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 本公告乃根據上市規則第13.18條之規定而作出。 融資協議一規定，倘本公司之控股股東越秀企業（集團）有限公司（「越秀企業」）於本公司已發 行之具投票權股份中持有少於30%之直接或間接權益，或倘越秀企業不再是本公司單一最大 實益股東的地位，或倘越秀企業不再對本公司行使有效之管理控制權，即構成違約事件。若發 生有關違約事件，則貸款人一可宣佈融資項下所有債項將立即到期應付。 150,000,000港元之定期貸款融資 於二○二五年四月十日，泓景（作為借款人）與一家銀行（「貸款人二」）訂立一份融資協議（「融 資協議二」），據此，貸款人二在融資協議二的條款及條件之規限下提供150,000,000港元之定 期貸款融資，貸款最終到期日至二○二六年三月三十一日。泓景於融資協議二項下責任由本公 司擔保。 – 1 – 融資協議二規定，倘本公司之控股股東越秀企業於 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [4][25][29] Core Views - The company experienced a significant decline in net profit, with a 67% year-on-year decrease, resulting in a net profit of 1 billion yuan for 2024, despite an 8% increase in revenue to 86.4 billion yuan [1][7][25] - The company has a robust land reserve, with a total land bank of 19.71 million square meters, and aims to achieve a sales target of 120.5 billion yuan in 2025, which would represent a 5% year-on-year growth if achieved [1][13][25] - Financially, the company maintains a healthy balance sheet with a debt-to-asset ratio of 68.1% and a net debt ratio of 51.7% as of the end of 2024, indicating stable financial health [2][20] Financial Performance Summary - For 2024, the company is projected to generate revenue of 86.4 billion yuan, with a net profit of 1 billion yuan, reflecting a 67% decline in net profit compared to the previous year [3][22] - The company's core net profit is expected to be 1.6 billion yuan in 2024, down 54% year-on-year [1][7] - The company’s sales area is expected to decrease by 12% to 3.92 million square meters in 2024, with a sales amount of 115.4 billion yuan, also a 12% decline [1][13] Future Earnings Forecast - The company’s revenue is forecasted to reach 89.1 billion yuan in 2025 and 91.4 billion yuan in 2026, with corresponding net profits of 1 billion yuan for both years [22][23] - The earnings per share (EPS) are projected to be 0.25 yuan in 2025 and 0.24 yuan in 2026, with price-to-earnings (PE) ratios of 15.7 and 15.9 respectively [25][27]

2025 年 4 月 8 日 公司研究 聚焦核心城市，销售保持增长信心 ——越秀地产（0123.HK）动态跟踪 要点 事件：公司发布 2024 年业绩公告和 2025 年 1-3 月销售资料。 点评： 开发业务结算放量，毛利率下滑明显：2024 年，公司实现营业收入 864 亿元， 同比增长 7.7%，营收增长主要受房地产开发业务结算收入增长带动，年内房地 产开发业务实现营收 806 亿元，同比增长 7.2%；公司综合毛利率为 10.5%，同 比下降 4.8pct，主要因计提 22.7 亿元存货减值损失（同比增长 44.4%）及前期 低毛利项目集中结算等影响；公司归母净利润 10.4 亿元，同比下降 67.3%，其 中核心归母净利润为 15.9 亿元，同比下降 54.4%，主要受毛利率下降等影响。 截至 2024 年末，公司已售未结销售额约 1701 亿元，同比下降 14.7%，合同负 债覆盖营收 0.97 倍，预计后续开发业务结算增速或有所放缓。 2024 市场排名提升，2025 销售保持增长信心：2024 年，公司实现销售额 1145 亿元，同比下降 19.4%，年度销售首次进入全国前 10，位列第 8， ...

