Group 1: Real Estate Development Support - Fuzhou has issued 16 measures to support real estate project development, focusing on streamlining planning and construction approvals, optimizing floor area ratio calculations, and enhancing project management and acceptance mechanisms [1] - The measures aim to simplify development processes, reduce the burden on enterprises, and improve operational efficiency and capital recovery for local real estate companies [1] Group 2: Green Town's Bond Purchase - Greentown Real Estate Group announced that it has purchased bonds in the secondary market, with a total amount reaching 2.134 billion yuan, showcasing its commitment to maintaining bond value and protecting investor interests [2] - This action is expected to enhance the attractiveness and stability of Greentown's bonds in the market, setting a positive example for other real estate companies [2] Group 3: Longfor's Early Bond Redemption - Longfor Properties has received approval for the early redemption of its 2 billion yuan medium-term notes, demonstrating strong financial management and reduced debt pressure [3] - The early repayment is set to occur approximately three months ahead of schedule, which is likely to boost market confidence in quality private real estate firms [3] Group 4: Yuzhou Group's Restructuring Efforts - Yuzhou Group is accelerating its efforts to meet restructuring conditions, with a target completion date set for August 31, 2025, despite some conditions still pending [4] - Successful restructuring could optimize the company's debt structure, alleviate financial pressure, and enhance market confidence, potentially revitalizing project progress and sales [4] Group 5: Poly Developments' Convertible Bond Adjustment - Poly Developments announced an adjustment to the conversion price of its 8.5 billion yuan convertible bonds, lowering the price from 16.09 yuan to 15.92 yuan per share [5] - This adjustment benefits investors by reducing conversion costs and increasing potential returns, while also potentially alleviating the company's debt burden in the long term [5]

Core Points - The company announced an adjustment to the conversion price of its convertible bonds based on the 2024 profit distribution plan, reducing the price from 16.09 CNY to 15.92 CNY per share [2][5] - The adjustment will take effect on August 20, 2025, following the company's cash dividend distribution of 1.70 CNY per 10 shares [3][5] Summary of Convertible Bonds - The company issued 85 million convertible bonds with a face value of 100 CNY each, raising a total of 850 million CNY, netting 847.875 million CNY after deducting issuance costs [2] - The initial conversion price was set at 16.09 CNY per share, with the conversion period starting six months after the issuance [2] Basis for Conversion Price Adjustment - The adjustment is based on the company's profit distribution plan approved at the third extraordinary general meeting on July 1, 2025, which includes a cash dividend of 1.70 CNY per 10 shares [3][4] - The adjusted conversion price formula is P1 = P0 - D, where D is the cash dividend per share [4] Results of Conversion Price Adjustment - The adjusted conversion price is calculated to be approximately 15.92 CNY per share, effective from the ex-dividend date of August 20, 2025 [5] - The cash dividend per share, after considering the total share capital, is approximately 0.1685 CNY [5][9] Profit Distribution Plan - The profit distribution plan for the fiscal year 2024 includes a cash dividend of 0.17 CNY per share, totaling approximately 2.017 billion CNY [7][9] - The distribution will be made to all shareholders registered by the close of trading on August 19, 2025 [8] Tax Implications - For individual shareholders, the cash dividend will not be subject to withholding tax at the time of distribution, with tax calculated based on the holding period upon sale of shares [13] - For qualified foreign institutional investors (QFII), a 10% withholding tax will apply, resulting in a net cash dividend of 0.153 CNY per share [14]

证券日报网讯 8月13日晚间，保利发展发布公告称，2024年年度权益分派方案为A股每股现金红利0.17 元（含税），股权登记日为2025年8月19日，除权（息）日为2025年8月20日。 （编辑 姚尧） ...

