此乃要件 請即處理 閣下對本通函任何方面或應採取的行動如有任何疑問，應諮詢 閣下之股票經紀或其他註 冊證券商、銀行經理、律師、專業會計師或其他專業顧問。 閣下如已將名下之越秀地產股份有限公司（「本公司」）股份全部售出或轉讓，應立即將本通 函連同隨附之代表委任表格送交買主或承讓人，或經手買賣之銀行、股票經紀或其他代理 商，以便轉交買主或承讓人。 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通函之內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示，概不對因本通函全部或任何部分內容而產 生或因倚賴該等內容而引致的任何損失承擔任何責任。 （在香港註冊成立的有限公司） （股份代號：00123） (1) 建 議 發 行 新 股 份 及 購 回 股 份 之 一 般 授 權； (2) 建 議 重 選 董 事； 及 (3) 股東週年大會通告 本公司謹訂於二○二五年六月二十日（星期五）上午十時十五分假座香港灣仔謝斐道 238號香 港諾富特世紀酒店B3層宴會廳1-4舉行股東週年大會，大會通告載於本通函內。無論 閣 下能否出席大會，務請根據隨附代表委任表格上印備之指示，填妥該表格及儘快交回本公 司股份過戶登記處卓 ...

PM 260 / 附錄 260 / 社會榮譽 263 / 可持續發展政策制度列表 267 / ESG績效 273 / 獨立鑒證報告 276 / 香港聯合交易所《ESG報告指引》指標索引 281 / GRI準則指標索引 287 / SASB指標索引 288 / 央企控股上市公司ESG專項報告參考指標索引 297 / 意見回饋表 2 / 主席寄語 6 / 可持續發展方針 26 / 2024年度可持續發展進展 28 / 邁向2030可持續發展重點：2024年度亮點摘要 30 / 我們的減碳藍圖 32 / 越秀地產簡介 34 / 關於本報告 36 / 重要議題及持份者參與 目 錄 第一章 氣候智慧與 生態足跡 44 / 第二章 可持續建築與 綠色運營 98 / 第三章 可持續社區與 美好生活 154 / 第四章 可持續治理與 人才培育 188 / 第五章 可持續金融與 智慧賦能 234 / 成就美好生活 林昭遠先生 越秀地產股份有限公司董事長 可持續發展委員會主席 隨著全球逐步擺脫疫情的陰霾，穩步邁向復蘇，房地產行業在這一過程 中面臨著諸多挑戰和機遇。政策環境的不斷優化與調整，為行業提供了 新的發展方向和前所未有的發 ...

Financial Performance - The company's operating revenue for the year ended December 31, 2024, was RMB 86,400,562, an increase of 7.3% from RMB 80,222,011 in 2023[11]. - Gross profit for 2024 was RMB 9,053,918, down 26.5% from RMB 12,257,627 in 2023[11]. - Profit attributable to equity holders was RMB 1,040,055, a decrease of 67.3% compared to RMB 3,185,085 in 2023[11]. - Core net profit for 2024 was RMB 1,593,276, down 54.4% from RMB 3,493,235 in 2023[11]. - The gross profit margin was approximately 10.5%, a decrease of 4.8 percentage points year-on-year[75]. - The profit attributable to equity holders for 2024 was approximately RMB 1.04 billion, a significant decrease of 67.3% from 3.19 billion in 2023[95]. - The cumulative contract sales amount for 2024 was approximately RMB 114.54 billion, a year-on-year decrease of 19.4%, with a total sales area of about 3.92 million square meters, down 11.9%[96]. Assets and Liabilities - Total assets as of December 31, 2024, were RMB 410,452,984, an increase from RMB 401,178,728 in 2023[12]. - Total liabilities increased to RMB 306,373,816 in 2024 from RMB 298,969,948 in 2023[12]. - Cash and cash equivalents totaled RMB 50,049,249 as of December 31, 2024, compared to RMB 46,097,860 in 2023[12]. - The company's equity per share was RMB 13.73 as of December 31, 2024, slightly down from RMB 13.82 in 2023[12]. - As of December 31, 2024, total borrowings were approximately RMB 103.89 billion, with a net gearing ratio of 51.7%[125]. Dividends - The company declared a dividend of RMB 0.173 per share for 2024, down from RMB 0.347 in 2023[11]. - The board decided not to declare a final dividend for 2024, compared to a dividend of RMB 0.134 per share in 2023[123]. Sustainability Initiatives - Carbon emission intensity for public projects decreased by 22.37% compared to 2019, while residential projects saw a reduction of 3.91%[28]. - The company has set a target to reduce carbon emission intensity for public projects by 40% and for residential projects by 19% by 2030 compared to 2019 levels[37]. - The company has been recognized with a four-star rating in the Global Real Estate Sustainability Benchmark (GRESB) for two consecutive years[33]. - The company aims to achieve "net zero" targets through the promotion of green building technologies and sustainable community development practices[51]. - The company is committed to reducing carbon emissions by implementing zero-energy and zero-carbon building designs, successfully creating two "zero" projects[43]. Market Expansion and Strategy - The company is focusing on market expansion and new product development as part of its future strategy[11]. - The company aims to achieve at least 50% of its bonds and loans from sustainable finance by 2030[60]. - The company is actively pursuing new strategies for market expansion, including potential acquisitions and partnerships to enhance its development capabilities[187][199]. Project Development - The company acquired 24 new land parcels in 2024, totaling a construction area of approximately 2.71 million square meters[104]. - The total land reserve held by the company is approximately 19.71 million square meters, with 36.5% located in the Greater Bay Area[106]. - The company is currently developing multiple real estate projects across various cities, including Hangzhou, Nanjing, Wuhan, Zhengzhou, Changsha, Chengdu, and Xi'an, with a total land area of approximately 1,000,000 square meters[183][186][189][192][195][198]. Employee and Community Engagement - The company achieved a customer satisfaction score of 88 for residents and 97.59 for tenants, with a 100% employee training coverage rate[29]. - The company introduced the "Green Living Path" and "Sustainable Development Badge" initiatives in 2024 to enhance community engagement and social value[50]. - The group employed approximately 15,180 employees as of December 31, 2024, down from 18,800 employees on June 30, 2024[139]. Financial Management - The group's financial indicators under the "three red lines" policy remained in the "green" category, with a debt-to-asset ratio of 68.1%, a net debt ratio of 51.7%, and a cash-to-short-term debt ratio of 2.1 times[63]. - The weighted average borrowing cost decreased by 33 basis points year-on-year to 3.49%, maintaining a leading position in the industry[63]. - The group's working capital was approximately RMB 120.28 billion, down from RMB 128.08 billion in 2023, with a current ratio of 1.5[127]. Risk Management - The group is closely monitoring domestic and international interest rate market changes to optimize its debt structure and manage interest rate risks[132]. - The group anticipates continued support from central policies for economic recovery in China, despite challenges such as a slow recovery in the real estate market and internal consumption[133].

