金十数据整理：每日港股市场要闻速递（5月9日 周五） 1. 比亚迪(01211.HK)计划到2030年将一半的汽车销往中国以外的市场。 2. 碧桂园(02007.HK)：4月权益合同销售额约30.8亿元。 3. 华虹半导体(01347.HK)：2025年第一季度净利润380万美元。 4. 融创中国(01918.HK)：2025年4月，本集团实现合同销售金额约人民币11亿元，合同销售面积约8.5万 平方米，合同销售均价约人民币12940元/平方米。 5. 东风集团股份(00489.HK)：1-4月累计汽车销量52.67万辆，同比下降约20.8%。 6. 招商银行(03968.HK)：拟出资150亿元设立金融资产投资公司。 7. 中国奥园(03883.HK)将召开债券持有人会议，拟调整"H20奥园2"本息兑付方案。 8. 雅居乐集团(03383.HK)4月合约销售额4.90亿元人民币，1-4月累计合约销售额33.1亿元人民币。 ...

Core Viewpoint - Sunac China announced that in April 2025, the group achieved a contract sales amount of approximately RMB 1.1 billion, with a contract sales area of about 85,000 square meters and an average contract sales price of approximately RMB 12,940 per square meter [1] Summary by Relevant Categories Sales Performance - The contract sales amount for April 2025 was approximately RMB 1.1 billion [1] - The total contract sales area reached about 85,000 square meters [1] - The average contract sales price was approximately RMB 12,940 per square meter [1]

Core Viewpoint - The Hong Kong property stocks are experiencing a strong upward trend, with significant gains observed in various companies within the sector [1] Company Performance - Jin Hui Holdings (09993.HK) has surged over 30% [1] - Ronshine China (03301.HK) has increased nearly 7% [1] - Zhongliang Holdings (02772.HK) has risen nearly 6% [1] - Shimao Group (00813.HK), Greentown China (03900.HK), and Sunac China (01918.HK) have all gained over 4% [1] - Fuli Properties (02777.HK) and Country Garden (02007.HK) have both seen increases of over 3% [1]

Group 1 - Hong Kong property stocks experienced a significant rise at the beginning of trading, with major companies like Ronshine China (03301.HK) and Jin Hui Holdings (09993.HK) both increasing by over 13% [1] - Shimao Group (00813.HK) saw an increase of over 9%, while Sunac China (01918.HK) rose by more than 6% [1] - Other companies such as Zhongliang Holdings (02772.HK) and New World Development Holdings (01030.HK) also recorded gains exceeding 5% [1]

融创中国方面的律师在之前香港高等法院的聆讯上表示，在境外债重组方面，公司已经在相当短的时间 内取得了实质性的进展，而且对于之前中国信达（香港）资产管理有限公司对公司提起的清盘呈请的要 求遭到了部分债权人的反对。4月28日，融创中国公告显示，香港高等法院将融创中国的清盘聆讯延期 至8月25日。（智通财经） ...

Core Insights - The Ningbo real estate market experienced a cumulative transaction amount of 40.714 billion yuan from January to April 2025, showing a "rise then fall" trend, with April seeing a transaction amount of 3.785 billion yuan [1] - The average transaction price in April was 15,459 yuan per square meter, providing a more suitable purchasing window for first-time homebuyers [1] - Quality developers such as Jiangshan Wanli and Greentown China continue to lead the market, indicating strong recognition for premium projects [1] - The supply pace has moderately slowed, stabilizing the clearing cycle at 25.75 months, laying a foundation for stable market development [1] Sales Performance - The top 20 real estate companies in Ningbo achieved a total sales amount of 35.46 billion yuan and a total sales area of 1.304 million square meters from January to April 2025 [4] - Jiangshan Wanli led with a sales amount of 7.55 billion yuan, followed by Ningbo Rail Transit (5.94 billion yuan) and Greentown China (4.05 billion yuan) [4] - The top five companies contributed a total of 22.31 billion yuan, accounting for 70.7% of the total sales amount [4] Project Performance - The top 20 residential projects in Ningbo achieved a total sales amount of 18.66 billion yuan, with a threshold of 340 million yuan [6] - Jiangshan Wanli's projects, Jiuyao (3.66 billion yuan) and Jiuzhou (3.42 billion yuan), continued to lead the market [6] - The total sales area for the top 20 projects reached 635,000 square meters, with a threshold of 16,000 square meters [8] Market Dynamics - From January to April 2025, Ningbo's new housing transaction volume was 27,501 units, with a total transaction area of 1.9943 million square meters and a total transaction amount of 40.714 billion yuan [9] - April marked a deep adjustment phase for the Ningbo housing market, with a proactive contraction in supply and a focus on product quality and precise marketing by developers [9] - The China Railway Construction Ningbo Future Vision project is noted for its reasonable design and strong market competitiveness [10] Land Market Insights - On April 25, the Jiangbei Yonghong land parcel was auctioned, with adjustments made to the indicators, including a reduction in the floor area ratio to 1.8 and the cancellation of kindergarten requirements, enhancing the land's potential [14] - The land was ultimately acquired by a developer at a premium rate of 14.3%, totaling approximately 1.159 billion yuan [14]

