Core Viewpoint - The real estate sector in China is experiencing a downturn, with major companies like Sunac China and R&F Properties seeing significant stock declines, while analysts express cautious optimism for recovery in core cities [1] Industry Summary - The current real estate cycle is in a "deep water zone," indicating a prolonged period of low performance, particularly affecting companies in the sector [1] - Analysts from Huatai Securities are optimistic about the recovery pace in core cities, especially first-tier cities, as the risks in the real estate chain may have been sufficiently digested [1] - Shenwan Hongyuan predicts continued pressure on real estate companies' performance in Q3, primarily due to declining sales since 2021 leading to lower settlements and profit margins [1] Company Summary - Sunac China (01918) shares fell by 3.85% to HKD 1.5, while R&F Properties (03301) dropped 3.31% to HKD 0.175, indicating a broader trend of declining stock prices among major real estate firms [1] - New City Development (01030) and Greentown China (03900) also experienced declines of 2.19% and 2.05%, respectively, reflecting the overall negative sentiment in the market [1] - Analysts expect a weak recovery in the sector's performance between 2025 and 2026, with increasing differentiation in performance among companies as profit margins stabilize and impairments are cleared [1]

Group 1 - The core viewpoint of the article indicates that the real estate sector in China is experiencing a downturn, with significant declines in stock prices for major property companies [1] - Major property stocks such as Sunac China, Ronshine China, New City Development, and Greentown China have seen declines of 3.85%, 3.31%, 2.19%, and 2.05% respectively [1] - Huatai Securities suggests that the current real estate cycle is in a "deep water zone," but there is optimism for a recovery in core cities, particularly first-tier cities [1] Group 2 - Shenwan Hongyuan predicts that the performance of property companies will continue to be under pressure in Q3, primarily due to a decline in sales since 2021 leading to lower settlements [1] - The article notes that previous price cuts and promotions have negatively impacted profit margins, but there is an expectation for a weak recovery in the sector's performance from 2025 to 2026 [1] - The report highlights that the performance divergence among companies is expected to intensify as the industry stabilizes and profit margins reach a bottom [1]

Company News - Yuanshan Group (00551.HK) reported a cumulative operating income of approximately $6.017 billion for the first nine months, a decrease of 1% year-on-year [2] - Baoshan International (03813.HK) recorded a cumulative operating income of 12.903 billion yuan for the first nine months, down 7.7% year-on-year [2] - Longyuan Power (00916.HK) achieved a cumulative power generation of 56,546,706 MWh in the first nine months, a decline of 0.53% year-on-year; excluding the impact of thermal power, there was a year-on-year increase of 13.81%, with wind power up 5.30% and solar power up 77.98% [2] Financial Performance - Qinhuangdao Port Co., Ltd. (03369.HK) reported a total throughput of 317 million tons for the first nine months, an increase of 5.56% year-on-year [3] - New China Life Insurance (01336.HK) expects net profit attributable to shareholders for the first three quarters to be between 29.986 billion yuan and 34.122 billion yuan, representing a year-on-year growth of 45% to 65% [3] - Jiangshan Holdings (00295.HK) reported a total power generation of approximately 238,787 MWh for the first nine months, a decrease of 4.83% year-on-year [3] - Morning News Technology (02000.HK) reported an unaudited revenue of 270 million HKD for the first nine months, down 7.6% year-on-year [3] - Dekang Agriculture and Animal Husbandry (02419.HK) sold approximately 7.5509 million pigs in the first nine months, with sales revenue of approximately 14.277 billion yuan [3] Drug Approvals and Developments - Hengrui Medicine (01276.HK) received a clinical trial approval notice for SHR-A2102, a targeted Nectin-4 antibody-drug conjugate (ADC) developed in-house; global sales for similar products are expected to reach approximately $1.949 billion in 2024 according to EvaluatePharma [3] - Hutchison China MediTech (00013.HK) plans to announce FRUSICA-2 registration study data at the 2025 European Society for Medical Oncology annual meeting [3] - CSPC Pharmaceutical Group (01093.HK) had its new drug application for Idaglutide α injection accepted by the National Medical Products Administration [3] Corporate Actions - Huazhen Medical (01931.HK) announced the acquisition of U.S. properties and the establishment of a U.S. subsidiary, ETHK BANK, to promote stablecoins and intellectual property securitization in the U.S. [3] - Lihigh Holdings (08472.HK) plans to invest 24 million HKD in cryptocurrency and commodities [3] - Hisense Home Appliances (00921.HK) and its subsidiaries subscribed to a financial product from Jingu Trust worth 1.739 billion HKD [3] Real Estate Performance - New Town Development (01030.HK) reported cumulative contract sales of 15.050 billion yuan for the first nine months, a decrease of 52.72% year-on-year [3] - Longfor Group (00960.HK) achieved total contract sales of 50.75 billion yuan in the first nine months [3] - CIFI Holdings Group (00884.HK) reported cumulative contract sales of approximately 13.06 billion yuan for the first nine months [3] - Ronshine China Holdings (03301.HK) reported contract sales of 3 billion yuan for the first nine months, down 45.3% year-on-year [3] - Yuzhou Group (01628.HK) reported cumulative sales of 4.913 billion yuan for the first nine months [3] - Yida China (03639.HK) reported contract sales of approximately 572 million yuan for the first nine months, down 24.74% year-on-year [3] Financing and Buyback Activities - Geely Automobile (00175.HK) was approved to issue debt financing instruments totaling no more than 10 billion yuan [3] - HSBC Holdings (00005.HK) repurchased 1.58 million HKD worth of shares at prices ranging from 102.2 to 103.77 HKD [3] - Xiaomi Group-W (01810.HK) repurchased 400 million HKD worth of shares at prices ranging from 47.82 to 50.55 HKD [3] - Shoucheng Holdings (00697.HK) repurchased 890 million HKD worth of shares at prices ranging from 2.21 to 2.27 HKD [3]

