EF001 免責聲明 | 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。 | 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 | | --- | --- | | | 股票發行人現金股息公告 | | 發行人名稱 | 美的置業控股有限公司 | | 股份代號 | 03990 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至2025年12月31日止年度之末期股息 | | 公告日期 | 2026年3月31日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 末期 | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年12月31日 | | 宣派股息 | 每 股 0.19 HKD | | 股東批准日期 | 有待公佈 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | 每 股 0.19 HKD | | 匯率 | 1 HKD : 1 HKD | | ...

Financial Performance - For the fiscal year ending December 31, 2025, the group's operating revenue was RMB 4,149.10 million, an increase of 11.4% compared to RMB 3,725.80 million in 2024[3]. - Development services revenue reached RMB 957.98 million, a significant increase of 227.1% from RMB 292.91 million in 2024[3]. - The group's gross profit was RMB 1,365.36 million, reflecting a growth of 2.5% from RMB 1,331.69 million in 2024, with a gross margin of 32.9%, down 2.8 percentage points from 35.7% in 2024[3]. - The attributable profit for the year was RMB 559.30 million, up 16.9% from RMB 478.40 million in 2024[3]. - The core net profit attributable to the company was RMB 601.04 million, representing a 19.3% increase from RMB 503.85 million in 2024[3]. - The basic earnings per share attributable to the company were RMB 0.39[3]. - Revenue for the year reached 4,149.1 million RMB, an increase from 3,725.8 million RMB in the previous year, representing a growth of approximately 11.4%[7]. - Gross profit amounted to 1,365.4 million RMB, compared to 1,331.7 million RMB, indicating a slight increase of about 2.5%[7]. - Operating profit for the year was 829.9 million RMB, up from 820.8 million RMB, reflecting a growth of around 1.3%[7]. - Net profit attributable to the company was 559.3 million RMB, a significant recovery from a loss of 2,057.9 million RMB in the previous year[9]. - The company reported a total comprehensive income of 580.8 million RMB, compared to a loss of 2,319.2 million RMB last year, showing a substantial turnaround[9]. Dividends - The board proposed a final dividend of HKD 0.19 per share for the fiscal year ending December 31, 2025, with a total annual dividend of HKD 0.34 per share, up from HKD 0.27 in 2024[4]. - Proposed final dividend of HKD 0.19 per share for the year ending December 31, 2025, compared to HKD 0.27 per share for 2024[110]. - Total annual dividend for 2025 is HKD 0.34 per share, an increase from HKD 0.27 per share in 2024[110]. - Interim dividend of HKD 0.15 per share was paid on December 22, 2025, with no interim dividend in the same period for 2024[110]. Operating Expenses - The operating expenses decreased slightly to 123.9 million RMB from 137.3 million RMB, a reduction of about 9.8%[7]. - Employee benefits expenses increased to RMB 1,377,381,000 in 2025 from RMB 1,122,272,000 in 2024, reflecting a growth of approximately 23%[36]. - Cleaning and landscaping expenses rose to RMB 316,777,000 in 2025, compared to RMB 297,308,000 in 2024, marking an increase of about 6.5%[36]. - Security expenses increased significantly to RMB 232,557,000 in 2025 from RMB 138,204,000 in 2024, representing a growth of approximately 68%[36]. - The total operating expenses for the year ended December 31, 2025, amounted to RMB 3,247,802,000, up from RMB 2,879,360,000 in 2024, indicating an overall increase of about 12.8%[36]. Assets and Liabilities - Total assets amounted to 9,628,620 thousand RMB, a slight decrease from 9,724,500 thousand RMB year-over-year[14]. - The company's total liabilities were reported at 4,592,849 thousand RMB, down from 4,643,054 thousand RMB in the previous year[16]. - Retained earnings increased to 2,405,161 thousand RMB from 1,932,260 thousand RMB, reflecting a growth in profitability[16]. - The company’s cash and cash equivalents rose to 1,601,390 thousand RMB, up from 1,033,953 