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） 截 至2025年6月30日 止 六 個 月 中 期 業 績 財 務 摘 要 截 至2025年6月30日 止 六 個 月，本 集 團 持 續 經 營 業 務 營 業 收 入 為 人 民 幣 1,996.59百 萬 元，較2024年 同 期 增 長41.3%。其 中，物 管 服 務 收 入 為 人 民 幣 929.99百 萬 元，較2024年 同 期 增 長8.7%，資 產 運 營 收 入 為 人 民 幣274.93百 萬 元，較2024年 同 期 增 長13.9%，房 地 產 科 ...

Core Viewpoint - The Hong Kong property stocks experienced a collective decline after a brief rise, indicating market skepticism about the sustainability of recent policy changes aimed at boosting the real estate sector [1] Group 1: Market Performance - Major property stocks such as Shimao Group, New World Development, and Greentown China saw significant declines, with Shimao Group dropping by 6.4% and New World Development by 4.55% [1] - Other companies like China Jinmao, Midea Real Estate, and Country Garden also faced losses, with declines exceeding 2% [1] Group 2: Policy Impact - The recent policy adjustment in Shanghai, known as "Six Measures," allows unlimited purchases for eligible buyers outside the outer ring and treats single buyers as families, which initially boosted market confidence [1] - Despite the short-term positive impact, there are ongoing doubts about the long-term effectiveness of these policies and the actual improvement in the market fundamentals [1] Group 3: Future Outlook - The market requires continuous support beyond initial policy changes, with a focus on whether more cities will follow suit and how existing policies will be implemented, particularly regarding credit support [1]

为鼓励和吸引人才在上海生活，上海官方也对符合条件的非沪籍居民家庭所购第一套房，暂免征收房产 税。第二套及以上住房，人均可扣除60平方米的免税面积。2025年1月1日起符合条件的购房者可享受这 条政策。 这是上海今年首次出台政策优化房地产政策。去年5月和9月，上海市两次出手放宽政策刺激楼市。 | 代码 | 名称 | | 涨跌幅 √ | 最新价 | 总市值 | | --- | --- | --- | --- | --- | --- | | 02202 | 万科企业 | (0) | 9.86% | 5.680 | 677.66亿 | | 00081 | 中国海外宏洋集团 | | 6.98% | 2.300 | 81.87 亿 | | 03377 | 远洋集团 | | 6.78% | 0.126 | 14.05亿 | | 01918 | 融创中国 | | 6.58% | 1.620 | 185.81 乙 | | 03301 | 融信中国 | | 5.50% | 0.211 | 3.55 Z | | 00960 | 龙湖集团 | | 5.22% | 11.280 | 788.15亿 | | 02777 | 富力地产 | ...

New Stock Activities - Companies currently in the IPO process include Jiaxin International Resources, Shuangdeng Co., and Kanglong Chemical [1] - Other companies in the IPO process are Suteng Juchuang, Jinglian Group, Binjiang Services, and Yika [1] Earnings Announcement Dates - Companies scheduled to announce earnings include Tengsheng Bo Pharmaceutical-B, Chunquan Industrial Trust, and Jinchao Yang Group [1] - Additional companies include Zaitong, China Petroleum & Chemical Corporation, Jinyuan Development International Industry, and Runli Maritime [1] - Other firms set to report earnings are New Fire Technology Holdings, Weijun Group Holdings, and Citic Bank [1] Shareholder Meetings - Companies holding shareholder meetings include Wuxi Life, China Wangwang, Cultural Communication, and Jingneng Clean Energy [1] - Additional companies include GC Construction [1] Dividend Distribution - Companies declaring dividends include Huixian Industrial Trust, Cabin, and Baotan Holdings [1] - Other firms include Pacific Shipping, China New Town, and Victory Securities [1] - Additional companies declaring dividends are Jinsang Machine Tool China, Aihua Credit, and Gaoxin Retail [1] - First Service Holdings is also listed for dividend distribution [1] Dividend Payment Dates - Companies with scheduled dividend payment dates include Midea Real Estate, China Galaxy, CITIC Securities, and China Life [2]

