Group 1: Policy and Industry Development - Guangzhou will implement 100% prefabricated construction for residential land starting in 2026, with a goal to exceed 500 billion yuan in total output value for the smart construction and industrialized building industry by 2030 [1] Group 2: Sales Performance of Real Estate Companies - China Overseas Development reported a contract property sales amount of approximately 18.661 billion yuan in October, a year-on-year decrease of 55.1%, with a sales area of about 871,600 square meters, down 40% year-on-year [2] - Gindal Commercial reported a contract sales total of approximately 592 million yuan in October, with a sales area of about 43,000 square meters and an average sales price of approximately 13,800 yuan per square meter [3] - Sunac China disclosed a contract sales amount of approximately 1.01 billion yuan in October, with a sales area of about 88,000 square meters and an average sales price of approximately 11,500 yuan per square meter [4] - Poly Real Estate reported a contract sales amount of approximately 4.3 billion yuan in October, with a sales area of about 148,000 square meters and an average sales price of approximately 29,300 yuan per square meter [5]

Core Insights - China Overseas Development reported a significant decline in property sales for October 2025, with a total sales amount of approximately 18.66 billion RMB, representing a year-on-year decrease of 55.1% [1] - Cumulative property sales from January to October 2025 reached approximately 189.17 billion RMB, down 21.3% year-on-year [1] - The company added three new land parcels in October 2025, located in Guangzhou, Shanghai, and Shijiazhuang, with a total equity building area of about 395,100 square meters and an equity land price of approximately 7.07 billion RMB [1] Sales Performance - In October 2025, the sales area was approximately 871,600 square meters, reflecting a year-on-year decrease of 40.0% [1] - From January to October 2025, the cumulative sales area was about 8.45 million square meters, which is a decline of 6.9% compared to the previous year [1] Land Acquisition - The total cumulative new land equity building area from January to October 2025 was approximately 4.03 million square meters, with a cumulative equity land price of about 83.71 billion RMB [1]

央广网北京11月7日消息（记者门庭婷）11月6日，中国海外发展发布截至2025年10月31日止十个月物业 销售和新增土地更新。 截至2025年10月31日，中国海外系列公司录得已认购物业销售约人民币29.26亿元，预期将于往后数月 内转化为合约物业销售。 2025年10月，中海连同其附属公司新增土地涵盖广州、上海及石家庄三幅地块，权益建筑面积约39.51 万平方米，权益地价约人民币70.73亿元。 2025年1—10月，集团新增土地累计权益建筑面积约402.88万平方米，累计权益地价约人民币837.07亿 元。 2025年10月，中国海外系列公司实现合约物业销售金额约人民币186.61亿元，按年下跌55.1%；相应的 销售面积约为87.16万平方米，按年下跌40.0%。 2025年1—10月，中国海外系列公司累计合约物业销售金额约人民币1891.65亿元；相应的累计销售面积 约845.4万平方米，分别按年下跌21.3%及6.9%。 ...

Core Viewpoint - In October, China Overseas Development reported a significant decline in property sales, indicating challenges in the real estate market [1] Sales Performance - The total contract property sales amount for October was approximately 18.661 billion yuan, representing a year-on-year decrease of 55.1% [1] - The corresponding sales area was about 871,600 square meters, which is a year-on-year decline of 40% [1]

