Core Viewpoint - The company achieved a revenue of 34.16 billion yuan in the first half of 2025, representing a year-on-year growth of 4.2%, and a net profit attributable to shareholders of 910 million yuan, up 11.8% year-on-year. The profit growth outpaced revenue growth primarily due to a 1.0 percentage point increase in gross margin and a reduction of 90 million yuan in total borrowing costs compared to the same period last year [1][2]. Financial Performance - The company reported a revenue of 34.16 billion yuan, a 4.2% increase year-on-year, and a net profit of 910 million yuan, reflecting an 11.8% year-on-year growth [1]. - The increase in profit growth relative to revenue growth is attributed to improved profitability, with a gross margin increase of 1.0 percentage point year-on-year, and a decrease in total borrowing costs to 1.59 billion yuan, down 90 million yuan from the previous year [1]. Sales Performance - Despite a 5.5% decline in national commodity housing sales, the company experienced a 7% increase in total sales to 70.7 billion yuan, with equity sales rising 5% to 53.4 billion yuan. The company ranked 6th nationally, improving one position from the previous year [2]. - The company achieved the highest sales in 12 cities, with the five major cities of Beijing, Shanghai, Chengdu, Hangzhou, and Xiamen accounting for 46% of total sales, a 15 percentage point increase year-on-year [2]. Land Reserve Optimization - The company added land reserves worth 98.7 billion yuan in the first half of the year, a 33% increase year-on-year, with 74% of the new land reserves located in the five major cities [2]. - As of the end of June, the company had a total salable land reserve value of 249.6 billion yuan, with 54% located in the five major cities. Additionally, 81% of the land acquired was from 2022 onwards, indicating a focus on newer acquisitions [2]. Profitability Forecast - The company maintains its profit forecast unchanged, with expected EPS of 2.25, 2.41, and 2.48 yuan for 2025-2027. The target price has been raised to 25.85 HKD, based on a PE ratio of 10.5 times, consistent with the expected PE for comparable companies in 2025 [2].

Core Viewpoint - Company reported a slight outperformance in 1H25 earnings, with revenue growth of 4% year-on-year to 34.2 billion yuan and a net profit increase of 12% to 910 million yuan, driven by improved settlement gross margin and equity ratio [1][2] Financial Performance - The company maintained a healthy financial position with a net debt ratio of 33.4% and a cash-to-short-term debt ratio of 4.1 times as of 1H25 [2] - The average financing cost decreased by 39 basis points to 3.17%, marking a historical low [2] - The company did not declare an interim dividend, consistent with its previous dividend policy [1] Land Acquisition Strategy - In 1H25, the company acquired 26 plots of land for a total cost of 49.5 billion yuan, achieving a land acquisition intensity of 70% [1] - The majority of new land acquisitions are located in top-tier cities, with approximately 80% of the new value coming from cities like Beijing, Hangzhou, Shanghai, Chengdu, and Xiamen [1] - The company’s strategy prioritizes liquidity while also considering profit margins, with estimated net profit margins for new land projects in 1H25 expected to be around 7-9% [1] Sales and Market Position - The company ranked sixth in total sales amount in 1H25, improving one position from 2024, with total supply estimated at 160-170 billion yuan [2] - The company plans to launch over 100 billion yuan in new supply in 2H25, aiming to achieve its annual sales target of 150 billion yuan [2] Growth Outlook - The company expects steady growth in overall performance for the year, with a significant amount of unsold inventory and a robust settlement resource pool [3] - The estimated settlement amount for the year is expected to remain stable, with profit margins improving year-on-year [3] Profit Forecast and Valuation - The company maintains its profit forecast for 2025 while slightly raising the 2026 profit forecast by 2% to 5.1 billion yuan, reflecting year-on-year growth of 10% and 8% respectively [3] - The target price has been increased by 7% to 21.4 HKD, indicating an upside potential of 16% [3]

Core Viewpoint - CICC maintains its 2025 profit forecast for Jianfa International Group (01908) while slightly raising the 2026 profit forecast by 2% to 5.1 billion HKD, reflecting year-on-year growth of 10% and 8% respectively. The target price is raised by 7% to 21.4 HKD, indicating an upside potential of 16% based on market risk preference adjustments [1]. Group 1 - The company's 1H25 performance slightly exceeded market expectations, with revenue increasing by 4% to 34.2 billion HKD and net profit rising by 12% to 910 million HKD, primarily due to improvements in settlement gross margin and equity ratio [2]. - The company acquired 26 new land parcels in the first half of 2025, with total land payments amounting to 49.5 billion HKD, achieving a land acquisition intensity of 70%, significantly higher than the industry average [3]. - The company maintains a healthy financial position, with a net debt ratio of 33.4% and a cash-to-short-term debt ratio of 4.1 times, while the average financing cost has decreased to a historical low of 3.17% [4]. Group 2 - The company is expected to maintain its steady sales ranking, moving up one position to sixth place in total sales amount for 1H25, with an estimated total supply of 160 to 170 billion HKD [5]. - The overall performance for the year is projected to show steady growth, supported by a robust pipeline of unsold inventory and a favorable settlement resource volume, which is 1.6 times the predicted revenue for 2025 [6].

