2025 年上半年，房地产市场呈现 "国央企领跑、民企逐步复苏" 格局，两类企业在销售与拿地环节协同发力，提升行业稳定性。 据克而瑞、中指研究院、广发证券等机构发布的半年报研报，2025 年上半年，房地产行业受政策调整与市场需求变化影响，呈现分化态势。部分房企凭借 精准战略、灵活经营与强劲产品力实现稳健发展，核心特征集中在核心城市聚焦、国企引领与民企复苏、产品与策略创新三方面，为行业转型提供方向。 聚焦高能级市场 作者 秦晋 市场需求向优质区域集中，头部房企将资源倾斜核心城市，深耕一线与重点二线城市，构建 "以核心城市为基石" 的格局。 一线城市对房企销售贡献显著提升，成为业绩支柱。数据显示，TOP10 房企中，招商蛇口、越秀地产、中国金茂等一线城市销售贡献率超 50%，半数以上 销售额来自北上广深；保利发展、中海地产、华润置地等贡献率也超 40%。这些企业遵循 "主流城市、主流地段" 原则，优先布局人口流入多、经济活力强 的区域，规避三四线城市风险，保障去化与利润。 二线城市成房企拓展 "主战场"，代建领域尤为突出。龙湖龙智造、远洋建管 2025 年上半年在一二线城市新拓项目面积占比近 90%，旭辉建管二线 ...

Core Insights - CIFI Commercial has established a core competitive barrier that supports long-term development by deeply connecting with consumers in a volatile market environment [2] - The company's ability to create theme marketing activities across multiple projects has led to significant performance improvements, showcasing its operational capabilities [2] Group 1: Performance Metrics - From July 5 to August 31, CIFI Commercial's summer event "Heartfelt Summer" achieved a 17% year-on-year increase in total foot traffic and an 11% increase in sales [2] - The "Heartfelt Summer" campaign was designed to cover the entire summer season, reinforcing the positioning of CIFI's commercial projects as summer lifestyle destinations [4] Group 2: Innovative Marketing Strategies - CIFI Commercial launched high-profile events such as the national premiere of "The Powerpuff Girls" and the first birthday party for "Peppa Pig," resulting in a 23% increase in foot traffic and over 8 million exposures on social media platforms [5] - The company effectively utilized online and offline channels, achieving a total GMV of over 600,000 yuan through a live-streaming ticket sale event on Douyin, with over 570,000 exposures and 103,000 viewers [8] Group 3: Family Engagement and Experience - CIFI Commercial targeted family customers during the summer, leading to a 15% increase in foot traffic and a 20% increase in sales at Nanchang Cmall through high-quality family-oriented activities [9] - The company introduced unique local experiences, such as the Yunnan Dai Water-Splashing Festival, which resulted in a 19% increase in foot traffic at Hefei Cmall [9] Group 4: Emotional Value and Community Building - CIFI Commercial focused on creating immersive social experiences that resonate with consumers' emotional needs, leading to a 29% increase in foot traffic at Jiaxing CIFI Plaza through a comprehensive national comic exhibition [10] - The company has developed a marketing logic centered around IP-based marketing, creating a robust thematic moat that enhances brand recognition and consumer loyalty [11]

FF301 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8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: 旭輝控股(集團)有限公司 (於開曼群島註冊成立的有限公司) 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 | 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) | 00884 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 20,000,000,000 | HKD | | 0.1 HKD | | 2,000,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 20,000,000,000 | HKD | | 0.1 HKD | | 2,000,000,000 ...

据悉，作为奕豪置业首入长沙的高端住宅项目，铂悦・星云府的规划与定位成为仪式焦点。据项目方披 露，该项目选址经开核心CBD区域，总规划面积约35万平方米，定位为地标性城市综合体—除酒店式 奢宅外，还包含五星级万豪酒店、甲级写字楼、名品中心、商业街区等业态，并引入国际高端家居品牌 芬迪 CASA，构建"居住+商业+办公+休闲"一站式生活场景。 三湘都市报8月29日讯 （全媒体记者 卜岚）8月28日，长沙奕豪置业有限公司与旭辉建管在铂悦・星云 府营销中心举办签约仪式。两大企业开启深度合作，同步发布酒店式高端住宅案名"铂悦・星云府"。目 前，项目意式美学示范区已正式对外开放，建面约158—300平方米的新规准现房，也已经开始诚意登 记。 长沙奕豪置业项目总经理童少兵表示："奕豪是一家多元化发展的集团公司，涉猎地产开发、一级土地 开发、新能源产、上市公司、AI科技等。奕豪置业联袂优质教育资源湘郡未来、玮希国际，高端物业 服务运达水清木华，全球豪华五星级万豪酒店，致力于'开发高端产品，提供高端服务，创造高端生 活'。" "旭辉建管2024年斩获中国房地产代建企业新签规模TOP2，2025年获评年度影响力代建管理企业 TO ...

