"今天中午，上海宣布了进一步的放松措施，我们认为，未来热点城市的成交量还会有所放量，价格可 能已基本止跌企稳。但多数城市成交或仍在低位。"8月25日，在绿城中国控股有限公司(以下简称"绿城 中国")业绩会上，公司管理层表示，随着各项稳定政策的累积效应显现，下半年房地产市场有望逐步探 底企稳。但是真正走出低谷，对整个行业而言，可能还需要几个季度的时间和信心的修复。 在行业普遍承压的背景下，绿城中国的销售表现相对稳健。2025年上半年，Top10房企销售平均降幅为 14%，绿城中国降幅为3.4%，基本与去年同期持平。更为突出的是，公司自投项目平均销售价格达到每 平方米34984元，体现出较强的产品溢价力。 绿城中国执行董事、副总裁李骏向《证券日报》记者表示，公司从年初就坚持以"流速优先，量价平 衡"为基本原则，在行业整体业绩承压的背景下，公司一手抓首开兑现，一手抓存量去化，持续推进全 周期的管理升级，实现新老项目指标的双重突破。 在首开项目兑现上，李骏表示，绿城中国上半年一共推出17个首开项目和分期项目，其中价格兑现的项 目兑现率达到88%，去化兑现率达到82%，两个指标均优于2024年全年水平。从具体的项目来看 ...

该建设项目一标段位于杭州市临平区东湖新城，总占地面积约为65,635平方米，总建筑面积约为223,022 平方米。根据该协议的条款及条文，绿城建筑应向中交建筑提供装饰及安装服务。根据该协议的条款， 于本公告日期，基于该项目的规格，代价约为人民币30,600,000元。 格隆汇8月25日丨绿城中国(03900.HK)发布公告，2025年8月25日，绿城建筑（公司全资附属公司）与中 交建筑订立该协议。根据该协议，绿城建筑同意向中交建筑提供该项目若干楼宇的装饰及安装服务。 ...

Core Viewpoint - Greentown China anticipates a slowdown in land acquisition in the second half of the year, with a target land value of between 120 billion to 130 billion yuan for the year, while sales for 2025 are expected to remain comparable to the previous year [1][2][4] Financial Performance - In the first half of the year, Greentown achieved total contract sales of approximately 122.2 billion yuan, ranking second nationally; revenue was about 53.368 billion yuan, with a profit attributable to shareholders of approximately 210 million yuan [1] - The company added 35 new projects with a total construction area of about 3.55 million square meters, expected to have a saleable value of approximately 90.7 billion yuan, ranking third in the industry [1] - As of June 30, 2025, the company's bank deposits and cash amounted to approximately 66.795 billion yuan, which is 2.9 times the balance of short-term borrowings due within one year, marking a historical high [1] Land Acquisition Strategy - The company plans to adopt a more cautious and precise strategy for land acquisition in the second half of the year, focusing on high-quality land parcels that have scarcity and development potential [2][3] - The land acquisition pace will be slowed due to the significant amount of land acquired in the first half of the year, with a dynamic adjustment of the annual land value target based on sales and cash flow conditions [2] Market Outlook - The high-end residential market is expected to maintain its heat due to previously suppressed demand and the recent supply of quality low-density and core land [3] - The company foresees a potential local recovery in the real estate market during the "Golden September and Silver October" period, with a gradual stabilization expected in the overall market [4] - The recovery process is anticipated to be uneven, with first-tier and core second-tier cities likely to stabilize first, while non-core second-tier and third- and fourth-tier cities may take longer to recover [3][4]

GREENTOWN CHINA HOLDINGS LIMITED 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 全部或任何部分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。 關連交易 提供裝飾及安裝服務 於2025年8月25日，綠 城 建 築（本 公 司 全 資 附 屬 公 司）與 中 交 建 築 訂 立 該 協 議。 根 據 該 協 議，綠 城 建 築 同 意 向 中 交 建 築 提 供 該 項 目 若 干 樓 宇 的 裝 飾 及 安 裝 服 務。 上市規則的涵義 於 本 公 告 日 期，中 交 集 團 及 其 附 屬 公 司 持 有733,456,293股 股 份，佔 本 公 司 已 發行股本約28.88%。因 此，根 據 上 市 規 則，中 交 集 團 為 本 公 司 的 主 要 股 東。 故 此，中 交 集 團 及 其 聯 繫 人 中 交 建 築（中 交 集 團 的 間 接 非 全 資 附 屬 公 司）為 本 公 司 的 關 連 人 士。根 據 ...

