华润万象生活为公司的附属公司。于本公告日期，公司直接持有华润万象生活16.50亿股股份，即华润 万象生活已发行股份总数约72.29%。于配售完成后(假设华润万象生活的已发行股份总数由本公告日期 至配售完成日期期间并无变动)，公司持有华润万象生活的股权将减少至其已发行股份总数约70.12%。 华润万象生活会继续为公司的附属公司，而华润万象生活的财务业绩会继续并入集团的财务报表。 华润置地(01109)发布公告，于2025年11月13日，公司与配售代理订立配售协议，据此，公司同意任命 配售代理，及配售代理同意担任公司的代理，以促使承配人根据配售协议的条款以配售价购买(或倘未 能成功配售，则由其自行购买)公司持有的合共4950万股配售股份，配售股份占截至本公告日期华润万 象生活(01209)已发行股份总数约2.17%。 出售事项所得款项净额(经扣除专业费用及其他配售开支)估计约为20.61亿港元。出售事项所得款项净额 拟用作集团收购储备土地、开发成本及一般营运资金。公司认为配售可以令华润万象生活的股东结构更 多元从而能够鼓励及吸引机构投资者对华润万象生活作出投资、并增加其股份的流动性，增强市场信心 及提高华润万象生 ...

每经AI快讯，11月13日，华润置地在港交所公告称，配售4950万股华润万象生活股份，预计配售价每 股41.70港元，所得款项净额约20.6亿港元。 ...

出售事项所得款项净额估计约为20.61亿港元。出售事项所得款项净额拟用作集团收购储备土地、开发 成本及一般营运资金。公司认为配售可以令华润万象生活的股东结构更多元从而能够鼓励及吸引机构投 资者对华润万象生活作出投资、并增加其股份的流动性，增强市场信心及提高华润万象生活股份价值， 而公司作为华润万象生活的控股股东亦能够藉此受益。 华润万象生活为公司的附属公司。于本公告日期，公司直接持有华润万象生活16.50亿股股份，即华润 万象生活已发行股份总数约72.29%。于配售完成后(假设华润万象生活的已发行股份总数由本公告日期 至配售完成日期期间并无变动)，公司持有华润万象生活的股权将减少至其已发行股份总数约70.12%。 华润万象生活会继续为公司的附属公司，而华润万象生活的财务业绩会继续并入集团的财务报表。 格隆汇11月13日丨华润置地(01109.HK)发布公告，2025年11月13日，公司与配售代理(即UBS AG Hong Kong Branch)订立配售协议，据此，公司同意任命配售代理，及配售代理同意担任公司的代理，以促使 承配人根据配售协议的条款以配售价购买(或倘未能成功配售，则由其自行购买)公司持有的合共 ...

內幕消息 有關出售附屬公司股份 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。 （於開曼群島註冊成立的有限公司） （股份代號：1109） 本 公 告 由 本 公 司 根 據 香 港 聯 合 交 易 所 有 限 公 司 證 券 上 市 規 則（「 上 市 規 則 」）第 13.09 (2) (a) 條 及 香 港 法 例 第 571 章 證 券 及 期 貨 條 例 第 XIVA 部 下 的 內 幕 消 息 條 文 （ 定義見上市規則）作出。 於二零二五年十一月十三日，本公司與配售代理訂立配售協議，據此，本公司 同意任命配售代理，及配售代理同意擔任本公司的代理，以促使承配人根據配 售協議的條款以配售價購買（ 或倘未能成功配售，則由其自行購買 ）本公司持有 的合共49,500,000股配售股份，配售股份佔截至本公告日期華潤萬象生活已發行 股份總數約2.17%。 華潤萬象生活為本公司之附屬公司 ...

