股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中梁控股集團有限公司 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02772 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 20,000,000,000 | HKD | | 0.01 | HKD | | 200,000,000 | | 增加 / 減少 (-) | | | 0 | | | | HKD | | 0 | | 本月底結存 | | | 20,000,000,000 | HKD | | 0.01 | HKD | | 200,000,000 | 本月底法定/註冊股本總額： HKD ...

Core Viewpoint - The delivery of residential properties remains a crucial task for the real estate market in 2025, with a notable decline in delivery volumes compared to the previous year, indicating a shift in focus for companies from "guaranteeing delivery" to seeking development opportunities [1][9]. Delivery Performance - In the first half of 2025, 55 real estate companies delivered over 500,000 units, with 15 companies delivering more than 10,000 units each [1]. - Major companies like Greenland Group, Sunac China, and Jianye Group saw delivery declines exceeding 50% compared to the same period last year [1]. - The top three companies in terms of delivery volume were Country Garden (75,000 units), Poly Developments (65,000 units), and China Overseas Property (42,155 units), with the top ten companies accounting for 56.46% of total deliveries [2][1]. Industry Trends - The pressure to ensure delivery is easing as the peak delivery period has passed, allowing companies to shift their focus towards development and operational strategies [1][9]. - Companies like Country Garden and Sunac China are actively working on completing their delivery commitments while also restructuring their financing to align with current market conditions [3][4]. Innovations in Delivery - Some companies have begun implementing innovative delivery methods, such as "delivery and certificate issuance" on-site, enhancing customer experience and operational efficiency [10]. - The focus on improving delivery quality includes better communication with homeowners and offering personalized services during the delivery process [10]. Strategic Shifts - The industry is witnessing a strategic shift where companies are prioritizing product quality, operational efficiency, and asset management over mere scale [11][12]. - Companies are categorizing their strategies into three main types: product-focused, light-asset models, and asset operation, reflecting a more nuanced approach to market challenges [11].

Core Insights - The report from the China Index Academy indicates that the delivery scale of real estate companies in the first half of 2025 has peaked and is on a downward trend, with pressures on delivery easing in the industry [1][7]. Delivery Scale Rankings - In the first half of 2025, the top real estate company delivered over 50,000 units, with 15 companies delivering more than 10,000 units each [1]. - The delivery numbers for major companies have generally decreased compared to the same period last year, with companies like Greenland, Sunac, and Jianye experiencing declines of over 50% [1]. Company Performance - The report highlights that delivery capability has become a core competitive advantage for real estate companies, with some firms managing to gain market trust by enhancing quality and optimizing services despite the overall contraction in delivery scale [7]. Market Dynamics - The new housing market remains stable, supported by the combination of "good cities + good houses," although there has been a slight weakening in the market in the second quarter [5]. - The government is expected to take stronger measures to stabilize expectations, activate demand, optimize supply, and mitigate risks in the real estate market in the second half of the year [6]. Delivery Quality Improvement - Real estate companies are focusing on product delivery and service optimization to enhance delivery quality, utilizing methods such as open construction days and live broadcasts to build customer trust [4].

Group 1: Housing Lottery in Jinan - Jinan conducted the first lottery for the allocation of affordable housing, with 1599 families participating [1] - The lottery was organized based on the principles of "priority for those in need" and "priority for talent," categorizing eligible families into priority and regular groups [1] Group 2: Sales Performance of Real Estate Companies - China Jinmao reported a sales amount of 15.6 billion yuan in June, with a signed sales area of approximately 647,700 square meters [2] - China Merchants Shekou achieved a signed sales amount of 21.748 billion yuan in June, with a sales area of 695,000 square meters [3] - New City Holdings recorded a contract sales amount of approximately 1.493 billion yuan in June, representing a year-on-year decrease of 60.71%, with a sales area of about 196,400 square meters, down 62.6% year-on-year [4] - Zhongliang Holdings reported a contract sales amount of approximately 1.01 billion yuan in June, with a sales area of about 95,000 square meters and an average sales price of approximately 10,600 yuan per square meter [5]

Core Viewpoint - Zhongliang Holdings (02772.HK) has successfully obtained the necessary majority support from bondholders for the amendment of terms related to its 5.0% senior notes and 3.0% convertible bonds due in 2027, marking a significant step in its debt management strategy [1][3] Group 1: Debt Management Progress - The company initiated a consent solicitation for two bonds totaling approximately $1.319 billion on May 28, aiming to improve its overall financial condition and extend debt maturity [3] - Over 80% of noteholders and over 90% of convertible bondholders agreed to the revised terms, reflecting a willingness among creditors to provide the company with breathing room amid a challenging industry environment [4][6] - The successful debt management measures signal a positive market response and enhance the company's financial health, allowing it to navigate through the current industry adjustment period [4][11] Group 2: Market and Policy Environment - The recent supportive policies from the government, including measures to stabilize expectations and activate demand in the real estate market, align with Zhongliang's debt management efforts [5] - The company’s proactive approach in debt management is seen as a way to ensure mutual benefits for all stakeholders, especially as the industry environment improves [5][11] Group 3: Investment Opportunities - The debt management success is expected to enhance the company's financial stability, thereby boosting market confidence [7][8] - As one of the early private real estate firms to complete debt restructuring, Zhongliang is positioned to benefit from the recovery of market confidence, with potential for higher sales and stock price elasticity [9] - The company is focusing on optimizing its land reserve structure and enhancing product competitiveness, which aligns with the market shift towards quality development over mere scale expansion [10]

