Group 1 - The Hang Seng Index rose by 0.29%, gaining 75 points to reach 26,463 points, while the Hang Seng Tech Index increased by 1.11%. The early trading volume in Hong Kong was HKD 162 billion [1] - CRO concept stocks saw significant gains, with Kanglong Chemical (03759) rising over 8% due to accelerated clinical trial review and approval processes. Other notable performers included Zhaoyan New Drug (06127) up 7%, WuXi Biologics (02269) up 5.5%, and Kelaiying (06821) up 4.2% [1] Group 2 - Yaojie Ankang (02617) surged over 33% after being included in the Hong Kong Stock Connect list, effective from September 8 [2] - The lithium battery sector performed well, with Morgan Stanley issuing a positive report on CATL, as market attention shifts to lithium demand expectations for next year. Notable stock movements included Zhongxin Hang (03931) up 4%, CATL (03750) up 7%, and Ganfeng Lithium (01772) up 4% [2] Group 3 - Yunfeng Financial (00376) increased by over 19%, with its stock price doubling within the month following the approval of its virtual asset trading services [3] Group 4 - Ruipu Lanjun (00666) rose nearly 2%, driven by sustained high production levels at major battery manufacturers and a significant increase in the company's energy storage battery shipments [4] Group 5 - Hushang Ayi (02589) gained over 8% after being included in the Hong Kong Stock Connect list, with stable growth in store numbers during the first half of the year [5] - Brainstorm Cell Therapeutics-B (06681) saw a dramatic rise, initially up 83% to a record high, and closing up 36%, with a cumulative increase of over 130% since its inclusion in the Stock Connect list on September 8. The company is noted for developing the first medical-grade digital therapy product for cognitive disorders in China [5] Group 6 - Baiao Saitu-B (02315) increased by over 11% after signing an antibody selection rights evaluation agreement with Merck to advance antibody-drug conjugate lipid delivery solutions [6] Group 7 - Domestic property stocks collectively declined, with Shimao Group (00813) falling nearly 5% and Zhongliang Holdings (02772) dropping over 3% [7]

Core Viewpoint - The Chinese real estate sector is experiencing a collective decline, with significant drops in stock prices for major companies, driven by negative investment and sales data released by the National Bureau of Statistics [1] Group 1: Market Performance - Major real estate stocks such as Shimao Group, Zhongliang Holdings, Sunac China, and China Overseas Grand Oceans have seen declines of 4.71%, 3.41%, 3.21%, and 3.07% respectively [1] - As of the end of August, the total investment in real estate development reached 60,309 billion yuan, reflecting a year-on-year decrease of 12.9% [1] Group 2: Sales Data - From January to August, the sales area of new commercial housing was 57,304 million square meters, down 4.7% year-on-year, with residential sales area also decreasing by 4.7% [1] - The sales revenue for new commercial housing was 55,015 billion yuan, a decline of 7.3%, with residential sales revenue dropping by 7.0% [1] Group 3: Inventory and Market Dynamics - As of the end of August, the unsold inventory of commercial housing was 76,169 million square meters, which is a reduction of 3.17 million square meters compared to the end of July [1] - The report from CMB International indicates that the overall supply and demand in the housing market remain weak, with increasing differentiation between cities and projects [1] Group 4: Policy Impact and Future Outlook - August saw a focus on policies related to housing provident funds and easing restrictions, aimed at stimulating market activity [1] - The expectation for September is a traditional peak marketing season, where real estate companies may accelerate their sales efforts and increase discounts, particularly in core first-tier cities where favorable policies are being introduced [1]

Group 1 - The overall performance of the domestic real estate stocks has declined, with notable drops in companies such as Shimao Group down 4.71% and China Overseas Macro Group down 3.07% [1] - National Bureau of Statistics reported that from January to August, real estate development investment reached 60,309 billion yuan, a year-on-year decrease of 12.9% [1] - New residential sales area decreased by 4.7% to 57,304 million square meters, while the sales amount fell by 7.0% to 55,015 billion yuan [1] Group 2 - The real estate market remains soft due to prolonged hot weather, with increasing differentiation between cities and projects [2] - Recent policies aimed at stimulating the market include expanding the use of housing provident funds and relaxing purchase restrictions [2] - A traditional marketing peak is expected in September, with opportunities for real estate companies to accelerate project launches and increase discount offerings [2]

