Group 1 - The executive director Xu Yixuan of Jianfa International Group (01908) reduced holdings by 169,000 shares at a price of HKD 18.85 per share, totaling approximately HKD 3.1857 million [1] - After the reduction, the latest shareholding is approximately 37.4788 million shares, representing a holding percentage of 1.67% [1]

Investment Rating - The investment rating for the real estate industry is "Positive" (maintained) [4] Core Viewpoints - The report emphasizes the importance of stabilizing the real estate market and anticipates supportive policies to be introduced [3] - The central government has consistently highlighted the need to stabilize both the real estate and stock markets since September 2024, indicating a focus on maintaining social expectations and facilitating domestic demand circulation [5][46] Summary by Sections 1. Market Performance - The Shanghai Composite Index rose by 3.5%, the Shenzhen Component Index by 4.6%, the ChiNext Index by 5.9%, and the CSI 300 Index by 4.2% during the week, while the real estate sector (Shenwan) increased by 0.5% [5][8] - Notable stock performances included ST Zhongdi (+17.2%), Shen Shen Fang A (+14.4%), and Heimu Dan (+13.3%) among the top gainers, while Quzhou Development (-11.7%) and *ST Nan Zhi (-11.1%) were among the biggest losers [5][8] 2. Data Tracking 2.1 New Home Transactions - In the week of August 16-22, new home transactions in 42 key cities totaled 1.68 million square meters, a 19.5% increase from the previous week but a 22.4% decrease year-on-year [13] - For August up to the week of August 22, new home transactions totaled 4.75 million square meters, reflecting a 4.0% decrease month-on-month and a 19.6% decrease year-on-year [19] 2.2 Second-Hand Home Transactions - In the same week, second-hand home transactions in 21 key cities reached 1.91 million square meters, a 7.2% increase from the previous week and an 8.0% increase year-on-year [29] - For August up to the week of August 22, second-hand home transactions totaled 5.73 million square meters, a 3.8% decrease month-on-month but a 0.8% increase year-on-year [33] 3. Industry News - The State Council, led by Li Qiang, emphasized the need for strong measures to stabilize the real estate market and promote urban renewal [43] - The People's Bank of China held a meeting to strengthen macro-prudential management of real estate finance [43] - Various cities are implementing supportive measures, such as lowering down payment ratios and increasing loan limits for homebuyers [43] 4. Company Announcements - Green Town China reported a net profit of 210 million yuan for the first half of 2025, a decrease of 89.7% year-on-year [46] - Vanke A reported a net loss of 11.95 billion yuan for the same period, a 21.3% decrease year-on-year [46] - China Overseas Development issued bonds totaling 8 billion yuan at a 1.6% interest rate for three years [46]

Investment Rating - The investment rating for the company is maintained at "Buy" with a target price of HKD 21.60 [1][5] Core Views - The company's revenue for the first half of 2025 was HKD 34.16 billion, a year-on-year increase of 4.3%, while the net profit attributable to shareholders was HKD 0.91 billion, up 11.8% year-on-year, exceeding previous expectations [1][2] - The improvement in profit margins is attributed to better gross margins from project handovers and an increase in the proportion of recognized equity [1][2] - The company has significantly reduced historical impairments, with total impairments exceeding HKD 14 billion, indicating a strong recovery in profitability [2][4] Summary by Sections Financial Performance - The company reported a gross margin increase of 1.0 percentage points to 12.9% and a decrease in minority interest share by 4 percentage points to 39% [2] - The total recognized but unsold resources reached HKD 250.4 billion, with 96% of these projects acquired in 2022 or later, indicating a strong future profit margin of 5-6% [2] Sales and Market Position - The company achieved a contract sales amount of HKD 53.4 billion in the first half of 2025, a 5% increase year-on-year, outperforming the average sales decline of 13% among top 100 real estate companies [3] - The company plans to enhance its market share in core cities like Shanghai, Hangzhou, and Chengdu by launching new lighthouse projects [3] Financial Health - As of the end of the first half of 2025, the company had a total interest-bearing debt of HKD 86.4 billion, with a net debt ratio of 33.4% and a cash-to-short-term debt ratio of 3.9 times [4] - The financing cost decreased to 3.17%, marking a historical low, and the company raised HKD 1.011 billion through a share placement to improve liquidity and capital structure [4] Earnings Forecast and Valuation - The earnings per share (EPS) estimates for 2025-2027 have been adjusted to RMB 2.06, RMB 2.29, and RMB 2.49 respectively, reflecting an upward revision in revenue assumptions [5] - The target price is set at HKD 21.60, based on a price-to-book (PB) ratio of 1.52 times, indicating a premium valuation due to improved liquidity and reduced historical burdens [5]

