5月30日，广州、杭州、温州等地均有土地出让。 其中，广州5宗宅地均底价成交，总成交金额55.69亿元；杭州2宗宅地均底价成交，总成交金额11.02亿 元。 温州一宗涉宅用地由保利发展（600048）和招商蛇口（001979）联合体以17.299亿元竞得，溢价率达 11.25%。 业内人士认为，多地土拍结果显示出房企拿地保持较为谨慎态度，拿地资金趋向于具有高流速、低风险 特征的地块，而对于非核心区、去化一般板块拿地热情较低。 广州5宗宅地底价成交 5月30日，广州有5宗住宅用地出让，其中1宗位于天河区、4宗位于番禺区，总建设用地面积 108992.46m²，总规划建筑面积309350.41m²，总起始价55.69亿元。最终5宗地块均底价成交，总成交金 额55.69亿元。 其中，天河区天河智谷片区AT1003023地块，土地面积57582.03m²，规划建筑规模73786m²，容积率 2.07，地块起始价为22.52亿元，起始楼面价为30519元/m²。该地块经过1轮竞价，由保利发展 （600048）子公司广州金地房地产开发有限公司以底价22.52亿元竞得，成交楼面价30519元/m²，溢价 率0。 番禺区钟村 ...

5月30日，广州、杭州、温州等地均有土地出让。 其中，天河区天河智谷片区AT1003023地块，土地面积57582.03㎡，规划建筑规模73786㎡，容积率2.07，地块起始价为22.52亿元，起始楼面价为30519元/㎡。 该地块经过1轮竞价，由保利发展（600048）子公司广州金地房地产开发有限公司以底价22.52亿元竞得，成交楼面价30519元/㎡，溢价率0。 番禺区钟村街市广路隆辉A地块一，土地面积14572.17㎡，规划建筑规模42673.52㎡，容积率3.21，地块起始价为6.06亿元，起始楼面价为14192元/㎡。该地块由 广州璟恒房地产开发有限公司以底价6.06亿元竞得，成交楼面价14192元/㎡，溢价率0。 番禺区钟村街市广路隆辉A地块二，土地面积16776.21㎡，规划建筑规模46202.78㎡，容积率3.21，地块起始价为6.02亿元，起始楼面价为13029元/㎡。该地块由 广州璟恒房地产开发有限公司以底价6.02亿元竞得，成交楼面价13029元/㎡，溢价率0。 番禺区钟村街市广路隆辉D地块一，土地面积22835.71㎡，规划建筑规模61451.5㎡，容积率3.21，地块起始价为8.80 ...

敏捷集团33亿连接四地，就在其司总部隔壁 从公开报道可见，敏捷集团上一次在公开的土拍市场上拿地，还是在2021年。而在2020年，敏捷则在杭 州、汕头、南宁、德阳、郑州等城市拿地，其中杭州和南宁为首进城市。 敏捷集团休整多年后，于今日重新出手，以底价33.1697亿元拿下位于其总部隔壁的四宗住宅用地。位 块位于番禺区钟村街市广路，分为隆辉A地块一、二，隆辉D地块一、二，总用地面积达85141平方米， 计算容积率建筑面积23.56万平方米，折合楼面价约14081元/m²。据悉，敏捷集团将在此打造成全新一 代高品质大型住宅社区。 该四宗地邻近地铁22号线，周边有金山湖文化公园、长隆旅游度假区、大夫山森林公园等。地块周边近 期成交的番禺区南站商务区BA0402074-1地块（2024年11月楼面地价11407元/平方米）；周边在售中国 铁建花语岭南（2025年4月商品住宅一手销售单价36000元/平方米）、保利鸿悦花园（2025年4月商品住 宅一手销售单价30000元/平方米）。 广州涉宅地土拍市场再现民企拿地！ 继5月6日民营房企广州市番禺置业房地产开发有限公司，以3.07亿元拿下番禺区番禺广场融媒体北侧 BC0 ...

这块地被称为"迷你版的世界大观"。 其余四宗番禺区地块均被敏捷集团底价摘得，地块总价为33亿，综合楼面价约1.41万/㎡。据悉，这四 宗地总占地面积约8.52万㎡，总建面23.56万㎡，分别是番禺区钟村街市广路隆辉A地块一、二，以及番 禺区钟村街市广路隆辉D地块一、二，起拍总价33.17亿元。体量堪比万科檐屿城，拿地门槛较低。 地块距离22号线市广路站约1公里，交通便利。地块周边配套设施完善，包括祈福新邨、祈福缤纷汇、 钟福广场、钟村中学等。 业内人士预计，地块容积率均达到3.21，将以高层塔楼形式呈现。地块自身公建配套充足，包括幼儿 园、公交首末站、社区卫生服务中心等，未来可实现配套共享。 5月30日，广州迎来5宗住宅用地出让，分别位于天河区和番禺区，总建设用地面积108992.46㎡，总规 划建筑面积309350.41㎡，总起始价55.69亿元。最终5宗地块均底价成交，揽金55.69亿元。 其中，保利发展（600048）以底价22.52亿元竞得天河区天河智谷片区AT1003023地块，成交楼面价 30519元/㎡，为二类居住用地，土地面积57582.03㎡，其中建设用地面积35607.91㎡，其余为道路、 ...

