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。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2777） 二零二五年九月的未經審核營運數據 於本公告日期，本公司的執行董事為李思廉博士、張輝先生，相立軍先生及趙渢先生；非執行董事為張 琳女士及李海倫女士；及獨立非執行董事為鄭爾城先生、吳又華先生及王振邦先生。 * 僅供識別 廣州富力地產股份有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事會 （「董事會」）欣然宣佈，本集團於二零二五年九月的月內總銷售收入共約人民幣 10.9 億元，銷售面積達約 88,100 平方米。 累計至二零二五年九月底，總銷售收入約人民幣 105 億元，銷售面積達約 1,031,400 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，鑒於收集該等銷售資料過程 中存在各種不確定因素，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 ...

Core Viewpoint - R&F Properties is facing a severe liquidity crisis, leading to the sale of hotel assets to recover funds, with the company’s hotel operations significantly impacted by debt issues and asset disposals [1][3][14]. Group 1: Asset Sales and Financial Struggles - The company is selling its hotel assets, including the R&F Wanda Hotel in Quanzhou, which is set for public auction with a starting price of approximately 331 million yuan [3][4]. - Since 2022, R&F Properties has sold multiple hotels, including a 100% stake in Guangzhou Fuying Hotel Management Co. for 550 million yuan, despite incurring losses [4][5]. - The company’s hotel operations have been severely reduced, with the number of hotels dropping from 90 at the end of 2023 to an expected 22 by the end of 2024 [5][13]. Group 2: Debt and Liquidity Issues - R&F Properties publicly defaulted on its debts in 2022, leading to a liquidity crisis that has forced the company to focus on debt reduction [14][17]. - The company has restructured its domestic bonds in September 2023 to alleviate short-term repayment pressures [17][21]. - As of June 2023, the company had total borrowings of 1,045.2 billion yuan, with 975.9 billion yuan due within one year, indicating significant short-term repayment risks [21][22]. Group 3: Operational Performance - The hotel segment has seen a decline in revenue from 7.03 billion yuan in 2018 to an estimated 4.37 billion yuan in 2024, with cumulative losses exceeding 10 billion yuan during the same period [12][18]. - In the first half of 2025, the company reported hotel operating revenue of 827 million yuan, a 70% year-on-year decline, primarily due to the loss of operational control over 68 hotels [12][18]. - The overall revenue for the company in the first half of 2025 was 5.765 billion yuan, a 59.43% decrease compared to the previous year, with a net loss of 4.046 billion yuan [19].

Core Viewpoint - The article discusses the auction of a commercial property, specifically the R&F Wanda Wenhua Hotel in Quanzhou, which is being sold at a significant discount compared to its market value, highlighting the ongoing challenges faced by R&F Properties in the hotel sector [2][4]. Group 1: Auction Details - The R&F Wanda Wenhua Hotel is set for judicial auction starting on November 3, with a starting price of 331 million yuan, which is 70% of its market value of 473 million yuan [2]. - The property has a land area of 183,400 square meters and a building area of 47,800 square meters, designated for hotel use but currently utilized for commercial, office, and guest room purposes [4]. - The hotel was opened in September 2012 and was previously known as Quanzhou Wanda Wenhua Hotel before being renamed in 2017 [4]. Group 2: Financial Background - The hotel was mortgaged to China Merchants Bank in 2018, with an estimated value of 655 million yuan, indicating a significant depreciation compared to the current auction price [4]. - R&F Properties has faced continuous losses in its hotel business since acquiring the asset package from Wanda in 2017, which had initially positioned the company as a leading luxury hotel owner [5]. Group 3: Market Trends - Since 2022, multiple hotels under R&F have been put up for sale, with significant losses reported on several transactions, including the sale of Beijing Wanda Jiahu Hotel for 550 million yuan, resulting in a loss of 6.53 million yuan compared to the acquisition cost [6]. - The London ONE project was sold at a 46% loss compared to its 2017 purchase price, reflecting the broader struggles within R&F's hotel portfolio [6]. - The Guangzhou R&F Airport Holiday Inn was auctioned earlier this year but failed to attract any bidders, indicating a challenging market environment for R&F's hotel assets [7][8].

