Core Viewpoint - The recent launch of the Poly Expo Tianyue Phase 7 in Shanghai has set a new record for housing prices in the city, with the highest unit price reaching approximately 30.27 million yuan per square meter, surpassing previous records and highlighting the increasing value of Shanghai real estate [2][12]. Pricing Strategy - The pricing of the properties is influenced by the scarcity of high-end river-view luxury apartments, with the top-floor unit being particularly sought after due to its unique features and views [3][4]. - Factors such as the height of each unit, the quality of the layout, and the sales performance of comparable properties in the market were considered in determining the pricing [3][4]. Property Details - The Poly Expo Tianyue Phase 7 consists of 76 large units, all over 200 square meters, with the most expensive unit priced at approximately 30.27 million yuan, while the least expensive unit is priced at about 11.41 million yuan per square meter [4][8]. - The luxury units feature high-end finishes and amenities, including spacious layouts, multiple balconies, and access to a two-level underground clubhouse with facilities akin to a five-star hotel [8][10]. Market Demand - There has been a significant interest from various high-profile buyers, including executives from listed companies, real estate entrepreneurs, and celebrities, indicating a strong demand for luxury properties in Shanghai [11]. - The recent price surge has sparked discussions on social media, with many expressing that such prices are becoming the norm in Shanghai's real estate market [12]. Market Trends - The overall trend in Shanghai's luxury real estate market shows an upward trajectory in pricing, with several new projects also reporting increased prices compared to previous launches [14]. - The willingness of buyers to pay a premium for scarce and high-quality properties suggests a robust market outlook, with expectations for continued activity in the luxury segment [14].

Group 1 - The core viewpoint of the articles highlights the strong performance of the luxury real estate market in Guangzhou, particularly the success of the Poly Tianyi project, which achieved 176 units sold for over 2.1 billion yuan in May, leading the luxury segment in the city [1][4] - The luxury market in first-tier cities like Guangzhou is showing structural differentiation, with high-end properties being the preferred choice for high-net-worth individuals [1][4] - Poly Developments has established a competitive advantage through its focus on quality housing, services, and lifestyle, which is reflected in its strategic positioning in key urban areas [1][4][5] Group 2 - The Poly Tianyi project is positioned in the "Golden Triangle" of Guangzhou, an area characterized by high-quality economic development and innovation, making it a prime location for luxury living [5][4] - The project is part of Poly's broader strategy to capitalize on urban development trends and cater to the evolving needs of affluent buyers, emphasizing unique living experiences and emotional value [2][6] - The luxury housing market in China is experiencing robust growth, with a significant increase in transactions for properties priced over 30 million yuan, indicating a strong demand from high-net-worth families [8][7] Group 3 - Poly Tianyi's design focuses on creating a sense of relaxation and emotional connection for residents, featuring a unique architectural layout and high-quality materials that enhance the living experience [11][12] - The project includes a range of amenities designed to foster community and social interaction, such as a large clubhouse and various recreational facilities, aligning with the lifestyle preferences of modern luxury buyers [13][14] - The strategic development of Poly Tianyi reflects a commitment to creating high-value real estate that not only meets current market demands but also anticipates future urban growth and lifestyle trends [14][5]

