中国金茂(00817)发布公告，2025年8月份，集团取得签约销售金额人民币90.77亿元，签约销售建筑面积 41.07万平方米。截至2025年8月31日止8个月，集团累计取得签约销售金额共计人民币708.84亿元，同比 增加25.69%;(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318.14万平方 米。 此外，于2025年8月31日，集团已取得已认购(未签约)物业销售金额共计人民币7.76亿元。 ...

Group 1 - The core point of the article is that China Jinmao (00817) reported a significant increase in contracted sales for the first eight months of 2025, with a total of RMB 708.84 billion, representing a year-on-year growth of 25.69% [1] - In August 2025, the group achieved a contracted sales amount of RMB 90.77 billion, with a total contracted sales area of 410,700 square meters [1] - As of August 31, 2025, the group has also recorded a total of RMB 7.76 billion in subscribed (but not yet signed) property sales [1] Group 2 - The cumulative contracted sales area for the group reached 3,181,400 square meters by the end of August 2025 [1] - The reported sales figures include contributions from various projects such as Changsha Meixi Lake International New City, Nanjing Qinglongshan International Ecological New City, and others [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 此外，於2025年8月31日，本集團已錄得已認購（未簽約）物業銷售金額共計人民 幣776百萬元。 附註： 上述簽約銷售金額的數據統計均未計入本集團於2025年8月份或截至2025年8月31日止 8個月的物業租金收入。 1 免責聲明 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） 公告 2025年8月未經審核銷售數據 中國金茂控股集團有限公司（「本公司」）董事會（「董事會」）謹此公佈，2025年8月 份，本公司及其附屬公司（「本集團」）取得簽約銷售金額人民幣9,077百萬元，簽 約銷售建築面積410,651.92平方米。截至2025年8月31日止8個月，本集團累計取 得簽約銷售金額共計人民幣70,884百萬元（其中包含（如有）長沙梅溪湖國際新城 項目、南京青龍山國際生態新城項目、寧波生命科學城項目、 ...

Investment Rating - The report maintains an "Outperform the Market" rating for the company [4][13]. Core Views - The company demonstrated stable performance with an 8% increase in net profit and a 14% increase in revenue for the first half of 2025, achieving revenue of 25.1 billion yuan and net profit of 1.1 billion yuan [1][7]. - Despite a 3% decrease in sales area, the company achieved a 20% increase in sales amount, reaching 53.4 billion yuan, marking its entry into the top ten of the industry [1][9]. - The company has strategically acquired 16 quality projects with a total land cost of 49.2 billion yuan, all located in first- and second-tier cities, with significant investments in Beijing and Shanghai [1][9]. Financial Performance - The company has successfully reduced costs, with sales, management, and financial expenses decreasing by 15%, 5%, and 4% respectively [2][11]. - The average financing cost for new domestic and foreign financing in the first half of 2025 was 2.7%, significantly lower than at the end of 2024 [2][11]. - The company’s financial status remains robust, with a total unsold value of approximately 320 billion yuan, 69% of which is concentrated in economically developed regions [1][9]. Earnings Forecast and Financial Metrics - The company is projected to achieve revenues of 56 billion yuan and net profits of 1.1 billion yuan in 2025, with corresponding EPS of 0.08 yuan and PE ratios of 17.7 [2][14]. - The report outlines a gradual recovery in revenue and profit margins, with expected EBIT margins of 6.5% in 2025 and a net asset return (ROE) of 2% [3][14].

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。 有關2024年年報的補充公告 茲提述(a)中國金茂控股集團有限公司（「本公司」）日期為2019年1月9日的通函， 內容有關（其中包括）採納一項新股票期權計劃（「新計劃」）及(b)本公司截至2024 年12月31日止年度的年報（「2024年年報」）。 就2024年年報內「董事會報告」項下「股票期權計劃」一節所披露的新計劃而言， 本公司謹此補充，授予股票期權的要約可自要約日期起計28天期間內接受，惟承 授人須在規定的28天期間內接受要約後支付相等於港幣1.00元面值的金額（以接 受股票期權授予要約當天為基準日）。 除上文所披露者外，2024年年報內所有其他資料維持不變。 承董事會命 中國金茂控股集團有限公司 主席 陶天海 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） 香港，2025年9月8日 於本公 ...