Core Viewpoint - Greentown China reported a significant decline in revenue and profit for the first half of the year, attributed to reduced area for revenue recognition and efforts to reduce long-term inventory, while maintaining a high collection rate of 96% [1][2] Financial Performance - Total revenue for the first half of the year was 53.368 billion, a year-on-year decrease of 23.28% - Shareholder profit was 210 million, down 89.74% year-on-year - Sales amount reached 122.2 billion, ranking the company second in the industry - Equity sales amounted to 53.9 billion, placing the company in the top five [1] Inventory Management - The company recognized an inventory impairment of 1.938 billion, with 1.717 billion related to subsidiaries, primarily from projects acquired in 2021 - The management emphasized that the pressure of inventory impairment is a challenge faced by all real estate companies, and Greentown has found its optimal solution [1][3] Sales Strategy - The company launched 17 new projects in the first half of the year, achieving a project realization rate of 88% and a de-stocking rate of 82%, both exceeding the full-year targets for 2024 - The sales strategy focused on balancing speed and price, with a comprehensive management upgrade across the project lifecycle [2][3] Project Acquisition - In the first half of the year, Greentown acquired 35 projects with a total construction area of 3.55 million square meters, generating over 90 billion in new value, with 88% of this value located in first and second-tier cities [3] Future Land Acquisition Strategy - The company plans to slow down its land acquisition pace in the second half of the year due to the volume acquired in the first half, adopting a more cautious and precise strategy for new projects [4] - The annual land acquisition target is expected to be adjusted dynamically based on sales performance and cash flow, estimated at around 120 billion [4] Industry Outlook and Company Strategy - Greentown China aims to maintain its strategic focus amidst industry changes, emphasizing three key principles: unwavering strategic determination, commitment to product quality, and prudent operations [5]