8月25日，旭辉控股集团(00884)盘中下跌5.2%，截至15:24，报0.237元/股，成交2372.7万元。 旭辉控股是一家综合性企业集团，主营业务涵盖住宅及商业综合体开发、物业与城市服务、绿色建筑科 技及健康养老等。2023年公司实现营收718.3亿元，净资产646亿元，位列上海百强企业第48位，且在房 地产开发企业交付力中排名TOP8。 截至2025年中报，旭辉控股集团营业总收入122.81亿元、净利润-63.58亿元。 本文源自：金融界 作者：行情君 ...

而在这两个项目，涅槃重生的故事背后，其实就埋藏好伏笔。这些年，行业出险房企只增不减，而遗留下来的，是那些停工楼盘、烂尾项目、以及未开工 的土地。 去年，国家不遗余力推进保交楼、推进房企融资白名单，全面建立了机制。于是，这个全新的赛道，现在许多房企现在正扎堆进入：不良资产代建。 如果说，在上海最命运多舛的楼盘，你会想到谁？ 我想，我会提名这两个知名的滨江豪宅，一个经历二十多年，开发商数次暴雷，归来仍是热销盘的融创外滩壹号院，另一个是屹立在东外滩多年烂尾的八 埭头。 回顾它诞生的来龙去脉，这个盘几乎没错过关于房地产的所有周期，期间更是经历了数次股权变更。 2002年泛海国际董家渡拿地→ 2015年才完成第一块地拆迁→ 泛海受困于资金→ 2019年融创收购项目100%股权→ 2022年融创债务危机→2022 年中信信托、华融资产成大股东→ 2024年项目热销超200亿，位居上海单盘第二 这是一个上海核心旧改地块涅槃重生的故事，其精彩程度堪比爽文，这次男主依旧还是融创和孙宏斌。 而另一个楼盘八埭头滨江园，2024年项目仍处于停工状态，如今也迎来白衣骑士，业主们在杂草丛生的社区生活了好几年之后，AMC机构终于为这个接 ...

在中期业绩发布之后，旭辉控股董事局主席林中在寄语中称，历经900多天的努力，旭辉境外债务重组 方案于6月3日获债权人会议高票通过，并于6月26日通过香港法院裁决聆讯，为最终落地奠定坚实基 础。 据悉，旭辉正积极推进7只公开债的境内债务重组，重组方案已获得其中6只债券债权人的投票通过。 根据该公司披露的2025中期业绩，期内录得已确认收入约为122.81亿元，同比减少39.2%；股东权益应 占亏损净额约为63.58亿元，而去年同期则为股东权益应占亏损净额约49.39亿元；毛利率从2024年同期 的13.4%降至8.0%；有息负债较去年同期下降约44亿元。 业务管窥 报告显示，截至2025年6月30日止六个月，旭辉控股集团录得已确认收入约为122.81亿元，按年减少 39.2%。 其中，物业销售及其他物业相关服务收入约为81.2亿元，同比下降49.9%，收入占比为66.1%；租赁及其 他服务收入7.86亿元，同比微降0.3%，收入占比为6.4%；物业管理及其他服务收入为33.75亿元，同比 增长5.2%，是唯一增长板块，收入占比为27.5%。 目前，房地产市场复苏仍面临挑战。就像公告中所提及，一方面，新房库存压力 ...

观点网 在中期业绩发布之后，旭辉控股董事局主席林中在寄语中称，历经900多天的努力，旭辉境外债 务重组方案于6月3日获债权人会议高票通过，并于6月26日通过香港法院裁决聆讯，为最终落地奠定坚 实基础。 据悉，旭辉正积极推进7只公开债的境内债务重组，重组方案已获得其中6只债券债权人的投票通过。 根据该公司披露的2025中期业绩，期内录得已确认收入约为122.81亿元，同比减少39.2%；股东权益应 占亏损净额约为63.58亿元，而去年同期则为股东权益应占亏损净额约49.39亿元；毛利率从2024年同期 的13.4%降至8.0%；有息负债较去年同期下降约44亿元。 业务管窥 报告显示，截至2025年6月30日止六个月，旭辉控股集团录得已确认收入约为122.81亿元，按年减少 39.2%。 其中，物业销售及其他物业相关服务收入约为81.2亿元，同比下降49.9%，收入占比为66.1%；租赁及其 他服务收入7.86亿元，同比微降0.3%，收入占比为6.4%；物业管理及其他服务收入为33.75亿元，同比 增长5.2%，是唯一增长板块，收入占比为27.5%。 目前，房地产市场复苏仍面临挑战。就像公告中所提及，一方面，新房 ...