thousand RMB[14]. - The company’s trade and other payables decreased to 2,210,845 thousand RMB from 2,475,933 thousand RMB[16]. - The company’s total equity attributable to shareholders was reported at 5,035,771 thousand RMB, a decrease from 5,081,446 thousand RMB[16]. Financial Reporting and Compliance - The group has adopted the Hong Kong Financial Reporting Standards and the Hong Kong Companies Ordinance for its consolidated financial statements[17]. - The consolidated financial statements are prepared based on the historical cost method, except for financial assets and investment properties measured at fair value[18]. - The group is evaluating the impact of new accounting standards and interpretations, which are not expected to have a significant effect on the current or future financial performance[20]. - The group operates through four business segments, with performance evaluated based on operating profit metrics[24]. - The introduction of Hong Kong Financial Reporting Standard No. 18 is expected to enhance comparability and provide more relevant information and transparency[22]. - The group is currently assessing the specific impact of the new standards on its financial statements[22]. - The group has not early adopted certain new standards that will become effective after December 31, 2025[20]. - The Audit Committee has reviewed the consolidated financial statements for the year ending December 31, 2025, ensuring compliance with accounting principles and risk management[107]. - The external auditor, PwC, confirmed that the figures in the annual performance announcement are consistent with the audited consolidated financial statements for the year ending December 31, 2025[108]. - The company has adhered to the Corporate Governance Code throughout the year ending December 31, 2025, with no deviations reported[104]. Strategic Initiatives - The company plans to expand its market presence and invest in new product development to drive future growth[7]. - The company aims to enhance operational efficiency and reduce costs in the upcoming fiscal year[7]. - The company aims to enhance its operational capabilities and service quality as it transitions from "incremental development" to "stock operation" in the real estate sector, focusing on high-quality asset management[57]. - The strategic positioning for 2025 emphasizes the development of high-value-added areas within the real estate value chain, ensuring financial stability and optimizing asset structure[58]. - The group aims to enhance operational efficiency and asset value through precise asset value positioning and refined management strategies in asset operations[65]. - The group is committed to digital transformation in property management, utilizing smart devices to enhance service delivery and operational sustainability[63]. - The group plans to expand its light asset operations, adding eight new projects in 2025, including key benchmark projects in Guangzhou and Shunbei[66]. - The group emphasizes a long-term approach and market respect in its operational strategy, aiming for steady value creation for shareholders[60]. Shareholder Information - The company has terminated the 2020 Share Option Plan and the 2021 Share Award Plan, adopting new plans for 2024[94]. - The 2024 Share Plan was approved by shareholders on May 24, 2024, and will be effective for a period of 10 years until May 23, 2034[98]. - The total number of new shares that may be issued under the 2024 Share Plan and other related plans is capped at 143,541,148 shares, representing approximately 10% of the total shares issued as of the adoption date[99]. - The company will seek shareholder approval for any updates to the share plan authorization limit after three years from the adoption date[99]. - The annual general meeting notice will be published on the company's website and the Hong Kong Stock Exchange's website at an appropriate time[109].

