（於香港註冊成立之有限公司） （股份代號：688） 須予披露交易 收購標的公司權益 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。 收購事項 董事局欣然宣佈，於二零二五年九月五日，聯合競買方（即中海企業發展（為 本公司的間接全資附屬公司）、上海虹潤及杭州旅投）與轉讓方就收購事項訂立 產權交易合同，據此（其中包括）中海企業發展將收購（i）標的公司 A50.5% 股權及相關比例債權；以及（ii）標的公司 B 30.5%股權，據此，中海企業發展 預計將按有關比例分別出資約人民幣 7,341 百萬元及人民幣 812 百萬元以收購 標的權益 A 及標的權益 B。標的公司持有東安項目的地塊。於完成後，標的公 司 A 將入賬列為本公司的附屬公司，而標的公司 B 將入賬列為本集團的聯營 公司。 上市規則的涵義 由於有關本集團就收購事項將出資的總代價的一項適用百分比率超過 5%但低 於 25%，故收購事項構成本公司一項須予披露交易，並須遵守上市規則第十四 章項下的申報 ...

Core Viewpoint - Morgan Stanley has adjusted its profit forecasts and target price for China Overseas Land & Investment (00688) due to the continuous decline in mainland property prices leading to a decrease in profit margins [1] Summary by Category Profit Margin Adjustments - The gross profit margin forecasts for China Overseas for 2025 to 2027 have been lowered by 0.1 percentage points each, now projected at 16.4%, 19.7%, and 22.7%, compared to 17.7% in 2024 [1] Earnings Forecast Changes - The core earnings forecast for 2025 has been reduced by 0.6%, while the forecasts for 2026 and 2027 have been increased by 0.2% and 3.0% respectively [1] Target Price Revision - Morgan Stanley has raised the target price for China Overseas from HKD 13.2 to HKD 13.7, reflecting a 30% discount to the estimated net asset value per share for this year, maintaining a "market perform" rating [1]

Core Viewpoint - Morgan Stanley has adjusted its profit forecasts and target price for China Overseas Land & Investment (00688) due to the continuous decline in mainland property prices leading to a decrease in profit margins [1] Summary by Relevant Categories Profit Margin Adjustments - The bank has lowered its gross margin forecasts for China Overseas for the years 2025 to 2027 by 0.1 percentage points each, now predicting margins of 16.4%, 19.7%, and 22.7% respectively, compared to 17.7% in 2024 [1] Core Earnings Forecasts - The core earnings forecast for 2025 has been reduced by 0.6%, while the forecasts for 2026 and 2027 have been increased by 0.2% and 3.0% respectively [1] Target Price Revision - Morgan Stanley has raised the target price for China Overseas from HKD 13.2 to HKD 13.7, which reflects a 30% discount to the predicted net asset value per share for this year, maintaining a "market perform" rating [1]

摩根士丹利发表报告，调整对中国海外发展盈利预测与目标价，以反映内地房价持续下跌导致的利润率 下降。具体而言，该行将中国海外2025至2027年的毛利率预测各下调0.1个百分点，分别调整为16.4%、 19.7%及22.7%，相较2024年的17.7%；同时将2025年核心盈利预测下调0.6%，2026年上调0.2%，2027年 上调3.0%。大摩将中国海外的目标价由13.2港元上调至13.7港元，相当预测今年每股资产净值折让 30%，评级"与大市同步"。 ...