Core Viewpoint - China Resources Land has resumed its issuance of US dollar bonds after a six-year hiatus, signaling a positive development in the context of cautious overseas financing by domestic real estate companies [1][3]. Group 1: Company Actions - China Resources Land has applied to the Hong Kong Stock Exchange for a US$3.9 billion medium-term note program, which is set to be listed within 12 months after November 10, 2025, and will be issued only to professional investors [1]. - This marks the first issuance of US dollar bonds by a leading state-owned enterprise in three years, with the last issuance by China Overseas Land in 2019 [3]. - The US$3.9 billion issuance is one of the largest among real estate companies, reflecting market confidence, as other state-owned enterprises typically issue less than US$1 billion [3]. Group 2: Financial Implications - The proceeds from the bond issuance will be used to optimize the debt structure, primarily for debt repayment [4]. - Moody's has assigned a "Baa1" investment-grade rating to the proposed notes, indicating that the issuance will enhance China Resources Land's liquidity and financial flexibility [4]. - The company's financial metrics remain strong, with a cash position of CNY 120.24 billion and a net debt ratio of 39.2%, which is low compared to industry standards [5]. Group 3: Market Context - The real estate sector has seen a recovery in overseas financing, with companies like Greentown China and New City Development successfully issuing bonds earlier this year [6]. - The market's acceptance of US dollar bonds from Chinese real estate companies has improved, as evidenced by the successful issuance of senior unsecured bonds by various firms [6][7]. - Domestic financing has also shown signs of recovery, with a significant year-on-year increase in bond financing in October 2025 [8][9].

Major Events - Hong Kong Stock Exchange (00388) plans to make a strategic investment in Xunqing Settlement Holdings Limited [1] - Lai Kai Pharmaceutical-B (02105) signs an exclusive licensing agreement with Qilu Pharmaceutical for LAE 002 (AFURESERTIB) in China [1] - TECHSTARACQ-Z (07855) is expected to inherit the company Tuda Tong's listing on the main board of the Stock Exchange on December 10 [1] - Superstar Legend (06683) intends to establish a joint venture with Yushu Technology to develop consumer-grade IP robots and IP derivative products [1] - Beijing Enterprises Holdings (00392) plans to acquire 100% equity of Beijing Beiran Special Equipment Inspection and Testing Co., Ltd. for 54.6 million yuan [1] - CSPC Pharmaceutical Group (01093) has its application for the marketing of Pertuzumab Injection accepted by the National Medical Products Administration [1] - Rongli Construction (09639) plans to collaborate with CATL to develop efficient energy storage systems and solutions [1] Operating Performance - BeiGene (06160) reports a net profit attributable to shareholders of 1.139 billion yuan for the first three quarters, turning from loss to profit year-on-year [1] - Tencent Music-SW (01698) reports a net profit attributable to equity holders of 2.15 billion yuan in the third quarter, a year-on-year increase of 36.0% [1] - Zhou Li Fu (06168) sees a 32% year-on-year increase in e-commerce revenue for the first ten months, with net profit rising 71% year-on-year [1] - China Resources Land (01109) reports a cumulative contract sales amount of approximately 169.6 billion yuan for the first ten months, a year-on-year decrease of 16.6% [1]

北京商报讯（记者 王寅浩 李晗）11月12日，华润置地披露10月未经审核经营简报。简报显示，10月华 润置地及其附属公司实现总合同销售金额约152亿元，总合同销售建筑面积约68.1万平方米，分别同比 减少51%及46.8%。 ...