Core Viewpoint - The "2025 Mid-Year China Real Estate Product Evaluation" has officially entered the project display phase, with the initial shortlisted projects announced on June 3rd, following a vigorous selection process involving industry experts and enterprises [1][12]. Group 1: Evaluation Process - The evaluation will combine expert reviews and online voting to determine the final awards, including "Top Ten High-End/Light Luxury/Quality Works" and "National Good House Comprehensive Award" [1]. - The evaluation work is currently progressing in an orderly manner, with project details available for public viewing [1]. Group 2: Shortlisted Projects - High-end shortlisted projects include: - Shanghai Shilin Runyuan, featuring a traditional old city style [2]. - Hangzhou Jianfa | Qiantang Construction Yunqi Qianwan, characterized as a timeless riverside residence [2]. - Wuhan Jianfa · Wanghu, offering large residential units in a prime location [4]. - Light luxury shortlisted projects include: - Foshan Poly Jinlitao Yue, designed in a modern Chinese style [5]. - Zhongshan Poly Langyue, also featuring a modern Chinese architectural style [6]. - Quality shortlisted projects include: - Beijing Yuexiu · Future Science City, aimed at high-educated young professionals [7]. - Foshan Yuexiu · Xinghui Denghu, blending urban and park elements [8]. - Xiamen Jianfa · Yuehai, offering a seaside living experience [10]. Group 3: Industry Focus - Since 2018, the organization has focused on the evolution of product strength in the industry, transitioning from "product strength" to "product system" and "customer demand" research, aiming to promote continuous upgrades in industry product quality [11].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6][22] Core Views - The company maintains its leading position in the industry despite a decline in sales figures, with a focus on high-energy cities [6][7] - The company’s sales amount and area have decreased year-on-year, but it remains the top seller in the industry [7][8] - The company has a strong land acquisition strategy, with over 90% of land purchases in first and second-tier cities [8] - The financial outlook remains stable, with projected net profits for 2025-2027 at 5.678 billion, 6.560 billion, and 7.505 billion yuan respectively [6][10] Summary by Sections Sales Performance - In May 2025, the company achieved a signed sales amount of 28.512 billion yuan, a year-on-year decrease of 19.26%, and a signed area of 1.3041 million square meters, down 16.93% [7] - For the first five months of 2025, the total signed sales amount was 116.161 billion yuan, a decrease of 11.54%, with a total area of 5.612 million square meters, down 24.96% [7] Land Acquisition - In May 2025, the company acquired 6 land parcels with a total building area of 500,900 square meters and a total land price of 10.265 billion yuan [8] - From January to May 2025, the company acquired 21 land parcels, with a total building area of 1.957 million square meters and corresponding land payments of 41.97 billion yuan [8] Financing - The company has maintained smooth financing channels, raising a total of 9.457 billion yuan in the public market from January to May 2025 [9] - In May 2025, the company issued its second tranche of medium-term notes amounting to 3 billion yuan with a coupon rate of 2.15% [9] Financial Projections - The company’s projected revenue for 2025 is 269.09 billion yuan, with a year-on-year decrease of 13.7% [10] - The projected earnings per share (EPS) for 2025 is 0.47 yuan, with a price-to-earnings (P/E) ratio of 17.2 times [10][19]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company maintains its leading position in the industry despite a decline in signed sales amount and area in May 2025. The company continues to focus on high-energy cities, with over 90% of land acquisitions in first and second-tier cities [6][7] - The profit forecast remains unchanged, with expected net profits for 2025-2027 at 5.68 billion, 6.56 billion, and 7.51 billion yuan respectively, corresponding to EPS of 0.47, 0.55, and 0.63 yuan [6][7] Summary by Relevant Sections Sales Performance - In May 2025, the company achieved a signed sales amount of 28.51 billion yuan, a year-on-year decrease of 19.26%, and a signed area of 1.30 million square meters, down 16.93% year-on-year. For the first five months of 2025, the total signed sales amount was 116.16 billion yuan, a decrease of 11.54%, with a total area of 561.2 thousand square meters, down 24.96% year-on-year [7][8] Land Acquisition - In May 2025, the company acquired 6 land parcels with a total construction area of 500.9 thousand square meters and a total land price of 10.26 billion yuan. From January to May 2025, the company acquired 21 parcels, with a total construction area of 1.95 million square meters and corresponding land payments of 41.97 billion yuan, a year-on-year decrease of 40.5% [8][9] Financing - The company has maintained smooth financing channels, with a total public market financing of 9.46 billion yuan from January to May 2025. In May 2025, the company issued its second tranche of medium-term notes for 3 billion yuan at a coupon rate of 2.15% [9] Financial Summary and Valuation Metrics - The company's projected revenue for 2025 is 269.09 billion yuan, with a year-on-year decline of 13.7%. The projected net profit for 2025 is 5.68 billion yuan, with a year-on-year increase of 13.5%. The projected EPS for 2025 is 0.47 yuan, with a P/E ratio of 17.2 times [10][19]

证券研究报告·行业跟踪周报·房地产 房地产行业跟踪周报 新房二手房成交同环比回落，城市更新政策持 续释放动能 增持（维持） 2025 年 06 月 09 日 证券分析师 房诚琦 执业证书：S0600522100002 fangcq@dwzq.com.cn 行业走势 -17% -12% -7% -2% 3% 8% 13% 18% 23% 28% 33% 2024/6/11 2024/10/10 2025/2/8 2025/6/9 房地产 沪深300 相关研究 《新房成交面积环比改善，二手房成 交同比持续正增》 2025-06-04 《LPR 下调 10 基点，持续推进城市更 新》 2025-05-26 东吴证券研究所 1 / 17 请务必阅读正文之后的免责声明部分 [Table_Tag] [Table_Summary] ◼ 投资要点 ◼ 上周（2025.6.3-2025.6.6）：上周房地产板块（中信）涨跌幅 0.9%,同期沪 深 300、万得全 A 指数涨跌幅分别为 0.9%、1.6%，超额收益分别为 0.0%、 -0.7%。29 个中信行业板块中房地产位列第 20。 ◼ （1）新房市场：上周 36 城新房成 ...

