Core Insights - The real estate market in September showed signs of stabilization and recovery, driven primarily by the demand for improved housing options [1][9] - A total of 24 real estate companies reported sales data, with 15 companies, accounting for 62.5%, experiencing a month-on-month increase in sales [1] - Differentiated pricing strategies have played a crucial role, with smaller units attracting buyers through competitive pricing, while improved housing options achieved premium pricing [1][9] Sales Performance - Among the 24 companies, Poly Developments and China Overseas Development led with sales exceeding 200 billion yuan in September, at 205.31 billion yuan and 201.73 billion yuan respectively [3] - Other notable companies include China Resources Land and China Merchants Shekou, with sales of 176 billion yuan and 166.98 billion yuan [3] - The sales growth for Poly Developments and China Overseas has been consistent, with both companies reporting month-on-month increases for three consecutive months [3] Market Dynamics - Different tiers of companies are experiencing varied recovery rates, with top-tier firms benefiting from scale advantages and mid-tier firms leveraging popular projects to boost sales [3][4] - Companies like R&F Properties saw a significant month-on-month increase of 132.31% in September due to a low sales base in August [4] - The overall market recovery is supported by strong land acquisition strategies focused on first- and second-tier cities, with a reported 13% year-on-year increase in land sales revenue across 300 cities [5] Land Acquisition Trends - Real estate companies are increasingly concentrating their land acquisitions in core cities, with top 20 cities accounting for 61% of the total land sales revenue [5] - China Resources Land acquired 18 new projects in the first half of 2025, with a total investment of 32.28 billion yuan, primarily in first- and second-tier cities [5] - The supply of quality land has increased, providing more options for developers, as seen in Beijing's recent addition of 22 new real estate projects [6] Product Quality and Market Appeal - The introduction of high-quality housing standards has enhanced market attractiveness, with improved housing options meeting the needs of buyers [7] - Recent policy adjustments in major cities have further stimulated demand, allowing for greater flexibility in purchasing [7] - The sales of improved housing options have surged, with a notable increase in the proportion of larger units sold in major cities [8][9]

Investment Rating - The report indicates a positive investment outlook for the real estate industry, with a total land acquisition amount of 605.6 billion yuan for the top 100 companies, reflecting a year-on-year growth of 28.0% [12][13]. Core Insights - The total land acquisition amount for key real estate companies increased by 28.0% year-on-year, with the growth rate narrowing by 6.3 percentage points compared to the previous month [6][12]. - High-value land parcels are primarily concentrated in Shenzhen and the Yangtze River Delta region, indicating a trend towards premium land acquisition in these areas [6][28]. - The top three companies in terms of new value added are Greentown China, Poly Developments, and China Overseas Land & Investment, with new values of 114.4 billion yuan, 99.6 billion yuan, and 92.3 billion yuan respectively [9][16]. Summary by Sections Land Acquisition - The top 100 real estate companies acquired a total of 605.6 billion yuan in land from January to August 2025, with a significant contribution from state-owned enterprises [12][13]. - The land acquisition amount for the top 10 companies accounted for 43.6% of the total new value added in the same period [16]. Market Trends - The report highlights that many previously unsold and stored land parcels are being re-offered through regulatory adjustments, which have gained market acceptance [17]. - The regulatory adjustments mainly involve lowering the plot ratio and commercial ratio, thereby increasing the attractiveness of the land parcels [17][19]. Regional Insights - The Yangtze River Delta region leads in land acquisition, with the top 10 companies acquiring 182.4 billion yuan, followed by the Beijing-Tianjin-Hebei region with 89.6 billion yuan [21]. - In major cities, state-owned and local government enterprises remain the primary players in land acquisition, with private enterprises supplementing in key areas [25].

