中国金茂(00817)发布公告，于2025年10月31日，该公司根据2025中期以股代息安排发行及分配649.51万 股代息股份。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 中國金茂控股集團有限公 司 呈交日期： 2025年11月3日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 (註7) (i) 上市發行人已收取其在是次股份發行或庫存股份出售或轉讓應得的全部款項； (viii) 有關債券、借貸股份、票據或公司債券的信託契約/平邊契據經已製備及簽署，有關詳情已送呈公司註冊處處長存檔（如法律如此規定）。 第一章節註釋： 若股份曾以超過一個每股價格發行/出售/購回/贖回，則須提供每股成交量加權平均價格。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | ...

Core Viewpoint - The real estate market in China is experiencing a downturn, with a significant decline in land acquisition activities among major companies, reflecting a cautious investment attitude due to reduced land supply and market pressures [15][16][30]. Group 1: Land Acquisition Trends - In October, over half of the 30 monitored companies did not engage in land acquisition, with only four companies acquiring land worth over 5 billion yuan [16]. - The total land acquisition value for the top 100 real estate companies reached 19,443 billion yuan, with a year-on-year increase of 27% [24]. - The average premium rate for land transactions in October was 2.7%, marking the lowest level of the year [18]. Group 2: Market Performance Metrics - The total area of land sold through public bidding in China was 60.57 million square meters, a 13% decrease month-on-month and a 25% decrease year-on-year [18]. - The total transaction amount for land was 151.9 billion yuan, reflecting a 20% month-on-month decline and a 35% year-on-year decrease [18]. - The threshold for the top 100 companies in terms of new land value decreased by 5% year-on-year to 4.28 billion yuan [21]. Group 3: Investment Behavior - The investment amount of the top 100 companies increased by 45% year-on-year, indicating a rebound in land acquisition despite the overall market decline [23][24]. - The land acquisition ratio for the top 100 companies was 0.29, with the top 10 companies showing a higher ratio of 0.42, indicating more aggressive investment strategies [26]. - Companies are focusing on acquiring quality land in core first- and second-tier cities, maintaining a rational approach to avoid overpaying [30][33]. Group 4: Future Outlook - The fourth quarter is expected to see continued cautious and rational land acquisition strategies, with over 40% of the top sales companies likely to maintain zero new land reserves [33]. - Central government policies are anticipated to optimize land supply, focusing on improving housing quality and urban renewal projects [33].

Core Insights - The total sales of the top 100 real estate companies in China for the first ten months of 2025 reached 289.67 billion yuan, representing a year-on-year decline of 16.3%, with the decline rate widening by 4.1 percentage points compared to the first nine months of the year [1] - The sales performance in October showed a slight month-on-month recovery, with a total sales amount of 253 billion yuan, reflecting a 0.1% increase from the previous month [6] Group 1: Sales Performance by Company Tier - The average sales for the top 10 real estate companies was 143.09 billion yuan, down 15.0% year-on-year [4] - The average sales for companies ranked 11 to 30 was 35.51 billion yuan, down 17.8% year-on-year [4] - The average sales for companies ranked 31 to 50 was 17.21 billion yuan, down 16.6% year-on-year [4] Group 2: Company Breakdown - There are 7 companies in the 100 billion yuan and above tier, with sales figures of 222.7 billion yuan, 201.1 billion yuan, 189.1 billion yuan, 169.6 billion yuan, 156.0 billion yuan, 114.6 billion yuan, and 106.5 billion yuan respectively [4] - The second tier (500-1000 billion yuan) has 7 companies, down 2 from the previous year, with sales figures of 92.6 billion yuan, 92.1 billion yuan, 86.3 billion yuan, 68.7 billion yuan, 62.1 billion yuan, 55.7 billion yuan, and 55.3 billion yuan respectively [4] - The third tier (300-500 billion yuan) has 6 companies, down 3 from the previous year, with sales figures of 43.8 billion yuan, 43.5 billion yuan, 41.5 billion yuan, 33.9 billion yuan, and 32.7 billion yuan respectively [4] Group 3: Market Trends - In October, first-tier cities recorded a total transaction volume of 1.68 million square meters, remaining flat month-on-month but down 41% year-on-year [6] - The total transaction volume in 26 second and third-tier cities was 7.91 million square meters, with a slight month-on-month increase of 1% but a year-on-year decline of 35% [6] - The city of Chengdu led in monthly transactions with 800,000 square meters, followed by Qingdao, Wuhan, and Xi'an [6] Group 4: Policy Implications - The recent "14th Five-Year Plan" emphasizes boosting consumption and may lead to the relaxation of housing purchase restrictions in major cities [7] - The industry anticipates that as year-end performance targets approach, supply in key cities may improve, providing some support to the market [7] - A more comprehensive approach from the central government is needed to stabilize the industry and break the negative cycle [7]

