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。 本 公 司 股 東 及 潛 在 投 資 者 在 買 賣 本 公 司 證 券 時 務 請 謹 慎 行 事。 代表董事會 綠城中國控股有限公司 主 席 劉成雲 盈利警告 本公告乃由綠城中國控股有限公司（「本公司」，連 同 其 附 屬 公 司，統 稱「本集團」） 根據香港聯合交易所有限公司證券上市規則第13.09(2)(a)條及香港法例第571章 證券及期貨條例第XIVA部 的 內 幕 消 息 條 文 而 作 出。 本公司董事會（「董事會」）謹此知會本公司股東（「股 東」）及 潛 在 投 資 者，根 據 本 公司截至2025年6月30日 止6個 月（「2025年中期」）未經審核綜合管理賬目及本集 團 現 有 數 據 之 初 步 評 估，預 計2025年中期本公司股東應佔利潤較2024年同期 ...

Investment Rating - Investment recommendation: Outperform the market (maintained) [9] Core Viewpoints - The real estate market continues to experience low-level fluctuations, with significant city-level differentiation. New home sales in 35 cities from January to July 2025 totaled 76.01 million square meters, a year-on-year decline of 10.8%. The decline has expanded by 1.4 percentage points compared to the first half of the year, with July alone seeing a year-on-year drop of 19.6% [4][10] - The second-hand housing market shows a slight increase in transaction volume, with 15 cities recording a year-on-year growth of 8.3% in the same period, although the growth rate has narrowed compared to the previous month. The average price of second-hand homes in July fell by 7.32% year-on-year [11][23] - The land market shows stabilization in transaction volume and price, with the average floor price of land transactions rising by 30.7% year-on-year. Core cities are witnessing record-high land prices, indicating sustained interest in prime locations [12][36] Sales Sector - New home sales: In the first seven months of 2025, new home transactions in 35 cities totaled 76.01 million square meters, down 10.8% year-on-year. The monthly transaction volume in July was 9.21 million square meters, a decline of 19.6% year-on-year. The market is expected to continue low-level fluctuations, with potential signs of recovery in core city projects [17][18] - Second-hand home sales: In the same period, second-hand home transactions in 15 cities reached 56.81 million square meters, up 8.3% year-on-year. However, July saw a 5.6% year-on-year decline in transaction volume, indicating a market adjustment phase [23][25] - Price trends: New home prices are showing structural growth, while second-hand home prices are declining. The average transaction price for new homes in July was 16,877 yuan per square meter, up 2.64% year-on-year, while second-hand homes averaged 13,585 yuan per square meter, down 7.32% year-on-year [28][29] Land Sector - Transaction volume and price: From January to July 2025, land supply in 300 cities was 13,006 million square meters, down 7.2% year-on-year, while total transactions reached 11,210 million square meters, up 2.3% year-on-year. The average floor price was 7,821 yuan per square meter, reflecting a 30.7% increase year-on-year [36][39] - City-level performance: In the first seven months, first-tier cities saw a 14.8% increase in land transaction volume, while second-tier cities increased by 17.5%. The average floor price in first-tier cities was 37,688 yuan per square meter, up 29.4% year-on-year [44][48] - Leading cities: Hangzhou led the land market with the highest land transfer fees and premium rates, indicating strong competition for quality land [48][50] Investment Recommendations - The report recommends focusing on leading real estate companies that are actively acquiring land in core urban areas, such as China Overseas Development, Greentown China, and others. These companies are expected to benefit from the recovery of quality projects in core cities [13][50]

三亚土拍：大华集团底价摘得中心城区地块 【企业】 华发股份已回购2377万股 回购金额约为1.2亿元 8月4日，华发股份公告披露了股份回购的最新进展。根据公告，华发股份自2024年10月29日起实施股份 回购计划，预计回购金额在3亿元至6亿元，用于员工持股计划或股权激励。截至公告日，公司已累计回 购2377万股，占总股本的0.864%，累计回购金额约为1.2亿元，回购价格区间在4.78元/股至5.83元/股。 绿城中国：绿城集团1-7月总合同销售金额约1368亿元 8月6日，绿城中国发布公告，2025年7月，绿城集团自投项目取得销售1380套，销售面积约19万平方 米，销售金额约为50亿元，销售均价约为2.67万元/平方米。2025年1-7月，绿城集团合约销售面积约248 万平方米，合同销售金额约857亿元，其中归属于绿城集团的权益金额约为597亿元。截至2025年7月31 日，另有累计已签认购协议未转销售合同的金额约26亿元，其中归属于绿城集团的权益金额约为14亿 元。 【市场】 深圳土拍：绿城中国12.15亿元竞得深圳宝安地块 8月4日，经过29轮竞价，绿城华南投资发展有限公司以12.15亿元竞得深圳市宝 ...

