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。 SUNAC CHINA HOLDINGS LIMITED 融創中國控股有限公司 融創中國控股有限公司（「本公司」）董事會（「董事會」）宣佈本公司、附屬公司連同合 營公司及聯營公司（「本集團」）2025年7月若干未經審核營運數據如下： 2025年7月，本集團實現合同銷售金額約人民幣15.3億元，合同銷售面積約7.1萬平 方米，合同銷售均價約人民幣21,550元/平方米。 截至2025年7月底，本集團累計實現合同銷售金額約人民幣250.8億元，累計合同銷 售面積約79.2萬平方米，合同銷售均價約人民幣31,670元/平方米。 上述銷售數據未經審核， 乃根據本集團初步內部資料編製， 鑒於收集該等銷售數據 過程中存在各種不確定性因素， 該等銷售數據與本公司按年度或半年度刊發的經審 核或未經審核綜合財務報表中披露的數字可能存在差異， 因此上述數據僅供投資者 參考。投資者買賣本公司證券時務需謹慎行事，避免不恰當地依 ...

Core Viewpoint - The Hong Kong stock placement market is expected to experience explosive growth in 2025, driven by ample liquidity, valuation recovery, and corporate strategic expansion needs [1][2]. Fundraising Overview - Hong Kong listed companies have raised nearly 170 billion HKD through placements this year, significantly surpassing the same period last year and exceeding the total for 2024 [1][8]. - 67 companies have announced placement plans but have not yet implemented them, with a total planned fundraising amount of approximately 259.69 billion HKD [11]. Major Companies and Fundraising Amounts - Notable companies that have raised significant amounts include BYD with 43.51 billion HKD, Xiaomi with 42.6 billion HKD, and Sunac China with approximately 5.589 billion RMB [10]. - WuXi AppTec plans to raise 76.95 billion HKD, ranking first among companies with announced but unimplemented fundraising plans [11]. Market Conditions and Trends - The current surge in placements is attributed to improved market conditions and heightened corporate financing needs [2][14]. - Historical peaks in Hong Kong stock placements typically occur during periods of high liquidity and relatively high valuations [12]. - The market environment has improved, with increased liquidity and valuation levels facilitating corporate refinancing [14]. Future Expectations - The Hong Kong stock market is expected to maintain a similar fundraising scale in the second half of the year, with an estimated additional fundraising of 150 to 200 billion HKD [15]. - The Hong Kong Stock Exchange has been optimizing listing and refinancing mechanisms, enhancing market efficiency and attractiveness [16].

Core Viewpoint - The article discusses the financial struggles and strategic maneuvers of Sunac China, particularly focusing on its asset sales and partnerships with state-owned enterprises to manage debt and maintain liquidity amid a declining real estate market [1][4]. Group 1: Asset Sales and Financial Maneuvers - Sunac China began selling project equity to recover funds and avoid public debt defaults, with significant transactions including the complete transfer of equity in the Guangzhou Zengcheng land plot and a 30% stake in the Zhongshan Mingsheng project [1]. - In January 2023, Sunac sold 51% of the Shenzhen Ice and Snow Cultural Tourism City project to Huafa for 3.58 billion yuan, retaining a buyback option until November 2025, which allows for a potential future recovery of the stake [1]. - The partnership with Huafa is characterized as a model of "state-owned enterprise investment + private enterprise construction," indicating a collaborative approach to project management and financial recovery [1]. Group 2: Project Developments and Challenges - Following the equity transfer, Huafa took full control of the Shenzhen Ice and Snow project, with significant management changes occurring within the project company [3]. - By mid-2025, Huafa announced plans to recover seven commercial land parcels from the project, which resulted in a projected loss exceeding 50% of its 2024 audited net profit, highlighting the financial strain on Huafa due to the project [4]. - The project, initially intended to be a landmark for Shenzhen's cultural tourism, faced setbacks as the land was returned to the government while remaining undeveloped, indicating a failure to meet construction timelines [6][7]. Group 3: Market Position and Future Outlook - Huafa's aggressive land acquisition strategy from 2021 to 2023 aimed to bolster its asset base, but the lack of a strong product line and subsequent financial pressures have led to a decline in net profit and cash flow ratios [15][17]. - The company has shifted its focus to major cities, reducing its presence in lower-tier markets, and has seen a significant drop in land acquisition activities in 2025 [15][19]. - Despite a reported increase in sales revenue, Huafa faces challenges with profitability due to high acquisition costs and insufficient impairment provisions for its projects, indicating potential hidden financial risks [17][20].