Investment Rating - The report maintains an "Overweight" rating for the real estate sector, with a focus on financially stable and well-performing leading companies [2]. Core Views - Recent government policies have been implemented to support the real estate market, including the cancellation of sales restrictions in Nanjing and adjustments to down payment ratios in Tianjin, which are expected to stimulate demand [7][17]. - The real estate market is experiencing structural differentiation, with new home sales declining while second-hand home sales show slight resilience [7][21]. - The report emphasizes the importance of focusing on leading real estate companies that can effectively navigate market fluctuations, such as Poly Developments, China Merchants Shekou, and China Resources Mixc Life [7][19]. Weekly Market Review - The Shenwan Real Estate Index decreased by 0.9%, while the CSI 300 Index fell by 1.37%, indicating that the sector outperformed the broader market by 0.47% [3][13]. - The total market capitalization of the real estate sector is approximately 1,034.3 billion yuan, with a circulating market value of about 995.5 billion yuan [8]. Industry Fundamentals Primary Market Analysis - In the week of March 28 to April 3, a total of 31,221 new homes were sold across 38 key cities, representing a year-on-year decline of 33.7% and a month-on-month decline of 15% [5][21]. - The total transaction area for new homes was 3.821 million square meters, with a year-on-year decrease of 27.7% and a month-on-month decrease of 5.9% [5][21]. Secondary Market Analysis - During the same week, 22,398 second-hand homes were sold in 16 key cities, showing a year-on-year increase of 1.2% but a month-on-month decrease of 10.7% [32]. - The total transaction area for second-hand homes was 2.178 million square meters, with a year-on-year increase of 4.7% and a month-on-month decrease of 11.5% [32]. Inventory Situation - The inventory of commercial housing in 17 key cities was 186.291 million square meters, with a month-on-month decrease of 0.5% and a depletion cycle of 156.6 weeks [45][52]. Land Market Analysis - In the week of March 24 to March 30, land supply reached 21.186 million square meters, a year-on-year increase of 19.2%, while the average supply price was 2,715 yuan per square meter, up 223.2% year-on-year [53]. - Land transactions totaled 23.359 million square meters, with a transaction amount of 62.15 billion yuan, reflecting a year-on-year increase of 55.4% [53].

Summary of Yuexiu Property Conference Call Company Overview - **Company**: Yuexiu Property - **Industry**: Real Estate Key Points 2024 Performance - **Sales Performance**: In 2024, Yuexiu Property's sales decreased by 19.4% year-on-year, totaling 114.5 billion yuan, outperforming the average decline of 24% among the top 100 developers in China, achieving a ranking of 8th nationally [2][3] - **Focus on High-Energy Cities**: The company concentrated investments in high-energy cities, with over 80% of investments in Beijing, Shanghai, and Guangzhou, and over 70% of new land reserves in first-tier cities [2][3] 2025 Sales Goals and Outlook - **Sales Target**: For 2025, the sales target is set at 120.5 billion yuan, representing a growth of approximately 5.2% [4] - **Available Resources**: The total available resources are estimated at 235.4 billion yuan, with about half located in the Greater Bay Area [4] - **Construction Plans**: Plans include starting construction on 2.73 million square meters and completing 7.78 million square meters [4] Financial Health - **Cash Flow**: The company reported a net operating cash inflow of 21.7 billion yuan in 2024, with year-end cash reserves exceeding 50 billion yuan, marking an 8.6% increase [5] - **Debt Management**: Yuexiu Property maintains a net debt ratio of 51.7%, with a weighted average financing cost reduced to 3.49% [5] Long-term Strategy - **Sustainable Development**: The company emphasizes long-termism and aims to build a "Four Good Enterprises" model, focusing on good products, brands, services, and teams [6] Q1 2025 Performance - **Sales Growth**: In Q1 2025, sales increased by approximately 41% year-on-year, with a national ranking improvement to 7th place, particularly strong performance in the Beijing market [7] Investment Strategy - **Investment Goals**: The company aims for a total equity investment of 30 billion yuan in 2025, focusing on eight core cities [9] - **Profitability Standards**: Investment standards include a projected net profit margin of 6%-8% and an internal rate of return (IRR) typically around 20% [10] Inventory Management - **Dynamic Gross Margin**: The current dynamic gross margin is estimated at 13%-15%, reflecting sales from properties acquired in the past two years [11] - **Old Inventory Strategy**: A dedicated team has been established to manage slow-moving projects, with flexible pricing strategies based on regional demand [13][15] Land Acquisition and Government Relations - **Land Recovery**: The company successfully recovered approximately 12 billion yuan from the government for undeveloped land, which will be used to acquire higher-quality land [16] - **Government Cooperation**: Strong relationships with local governments facilitate smoother negotiations regarding land and inventory management [17] Future Profitability and Dividends - **Profit Margin Expectations**: The company anticipates a gross margin of no less than 10% for 2025, with expectations for improvement in 2026 and 2027 [19][24] - **Dividend Policy**: The dividend policy aims to distribute 30%-40% of core net profits, maintaining a payout ratio of 44% for the past year [25] Market Conditions - **Market Dynamics**: The real estate market is experiencing significant differentiation, with core cities showing resilience while lower-tier cities face challenges [9][18] This summary encapsulates the key insights from the conference call, highlighting Yuexiu Property's performance, strategic focus, and outlook in the real estate sector.