Summary of Key Points Core Viewpoint - As of October 16, a total of 69 stocks reached their 52-week highs, indicating a positive trend in the market, with notable performances from companies like Jinglian Group, Century United Holdings, and Huisi Pacific. Group 1: Stocks Reaching 52-Week Highs - Jinglian Group (01751) achieved a closing price of 0.890 with a peak of 1.130, marking a high increase rate of 34.52% [1] - Century United Holdings (01959) closed at 0.750, reaching a high of 0.900, with a growth rate of 20.00% [1] - Huisi Pacific (08147) had a closing price of 0.970 and a peak of 0.980, reflecting a 13.95% increase [1] - Other notable stocks include Xiangxing International (01732) with a 13.46% increase and Puleshi Group Holdings (02486) with a 12.06% increase [1] Group 2: Stocks Reaching 52-Week Lows - Jixin Guokong (08629) saw a significant decline, closing at 6.450 with a low of 5.150, resulting in a drop of 35.63% [2] - Qizhan Holdings (01808) closed at 2.990, hitting a low of 2.400, reflecting a decrease of 16.67% [2] - Kun Group (00924) reached a low of 0.184, closing at 0.185, with a decline of 16.36% [2] - Other companies experiencing declines include Hongyang Services (01971) with a 9.82% drop and Xuan Bamboo Biotechnology (02575) with a 9.43% decrease [2]

锈蚀的铁门完成更换，施工人员正改造连廊地面。 本报曾以《有些小区地下空间仍然"漏洞百出"》为题，对居民反映强烈的多个小区地下空间漏水问题进 行调查报道。朝阳区富力又一城C区地库连廊是其中一个漏水"重灾区"，墙皮脱落发霉，铁门锈蚀破 损，墙缝哗哗流水，台阶湿滑难行。报道引起了属地及相关部门高度重视，多次邀请专业人士现场会 诊，并对渗漏点位进行治理。 小区不光面临防水问题，更有排水困境。每逢大雨，小区周边就成了"蓄水池"，有时积水近半米深。属 地工作人员介绍，富力又一城周边道路尚未按照规划实施并移交，特别是大鲁店北路，还是开发建设时 铺设的临时路，排水没有接入市政系统。 "该小区是豆各庄乡较早建成的商品房小区之一。起初周边还是荒地，小区及旁边道路地势较高，排水 也很顺畅。但随着周边地块陆续开发建设，这里逐渐成了地势最低的点位，特别是C区，每逢下雨，四 面的雨水都会汇集到此。"工作人员表示，尽管每年雨季都安排水车应急抽排，但只有尽快对道路进行 改造，按照规划移交，将排水系统正式接入市政，才能彻底治好积水的病根。据了解，目前相关工作已 启动前期筹备。针对地库渗漏及周边积水问题，本报将持续关注。本报记者 鹿艺佳 文并摄 ...

Group 1 - The core viewpoint of the article is that Anna Paulson, President of the Philadelphia Federal Reserve, supports two more rate cuts of 25 basis points each this year, emphasizing that monetary policy should overlook short-term price increases caused by tariffs as they are not expected to lead to persistent inflation [2] - Paulson stated that the recent 25 basis point rate cut by the Federal Reserve was reasonable, and the current monetary policy remains "moderately tight," indicating that further easing aligns with the Fed's latest economic projections [2] - In terms of inflation outlook, Paulson anticipates a slight increase in commodity prices over the next few quarters, but long-term inflation expectations remain stable without any concerning spillover effects [2] Group 2 - Paulson noted a slight increase in the unemployment rate, indicating a weakening momentum in the labor market [2] - The U.S. economy is expected to maintain growth above trend in the third quarter, following a second quarter that exceeded market expectations; however, she warned that the growth foundation is becoming narrower, with consumer spending increasingly reliant on high-income households [2] - This high-income spending is partially driven by the stock market boom associated with a few AI-related tech giants [2]