Group 1 - The core viewpoint of the news is that the China Securities Index Hong Kong 300 Mainland High Beta Index has shown significant growth, with a 15.91% increase over the past month, 26.48% over the past three months, and 34.82% year-to-date [1] - The index reflects the overall performance of securities listed on the Hong Kong Stock Exchange from various strategic investment perspectives, with a base date of December 30, 2005, set at 1000.0 points [1] - The top ten holdings of the index include companies such as Sunac China (3.98%), China Merchants Securities (3.11%), and China Cinda (2.77%), indicating a diverse portfolio [1] Group 2 - The index is fully composed of stocks listed on the Hong Kong Stock Exchange, with a sector breakdown showing financials at 28.18%, healthcare at 18.44%, real estate at 17.18%, and information technology at 16.55% [1] - The index sample is adjusted every six months, specifically on the next trading day after the second Friday of June and December, with weight factors fixed until the next adjustment unless special circumstances arise [2]

美银证券此前发表研究报告称，预期今年上半年的行业盈利将同比下降25%，但由于存货减值幅度收 窄，预计全年盈利下降幅度将收窄至13%，又预计上半年开发利润率将下降1个百分点，平均值为 11%。该行计及第二季行业表现逊于预期后，将开发商今年的合同销售预测下调5%，意味着在高基数 下，下半年将同比下降16%。该行预计，受到利润率复苏所支持，该行预计2027财年内房行业盈利将会 复苏，但由于合同销售的复苏不稳，将2027年行业盈利预测下调3%，行业平均目标价相应下调约3%。 本文源自：智通财经网 智通财经获悉，内房股跌幅居前，截至发稿，融创中国(01918)跌6.06%，报1.55港元；新城发展(01030) 跌5.64%，报2.51港元；融信中国(03301)跌3.81%，报0.202港元；富力地产(02777)跌2.15%，报0.91港 元。 消息面上，7月30日，中央政治局召开会议。国盛证券指出，房地产领域本次工作提及篇幅较少，仅强 调要"落实好中央城市工作会议精神，高质量开展城市更新"。6月房地产销售面积同比继续回落，销售 走弱之后，房地产投资仍在收缩，房地产投资累计同比继续下跌至11.2%，跌幅较上月扩大0 ...

Group 1 - The real estate stocks have seen significant declines, with Sunac China down 6.06% to HKD 1.55, New World Development down 5.64% to HKD 2.51, and others following suit [1] - The Central Political Bureau meeting on July 30 emphasized the need to implement the spirit of the Central Urban Work Conference, focusing on high-quality urban renewal, with limited mention of the real estate sector [1] - Real estate sales area continued to decline year-on-year in June, with cumulative investment in real estate down 11.2%, a 0.5 percentage point increase in the decline compared to the previous month [1] Group 2 - Bank of America Securities predicts a 25% year-on-year decline in industry profits for the first half of the year, but expects the annual decline to narrow to 13% due to reduced inventory impairment [2] - The average development profit margin is expected to decrease by 1 percentage point to 11%, with a 5% downward adjustment in contract sales forecasts for developers, indicating a 16% year-on-year decline in the second half [2] - The firm anticipates a recovery in the real estate industry's profits by fiscal year 2027, but has lowered the profit forecast by 3% due to unstable contract sales recovery, resulting in a corresponding 3% decrease in average target prices [2]