【企业】 华发股份已回购2377万股 回购金额约为1.2亿元 8月4日，华发股份公告披露了股份回购的最新进展。根据公告，华发股份自2024年10月29日起实施股份 回购计划，预计回购金额在3亿元至6亿元，用于员工持股计划或股权激励。截至公告日，公司已累计回 购2377万股，占总股本的0.864%，累计回购金额约为1.2亿元，回购价格区间在4.78元/股至5.83元/股。 绿城中国：绿城集团1-7月总合同销售金额约1368亿元 三亚土拍：大华集团底价摘得中心城区地块 8月4日，三亚榆宏城市更新开发建设有限公司2.44亿元底价摘得三亚市中心城区控规ZLT08-04-01A地块 内部分用地。该公司为大华集团控股公司，因竞得者还需斥资至少35719.09万元无偿配建项目，因此， 成交综合楼面价约13507元/平方米。该地块用地面积21939.35平方米，容积率≤2.03，建筑密度≤20.00， 绿地率≥35.00，建筑限高≤80.00。该地块地处三亚亚龙湾以北的棕榈滩，东邻规划路及绿地悦澜湾小 区、西邻榆亚路、南邻同宗编号待出让开发地块、北邻棕榈路。 【政策】 上海明年将启动城中村整体改造项目 近日，上海市十六届人大 ...

Investment Rating - The report indicates a positive outlook for the real estate industry, particularly for leading companies in core cities, with expectations of increased land supply in the second half of 2025 [9][22]. Core Insights - The top 30 real estate companies acquired land worth a total of 52.9 billion yuan in July 2025, reflecting a year-on-year increase of over 50%, despite a month-on-month decrease of 16% [19][22]. - The average premium rate for land transactions reached 9.9% in July 2025, marking a new high since the second quarter of 2025, driven by the sale of multiple high-quality residential plots in major cities [10][22]. - The threshold for the top 100 companies in terms of new land value decreased by 10% year-on-year, while the thresholds for total price and area increased by 16% and 11%, respectively [14][15]. Summary by Sections New Land Value Rankings - The top three companies in terms of new land value are China Overseas Land & Investment (131.55 billion yuan), Greentown China (111.6 billion yuan), and Poly Developments (104.3 billion yuan) [1][5]. New Land Area Rankings - The leading companies in terms of new land area acquired are also led by China Overseas Land & Investment (30.31 million square meters), followed by Greentown China (27.7 million square meters) and Poly Developments (23.05 million square meters) [5][6]. Market Trends - The land market is experiencing a seasonal decline in transaction volume, but there is localized heating in core cities, with a focus on high-quality land parcels [9][10]. - The concentration of land acquisition among the top 10 companies remains high, accounting for 70% of the total new land value among the top 100 companies [18][20]. Future Outlook - The report anticipates a continued focus on core city investments, with central state-owned enterprises leading the market due to their financial strength and risk management capabilities [22].

Core Insights - The land market in several major cities in China has seen record-breaking prices and high competition among real estate companies, indicating a trend of "quality over quantity" in land supply [1][2][7] Group 1: Land Market Trends - In July, the overall supply of land decreased year-on-year, but many cities recorded new high floor prices, particularly in premium locations and areas with limited supply [1][2] - The average premium rate for land auctions in key monitored cities reached 9.9%, the highest since Q2 2025, with first-tier cities seeing a significant increase to 25.7% [2][7] - Notable transactions include a residential land plot in Shenzhen that sold for a floor price of 84,180 yuan per square meter, marking a historic high for the city [2][4] Group 2: Company Participation - Major state-owned and local government-backed enterprises are the primary players in land acquisition, while private companies are focusing on specific key areas to replenish land reserves [1][9] - In the first seven months of the year, the top 100 real estate companies acquired land worth 578.3 billion yuan, a year-on-year increase of 34.3% [9][10] - Leading companies in land acquisition include China Overseas Land & Investment, Greentown China, and Poly Developments, with respective acquisition amounts of 54.2 billion yuan, 52.2 billion yuan, and 42.4 billion yuan [10][11] Group 3: Policy and Future Outlook - Recent policy changes in various cities aim to optimize land supply, with Beijing prioritizing residential land near transit stations and employment hubs [12][13] - The land market is expected to maintain a competitive atmosphere, particularly in core cities, as urban renewal projects are anticipated to provide more high-quality residential land [13] - Companies are increasingly focusing on project safety and profitability, with a trend towards enhancing design capabilities and product quality in response to market demands [13]