中金发布研报称，基于建发国际集团(01908)销售规模稳中有进，维持2025年盈利预测基本不变、小幅 上调2026年盈利预测2%至51亿元，同比分别增长10%/8%。维持跑赢行业评级，上调目标价7%至21.4港 元(对应8.5/7.8倍2025/26年P/E、1.4/1.2倍2025/26年P/B和16%上行空间)，主要考虑到市场风险偏好调 整。当前股价对应7.3/6.7倍2025/26年P/E和1.2/1.1倍2025/26年P/B。 中金主要观点如下： 全年业绩有望实现稳健增长 公司1H25整体结算收入及利润实现稳健增长，展望全年，一方面公司历年上半年结算规模占比偏低、 该行预计今年或将延续;另一方面，1H25末公司并表已售未结2,065亿元，整体结算资源量较为充裕(1.6 倍于该行预测2025年房开收入)。该行预计全年结算量或保持大体平稳，结转利润率同比稳中向好，推 动业绩实现平稳增长。 风险提示：行业景气度恢复慢于预期，销售去化不及预期，结算规模和利润率低于预期。 财务指标保持稳健，融资端优势显著 1H25末公司净负债率33.4%，扣预负债率较2024年末下降0.8ppt至58.8%，现金短贷比维持在 ...

Group 1: North Exchange Specialized and Innovative Index - The North Exchange Specialized and Innovative Index focuses on innovative small and medium-sized enterprises, emphasizing "specialized, refined, unique, and innovative" small giants, providing differentiated value as a rare high-quality small-cap growth index in the market [11][12] - The index consists of high-quality underlying assets, with a market capitalization median of 3.74 billion yuan, lower than other indices, indicating a focus on smaller companies [11] - The index has shown high growth potential, with a revenue compound annual growth rate (CAGR) of 40.4% over the past three years, and a high research and development investment ratio of 6.2% [11] Group 2: Saint Bella (2508HK) - Saint Bella is a well-known company in the high-end confinement service sector, aiming to provide comprehensive family care services from pregnancy to elderly care, with a projected adjusted net profit of 117 million, 191 million, and 287 million yuan for 2025-2027 [3][14] - The company has established four core advantages: strong brand recognition in high-end confinement services, a light asset model with standardized training, vertical and horizontal expansion in family services, and international market penetration targeting overseas Chinese [17] - The family care industry in China is expected to grow from 392.8 billion yuan in 2019 to 711.3 billion yuan in 2024, with a CAGR of 12.6%, indicating a favorable market environment for Saint Bella [17]

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].