Group 1 - The core viewpoint of the news is that Hong Kong property stocks, particularly Country Garden, saw significant gains following the inclusion in the Hong Kong Stock Connect, with Country Garden rising over 14% [1] - Other property stocks also experienced notable increases, including CIFI Holdings and China Overseas Land & Investment, which rose over 5%, and several others like Vanke and Longfor Group, which rose over 3% [1] - The surge in property stocks is attributed to a new housing policy introduced in Shenzhen on September 5, which relaxed housing purchase restrictions and adjusted housing credit policies [1] Group 2 - The new housing policy in Shenzhen allows for significant relaxation of purchase restrictions in non-core areas, which is more substantial compared to the new policies introduced in Beijing and Shanghai in August [1] - The policy change includes the removal of differentiated mortgage rates for first and second homes, which is expected to stimulate the housing market [1] - The report from CITIC Securities highlights that the new measures are likely to have a positive impact on the property market in Shenzhen [1]

Core Insights - The real estate market in Henan Province is experiencing a downturn in August, traditionally a slow season, but high-quality projects are still achieving good sales performance. The State Council has reiterated the need for strong measures to stabilize the real estate market, indicating a potential mild recovery [1][4]. Sales Performance - In the first eight months of 2025, the top 20 real estate companies in Henan achieved the following sales figures: - Jianye Real Estate: 53.42 billion CNY, 82.25 million m² sold - Zhonghai Real Estate: 28.37 billion CNY, 31.89 million m² sold - Zhengshang Group: 28.25 billion CNY, 19.62 million m² sold - China Jinmao: 27.61 billion CNY, 19.04 million m² sold - China Merchants Shekou: 25.70 billion CNY, 17.90 million m² sold [1][2]. Land Market Overview - In the first eight months of 2025, Henan Province launched 1,798 land plots with a planned construction area of 86.53 million m², of which 65.83 million m² were successfully sold. Specifically, 382 residential land plots were launched, with a total planned area of 20.64 million m², and 14.49 million m² sold [4]. - In August, 14 cities in Henan had residential land transactions, with Xuchang City leading with 14 plots and a total planned area of 1.28 million m². Zhoukou City followed with 8 plots and 0.22 million m², while Zhengzhou City ranked third with 3 plots and 0.22 million m² [4]. Price Trends - The average floor price for land transactions in Zhengzhou was the highest in the province at 3,098 CNY/m², followed by Jiyuan City at 2,025 CNY/m² and Luoyang City at 1,686 CNY/m² [4].

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [2][34]. Core Views - The report suggests that the broad housing demand in China has bottomed out, but the volume and price have not yet entered a positive cycle. It anticipates that the overall real estate market will continue to stabilize, with policies aimed at stopping the decline expected to be introduced further [2][34]. - The report highlights that the real estate market in core cities is at a turning point and will lead the recovery. It emphasizes the potential of new policies to create a "new product, new pricing, and new model" development track, which will enhance the market in core cities [2][34]. Industry Data Summary New Housing Transaction Volume - In the week of August 30 to September 5, 2025, 34 key cities recorded a total new housing transaction of 220.5 million square meters, a week-on-week decrease of 3.3%. The transaction volume in first and second-tier cities decreased by 1.5%, while third and fourth-tier cities saw a decline of 25.4% [3][4]. - For September, the cumulative transaction volume in 34 cities was 154 million square meters, showing a year-on-year increase of 11.6% and a month-on-month increase of 44.1% [4][10]. Second-Hand Housing Transaction Volume - In the same week, 13 cities recorded a total second-hand housing transaction of 94.7 million square meters, a week-on-week decrease of 16%. However, the cumulative transaction for September showed a year-on-year increase of 28.3% [10][12]. Inventory and Sales - In the week of August 30 to September 5, 2025, 15 cities launched 90 million square meters of new housing, with a total transaction of 86 million square meters, resulting in a transaction-to-launch ratio of 0.96. The available residential area in these cities was 89.31 million square meters, with a month-on-month increase of 0.04% [17][19]. Policy and News Tracking - On September 5, 2025, Shenzhen announced further optimization of real estate policies, allowing residents to purchase unlimited units in specific areas, while non-residents are limited to two units. The report also notes changes in personal housing loan interest rate mechanisms and public housing fund policies [27][28]. - The report mentions that several real estate companies are actively distributing dividends and maintaining growth despite market challenges. For instance, China Jinmao announced a dividend of HKD 0.03 per share, while Huafa announced a dividend of CNY 0.02 per share [34][35]. Company Dynamics - The report tracks the performance of major real estate companies, noting that leading firms are actively engaging in share buybacks and dividend distributions. For example, China Jinmao and Huafa have announced significant dividends, while companies like Huafa and China Merchants Shekou have also engaged in share repurchase activities [34][37].