（於開曼群島註冊成立的有限公司） 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 內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 MIDEA REAL ESTATE HOLDING LIMITED 美的置業控股有限公司 更改董事會召開日期 茲提述美的置業控股有限公司（「本公司」） 日期為2026年3月17日之公告，內容有關本 公司董事會（「董事會」）會議擬於2026年3月27日（星期五）舉行，以（其中包括）考 慮及批准刊發本公司及其附屬公司截至2025年12月31日止財政年度的業績，以及考慮 建議派發末期股息（如有）。 本公司謹此宣佈，董事會會議將改期至2026年3月31日（星期二）舉行。 承董事會命 美的置業控股有限公司 聯席主席、執行董事兼總裁 王大在 香港，2026年3月26日 於本公告日期，本公司執行董事為王大在先生（聯席主席兼總裁）、郝恒樂先生（聯席 主席）及劉敏女士；本公司非執行董事為何劍鋒先生、趙軍先生及任凌艷女士；而本公 司獨立非執行董事為譚勁松先生、歐陽偉立先生及陸琦先生。 （股 ...

Core Viewpoint - The real estate industry has officially entered a new development stage of "stabilization and quality upgrade" in 2025, with significant improvements in delivery capabilities and buyer confidence [1] Group 1: Industry Overview - The central government continues to deepen the real estate financing whitelist system, with over 7.5 million historically delayed housing units completed and the pilot of selling completed homes expanding [1] - The asset-liability structure of companies has substantially improved, with a stable delivery pattern characterized by quality upgrades and steady volume [1] - Leading real estate companies have stabilized their delivery scales, and the ability of distressed companies to fulfill commitments has significantly recovered [1] Group 2: Delivery Capability Assessment - The "2025 China Real Estate Enterprise Delivery Capability TOP 50" evaluates companies based on total delivery scale, timeliness, satisfaction, and completeness of delivery systems [13] - The top 50 companies have become the main force in ensuring delivery, with an increasing proportion of high-quality improvement projects [16] Group 3: Policy and Mechanisms - The central government has established a long-term policy mechanism for the real estate market, focusing on ensuring delivery, preventing risks, and stabilizing expectations [15] - Key measures include the normalization of the real estate financing whitelist, full-cycle supervision of pre-sale funds, and the expansion of the completed home sales pilot [15] Group 4: Delivery Quality and Experience - Delivery capability has evolved from merely "on-time delivery" to a comprehensive ability encompassing full-process systems, precision craftsmanship, and full-cycle services [19] - The delivery process now integrates design and operation, creating a complete loop that enhances the value from "building good homes" to "living well" [19] Group 5: Notable Delivery Projects - The top delivery projects of 2025 include high-end, light luxury, and quality works, showcasing the industry's focus on quality and customer experience [6][9][11] - Notable projects include "Poly Tianrui" in Guangzhou and "Beijing Yuefu," reflecting the industry's commitment to high standards [6][9]

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 內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 MIDEA REAL ESTATE HOLDING LIMITED 美的置業控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：3990） 聯席主席、執行董事兼總裁 王大在 香港，2026年3月17日 於本公告日期，本公司執行董事為王大在先生（聯席主席兼總裁）、郝恒樂先生（聯席 主席）及劉敏女士；本公司非執行董事為何劍鋒先生、趙軍先生及任凌艷女士；而本公 司獨立非執行董事為譚勁松先生、歐陽偉立先生及陸琦先生。 美的置業控股有限公司（「本公司」）董事會（「董事會」）謹此宣佈將於2026年3月27日 （星期五）舉行董事會會議，以（其中包括）考慮及批准刊發本公司及其附屬公司截至 2025年12月31日止財政年度的業績，以及考慮建議派發末期股息（如有）。 承董事會命 美的置業控股有限公司 董事會召開日期 ...

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依賴該等內容而引致的任何損失承擔任何責任。 MIDEA REAL ESTATE HOLDING LIMITED 美 的 置 業 控 股 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：3990） 須予披露及關連交易 有關委託投資及提供財務資助 委託投資及提供財務資助 於2025年1月至2025年12月期間，佛山美置及廣東美置（ 作為委託人，均為本公 司的全資附屬公司 ），各自與相關受託人訂立一份委託投資協議，以進行委託投 資。 於2025年1月至2025年12月期間，受託人向瀋陽正匯、南海美鳴及順德天美提供 多輪貸款。該期間內任何時間的最高未償還貸款總額不超過人民幣650百萬元。 於2025年12月31日，交易事項下所有未償還本金連同應計利息已全數結清，且 所有委託投資協議均已終止。 違反上市規則 於有關期間，(i)瀋陽正匯由瀋陽美溢持有50 %權益，而瀋陽美溢為美的 ...