Financial Performance - In 2024, the Group's revenue was RMB 740.2 million, a decrease of 52% compared to RMB 1,542.3 million in 2023[16] - The Group reported a net loss of RMB 274.0 million in 2024, worsening from a loss of RMB 104.1 million in 2023[16] - The Group's gross profit for 2024 was RMB 28.9 million, recovering from a gross loss of RMB 25.0 million in 2023[16] - The company reported a loss attributable to owners of approximately RMB 25.7 billion for the year ended December 31, 2024, with a basic and diluted loss per share of RMB 3.00[195] - Property sales revenue for the year ended December 31, 2024, was RMB 612.3 billion, a decrease of approximately RMB 795.7 billion (about 56.5%) compared to RMB 1,408.0 billion in 2023[26] - The total delivered property area for the year ended December 31, 2024, was 462.4 million square meters, a decrease of 815.8 million square meters (about 63.8%) from 1,278.2 million square meters in 2023[26] - Gross profit for the year ended December 31, 2024, was approximately RMB 28.9 billion, an increase of RMB 53.9 billion compared to a gross loss of RMB 25.0 billion in 2023, resulting in a gross margin of 3.9%[30] Assets and Liabilities - The total assets of the Group decreased to RMB 8,828.8 million in 2024 from RMB 9,778.5 million in 2023, representing a decline of approximately 9.7%[17] - The total liabilities of the Group decreased to RMB 8,277.3 million in 2024 from RMB 8,940.6 million in 2023, indicating a reduction of approximately 7.4%[17] - The total equity of the Group decreased to RMB 551.5 million in 2024 from RMB 837.9 million in 2023, reflecting a decline of approximately 34.1%[17] - The total equity attributable to the company's owners at the end of 2024 was approximately RMB 40.52 billion, indicating a stable asset base[20] - The group's total cash balance, including restricted cash, decreased from approximately RMB 24.62 billion as of December 31, 2023, to approximately RMB 19.75 billion as of December 31, 2024[40] - The total borrowings of the group as of December 31, 2024, were approximately RMB 259.67 billion, a decrease of approximately RMB 18.16 billion from approximately RMB 277.83 billion as of December 31, 2023[42] Operational Highlights - The Group successfully delivered approximately 170,000 housing units across 84 cities in 2024, ranking among the top in the industry[18] - The Group aims to deliver an additional 60,000 housing units in 2025, continuing its commitment to fulfill delivery obligations[18] - The property management segment, Sunac Services, achieved revenue of approximately RMB 6.97 billion, with third-party revenue growing by about 5.6% year-on-year, accounting for approximately 98% of total revenue[21] - The cultural tourism segment generated revenue of approximately RMB 5.21 billion in 2024, with ongoing efforts to transform into an experience-driven ecological platform[22] Debt Management and Restructuring - The company aims to resolve domestic public market debt risks by 2025, with a comprehensive restructuring plan already approved by bondholders[19] - The company is actively restructuring project-level debt by introducing funds from asset management companies and financial institutions to optimize its debt structure[27] - The company has developed a comprehensive domestic debt restructuring plan, which was approved by creditors in January 2025, to address current debt issues and liquidity pressures[117] - The restructuring plan offers creditors the opportunity to convert their debts into equity, aiming to resolve offshore debt risks and establish a sustainable capital structure[118] - The company is actively seeking broad support from creditors for the restructuring support agreement to ensure successful implementation of the offshore restructuring plan[118] Governance and Management - The company has adopted the corporate governance code and has complied with all applicable provisions for the year ending December 31, 2024[77] - The board consists of six executive directors, one non-executive director, and four independent non-executive directors, ensuring a diverse governance structure[82] - The company emphasizes the importance of high standards of corporate governance to enhance performance and long-term shareholder value[75] - The management team has extensive experience in the real estate industry, with key executives holding significant positions since the company's inception[57][58][59][60] Legal and Compliance Issues - The company faces approximately 414 lawsuits with a total claim amount of about RMB 165.08 billion, primarily related to unpaid loans and project payments[49] - The company is actively negotiating with creditors to resolve various lawsuits and has made provisions for litigation and interest payable[49] - The company has taken measures to mitigate risks associated with potential changes in Chinese laws that could affect the validity of its investment structure[168] Future Outlook - The company anticipates gradual stabilization in core cities and locations, although overall recovery in the real estate market may take longer[22] - The company plans to enhance cooperation with financial institutions to further mitigate project debt risks and revitalize quality assets in 2025[20] - The company is committed to timely and accurate information disclosure to shareholders and investors, enhancing transparency and informed decision-making[130] Employee and Diversity Initiatives - As of December 31, 2024, the total number of employees is 36,364, with 21,583 male employees (59.4%) and 14,781 female employees (40.6%)[105] - The company has adopted a revised employee diversity policy to ensure fair treatment regardless of citizenship, nationality, race, gender, religion, and cultural background[104] - The board currently consists of 10 male directors and 1 female director, with measurable diversity goals deemed satisfactorily implemented as of December 31, 2024[102]