Company Profile [About Zhongliang](index=3&type=section&id=About%20Zhongliang) Zhongliang Holdings Group Company Limited (Stock Code: 2772.HK) primarily engages in real estate development in China, headquartered in Shanghai, rooted in the Yangtze River Delta and with a nationwide presence, its land reserves cover China's five core economic regions. - Zhongliang Holdings Group Company Limited (Stock Code: 2772.HK) primarily engages in real estate development in China[3](index=3&type=chunk)[4](index=4&type=chunk) - The company is headquartered in Shanghai, rooted in the Yangtze River Delta, and has a nationwide presence[3](index=3&type=chunk)[4](index=4&type=chunk) - The Group's land reserves cover China's five core economic regions: Yangtze River Delta, Central and Western China, Bohai Rim, West Coast of Taiwan Strait, and Pearl River Delta[3](index=3&type=chunk)[5](index=5&type=chunk) Company Information [Board of Directors](index=4&type=section&id=Board%20of%20Directors) The company's Board of Directors comprises five executive directors and three independent non-executive directors, with Mr. Yang Jian serving as Chairman. - Board members include executive directors Yang Jian (Chairman), Chen Hongliang (Co-President), He Jian (Co-President), Yang Deye, Hu Hui, and independent non-executive directors Wang Kaiguo, Wu Xiaobo, Ouyang Baofeng[7](index=7&type=chunk) [Committees](index=4&type=section&id=Committees) The company has an Audit Committee, Remuneration Committee, Nomination Committee, and Environmental, Social and Governance Committee, each with a clear chairman and members. - The Audit Committee is chaired by Mr. Ouyang Baofeng[8](index=8&type=chunk) - The Remuneration Committee is chaired by Mr. Wu Xiaobo[8](index=8&type=chunk) - The Nomination Committee is chaired by Mr. Yang Jian[8](index=8&type=chunk) - The Environmental, Social and Governance Committee is chaired by Mr. Chen Hongliang[9](index=9&type=chunk) [Key Contact Information](index=5&type=section&id=Key%20Contact%20Information) The company disclosed key contact and registration information including company secretary, authorized representatives, auditor, legal counsel, registered office, China headquarters, principal place of business in Hong Kong, share registrar, major banks, website, and stock code. - The Company Secretary is Mr. Zhang Siqin, and the authorized representatives are Mr. Yang Deye and Mr. Zhang Siqin[10](index=10&type=chunk) - The auditor is ZHONGHUI ANDA CPA Limited[10](index=10&type=chunk) - The company's registered office is in the Cayman Islands, its China headquarters is in Shanghai, and its principal place of business in Hong Kong is in Sheung Wan[11](index=11&type=chunk) - The Hong Kong share registrar is Computershare Hong Kong Investor Services Limited[14](index=14&type=chunk) - Major banks include Agricultural Bank of China, China Everbright Bank, Bank of China (Hong Kong), and other domestic and international banks[14](index=14&type=chunk) - The company's stock code is **2772**, and its official website is www.zldcgroup.com[15](index=15&type=chunk) Glossary and Definitions [Definitions of Key Terms](index=7&type=section&id=Definitions%20of%20Key%20Terms) This section defines key terms used in the report, including contracted sales, Corporate Governance Code, gross profit margin, net gearing ratio, share option scheme, share incentive scheme, and total debt, to ensure a clear understanding of the report's content. - “Contracted Sales” refers to the total value of properties contracted for pre-sale and sale during a specified period, which is unaudited and should not be regarded as an indicator of future revenue[17](index=17&type=chunk) - “Gross Profit Margin” refers to gross profit for the year/period divided by revenue and multiplied by **100%**[17](index=17&type=chunk) - “Net Gearing Ratio” refers to total debt at period-end less cash and bank balances divided by total equity and multiplied by **100%**[19](index=19&type=chunk) - “Total Debt” refers to the aggregate of interest-bearing bank and other borrowings, senior notes, and convertible bonds[24](index=24&type=chunk) - “Share Option Scheme” and “Share Incentive Scheme” are plans adopted by the company to incentivize employees[23](index=23&type=chunk) Chairman's Report [Interim Dividend](index=9&type=section&id=Interim%20Dividend) The Board resolved not to declare an interim dividend for the six months ended June 30, 2025. - The Board resolved not to declare an interim dividend for the six months ended June 30, 2025[28](index=28&type=chunk)[31](index=31&type=chunk) [Interim Results](index=9&type=section&id=Interim%20Results) For the six months ended June 30, 2025, the Group's revenue significantly decreased by 77.4% to RMB 5.13 billion, and recorded a loss attributable to owners of the company of approximately RMB 0.78 billion, narrowing the loss