Group 1 - The Hong Kong real estate stocks experienced a general decline, with notable drops in several major companies [1] - Specifically, China Oceanwide Holdings fell nearly 4%, while Longfor Group, Sunac China, Jianfa International, Ronshine China, Longguang Group, and Yuexiu Property all dropped over 2% [1] Group 2 - The stock performance of various companies is as follows: - China Oceanwide Holdings (03377) decreased by 3.75% to a price of 0.154, with a market capitalization of 1.795 billion [2] - Longfor Group (00960) fell by 2.95% to 11.530, with a market cap of 81.19 billion [2] - Sunac China (01918) declined by 2.94% to 1.650, with a market cap of 1.8925 billion [2] - Jianfa International Group (01908) dropped by 2.91% to 17.370, with a market cap of 38.911 billion [2] - Ronshine China (03301) decreased by 2.37% to 0.206, with a market cap of 347 million [2] - Longguang Group (03380) fell by 2.31% to 1.270, with a market cap of 7.22 billion [2] - Yuexiu Property (00123) declined by 2.11% to 5.100, with a market cap of 2.053 billion [2] - Other companies such as China Resources Land, Greentown China, Vanke Enterprises, and others also experienced declines ranging from 1.29% to 1.91% [2]

融心砥礪 篤定前行 Z:\09. IR\166335 Ronshine China IR25\Cover\Ronshine China IR25_FullCover 目錄 | 公司資料 | 2 | | --- | --- | | 財務摘要 | 4 | | 業務回顧及展望 | 5 | | 管理層討論及分析 | 11 | | 企業管治及其他資料 | 27 | | 簡明合併收益表 | 33 | | 簡明合併全面收益表 | 34 | | 簡明合併資產負債表 | 35 | | 簡明合併權益變動表 | 37 | | 簡明合併現金流量表 | 39 | | 簡明合併財務報表附註 | 41 | 3 融信中國控股有限公司 二零二五年中期報告 融信中國控股有限公司 二零二五年中期報告 2 公司資料 董事會 執行董事 歐宗洪先生 （主席兼行政總裁） 余麗娟女士 曾飛燕女士 吳建興先生 非執行董事 李樹培先生 獨立非執行董事 任煜男先生 阮偉鋒先生 馮東成先生 （於二零二五年三月七日獲委任） 審核委員會 馮東成先生 （主席）（於二零二五年三月七日獲委任） 任煜男先生 阮偉鋒先生 薪酬委員會 任煜男先生 （主席） 馮東成先生 （於二零二 ...

Core Viewpoint - The Hong Kong real estate stocks have shown a significant upward trend, driven by recent policy optimizations aimed at supporting reasonable housing demand across various cities in China [1] Company Performance - Country Garden saw an increase of over 5% in its stock price, while China Overseas Macro Group rose by 4% and Ronshine China by 3.5% [2] - Other notable performers include Vanke Enterprises, Longfor Group, and Oceanwide Holdings, each rising nearly 3%, and China Jinmao increasing by 2% [2] Policy Developments - Multiple cities in China have recently optimized real estate policies, including Dongguan offering a subsidy of 2% of the total purchase price for eligible homebuyers, capped at 30,000 yuan [1] - Sichuan is implementing a "one city, one policy" approach to stabilize the real estate market, while Guangzhou has introduced new policies allowing property companies to sell self-held housing [1] - Major cities like Beijing, Shanghai, and Shenzhen have adjusted their purchase restrictions, indicating a broader trend of policy support for the housing market [1] - New first-tier cities are reportedly studying the latest real estate policies to further stimulate housing demand and enhance purchase support [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。 ...

| 代码 | 名称 | 涨跌幅 ^ | 最新价 | 总市值 | | --- | --- | --- | --- | --- | | 09993 | 金辉控股 | 0 -8.97% | 2.840 | 114.88亿 | | 02007 | 碧桂元 | -8.70% | 0.630 | 176.33 Z | | 00813 | 世茂集团 | -8.24% | 0.390 | 31.32亿 | | 03383 | 雅居乐集团 | -7.41% | 0.500 | 25.23 乙 | | 00884 | 旭辉控股集团 | -7.17% | 0.246 | 25.85 乙 | | 02772 | 中梁控股 | -6.90% | 0.081 | 3.54Z | | 02777 | 富力地产 | -6.76% | 0.690 | 25.89亿 | | 03377 | 远洋集团 | -6.32% | 0.163 | 18.97亿 | | 01918 | 融创中国 | -6.21% | 1.660 | 190.4 Z | | 02202 | 万科企业 | -6.13% | 5.510 | 657.38 Z | | 03301 ...