融创中国(01918.HK)的清盘聆讯押后至8月25日。 ...

Core Insights - On April 25, Sunac China made its first appearance on the Hong Kong Stock Connect active trading list in nearly a month [2] - The total trading volume of active stocks on the Hong Kong Stock Connect reached HKD 32.19 billion, accounting for 37.35% of the day's total trading amount, with a net sell amount of HKD 3.74 billion [2] - Tencent Holdings led the trading volume with HKD 5.39 billion, followed by Xiaomi Group-W and Alibaba-W with HKD 5.11 billion and HKD 4.79 billion respectively [2] Trading Activity Summary - The active stocks on April 25 included Tencent Holdings, Xiaomi Group-W, Alibaba-W, and others, with Alibaba-W and Tencent Holdings being the most frequently listed stocks in the past month, each appearing 20 times [2] - Sunac China recorded a trading volume of HKD 2.46 billion and a net buying amount of HKD 0.17 billion, despite a closing price drop of 6.63% on that day [2] Individual Stock Performance - Tencent Holdings: Trading amount of HKD 5.39 billion, net sell of HKD 1.49 billion, 20 appearances in the last month, closing price at HKD 478.20, daily change of +1.53% [2] - Xiaomi Group-W: Trading amount of HKD 5.11 billion, net sell of HKD 0.17 billion, 20 appearances in the last month, closing price at HKD 47.70, daily change of -1.04% [2] - Alibaba-W: Trading amount of HKD 4.79 billion, net sell of HKD 0.89 billion, 20 appearances in the last month, closing price at HKD 115.60, daily change of +1.58% [2] - Sunac China: Trading amount of HKD 2.46 billion, net buy of HKD 0.17 billion, first appearance in nearly a month, closing price drop of 6.63% [2]

Summary of Key Points Core Viewpoint - On April 25, the Hang Seng Index rose by 0.32%, with southbound funds recording a total transaction amount of HKD 861.88 billion, resulting in a net sell of HKD 70.19 billion [1]. Southbound Fund Transactions - The total transaction amount for southbound funds was HKD 861.88 billion, with buy transactions at HKD 395.84 billion and sell transactions at HKD 466.03 billion, leading to a net sell of HKD 70.19 billion [1]. - The breakdown of transactions showed that the Hong Kong Stock Connect (Shenzhen) had a total transaction amount of HKD 341.67 billion, with net selling of HKD 48.61 billion, while the Hong Kong Stock Connect (Shanghai) had a total transaction amount of HKD 520.21 billion, with net selling of HKD 21.59 billion [1]. Active Stocks - Tencent Holdings had the highest transaction amount among active stocks, totaling HKD 53.89 billion, followed by Xiaomi Group-W at HKD 51.11 billion and Alibaba-W at HKD 47.94 billion [1]. - The stocks with the highest net buying included Meituan-W with a net buying amount of HKD 7.45 billion, followed by Sunac China with HKD 1.70 billion and Chifeng Jilong Gold Mining with HKD 22.19 million [1]. - Conversely, Tencent Holdings experienced the largest net selling at HKD 14.89 billion, while Alibaba-W and Pop Mart faced net selling of HKD 8.95 billion and HKD 6.52 billion, respectively [1]. Continuous Net Buying and Selling - Two stocks, Chifeng Jilong Gold Mining and Meituan-W, saw continuous net buying for 7 days and 3 days, respectively, with Meituan-W having the highest net buying amount of HKD 26.15 billion [2]. - Four stocks experienced continuous net selling, with Xiaomi Group-W, China Mobile, and Tencent Holdings leading in net selling amounts of HKD 48.57 billion, HKD 22.89 billion, and HKD 20.92 billion, respectively [2].