Core Viewpoint - The Beijing land market has shown significant activity and growth during the "golden March and silver April" period, with a notable increase in land transaction value and a shift towards innovative community planning standards under the "good housing" policy [1][10]. Group 1: Land Market Activity - The successful auction of the last land parcel in April marked a strong conclusion to the land market activity, with a total transaction value of approximately 235.86 billion yuan, representing a year-on-year increase of 176.34% [1][10]. - The land parcel in Tongzhou was acquired by China Railway Construction for 775.52 million yuan, with a premium rate of 21.94%, after 215 rounds of bidding [2][3]. Group 2: Policy Impact - The "good housing" policy has relaxed standards for new residential buildings, allowing for increased efficiency in land use and encouraging developers to create more attractive housing products [4][8]. - The promotion of an open street block system aims to enhance community interaction and optimize urban space, aligning with modern residential needs [5][6]. Group 3: Developer Behavior - Developers are increasingly eager to acquire land in prime areas, driven by the potential for high profit margins and short development cycles, particularly in light of the favorable market conditions [9][11]. - The competitive bidding environment reflects a shift in buyer preferences from merely having housing to seeking quality living spaces, further motivating developers to enhance their offerings [8][9]. Group 4: Future Outlook - The land market is expected to continue its upward trend, supported by improved cash flow for developers and a more favorable financing environment, which collectively enhance the attractiveness of land investments [11][12]. - The focus on high-quality land parcels that meet specific market criteria is likely to remain a key strategy for developers in the evolving Beijing real estate landscape [11].

本报记者 吴静 卢志坤 北京报道 4月28日，北京市朝阳区成功出让一组团地块，由中建智地+金茂+越秀+朝阳城发联合体以底价126亿元 摘牌，成交楼面价5.45万元/平方米。 该组团地块起始价126亿元，竞价阶梯为1300万元，竞买保证金25.2亿元。其中，平房2107-01、03两幅 住宅地块起拍价为119.59亿元；孙河2902-73地块起拍价为6.41亿元；2107-02托幼用地不出让。 《中国经营报》记者了解到，这是自去年6月份以来朝阳区推出的第四宗组团地块，其中宅地为朝青板 块近十年唯一新增住宅地块。 第四宗组团地块 地块出让信息显示，此组团地块位于北京市朝阳区平房乡、孙河乡。地块交易编号京土储预（朝） 〔2025〕012号，即北京市朝阳区平房乡黄杉木店平房区城中村改造项目2107-01、02、03地块及孙河组 团土地储备项目2902-73地块。 该组团地块土地面积为148302.262平方米，规划建筑面积282735.7平方米，用地性质为R2二类居住用 地、A334托幼用地、B4综合性商业金融服务业用地。 地块信息显示，2107-01、02、03地块位于黄杉木店平房区，其中2107-01、03地块为 ...