Investment Rating - The report maintains a rating of "Buy" for the real estate industry [1]. Core Insights - The real estate industry is a pillar of the Chinese economy, facing challenges due to macroeconomic policies, local regulations, and financial conditions. Since 2024, the industry has entered a deep adjustment period, with frequent policy measures aimed at stabilizing the market, leading to a reshaping of the industry landscape [10][11]. - The OpenClaw AI Agent framework has been developed to enhance investment research productivity in the real estate sector, integrating various AI models and a multi-layer data architecture to ensure stable system operation [2][11]. - The system has produced 18 Python scripts and multiple workflows, allowing analysts to conduct professional-level research through natural language interactions without the need for programming [12][15]. Summary by Sections Project Overview - The project aims to create an AI-native investment research assistant for the real estate industry, combining AI analysis capabilities with traditional multi-factor scoring models [12]. - The system features a dual-platform architecture, integrating local and cloud-based AI rating platforms to provide comprehensive investment insights [13][14]. OpenClaw Framework - OpenClaw is positioned as a new paradigm for AI agents, capable of executing complex multi-step tasks autonomously, which is particularly beneficial for investment research [19][21]. - The framework includes a persistent workspace, long-term memory, and a skill system, allowing for automated task execution and data retrieval [25][26]. AI Stock Selection Model - The system employs a dual-model rating approach, covering over 60 real estate-related stocks across A-shares, Hong Kong stocks, and US stocks, with a focus on various sub-sectors [14][17]. - A seven-dimensional scoring engine evaluates stocks based on trend, momentum, volatility, volume, value, fundamentals, and sentiment [17]. Telegram Integration - The system integrates with Telegram for real-time information dissemination, providing daily research reports, stock selections, and alerts for market movements [34][35]. - Analysts can interact with the system via natural language commands, allowing for quick access to research outputs and market insights [38][39]. System Architecture - The OpenClaw platform utilizes a modular agent architecture, facilitating user command input, session routing, context assembly, and model invocation [40][43]. - The system's efficiency is enhanced through a structured process that allows for rapid data retrieval and analysis, significantly reducing the time required for research tasks [55][56].

Investment Rating - The report maintains a "Recommended" rating for the real estate sector [2] Core Insights - The real estate index fell by 4.1% in the 10th week of 2026, ranking 26th among 31 sectors [9] - New home transactions decreased by 36% year-on-year, while second-hand home transactions decreased by 31% year-on-year [22][26] - The report highlights three main issues in the real estate market: declining new home demand, unresolved inventory, and the negative impact of land finance on the economy [34] Summary by Sections Industry Basic Data - Total number of stocks: 107 - Total market value: 1,211.976 billion - Circulating market value: 1,161.243 billion [2] Sales Performance - In the 10th week, new home sales in 20 cities totaled 1.21 million square meters, with a daily average of 172,000 square meters, reflecting a 10% decrease week-on-week and a 36% decrease year-on-year [22] - Second-hand home sales in 11 cities reached 1.69 million square meters, with a daily average of 241,000 square meters, showing a 37% increase week-on-week but a 31% decrease year-on-year [26] Policy News - Local policies include financial incentives for first-time homebuyers in Nanchong and adjustments to housing loan policies in Taiyuan and Hangzhou to stimulate housing consumption [16][19] Company Dynamics - Poly Developments acquired a residential land plot in Hangzhou for 3.224 billion, with a floor price of 44,985 yuan per square meter and a premium rate of 51.08% [20] - China Overseas Development reported a 35.9% year-on-year decline in property sales for February, totaling approximately 8.464 billion [21] - Yuexiu Group's February sales amounted to approximately 2.905 billion, down 53.3% year-on-year [21] Investment Strategy - The report suggests focusing on three areas to find alpha in the real estate sector: precision in land acquisition for developers, stable assets like leading shopping centers, and leading real estate agencies to enhance transaction efficiency [34]

Group 1 - The core point of the article highlights a significant shareholder transfer of Midea Real Estate, with shares worth HKD 345 million being moved from Morgan Stanley Hong Kong Securities to BNP Paribas, representing 5.69% of the company [1] - Midea Real Estate reported a revenue of RMB 1.997 billion for the six months ending June 30, 2025, marking a year-on-year increase of 41.3% [1] - The company's profit attributable to shareholders was RMB 305 million, reflecting a year-on-year decrease of 18.73% [1] Group 2 - The basic earnings per share for Midea Real Estate stood at RMB 0.21 [1] - The company proposed an interim dividend of HKD 0.15 per share [1]

Group 1 - The core viewpoint of the article highlights a significant shareholder transfer in Midea Real Estate, with shares worth HKD 345 million being moved from Morgan Stanley Hong Kong Securities to BNP Paribas, representing 5.69% of the company [1] - Midea Real Estate reported a revenue of RMB 1.997 billion for the six months ending June 30, 2025, marking a year-on-year increase of 41.3% [1] - The company's profit attributable to shareholders was RMB 305 million, reflecting a year-on-year decrease of 18.73% [1] Group 2 - The basic earnings per share for Midea Real Estate stood at RMB 0.21 [1] - The company proposed an interim dividend of HKD 0.15 per share [1]