Company News - BeiGene reported total revenue of approximately $3.845 billion for the first nine months, a year-on-year increase of 43%. Adjusted net profit was approximately $693 million, marking a return to profitability. In Q3, revenue reached $1.412 billion, up 41% year-on-year, with adjusted net profit of approximately $304 million, a 489% increase year-on-year. The growth is primarily attributed to the sales increase of BeiYueZe® in the US and Europe, with the US remaining the largest market for the company. The full-year revenue guidance is set at $5.1 billion to $5.3 billion, reflecting strong growth expectations from BeiYueZe® in the US and continued expansion in Europe and other key global markets [2] - Yidu International Holdings announced an earnings upgrade, expecting a profit attributable to shareholders of approximately HKD 1.2 billion for the first half, representing an increase year-on-year [3] - Hua Hong Semiconductor reported sales revenue of $635 million for Q3 2025, a year-on-year increase of 20.7%. However, net profit decreased by 42.6% to $25.725 million [4] - Autohome's net profit attributable to the parent company for Q3 was approximately RMB 436.6 million, with online marketing and other business revenues increasing by 32.1% year-on-year [5] - Xinyi International reported a cumulative net operating income of approximately HKD 13.981 billion for the first ten months, a year-on-year decrease of about 5.3%, with October revenue at HKD 1.457 billion [6] - Dongfeng Motor Group's cumulative vehicle sales for the first ten months reached 1.501 million units, a year-on-year decline of approximately 1.6%. However, sales of new energy vehicles increased by approximately 37.1% to 421,400 units [7] - China Overseas Land & Investment reported a cumulative contracted property sales amount of approximately RMB 189.165 billion for the first ten months, a year-on-year decrease of 21.3% [8] - Poly Property Group reported a cumulative contracted sales amount of RMB 43.8 billion for the first ten months, a year-on-year decrease of 10.43% [9] - Gemdale reported a cumulative contracted sales amount of approximately RMB 9.125 billion for the first ten months, a year-on-year decrease of 43.93% [10] - Sunac China reported a cumulative contract sales amount of approximately RMB 32.77 billion for the first ten months, a year-on-year decline of 25.1% [11] - Guoyin Financial Leasing plans to purchase 1,198 units of domestic information technology computing equipment for a total consideration of RMB 1.04 billion [12] - Youjia Innovation recently received project designation notifications from a globally renowned automotive group's joint venture and luxury brand, with a total order amount of approximately RMB 320 million [13] - Swire Properties reported a rental rate of 96% for Taikoo Place in Q3, with a rental reduction of 13%. Other Swire properties had an occupancy rate of 90%, with a rental reduction of 15% [14] - Zhongshen Construction Industry plans to acquire 100% equity of Huajian Development Co., Ltd. for approximately HKD 213.6 million [15] - Hard Egg Innovation signed a memorandum of understanding with Huixin Investment to jointly develop an AIoT innovation enterprise incubation platform [16] - Damai Entertainment expects mid-term net profit to increase to no less than RMB 500 million, compared to RMB 337 million last year [17] - Cafe de Coral Group issued a profit warning, expecting mid-term profit attributable to shareholders to decline by 65% to 70% [18] - Qingci Games signed a game licensing transfer agreement with Disney, obtaining authorization to develop and publish the game "Disney: Book of Legends," expected to launch in 2026 across various regions [19] - Now Medical Technology's subsidiary signed a strategic cooperation framework agreement with Medtronic Changzhou to promote clinical applications of real-time navigation tracking endoscopic technology in China [19] - Zhaoke Ophthalmology-B signed a distribution agreement with PT FERRON for the commercialization of BRIMOCHOL PF in Indonesia, receiving an upfront payment and potential milestone payments [19] - Shoujia Technology signed a strategic framework cooperation agreement with Stardust Intelligence, covering the development of humanoid robot tendon and related fields [20] Buyback Dynamics - Helen's decided to exercise its share buyback authorization, planning to repurchase up to 127 million shares [21] - China Feihe repurchased 6.806 million shares for a total of approximately HKD 29.4298 million, with a buyback price of HKD 4.29 to HKD 4.35 [22] - Kintor Pharmaceutical repurchased 1.734 million shares for a total of approximately HKD 26.3078 million, with a buyback price of HKD 14.35 to HKD 15.8 [23] - COSCO Shipping Holdings repurchased 1.53 million shares for a total of approximately HKD 20.9869 million, with a buyback price of HKD 13.57 to HKD 13.84 [24] - Sinopec repurchased 2.398 million H-shares for a total of approximately HKD 10.1066 million, with a buyback price of HKD 4.20 to HKD 4.23 [25]

Core Insights - In October 2025, the total bond financing in the real estate sector reached 51.24 billion yuan, marking a year-on-year increase of 76.9% [1][2] - The increase in financing is attributed to a low base from the previous year, where the total was only 28.97 billion yuan [2] - The average bond financing interest rate decreased to 2.56%, down 0.42 percentage points year-on-year [6] Financing Overview - The total bond financing in October 2025 was 51.24 billion yuan, a significant increase from 28.97 billion yuan in October 2024 [2] - Credit bond financing accounted for 32.70 billion yuan, up 50.7% year-on-year, representing 63.8% of the total [2][4] - Asset-backed securities (ABS) financing reached 15.70 billion yuan, a 115.8% increase year-on-year, making up 30.6% of the total [2][5] - Overseas bond financing was 2.85 billion yuan, accounting for 5.6% of the total [2] Financing Structure - From January to October 2025, total bond financing for real estate companies was 488.24 billion yuan, a year-on-year increase of 8.6% [4] - Credit bond financing for the same period was 293.98 billion yuan, a slight increase of 3.3% [4] - The share of credit bonds in total financing was 60.2%, while ABS accounted for 37.8% [4] Interest Rates - The average interest rate for bond financing in October was 2.56%, down 0.42 percentage points year-on-year and 0.13 percentage points month-on-month [6] - The average interest rate for credit bonds was 2.36%, unchanged from the previous month [6] - ABS had an average interest rate of 2.82%, down 0.31 percentage points year-on-year but up 0.14 percentage points month-on-month [6] Corporate Financing Dynamics - In October, China Merchants Shekou issued the highest amount of bonds at 4.5 billion yuan [7] - Suzhou High-tech had the lowest financing cost at 1.84% [7] - Major companies like China Overseas, Poly Development, and others issued bonds exceeding 3 billion yuan [4][8] Capital Market Dynamics - Key real estate companies disclosed new financing, including Huayi City Group's issuance of 2 billion yuan in short-term financing [8] - Several companies are progressing with debt restructuring, with Sunac and Country Garden's plans receiving over 75% creditor approval [8] - Kincor's restructuring plan is progressing smoothly, having secured 250 million yuan in loans from investors [8]