Market Overview - In August, multiple new residential projects in Tianjin are actively preparing for the "Golden September and Silver October" sales period, with over 20 new projects expected to enter the market in the six urban districts and four surrounding districts from September to October [1] - The Hexi District is highlighted as a supply hotspot, featuring high-quality projects such as Tianjin Iron Green City North Tide Ming, Poly Tianmen Tianjun, Jindi Meijiang Yin, and Greentown Yubaihe, indicating increased market competition in this area [1] - The Tianjin real estate market is gradually transitioning to a phase dominated by new products, while the market presence of older projects continues to diminish [1] Sales Performance - From January to August 2025, the top 10 real estate companies in Tianjin achieved a total sales revenue of 40.38 billion yuan, with a threshold of 1.77 billion yuan for the top 10 list [2] - The leading company, Taida Construction, recorded sales of 6.93 billion yuan, followed by China Overseas Property with 5.95 billion yuan, and Tianjin Urban Investment Group with 5.33 billion yuan [2] Project Sales Rankings - The top 10 residential projects in Tianjin generated a total sales amount of 11.943 billion yuan from January to August 2025, with a minimum threshold of 920 million yuan for inclusion in the ranking [3] - The project "Shangdong Jinmao Xiaotang/Jintang" topped the list with sales of 1.483 billion yuan, followed by "Jinmao Panhu Manting" at 1.296 billion yuan, and "Tibei Jinmao Mansion" at 1.295 billion yuan [3] Policy Environment - On August 13, Tianjin's housing provident fund center announced a new measure allowing homebuyers to withdraw funds from their provident fund accounts to pay the down payment for purchasing existing homes, aimed at reducing the threshold for home purchases and invigorating the existing housing market [5] - On August 28, the Central Committee of the Communist Party of China and the State Council released an opinion on promoting high-quality urban development, providing important guidance for local governments to address current industry challenges [5] Land Market Analysis - In August 2025, Tianjin launched 20 plots of land for sale, with a planned construction area of 1.4254 million square meters, including one residential plot, one commercial/office plot, and 16 industrial plots [5] - Three residential land parcels were sold in August, all at the base price, located in Wuqing District, Beichen District, and Hongqiao District, with the Hongqiao District plot designated for urban renewal [7]

Core Viewpoint - In August, China Overseas Development reported a slight decline in contract property sales amounting to approximately 18.33 billion yuan, while the sales area increased significantly by 27.7% year-on-year [1] Sales Performance - The contract property sales for August reached about 18.33 billion yuan, representing a year-on-year decrease of 0.7% [1] - The corresponding sales area was approximately 888,500 square meters, which is a year-on-year increase of 27.7% [1]

Company News - Sun Hung Kai Properties (00016.HK) reported a revenue of HKD 79.721 billion for the fiscal year 2025, an increase of 11.5% year-on-year; net profit reached HKD 19.277 billion, up 1.2% year-on-year [2] - Sincere Watch International (00732.HK) recorded a net operating revenue of approximately HKD 11.011 billion for the first eight months, a decrease of 5.5% year-on-year; in August, the net operating revenue was about HKD 1.445 billion, down 6.5% year-on-year [2] Financial Activities - China Construction Bank (00939.HK) announced that CCB Financial Leasing plans to increase its capital by HKD 3 billion to CCB Shipping and Aviation [3] Pharmaceutical Developments - Heng Rui Medicine (01276.HK) received approval to conduct clinical trials for RSS0393 ointment, which can alleviate tissue damage and inflammation related to atopic dermatitis [4] - Heng Rui Medicine (01276.HK) also received approval for clinical trials of HRS-4729 injection, a tri-agonist for GLP-1R/GIPR/GCGR [4] Real Estate Sales Performance - China Overseas Land & Investment (00688.HK) reported a contracted sales amount of HKD 150.331 billion for the first eight months, a decline of 16.5% year-on-year; August contracted sales were HKD 18.33 billion, down 0.7% year-on-year [5] - Sunac China (01918.HK) recorded a contracted sales amount of approximately HKD 30.47 billion for the first eight months, a decrease of 13% year-on-year; August contracted sales were HKD 5.39 billion, down 26.7% year-on-year [5] - China Overseas Grand Oceans Group (00081.HK) reported a contracted sales amount of HKD 20.783 billion for the first eight months, a decline of 10.6% year-on-year; August contracted sales were HKD 2.133 billion, an increase of 6.1% year-on-year [5] - Gemdale Corporation (00535.HK) reported a total contracted sales of approximately HKD 7.588 billion for the first eight months, a decrease of 39% year-on-year; August contracted sales were HKD 608 million, down 52.9% year-on-year [5] - Hongyang Real Estate (01996.HK) reported a contracted sales amount of HKD 3.506 billion for the first eight months, a decrease of 42.2% year-on-year; August contracted sales were HKD 299 million, down 48.5% year-on-year [5] - Ronshine China Holdings (03301.HK) reported a contracted sales amount of approximately HKD 2.7 billion for the first eight months, a decline of 46.4% year-on-year; August contracted sales were about HKD 130 million, down 87.9% year-on-year [5] Share Buyback Activities - HSBC Holdings (00005.HK) repurchased 2.01 million shares at a cost of approximately HKD 200 million, with prices ranging from HKD 98.75 to HKD 100.3 [6] - Midea Group (00300.HK) repurchased 310,000 shares at a cost of approximately HKD 25.849 million, with prices ranging from HKD 83.3 to HKD 83.5 [6] - Hang Seng Bank (00011.HK) repurchased 210,000 shares at a cost of approximately HKD 23.799 million, with prices ranging from HKD 112.9 to HKD 113.7 [6] - MGM China Holdings (02282.HK) repurchased 1 million shares at a cost of approximately HKD 15.687 million, with prices ranging from HKD 15.58 to HKD 15.97 [6] Shareholding Changes - Kanglong Chemical (03759.HK) completed a share reduction plan, with a total of 26.6729 million shares reduced [6] - Sinopec Limited (00386.HK) canceled 67.624 million shares that had been repurchased [6]

