���� 中期報告 INTERIM REPORT STOCK CODE 股份代號: 01918.HK 融創中國控股有限公司 SUNAC CHINA HOLDINGS LIMITED INTERIM REPORT 2025 中期報告 Sunac China Holdings Limited (the "Company" and, together with its subsidiaries, the "Group") is a company incorporated in the Cayman Islands with limited liability, whose shares are listed on the Main Board of The Stock Exchange of Hong Kong Limited (the "Stock Exchange") from 2010. With the brand philosophy of "passion for perfection", the Group is committed to providing wonderful living env ...

消息面上，据证券时报报道，8月份，国务院第九次全体会议强调"采取有力措施巩固房地产市场止跌回 稳态势"，而"北上深"也相继出台楼市新政，多维度惠及购房者。《人民财讯》记者独家获悉，目前有 多个新一线城市正研究房地产市场最新政策举措，进一步激发改善性住房需求，针对性加大购房支持， 相关举措后续将陆续出台。 内房股盘中集体拉升，截至发稿，龙湖集团(00960)涨6.14%，报12.1港元；万科企业(02202)涨4.09%， 报5.6港元；碧桂园(02007)涨5.26%，报0.6港元；融创中国(01918)涨3.16%，报1.63港元。 国金证券此前发布研报称，近期北上深等一线城市已落地优化限购政策，叠加需求旺季带动基本面有望 修复。此外8月地产数据显示当前仍然需要更多的政策出台以带动地产实现止跌回稳，政策预期持续处 于加码期。当前地产板块估值偏低，建议逢低配置地产股。 ...

智通财经APP获悉，内房股盘中集体拉升，截至发稿，龙湖集团(00960)涨6.14%，报12.1港元；万科企 业(02202)涨4.09%，报5.6港元；碧桂园(02007)涨5.26%，报0.6港元；融创中国(01918)涨3.16%，报1.63 港元。 消息面上，据证券时报报道，8月份，国务院第九次全体会议强调"采取有力措施巩固房地产市场止跌回 稳态势"，而"北上深"也相继出台楼市新政，多维度惠及购房者。《人民财讯》记者独家获悉，目前有 多个新一线城市正研究房地产市场最新政策举措，进一步激发改善性住房需求，针对性加大购房支持， 相关举措后续将陆续出台。 国金证券此前发布研报称，近期北上深等一线城市已落地优化限购政策，叠加需求旺季带动基本面有望 修复。此外8月地产数据显示当前仍然需要更多的政策出台以带动地产实现止跌回稳，政策预期持续处 于加码期。当前地产板块估值偏低，建议逢低配置地产股。 ...

Group 1 - The core viewpoint of the article highlights that the majority of Hong Kong's property stocks experienced an increase, with notable gains from companies such as Sunac China and Country Garden, which rose over 3% [1] - Other companies in the sector, including New World Development, China Overseas Land & Investment, Vanke, and Greentown China, also saw increases exceeding 2% [1]

国金证券发布研报称，近期北上深等一线城市已落地优化限购政策，叠加需求旺季带动基本面有望修 复。此外8月地产数据显示当前仍然需要更多的政策出台以带动地产实现止跌回稳，政策预期持续处于 加码期。当前地产板块估值偏低，建议逢低配置地产股。 智通财经APP获悉，内房股集体回落，截至发稿，新城发展(01030)跌5.64%，报2.51港元；融创中国 (01918)跌4.76%，报1.6港元；融信中国(03301)跌4.15%，报0.23港元；富力地产(02777)跌2.94%，报0.66 港元。 消息面上，据国家统计局数据，2025年1-8月，全国房地产开发投资同比下滑12.9%，降幅扩大0.9pct； 新开工面积同比下滑19.5%，降幅扩大0.1%；竣工面积同比下滑17.0%，降幅扩大0.5pct；销售面积同比 下滑4.7%，降幅扩大0.7pct；销售金额同比下滑7.3%，降幅扩大0.8pct。全国房价环比维持下滑趋势。 ...

国金证券发布研报称，近期北上深等一线城市已落地优化限购政策，叠加需求旺季带动基本面有望修 复。此外8月地产数据显示当前仍然需要更多的政策出台以带动地产实现止跌回稳，政策预期持续处于 加码期。当前地产板块估值偏低，建议逢低配置地产股。 内房股集体回落，截至发稿，新城发展(01030)跌5.64%，报2.51港元；融创中国(01918)跌4.76%，报1.6 港元；融信中国(03301)跌4.15%，报0.23港元；富力地产(02777)跌2.94%，报0.66港元。 消息面上，据国家统计局数据，2025年1-8月，全国房地产开发投资同比下滑12.9%，降幅扩大0.9pct； 新开工面积同比下滑19.5%，降幅扩大0.1%；竣工面积同比下滑17.0%，降幅扩大0.5pct；销售面积同比 下滑4.7%，降幅扩大0.7pct；销售金额同比下滑7.3%，降幅扩大0.8pct。全国房价环比维持下滑趋势。 ...

杭州城建：涉及两起重大诉讼案件主债务本金合计4000万元 杭州市城市建设发展集团有限公司发布公告，披露其作为连带责任保证人涉及的两起重大诉讼案件。原 告均为中信银行股份有限公司杭州分行，被告一为杭州建工集团有限责任公司，被告二为杭州市城市建 设发展集团有限公司。两起案件分别涉及借款本金2000万元及相应罚息、律师费，合计金额分别为 2026.517万元和2036.833万元。目前案件已被杭州市上城区人民法院受理，尚未审结。 蓝光发展：被纳入失信被执行人 四川蓝光发展股份有限公司公告，2025年06月17日至2025年09月16日期间，公司本部及重要子公司新增 25项被纳入失信被执行。 四川蓝光发展股份有限公司发布2025年半年度亏损公告，合并报表净利润亏损25.52亿元。主要原因为 经营亏损约18.8亿元、减值计提1.94亿元及非经营性损益影响4.8亿元。公司受房地产市场低迷和债务风 险影响，项目销售毛利较低且财务费用高企。四川蓝光发展股份有限公司2025年上半年总资产937.32亿 元，总负债1442.70亿元，净资产-505.38亿元。 融创中国：获香港法院批准举行重组计划表决会议 佳兆业集团：境外债务重 ...

