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 ...

Investment Rating - The investment rating for the real estate industry is "Positive" (maintained) [4] Core Viewpoints - Since September 2024, the central government's clear requirement has been to "stabilize the real estate market and the stock market" to boost social expectations and facilitate domestic demand circulation. The emphasis on building quality housing and high-quality residential projects is expected to lead to a development wave in this sector [5][51] - The report suggests focusing on real estate companies with strong land acquisition capabilities and product strength in core cities, as well as second-hand housing intermediaries and property management companies [5] Market Performance - The Shanghai Composite Index rose by 2.1%, the Shenzhen Component Index by 1.2%, the ChiNext Index by 0.5%, and the CSI 300 Index by 1.2%. The real estate sector (Shenwan) increased by 2.2% during the week [5][8] - The top five stocks in terms of growth were: Heimu Dan (+18.1%), *ST Rong Control (+16.7%), Yatong Co. (+14.9%), Huali Family (+13.5%), and Shangshi Development (+12.9%). The bottom five were: Zhujiang Co. (-6.8%), Haitai Development (-3.5%), *ST Jinke (-2.1%), Jintou Chengkai (-1.7%), and Hainan Airport (-1.0%) [5][8] Data Tracking New Housing Transactions - In the week of August 2-8, 2025, 42 key cities saw a total new housing transaction of 1.41 million square meters, a decrease of 31.2% week-on-week and a decrease of 19.2% year-on-year. The cumulative new housing transaction for August (up to the week of August 8) was 1.64 million square meters, down 11.2% month-on-month and down 22.3% year-on-year [5][15][22] - In the same week, first-tier cities accounted for 330,000 square meters, second-tier cities for 825,000 square meters, and third and fourth-tier cities for 259,000 square meters [15] Second-Hand Housing Transactions - In the week of August 2-8, 2025, 21 key cities recorded a total second-hand housing transaction of 1.72 million square meters, a decrease of 7.8% week-on-week and a decrease of 4.4% year-on-year. The cumulative second-hand housing transaction for August (up to the week of August 8) was 2.02 million square meters, down 5.8% month-on-month and down 3.2% year-on-year [5][33][37] Industry News - Beijing has canceled the purchase limit for properties outside the Fifth Ring Road and optimized the housing provident fund policy in four aspects: first home recognition, second home quota, accumulation speed, and down payment usage. Shanghai is promoting high-quality urban development through discussions on the "14th Five-Year Plan" [47] - The Jiangsu provincial government held a special meeting to promote consumption, focusing on stabilizing the real estate market and enhancing the supply of quality housing [47] - New regulations in Hunan Province limit the height of high-rise residential buildings to 26 floors and set a maximum floor area ratio of 3.1. Chengdu has introduced guidelines for quality housing design, while Suzhou has implemented new regulations for the self-renewal of private housing [47]

证券代码：600048 证券简称：保利发展 公告编号：2025-071 关于根据 2024 年度利润分配方案 调整可转换公司债券转股价格的公告 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： 一、本次可转债基本情况 根据中国证券监督管理委员会出具的《关于同意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注册的批复》（证监许可﹝2025﹞853号）， 公司向特定对象发行了8,500万张可转换公司债券（以下简称"本次可转债"）， 每张面值100元，募集资金总额为850,000万元，扣除发行费用2,125万元（含税） 后，募集资金净额为847,875万元。 本次可转债的证券简称为"保利定转"，证券代码为"110817"，于2025 年5月30日在中国证券登记结算有限责任公司上海分公司办理完成登记托管，挂 牌转让日期为2025年6月19日。本次可转债转股期自本次可转债发行结束之日满 六个月后的第一个交易日起至本次可转债到期日止，初始转股价格为16.09元/ 股。 二、转股价格调整依据 2025年7月1日，公 ...