Group 1 - The core point of the article is that China Jinmao (00817) announced its financial results for the nine months ending September 30, 2025, reporting a revenue of 21.378 billion yuan and a net profit attributable to the parent company of 1.334 billion yuan [1]

Group 1 - The core point of the article is that China Jinmao (00817) reported its financial results for the nine months ending September 30, 2025, highlighting significant revenue and net profit figures [1] Group 2 - The company’s wholly-owned subsidiary, Shanghai Jinmao, achieved a revenue of 21.378 billion yuan [1] - The net profit attributable to the parent company’s owners was 1.334 billion yuan [1]

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，概不對任何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的任何損失承擔責任。 China Jinmao Holdings Group Limited 中國金茂控股集團有限公 司 （於香港註冊成立的有限公司） （股票代號：00817） 暫停辦理股份過戶登記手續及釐定出席股東特別大會 並於會上投票的權利的記錄日期 茲提述(i)中國金茂控股集團有限公司（「本公司」）日期為2025年9月29日的公告， 內容有關(1)本公司與中化財務訂立補充協議二，以進一步修訂經補充協議一修訂 的中化金融服務框架協議的部分條款及(2)本公司與平安成員企業訂立經續期平安 金融服務框架協議；及(ii)本公司日期為2025年10月23日的公告，內容有關延遲 寄發通函（「該等公告」）。除本公告另有界定者外，本公告所用詞彙與該等公告所 界定者具有相同涵義。 誠如該等公告所披露，一份當中載有關於補充協議二及經續期平安金融服務框架 協議的詳情、獨立董事委員會函件、獨立財務顧問函件的通函（「通函」），連同股 東特別大會 ...

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。 China Jinmao Holdings Group Limited 中國金茂控股集團有限公 司 （於香港註冊成立的有限公司） | | | | 於2025年 | 於2024年 | | --- | --- | --- | --- | --- | | 項目 | | | 9月30日 | 12月31日 | | 資產總額 | （人民幣億元） | | 3,983.92 | 3,634.42 | | 負債總額 | （人民幣億元） | | 2,965.79 | 2,694.20 | | 所有者權益 | （人民幣億元） | | 1,018.13 | 940.22 | | 期末現金及現金等價物 | | （人民幣億元） | 223.08 | 274.87 | 1 | | | | 截至9月30日止九個月 | | | --- | --- | --- | --- | --- | | 項目 | | | 2025年 | 2024年 ...

Core Viewpoint - CICC has initiated coverage on China Jinmao with an "outperform" rating and a target price of HKD 1.86, reflecting a 10% discount to the projected net asset value (NAV) per share for 2025 [1] Group 1: Company Management and Strategy - The company has shown significant positive changes in management and strategy, which provide a foundation for value reconstruction [1] - Historical burdens are manageable, and there is potential for incremental sales flexibility [1] Group 2: Financial Projections - CICC estimates the company's NAV to reach RMB 25.6 billion by the end of 2025, with substantial growth potential if the company maintains a steady land acquisition strategy from 2026 onwards [1] - Projected earnings per share for 2025 and 2026 are RMB 0.10 and RMB 0.11, respectively, with a compound annual growth rate (CAGR) of 6.5% from 2024 to 2026 [1] - The target price of HKD 1.86 is based on a 10% discount to the 2025 NAV, corresponding to a price-to-book ratio of 0.6 times for 2025 [1]

Investment Rating - The report maintains a "Buy-A" rating for selected stocks including Xincheng Holdings, Greentown China, and China Jinmao [6] Core Views - The real estate industry shows signs of bottoming out in September 2025, with structural differentiation evident. Key indicators such as new construction, completion, sales area, and sales revenue have improved on a month-over-month basis compared to the average levels from 2020 to 2024, despite a year-on-year decline in real estate development investment [1][12][15] - The downward pressure on real estate development investment is attributed to three main factors: a continuous reduction in construction scale, a sluggish land market, and a tight financing environment [2][19][30] - Future real estate development investment is expected to stabilize gradually, with a structural recovery process. The recovery will be led by third and fourth-tier cities due to lower land cost ratios and stable price differentials, while first and second-tier cities will lag behind [3][32] Summary by Sections 1. September Real Estate Data Performance - The overall data for the real estate industry in September 2025 indicates a continued decline, but with some month-over-month improvements. Key metrics such as new construction and completion areas have shown less severe year-on-year declines compared to previous months [1][12][15] 2. Increased Downward Pressure on Real Estate Investment - The report identifies that the primary reasons for the increased downward pressure on real estate development investment include a shrinking construction scale, a depressed land market, and a constrained financing environment. The total funding sources for real estate development decreased by 13.4% year-on-year [2][19][30] 3. Future of Real Estate Development Investment - The outlook for real estate development investment suggests a gradual stabilization, with a focus on structural characteristics. The report highlights that the recovery will be more pronounced in lower-tier cities, while state-owned enterprises are expected to maintain their land acquisition strength due to better financing capabilities [3][30][32]