Core Viewpoint - China Overseas Development (00688) reported a significant decline in contract property sales for October 2025, with a year-on-year decrease of 55.1% in sales amount and 40.0% in sales area [1] Sales Performance - In October 2025, the contract property sales amount was approximately RMB 18.661 billion, with a sales area of about 871,600 square meters [1] - From January to October 2025, the cumulative contract property sales amount reached approximately RMB 189.165 billion, reflecting a year-on-year decline of 21.3%, while the cumulative sales area was about 8.454 million square meters, down 6.9% year-on-year [1] Property Acquisition - As of October 31, 2025, the company secured recognized property sales of approximately RMB 2.926 billion, expected to convert into contract property sales in the coming months [1] Land Acquisition - In October 2025, the company acquired three new land parcels in Guangzhou, Shanghai, and Shijiazhuang, with a total equity building area of approximately 395,089.81 square meters and an equity land price of about RMB 7.073 billion [1] - From January to October 2025, the group added a cumulative equity building area of approximately 4,028,798.95 square meters, with a cumulative equity land price of about RMB 83.707 billion [1] - Additionally, in October 2025, China Overseas Hongyang acquired a land parcel in Yangzhou, Jiangsu Province, with an equity building area of approximately 94,532.00 square meters and an equity land price of about RMB 403 million [1]

Core Viewpoint - China Overseas Development (00688) reported a significant decline in contract property sales for October 2025, with a year-on-year decrease of 55.1% in sales amount and 40.0% in sales area [1] Sales Performance - In October 2025, the contract property sales amount was approximately RMB 18.661 billion, with a sales area of about 871,600 square meters [1] - From January to October 2025, the cumulative contract property sales amount reached approximately RMB 189.1665 billion, with a cumulative sales area of about 8.454 million square meters, reflecting year-on-year declines of 21.3% and 6.9% respectively [1] Property Acquisition - As of October 31, 2025, the company secured recognized property sales of approximately RMB 2.926 billion, expected to convert into contract property sales in the coming months [1] Land Acquisition - In October 2025, the company acquired three land parcels in Guangzhou, Shanghai, and Shijiazhuang, with a total equity construction area of approximately 395,089.81 square meters and an equity land price of about RMB 7.073 billion [1] - From January to October 2025, the total equity construction area of newly acquired land reached approximately 4,028,798.95 square meters, with a cumulative equity land price of about RMB 83.707 billion [1] - In October 2025, China Overseas Hongyang acquired a land parcel in Yangzhou, Jiangsu Province, with an equity construction area of approximately 94,532.00 square meters and an equity land price of about RMB 403 million [1]

Core Viewpoint - China Overseas Development (00688.HK) reported a significant decline in contract property sales for October 2025, with a year-on-year decrease of 55.1% in sales amount and 40.0% in sales area [1] Sales Performance - In October 2025, the contract property sales amount was approximately RMB 18.661 billion, with a sales area of about 871,600 square meters [1] - From January to October 2025, the cumulative contract property sales amount reached approximately RMB 189.165 billion, reflecting a year-on-year decline of 21.3%, while the cumulative sales area was about 8.454 million square meters, down 6.9% year-on-year [1] - As of October 31, 2025, the company recorded recognized property sales of approximately RMB 2.926 billion, expected to convert into contract property sales in the coming months [1] Land Acquisition - In October 2025, the group acquired three new land parcels in Guangzhou, Shanghai, and Shijiazhuang, with a total equity construction area of approximately 395,100 square meters and an equity land price of about RMB 7.073 billion [1] - From January to October 2025, the cumulative new land acquisition amounted to an equity construction area of approximately 4.0288 million square meters and a cumulative equity land price of about RMB 83.707 billion [1] - Additionally, in October 2025, China Overseas Hongyang Group acquired a land parcel in Yangzhou, Jiangsu Province, with an equity construction area of approximately 94,500 square meters and an equity land price of about RMB 403 million [1]

（於香港註冊成立之有限公司） （股份代號：688） 截至二零二五年十月三十一日止十個月 物業銷售和新增土地更新 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。 一、物業銷售更新 於二零二五年十月，中國海外系列公司的合約物業銷售金額約人民幣186.61億元，按年 下跌55.1%；而相應的銷售面積約為871,600平方米，按年下跌40.0%。合約物業銷售金額 和相應的銷售面積的詳情如下列表1所示。 二零二五年一月至十月，中國海外系列公司累計合約物業銷售金額約人民幣1,891.65億 元；而相應的累計銷售面積約8,454,000平方米，分別按年下跌21.3%及6.9%。 此外，截至二零二五年十月三十一日，中國海外系列公司錄得已認購物業銷售約人民幣 29.26億元，預期將於往後數月內轉化為合約物業銷售。 1 | | 合約物業銷售 | 銷售面積 | | --- | --- | --- | | | （人民幣億元） | （萬平方米） | | 本公司及其附屬公司 | ...