Core Viewpoint - The real estate market is stabilizing due to various policies, with a noticeable reduction in the sales decline of real estate companies in the first seven months of 2025 compared to the previous year [2][8]. Sales Performance - In the first seven months of 2025, the total sales of the top 100 real estate companies reached 2.07 trillion yuan, a year-on-year decline of 13.3%, significantly narrowing from a 40.1% drop in the same period last year [2][8]. - Poly Development ranked first in sales, achieving a signed area of 8.0453 million square meters and a sales amount of 163.185 billion yuan, down 26.81% and 17.85% year-on-year, respectively [2][3]. - Other companies like Greentown, China Overseas, China Resources, and China Merchants also entered the billion-yuan sales club, with sales figures of 136.8 billion yuan, 132 billion yuan, 123.6 billion yuan, and 104.6 billion yuan, respectively [3]. Pricing Strategies - Many real estate companies adopted a "price for volume" strategy, leading to a general decline in sales prices compared to last year [7][9]. - For instance, Greentown's average sales price in July was 26,733 yuan per square meter, down from 29,755 yuan per square meter in July of the previous year [7]. Market Trends - The real estate market continues to be in an adjustment phase, with a trend of shrinking balance sheets among listed companies [6]. - Despite the overall decline in sales, some companies like Jinmao reported a sales increase of over 20% year-on-year, achieving 61.807 billion yuan in sales [6] - The market is expected to maintain stability in August, with potential improvements in sales due to ongoing policy support [10]. Profitability Concerns - The shift to a "price for volume" strategy has resulted in profit losses for many companies, with 11 out of 62 listed companies forecasting losses for the first half of 2025 [9][10]. - Factors contributing to poor performance include increased asset impairment provisions and rising interest expenses on debts [10].

李勇补充道，民营企业与国有企业虽特点不同，但它们都是经济中非常重要的组成部分。以开发为例， 帮助保利发展做方案创作的团队，包括规划、建筑、室内及园林设计，几乎都是民营企业；即便是专业 度高的细分领域，如材料供应、服务提供等，也以民营企业为主。 他进一步表示，两者各有侧重，像保利这样的国资央企，资源和资本更雄厚，但作为风险厌恶型主体， 难以像京东那样在全新市场投入大量技术和创新，这是国企的短板。不过，国企与民企在国民经济体系 中各司其职，最终形成互补、合作、共赢的格局。 国企与民企在国民经济体系中各司其职，最终形成互补、合作、共赢的格局。 8月13日，2025博鳌房地产论坛全体大会在海南召开。在主题为"如何抓住产业融合与转型升级机遇"话 题的讨论环节中，保利发展（600048）控股海南云南区域党委书记、董事长李勇表示，融合的核心逻辑 是在整合的过程当中如何产生1+1大于2，或者1×1大于10的叠加效应，相互获利。 在他看来，三亚是旅游与康养业态较为集中的房地产市场，整合这些业态的核心在于理清它们之间的内 在联系，而它一定是使用者，人是纽带。 ...

Core Viewpoint - Hefei Hexin Real Estate Leasing Co., Ltd. has been established with a registered capital of 50 million yuan, primarily focusing on property management, land use rights leasing, hotel management, and real estate consulting, among other services. The company is wholly owned by Poly Developments and Holdings Group Co., Ltd. [1] Company Information - The legal representative of Hefei Hexin Real Estate Leasing Co., Ltd. is Qiu Honggang [1] - The company is registered with a capital of 50 million yuan and is classified as a limited liability company [2] - The business scope includes property management, land use rights leasing, hotel management, non-residential real estate leasing, housing leasing, and real estate consulting [1][2] Shareholding Structure - The company is wholly owned by Anhui Poly Real Estate Development Co., Ltd., which is a state-owned enterprise [2] - Poly Developments and Holdings Group Co., Ltd. holds 100% of the shares in Anhui Poly Real Estate Development Co., Ltd. with a registered capital of 500 million yuan [2]

Group 1 - A new company, Hefei Hexin Real Estate Rental Co., Ltd., has been established with a registered capital of 50 million yuan [1] - The legal representative of the new company is Qiu Honggang [1] - The business scope of the company includes property management, land use rights leasing, hotel management, non-residential real estate leasing, housing leasing, and real estate consulting [1] Group 2 - The company is indirectly wholly owned by Poly Development (stock code: 600048) [1]

据中指研究院，前7个月，保利发展以1632亿元领跑，绿城中国、中海地产则以1368亿元、1319.5亿元紧随其后。此外，包括华润置地、招商蛇口在内，共5 家房企进入"千亿阵营"。 7月TOP10房企中，万科重回第六位，城建发展排名上升3位。 1～7月，TOP50上市房企合计销售额15137.9亿元，其中7月单月销售额1710.2亿元，淡季迹象明显。 头部房企依然稳健 (2025年7月) | | 中国海外发展 | 1201.4 | 不变 | 13.6 | | --- | --- | --- | --- | --- | | 4 | 华润置地 | 1103 | 不变 | 28.8 | | 5 ) | 招商蛇口 | 888.9 | 不变 | 8.71 | | 6 ) | 万科A | 706.8 | 11 | 6.4 | | 7 | 建发股份 | 686.6 | | ↓1 10.1 | | 8 | 越秀地产 | 617 | 不变 | 4.6. | | 9 | 中国金茂 | 533.5 | 不变 | 1.4: | | (10) | 滨江集团 | 527.5 | 不要 | 9.91 | | (11) | 华发股份 | 50 ...