Core Viewpoint - Yuexiu Property successfully acquired land in Beijing's Chaoyang District for RMB 12.6 billion through a consortium, indicating a strategic expansion in a prime urban area [1][2]. Group 1: Acquisition Details - The consortium, in which Yuexiu Property holds a 95.475% stake through its subsidiary Guangzhou Yuexiu Huacheng Real Estate Development Co., Ltd., won the bid for the land parcels in Chaoyang District [1]. - The total land area for residential use is approximately 843 million square meters, with a total buildable area of about 3.133 billion square meters [2]. - The residential portion of the buildable area is around 219,300 square meters, while the commercial and educational components are significantly smaller [2]. Group 2: Project Characteristics - The land is designated for secondary residential and comprehensive commercial financial services, with specific conditions for the educational land to be built and transferred to relevant authorities [2]. - The location is strategically positioned within the Chaoyang S-level area, providing excellent access to major transportation routes and amenities, enhancing its attractiveness for potential buyers [2]. - Proximity to key commercial centers and educational institutions is expected to attract high-paying customers, bolstering the project's market potential [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。 （在香港註冊成立的有限公司） （股份代號：00123） 公 告 收購土地 越秀地產股份有限公司（「本公司」）董事會（「董事會」）欣然宣佈，於二○二五年四月二十八 日，透過聯合體（定義見下文），通過公開掛牌方式以人民幣12,600,000,000元成功競得北京市 朝陽區平房鄉黃杉木店平房區城中村改造項目2107-01、02、03地塊及孫河組團土地儲備項目 2902-73地塊（統稱「北京市朝陽區地塊」）。 北京市朝陽區地塊 一個由本公司實際擁有95.475%權益的附屬公司廣州越秀華城房地產開發有限公司（「廣州 越秀華城」）與北京方興亦城置業有限公司及北京興鼎房地產開發有限公司基於各自獨立利 益、按一般商業條款所商議而組成聯合體（「聯合體」），該聯合體通過公開掛牌方式以人民幣 12,600,000,000元成功競得北京市朝陽區地塊。廣州越秀華城將會與合作方共同成立項目公司 以開發北京市朝陽區地塊，廣州越秀華城 ...

Core Viewpoint - The recent land auction in Beijing's Chaoyang district resulted in the sale of the Huangshanmu store and Sunhe combination plot for a base price of 12.6 billion yuan, with a residential floor price of 54,500 yuan per square meter, indicating a significant interest despite only one bidder ultimately participating [1][2][3]. Group 1: Land Characteristics - The Huangshanmu plot is the only new residential land in the Chaoyang area in the past decade, highlighting its scarcity and unique market value [5]. - The total land area for the combined plot is 14.83 hectares, with a total building area of 282,700 square meters, and the Huangshanmu plot alone has a building area of 224,000 square meters [2][3]. - The plot's height limit was increased from 60 meters to 80 meters, allowing for taller buildings and improved spatial comfort [3]. Group 2: Developer Participation - Four major real estate companies participated in the bidding, including Poly Development, China Merchants Shekou, and China Overseas Property, but only one consortium made a bid [3][4]. - The winning consortium consists of China State Construction, Guangzhou Yuexiu, and Beijing Fangxing Yicheng, indicating strong backing from state-owned enterprises [3][4]. Group 3: Market Implications - The Huangshanmu plot is expected to cater to high-quality residential demands, appealing to buyers from Chaoyang and neighboring districts [9]. - The project is anticipated to leverage the strengths of the participating developers and the advantageous position of Chaoyang City Development, potentially leading to a successful market entry [8]. - The area is characterized by a mature high-end residential atmosphere, which is likely to meet the needs of families seeking quality living environments [8][9].

北京年内首宗百亿地块诞生。4月28日，中建智地+金茂+越秀+朝阳城发以126亿元摘得朝阳区平房乡、 孙河组团地块。北京商报记者梳理发现，自2024年12月丰台万泉寺地块超110亿元成交后，时隔4个月北 京又一宗百亿元地块诞生，成为自2020年以来北京第四宗百亿地块。值得一提的是，该宗地块继续沿用 朝阳"宅地+商业"的出让模式。业内专家分析称，尽管纯住宅用地仍将是多数城市的主流供应类型，但 组合供应模式已逐步成为优化土地资源配置的重要手段。 第四宗百亿地块 4月28日，北京迎来2025年首宗百亿元地块——朝阳平房乡黄杉木店平房区城中村改造项目2107-01、 02、03地块、孙河组团土地储备项目2902-73地块。 据悉，该宗组合地块共吸引3家房企独立报名及4家房企组成的联合体报名，其中包括保利、中建智地 +金茂+越秀+朝阳城发、招商、中海。 最终该宗地块由中建智地+金茂+越秀+朝阳城发4家房企组成的联合体以底价126亿元摘得。 北京商报记者梳理发现，该宗组合地块是自2020年以来第四宗超百亿元地块。具体来看，2024年6月中 建智地+朝开+江苏绿建以112亿元摘得酒仙桥+前苇沟+中关村组合地块后，2024年末 ...

Group 1 - Hong Kong property stocks collectively weakened, with major declines observed in several companies [1] - Aoyuan Group (03383.HK) and China Jinmao (00817.HK) both fell over 4% [1] - China Resources Land (01109.HK) dropped more than 3%, while Vanke Enterprises (02202.HK), Greentown China (03900.HK), and Yuexiu Property (00123.HK) all saw declines exceeding 3% [1]