Core Viewpoint - The company reported steady growth in its mid-year performance for 2025, with revenue of 34.2 billion yuan, a year-on-year increase of 4.2%, and a net profit attributable to shareholders of 0.91 billion yuan, up 11.8% year-on-year [1] Group 1: Financial Performance - The company's mid-year revenue and net profit showed robust growth, with net profit growth outpacing revenue growth due to a 1.0 percentage point increase in gross margin to 12.9% [1] - The company expects its gross margin to remain at the bottom range for the year, with reduced impairment pressure, as historical project profit realization indicates average performance for new projects in 2023 [1] - As of June 30, 2025, the company had a stock value of 47.4 billion yuan for projects acquired in 2021 and earlier, a decrease of approximately 3 billion yuan from the end of 2024, indicating a reduction in inventory pressure [1] Group 2: Sales and Land Acquisition - The company achieved a sales amount of 70.7 billion yuan in the first half of 2025, a 7% increase, with equity sales amounting to 53.4 billion yuan, up 5%, and an average sales price of 26,506 yuan per square meter, a 25% increase [2] - The company maintained a strong land acquisition strategy, with new land value of 98.7 billion yuan, a 33% increase, and a land acquisition intensity of 70%, ranking sixth in the industry [2] - As of June 30, 2025, the company's saleable land value increased to 249.6 billion yuan, with 81% of land acquired in 2022 and later, further optimizing asset quality [2] Group 3: Financial Health - The company's financing cost continued to decline, with a financing cost of 3.17% for interest-bearing liabilities as of June 30, 2025, a decrease of 39 basis points from the end of 2024 [3] - The company's financial safety margins remain high, with asset-liability ratio, net debt ratio, and cash-to-short-term debt ratio at 58.9%, 33.4%, and 3.9 times, respectively [3] - The company is expected to achieve net profits attributable to shareholders of 4.91 billion yuan, 5.31 billion yuan, and 5.88 billion yuan for 2025-2027, with corresponding price-to-earnings ratios of 7.7, 7.1, and 6.4 times, indicating that current valuations do not fully reflect short-term operational improvements and long-term competitive advantages [3]

Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of approximately 34.16 billion, a year-on-year increase of 4.3% [1] - The profit attributable to equity holders was approximately 910 million, reflecting a year-on-year growth of 11.8% [1] - The cumulative contract sales amounted to approximately 53.35 billion, with a year-on-year increase of 5% [1] Group 2: Sales Strategy - The company has implemented a sales strategy focused on strict control of new project launches and enhancing cash recovery efficiency [1] - The target for new project launches is estimated at approximately 270 billion, with an initial inventory value of around 100 billion and an additional supply of 66.7 billion in the first half of the year [2] - The company plans to add approximately 100 billion in new supply in the second half of the year, with a focus on key projects in major cities such as Beijing, Hangzhou, and Chengdu [1][2] Group 3: Investment Strategy - The company adheres to a cautious investment approach, prioritizing liquidity and has acquired 33 projects with a total value of approximately 120 billion in the first half of the year [2] - Future land acquisitions will be based on sales performance, with a focus on enhancing inventory liquidity and managing price risks [2] - The company aims to diversify its investment capabilities through urban renewal asset packages and other channels [2] Group 4: Product Development - The company is focusing on high-quality "lighthouse" projects, which are tailored to local characteristics and aimed at high-net-worth individuals [2][3] - The "lighthouse" projects are strategically located in core urban areas, ensuring high scarcity and market competitiveness [3] - The company is committed to enhancing product quality and customer satisfaction through rigorous production quality control and timely delivery [3] Group 5: Future Directions - The company is exploring light asset operations and has several practical cases in this area, with plans to further expand using group resources [3] - The company is also piloting long-term rental apartments in Shanghai and advancing trials in the elderly care sector [5] - The evolving commercial landscape is prompting the company to focus on asset operations as a significant development direction [4]

