Group 1 - The company expects a significant decline in net profit for the first half of 2025, projecting a net profit of 273,453.06 million yuan, a decrease of 63.15% compared to the same period last year [1][4] - The projected net profit after deducting non-recurring gains and losses for the first half of 2025 is 259,886.51 million yuan, reflecting a 64.05% decrease year-on-year [1][4] - The performance forecast period is from January 1, 2025, to June 30, 2025 [1] Group 2 - For the first half of 2024, the company reported a net profit of 741,987.53 million yuan and a net profit of 722,973.63 million yuan after deducting non-recurring gains and losses, with earnings per share of 0.62 yuan [2] - The company held 105,031,578 shares in its repurchase account as of June 30, 2025, which affects the calculation of earnings per share and related metrics [3] Group 3 - The primary reason for the expected decrease in performance is the decline in the scale of revenue recognition from real estate projects, leading to a decrease in total operating revenue [4]

Sales Performance - In the first half of 2025, the total sales amount of the top 30 real estate companies in Chengdu reached 99.82 billion yuan, with China Resources Land, China Railway Construction, and Poly Developments leading the sales at 7.66 billion yuan, 7.39 billion yuan, and 7.34 billion yuan respectively [10] - The total sales area for the top 30 companies was 4.337 million square meters, with Poly Developments, China Resources Land, and China Railway Construction achieving sales areas of 343,000 square meters, 329,000 square meters, and 314,000 square meters respectively [10] Market Trends - The new housing market in Chengdu saw a total of 5,982 new homes sold in June, representing a year-on-year decrease of 13.7% but a month-on-month increase of 2.1% [10] - The new residential price index in Chengdu increased by 0.1 percentage points in May, marking the seventh consecutive month of price increases since November 2024 [10] Policy and Development - On June 6, the Chengdu Housing and Urban-Rural Development Bureau issued the "Good House" construction action plan, which includes 18 key tasks aimed at improving residents' living quality and happiness [10] - Upcoming projects such as Jianfa Zhaoshang Yuanqi Jinsha and Green City Run Baihe are expected to bring renewed activity to the Chengdu new housing market in July [10] Secondary Market - In June, the secondary housing market in Chengdu recorded 19,214 transactions, showing a year-on-year increase of 14.4% and remaining stable month-on-month [11] Land Market - The land market in Chengdu is experiencing record-breaking floor prices, with the Jinniu District's land price exceeding 20,000 yuan per square meter for the first time [11]

Group 1: Policy Initiatives - Changsha city has introduced a series of new policies to optimize real estate development, including "old-for-new" housing purchase subsidies and flexible housing ticket arrangements for urban renewal [1] - The "old-for-new" subsidy allows families or individuals who sell their own homes to receive a purchase subsidy of 1% of the new home's total price, with a maximum of 30,000 yuan per unit, aimed at promoting interaction between new and second-hand housing markets [1] - The policy encourages local districts to implement housing ticket arrangements based on actual conditions, particularly in urban villages and the renovation of dilapidated urban housing [1] Group 2: Company Earnings Forecasts - Chengjian Development expects a net profit attributable to shareholders of 440 million to 654 million yuan for the first half of 2025, with a net profit excluding non-recurring gains and losses of 347 million to 506 million yuan [2] - Jindi Group anticipates a net loss of 3.4 billion to 4.2 billion yuan for the first half of 2025, with a net loss excluding non-recurring gains and losses of 3.2 billion to 4 billion yuan [3] - Binhai Group forecasts a net profit attributable to shareholders of 1.633 billion to 1.982 billion yuan for the first half of 2025, compared to a profit of 1.166 billion yuan in the same period last year [4] - Poly Development expects a net profit attributable to shareholders of 2.735 billion yuan for the first half of 2025, with a net profit excluding non-recurring gains and losses of 2.599 billion yuan [5]