Group 1 - The Hong Kong real estate stocks continue to decline, with Country Garden down 8.7%, Jin Hui Holdings down 8%, and Zhongliang Holdings down 7% [1] - The National Bureau of Statistics reported that from January to August, national real estate development investment reached 60,309 billion yuan, a year-on-year decrease of 12.9%, with residential investment at 46,382 billion yuan, down 11.9% [1] - The funding for real estate development enterprises decreased by 8% year-on-year, with personal mortgage loans dropping by 10.5% [1] Group 2 - Analysts indicate that the current real estate data shows a comprehensive weakening, with both development investment and personal mortgage loans declining, confirming that the market is still in a deep adjustment period [1] - Recently, several key cities have introduced favorable policies to promote the stable and healthy development of the real estate market, particularly in terms of easing purchase restrictions, with notable adjustments in Beijing, Shanghai, and Shenzhen [1]

Core Viewpoint - The Hong Kong real estate stocks continue to decline, with major companies experiencing significant drops, while some show slight gains. The overall market remains under pressure, and recovery will take time, although there may be a temporary increase in activity due to seasonal factors and favorable policies [1]. Group 1: Market Performance - Major Hong Kong real estate stocks such as China Overseas Land & Investment, Sunac China, and others have seen declines exceeding 6%, while some companies like Ronshine China have increased by nearly 5% [1]. - The latest statistics from the National Bureau of Statistics indicate that in August, new residential sales prices in first-tier cities fell by 0.1% month-on-month, with second-tier cities down 0.3% and third-tier cities down 0.4% [1]. Group 2: Price Trends - In August, second-hand residential prices in first-tier cities decreased by 1.0%, while second-tier cities saw a decline of 0.6% and third-tier cities a decrease of 0.5% [1]. - The decline in prices indicates ongoing downward pressure in the real estate market, necessitating a process for recovery [1]. Group 3: Future Outlook - Short-term prospects may improve with the release of favorable policies and the traditional peak sales season of "Golden September and Silver October" approaching [1]. - The real estate industry is expected to transition from a model characterized by "high debt, high leverage, and high turnover" to a focus on high-quality development, emphasizing product quality, operational service, and sustainable development [1].

Group 1 - The core viewpoint of the article highlights a significant rise in Hong Kong real estate stocks, with Oceanwide Holdings leading the surge with an increase of over 15% [1] - According to CITIC Securities research, the overall performance of the real estate development industry is expected to remain under pressure in the first half of 2025, with total revenue declining by 15% [1] - The report indicates that the losses for real estate companies have expanded to 27 billion yuan due to increased impairment provisions and rising expense ratios, although the decline in gross profit margins has shown signs of improvement [1] Group 2 - The top 100 real estate companies experienced a 14% year-on-year decline in sales over the first eight months, but this decline is 16 percentage points narrower than the total decline for the previous year [1] - The land market has shown early signs of recovery, with the top 100 real estate companies collectively acquiring land worth 723.5 billion yuan, representing a year-on-year increase of 31% [1] - Major real estate firms are actively replenishing their core city inventories, indicating that sales volumes are nearing a bottom [1]

Core Viewpoint - The Hong Kong real estate stocks experienced a significant rally, with major companies showing substantial gains, indicating a potential recovery in the sector despite ongoing challenges in the overall real estate market [1] Group 1: Stock Performance - Oceanwide Holdings surged over 15%, leading the gains among real estate stocks [1] - Other notable performers included Ronshine China (+7.32%), China Jinmao (+5.23%), and Country Garden (+4.84%) [1] - Several companies, including Longfor Group, Agile Group, and CIFI Holdings, saw increases of nearly 4% [1] Group 2: Industry Outlook - According to CITIC Securities, the overall performance of the real estate development industry is expected to remain under pressure in the first half of 2025, with total revenue projected to decline by 15% [1] - The industry is facing increased impairment provisions and rising expense ratios, leading to an expanded loss of 27 billion yuan in the first half [1] - However, the decline in gross profit margins is showing signs of improvement, with some quality real estate companies stabilizing their margins and profits [1] Group 3: Debt and Sales Trends - The debt repayment capacity of real estate companies is becoming more differentiated, with a trend towards deleveraging due to shrinking business scales, although leading firms maintain stable profitability [1] - The top 100 real estate companies reported a 14% year-on-year decline in sales over the first eight months, but this decline is narrowing compared to the previous year's total [1] - The land market is showing early signs of recovery, with the top 100 companies collectively acquiring land worth 723.5 billion yuan, a 31% increase year-on-year, indicating a proactive approach to replenishing core city inventories [1]