1、2025 年9 月，公司取得签约销售金额98.0 亿元，签约销售建筑面积49.3万平方米。2025 年1-9 月， 公司取得签约销售金额806.9 亿元，签约销售建筑面积367.5 万平方米（均未计入物业租金收入）。 2、截至2025 年9 月30 日，公司已认购（未签约）销售金额共计6.4 亿元。 点评：品牌价值引领发展，销售表现持续亮眼，期间费率下降明显品牌价值引领发展：中国金茂连续21 年入选"中国500 最具价值品牌"，展现稳定品牌号召力。2025 年，金茂以742 亿元的品牌价值再次入 榜，位列第170 位，品牌价值较去年提升近80 亿，排名上升一位。公司始终以品质初心引领"好房子"建 设，通过"金玉满堂"系列产品的精彩呈现，在当前房地产行业销售整体下行的背景下，通过品质升级驱 动，走出独立行情。 销售表现持续亮眼：品牌价值赋能叠加经营效率提升，公司近期销售表现持续亮眼。边际来看，2025 年7 月/8 月/9 月，公司单月签约销售金额分别为84.6/90.8/98.0 亿元，单月同比分别为 机构：光大证券 研究员：何缅南 事件：公司发布2025 年9 月未经审核销售数据。 期间费率下降明显：公 ...

事件：公司发布2025年9月未经审核销售数据 1、2025年9月，公司取得签约销售金额98.0亿元，签约销售建筑面积49.3万平方米。2025年1-9月，公司 取得签约销售金额806.9亿元，签约销售建筑面积367.5万平方米(均未计入物业租金收入)。 2、截至2025年9月30日，公司已认购(未签约)销售金额共计6.4亿元。点评：品牌价值引领发展，销售表 现持续亮眼，期间费率下降明显 品牌价值引领发展 中国金茂连续21年入选"中国500最具价值品牌"，展现稳定品牌号召力。2025年，金茂以742亿元的品牌 价值再次入榜，位列第170位，品牌价值较去年提升近80亿，排名上升一位。公司始终以品质初心引 领"好房子"建设，通过"金玉满堂"系列产品的精彩呈现，在当前房地产行业销售整体下行的背景下，通 过品质升级驱动，走出独立行情。 智通财经APP获悉，光大证券发布研报称，中国金茂(00817)品牌影响力较强，近期销售增长亮眼，经营 效率优化提升，期间费率下降明显，上调公司2025-2027年归母净利润预测为12.5、14.3、15.8亿元(原预 测为12.2/13.4/14.6亿元)，当前股价对应2025-2027 ...

Core Viewpoint - China Jinmao (00817) has demonstrated strong brand influence and impressive sales growth, leading to an upward revision of net profit forecasts for 2025-2027. The current stock price corresponds to a PE valuation of 13.7/12.0/10.8 times for 2025-2027. The rating is maintained as "Buy" [1]. Sales Performance - In September 2025, the company achieved a signed sales amount of 98.0 billion yuan, with a signed sales area of 493,000 square meters. For the first nine months of 2025, the signed sales amount reached 806.9 billion yuan, with a signed sales area of 3.675 million square meters, excluding rental income [1]. - Monthly signed sales amounts for July, August, and September 2025 were 84.6 billion, 90.8 billion, and 98.0 billion yuan, showing year-on-year increases of +49.5%, +46.5%, and +39.9% respectively. The total signed sales amount for Q3 2025 was 273.4 billion yuan, up from 188.6 billion yuan in the same period of 2024 [2]. - Cumulatively, for the first nine months of 2025, the sales amount was 806.9 billion yuan, representing a year-on-year increase of +27.3%, with a sales area of 3.675 million square meters, up +6.0% year-on-year, and an average sales price of 21,958 yuan per square meter, up +20.1% year-on-year [2]. Operating Efficiency - The company's mid-year report for 2025 indicated that management expenses for the first half of the year were 1.22 billion yuan, down from 1.29 billion yuan in 2024, resulting in a management expense ratio of 4.8%, compared to 5.8% in 2024. Sales expenses were 830 million yuan, down from 980 million yuan in 2024, with a sales expense ratio of 3.3%, compared to 4.5% in 2024 [3]. - The significant decrease in expense ratios amidst rising sales performance reflects the company's organizational optimization and improved operational efficiency, showcasing the value of the "Jinmao brand" [3].