智通财经APP获悉，内房股跌幅居前，截至发稿，融创中国(01918)跌6.06%，报1.55港元；新城发展 (01030)跌5.64%，报2.51港元；融信中国(03301)跌3.81%，报0.202港元；富力地产(02777)跌2.15%，报 0.91港元。 消息面上，7月30日，中央政治局召开会议。国盛证券指出，房地产领域本次工作提及篇幅较少，仅强 调要"落实好中央城市工作会议精神，高质量开展城市更新"。6月房地产销售面积同比继续回落，销售 走弱之后，房地产投资仍在收缩，房地产投资累计同比继续下跌至11.2%，跌幅较上月扩大0.5个百分 点。根据本次会议内容，房地产领域后续的政策举措或将重点在于托底，帮助房地产市场企稳态势，政 策端包括增加"城市更新"、"城中村和危旧城改造"等潜在需求。 美银证券此前发表研究报告称，预期今年上半年的行业盈利将同比下降25%，但由于存货减值幅度收 窄，预计全年盈利下降幅度将收窄至13%，又预计上半年开发利润率将下降1个百分点，平均值为 11%。该行计及第二季行业表现逊于预期后，将开发商今年的合同销售预测下调5%，意味着在高基数 下，下半年将同比下降16%。该行预计，受到利润 ...

Group 1 - The core point of the article highlights that Sunac China Holdings Limited experienced a 5.45% decline in stock price, trading at 1.56 yuan per share with a transaction volume of 1.41 billion yuan as of 09:51 on July 31 [1] - Sunac China is a Hong Kong-listed company primarily engaged in real estate development, property management, ice and snow operation management, cultural tourism, and other businesses, positioning itself as a leading player in China's real estate sector and ice and snow industry [1] - The company has developed strong capabilities in comprehensive urban development and industrial integration over 20 years, emphasizing product innovation and corporate social responsibility [1] Group 2 - As of the 2024 annual report, Sunac China reported total revenue of 74.019 billion yuan and a net profit of -25.695 billion yuan [2]

内房股今日普跌，截至发稿，远洋集团(03377)跌6.67%，报0.126港元；融创中国(01918)跌5.17%，报 1.65港元；富力地产(02777)跌2.08%，报0.94港元。 消息面上，中共中央政治局7月30日召开会议，会议指出，落实好中央城市工作会议精神，高质量开展 城市更新。中泰证券（600918）此前指出，中央城市工作会议强调城市发展已从"大规模增量扩张阶 段"进入"存量提质增效阶段"，提出了以推动城市高质量发展为主题、以坚持城市内涵式发展为主线、 以推进城市更新为重要抓手的总体部署。会议提出"加快构建房地产发展新模式，稳步推进城中村和危 旧房改造"，但并未出台强刺激举措，相关表述较为审慎中性。 美银证券此前发表研究报告称，预期今年上半年的行业盈利将同比下降25%，但由于存货减值幅度收 窄，预计全年盈利下降幅度将收窄至13%，又预计上半年开发利润率将下降1个百分点，平均值为 11%。该行计及第二季行业表现逊于预期后，将开发商今年的合同销售预测下调5%，意味着在高基数 下，下半年将同比下降16%。该行预计，受到利润率复苏所支持，该行预计2027财年内房行业盈利将会 复苏，但由于合同销售的复苏不 ...

Group 1 - The core index of the China Trading Service Real Estate Index (CESCPD) experienced a slight decline of 0.01%, closing at 1417.95 points with a trading volume of 2.491 billion [1] - Over the past month, the CESCPD index has increased by 8.47%, by 9.17% over the last three months, and has risen 16.00% year-to-date [1] - The CESCPD index tracks the overall performance of publicly listed companies in the mainland real estate development, services, management, and park industries within the Hong Kong Stock Connect [1] Group 2 - The top ten weighted stocks in the CESCPD index include China Resources Land (10.41%), China Overseas Development (9.49%), Beike-W (8.86%), Longfor Group (8.68%), China Resources Mixc Lifestyle (7.62%), Country Garden Services (4.86%), Sunac China (4.67%), China Jinmao (4.12%), Wanwu Cloud (3.99%), and Poly Property (3.65%) [1] - The CESCPD index is fully composed of stocks listed on the Hong Kong Stock Exchange, with a 100% allocation [1] - The index's holdings are entirely focused on the real estate sector, with a 100% allocation to this industry [1]