Stock Market Performance - The Hang Seng Index rose 234 points or 0.9% to close at 25,339 points, the China Enterprises Index rose 105 points or 1.2% to close at 9,079 points, and the Hang Seng Tech Index rose 149 points or 2.7% to close at 5,647 points. The total turnover of the market was HK$285.584 billion [1]. - The Shanghai Composite Index rose 54 points or 1.45% to close at 3,825 points, the Shenzhen Component Index rose 246 points or 2.07% to close at 12,166 points, and the ChiNext Index rose 87 points or 3.36% to close at 2,682 points. The total turnover of the Shanghai and Shenzhen stock markets increased to approximately RMB2.55 trillion, setting a record for the A-share market [2]. - The Dow Jones Industrial Average and the Nasdaq Composite both rose 1.9%, the Dow Jones Industrial Average reached a new high, closing 846 points higher at 45,631 points, the Nasdaq Composite rose 396 points to 21,496 points, and the S&P 500 Index closed 96 points or 1.5% higher at 6,466 points, approaching last week's high [2]. Monetary Policy - The People's Bank of China conducted a seven-day reverse repurchase operation of RMB253 billion in the open market on the 21st, with an operating interest rate remaining flat at 1.4%. There were RMB128.7 billion of reverse repurchases due, resulting in a net injection of RMB124.3 billion [2]. - The central parity rate of the RMB against the US dollar was raised by 97 points to 7.1287 [2]. Trade Policy - Canada announced on Friday the cancellation of several countervailing tariffs against the US but maintained a 25% tariff on US automobiles, steel, and aluminum. The policy adjustment will take effect on September 1st [3]. Company Announcements IPO - Aux Group (02580.HK) plans to globally issue 207.16 million shares, with 5% (approximately 10.3582 million shares) for the Hong Kong public offering and 95% (approximately 196.8 million shares) for the international placement. The offering price ranges from HK$16 to HK$17.42 per share, with a maximum fundraising of approximately HK$3.61 billion. The subscription period is from the 25th to noon on the 28th, and it is expected to be listed on September 2nd [4]. Interim Results - Sinopharm Group (01099.HK) reported a turnover of RMB286.043 billion for the six months ended June 30th, a year-on-year decrease of 2.9%. The net profit was RMB3.466 billion, a year-on-year decrease of 6.4%, and the earnings per share were RMB1.11. No dividend was declared [4]. - Zhaojin Mining Industry (01818.HK) reported an income of RMB6.972 billion for the six months ended June 30th, a year-on-year increase of 50.7%. The gross profit was RMB3.05 billion, an increase of 54.3%. The net profit was RMB1.44 billion, a growth of 160.4%, and the earnings per share were RMB0.38. No dividend was declared [4]. - Greentown China (03900.HK) reported an income of RMB53.368 billion for the six months ended June 30th, a year-on-year decrease of 23.3%, due to a 22.7% decrease in the transfer area during the period. The gross profit was RMB7.159 billion, a decrease of 21.4%. The net profit was RMB210 million, a decline of 89.7%, mainly affected by an impairment loss of RMB1.933 billion on related assets. The earnings per share were RMB0.08. No dividend was declared [5]. - Chow Tai Fook Jewellery Group (06168.HK) reported an income of RMB3.15 billion for the six months ended June 30th, a year-on-year increase of 5.2%. The gross profit was RMB827 million, an increase of 8.7%, mainly due to the contribution of the self - operated business model. The net profit was RMB415 million, a growth of 11.9%, and the earnings per share were RMB1.09. An interim dividend of HK$0.45 was declared [5]. - Nine Masts Catering Group (09922.HK) reported an income of RMB2.753 billion for the six months ended June 30th, a year-on-year decrease of 10.1%. The net profit was RMB60.69 million, a decline of 16%, and the earnings per share were RMB0.04. No dividend was declared [5]. - CMOC Group (03993.HK) reported an operating income of RMB94.773 billion for the six months ended June 30th, a year-on-year decrease of 7.8%. The operating cost was RMB74.727 billion, a decrease of 11%. The net profit attributable to shareholders was RMB8.671 billion, a growth of 60.1%, setting a new high for the same period. The earnings per share were RMB0.41. No dividend was declared [5]. - CRRC Corporation Limited (01766.HK) reported an operating income of RMB119.758 billion for the six months ended June 30th, a year-on-year increase of 33%, mainly due to the growth of railway equipment and new industry revenues. The net profit was RMB7.246 billion, a growth of 72.5%, and the earnings per share were RMB0.25. An interim dividend of RMB0.11 was declared [6]. - Dongfang Selection (01797.HK) reported a total revenue of RMB4.392 billion for the fiscal year ended May 31st, a year-on-year decrease of 37.9%. The net profit was RMB5.74 million, a decline of 99.7%, and the earnings per share were RMB0.01. No dividend was declared. The net profit from continuing operations was RMB6.2 million, compared with RMB249 million in 2024. Excluding the financial impact of the sale of Yuhui Tongxing, the net profit from continuing operations was RMB135 million, a growth of 30%. The total operating cost of continuing operations decreased by 38.2% to RMB3 billion, mainly due to the decrease in the inventory cost and logistics cost of self - operated products caused by the decrease in GMV. The gross profit from continuing operations decreased by 17% to RMB1.4 billion, and the gross profit margin increased from 25.9% to 32% [7]. - China National Tobacco Hong Kong (06055.HK) reported an income of RMB10.316 billion for the six months ended June 30th, a year-on-year increase of 18.5%. The gross profit was RMB946 million, a decrease of 1.8%. The net profit was RMB706 million, a growth of 9.8%, and the earnings per share were RMB1.02. An interim dividend of HK$0.19 was declared, compared with HK$0.15 in the same period last year [7].

股价走势图 数据来源：聚源 -40% 0% 40% 80% 120% 160% 2024-08 2024-12 2025-04 绿城中国 恒生指数 相关研究报告 房地产/房地产开发 绿城中国（03900.HK） 投资拿地强度大幅提升，减值拖累业绩水平 2025 年 08 月 25 日 投资评级：买入（维持） | 日期 | 2025/8/22 | | --- | --- | | 当前股价(港元) | 10.700 | | 一年最高最低(港元) | 13.780/0.000 | | 总市值(亿港元) | 271.74 | | 流通市值(亿港元) | 271.74 | | 总股本(亿股) | 25.40 | | 流通港股(亿股) | 25.40 | | 近 3 个月换手率(%) | 29.19 | 《单月销售金额实现增长，拿地强度 保持高位—港股公司信息更新报告》 -2025.6.10 《减值影响净利表现，周转提速，坚 决布局核心城市—港股公司信息更新 报告》-2025.4.1 《减值影响业绩表现，拿地强度维持 高 位 — 港 股 公 司 信 息 更 新 报 告 》 -2025.2.11 | ——港股公司信息更新报 ...

