证券代码：600048 证券简称：保利发展 公告编号：2025-075 关于 2025 年半年度募集资金存放 与实际使用情况的专项报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据《上市公司募集资金监管规则》《上海证券交易所上市公司自律监管指 引第 1 号——规范运作》等有关规定，现将公司 2025 年半年度募集资金存放与 实际使用情况说明如下： 一、募集资金基本情况 （一）实际募集资金金额及使用募集资金置换预先投入的自筹资金情况 保利发展控股集团股份有限公司（以下简称"公司"）于 2025 年采取向特定 对象发行的方式发行可转换公司债券 85,000,000 张，募集资金总额人民币 集资金金额及到账时间、募集资金在募集资金投资项目中的分配调整情况、募集 资金置换预先已投入募集资金投资项目的自筹资金情况等详见于 2025 年 5 月 29 日披露的《保利发展控股集团股份有限公司关于向特定对象发行可转换公司债券 发行情况的提示性公告》 （公告编号 2025-045）、 《保利发展控股集团股份有限公 司 2025 年第 6 ...

Summary of Key Points Core Viewpoint - The company, Poly Developments and Holdings Group Co., Ltd., reported an increase in external guarantees amounting to 31.759 billion yuan in the second quarter of 2025, with a total external guarantee balance of 120.064 billion yuan as of June 30, 2025 [1][2]. Group 1: Guarantee Overview - As of June 30, 2025, the company and its subsidiaries added 31.759 billion yuan in guarantees during the year, while releasing guarantees totaling 23.132 billion yuan, resulting in a net external guarantee balance of 120.064 billion yuan [1][2]. - The guarantees include mutual guarantees among subsidiaries and joint repayment obligations for accounts payable transfers [1][2]. - The company has implemented counter-guarantees and other credit enhancement measures for non-wholly-owned subsidiaries [1][2]. Group 2: Breakdown of Guarantees - The breakdown of the guarantees shows that 12.75 billion yuan was added for wholly-owned subsidiaries, with a total balance of 97.013 billion yuan, of which 7.722 billion yuan was for subsidiaries with a debt-to-asset ratio exceeding 70% [2]. - For non-wholly-owned subsidiaries, 0.312 billion yuan was added, with a total balance of 18.695 billion yuan, including 2.90 billion yuan for those exceeding a 70% debt-to-asset ratio [2]. - Guarantees provided to joint ventures amounted to 0.026 billion yuan, with the entire amount for entities with a debt-to-asset ratio below 70% [2]. Group 3: Financial Health Indicators - The total external guarantee balance of 120.064 billion yuan represents 60.76% of the company's audited net assets attributable to shareholders as of the end of 2024 [2]. - The guarantees to controlling subsidiaries account for 115.708 billion yuan, which is 58.56% of the company's audited net assets [2]. - There are no overdue guarantees reported, although there are instances of guarantees provided to entities with a debt-to-asset ratio exceeding 70% [1][2].

保利发展控股集团股份有限公司 司债券（第一期） 保利发展控股集团股份有限公司 25 保利 02 243261 2025-07-04 2030-07-04 10 2.12 司债券（第二期） 25 保利 03 243262 2025-07-04 2032-07-04 5 2.39 保利发展控股集团股份有限公司 25 保利 04 243410 2025-08-01 2030-08-01 16 2.25 司债券（第三期） 25 保利 05 243411 2025-08-01 2032-08-01 7 2.55 保利发展控股集团股份有限公司 20 保利发展 保利发展控股集团股份有限公司 21 保利发展 保利发展控股集团股份有限公司 MTN001A MTN001B 保利发展控股集团股份有限公司 22 保利发展 保利发展控股集团股份有限公司2025 年半年度报告摘要 保利发展控股集团股份有限公司 MTN003A MTN003B 保利发展控股集团股份有限公司 22 保利发展 保利发展控股集团股份有限公司 22 保利发展 保利发展控股集团股份有限公司 MTN006A MTN006B 保利发展控股集团股份有限公司 MTN007A ...

智通财经APP讯，保利发展(600048.SH)披露2025年半年度报告，报告期公司实现营收1168.57亿元，同 比下降16.08%;归母净利润27.11亿元，同比下降63.47%;扣非净利润25.79亿元，同比下降64.32%;基本每 股收益0.23元。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company's performance decline is in line with expectations, with a focus on land acquisition recovery and historically low financing costs. The company reported a 16.1% year-on-year decline in total revenue for H1 2025, with a net profit drop of 63.5% [7] - The company remains the industry leader in sales, with a total sales amount of 145.17 billion yuan in H1 2025, also down 16.25% year-on-year. The company has optimized its land reserve structure and expanded projects in key cities [7] - Financing costs have decreased to 2.89%, with a successful issuance of 8.5 billion yuan in convertible bonds, indicating a strong financing advantage [7] Financial Data and Profit Forecast - Total revenue for 2025 is estimated at 280.5 billion yuan, with a year-on-year decline of 10%. The net profit for 2025 is projected to be 5.128 billion yuan, reflecting a slight increase of 2.5% year-on-year [6][8] - The company’s gross profit margin is expected to stabilize around 14.3% for 2025, with a return on equity (ROE) of 2.5% [6] - The company’s financial metrics indicate a strong position, with a debt-to-asset ratio of 73.53% and a market capitalization of approximately 99.36 billion yuan [2][8]