Core Viewpoint - Poly Developments and Holdings Group Co., Ltd. is issuing convertible bonds to specific investors, maintaining a credit rating of AAA with a stable outlook, supported by strong shareholder backing and a solid financial policy [2][24]. Financial Overview - Total assets as of 2022 were 1,470.46 billion, decreasing to 1,436.91 billion in 2023 and projected to be 1,335.11 billion in 2024 [5]. - Total liabilities decreased from 1,148.27 billion in 2022 to 1,099.89 billion in 2023, with a further decline to 992.58 billion expected in 2024 [5]. - Net profit for 2022 was 27.01 billion, dropping to 17.90 billion in 2023, with a forecast of 9.74 billion for 2024 [5]. - EBITDA for 2022 was 41.83 billion, decreasing to 32.80 billion in 2023, with a projected 22.47 billion for 2024 [5]. Industry Position - The company is a major platform for the Poly Group in real estate development, benefiting from strong brand recognition and market position [4][8]. - Despite a 23.49% decline in sales in 2024, the company maintained its leading industry position, ranking first in total sales for two consecutive years [12][22]. - The company focuses on core urban areas for land reserves, with a total building area of 125.74 million square meters as of the end of 2024 [12]. Risk Factors - The real estate industry faces challenges such as market demand fluctuations and project management pressures, particularly in areas with significant market downturns [4][6]. - The company is actively working on optimizing its land use through various strategies, including land conversion and withdrawal, to mitigate risks associated with unsold inventory [12][22]. Financing and Cash Flow - The company primarily relies on bank loans for financing, with a comprehensive financing cost decreasing to 3.1% by the end of 2024 [12][22]. - As of the end of 2024, the company had a total bank credit limit of 750 billion, with 314.9 billion remaining unused, indicating strong liquidity [15][22]. Future Outlook - The company anticipates a slight decline in real estate sales and investment in 2025, with revenue expected to decrease marginally [18][20]. - The overall economic environment is projected to improve, with supportive policies expected to bolster the real estate sector [8][9].

Group 1 - Cathay Pacific Haikou expects a net profit increase of 205%-218% for the first half of 2025, with a projected profit of 15.283 billion to 15.957 billion yuan [1] - The main reason for the profit increase is the merger with Haitong Securities, which has led to significant growth in wealth management and trading revenues [1] - Shenyuan Hongyuan anticipates a net profit increase of 92.66%-111.46% for the first half of 2025, with a projected profit of 4.1 billion to 4.5 billion yuan [6][7] Group 2 - Southern Airlines expects a net loss of 1.338 billion to 1.756 billion yuan for the first half of 2025, primarily due to changes in passenger structure and international uncertainties [2] - China Eastern Airlines projects a net loss of 1.2 billion to 1.6 billion yuan for the first half of 2025, influenced by intense domestic market competition [3] - Air China anticipates a net loss of 1.7 billion to 2.2 billion yuan for the first half of 2025, affected by market supply imbalances and international uncertainties [4] Group 3 - HNA Group expects to turn a profit in the first half of 2025, with a projected net profit of 45 million to 65 million yuan, attributed to improved market conditions and operational adjustments [5] - CICC forecasts a net profit increase of 55%-78% for the first half of 2025, with a projected profit of 3.453 billion to 3.966 billion yuan [8] - CITIC Securities anticipates a net profit increase of 55%-60% for the first half of 2025, with a projected