Core Insights - Real estate companies are undergoing organizational restructuring in response to the new market conditions, with a focus on centralizing operations and enhancing risk management [1][3][4] - The trend of "strong headquarters" is emerging, indicating a shift towards more efficient and flexible organizational structures to adapt to market challenges [3][4][5] Group 1: Organizational Restructuring - Over 10 real estate companies, including Poly Developments and China Overseas, have adjusted their organizational structures from January to July 2023 [1][2] - Companies like Poly Developments have merged regional companies to streamline operations, such as combining Jiangsu and Huaihai companies into Jiangsu Company [6][8] - The restructuring aims to reduce management layers, lower communication costs, and improve decision-making efficiency [1][3] Group 2: Shift to Strong Headquarters - The "strong headquarters" model is becoming prevalent, where headquarters take on strategic planning, resource allocation, and risk management roles [4][5] - Companies like China Jinmao and China Resources have transitioned from a three-tier management structure to a more centralized approach [3][4] - This shift is partly driven by the need to adapt to a shrinking market and optimize cash flow by reducing unnecessary expenditures [6][7] Group 3: Cost Reduction and Efficiency - The reduction of regional companies is seen as a key strategy for cost-cutting, with companies focusing on core operations and eliminating middle management layers [6][7] - Real estate firms are concentrating their projects in first and second-tier cities, leading to a significant increase in project concentration and reducing the need for extensive regional management [7][8] - The overall goal is to enhance operational efficiency and stabilize cash flow through refined management practices [9][10]

Core Viewpoint - China Jinmao is committed to high-quality urban development and has achieved counter-cyclical growth during the real estate industry adjustment period, focusing on real estate development, premium holdings, quality services, and construction technology [1][2][3] Financial Performance - In 2024, China Jinmao reported revenue of 59.053 billion yuan and a net profit attributable to shareholders of 1.065 billion yuan, marking a 115% year-on-year increase [2] - The company achieved a contracted sales amount of 98.3 billion yuan, ranking 12th in the industry, with 90% of sales coming from first- and second-tier cities [2][3] - Management expenses, sales expenses, and financial expenses decreased by 25%, 23%, and 16% respectively, showcasing effective cost control [2] Business Strategy - The company emphasizes high-quality products and services while optimizing its business layout to create greater value for shareholders [3] - China Jinmao's subsidiary, Jinmao Services, reported revenue of 2.966 billion yuan, a 9.7% increase, with a net profit of 384 million yuan, reflecting strong internal collaboration [3] Product Innovation - The "Three Understandings and Six Environments" system is designed to enhance living quality by integrating technology into residential solutions, aligning with government goals for high-quality housing [6] - The "Jin Yu Man Tang" product line effectively meets diverse market demands, combining green technology with innovative design [7] Market Performance - In the first half of 2025, China Jinmao achieved a contracted sales amount of 53.347 billion yuan, a 19.77% year-on-year increase, with strong sales performance across various product series [9] - The company has established a significant presence in 15 major cities, with notable sales records in high-end residential projects [9] Sustainable Development - China Jinmao has improved its ESG governance and performance, receiving high ratings from various institutions, including MSCI ESG and GRESB [12][13] - The company has obtained 315 green building certifications, demonstrating its commitment to sustainable practices and community integration [12][13]

Core Viewpoint - China Jinmao is committed to high-quality urban development and has achieved counter-cyclical growth during the real estate industry adjustment period by focusing on real estate development, premium holdings, quality services, and construction technology [1][2][3] Financial Performance - In 2024, China Jinmao reported a revenue of 59.053 billion yuan and a net profit attributable to shareholders of 1.065 billion yuan, marking a 115% year-on-year increase [2] - The company achieved a contracted sales amount of 98.3 billion yuan, ranking 12th in the industry, with 90% of sales coming from first- and second-tier cities [2][3] - Management expenses, sales expenses, and financial expenses decreased by 25%, 23%, and 16% respectively, showcasing effective cost control [2] Business Strategy - The company emphasizes high-quality products and services while optimizing its business layout to create greater value for shareholders [3] - China Jinmao's subsidiary, Jinmao Services, reported a revenue of 2.966 billion yuan, a 9.7% increase, and a net profit of 384 million yuan, reflecting strong internal collaboration [3] Product Innovation - China Jinmao has developed the "Three Understandings and Six Environments" system to enhance living quality, integrating technology with architecture to meet high-quality housing standards [5][6] - The "Jin Yu Man Tang" series of products has been well-received in major cities, demonstrating the company's ability to meet diverse market demands [7] Sustainable Development - The company has improved its ESG governance and received multiple recognitions, including an A rating from MSCI ESG and a four-star rating from GRESB [9] - China Jinmao has committed to sustainable practices, achieving 315 green building certifications by mid-2025, reflecting its dedication to long-termism and community integration [9][10]