资料显示，美的置业集团有限公司（以下简称"美的置业"或"公司"）成立于1995年1月，系"美的"旗下 房地产业务的重要运营主体。2024年10月，美的置业控股有限公司1（以下简称"美的置业控股"）将房 地产开发及销售业务进行内部重组2。重组完成后，美的置业控股继续于联交所上市，原公司负责的房 地产开发业务从上市公司中剥离，原公司负责的物业管理服务业务、商业物业和产业园业务、房地产科 技业务、建设项目管理业务保留在上市公司中。2024年公司实现收入466.37亿元。 来源：金融界 2025年7月24日，中诚信国际公布评级报告，美的置业集团有限公司2025年度第四期中期票据 获"AAA"评级。 中诚信国际肯定了美的置业集团有限公司（以下简称"美的置业"或"公司"）实际控制人及其同一控制下 企业美的控股有限公司（以下简称"美的控股"）综合实力雄厚、能够为公司提供品牌及管理运营方面支 持，公司可共享美的控股金融资源、对其流动性形成有力补充以及重组事项完成后与实际控制人协同性 提升等因素对公司信用水平起到的支撑作用；但中诚信国际也关注到房地产行业风险，项目减值侵蚀利 润，未来销售或将进一步承压以及合作项目对公司管理运营 ...

Investment Rating - The report does not explicitly state an investment rating for the real estate industry in 2024 Core Insights - The average revenue of the top 30 listed real estate companies in China is projected to decline by approximately 13.83% in 2024, totaling around RMB 2.77 trillion [9] - The average gross margin for these companies is expected to decrease to about 14.42%, down by 1.86% from the previous year [13] - The average net profit margin is projected to be around -10.81%, reflecting a significant decline of 12.45% compared to the previous year [16] - The average return on equity is expected to drop to approximately -20.75%, a decrease of 16.44% from 2023 [59] Summary by Sections 1. Revenue Overview - The total revenue for the top 30 listed real estate companies in 2024 is estimated at RMB 2.77 trillion, a decline of 13.83% year-on-year [9] - Financial Street leads the revenue growth with an increase of 51.74%, reaching RMB 190.75 billion [8] - 20 companies experienced revenue declines, with Midea Real Estate facing the largest drop at 94.94% [9] 2. Gross Margin Overview - The average gross margin for the top 30 companies is projected to be 14.42%, down 1.86% from the previous year [13] - Midea Real Estate shows the highest increase in gross margin at approximately 24.21% [14] - 23 companies reported a decline in gross margin, with Jinhui experiencing the largest drop of 30.80% [13] 3. Net Profit Overview - The average net profit for the top 30 companies is expected to be a loss of RMB 11.65 billion, a decline of 62.09 billion from a profit of RMB 50.44 billion in 2023 [23] - China Resources leads in net profit with RMB 336.78 billion, although this represents a 9.72% decrease from the previous year [24] - Over 70% of companies reported a decline in net profit, with Vanke transitioning from a profit of RMB 204.56 billion to a loss of approximately RMB 487.04 billion [23] 4. Inventory Overview - The total inventory for the top 30 companies is projected to be approximately RMB 60.85 billion, a decrease of 13.58% year-on-year [33] - Only one company, Ruian, reported an increase in inventory, with a growth of 16.03% [33] - Midea Real Estate experienced the largest inventory decline at 99.11% [33] 5. Liquidity Ratios - The average current ratio for the top 30 companies is expected to be 152.86%, a slight increase of 0.15% from the previous year [42] - 16 companies reported a decline in their current ratios, with Xinda showing the largest drop of 39.17% [42] 6. Cash Short-term Debt Ratio - The average cash short-term debt ratio is projected to be 1.52, a decrease of 0.11 from the previous year [54] - Ocean Group has the lowest cash short-term debt ratio at 0.01, while Binhai has the highest at 5.53 [54] 7. Return on Equity Overview - The average return on equity is expected to be -20.75%, a decline of 16.44% from 2023 [59] - Only two companies, Jinmao and New Town, are expected to report positive returns on equity [59]