进入4月，越秀地产继续在一线城市"攻城略地"。 继以底价2.54亿元拿下杭州临安区锦城单元LA040301-27地块后，4月1日，越秀地产再以总价11.01亿元 竞得杭州原运河新城单元GS1004-08-1地块。两宗地块累计斥资13.55亿元。 此前2月，越秀地产联合华润置地以50.9亿元成功竞得浦东新区新杨思地块，成交楼面地价为7.47万平方 米，溢价率33.4%。据公告披露，越秀地产于该宗地块实际应占利益为51.00%。 以及1月底，越秀地产在广州大本营竞得海珠区新侨地块，实际应占利益为95.48%，涉及实际权益的土 地价款约8.39亿元。 按照越秀地产的铺排，2025年总体投资目标为300亿元，重点聚焦在北上广深一线城市，以及杭州、成 都等强二线城市，以"换仓"来完成今年1205亿元的销售目标。 然而，规模扩张的同时，利润承压也是困扰越秀地产的难题。2025年，越秀地产趋向何方？ 据2024年财报，公司去年核心净利润约15.9亿元，同比下降54.4%；权益持有人应占盈利约10.4亿元， 同比下降67.3%；毛利率约10.5%，同比下降4.8个百分点。 | . | 董事會建議不予分派二〇二四年末期股息,全 ...

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 截至二○二五年三月三十一日未經審計銷售資料 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○二五年三月三十一日 的未經審計銷售統計資料如下： – 1 – 上述資料是未經審計及根據本公司內部資料匯總編製而成，鑒於收集和核對該等資料過程中存 在各種不確定性，該等資料與未來本公司每年或每半年刊發的經審計或未經審計的財務報表中 披露的數據可能存在差異，因此上述資料僅作為供投資者參考。投資者交易本公司證券時，務 須小心謹慎，避免不恰當地依賴該等資料。如有任何疑問，投資者應尋求專業人士或財務顧問 的專業意見。 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○二五年四月七日 二○二五年三月，本公司實現合同銷售（連同合營及聯營公司項目的合同銷售）金額約為人 民幣180.00億元，同比上升約58.7%，實現合同銷售面積約為 ...

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [2][3]. Core Insights - The report highlights the importance of stabilizing the real estate market in response to the ongoing trade war, emphasizing the need for domestic demand expansion [2][3]. - It notes a significant decline in both new and second-hand housing transactions, with new home sales in 34 key cities dropping by 23% week-on-week and 26% year-on-year in April [4][7]. - The report indicates that the government is implementing policies to stabilize the market, including the cancellation of housing transfer restrictions in Nanjing and the expansion of housing fund withdrawal policies [32][33]. Industry Data Summary New Housing Transaction Volume - New housing sales in 34 key cities totaled 3.093 million square meters last week, a week-on-week decrease of 23.4% [4]. - Year-on-year, new housing sales in April are down 26%, with first and second-tier cities seeing a 21% decline and third and fourth-tier cities experiencing a 49% drop [7][8]. Second-Hand Housing Transaction Volume - Second-hand housing sales in 13 key cities fell by 26.2% week-on-week, with April sales down 15% year-on-year [13]. - Cumulative sales for the year to date show a 26.5% increase compared to the previous year [13]. New Housing Inventory - In 15 key cities, 710,000 square meters of new housing were launched last week, with a sales-to-launch ratio of 2.08, indicating a continued trend of inventory reduction [21]. - The total available residential area in these cities is 88.71 million square meters, reflecting a 0.9% decrease week-on-week [21]. Policy and News Tracking - The report discusses macroeconomic policies, including the imposition of tariffs on U.S. imports and the rise in manufacturing PMI to 50.5%, indicating a recovery in manufacturing activity [32][33]. - It highlights local government initiatives, such as Nanjing's cancellation of housing transfer restrictions and the expansion of housing fund policies in various cities [32][33]. - The report also notes the active land market in core cities, with significant land sales and project launches reported in the first quarter of 2025 [32][33].