Group 1 - The core viewpoint indicates that real estate stocks in China have seen significant gains, with notable increases in companies such as Jianfa International Group (up 5.24%), China Jinmao (up 4.17%), and others, driven by policy optimizations in major cities since July [1] - Key cities like Beijing, Guangzhou, Nanjing, and Dalian have improved housing fund loan policies, including increasing loan amounts, optimizing withdrawals, and extending repayment periods [1] - The Central Political Bureau meeting on July 30 suggested that future policies in the real estate sector will focus on stabilizing the market, with potential initiatives including "urban renewal" and the renovation of dilapidated urban villages [1] Group 2 - Some market investors are optimistic about the potential for short-term real estate stimulus policies, although the recent Political Bureau meeting did not directly address these policies, leading to a more pessimistic outlook for the industry [2] - The industry is transitioning from a focus on short-term stimulus to exploring new development models, which aligns with the current industry logic amid decreasing risks [2] - The overall assessment of the real estate sector is that it is in a bottoming phase, with decreasing risk-free interest rates and improved risk evaluations contributing to rising market sentiment and stock price opportunities [2]

Group 1 - The core viewpoint indicates that real estate stocks have seen significant gains, with notable increases in companies such as Jianfa International Group (up 5.24%), China Jinmao (up 4.17%), and others, driven by policy optimizations in major cities since July [1] - Key cities like Beijing, Guangzhou, Nanjing, and Dalian have improved housing fund loan policies, including increasing loan amounts, optimizing withdrawals, and extending repayment periods [1] - The Central Political Bureau meeting on July 30 suggested that future policies in the real estate sector will focus on stabilizing the market, with potential demands for urban renewal and the renovation of old urban villages [1] Group 2 - Eastern Securities noted that some investors are optimistic about short-term real estate stimulus policies, but the recent Political Bureau meeting did not directly address these policies, leading to a pessimistic outlook for the industry [2] - The industry is transitioning from short-term stimulus expectations to exploring new development models, which aligns with the current industry logic [2] - The overall assessment of the real estate sector is that it is in a bottoming phase, with decreasing risk-free interest rates and improved risk evaluations contributing to rising market risk appetite and stock price opportunities [2]

Group 1 - The core viewpoint indicates that real estate stocks in China have seen significant gains, with notable increases in companies such as Jianfa International Group (up 5.24%) and China Jinmao (up 4.17%) as of the latest report [1] - Key cities have been optimizing real estate policies since July, including adjustments to public housing loan policies in cities like Beijing, Guangzhou, Nanjing, and Dalian [1] - The Central Political Bureau meeting on July 30 suggested that future policy measures in the real estate sector will focus on stabilizing the market, with potential demand from urban renewal and renovation of old urban villages [1] Group 2 - Some market investors are optimistic about the potential for short-term real estate stimulus policies, although the recent Political Bureau meeting did not directly address these policies, leading to a more pessimistic outlook for the industry [2] - The industry is viewed as being in a bottoming phase, with a decrease in risk-free interest rates and a recovery in risk assessment for the real estate sector, which may lead to upward price movements in real estate stocks [2]