profit of 4.43 billion to 4.573 billion yuan [9] Group 4 - Shandong Gold expects a net profit of 2.55 billion to 3.05 billion yuan for the first half of 2025, representing an increase of 84.3%-120.5% [10] - Poly Developments anticipates a net profit decrease of 63.15% for the first half of 2025, with a projected profit of 2.735 billion yuan [11] - Luoyang Molybdenum expects a net profit increase of 51%-68% for the first half of 2025, with a projected profit of 8.2 billion to 9.1 billion yuan [13] Group 5 - Longi Green Energy expects a net loss of 2.4 billion to 2.8 billion yuan for the first half of 2025, but with a significant reduction in losses compared to the previous year [14] - Tongwei Co. anticipates a net loss of 4.9 billion to 5.2 billion yuan for the first half of 2025, influenced by ongoing industry challenges [15] - Ganfeng Lithium expects a net loss of 300 million to 550 million yuan for the first half of 2025, an improvement from the previous year's loss [16] Group 6 - Jianghuai Automobile expects a net loss of approximately 680 million yuan for the first half of 2025, primarily due to increased competition in the international market [21] - Yonghui Supermarket anticipates a net loss of 240 million yuan for the first half of 2025, attributed to ongoing transformation challenges [22] - ST Huatuo expects a net profit increase of 107.2%-159% for the first half of 2025, with a projected profit of 2.4 billion to 3 billion yuan [23] Group 7 - New Hope anticipates a net profit of 680 million to 780 million yuan for the first half of 2025, marking a turnaround from losses [25] - Linyi Intelligent Manufacturing expects a net profit increase of 32%-67% for the first half of 2025, with a projected profit of 900 million to 1.14 billion yuan [27] - Pengding Holdings expects a net profit increase of 52.79%-60.62% for the first half of 2025, with a projected profit of 1.198 billion to 1.26 billion yuan [29] Group 8 - Hengtong Electronics expects a net profit increase of 740.95% for the first half of 2025, with a projected profit of approximately 251 million yuan [30] - Shengyi Technology anticipates a net profit increase of 50%-56% for the first half of 2025, with a projected profit of 1.4 billion to 1.45 billion yuan [31] - Founder Securities expects a net profit increase of 70%-80% for the first half of 2025, with a projected profit of 2.299 billion to 2.43 billion yuan [33]

Group 1 - New Yi Sheng expects a net profit increase of 327.68%-385.47% for the first half of 2025, reaching between 37 billion to 42 billion yuan, driven by growth in AI-related computing power demand and product structure optimization [2][4] - Xinghui Entertainment plans to sell 99.66% of its stake in the Spanish club Espanyol for 1.3 billion euros, with half of the payment in cash and the other half in shares [3] - *ST Yushun intends to acquire 100% of three companies for a total of 33.5 billion yuan, aiming to diversify its business into data center infrastructure services and related products [4] Group 2 - Salted Fish plans to reduce its shareholding by up to 2.04%, with a major shareholder intending to sell 5,455,572 shares [5] - Lian Microelectronics expects a net loss of approximately 1.21 billion yuan for the first half of 2025 [6] - Meinian Health anticipates a net loss of 1.92 billion to 2.36 billion yuan for the first half of 2025, with revenue expected to decline by 0.12%-5.83% [7] Group 3 - Chengdi Xiangjiang forecasts a net profit of 28 million to 42 million yuan for the first half of 2025, marking a turnaround from a loss of 69.29 million yuan in the previous year [8] - Jinpu Titanium plans to acquire 100% of Nanjing Lide Oriental Rubber and Plastic Technology Co., Ltd., with stock resuming trading after the announcement [9] - Bohai Leasing expects a net loss of 1.8 billion to 2.4 billion yuan for the first half of 2025 due to goodwill impairment from a subsidiary's asset sale [10] Group 4 - Foton Motor anticipates a net profit increase of approximately 87.5% for the first half of 2025, reaching about 