Core Viewpoint - The real estate industry is undergoing a significant transformation, with Yuexiu Property successfully navigating this period by implementing its "Four Good Enterprises" strategy, leading to stable growth and improved market positioning [1][10]. Group 1: Financial Performance - In 2024, Yuexiu Property achieved an operating revenue of 86.4 billion yuan, a year-on-year increase of 7.7%, with core net profit reaching 1.59 billion yuan and net profit attributable to shareholders remaining at 1.04 billion yuan, maintaining positive profitability for several consecutive years [1]. - The total contract sales for 2024 amounted to 114.54 billion yuan, with a significant contribution of 52.4% from first-tier cities and 99.3% from first and second-tier cities combined [2]. - The company reported a net operating cash inflow of 21.73 billion yuan in 2024, with cash reserves exceeding 50 billion yuan, an increase of 8.6% from the beginning of the year [8]. Group 2: Market Positioning - Yuexiu Property ranked 8th in the industry for total contract sales in 2024, improving from 12th place in 2023, demonstrating resilience during the industry's deep adjustment period [1]. - The company has successfully entered new markets, achieving sales of 8.73 billion yuan in Beijing and 6.6 billion yuan in Shanghai, with significant sales in "new first-tier cities" like Hangzhou, where it reached 22.1 billion yuan [3][4]. Group 3: Strategic Initiatives - The company emphasizes a shift from rapid growth to quality improvement, focusing on building "good houses" and implementing the "Four Good Enterprises" strategy, which includes good products, good services, good teams, and good brands [1][10]. - Yuexiu Property plans to continue its "precise investment" strategy, targeting high-certainty revenue projects in key cities such as Guangzhou, Shenzhen, Shanghai, and Beijing, while also optimizing its existing land reserves [12]. Group 4: Future Outlook - For 2025, Yuexiu Property has set a sales target of 120.5 billion yuan, reflecting a growth of 5.2%, positioning itself as one of the few companies providing positive growth guidance in the current market [7]. - The company is expected to benefit from government policies aimed at stabilizing the market, which will further support its growth trajectory [7].

Core Viewpoint - Yuexiu Property is strategically positioning itself to capitalize on the shift in the real estate market from a focus on speed to a focus on quality, aiming to lead in the "good housing" segment as new regulations are introduced [1][4][7] Group 1: Company Strategy and Performance - In 2024, Yuexiu Property achieved a revenue of approximately 86.4 billion yuan and a contract sales amount of about 114.5 billion yuan, ranking eighth in the industry [2] - The company has successfully launched several projects in major cities, with notable sales performances, such as the Guangzhou Pazhou South TOD project generating a sales volume of 8.6 billion yuan [2] - The company aims to achieve a sales target of 120.5 billion yuan in 2025, reflecting a 5.2% increase from the previous year [4] Group 2: Product Development and Innovation - Yuexiu Property has introduced the "4×4 good product concept," focusing on four key attributes: quality, warmth, intelligence, and growth, to enhance its product offerings [3] - The company emphasizes that "good products" are dynamic and evolve based on deep insights into urban, land, and customer needs [3] Group 3: Financial Health and Investment Strategy - As of the end of 2024, Yuexiu Property maintained a healthy financial status with a debt-to-asset ratio of 68.1% and a net debt ratio of 51.7% [5] - The company successfully issued bonds totaling 2.5 billion yuan domestically and 2.39 billion yuan in offshore markets, with a weighted average borrowing cost of 3.49%, positioning it favorably within the industry [5] - In 2024, Yuexiu Property acquired 24 premium land parcels with a total construction area of approximately 2.71 million square meters, focusing on first-tier and strong second-tier cities [6] Group 4: Market Outlook and Future Plans - The company is committed to a strategy of "investment to promote stability," focusing on eight strategically important cities and enhancing investment management to secure high-quality land [6][7] - With the ongoing transformation in the real estate market, Yuexiu Property is poised to enhance its market competitiveness through improved product and service quality [7]