Core Viewpoint - The Hong Kong real estate stocks have generally risen, with notable increases in companies such as China Jinmao and Jianfa International Group, indicating a potential recovery in the market [1] Group 1: Market Performance - Hong Kong real estate stocks saw significant gains, with China Jinmao and Jianfa International Group rising over 4%, and Yuexiu Property increasing by 2.6% [1] - Other companies like Longfor Group, CIFI Holdings, Shimao Group, and R&F Properties also experienced gains exceeding 1% [1] Group 2: Market Outlook - Huatai Securities' research report suggests that the foundation for a medium to long-term stabilization in the real estate market is being established, although full recovery will take time [1] - The report outlines potential policy directions for the second half of the year, including stabilizing housing price expectations, effectively stimulating home-buying demand, optimizing land acquisition to reduce inventory, and focusing on funding sources for urban renewal [1] Group 3: Investment Recommendations - Huatai Securities favors the recovery pace in core cities, particularly first-tier cities, and continues to recommend developers with "good credit, good cities, and good products" [1] - The report also highlights the attractiveness of leading property management companies with stable dividends and performance, as well as local Hong Kong real estate stocks benefiting from asset revaluation [1]

FF301 第 1 頁 共 10 頁 v 1.1.1 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年7月31日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 中國金茂控股集團有限公司 | | | 呈交日期: | 2025年8月6日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00817 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 13,505,971,218 | | 0 | | 13,505,971,218 | | 增加 / 減少 (-) | | | ...

Group 1 - The core viewpoint of the article highlights the performance of the China Securities Hong Kong 300 Mainland High Beta Index, which has shown significant increases over various time frames, including a 14.17% rise in the past month, a 22.33% rise in the past three months, and a 33.19% rise year-to-date [1] - The index is designed to reflect the overall performance of securities listed on the Hong Kong Stock Exchange from multiple strategic investment perspectives, with a base date of December 30, 2005, set at 1000.0 points [1] - The top ten weighted stocks in the index include InnoCare Pharma (4.02%), Sunac China (3.78%), China Merchants Securities (2.93%), Dongfang Zhenxuan (2.79%), China Cinda Asset Management (2.69%), China Jinmao (2.6%), MicroPort Scientific (2.48%), CICC (2.42%), GF Securities (2.39%), and China Galaxy Securities (2.39%) [1] Group 2 - The index's holdings are entirely composed of stocks listed on the Hong Kong Stock Exchange, with a sector breakdown showing that finance accounts for 26.87%, information technology for 19.21%, healthcare for 17.51%, real estate for 16.45%, consumer discretionary for 10.51%, communication services for 6.08%, and industrials for 3.38% [1] - The index sample is adjusted biannually, with adjustments occurring on the next trading day following the second Friday of June and December each year [2] - In special circumstances, the index may undergo temporary adjustments, such as when a sample stock is delisted or undergoes corporate actions like mergers or suspensions [2]

Core Insights - In July 2025, both supply and demand for new residential properties in Beijing weakened, with a total of 365,600 square meters signed online [1] - The Beijing land market saw a slowdown in supply, with only two plots sold, located in Changping and Yanqing, totaling a planned construction area of 126,500 square meters and a land transfer fee of 1.929 billion yuan, with an average floor price of 15,254 yuan per square meter [1][9] Sales Performance - From January to July 2025, the top 20 real estate companies in Beijing achieved a total sales revenue of 195.08 billion yuan and a total sales area of 3.747 million square meters [2][3] - China Overseas Land & Investment, China Resources Land, and Yuexiu Property ranked as the top three companies by sales revenue, with sales of 27.99 billion yuan, 22.43 billion yuan, and 19.58 billion yuan respectively [2][3] Market Conditions - The new housing market in Beijing experienced a decline in both supply and demand during the traditional off-season, with new supply of 189,300 square meters and total online signed transactions of 365,600 square meters in July [7] - The land market in Beijing saw a total of two plots sold in July, with a combined land transfer fee of 1.929 billion yuan and a floor price of 15,254 yuan per square meter [9] Policy Developments - On July 31, 2025, the Beijing Municipal Government issued a notice to improve housing support policies, emphasizing the need to increase the supply of affordable housing and provide priority allocation for families with multiple children [6]