（文章来源：证券日报） 证券日报网讯 8月13日晚间，保利发展发布公告称，公司2024年度利润分配方案实施后，将依据《保利 发展控股集团股份有限公司向特定对象发行可转换公司债券募集说明书》发行条款及相关规定对本次可 转债的当期转股价格进行调整，"保利定转"的转股价格将由16.09元/股调整为15.92元/股，由于本次可转 债尚未进入转股期，调整后的转股价格自2025年8月20日（除息日）起生效。 ...

Investment Rating - The report maintains an "Accumulate" rating for the real estate industry [6] Core Insights - In the first seven months of 2025, the transaction area of new residential properties in the core 30 cities decreased by 7% year-on-year, while the transaction area of second-hand residential properties in 15 cities increased by 10% [1][3] - The average transaction price of new residential properties in the core 30 cities increased by 3.5% year-on-year in the first seven months of 2025 [2] - The report anticipates that with the continued implementation of real estate policies, high-energy core cities will benefit from urban renewal, leading to structural optimization and gradual stabilization of the market [4][81] Summary by Sections New Housing Market - In July 2025, the transaction area of new residential properties in the core 30 cities was 919 million square meters, down 19.4% year-on-year and 24.7% month-on-month [1] - The average transaction price for new residential properties in July 2025 was 24,361 yuan per square meter, a slight increase of 0.1% year-on-year but a decrease of 5.0% month-on-month [2] - For the first seven months of 2025, the average transaction price was 24,898 yuan per square meter, reflecting a year-on-year increase of 3.5% [2] Second-Hand Housing Market - In July 2025, the transaction area of second-hand residential properties in the core 15 cities was 1,290 million square meters, down 5.8% year-on-year [3] - The average transaction price for second-hand residential properties in July 2025 was 22,924 yuan per square meter, down 5.3% year-on-year [72] - For the first seven months of 2025, the average transaction price was 24,091 yuan per square meter, showing a slight decrease of 0.3% year-on-year [4] Investment Recommendations - The report suggests focusing on three main lines for investment: 1. Stable leading companies with high product reputation and continuous sales ranking improvement, such as China Overseas Development and Poly Developments [4][82] 2. Companies with rich stock resources and strong operational brand competitiveness, like China Resources Land and Shanghai Lingang [4][82] 3. Long-term growth potential in the property service industry, recommending companies like China Merchants Shekou and Greentown Service [4][82]

这里有长住的，有短住的，有旅居的，有康养的，有旅游或者是医疗为目的的客户，大家的需求非常多 元且独特。 8月13日，2025博鳌地产发展暨代建大会在海南召开。保利发展（600048）控股海南云南区域党委书 记、董事长李勇以"以好生活为纲，赋能品质人居——保利发展在海南的探索与实践"为主题发表演讲。 李勇坦言，未来还是有一些挑战的，在海南要做一个好房子其实不太容易。 第一个是技术挑战，海南的台风比较多，高温、高湿、高盐，为了解决这个问题，保利做了大量的研 究。 第二是经济的挑战，海南总体成本大概比广东省要贵10%到15%，几乎所有的建材来自大陆，要通过海 路运过来，绝大多数施工团队、工人也要从大陆过来。这样的问题导致建设和后期维护成本都会有一些 挑战。 第三是市场和客户的挑战，因为海南的客户需求和大陆地区有非常多的不一样，这里有长住的，有短住 的，有旅居的，有康养的，有旅游或者是医疗为目的的客户，大家的需求非常多元且独特。 第四是配套的挑战，海南过完清明节到7月份，街上是不堵车的，机场的航班好多也是空着的。这些商 家如何熬过漫长的淡季？真正有机会赚钱的时间最多就是4个月。 他提到，这些挑战需要政府、银行、上下游 ...