Core Viewpoint - The real estate industry in China is transitioning from a high-debt, high-leverage model to a new phase focused on "survival quality" and "new model exploration," indicating a shift from mere scale expansion to quality and service enhancement [1] Group 1: Market Consensus and Divergence - There is a consensus that the market has largely bottomed out, with limited room for further decline due to supportive policies like "guaranteeing delivery" and reduced down payments [2] - Divergence is evident among cities, with first-tier and strong second-tier cities showing resilient demand, while third and fourth-tier cities face high inventory and weak demand [2] - Financially stable state-owned and quality private enterprises are gaining market share, while heavily indebted firms struggle for survival, leading to increased industry consolidation [2] Group 2: Challenges and Solutions - The execution of supportive policies faces delays, with local fiscal pressures hindering timely implementation of incentives, and buyer confidence remains low, complicating inventory reduction efforts [3] - Inventory clearance is a significant challenge, especially in third and fourth-tier cities where the clearance cycle exceeds 24 months, necessitating innovative approaches from local governments [3] Group 3: Strategic Transformation - Real estate companies are restructuring strategies around reducing debt, ensuring cash flow, improving efficiency, and enhancing product quality, transitioning from developers to operators and service providers [4] - Companies like Longfor and China Jinmao are focusing on financial stability and optimizing land reserves in core cities to mitigate market risks [4] - Enhancing operational efficiency through asset divestment, light asset operations, and digital optimization is a priority for firms aiming to improve overall effectiveness [4] Group 4: Product Quality as a Competitive Focus - The industry is entering a phase where product quality becomes the ultimate competitive focus, with various companies establishing robust product systems to enhance living quality and sustainability [5] - The collaboration between policy and market dynamics is expected to strengthen, leading to a healthier and more sustainable real estate model that prioritizes quality over rapid growth [5]

Core Insights - The newly launched residential project "璞樾" features a total of 426 units across 9 buildings, with sizes ranging from 152㎡ to 258㎡, and a high usable area ratio of over 90% [1][14]. Group 1: Project Overview - The main unit type starts at 152㎡, with a total of 175 units, designed for optimal space utilization with features like a separate service area and generous balcony space [2]. - The project includes larger units, such as a 188㎡ model with three bathrooms and a well-defined layout for privacy and functionality [7]. - The largest units are 230㎡ and 258㎡, offering luxurious features like a walk-in closet and scenic bathrooms, enhancing the overall living experience [12][10]. Group 2: Architectural Design - The project spans approximately 3 hectares, with a total construction area of 116,800㎡, of which 77,500㎡ is residential [14]. - The design includes two low-rise buildings and several high-rise structures, with the tallest being 25 stories [16]. - The landscape features three sunken courtyards and a water system, enhancing the aesthetic appeal and community environment [19]. Group 3: Amenities and Facilities - The project includes a central underground parking facility with 530 vehicle spaces, ensuring efficient traffic flow and safety [21]. - An educational facility is planned, covering 5,253㎡, designed to provide ample space for children's activities [23]. - The community will feature a clubhouse with a total area of approximately 2,500㎡, providing recreational options for residents [19]. Group 4: Location and Market Context - The land for the project was acquired for 12.6 billion yuan, strategically located near major commercial and educational resources [26]. - The surrounding area includes established luxury properties, indicating a competitive market for high-end residential developments [26]. - The project is positioned to attract middle to high-income buyers, aligning with the branding of both China Jinmao and Yuexiu Properties [27][28].