来源：智通财经 8月27日，美的置业（3990.HK）发布2025中期业绩公告。公司上半年实现营业收入20亿元，同比增长 41%；归母核心净利润为3.1亿元，同比增长119%。首次宣派中期股息每股0.15港元。美的置业将坚持 长期主义，扎实落地"开发服务+物管服务+资产运营+房地产科技"四大业务板块，持续厚植产品价值创 造的核心竞争力根基，建设好房子、提供好服务，探索房地产新模式。 ...

EF001 | 其他信息 | | | --- | --- | | 其他信息 | 不適用 | | 發行人董事 | | | | 於本公告日期，本公司執行董事為郝恒樂先生、王大在先生及劉敏女士；本公司非執行董事為何劍鋒先生、趙軍先生及任凌艷女 | 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6月30日止六個月之中期股息 | | 公告日期 | 2025年8月27日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 中期（半年期） | | 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 ...

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]

Core Insights - The company, Midea Real Estate Group Co., Ltd., received an "AAA" rating for its 2025 fourth tranche of medium-term notes from China Chengxin International [1] - The strong comprehensive strength of the actual controller, Midea Holdings Co., Ltd., is acknowledged, providing brand and operational support, financial resources, and enhancing liquidity [1] - Concerns regarding risks in the real estate industry, project impairment affecting profits, and potential sales pressure are highlighted [1] Company Overview - Midea Real Estate was established in January 1995 and is a key operating entity for Midea's real estate business [2] - In October 2024, Midea Real Estate Holdings underwent an internal restructuring, separating its real estate development and sales business from the listed company [2] - The company reported a revenue of 46.637 billion yuan in 2024 [2]

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]