777 million yuan [11] - Shenwan Hongyuan expects a net profit growth of 92.66%-111.46% for the first half of 2025, estimating profits between 4.1 billion to 4.5 billion yuan [12] - Ganfeng Lithium predicts a net loss of 5.5 billion to 3 billion yuan for the first half of 2025, an improvement from a loss of 7.6 billion yuan in the previous year [13] Group 5 - Suzhou Planning intends to acquire 100% of Beijing Dongjin Aviation Technology Co., Ltd., with stock resuming trading after the announcement [14] - Xiangyang Bearing expects a net loss of approximately 13 million yuan for the first half of 2025, slightly worse than the previous year's loss [15] - Tianqi Lithium forecasts a net profit of 0 to 1.55 billion yuan for the first half of 2025, a significant improvement from a loss of 5.2 billion yuan in the previous year [16] Group 6 - Shandong Gold anticipates a net profit increase of 84.3%-120.5% for the first half of 2025, estimating profits between 2.55 billion to 3.05 billion yuan [17] - Yunnan Geology expects a net profit of 16 million to 23 million yuan for the first half of 2025, marking a turnaround from a loss in the previous year [18] - Four-dimensional Map expects a net loss of 319 million to 268 million yuan for the first half of 2025, with revenue growth of 3.07%-14.30% [19] Group 7 - Tangrenshen anticipates a net loss of 54 million to 69 million yuan for the first half of 2025, a significant decline from the previous year's profit [20] - Changbai Mountain expects a net loss of 2.58 million to 1.58 million yuan for the first half of 2025, with revenue decreasing by approximately 7.48% [21] - Jiu Gui Jiu predicts a net profit of 8 million to 12 million yuan for the first half of 2025, a decline of 90.08%-93.39% compared to the previous year [22] Group 8 - Hengsheng Electronics expects a net profit increase of 740.95% for the first half of 2025, estimating profits around 251 million yuan [23] - Qixia Construction anticipates a net profit of 5.5 million to 8 million yuan for the first half of 2025, driven by increased project completions [24] - Poly Development expects a net profit decrease of 63.15% for the first half of 2025, estimating profits around 27.35 billion yuan [25] Group 9 - Anyuan Coal anticipates a net loss of 259 million to 310 million yuan for the first half of 2025, worsening from the previous year's loss [26] - Zhonghua Equipment plans to acquire 100% of Yiyang Rubber Machine and Beihua Machine, with stock suspension expected for no more than 10 trading days [27] - Bayi Steel expects a net loss of 650 million to 700 million yuan for the first half of 2025, primarily due to weak market conditions [28] Group 10 - Yuegui Co. anticipates a net profit increase of 58.67%-77.12% for the first half of 2025, estimating profits between 215 million to 240 million yuan [29] - Dalian Friendship expects a net loss of 38 million to 30 million yuan for the first half of 2025, with revenue impacted by tax-related issues [30] - Hangfa Power expects a net profit decrease of 84.53%-86.55% for the first half of 2025, estimating profits around 80 million to 92 million yuan [31] Group 11 - Dongfang Zirconium anticipates a net profit increase of 141.77%-156.80% for the first half of 2025, estimating profits between 25 million to 34 million yuan [32] - Hangzhou Steel expects a net profit decrease of 2% from a major shareholder's planned reduction [33] - Jingao Technology predicts a net loss of 2.5 billion to 3 billion yuan for the first half of 2025, worsening from the previous year's loss [34] Group 12 - Shanshan Co. expects a net profit increase of 810.41%-1265.61% for the first half of 2025, estimating profits between 160 million to 240 million yuan [35] - Guocheng Mining anticipates a net profit increase of 1046.75%-1174.69% for the first half of 2025, estimating profits between 493 million to 548 million yuan [36] - Jindi Group expects a net loss of 3.4 billion to 4.2 billion yuan for the first half of 2025, with significant declines in revenue [37] Group 13 - Founder Securities anticipates