Group 1: Real Estate Industry Overview - In the first seven months of the year, the funding for real estate development enterprises in Henan province increased by 0.3% year-on-year, with domestic loans decreasing by 15.2% and self-raised funds increasing by 1.7% [1] - The total overdue debt of nine subsidiaries of CIFI Group amounts to approximately 1.05 billion yuan, primarily involving bank project loans [2] Group 2: Company Financial Performance - Zhengrong Real Estate expects a loss attributable to shareholders of 6.4 billion to 6.6 billion yuan for the first half of 2025, compared to a loss of approximately 2.343 billion yuan in the same period last year, indicating an expanded loss [3] - Baolong Real Estate anticipates a loss of approximately 2.6 billion to 2.9 billion yuan for the first half of the year, compared to a loss of 2.047 billion yuan in the same period last year, with core losses attributable to shareholders expected to be around 1.6 billion to 1.9 billion yuan [4] Group 3: Debt Issuance - Midea Real Estate issued a total of 500 million yuan in medium-term notes, with a planned issuance range of 200 million to 1 billion yuan, and an issuance interest rate of 3.15% [5]

Group 1: Real Estate Industry Overview - In the first seven months of the year, the funding for real estate development enterprises in Henan province increased by 0.3% year-on-year, with domestic loans decreasing by 15.2% and self-raised funds increasing by 1.7% [1] - The total overdue debt of nine subsidiaries of CIFI Group amounts to approximately 1.05 billion yuan, primarily related to bank project loans [2] Group 2: Company Financial Performance - Zhengrong Real Estate expects a loss attributable to shareholders of 6.4 billion to 6.6 billion yuan for the first half of 2025, a significant increase from a loss of approximately 2.343 billion yuan in the same period last year [3] - Baolong Real Estate anticipates a loss of approximately 2.6 billion to 2.9 billion yuan for the first half of the year, compared to a loss of 2.047 billion yuan in the same period last year [4] Group 3: Debt Issuance - Midea Real Estate issued a total of 500 million yuan in medium-term notes, with a term of 2 years and an interest rate of 3.15% [5]

Group 1 - Midea Real Estate (03990) expects a profit increase to 350 million yuan for the first half of the year, driven by new business segments from asset distribution and development services [1] - Tongcheng Travel (00780) reported a 6.3% rise post-earnings, with adjusted net profit of 770 million yuan, exceeding expectations by 33% [1] - Country Garden (02007) shares rose over 4% following strong support for its offshore debt restructuring, with the coordination committee holding 49% of the total loan principal [1] - Kelun-Botai Biopharmaceutical (06990) saw a 4% increase in shares after reporting mid-year revenue of 950 million yuan, with efficient cash collection from receivables [1] Group 2 - Dongfang Zhenxuan (01797) shares surged nearly 12%, with a 300% increase since early July, despite a 30% year-on-year revenue decline in Q4 FY25 [2] - Zhihu-W (02390) shares rose over 16% ahead of its earnings announcement, with long-term funds increasing their holdings [2] - Jinyang New Energy (01121) shares increased nearly 1% as profitability for BC products is expected to improve with the ongoing recovery in the photovoltaic industry [2] - China Rare Earth Holdings (03788) shares jumped over 11% after announcing plans to spin off its gold business for a Hong Kong listing [2] Group 3 - Weimob Group (02013) shares rose over 7.5% ahead of its mid-term earnings report, with expectations of business recovery by 2025 due to improved consumer sentiment [3] Group 4 - iQIYI (IQ.US) shares surged 17.09% following the release of a new drama series, achieving significant viewership [4] - NIO (NIO.US) shares increased by 1.25% ahead of the launch of the new ES8 model and expansion into new markets [5] - Weibo (WB.US) shares rose 3.3% after exceeding earnings expectations, with revenue growth of 1.6% year-on-year [5] - Kingsoft Cloud (KC.US) shares increased by 5.38% as it prepares to release its earnings report, with expectations of revenue growth [5]

【财华社讯】美的置业(03990.HK)今日高开逾14%，截至发稿，涨6.14%，报5.01港元。消息面上，该 公司发业绩盈喜，预期截至2025年6月30日止六个月持续经营业务的公司拥有人应占利润介乎2.5亿元至 3.5亿元(人民币,下同)，及公司拥有人应占核心净利润2.5亿元至3.5亿元。相比2024年同期持续经营业务 的公司拥有人应占利润约为1.41亿元，及公司拥有人应占核心净利润约为1.42亿元。净利润的升幅主要 是集团于2024年10月22日完成实物分派及出售后开发服务成为集团的新增业务板块所致。 本文源自：财华网 ...