行业点评 本周 A 股地产、港股物业均上涨，港股地产下跌。本周（8.16-8.22）本周申万 A 股房地产板块涨跌幅为+0.5%， 在各板块中位列第 31；恒生港股房地产板块涨跌幅为-0.6%，在各板块中位列第 9。本周恒生物业服务及管理指数涨 跌幅为+1.1%，恒生中国企业指数涨跌幅为+0.5%，沪深 300 指数涨跌幅为+4.2%；物业指数对恒生中国企业指数和沪 深 300 的相对收益分别为+0.7%和-3.1%。 土地市场溢价率有所回落。本周（8.16-8.22）全国 300 城宅地成交建面 553 万㎡，单周环比-14%，单周同比-52%， 平均溢价率 5%。2025 年初至今，全国 300 城累计宅地成交建面 23666 万㎡，累计同比-5.4%；年初至今，绿城中国、 中海地产、保利发展、建发房产、滨江集团的权益拿地金额位居行业前五。 本周(8.16-8.22)47 个城市商品房销售 285 万方，成交量环比+8%，同比-11%，整体维持季节性低位；7 月新房售 价环比-0.3%，环比跌幅持平，同比-3.4%，同比降幅持续收窄；结合量价，景气度下行趋缓。本周分能级来看：一线 城市周环比+5%，周同比 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][7][17] Core Views - The company has demonstrated strong performance with a revenue increase of 4.3% year-on-year in H1 2025, achieving a total revenue of 34.16 billion yuan [7] - The company's asset quality is excellent, with a significant increase in sales and land acquisition, indicating a robust market position [7] - The financial health remains strong, with all three red lines maintained in the green zone, and a decreasing financing cost [7] Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2023: 134.43 billion yuan - 2024: 142.99 billion yuan - 2025E: 149.85 billion yuan - 2026E: 157.19 billion yuan - 2027E: 172.28 billion yuan - Year-on-year growth rates for revenue are projected at 34.9% for 2023, 6.4% for 2024, and gradually decreasing thereafter [6][8] - Net profit attributable to the parent company is forecasted as follows: - 2023: 5.035 billion yuan - 2024: 4.804 billion yuan - 2025E: 5.064 billion yuan - 2026E: 5.327 billion yuan - 2027E: 5.882 billion yuan [6][8] - Earnings per share (EPS) is projected to be 2.36 yuan in 2023, decreasing to 2.10 yuan in 2025E, and then increasing to 2.44 yuan by 2027E [6][8] Sales and Investment Highlights - The company achieved a total sales amount of 70.7 billion yuan in H1 2025, a year-on-year increase of 7% [7] - The average selling price increased by 25% year-on-year to 26,500 yuan per square meter [7] - The company acquired 26 new land parcels with a total investment of 49.5 billion yuan, reflecting an 18% increase year-on-year [7] Financial Health - The company's asset-liability ratio stands at 58.9%, with a net debt ratio of 33.4% and a cash-to-short-term debt ratio of 3.9 times [7] - The weighted average financing cost has decreased to 3.17%, indicating improved financial conditions [7]

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [3][5]. Core Viewpoints - The report emphasizes that the current policy environment is being driven by fundamental pressures, suggesting that the policy response may exceed the levels seen in 2008 and 2014, and is still evolving [3]. - Real estate is identified as an early-cycle indicator, serving as a barometer for economic trends, making it a strategic investment focus [3]. - The competitive landscape within the industry is improving, with leading state-owned enterprises and select mixed-ownership and private firms performing well in land acquisition and sales [3]. - The report continues to favor investment in first-tier cities and two-thirds of second-tier cities, as this combination has shown better performance during sales rebounds [3]. - Supply-side policies, including land storage and management of idle land, are highlighted as critical areas to monitor, with first and second-tier cities expected to benefit more from these changes [3]. Summary by Sections Real Estate Development - The 5-year LPR remains stable at 3.5% as of August, with the 1-year LPR at 3.0% [10]. - The real estate index saw a cumulative change of 0.5%, lagging behind the CSI 300 index by 3.68 percentage points, ranking last among 31 sectors [13]. - New home sales in 30 cities totaled 1.57 million square meters, a 16.7% increase month-on-month but a 16.1% decrease year-on-year [20]. - Year-to-date, new home sales in the same 30 cities are down 2.1% year-on-year, with first-tier cities showing a 2.4% increase [25]. Secondary Housing - Secondary home sales in 14 sample cities reached 1.915 million square meters, reflecting a 6.4% month-on-month increase and a 9.5% year-on-year increase [30]. - Cumulative secondary home sales for the year are 6.8677 million square meters, up 16.7% year-on-year [30]. Credit Bonds - In the week of August 18-24, 18 credit bonds were issued by real estate companies, totaling 15.282 billion yuan, an increase of 6.921 billion yuan from the previous week [39]. - The net financing amount was 3.378 billion yuan, reflecting a significant increase [39].

Core Insights - The report indicates that for the six months ending June 30, 2025, the company and its joint ventures achieved a cumulative contract sales amount attributable to shareholders of approximately RMB 53.35 billion, reflecting an increase of about RMB 2.48 billion or 4.9% compared to the same period last year [1] - The total contracted sales area attributable to shareholders was approximately 2.008 million square meters, which represents a decrease of about 450,000 square meters or 18.4% year-on-year [1] - The company reported total cash receipts from property development of approximately RMB 65.8 billion during the reporting period [1] Financial Performance - The company achieved revenue of approximately RMB 34.16 billion, which is an increase of about RMB 1.41 billion or 4.3% compared to the same period last year [1] - Revenue from the property development segment was approximately RMB 32.14 billion, reflecting an increase of about RMB 1.13 billion or 3.7% year-on-year [1] - The profit attributable to equity holders of the company was approximately RMB 910 million, which is an increase of about RMB 90 million or 11.8% compared to the same period last year [1]