Core Viewpoint - China Overseas Development (00688) reported a decline in contract property sales for the first eight months of 2025, with a total sales amount of approximately RMB 150.33 billion, representing a year-on-year decrease of 16.5% [1] Group 1: Sales Performance - In August 2025, the contract property sales amount was approximately RMB 18.33 billion, showing a slight year-on-year decline of 0.7% [1] - The corresponding sales area for August 2025 was approximately 888,500 square meters, which is a year-on-year increase of 27.7% [1] - For the period from January to August 2025, the cumulative contract property sales area was approximately 6.67 million square meters, reflecting a minor year-on-year decrease of 0.2% [1] Group 2: Future Sales Expectations - As of August 31, 2025, the company has recognized property sales of approximately RMB 5.36 billion, which is expected to convert into contract property sales in the coming months [1] Group 3: Land Acquisition - In August 2025, the company and/or its subsidiaries did not acquire any land parcels [1] - Additionally, China Overseas Hongyang Group acquired a land parcel in Huizhou, Guangdong Province, with a gross floor area of approximately 179,500 square meters, for a land premium of approximately RMB 622 million [1]

Core Viewpoint - China Overseas Development (00688) reported a slight year-on-year decline in contract property sales amounting to approximately RMB 18.33 billion in August 2025, despite a significant increase in sales area by 27.7% to about 888,500 square meters [1] Sales Performance - For the period from January to August 2025, the cumulative contract property sales reached approximately RMB 150.33 billion, reflecting a year-on-year decrease of 16.5%, while the cumulative sales area was about 6.67 million square meters, showing a marginal decline of 0.2% [1] - As of August 31, 2025, the company secured recognized property sales of approximately RMB 5.36 billion, which is expected to convert into contract property sales in the coming months [1] Land Acquisition - In August 2025, the company and/or its subsidiaries did not acquire any land parcels [1] - Additionally, China Overseas Hongyang, along with its subsidiaries, acquired a land parcel in Huizhou, Guangdong Province, with a gross floor area of approximately 179,500 square meters, for a land premium of about RMB 622 million [1]

Core Viewpoint - China Overseas Development (00688.HK) reported a slight decline in contract property sales for August 2025, despite an increase in sales area, indicating a mixed performance in the real estate market [1] Sales Performance - In August 2025, the contract property sales amount was approximately RMB 18.33 billion, representing a year-on-year decrease of 0.7% [1] - The corresponding sales area for the same period was about 888,500 square meters, showing a year-on-year increase of 27.7% [1] Cumulative Sales Data - From January to August 2025, the cumulative contract property sales amount reached approximately RMB 150.33 billion, reflecting a year-on-year decline of 16.5% [1] - The cumulative sales area during this period was around 6,668,500 square meters, which is a slight decrease of 0.2% year-on-year [1] Future Sales Expectations - As of August 31, 2025, the company recorded recognized property sales of approximately RMB 5.36 billion, which is expected to convert into contract property sales in the coming months [1]