Group 1 - The company reported a contract sales amount of approximately RMB 1.959 billion in February 2025, representing a year-on-year decrease of 51.27% [1] - The total contract sales area for February 2025 was approximately 270,600 square meters [1] - Cumulative contract sales from January to February 2025 amounted to approximately RMB 2.976 billion, a year-on-year decrease of 61.41% [1] Group 2 - The company had a total of 174 rental properties with a total construction area of approximately 16.044 million square meters as of February 2025 [1] - Rental income for February 2025 was approximately RMB 1.051 billion, while commercial operating income was approximately RMB 1.127 billion (including tax) [1] - Cumulative rental income from January to February 2025 was approximately RMB 2.135 billion, with cumulative commercial operating income of approximately RMB 2.289 billion (including tax) [1]

Core Insights - New City Development (01030) reported a significant decline in contract sales for September 2025, with a total sales amount of approximately RMB 1.484 billion, representing a year-on-year decrease of 35.22% [1] - For the cumulative period from January to September 2025, the total contract sales amounted to approximately RMB 15.050 billion, reflecting a year-on-year decrease of 52.72% [1] - The total sales area for the same cumulative period was approximately 1.9591 million square meters [1] Rental Income and Property Management - As of September 2025, the company managed a total of 177 rental properties, with a total construction area of approximately 16.3002 million square meters [1] - The rental income for September 2025 was approximately RMB 1.094 billion, while the commercial operating income was approximately RMB 1.173 billion (including tax rental income) [1] - For the cumulative period from January to September 2025, the total rental income reached approximately RMB 9.807 billion, and the total commercial operating income was approximately RMB 10.511 billion (including tax rental income) [1]

Core Insights - The company reported a significant decline in contract sales for September 2025, with a total sales amount of approximately RMB 1.484 billion, representing a year-on-year decrease of 35.22% [1] - For the cumulative period from January to September 2025, the total contract sales amounted to approximately RMB 15.050 billion, reflecting a year-on-year decrease of 52.72% [1] - The total rental properties held by the company as of September 2025 numbered 177, with a total gross floor area of approximately 16.3002 million square meters [1] - Rental income for September 2025 was approximately RMB 1.094 billion, while commercial operating income was about RMB 1.173 billion, which includes tax [1] - Cumulative rental income from January to September 2025 reached approximately RMB 9.807 billion, with cumulative commercial operating income of about RMB 10.511 billion, also including tax [1]

Core Viewpoint - New City Development (01030.HK) reported a contract sales amount of approximately RMB 1.484 billion for September 2025, with a contract sales area of about 211,300 square meters [1] Summary by Relevant Categories Sales Performance - For the period from January to September 2025, the cumulative contract sales amount reached approximately RMB 15.050 billion, with a total sales area of around 1,959,100 square meters [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 全部或任何部分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。 SEAZEN GROUP LIMITED 新城發展控股有限公司 （於 開 曼 群 島 註 冊 成 立 的 有 限 責 任 公 司） （股 份 代 號：1030） 2025年9月未經審核營運統計數據 合約銷售 新城發展控股有限公司（「本公司」，連 同 其 子 公 司 統 稱「本集團」）董 事（「董 事」） 會（「董事會」）欣 然 公 佈，於2025年9月，本 集 團 實 現 合 約 銷 售 金 額 約 人 民 幣14.84 億 元，合 約 銷 售 面 積 約21.13萬 平 方 米。 2025年1月 至9月累計合同銷售金額約人民幣150.50億 元，累 計 銷 售 面 積 約195.91 萬 平 方 米。 房地產出租情況 *： 租 金 收 入 包 含 租 金、管 理 費、停 車 場、多 種 經 營 及 其 他 零 星 管 理 費 收 入。 **： 商 ...

Core Viewpoint - The Hong Kong property stocks continue to decline, with significant drops observed in several major companies [1] Company Performance - RONSHINE CHINA (03301.HK) decreased by 6.25%, trading at HKD 0.18 [1] - SUNAC CHINA (01918.HK) fell by 3.13%, with a current price of HKD 1.55 [1] - R&F PROPERTIES (02777.HK) dropped by 3.03%, now priced at HKD 0.64 [1] - NEW CITY DEVELOPMENT (01030.HK) saw a decline of 2.94%, trading at HKD 2.31 [1]

申万宏源则预计，三季度房企业绩仍将继续承压，主要源于2021年后销售连续下降导致结算下降；前期 降价促销推动当期结算影响利润率低位。但考虑到随着政府要求房地产行业"止跌回稳"以及企业利润率 见底、减值出清，综合预计25-26年板块业绩有望底部震荡中弱复苏，并且企业之间业绩分化也将进一 步加剧。 标普发表报告称，预计中国今年新屋销售同比下跌8%至8.8万亿元至9万亿元人民币，跌幅远大于5月时 的3%预测。标普认为，若需求能先在一线城市趋向稳定，将有助需求更持续地复苏，现时预计明年销 售额将再跌6%至7%，一手楼价下跌1.5%至2.5%。 内房股继续走低，截至发稿，融信中国(03301)跌6.25%，报0.18港元；融创中国(01918)跌3.13%，报1.55 港元；富力地产(02777)跌3.03%，报0.64港元，新城发展(01030)跌2.94%，报2.31港元。 ...