a net profit increase of 70%-80% for the first half of 2025, estimating profits between 22.96 billion to 24.32 billion yuan [38] - Hasi Lian expects a net loss of 98 million to 80 million yuan for the first half of 2025, a significant decline from the previous year [39] - Lanhua Ketech expects a net profit decrease of 89.12%-92.75% for the first half of 2025, estimating profits between 40 million to 60 million yuan [40] Group 14 - Shanxi Securities anticipates a net profit increase of 58.17%-70.72% for the first half of 2025, estimating profits between 5.04 billion to 5.44 billion yuan [41] - Xinda Real Estate expects a net loss of 3.5 billion to 3.9 billion yuan for the first half of 2025, with significant declines in revenue [42] - Xiangcai Co. anticipates a net profit increase of 63.64%-118.19% for the first half of 2025, estimating profits between 12 million to 16 million yuan [43] Group 15 - Longi Green Energy expects a net loss of 2.4 billion to 2.8 billion yuan for the first half of 2025, despite an increase in sales volume [44] - Wentai Technology anticipates a net profit increase of 178%-317% for the first half of 2025, estimating profits between 390 million to 585 million yuan [45] - Ruida Futures expects a net profit increase of 50.56%-83.15% for the first half of 2025, estimating profits between 206 million to 251 million yuan [46] Group 16 - Debang Co. anticipates a net profit decrease of 84.26%-87.86% for the first half of 2025, estimating profits between 40 million to 52 million yuan [47] - Jin Yi Culture expects a net loss of 20 million to 32 million yuan for the first half of 2025, a significant decline from the previous year [48] - Hongdian Film expects a net profit increase of 103.55%-160.09% for the first half of 2025, estimating profits between 180 million to 230 million yuan [49] Group 17 - Qiaqia Food anticipates a net profit decrease of 71.05%-76.25% for the first half of 2025, estimating profits between 80 million to 97.5 million yuan [50] - Guotai Haitong expects a net profit increase of 205%-218% for the first half of 2025, estimating profits between 15.283 billion to 15.957 billion yuan [51] - Xining Special Steel expects a net loss of approximately 234 million yuan for the first half of 2025, with revenue impacted by low steel prices [52]

Investment Rating - The report maintains a "Buy" rating for the company [2][7] Core Views - The company has experienced a significant decline in performance due to a high base effect, with a notable drop in revenue and profit margins [7] - Despite the downturn, the company remains the industry leader in sales, with a focus on optimizing land reserves and investment in core first and second-tier cities [7] - The successful issuance of convertible bonds at a low interest rate indicates strong investor confidence in the company's recovery potential [7] - The report anticipates improved market conditions for quality real estate firms post-industry consolidation, suggesting potential for growth [7] Financial Data and Profit Forecast - For 2025, total revenue is projected at 280.5 billion yuan, a decrease of 10% year-on-year, with a net profit of 5.128 billion yuan, reflecting a slight increase of 2.5% [6][8] - The company reported a 16.1% decline in total revenue for the first half of 2025, with a net profit drop of 63.2% compared to the previous year [7] - The gross profit margin is expected to stabilize around 14.3% for 2025, with a return on equity (ROE) of 2.5% [6][8]

中诚信国际信用评级有限责任公司 2025 年 7 月 14 日 2 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 2025 年度跟踪评级报告 编号：信评委函字[2025]跟踪 2298 号 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 2025 年度跟踪评级报告 声 明 本次评级为委托评级，中诚信国际及其评估人员与评级委托方、评级对象不存在任何其他影响本次评级行为独立、 客观、公正的关联关系。 本次评级依据评级对象提供或已经正式对外公布的信息，以及其他根据监管规定收集的信息，中诚信国际按照相关 性、及时性、可靠性的原则对评级信息进行审慎分析，但中诚信国际对于相关信息的合法性、真实性、完整性、准 确性不作任何保证。 中诚信国际及项目人员履行了尽职调查和诚信义务，有充分理由保证本次评级遵循了真实、客观、公正的原则。 评级报告的评级结论是中诚信国际依据合理的内部信用评级标准和方法、评级程序做出的独立判断，未受评级委托 方、评级对象和其他第三方的干预和影响。 本评级报告对评级对象信用状况的任何表述和判断仅作为相关决策参考之用，并不意味着中诚信国际实质性建议任 何使用人据此报告采取投资、借贷等 ...