整体来看，今年1-7月，绿城集团取得合同销售面积约248万平方米，合同销售金额约857亿元；其中归 属于绿城集团的权益金额约为579亿元。于2025年7月31日，另有累计已签认购协议未转销售合同的金额 约26亿元，其中归属于绿城集团的权益金额约为14亿元。与此同时，绿城集团代建项目累计取得销售面 积约378万平方米，销售金额约为511亿元。 新京报贝壳财经讯8月6日晚间，绿城中国控股有限公司(简称"绿城中国")发布截至2025年7月31日止七 个月未经审核营运数据。公告显示，2025年7月，绿城集团自投项目取得销售1380套，销售面积约19万 平方米，当月销售金额约为50亿元，销售均价约为每平方米26733元；绿城集团代建项目取得销售面积 约72万平方米，销售金额约92亿元。 综上，截至2025年7月31日止七个月，绿城集团累计取得总合同销售面积约626万平方米，总合同销售金 额约1368亿元。 ...

近日，绿城旗下的上海泉秀置业有限公司公开挂牌转让其持有的济南绿泉置业有限公司50%股权，转让底价为3.96亿元。 经济导报记者注意到，济南绿泉置业正是绿城在济南张马片区开发的住宅项目——济南绿城春风心语的项目公司。 该地块于2017年12月被绿城以总价13.46亿元竞得，楼面价达1.1776万元/平方米。由于拿地成本较高，业内普遍认为该项目亏损严重。 工商资料显示，济南绿泉置业成立于2017年12月7日，注册资本约15.82亿元，注册地址位于济南市历城区王舍人街道铁厂北路188号，主要经营范围包括 房地产开发、房地产信息咨询、房地产销售等相关业务。 从财务数据来看，2025年前五个月，济南绿泉置业营业收入92.66万元，净利润1586.31万元。 绿城中国间接持股100% 根据上海联合产权交易所披露，上海泉秀置业此次公开转让股权的信息于7月29日发布，信息披露期截止日期为8月5日。 张马片区位于济南东站，地处工业北路以北、奥体中路北延段两侧。这一区域最早引发楼市的广泛关注就是在2017年12月。当时，张马片区成为众多开发 商争抢的"热土"，各大房企激烈角逐。 绿城正是在那一年的年底成功摘得张马片区的土地，拿地 ...

Core Insights - Greentown China (03900.HK) reported sales of 1,380 units in July 2025, with a sales area of approximately 190,000 square meters and a sales amount of about 5 billion RMB, resulting in an average selling price of approximately 26,733 RMB per square meter [1] - From January to July 2025, Greentown Group achieved a total contracted sales area of approximately 2.48 million square meters and a total contracted sales amount of approximately 85.7 billion RMB, with equity attributable to Greentown Group amounting to approximately 57.9 billion RMB [1] - As of July 31, 2025, there were additional signed purchase agreements not yet converted to sales contracts amounting to approximately 2.6 billion RMB, with equity attributable to Greentown Group being approximately 1.4 billion RMB [1] Sales Performance - In July 2025, Greentown Group's entrusted projects achieved a sales area of approximately 720,000 square meters and a sales amount of approximately 9.2 billion RMB [1] - From January to July 2025, the cumulative sales area for entrusted projects was approximately 3.78 million square meters, with a total sales amount of approximately 51.1 billion RMB [1] - Cumulatively, as of July 31, 2025, Greentown Group achieved a total contracted sales area of approximately 6.26 million square meters and a total contracted sales amount of approximately 136.8 billion RMB [1]

综上，截至2025年7月31日止七个月，绿城集团累计取得总合同销售面积约626万平方米，总合同销售金 额约人民币1,368亿元。 绿城中国(03900)发布公告，2025年7月，绿城集团自投项目取得销售1,380套，销售面积约19万平方米， 当月销售金额约为人民币50亿元，销售均价约为每平方米人民币26,733元。2025年1-7月，绿城集团取 得合同销售面积约248万平方米，合同销售金额约人民币857亿元;其中归属于绿城集团的权益金额约为 人民币579亿元。于2025年7月31日，另有累计已签认购协议未转销售合同的金额约人民币26亿元，其中 归属于绿城集团的权益金额约为人民币14亿元。 2025年7月，绿城集团代建项目取得销售面积约72万平方米，销售金额约人民币92亿元。2025年1-7月， 绿城集团代建项目累计取得销售面积约378万平方米，销售金额约为人民币511亿元。 ...