Core Viewpoint - The Chinese real estate industry is undergoing a significant transformation from "scale competition" to "quality competition," with Shanghai serving as a benchmark for the quality capabilities of real estate companies [2] Group 1: Company Issues - China Jinmao (00817.HK) is facing public scrutiny in the Shanghai market due to various issues, including quality defects in its high-end "Fu" series products and controversies surrounding sales data [2][3] - The Jinmao Puyuan project, a new high-end product line, has seen a significant drop in its initial sales figures, raising concerns about the authenticity of its marketing claims [4][7] - Reports indicate that the project has not sold out as previously claimed, with a notable number of units still available for sale two months after the initial launch [7][8] Group 2: Market Dynamics - The real estate market is experiencing a shift in buyer expectations, with increased awareness and demands for quality, amenities, and fulfillment of sales promises [3][19] - Jinmao's sales performance in Shanghai is lagging behind competitors, with a total sales figure of 14.517 billion yuan for the first nine months of 2025, ranking 13th among local developers [17][18] - The competitive landscape has shifted from "concept marketing" to "quality fulfillment," necessitating a reevaluation of Jinmao's strategies in land acquisition and project development [19][20] Group 3: Brand Perception - The brand's high-end positioning is being diluted due to issues with project quality and marketing practices, leading to a decline in consumer trust [16][19] - There are concerns that the rapid expansion of Jinmao's high-end product line may compromise the brand's core values and quality standards [16][20] - Experts suggest that Jinmao must focus on systemic reforms across various dimensions, including design, construction management, and customer service, to restore brand credibility [20]

Core Viewpoint - China Jinmao reported its unaudited sales data for October 2025, indicating a strong performance in signed sales and total sales volume for the year to date [1] Group 1: Sales Performance - In October 2025, China Jinmao and its subsidiaries achieved a signed sales amount of RMB 11.997 billion, with a signed sales area of 331,500 square meters [1] - From January to October 2025, the group accumulated a total signed sales amount of RMB 92.682 billion, which includes several key projects such as Changsha Meixi Lake International New City and Nanjing Qinglongshan International Ecological New City, among others [1] - The total signed sales area for the same period reached 4.006 million square meters [1] Group 2: Property Sales - As of October 31, 2025, China Jinmao recorded a subscribed (not yet signed) property sales amount of RMB 1.503 billion [1]

Core Viewpoint - China Jinmao Holdings Group Limited reported its unaudited sales data for October 2025, indicating a strong performance in property sales with significant figures in both sales amount and area sold [1][2]. Group 1: Sales Performance - In October 2025, China Jinmao and its subsidiaries achieved a contracted sales amount of RMB 11.997 billion, with a contracted sales area of 331,500 square meters [1]. - For the first ten months ending October 1, 2025, the cumulative contracted sales amount reached RMB 92.682 billion, including various significant projects across multiple cities [1]. - The total contracted sales area for the same period was 4.006 million square meters [1]. Group 2: Uncontracted Sales - As of October 31, 2025, China Jinmao recorded a subscribed (uncontracted) property sales amount of RMB 1.503 billion [2].

Core Viewpoint - China Jinmao (00817) reported a year-on-year increase in signed sales amount and area for October 2025, indicating a positive trend in the company's sales performance [1] Group 1: Sales Performance - In October 2025, the company and its subsidiaries achieved a signed sales amount of RMB 11.997 billion, representing a year-on-year increase of 3.45% [1] - The total signed sales amount for the first ten months of 2025 reached RMB 92.682 billion, which is a year-on-year increase of 23.57% [1] - The total signed sales area for the first ten months was 4.006 million square meters [1] Group 2: Property Sales - As of October 31, 2025, the company had achieved a subscribed (but not yet signed) property sales amount of RMB 1.503 billion [1]

Core Viewpoint - China Jinmao (00817) reported a year-on-year increase in signed sales amount and area for October 2025, indicating a positive trend in the company's sales performance [1] Group 1: Sales Performance - In October 2025, the company and its subsidiaries achieved a signed sales amount of RMB 11.997 billion, representing a year-on-year increase of 3.45% [1] - The total signed sales amount for the first ten months of 2025 reached RMB 92.682 billion, which is a year-on-year increase of 23.57% [1] - The total signed sales area for the first ten months of 2025 was 4.006 million square meters [1] Group 2: Property Sales - As of October 31, 2025, the company had achieved a subscribed (but not yet signed) property sales amount of RMB 1.503 billion [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 （於香港註冊成立的有限公司） （股票代號：00817） 公告 2025年10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10 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11,997百萬元， 簽約銷售建築面積331,460.63平方米。截至2025年10月31日止10個月，本集團累 計取得簽約銷售金額共計人民幣92,682百萬元（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、嘉興上海之窗 智慧科學城項目、鄭州二七區馬寨新城項目、溫州鰲江國際新城項目、金華金茂 未來科學城項目及上海橫沔城市運營項目的成交銷售金額），以及累計簽約銷售建 築面積4,006,017.40平方米。 此外，於2025年10月31日，本集團已錄得已認購 ...