Core Viewpoint - The article discusses the dramatic decline of R&F Properties, which was once the world's largest luxury hotel owner, as it faces a liquidity crisis and is forced to sell off its hotel assets to alleviate debt pressure [5][18][45]. Group 1: Hotel Acquisition and Ownership - Eight years ago, R&F Properties acquired 77 hotels from Wanda for 189.55 billion yuan, marking a significant transaction in the luxury hotel sector [1]. - After the acquisition, R&F owned 91 luxury hotels, gaining the title of the world's largest luxury hotel owner [2]. - Currently, R&F's hotel portfolio has shrunk to only 21 hotels, following the recent sale of the Changsha R&F Wanda Hotel for a starting price of 5.14 billion yuan [3][12]. Group 2: Asset Liquidation and Financial Struggles - R&F has been selling hotels since 2022 to manage liquidity issues, but the market response has been disappointing [6]. - The company has faced significant losses on hotel sales, including a 653,000 yuan loss on the sale of the Beijing Wanda Jiahua Hotel and a 30% drop in the sale price of the Fuzhou Westin Hotel [7]. - As of 2024, R&F's financial situation worsened, with a reported net loss of 177.1 billion yuan and a cash balance of only 38.64 billion yuan [18][19]. Group 3: Market Trends and Challenges - The luxury hotel market is experiencing a downturn, with a 5.5% decline in average RevPAR across major cities [34]. - R&F's hotel business, despite being a significant asset, has been negatively impacted by high leverage and operational costs, leading to continuous losses from 2018 to 2024 [25][30]. - The broader trend shows real estate companies increasingly selling hotel assets to relieve financial pressure amid a challenging market environment [31][40]. Group 4: Future Outlook - R&F's remaining 21 hotels may still face challenges as the company navigates its liquidity crisis and attempts to restructure its debt [45]. - The article suggests that simply selling hotel assets may not be sufficient to resolve R&F's financial difficulties, emphasizing the need for effective management and operational strategies [40][41].

Summary of Key Points Core Viewpoint - As of October 14, a total of 75 stocks reached their 52-week highs, with notable performances from Lihua Securities Holdings (08350), Deutsche Bank Tianxia (02418), and Chuangsheng Holdings (02680) [1]. 52-Week Highs - Lihua Securities Holdings (08350) achieved a closing price of 0.325, with a peak of 0.390, marking a high rate of 34.48% - Deutsche Bank Tianxia (02418) closed at 8.120, reaching a maximum of 8.990, with a high rate of 24.86% - Chuangsheng Holdings (02680) closed at 12.100, peaking at 12.350, with a high rate of 23.50% - Other notable stocks include Century United Holdings (01959) with a high rate of 20.97% and Silicon Xin Group (08349) with 14.38% [1]. 52-Week Lows - Hengda Group Holdings (03616) recorded a closing price of 0.345, with a low of 0.300, reflecting a decline rate of -11.76% - China Technology Industry Group (08111) reached a low of 0.085, with a decline rate of -8.89% - Other significant declines include Golden Leaf International Group (08549) at -8.06% and Changfeng Pharmaceutical (02652) at -4.90% [3].

Core Viewpoint - The Hong Kong property stocks continue to decline, with significant drops observed in several major companies [1] Company Performance - RONSHINE CHINA (03301.HK) decreased by 6.25%, trading at HKD 0.18 [1] - SUNAC CHINA (01918.HK) fell by 3.13%, with a current price of HKD 1.55 [1] - R&F PROPERTIES (02777.HK) dropped by 3.03%, now priced at HKD 0.64 [1] - NEW CITY DEVELOPMENT (01030.HK) saw a decline of 2.94%, trading at HKD 2.31 [1]

申万宏源则预计，三季度房企业绩仍将继续承压，主要源于2021年后销售连续下降导致结算下降；前期 降价促销推动当期结算影响利润率低位。但考虑到随着政府要求房地产行业"止跌回稳"以及企业利润率 见底、减值出清，综合预计25-26年板块业绩有望底部震荡中弱复苏，并且企业之间业绩分化也将进一 步加剧。 标普发表报告称，预计中国今年新屋销售同比下跌8%至8.8万亿元至9万亿元人民币，跌幅远大于5月时 的3%预测。标普认为，若需求能先在一线城市趋向稳定，将有助需求更持续地复苏，现时预计明年销 售额将再跌6%至7%，一手楼价下跌1.5%至2.5%。 内房股继续走低，截至发稿，融信中国(03301)跌6.25%，报0.18港元；融创中国(01918)跌3.13%，报1.55 港元；富力地产(02777)跌3.03%，报0.64港元，新城发展(01030)跌2.94%，报2.31港元。 ...