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Insights - The company has demonstrated strong sales performance, achieving a signed sales amount of 98.0 billion yuan in September 2025, with a total of 806.9 billion yuan for the first nine months of 2025, reflecting a year-on-year increase of 27.3% [1][3] - The brand value of the company has been a significant driver of its development, with a brand value of 742 billion yuan in 2025, marking an increase of nearly 8 billion yuan from the previous year [2] - The company has seen a notable decrease in expense ratios, with management and sales expense ratios dropping to 4.8% and 3.3% respectively for the first half of 2025, indicating improved operational efficiency [4] Summary by Sections Sales Performance - The company reported monthly signed sales amounts of 84.6 billion yuan, 90.8 billion yuan, and 98.0 billion yuan for July, August, and September 2025 respectively, with year-on-year growth rates of 49.5%, 46.5%, and 39.9% [3] - For the third quarter of 2025, the signed sales amount reached 273.4 billion yuan, up from 188.6 billion yuan in the same period of 2024, with a signed sales area of 128.1 million square meters [3] Financial Forecast and Valuation - The profit forecast for the company has been revised upwards for 2025-2027, with expected net profits of 1.25 billion yuan, 1.43 billion yuan, and 1.58 billion yuan respectively [4] - The current stock price corresponds to a price-to-earnings (PE) ratio of 13.7, 12.0, and 10.8 for the years 2025-2027 [4]

Sales Performance - In the first nine months of 2025, the total sales amount of the top 30 real estate companies in Beijing reached 257.34 billion yuan, with China Overseas Land & Investment, Yuexiu Property, and China Resources Land leading the sales at 31.08 billion yuan, 21.25 billion yuan, and 20.53 billion yuan respectively [10] - The total sales area for the top 30 companies was 4.796 million square meters, with China Overseas Land & Investment, China Resources Land, and Shoukai Co., Ltd. achieving sales areas of 430,000 square meters, 340,000 square meters, and 333,000 square meters respectively [10] Policy Changes - The annual adjustment policy for Beijing's housing provident fund has been implemented, maintaining a contribution rate between 5% and 12%, with the upper limit for monthly contributions adjusted to 35,811 yuan and the lower limit to 2,540 yuan [10] Market Activity - In September, Beijing recorded 3,556 new housing contracts, showing a month-on-month increase of 9.9% and a year-on-year increase of 13.4%. The second-hand housing market saw 15,829 contracts, with month-on-month and year-on-year increases of 24.8% and 18.7% respectively [10] - The top-selling project in September was the Zhongjian Yunhe Jiuyuan, which achieved a sales amount of 3.568 billion yuan and a sales area of 58,000 square meters, topping both the sales amount and area rankings [10] Land Market - In September, four residential land plots were successfully auctioned in Beijing, with the Chaoyang District Sun Palace plot sold at a premium rate of 39.18%. The plot attracted nine bidders and was ultimately won by China Construction Intelligence with a total price of 4.3145 billion yuan and a floor price of 85,331 yuan per square meter [11]

Core Insights - The company reported a contracted sales amount of 9.801 billion yuan in September 2025, with a contracted sales area of 493,400 square meters [1] - For the nine months ending September 30, 2025, the cumulative contracted sales amount reached 80.685 billion yuan, representing a year-on-year growth of 27.26% [1] - The cumulative contracted sales area during this period was 3.6746 million square meters [1] - As of September 30, 2025, the company had subscribed (but not yet signed) property sales amounting to 643 million yuan [1]

北京商报讯（记者 王寅浩 李晗）10月13日，中国金茂披露9月销售简报。简报显示，9月中国金茂及其 附属公司签约销售金额为98.01亿元，签约销售建筑面积约49.34万平方米。 ...

Core Insights - China Jinmao (00817) reported a signed sales amount of RMB 9.801 billion in September 2025, with a signed sales area of 493,400 square meters [1] - For the nine months ending September 30, 2025, the company achieved a cumulative signed sales amount of RMB 80.685 billion, representing a year-on-year increase of 27.26% [1] - The cumulative signed sales area for the same period reached 3.6746 million square meters [1] - As of September 30, 2025, the company has also secured a subscribed (but not yet signed) property sales amounting to RMB 643 million [1] Summary by Category Sales Performance - The signed sales amount for September 2025 was RMB 9.801 billion, with a corresponding area of 493,400 square meters [1] - The cumulative signed sales amount for the first nine months of 2025 was RMB 80.685 billion, which is a 27.26% increase compared to the previous year [1] - The total signed sales area for the nine-month period was 3.6746 million square meters [1] Future Prospects - The company has a subscribed property sales amount of RMB 643 million as of September 30, 2025, indicating potential future revenue [1]