compared to the same period last year. 2025 H1 Interim Results Overview | Indicator | 2025 H1 (RMB) | 2024 H1 (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 5.13 billion | 22.701 billion | -77.4% | | Loss attributable to owners of the company | 0.78 billion | 1.71 billion | -54.3% (loss narrowed) | - The loss was primarily affected by asset impairment losses, fair value losses on investment properties, and exchange losses[29](index=29&type=chunk)[33](index=33&type=chunk) [H1 2025 Review](index=9&type=section&id=2025%20H1%20Review) In H1 2025, the global economic environment was complex, China's economy maintained growth but the real estate market recovery was slow. The Group took decisive measures to stabilize cash flow, strengthen operational control, with contracted sales decreasing by 34% year-on-year, while property deliveries ranked among the top 10 Chinese real estate developers, and debt management continued. [Market Review](index=9&type=section&id=Market%20Review) In H1 2025, the global economic environment was complex, China's GDP grew by 5.3%, and the government introduced multiple real estate support policies, but market confidence remained insufficient, private real estate enterprises faced financing and sales difficulties, and the industry's recovery is expected to be slow and long-term. - The global political and economic environment is complex, with US trade negotiations and high interest rates increasing recession risks, and geopolitical conflicts exacerbating uncertainty[34](index=34&type=chunk)[35](index=35&type=chunk) - China's economy continued to grow, with **GDP increasing by 5.3%** in H1 2025, and the government actively promoting stable growth policies to boost market confidence[34](index=34&type=chunk)[35](index=35&type=chunk) - The real estate policy tone was elevated to 'continuously consolidate stability', the central bank cut interest rates and reserve requirements, and the State Council deployed four major tasks: 'stabilizing expectations, stimulating demand, optimizing supply, and resolving risks', but market confidence remained insufficient, and private real estate enterprises faced financing and sales difficulties[37](index=37&type=chunk)[40](index=40&type=chunk) [Operating Performance](index=10&type=section&id=Operating%20Performance) Under a severe industry environment, the Group achieved contracted sales of RMB 6.38 billion in H1, a 34% decrease year-on-year. Property deliveries amounted to approximately 15,000 units, ranking among the top 10 Chinese real estate developers. 2025 H1 Contracted Sales and Delivery Overview | Indicator | 2025 H1 | YoY Change | | :--- | :--- | :--- | | Contracted Sales | RMB 6.38 billion | -34% | | Number of Property Deliveries | Approximately 15,000 units | Not applicable | | Delivery Ranking | Top 10 Chinese real estate developers | Not applicable | - The Group strengthened construction and contractor management, strictly controlled delivery processes, reduced delivery risks, and ensured smooth property deliveries[39](index=39&type=chunk)[43](index=43&type=chunk) [Land Bank](index=11&type=section&id=Land%20Bank) Due to market uncertainties, the Group did not acquire new land in H1 2025. As of June 30, total land reserves were approximately 20.1 million square meters, covering five major economic regions nationwide. - In H1 2025, the Group did not acquire any new land[45](index=45&type=chunk)[48](index=48&type=chunk) Land Reserves as of June 30, 2025 | Indicator | Value | | :--- | :--- | | Total GFA | Approximately 20.1 million square meters | | Covered Regions | Five major economic regions nationwide | [Debt Management](index=11&type=section&id=Debt%20Management) Since mid-2021, the Group has actively managed its debt, with total interest-bearing debt reduced to RMB 18.38 billion as of June 30, 2025. Domestic debt renewal risk is controllable, and offshore debt maturity was effectively extended through scheme of arrangement and consent solicitation, improving financial position. - The Group implemented measures to accelerate sales collection, save costs, suspend land acquisitions, and control interest-bearing debt to stabilize its financial fundamentals[49](index=49&type=chunk) Interest-Bearing Debt as of June 30, 2025 | Indicator | Amount (RMB) | | :--- | :--- | | Total interest-bearing debt | Approximately 18.38 billion | | Domestic interest-bearing debt | Approximately 10.10 billion | | Offshore interest-bearing debt | Approximately 8.28 billion | | Cash and bank balances | Approximately 4.29 billion | - The vast majority of cash is subject to pre-sale cash supervision to ensure the completion of properties under construction[50](index=50&type=chunk) - Most domestic interest-bearing debt consists of project-backed mortgage loans, and the Group actively negotiated extensions with banks, with controllable renewal risk[51