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。 本公告及其任何副本概不得直接或間接在美國，或在刊發或派發本公告屬違法的任何其他司法權區刊 發或派發。 本公告並不構成於美國或任何其他未有根據任何有關司法權區證券法例登記或合資格前作出有關提 呈、要約或出售則屬不合法的司法權區提呈出售或提呈購買任何證券的要約。倘無登記或獲適用豁免 登記規定，證券不得在美國提呈或出售。於美國公開發售任何證券將須以招股章程形式作出。該招股 章程將載有進行提呈發售的公司以及其管理層及財務報表的詳細資料。本公司並無計劃在美國公開發 售任何證券。 （於開曼群島註冊成立的有限公司） （股份代號：01918） 境外債務重組更新情況 計劃會議通告 茲提述融創中國控股有限公司（「本公司」）日期為2025年4月17日、2025年5月13日、 2025年5月26日、2025年6月6日、2025年6月24日、2025年8月18日、2025年9月 9日及2025年9月15日之公告（統稱「該等公告」 ...

Group 1 - The core viewpoint is that the debt restructuring process for distressed real estate companies has entered a new phase, with significant progress observed in September 2025 [1][3][9] - Several companies, including CIFI Holdings, Kaisa Group, and R&F Properties, have achieved key breakthroughs in their debt restructuring efforts, indicating a positive trend [3][4] - As of August 2025, 20 distressed real estate companies have received approval for debt restructuring, with a total debt relief scale exceeding 1.2 trillion yuan [5][6][7] Group 2 - CIFI Holdings' restructuring plan was approved on September 15, 2025, with a cash repayment ratio increased to 20% and a debt extension period shortened to 7-8 years [3][6] - Kaisa Group's restructuring plan has come into effect, resulting in an estimated debt reduction of approximately 8.6 billion USD and an average debt extension of five years [3][6] - R&F Properties is actively advancing its debt restructuring, proposing a comprehensive plan that includes cash buybacks and asset disposals [3][6] Group 3 - The debt-to-equity swap has become a preferred method for many companies, reflecting its applicability and effectiveness in the current market environment [5][6] - A diversified approach to debt restructuring has emerged, with companies employing various strategies such as cash buybacks, debt extensions, and asset disposals [6][8] - The financial sector is supporting distressed companies through various channels, including asset management institutions and public REITs, which help reduce leverage and promote transformation [8][9] Group 4 - The market is showing signs of recovery, with policies aimed at stimulating buyer interest, leading to improved operational conditions for real estate companies [9][10] - The traditional peak sales season in September is expected to accelerate the pace of project launches in core cities, potentially boosting market activity [10]

Group 1: Banking and Financial Products - Several private banks, including Suzhou Bank and Huari Bank, have launched large-denomination certificates of deposit with interest rates exceeding 2%, contrasting with the declining rates of state-owned and joint-stock banks [1] - Huari Bank introduced two products with interest rates of 2.15% for 18-month deposits and 2.35% for 2-year deposits, both requiring a minimum subscription of 200,000 yuan [1] - The high-interest products are primarily aimed at customer acquisition and enhancing retail market competitiveness, rather than being a sustainable long-term strategy [1] Group 2: Agriculture and Livestock - The Ministry of Agriculture and Rural Affairs has mandated leading pig farming companies to reduce production capacity, including cutting the number of breeding sows and controlling the weight of pigs at around 120 kg [2] - This marks the first time the National Development and Reform Commission has explicitly required a reduction in the number of breeding sows, indicating a shift in regulatory focus [2] - Financial measures are being implemented alongside production controls, such as restricting credit for expanding pig farming capacity and reducing subsidies that encourage production growth [2] Group 3: Technology and Robotics - The Ministry of Science and Technology is promoting the accelerated application of humanoid robots in sectors like automotive manufacturing, logistics, and power inspection, laying a foundation for a trillion-dollar industry [1] - Significant advancements have been made in key technologies such as multi-modal perception and brain-machine interfaces, which have already benefited patients with paralysis and blindness [1] Group 4: Pharmaceuticals - Chongqing-based Runsheng Pharmaceutical has received approval for its inhalation powder product, fluticasone propionate, marking a significant breakthrough in the high-end inhalation powder market [2] Group 5: IPO and Investment - Zijin Mining International is set to attract major investors like GIC and Millennium Management in its upcoming Hong Kong IPO, which is expected to raise over $3 billion [5] - The IPO is anticipated to be the largest globally since May, with cornerstone investors likely to subscribe to about half of the shares [5] Group 6: Real Estate and Construction - Tian Di Yuan has successfully acquired a state-owned construction land use right in Xi'an for 2.015 billion yuan [10] - Palm Holdings has won a bid for a high-standard farmland construction project in Lankao County, valued at 433 million yuan, which represents 14.12% of its projected annual revenue [9] Group 7: Corporate Financial Issues - Sunac Real Estate has been ordered to execute payments totaling over 920 million yuan due to various legal disputes, contributing to its extensive financial liabilities exceeding 45.4 billion yuan [6] - He Shun Technology has received a warning from the Zhejiang Securities Regulatory Bureau for failing to disclose government subsidies and shareholder contributions in a timely manner [7]