Core Points - The company announced a cash dividend of 0.17 CNY per share for A shares, totaling approximately 2.017 billion CNY [1] - The dividend distribution plan was approved at the third extraordinary general meeting of shareholders on July 1, 2025 [1] - The record date for the dividend is August 19, 2025, with the ex-dividend date and payment date both set for August 20, 2025 [1][2] Dividend Distribution Details - The total number of A shares eligible for the dividend is 11,865,411,840 after excluding 105,031,578 shares held in the company's repurchase account [2] - The cash dividend per share is calculated as approximately 0.1685 CNY based on the actual shares participating in the distribution [2] - The reference price for the ex-dividend date is determined by subtracting the cash dividend from the previous closing price [2] Taxation Information - For individual shareholders, no withholding tax will be deducted at the time of dividend distribution; tax will be calculated based on the holding period upon the sale of shares [5] - The effective tax rates for individual shareholders vary based on the holding period, with a maximum of 20% for shares held for one month or less [5] - For qualified foreign institutional investors (QFII) and renminbi qualified foreign institutional investors (RQFII), a 10% withholding tax will apply, resulting in a net dividend of 0.153 CNY per share [6][7]

Core Viewpoint - The company announced an adjustment to the conversion price of its convertible bonds based on the 2024 profit distribution plan, reducing the price from 16.09 CNY to 15.92 CNY, effective from August 20, 2025 [1][2][3] Group 1: Convertible Bond Details - The company issued 85 million convertible bonds with a face value of 100 CNY each, raising a total of 850 million CNY, with a net amount of 847.875 million CNY after deducting issuance costs of 21.25 million CNY [1] - The convertible bonds, named "保利定转" with the code "110817," were registered on May 30, 2025, and began trading on June 19, 2025 [2] Group 2: Conversion Price Adjustment Basis - The adjustment of the conversion price is based on the company's profit distribution plan, which includes a cash dividend of 1.70 CNY per 10 shares (pre-tax) [2] - The cash dividend per share is calculated as approximately 0.1685 CNY, derived from the total share capital and the actual cash dividend distributed [3] Group 3: Adjustment Results - The new conversion price is calculated using the formula P1 = P0 - D, where P0 is the previous conversion price and D is the cash dividend per share [3] - The adjusted conversion price of approximately 15.92 CNY will take effect on August 20, 2025, which is the ex-dividend date [3]

中国国际金融股份有限公司 关于保利发展控股集团股份有限公司 差异化分红事项的专项意见 中国国际金融股份有限公司（以下简称"中金公司"、"保荐人"、"保荐 机构"）作为保利发展控股集团股份有限公司（以下简称"保利发展"、"公司"） 向特定对象发行可转换公司债券的保荐人，根据《中华人民共和国公司法》（以 下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、 《上市公司股份回购规则》（以下简称"《回购规则》"）、《上海证券交易所 股票上市规则》（以下简称"《上市规则》"）、《上海证券交易所上市公司自 律监管指引第7号——回购股份》、《上海证券交易所上市公司自律监管指南第 2号——业务办理》以及《保利发展控股集团股份有限公司章程（以下简称"《公 司章程》"）》等相关法律、法规及规范性文件的规定，对保利发展2024年度利 润分配所涉及的差异化分红（以下简称"本次差异化分红"）相关事项进行了审 慎核查，并出具专项意见如下： 股份存放于公司回购专用证券账户。 根据《上海证券交易所上市公司自律监管指引第7号——回购股份》，上市 公司回购专用账户中的股份，不享有利润分配等权利，故需进行差异化权益分派 特 ...

证券代码：600048 证券简称：保利发展 公告编号：2025-070 保利发展控股集团股份有限公司 2024年年度权益分派实施公告 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。 重要内容提示： | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/8/19 | － | 2025/8/20 | 2025/8/20 | 差异化分红送转： 是 一、通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 7 月 1 日的2025年第三次临时股东大会审议 通过。 二、分配方案 截至股权登记日 2025 年 8 月 19 日下午上海证券交易所收市后，在中国证券 登记结算有限责任公司上海分公司（以下简称"中国结算上海分公司"）登记在册 的本公司全体股东。 3. 差异化分红送转方案： （1）差异化分红方案 以实施权益分派股权登记日的总股本扣除公司回购专用证券账户的股数为基 每股分配比例 A 股每股现金红利 ...