央广网北京9月9日消息（记者门庭婷）近日，中梁控股发布2025年8月的未经审核营运数据。 2025年1—8月，中梁控股累计合约销售（连合营企业及联营公司的合约销售）金额约人民币82.9亿元， 累计合约销售面积约79万平方米，合约销售均价约人民币10500元/平方米。 2025年8月，中梁控股实现合约销售（连合营企业及联营公司的合约销售）金额约人民币9.6亿元，合约 销售面积约9.6万平方米，合约销售均价约人民币9900元/平方米。 ...

Group 1 - The core viewpoint of the news is that Hong Kong property stocks, particularly Country Garden, saw significant gains following the inclusion in the Hong Kong Stock Connect, with Country Garden rising over 14% [1] - Other property stocks also experienced notable increases, including CIFI Holdings and China Overseas Land & Investment, which rose over 5%, and several others like Vanke and Longfor Group, which rose over 3% [1] - The surge in property stocks is attributed to a new housing policy introduced in Shenzhen on September 5, which relaxed housing purchase restrictions and adjusted housing credit policies [1] Group 2 - The new housing policy in Shenzhen allows for significant relaxation of purchase restrictions in non-core areas, which is more substantial compared to the new policies introduced in Beijing and Shanghai in August [1] - The policy change includes the removal of differentiated mortgage rates for first and second homes, which is expected to stimulate the housing market [1] - The report from CITIC Securities highlights that the new measures are likely to have a positive impact on the property market in Shenzhen [1]

Core Viewpoint - Zhongliang Holdings (02772.HK) reported a contract sales amount of approximately 960 million yuan for August 2025, with a contract sales area of about 96,000 square meters and an average contract sales price of approximately 9,900 yuan per square meter [1] Summary by Relevant Categories Contract Sales Performance - For the period from January to August, the cumulative contract sales amount reached approximately 8.29 billion yuan, with a cumulative contract sales area of about 790,000 square meters and an average contract sales price of approximately 10,500 yuan per square meter [1]

Core Insights - Zhongliang Holdings (02772) reported a total contract sales amount of approximately RMB 8.29 billion from January to August 2025, representing a year-on-year decrease of 32.71% [1] - The total contract sales area for the same period was approximately 790,000 square meters, with an average contract sales price of about RMB 10,500 per square meter [1] Sales Performance - In August 2025, the company's contract sales amounted to approximately RMB 960 million, a year-on-year decrease of 26.15% [1] - The contract sales area for August 2025 was approximately 96,000 square meters, with an average sales price of about RMB 9,900 per square meter [1]

Core Viewpoint - Zhongliang Holdings (02772) reported a significant decline in contract sales for the period from January to August 2025, indicating challenges in the real estate market [1] Group 1: Sales Performance - The total contract sales amount for the group from January to August 2025 was approximately RMB 8.29 billion, representing a year-on-year decrease of 32.71% [1] - The total contract sales area for the same period was about 790,000 square meters [1] - The average contract sales price during this period was approximately RMB 10,500 per square meter [1] Group 2: Monthly Sales Data - In August 2025, the group's contract sales amounted to approximately RMB 960 million, reflecting a year-on-year decrease of 26.15% [1] - The contract sales area for August 2025 was around 96,000 square meters [1] - The average contract sales price in August 2025 was approximately RMB 9,900 per square meter [1]

于2025年8月，集团合约销售(连合营企业及联营公司的合约销售)金额约人民币9.6亿元，合约销售面积 约96,000平方米。本集团2025年8月合约销售均价约人民币9,900元╱平方米。 格隆汇9月5日丨中梁控股(02772.HK)公告，于2025年1月至8月，集团累计合约销售(连合营企业及联营 公司的合约销售)金额约人民币82.9亿元，累计合约销售面积约790,000平方米。2025年1月至8月合约销 售均价约人民币10,500元╱平方米。. ...