每经头条（nbdtoutiao）——A股成交连续8天破2万亿元，券商招聘也来了！行业巨头秋招"求才"，25个 岗位都有什么特点？ （记者 曾健辉） 每经AI快讯，保利发展（SH 600048，收盘价：8.3元）8月25日晚间发布公告称，截至2025年6月30日， 公司及其控股子公司对外担保余额为1200.64亿元，占公司2024年末经审计归属于上市公司股东的净资 产60.76%；其中上市公司对控股子公司的担保余额为1157.08亿元，占公司2024年末经审计归属于上市 公司股东的净资产58.56%。 2025年1至6月份，保利发展的营业收入构成为：房地产占比89.98%，其他占比9.77%，其他业务占比 0.25%。 截至发稿，保利发展市值为994亿元。 ...

Investment Rating - The report maintains a "Positive" outlook for the real estate industry [7] Core Viewpoints - Since Q2 of this year, real estate data has shown a continuous downward trend, yet there has been a notable hot sales performance for quality new properties in multiple regions. This contradiction is understood as a release of improvement-driven demand due to the introduction of high-efficiency residential projects, although the overall new housing market stabilization will require more time [2][4] - The recovery of the real estate industry and stock prices does not solely depend on the timing of policy implementations. The main drivers for the recovery are the decline in risk-free interest rates and the reduction in industry risk assessments. The real estate sector is currently in a bottoming phase, with the influence of the denominator (risk-free rates) surpassing that of the numerator (fundamentals), leading to a potential rebound in stock prices [3][4] Summary by Sections Market Performance - From January to July, the cumulative sales of commercial housing in China decreased by 6.5% in value and 4.0% in area year-on-year. In July alone, sales amounted to 532.5 billion, down 14.1% year-on-year, with a sales area of 57.09 million square meters, down 8.4% year-on-year [4] - The price of newly built commercial residential properties in first, second, and third-tier cities fell by 1.1%, 2.8%, and 4.2% year-on-year, respectively, with the decline narrowing compared to the previous month. Notably, Shanghai saw a price increase of 6.1% due to concentrated demand for high-end and improved housing [4] Policy Outlook - Given the weakening trend in the new housing market, there is significant room for future policy adjustments. Recent policy changes in Beijing and Shanghai include optimizing purchase restrictions and increasing support for housing funds, with expectations for Shenzhen to follow suit [5] - The year-on-year decline in new construction has been narrowing, attributed to improved cost-effectiveness of new land parcels, enhancing developers' profit outlook. From January to July, new construction area decreased by 19.4% year-on-year, but the decline has been narrowing for two consecutive months [5] Investment Recommendations - Recommended stocks to watch include China Merchants Shekou (001979, Buy), Poly Developments (600048, Buy), Beike-W (02423, Buy), Longfor Group (00960, Buy), and Gemdale Corporation (600383, Hold) [6]

Investment Rating - The report maintains an "Overweight" rating for the real estate sector, indicating a positive outlook for the industry [5]. Core Insights - The recent policy adjustments in Beijing and Shanghai signal a shift away from pessimistic expectations in the real estate market, with a focus on stabilizing prices and promoting recovery [5]. - The Shanghai policy changes are more significant than those in Beijing, aimed at improving the housing market structure and facilitating the housing replacement chain [5]. - The report anticipates further policy relaxations in other cities like Shenzhen, following the trend set by Beijing and Shanghai [5]. Summary by Sections Policy Changes - On August 25, 2025, Shanghai announced the relaxation of housing purchase limits, allowing families to buy unlimited properties outside the outer ring, and increasing the maximum housing provident fund loan amount to 2.16 million yuan from 1.92 million yuan [5][6]. - The new policies also include a reduction in commercial loan interest rates for second homes and the removal of the interest rate floor [5][6]. Market Analysis - The report notes a "dumbbell" structure in the Shanghai housing market, with improving prices for new homes and a rebound in second-hand homes priced below 3 million yuan [5]. - It predicts that the core cities' real estate markets are at a bottoming point and will lead the recovery [5]. Investment Recommendations - The report recommends investing in companies with strong product capabilities such as China Resources Land, Longfor Group, and China Jinmao, as well as undervalued firms like New Town Holdings and China Overseas Development [5][7]. - It also highlights opportunities in the second-hand housing brokerage sector and property management companies [5][8].

Group 1 - The core viewpoint of the article is that Poly Developments reported a significant decline in both revenue and net profit for the first half of 2025 compared to the previous year [1] Group 2 - For the period of January to June, Poly Developments achieved an operating revenue of approximately 116.857 billion yuan, representing a year-on-year decrease of 16.08% [1] - The net profit attributable to the parent company was 2.711 billion yuan, reflecting a year-on-year decline of 63.47% [1] - The net cash flow generated from operating activities was 16.017 billion yuan [1]

Group 1 - The core viewpoint of the article highlights that Poly Developments (600048.SH) reported a decline in both revenue and net profit for the first half of 2025 [1] Group 2 - The company achieved total operating revenue of 116.857 billion yuan, representing a year-on-year decrease of 16.08% [1] - The net profit attributable to shareholders was 2.711 billion yuan, reflecting a year-on-year decline of 63.47% [1] - The basic earnings per share stood at 0.23 yuan [1]