[2025 Semi-Annual Performance Forecast and Express Report](index=1&type=section&id=2025%E5%B9%B4%E5%8D%8A%E5%B9%B4%E5%BA%A6%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%91%8A%E6%9A%A8%E4%B8%9A%E7%BB%A9%E5%BF%AB%E6%8A%A5) [2025 Semi-Annual Performance Forecast](index=1&type=section&id=%E4%B8%80%E3%80%812025%E5%B9%B4%E5%8D%8A%E5%B9%B4%E5%BA%A6%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%91%8A%E6%83%85%E5%86%B5) The company forecasts a significant decline in net profit attributable to parent company owners by **63.15%** and non-recurring net profit by **64.05%** for the first half of 2025 2025 Semi-Annual Performance Forecast | Indicator | Estimated Amount (RMB Million) | Year-on-Year Change (RMB Million) | Change Rate (%) | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Parent Company Owners | 2,734.53 | Decrease by 4,685.34 | -63.15 | | Net Profit Attributable to Parent Company Owners After Deducting Non-Recurring Items | 2,598.87 | Decrease by 4,630.87 | -64.05 | [Key Financial Data and Indicators](index=2&type=section&id=%E4%B8%89%E3%80%812025%E5%B9%B4%E5%8D%8A%E5%B9%B4%E5%BA%A6%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E6%8C%87%E6%A0%87%E6%83%85%E5%86%B5) The company experienced a comprehensive decline in key financial indicators for H1 2025, including **16.12%** revenue drop and **63.15%** net profit decrease 2025 Semi-Annual Key Financial Data (RMB Million) | Key Financial Indicator | Current Period (RMB Million) | Prior Year Same Period (RMB Million) | Change Rate (%) | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 116,796.92 | 139,249.18 | -16.12 | | Operating Profit | 9,825.59 | 13,943.84 | -29.53 | | Total Profit | 9,929.39 | 14,095.91 | -29.56 | | Net Profit Attributable to Listed Company Shareholders | 2,734.53 | 7,419.88 | -63.15 | | Basic Earnings Per Share (RMB) | 0.23 | 0.62 | -63.07 | | Weighted Average Return on Net Assets (%) | 1.37 | 3.69 | Decrease by 2.32 percentage points | | **Balance Sheet Indicators** | **End of Current Period (RMB Million)** | **Beginning of Current Period (RMB Million)** | **Change Rate (%)** | | Total Assets | 1,298,394.54 | 1,335,108.02 | -2.75 | | Owners' Equity Attributable to Listed Company Shareholders | 200,238.46 | 197,596.49 | 1.34 | [Primary Reasons for Performance Decline](index=2&type=section&id=%E5%9B%9B%E3%80%81%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%87%8F%E7%9A%84%E4%B8%BB%E8%A6%81%E5%8E%9F%E5%9B%A0) Performance decline is primarily attributed to reduced real estate project settlement scale and decreased profitability of settled projects due to market fluctuations - Performance decline is attributed to a dual decrease in real estate project settlement scale and profitability[7](index=7&type=chunk) [Risk Warning](index=2&type=section&id=%E4%BA%94%E3%80%81%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA) Investors are cautioned that the 2025 semi-annual financial data are preliminary and unaudited, subject to change in the official report - The disclosed financial data are preliminary and unaudited, carrying inherent uncertainties; investors should refer to the officially released semi-annual report[8](index=8&type=chunk)

保利发展：上半年净利预降63.15% 智通财经7月14日电，保利发展(600048.SH)公告称，保利发展发布2025年半年度业绩预告，预计归属于 上市公司股东的净利润为27.35亿元，比上年同期减少63.15%。报告期内，因房地产项目结转规模下 降，公司营业总收入同比下降；受行业和市场波动影响，结转项目盈利能力下降，相关利润指标相应同 比下降。 ...