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]

Core Viewpoint - China Resources Land (01109.HK) reported a steady growth in recurring income and rental income from its operational real estate business for the year ending October 2025, indicating a positive trend in its financial performance [1] Financial Performance - For October 2025, the group's recurring income was approximately RMB 4.33 billion, representing a year-on-year increase of 3.0% [1] - The rental income from operational real estate for the same period was approximately RMB 2.94 billion, showing a significant year-on-year growth of 16.8% [1] - Cumulatively, for the first ten months of 2025, the recurring income reached approximately RMB 41.48 billion, reflecting a year-on-year increase of 7.2% [1] - The rental income from operational real estate for the first ten months was approximately RMB 27.10 billion, with a year-on-year growth of 13.0% [1]

华润置地(01109)公布，截至202510月31日止一个月，该集团实现总合同销售金额约人民币152.0亿元， 总合同销售建筑面积约68.1万平方米，分别按年减少51.0%及46.8%。2025前10月累计合同销售额约人民 币1,696.0亿元，总合同销售建筑面积约641.0万平方米，分别按年减少16.6%及27.4%。 202510月，该集团经常性收入约人民币43.3亿元，按年增长3.0%，其中，经营性不动产业务租金收入约 人民币29.4亿元，按年增长16.8%。2025前10月累计经常性收入约人民币414.8亿元，按年增长7.2%，其 中，经营性不动产业务租金收入约人民币271.0亿元，按年增长13.0%。 ...

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。 （於開曼群島註冊成立的有限公司） (股份代號: 01109.HK) 截至2025年10月31日止一個月未經審核營運數據 華潤置地有限公司(「本公司」)董事會(「董事會」)謹此公佈，截至2025年10月31日止一個月，本 公司及其附屬公司(「本集團」)實現總合同銷售金額約人民幣152.0億元，總合同銷售建築面積約 68.1萬平方米，分別按年減少51.0%及46.8%。2025年前10月累計合同銷售金額約人民幣1,696.0 億元，總合同銷售建築面積約641.0萬平方米，分別按年減少16.6%及27.4%。 2025年10月，本集團經常性收入約人民幣43.3億元，按年增長3.0%，其中，經營性不動產業務租 金收入約人民幣29.4億元，按年增長16.8%。2025年前10月累計經常性收入約人民幣414.8億元， 按年增長7.2%，其中，經營性不動產業務租金收入約人民幣271.0億元，按年增長13.0%。 上述 ...

Core Viewpoint - The survival situation of real estate companies is showing marginal improvement, with a notable revival in both domestic and international financing channels [10]. Group 1: Company Financing Activities - China Resources Land has announced a plan to issue a $3.9 billion medium-term note, marking its first dollar bond issuance in six years, aimed at professional investors [4][5]. - The last dollar bond issuance by China Resources Land occurred in November 2019, when it sought approval for a similar $3.9 billion medium-term note [5]. - The issuance is intended for debt structure optimization, with Moody's assigning a "Baa1" investment-grade rating to the proposed notes, indicating strong liquidity and financial flexibility for the company [6]. Group 2: Market Trends and Comparisons - The revival of dollar bond issuance among major state-owned enterprises is seen as a positive signal, with China Resources Land's $3.9 billion plan being one of the largest among real estate companies [5]. - Other companies like Greentown China and New City Development have also successfully issued dollar bonds this year, indicating a normalization of offshore financing for real estate firms [5][10]. - The average interest rate for bond financing in the real estate sector has decreased to 2.56%, reflecting a growing acceptance of Chinese real estate companies in the international market [10]. Group 3: Financial Health and Market Confidence - As of mid-2025, China Resources Land reported cash holdings of 120.24 billion yuan, with a cash-to-short-term debt ratio of 1.95, indicating a solid financial position [7]. - The overall debt situation of real estate companies is improving, with a significant year-on-year increase in bond financing, suggesting a recovery in market confidence [10]. - The successful issuance of high-yield bonds by companies like New City Development indicates a cautious but growing acceptance of risk among investors in the real estate sector [8][9].

Core Viewpoint - Longfor Group is transitioning towards a second growth curve by enhancing its operational capabilities in commercial real estate, particularly in light of declining development business performance [2][4][6]. Group 1: Current Business Performance - Longfor Group reported operating revenue of approximately RMB 22.16 billion for the first ten months of 2025, accounting for 39.7% of its contract sales during the same period [2]. - The company's contract sales have significantly decreased from RMB 290.1 billion in 2021 to RMB 55.8 billion in the first ten months of 2025, with an expectation of falling below RMB 100 billion for the first time since 2017 [4]. - The share of recurring business revenue in total revenue has been increasing, reaching 22.6% in the first half of 2025, but the gross profit margin for recurring business was only 12.6%, indicating insufficient support for overall profitability [7][8]. Group 2: Comparison with Competitors - Longfor's recurring business gross profit margin is significantly lower than that of China Resources Land, which achieved a gross profit margin of 24% in its recurring business [7][8]. - The difference in profitability is attributed to the positioning of their commercial segments, with Longfor targeting middle-income families while China Resources focuses on high-end consumers [8]. Group 3: Strategic Moves and Challenges - The acquisition of the World Trade Center project in Beijing is seen as a strategic opportunity for Longfor to enhance its presence in the high-end commercial market and improve brand visibility [9][10][12]. - The project has the potential to diversify Longfor's commercial product offerings and align with government policies encouraging the integration of commercial and cultural tourism [14]. - However, challenges include the need for significant capital investment for upgrades, uncertainty in rental income due to high vacancy rates (40%-50%), and a lack of experience in renovating older commercial properties [16][17].

Core Viewpoint - Hong Kong property stocks continue to rise, indicating a positive trend in the real estate sector [1] Group 1: Company Performance - Shimao Group (00813.HK) increased by 13.21%, reaching HKD 0.3 [1] - R&F Properties (02777.HK) rose by 5.36%, reaching HKD 0.59 [1] - China Resources Land (01109.HK) saw a gain of 4.45%, reaching HKD 30.96 [1] - Oceanwide Holdings (03377.HK) increased by 3.81%, reaching HKD 0.109 [1]