Major Events - JiuTai Rural Commercial Bank (06122) plans to sell 78.51% stake in HuanShan HuiMin Village Bank for 40.4 million yuan [1] - Vanke Enterprises (02202) intends to receive a loan of up to 3 billion yuan from its major shareholder, Shenzhen Metro Group [1] - China Gas Holdings (08246) signed a memorandum of understanding with the Lao Ministry of Industry and Commerce to explore cooperation in developing fuel and natural gas supply networks in Laos [1] - Miniso Group (09896) is conducting a preliminary assessment on the potential spin-off listing of its trendy toy business operated under the "TOP TOY" brand [1] - Baiyunshan Pharmaceutical (00874) subsidiary received approval from the National Medical Products Administration for the drug registration certificate of Tadalafil tablets (2.5mg, 5mg) [1] - Huaxing Capital Holdings (01911) portfolio company Circle successfully listed on the New York Stock Exchange, marking the first IPO milestone in the global stablecoin sector [1] - China National Nuclear Corporation (01763) plans to initiate its first irradiation station cooperation project in Peru [1] Operating Performance - Yuexiu Property (00123) reported a cumulative contract sales amount of approximately 50.7 billion yuan in the first five months, an increase of about 26.5% year-on-year [1] - China Overseas Land & Investment (00688) recorded a cumulative property sales amount of approximately 90.4 billion yuan in the first five months, a decrease of 11.1% year-on-year [1] - Shimao Group (00813) reported a cumulative contract sales total of 11.2 billion yuan in the first five months, a decrease of 18.71% year-on-year [1] - Zhongliang Holdings (02772) achieved a cumulative contract sales amount of approximately 5.37 billion yuan in the first five months, a decrease of 33.38% year-on-year [1] - GAC Group (02238) experienced a year-on-year decline in May's automobile production by 8.16% and a sales drop of 24.80% [1] - Poly Property Group (00119) achieved a contract sales amount of approximately 21.8 billion yuan in the first five months, an increase of 3.81% year-on-year [1] - New天绿色能源 (00956) completed a power generation volume of approximately 7.29 million megawatt-hours in the first five months, an increase of 10.86% year-on-year [1]

Group 1: Urban Renewal Policies - Hainan Province has introduced 20 policy measures to support urban renewal, categorized into five main areas including planning, land supply, project supervision, and funding [1] - Specific measures include incentives for floor area ratio, utilization of underground space, and innovative land supply methods for irregular plots [1] Group 2: Housing Policies - Shenzhen has released a draft for the management of shared affordable housing, detailing application conditions, allocation methods, and strict management protocols [2] - The policy prohibits the conversion of shared affordable housing into commercial properties and allows for transfer after a three-year holding period under regulated conditions [2] - Hefei has extended its housing subsidy policy until May 14, 2026, for new purchases of residential properties and parking spaces, with subsidies disbursed after obtaining property rights certificates [3] Group 3: Consumption Stimulus - Fujian Province has launched a consumption stimulus plan comprising 30 policy measures aimed at enhancing employment, reducing resident burdens, and improving service quality [4] - The plan includes initiatives for housing and automobile consumption, promoting policies like "housing vouchers" and "shared ownership" to stimulate the market [4] Group 4: Corporate Debt Management - Zhongliang Holdings is seeking consent to extend the maturity of two bonds totaling $1.319 billion, which are due in 2027, as part of its debt management strategy [5]

Group 1 - The real estate sector in both Hong Kong and A-shares experienced a significant rally on May 7, with notable stock price increases for companies such as Jin Hui Holdings (up 21.9%) and Zhongliang Holdings (up 7.06%) [1] - The People's Bank of China announced a 0.5 percentage point reserve requirement ratio cut, expected to inject approximately 1 trillion yuan into the market, along with a 0.1 percentage point reduction in policy interest rates [2] - The reduction in personal housing provident fund loan rates by 0.25 percentage points is projected to save residents over 20 billion yuan annually in interest, supporting rigid housing demand and stabilizing the real estate market [2] Group 2 - Following the "May Day" holiday, there was a surge in property subscriptions in various cities, with Shenzhen seeing a 23.89% year-on-year increase in new housing subscriptions during the holiday [3] - The introduction of high-quality projects in major cities like Beijing, Shanghai, and Hangzhou is expected to stimulate demand for improved housing and facilitate market recovery in May [3] - Major financial institutions are increasingly optimistic about the Chinese real estate market, with reports indicating a favorable policy environment and potential recovery in core cities [3]

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]