Group 1: North Exchange Specialized and Innovative Index - The North Exchange Specialized and Innovative Index focuses on innovative small and medium-sized enterprises, emphasizing "specialized, refined, unique, and innovative" small giants, providing differentiated value as a rare high-quality small-cap growth index in the market [11][12] - The index consists of high-quality underlying assets, with a market capitalization median of 3.74 billion yuan, lower than other indices, indicating a focus on smaller companies [11] - The index has shown high growth potential, with a revenue compound annual growth rate (CAGR) of 40.4% over the past three years, and a high research and development investment ratio of 6.2% [11] Group 2: Saint Bella (2508HK) - Saint Bella is a well-known company in the high-end confinement service sector, aiming to provide comprehensive family care services from pregnancy to elderly care, with a projected adjusted net profit of 117 million, 191 million, and 287 million yuan for 2025-2027 [3][14] - The company has established four core advantages: strong brand recognition in high-end confinement services, a light asset model with standardized training, vertical and horizontal expansion in family services, and international market penetration targeting overseas Chinese [17] - The family care industry in China is expected to grow from 392.8 billion yuan in 2019 to 711.3 billion yuan in 2024, with a CAGR of 12.6%, indicating a favorable market environment for Saint Bella [17]

Core Viewpoint - The company reported a significant decline in revenue and profit for the first half of 2025, aligning with market expectations, primarily due to reduced settlements, increased impairments, and decreased other income [1][2]. Financial Performance - In 2025H1, the company's revenue was 53.4 billion yuan, down 23.3% year-on-year, with a net profit attributable to shareholders of 210 million yuan, a decrease of 89.7% [1]. - The basic earnings per share were 0.08 yuan, reflecting a 90% decline year-on-year [1]. - The gross margin and net profit margin were 13.4% and 2.3%, respectively, with the gross margin increasing by 0.3 percentage points and the net profit margin decreasing by 2.5 percentage points [1]. Sales and Land Acquisition - The company achieved sales of 80.3 billion yuan in 2025H1, a decline of 6% year-on-year, outperforming the industry average decline of 18% [2]. - The sales area was 2.29 million square meters, down 18.2% year-on-year, while the average sales price increased by 15% to 35,000 yuan per square meter [2]. - The company actively acquired land, with a land acquisition amount of 36.2 billion yuan, up 135% year-on-year, and a land area of 3.55 million square meters, up 172% [2]. Financial Health and Debt Management - As of 2025H1, the company's asset-liability ratio, excluding advance receipts, was 67.1%, and the net debt ratio was 67.5%, indicating a healthy cash short-term debt ratio of 2.7 times [3]. - The company’s interest-bearing debt was 143 billion yuan, down 3.6% year-on-year, with an average financing cost of 3.4%, a reduction of 50 basis points compared to the end of 2024 [3]. Future Outlook - The company is expected to benefit from structural price increases in core urban areas of first and second-tier cities, with projected net profits for 2025-2027 being 1.01 billion, 1.63 billion, and 1.98 billion yuan, respectively [3]. - The company maintains a "buy" rating, supported by its competitive advantages in the market and a robust product development system [3].

Core Viewpoint - The company reported a significant decline in revenue and net profit for the first half of the year, with operating income of 53.37 billion yuan, down 23.5% year-on-year, and a net profit attributable to shareholders of 210 million yuan, down 89.7% year-on-year, primarily due to increased impairment provisions and a rise in expense ratios [1][2]. Financial Performance - The company experienced a 23.5% year-on-year decrease in operating income, totaling 53.37 billion yuan, and a net profit drop of 89.7% to 210 million yuan [1]. - The decline in profit was attributed to increased impairment provisions, which amounted to 1.72 billion yuan, an increase of 300 million yuan compared to the same period last year, and a rise in the combined expense ratio to 7.0%, up 1.1 percentage points year-on-year [1][2]. Land Acquisition and Inventory - The company added 35 new projects in the first half of the year, with an expected saleable value of 90.7 billion yuan, representing a 172% year-on-year increase, ranking third nationally [2]. - 88% of the new land reserves are located in first and second-tier cities, with 47% specifically in Hangzhou, and the total saleable inventory as of the end of June was 451.8 billion yuan, with 80% in first and second-tier cities, an increase of 4 percentage points from the end of last year [2]. Sales Efficiency - The company achieved a sales amount of 80.3 billion yuan from self-invested projects, a decline of 6% year-on-year, which is 5 percentage points lower than the average decline among the top 100 real estate companies [2]. - The focus on core cities has led to an increase in the proportion of sales in first and second-tier cities to 86%, up 6 percentage points year-on-year, with a first launch absorption rate of 80%, an increase of 2 percentage points from the previous year [2]. Future Outlook - The company maintains its buy rating and target price unchanged, projecting earnings per share (EPS) of 0.58 yuan for 2025 and 2026, and 0.61 yuan for 2027, reflecting confidence in the company's long-term performance in the "good housing" era [3].