Investment Rating - The report maintains an investment rating of "Outperform the Market" for the real estate industry [7] Core Insights - The real estate industry is experiencing a low-level adjustment with accelerated differentiation among companies, where the overall revenue of sample companies decreased by 12.5% year-on-year, and net profit attributable to shareholders dropped by 161.6% [4][8] - The sales decline is narrowing, with top companies like Jianfa Real Estate, China Jinmao, and Yuexiu Property achieving growth against the trend [4][9] - The land market is showing a trend of quality improvement and reduced volume, with core city premium land transactions supporting a year-on-year increase in transaction value [4][9] Summary by Sections 1. Financial Performance: Weakness Continues, Differentiation Among Companies - In the first three quarters of 2025, the overall revenue of 23 sample companies decreased by 12.5% year-on-year, with state-owned enterprises showing a growth of 6.1% while private and mixed-ownership companies faced declines of 17.1% and 27.8% respectively [16] - The net profit attributable to shareholders for these companies fell by 161.6%, with state-owned enterprises experiencing a decline of 1595.6% [16][22] - The overall gross margin for the sample companies was 13.0%, a decrease of 0.3 percentage points compared to the full year of 2024, while state-owned enterprises saw a recovery in gross margin [22][40] 2. Operational Performance: Sales Under Pressure, Land Market Quality Improvement - In the first three quarters of 2025, the cumulative sales amount of commercial housing nationwide decreased by 7.9% year-on-year, with a decline in sales area of 5.5% [9][43] - The top 100 real estate companies reported a cumulative sales amount of 24,948 billion, down 12.8% year-on-year, with the top 10 companies showing a decline of 11.7% [49][52] - The land market is characterized by a reduction in supply and an increase in transaction value, with the cumulative transaction amount reaching 13,304 billion, up 11.9% year-on-year [54][57] 3. Financing Environment: Marginal Improvement, State-Owned Enterprises at an Advantage - The bond issuance scale for real estate companies has stopped declining, with a year-on-year increase of 3.9% in the first three quarters of 2025 [10] - The average bond issuance interest rate has decreased from 5.5% in 2021 to 2.8% in the first half of 2025, indicating a recovery in market confidence [10][57] - The liquidity pressure remains, with significant differences in the financial health of various companies [10][57] 4. Investment Recommendations: Focus on Leading Companies in Core Areas - The report recommends focusing on leading companies that continue to acquire land in core areas of first-tier and strong second-tier cities, such as Greentown China, Jianfa International Group, and China Overseas Development [11][57] - Attention should also be given to companies with potential turnaround opportunities and those with core competitive advantages in the real estate intermediary sector [11]

Core Viewpoint - China Resources Land (01109) reported a significant decline in contract sales for the first ten months of 2025, with a total contract sales amount of approximately RMB 169.6 billion, representing a year-on-year decrease of 16.6% [1] Sales Performance - For October 2025, the total contract sales amount was approximately RMB 15.2 billion, down 51.0% year-on-year, with a total sales area of about 681,000 square meters, a decrease of 46.8% [1] - Cumulatively, for the first ten months of 2025, the total contract sales area was approximately 6.41 million square meters, reflecting a year-on-year decrease of 27.4% [1] Recurring Revenue - In October 2025, the company's recurring income was approximately RMB 4.33 billion, showing a year-on-year growth of 3.0% [1] - The rental income from operational real estate for October 2025 was approximately RMB 2.94 billion, marking a year-on-year increase of 16.8% [1] - For the first ten months of 2025, the cumulative recurring income reached approximately RMB 41.48 billion, an increase of 7.2% year-on-year, with operational real estate rental income amounting to approximately RMB 27.1 billion, up 13.0% year-on-year [1]

Core Insights - China Resources Land (01109) reported a total contract sales amount of approximately RMB 15.2 billion for the month ending October 31, 2025, representing a year-on-year decrease of 51.0% [1] - The cumulative contract sales amount for the first ten months of 2025 reached approximately RMB 169.6 billion, reflecting a year-on-year decline of 16.6% [1] - The total contract sales area for October 2025 was about 681,000 square meters, down 46.8% year-on-year, while the cumulative area for the first ten months was approximately 6.41 million square meters, a decrease of 27.4% [1] Revenue Performance - The company's recurring income for October 2025 was approximately RMB 4.33 billion, showing a year-on-year growth of 3.0% [1] - Rental income from operational real estate for October 2025 was around RMB 2.94 billion, marking a year-on-year increase of 16.8% [1] - Cumulative recurring income for the first ten months of 2025 was approximately RMB 41.48 billion, up 7.2% year-on-year, with rental income from operational real estate totaling about RMB 27.1 billion, reflecting a year-on-year growth of 13.0% [1]