Core Viewpoint - The Hong Kong property stocks experienced a collective decline after a brief rise, indicating market skepticism about the sustainability of recent policy changes aimed at boosting the real estate sector [1] Group 1: Market Performance - Major property stocks such as Shimao Group, New World Development, and Greentown China saw significant declines, with Shimao Group dropping by 6.4% and New World Development by 4.55% [1] - Other companies like China Jinmao, Midea Real Estate, and Country Garden also faced losses, with declines exceeding 2% [1] Group 2: Policy Impact - The recent policy adjustment in Shanghai, known as "Six Measures," allows unlimited purchases for eligible buyers outside the outer ring and treats single buyers as families, which initially boosted market confidence [1] - Despite the short-term positive impact, there are ongoing doubts about the long-term effectiveness of these policies and the actual improvement in the market fundamentals [1] Group 3: Future Outlook - The market requires continuous support beyond initial policy changes, with a focus on whether more cities will follow suit and how existing policies will be implemented, particularly regarding credit support [1]

Core Viewpoint - 建发国际集团 reported a revenue increase of 4.31% year-on-year for the first half of the year, driven primarily by its property development business, with a focus on maintaining sales targets and inventory management in a challenging market environment [1][2][3]. Financial Performance - The company achieved a revenue of 34.165 billion yuan, with property development contributing 32.14 billion yuan [1]. - Gross profit reached 4.402 billion yuan, reflecting a 12.8% increase, and the gross margin improved to 12.89% from 11.92% [1]. - Net profit attributable to equity holders was 914 million yuan, up 11.83%, with a net profit margin of 2.67%, an increase from 2.49% [1]. Sales and Inventory Management - The company has an unsold sales amount of 250 billion yuan, with an expected gross margin of 13%-15% for future sales [1]. - The sales target for the year remains at 150 billion yuan, with no adjustments planned as inventory and investment strategies align with this goal [1][3]. - As of June, the company has a saleable area of 12.71 million square meters, with Shanghai having the largest share [2]. Land Acquisition Strategy - In the first half of the year, the company acquired 33 projects with a total value of approximately 120 billion yuan, targeting an additional 150 billion yuan in land acquisition for the second half [1][2]. - The company aims to push a total sales value of around 270 billion yuan this year, with 66.7 billion yuan already added in the first half and an expected 100 billion yuan in the second half [2]. Market Conditions and Future Outlook - The market has shown signs of decline and significant differentiation since May, with major cities like Beijing, Shanghai, and Hangzhou still maintaining decent activity levels [2]. - The company plans to maintain a balanced approach to inventory and sales, with flexibility in its 150 billion yuan target based on market conditions [3]. - Future directions include exploring asset operations and potential trials in long-term rental apartments and elderly care services [3].

2024年的建发国际在等待市场黎明，而2025年则在建"灯塔"。 8月25日，建发国际召开了2025年中期业绩发布会，在会议上，主席兼执行董事林伟国及行政总裁兼执 行董事田美坦对上半年的工作作出了详细的汇报及回应。 据最新发布的2025年度中期财报显示，建发国际期内实现收入约341.6亿元，较去年同期增长了4.3%。 其中，物业发开部分收入321.4亿元，同比增长3.7%。 营收增长的同时，利润也有一定的提升。报告期内，公司录得净利润15.05亿元，较去年同期14.36亿元 增长了4.7%；归母净利润录得9.1亿元，同比增加11.8%。 然而，尽管上半年建发国际取得了"营收、利润双增收"的成绩，但据参会投资者转述，管理层对于市场 大环境依旧存在担忧。 "今年5月份之前的整体市场行情还是不错的，但5月过后，尤其是这两个月，市场下行地方不少，不同 层次分化比较严重。"田美坦指出，目前分化主要体现在城市、城市圈层以及一二手房，核心城市的核 心地段新房备受市场追捧，而外环及二手房市场持续遇冷。 基于对市场行情的判断，建发国际瞄准了2025年的前行目标：全面推进灯塔项目战略，即打造位于核心 城市核心地段的高端改善型项目 ...