Group 1 - Hong Kong property stocks experienced a rise, with notable increases in several companies' stock prices [1] - Greentown China saw a significant increase of 9.09%, reaching a latest price of 9.000 and a total market capitalization of 22.856 billion [2] - Other companies such as Oceanwide Holdings and R&F Properties also reported substantial gains of 8.65% and 7.55% respectively [2] Group 2 - Shimao Group increased by 5.77%, with a latest price of 0.275 and a market cap of 23.66 billion [2] - Companies like Jianfa International Group, China Resources Land, and China Jinmao rose over 4%, indicating a positive trend in the sector [1][2] - Year-to-date performance shows mixed results, with some companies like Oceanwide Holdings and R&F Properties down by 54.25% and 58.09% respectively [2]

Investment Rating - The report maintains a "Positive" investment rating for the real estate industry [14] Core Insights - The industry is currently experiencing downward pressure, but after over four years of adjustment, it may have entered the latter half of the cycle. Individual performance among companies is beginning to show significant differentiation. Structural turning points in profitability are expected due to optimized land reserves, with some high-quality companies already seeing performance improvements [22][12][20] Summary by Sections Profitability - Revenue decline has narrowed, with a year-on-year decrease of 2.7% for key real estate companies in Q1-Q3 2025. The gross profit margin improved by 0.1 percentage points to 9.3%. However, individual profitability is increasingly differentiated, with companies like Binhai Group and Urban Development seeing over 40% growth in net profit [8][21][26] Debt Management - Maintaining financial safety is crucial, with a slight increase of 0.6% in interest-bearing debt by the end of Q3 2025. The overall debt risk in the industry is being cleared, and companies are beginning to tilt towards operational sustainability while ensuring financial safety [9][48][49] Cash Flow - Operating cash receipts saw a year-on-year decline of 9.3%, but the decrease has narrowed significantly. Investment activities remain restrained, and financing activities continue to show net outflows. Companies are focusing on cash flow safety through stringent cash management [10][24][48] Operations - Sales decline has narrowed, with a year-on-year decrease of 12.2% in sales amount for key companies. However, land acquisition has become more aggressive, with a 110.4% increase in land acquisition amount. The focus is shifting towards land quality, with floor prices rising by 38.9% [11][20][22]

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [3]. Core Insights - The real estate market is experiencing significant pressure with new home sales declining sharply due to high base effects from the previous year. The report highlights a 45% week-on-week drop in new home transactions across 34 key cities [3][4]. - Policy initiatives are being implemented to support the industry, including measures for digital transformation and localized policies to stimulate housing demand [3][29]. - The report identifies potential investment opportunities in the "Good House" policy and the revaluation of commercial real estate, suggesting a shift in business models for real estate companies [3]. Summary by Sections Industry Data - New home sales in 34 key cities totaled 158.6 million square meters, reflecting a 45% decrease week-on-week and a 47% year-on-year decline for November [3][4]. - The inventory of unsold residential properties in 15 cities increased slightly by 0.2%, with a current available area of 89.5 million square meters [3][20]. Policy and News Tracking - The National Development and Reform Commission has launched a digital transformation action plan aimed at promoting smart city initiatives and property digitalization [3][29]. - Localized policies include Fuzhou linking real estate company credit ratings to pre-sale fund supervision, and Suzhou offering tax rebates for home purchases [3][29]. Company Announcements - Major real estate companies reported significant declines in sales for October 2025, with Poly Developments at 211.2 billion yuan (-50.1%) and China Overseas Development at 186.6 billion yuan (-55.1%) [3][36]. - Financing activities include China Merchants Shekou providing an 800 million yuan loan guarantee for its subsidiary, and a reduction in bond interest rates by Joy City [3][36].

Investment Rating - The report assigns a "Buy-A" rating to several companies, including New城控股 with a target price of 18 yuan, 绿城中国 with a target price of 11.7 yuan, and 中国金茂 with a target price of 2.1 yuan [5]. Core Insights - The real estate market in core cities is experiencing accelerated price declines, particularly in the second-hand housing market, with a notable drop of 4.4% since April 2025 [1][11]. - The price of newly built homes in first-tier cities has shown resilience, with a year-on-year decline of only 0.7% in 2025, significantly narrowing from a decline of 3.8% in 2024 [1][22]. - The structural contradictions in the market are being released due to previous price control policies, leading to an influx of new homes into the second-hand market, which is exerting downward pressure on prices [2][11]. Summary by Sections 1. Market Trends - Since the third quarter of 2025, the real estate market has faced increasing adjustment pressures, particularly in the second-hand housing market of core cities, which is undergoing a rapid price decline [1][11]. - The price of newly built homes in first-tier cities has shown a strong anti-decline resilience, with a year-to-date decline of only 0.6% [1][22]. 2. Price Dynamics - The price of second-hand homes in first-tier cities has dropped significantly, with a 15.1% decline in the price of newly built homes from the second quarter to the third quarter of 2025 [1][37]. - The number of new listings for second-hand homes built between 2018 and 2025 has increased by 67.7% from 2023 to 2025, indicating a significant supply influx [2][36]. 3. Policy Environment - Following the relaxation of real estate control policies in August, there was a brief improvement in sales in September, but the downward pressure on prices has continued [3][12]. - The report suggests that companies like 金地集团 and 新城控股 may benefit from the improved policy environment and sales recovery [3][12]. 4. Regional Analysis - In cities like Shanghai and Hangzhou, new home prices have increased by 2.6% and 1.8% respectively since April 2025, while second-hand home prices have faced significant declines [22][23]. - The report highlights that the price dynamics in core cities are characterized by a divergence between new and second-hand homes, with new homes maintaining relative stability while second-hand homes experience significant price drops [21][22]. 5. Future Outlook - The report anticipates that the real estate policies may further loosen by the end of the year, which could provide additional support to the market [3][12]. - The ongoing structural changes in the market, particularly the influx of new homes into the second-hand market, are expected to continue influencing price trends [2][41].