Group 1: Industry Trends - The AI technology wave is transforming the home appliance and furniture industry, providing new opportunities for companies affected by the sluggish real estate market [1] - Companies in the home appliance, furniture, and real estate sectors are increasingly collaborating, with a focus on whole-home smart solutions [1][2] - The trend of "cooperation for mutual benefit" is prevalent, as companies seek to integrate and innovate in response to market challenges [2] Group 2: Company Collaborations - Major companies like Midea, Gree, Panasonic, and Huawei are prioritizing the development of whole-home smart solutions, with some already launching smart home products through partnerships [1][4] - Midea Group has made significant investments in the furniture sector, acquiring a stake in Kuka Home and establishing a smart home company to integrate home appliances and furniture [4] - Haier and Oppein have formed an ecological strategic partnership to enhance product integration and market reach [5] Group 3: Market Potential - The penetration rate of smart home technology in China is currently at 14.5%, indicating significant growth potential as AI and 5G technologies advance [7] - The smart home market is expected to exceed one trillion yuan by 2025, driven by increasing consumer acceptance and technological advancements [7] - The development of smart home technology is evolving from simple automation to interconnected whole-home solutions, with various application scenarios maturing [6][7] Group 4: Challenges and Consumer Perception - Despite the push for smart home products, challenges such as high prices, lack of interoperability, and data privacy concerns remain significant barriers to consumer adoption [8][9] - Many consumers perceive current AI home appliances as lacking true intelligence, often requiring multiple apps for control and failing to deliver seamless integration [8] - The Matter protocol, aimed at improving interoperability among smart home devices, has seen slow adoption in the domestic market due to limited product support and regulatory issues [8]

先生因工作原因未能出席会议； | 股东 | | 同意 | | | 反对 | | 弃权 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 类型 | 票数 | | 比例（%） | | 票数 | | 比例（%） | 票数 | 比例 | | （%） | | | | | | | | | | | A股 | 6,052,046,793 | | 99.7858 | 9,324,681 | 0.1537 | 3,666,224 | 0.0605 | | | | | 审议结果：通过 | | | | | | | | | | 表决情况： | | | | | | | | | | | 股东 | | 同意 | | | 反对 | | 弃权 | | | | 类型 | 票数 | | 比例（%） | | 票数 | | 比例（%） | 票数 | 比例 | | （%） | | | | | | | | | | | A股 | 6,051,706,093 | | 99.7801 | 9,709,481 | 0.1600 | 3,622,124 | 0.0599 | | ...

一、会议召开和出席情况 (一)股东大会召开的时间：2025 年 6 月 9 日 (二)股东大会召开的地点：广州市海珠区阅江中路 832 号保利发展广场会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 证券代码：600048 证券简称：保利发展 公告编号：2025-054 保利发展控股集团股份有限公司 2024年年度股东大会决议公告 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： 本次会议是否有否决议案：无 | 1、出席会议的股东和代理人人数 | 3,193 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 6,065,037,698 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股份总数的比例（%） | 51.1153% | 注：上表中公司有表决权股份总数不含公司回购账户所持 105,031,578 股。 (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由董事会召集，公司董事长刘平先生主持本次会议， ...

北京德恒律师事务所 关于保利发展控股集团股份有限公司 2024 年年度股东大会的 法律意见 北京市西城区金融街 19 号富凯大厦 B 座 12 层 电话:010-52682888 传真:010-52682999 邮编:100033 北京德恒律师事务所 关于保利发展控股集团股份有限公司 2024 年年度股东大会的法律意见 北京德恒律师事务所 关于保利发展控股集团股份有限公司 2024 年年度股东大会的 法律意见 德恒 01G20240039-09 号 致：保利发展控股集团股份有限公司 保利发展控股集团股份有限公司（以下简称"公司"）2024 年年度股东大 会（以下简称"本次会议"）于 2025 年 6 月 9 日（星期一）召开。北京德恒律 师事务所（以下简称"德恒"）受公司委托，指派本所律师（以下简称"德恒律 师"），根据《中华人民共和国证券法》（以下简称"《证券法》"）、《中华人民 共和国公司法》（以下简称"《公司法》"）、中国证券监督管理委员会《上市公 司股东大会规则》（以下简称"《股东大会规则》"）、《保利发展控股集团股份 有限公司章程》（以下简称"《公司章程》"）的规定，就本次会议的召集、召 开程序、现 ...