Investment Rating - The investment rating for the company is "Buy" and it is maintained [10] Core Views - The company achieved steady growth in revenue and net profit attributable to shareholders in the first half of 2025, with net profit growth outpacing revenue growth due to an increase in gross margin [2][7] - The current valuation does not fully reflect the short-term operational improvements and long-term competitive advantages of the company, which emphasizes shareholder returns with a high dividend yield [2][11] Summary by Sections Financial Performance - In the first half of 2025, the company reported revenue of 34.2 billion and a net profit attributable to shareholders of 910 million, representing year-on-year growth of 4.2% and 11.8% respectively [7] - The gross margin improved by 1.0 percentage point to 12.9% year-on-year, contributing to the better performance of net profit compared to revenue [11] Sales and Land Acquisition - The company demonstrated strong sales performance with a sales amount of 70.7 billion (up 7%) and an equity sales amount of 53.4 billion (up 5%), with an average selling price of 26,506 per square meter (up 25%) [11] - The company adopted a "speed first, with profitability" land acquisition strategy, achieving a new land value of 98.7 billion (up 33%) in the first half of 2025 [11] Asset Quality and Financial Health - The company’s inventory value from projects acquired in 2021 and earlier was 47.4 billion, down approximately 3 billion from the end of 2024, indicating improved asset quality [11] - The financing cost decreased to 3.17% as of June 2025, down 39 basis points from the end of 2024, reflecting a strong financial safety margin [11] Future Outlook - The company is expected to achieve net profits of 4.91 billion, 5.31 billion, and 5.88 billion for the years 2025, 2026, and 2027, representing year-on-year growth of 2.1%, 8.2%, and 10.8% respectively [11] - The current valuation corresponds to price-to-earnings ratios of 7.7, 7.1, and 6.4 for the respective years, indicating significant investment value [11]

Investment Rating - The report maintains a "Buy" recommendation for Jianfa International Group (1908.HK) with a current stock price of 18.5 HKD [1][4]. Core Views - The company shows signs of improvement in its financial statements, with revenue and profit expected to grow positively. The first half of 2025 saw a revenue of 34.16 billion CNY, a year-on-year increase of 4.3%, and a net profit of 9.1 billion CNY, up 11.8% year-on-year [4][7]. - The company is benefiting from the release of high-quality residential demand and is actively expanding its land reserves, optimizing its land bank [5][7]. - The company has improved its financial metrics, with a debt-to-asset ratio of 75.9% and a financing cost of 3.17%, down 39 basis points from the end of 2024 [7][8]. Financial Summary - For the first half of 2025, the company reported a gross profit margin of 12.9%, an increase of 1 percentage point year-on-year. The total unsold amount reached 250.4 billion CNY, with 96% of the projects acquired in 2022 or later [7]. - The company achieved a total sales amount of 70.7 billion CNY and an equity sales amount of 53.4 billion CNY in the first half of 2025, representing year-on-year growth of 7% and 5%, respectively [7]. - The average selling price increased by 25% to 26,500 CNY per square meter [7]. Future Projections - Revenue projections for 2025 are estimated at 151.3 billion CNY, with a net profit of 4.93 billion CNY, reflecting a slight increase from previous years [6][10]. - The report anticipates continued improvement in the company's financial performance, with a projected EPS of 2.20 CNY for 2025, and a P/E ratio of 7.7 times [8][11].