的任何要約或招攬的一部分。證券及證 券擔保未曾及將不會根據經修訂一九三三年美國證券法（「證券法」）或美國任何州份或其他司法權區的證券法登 記。證券及證券擔保乃根據證券法S規例在美國境外提呈發售及出售，且不得在未有根據證券法登記或獲證券法 豁免登記的情況下在美國境內提呈發售或出售。將不會在美國境內或進行有關發售即屬限制或禁止的任何其他司 法權區公開發售證券或證券擔保。 本公告及本公告所述發售通函不得直接或間接在或向美國派發。本公告所述證券或證券擔保不可且將不會在美國 提呈公開發售。本公告及發售通函乃按上市規則（定義見下文）規定僅供參考而刊發，並不構成提呈出售任何證券 或證券擔保的要約或招攬購買任何證券或證券擔保的要約。本公告及本公告所 ...

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。 本公告僅供參考，並不構成收購、購買或認購本公告所述證券及證券擔保的一項邀請或要約。 本公告並不構成或組成在美國境內購買或認購證券及證券擔保的任何要約或招攬的一部分。證券及證券擔保未曾 及將不會根據經修訂一九三三年美國證券法（「證券法」）或美國任何州份或其他司法權區的證券法登記。證券及證 券擔保乃根據證券法S規例在美國境外提呈發售及出售，且不得在未有根據證券法登記或獲證券法豁免登記的情 況下在美國境內提呈發售或出售。將不會在美國境內或進行有關發售即屬限制或禁止的任何其他司法權區公開發 售證券或證券擔保。 於香港聯合交易所有限公司 上市的通告 JOY DELIGHT INTERNATIONAL LIMITED 愉欣國際有限公司 （於英屬處女群島註冊成立的有限公司） （「發行人」） 人民幣 2,850,000,000 元於二〇二八年到期之 3.30 厘有擔保綠色票據 （ 股 份 代 號：85083） 越秀地產 ...

Core Insights - The sales performance of the top 100 real estate companies in China showed a total sales amount of 289.67 billion yuan from January to October, representing a year-on-year decline of 16.3%, with the decline rate widening by 4.1 percentage points compared to the previous period [1] - Following the policy changes in September last year, the real estate market saw a recovery in expectations and buyer confidence, leading to increased market activity in core cities in October last year, which contributed to the current year's sales decline due to high base effects [1] Group 1: Sales Performance - Seven real estate companies have surpassed 100 billion yuan in sales this year, with an average sales amount of 165.68 billion yuan. The top companies include Poly Developments, Greentown China, and China Overseas Land & Investment, with sales figures of 222.7 billion yuan, 201.1 billion yuan, and 189.1 billion yuan respectively [2][3] - The second tier of companies (500-1,000 million yuan) has decreased by two compared to the previous year, with an average sales amount of 73.29 billion yuan. The third tier (300-500 million yuan) has six companies, down by three, with an average of 37.81 billion yuan [2] - In October alone, 48 of the top 100 real estate companies reported month-on-month sales growth, with 20 companies experiencing a month-on-month increase of over 30% [2] Group 2: Market Trends - In first-tier cities, total transactions reached 1.68 million square meters in October, remaining flat month-on-month but showing a year-on-year decline of 41%, which is higher than the declines in second and third-tier cities [4] - Guangzhou's real estate market saw a month-on-month increase of 6% in October, with total transactions of 610,000 square meters, but a year-on-year decline of 46%, indicating a fragile recovery [4][5] - The top 20 real estate companies in Guangzhou achieved a total sales amount of 153.93 billion yuan from January to October, with Poly Developments leading the sales charts [5] Group 3: Policy and Market Outlook - Various cities have implemented policies to improve the supply of quality housing, such as optimizing building design and planning regulations [7] - The market performance indicates a slight month-on-month recovery in new home transactions in key cities, although year-on-year declines remain significant due to high base effects [7] - The real estate market is expected to continue facing downward pressure, particularly in core cities, while some second and third-tier cities are showing signs of weak recovery [7]

| 截至月份: | 2025年10月31日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 越秀地產股份有限公司 (在香港註冊成立的有限公司) | | | 呈交日期: | 2025年11月3日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 第 1 頁 共 10 頁 v 1.1.1 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 FF301 FF301 III.已發行股份及/或庫存股份變動詳情 (A). 股份期權（根據發行人的股份期權計劃） 不適用 第 3 頁 共 10 頁 v 1.1.1 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00123 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 ...

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [3]. Core Insights - The report emphasizes the need for further monetary and fiscal policy support to stabilize the real estate market, highlighting that the macroeconomic policy is set to be positive [9][10]. - It notes a shift in focus towards housing as a consumer good, with potential policy relaxations aimed at meeting both basic and improved housing needs [10]. - The report anticipates continued optimization of the real estate structure, with a focus on revitalizing existing assets and land [11]. - It discusses the construction of a new development model for real estate, which favors quality housing and better supply of affordable housing [12]. - Risk prevention and resolution remain critical, with ongoing support for systemically important real estate companies [12]. Summary by Sections Understanding the "14th Five-Year Plan" Recommendations - The report outlines five key understandings of the recommendations, including the need for coordinated fiscal and monetary policies, a focus on housing consumption, and the importance of optimizing real estate structures [9][10][11][12]. Market Review - The report indicates that the Shenwan Real Estate Index decreased by 0.7%, underperforming the CSI 300 Index by 0.27 percentage points, ranking 26th among 31 Shenwan primary industries [14]. New and Second-Hand Housing Transactions - In the latest week, new housing transaction area in 30 cities was 224.1 million square meters, a 5.8% increase month-on-month but a 39.5% decrease year-on-year [24]. - The second-hand housing transaction area in 14 sample cities totaled 206.0 million square meters, reflecting a 3.1% decrease month-on-month and a 21.1% decrease year-on-year [34]. Credit Bond Issuance - The report notes that eight credit bonds were issued by real estate companies this week, totaling 5.05 billion yuan, a decrease of 12 bonds from the previous week [3]. Investment Recommendations - The report suggests focusing on real estate-related stocks, particularly those with strong fundamentals and those benefiting from policy changes, including specific companies listed in both H-shares and A-shares [3].