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。 ...

中国金茂(00817)发布公告，2025年9月份，集团取得签约销售金额人民币98.01亿元，签约销售建筑面积 49.34万平方米。 此外，于2025年9月30日，集团已取得已认购(未签约)物业销售金额共计人民币6.43亿元。 截至2025年9月30日止9个月，集团累计取得签约销售金额共计人民币806.85亿元，同比增加27.26%;(其 中包含(如有)长沙梅溪湖国际新城项目、南京青龙山国际生态新城项目、宁波生命科学城项目、嘉兴上 海之窗智慧科学城项目、郑州二七区马寨新城项目、温州鰲江国际新城项目、金华金茂未来科学城项目 及上海横沔城市运营项目的成交销售金额)，以及累计签约销售建筑面积367.46万平方米。 ...

| 股息派發日 | 2025年10月31日 | | --- | --- | | 股份過戶登記處及其地址 | 香港中央證券登記有限公司 | | 皇后大道東183號 | | | 合和中心 | | | 17樓1712-1716號舖 | | | 灣仔 | | | 香港 | | | 代扣所得稅信息 | | | 股息所涉及的代扣所得稅 | 不適用 | | 發行人所發行上市權證/可轉換債券的相關信息 | | | 發行人所發行上市權證/可轉換債券 | 不適用 | | 其他信息 | | | 其他信息 | 不適用 | | 發行人董事 | | | 本公司董事為執行董事陶天海先生（主席）、張輝先生及喬曉潔女士；非執行董事崔焱先生、劉文先生、陳一江先生及王葳女士； | | | 以及獨立非執行董事劉峰先生、孫文德先生、高世斌先生及鍾偉先生。 | | 第 2 頁 共 2 頁 v 1.1.1 | 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，概不對因 | 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。 | | --- | --- | | | ...

Core Viewpoint - China Jinmao (00817.HK) reported a significant increase in contracted sales for September 2025, with a total of RMB 98.01 billion in signed sales and a total area of 493,412.71 square meters sold [1] Group 1: Sales Performance - For the nine months ending September 30, 2025, the company achieved cumulative contracted sales amounting to RMB 806.85 billion, which includes sales from various projects such as Changsha Meixi Lake International New City and Nanjing Qinglongshan International Eco New City [1] - The total contracted sales area for the same period reached 3,674,556.77 square meters [1] Group 2: Future Sales Potential - As of September 30, 2025, the company recorded a subscribed (but not yet signed) property sales amounting to RMB 6.43 billion, indicating potential future revenue [1]