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [2][3]. Core Views - The report indicates that the broad housing demand in China has reached a bottom, although the volume and price have not yet entered a positive cycle. It predicts that the overall real estate market will continue to stabilize, with further policies expected to be introduced to support this trend [3][29]. - The report highlights that the performance of quality companies in the real estate sector remains resilient despite overall industry pressure, with some companies showing significant growth in profits [3][29]. - The report emphasizes the potential for new development tracks in the housing market, driven by policies aimed at improving housing quality and affordability, particularly in core cities [3][29]. Industry Data Summary New Housing Transaction Volume - In the week of August 16-22, 2025, new housing transactions in 34 key cities totaled 1.834 million square meters, a week-on-week increase of 11.7%. However, this is a decline of 37.1% compared to the average weekly transaction volume in 2024 [4][6]. - Year-on-year, new housing transactions in August 2025 decreased by 20.9% compared to August 2024, with first and second-tier cities seeing a decline of 19.9% and third and fourth-tier cities experiencing a decline of 32.7% [6][7]. Second-Hand Housing Transaction Volume - In the same week, second-hand housing transactions in 13 key cities totaled 1.081 million square meters, reflecting a week-on-week increase of 7.2%. Cumulatively, second-hand housing transactions in August 2025 showed a year-on-year decrease of 0.1% [11][12]. Inventory and Market Dynamics - In the week of August 16-22, 2025, 15 key cities launched 1 million square meters of new housing, with total sales of 810,000 square meters, resulting in a sales-to-launch ratio of 0.81. The average monthly inventory clearance period increased to 22 months [19][20]. - The report notes that the overall financing scale for real estate companies continues to grow, with July 2025 seeing bond financing of 71.39 billion yuan, marking a significant increase compared to previous months [29][31]. Policy and News Tracking - The report discusses the emphasis on stabilizing the real estate market through effective macro policies, including the issuance of special bonds for land acquisition and urban renewal projects [29][31]. - It highlights various local government initiatives aimed at improving housing accessibility and affordability, such as the introduction of "housing vouchers" in Guangzhou and adjustments to housing fund policies in Beijing and Kunming [29][31]. Company Dynamics - The report tracks the performance of key real estate companies, noting that while some companies like Vanke and Greentown China faced profit declines, others like Jianfa International and Greentown Services reported profit growth [3][29]. - It also mentions the successful issuance of bonds by several companies, indicating a positive trend in financing activities within the sector [3][29].

Core Viewpoint - Yongsheng Services reported a revenue increase but a significant decline in profit for the first half of the year, indicating a situation of "increased revenue but decreased profit" [2][16]. Financial Performance - Yongsheng Services achieved a revenue of approximately 3.461 billion yuan, a year-on-year increase of about 2.7% [2][6]. - The profit attributable to shareholders was approximately 214 million yuan, reflecting a year-on-year decrease of about 19.4% [2][16]. - The company's gross profit fell to approximately 645 million yuan, a decline of about 10.0% year-on-year, with the gross margin decreasing from 21.3% to 18.6% [14][15]. Revenue Structure - The property management service segment remains the primary revenue contributor, generating 2.669 billion yuan, accounting for 77.1% of total revenue, up from 73.1% in the previous year [7]. - Revenue from third-party projects increased, with its share rising from 70.9% to 77%, while revenue from projects associated with Xuhui decreased from 29.1% to 23% [8]. Challenges and Strategic Changes - The company has faced difficulties in recent years, particularly due to the fallout from Xuhui Holdings, leading to a decline in profits for two consecutive years [3]. - Yongsheng Services is undergoing a transformation to reduce its reliance on Xuhui, with a name change and a strategic focus on expanding its third-party client base [8][17]. - The management acknowledged that the transformation process is more challenging than anticipated, emphasizing the need for a profound change to adapt to industry shifts [17][18]. Dividend Distribution - Despite the profit decline, the board proposed an interim dividend of 0.0678 HKD per share and a special dividend of 0.0271 HKD per share, totaling 0.0949 HKD per share [4]. Market Reaction - On August 22, the stock price of Yongsheng Services opened lower and closed at 2.080 HKD per share, down 4.59% [5].