早期，"招保万金"领航地产圈多年。 如今多轮行业洗牌后，此刻"万、金"掉队，"中、华"崛起。 此刻，保利，中海，华润，招商，成为新时期的四大头部央企，并全部晋级为新时期"中国地产五强"！ 01，四大央企基本面"较量" 四家地产央企，昔日是多轮较量，如今虽然依旧乾坤未定，但却已开始显露差距雏形。 首先，从"经营多维度"表现看，四大央企堪称"各有优劣"！ 其一、从销售PK看，老大保利（3230亿）险胜，老二中海（3106亿）紧追不舍，老三华润少点（2611 亿），老四招商（2193亿）直接落后了1000亿； 其次，再看现金家底，24年保利现钱最多，保利持有现金1342亿 ，华润1332亿、中海1242亿，招商 1004亿。对比看，招商少一点点。 其三，虽都是央企，但能融更便宜的钱也是本事。24年综合融资成本排名，对比看，招商融资成本最便 宜，进入2字头，招商仅2.99%，中海、保利并列第二，都为3.1%，华润置地第三3.11%。 其二、从赚钱能力看，华润赚钱能力"一枝独秀"。 24年华润净利润256亿，老二中海157亿，老三保利50亿，老四招商40亿。 相对而言，保利，招商利润单薄了些。比如保利、招商的24年净利 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The successful issuance of 8.5 billion yuan in 6-year convertible bonds indicates that the company's intrinsic value is gradually being recognized. The company has ample land reserves and is actively optimizing its assets by revitalizing inefficient inventory. The downward pressure from the cycle has already been reflected in performance, and there is limited room for significant declines in the future. The company emphasizes shareholder returns and market value management, continuously consolidating its leading position in the industry, with considerable room for valuation recovery [2][4][8]. Summary by Relevant Sections Event Description - The company successfully issued 8.5 billion yuan in 6-year convertible bonds with a first-year coupon rate of 2.20%, increasing by 0.05% each subsequent year [4]. Company Performance - In the first four months of 2025, the company achieved sales of 87.6 billion yuan (down 8.7%) and an area of 4.31 million square meters (down 22.2%), with an average price of 20,300 yuan per square meter (up 17.3%). The company remains the industry leader in sales [8]. Investment Expansion - The company has been actively expanding its investment, with land acquisition amounting to 30.8 billion yuan (up 318.0%) and an area of 1.46 million square meters (up 114.5%) in the first four months of 2025. The average price of land acquired was 21,200 yuan per square meter (up 94.9%) [8]. Financial Outlook - The company expects net profits attributable to the parent company for 2025, 2026, and 2027 to be 4.9 billion, 4.8 billion, and 5.6 billion yuan, respectively, corresponding to P/E ratios of 19.9, 20.3, and 17.3 times [8].

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The successful issuance of 8.5 billion yuan in 6-year convertible bonds indicates that the company's intrinsic value is gradually being recognized, with ample land reserves and ongoing efforts to optimize assets [2][6]. - The company is focusing on shareholder returns and market capitalization management, reinforcing its leading position in the industry, and there remains significant room for valuation recovery [2][6]. Summary by Sections Event Description - The company successfully issued 8.5 billion yuan in 6-year convertible bonds with a first-year coupon rate of 2.20%, increasing by 0.05% each subsequent year [6]. Event Commentary - The excellent pricing of the convertible bonds reflects high investor confidence in the company's asset revaluation and leadership position, with a subscription amounting to 35.67 billion yuan, indicating a subscription multiple of 4.20x [6]. - The company achieved sales of 87.6 billion yuan in the first four months of 2025, a decrease of 8.7%, while the average price per square meter increased by 17.3% to 20,300 yuan [6]. - The company actively expanded its land reserves, with a land acquisition amount of 30.8 billion yuan, a significant increase of 318.0% [6]. - The company emphasizes shareholder returns, having completed a 1 billion yuan buyback and plans for mid-term dividends, showcasing its commitment to market capitalization management [6]. Financial Projections - The projected net profits for 2025, 2026, and 2027 are 4.9 billion, 4.8 billion, and 5.6 billion yuan, respectively, with corresponding P/E ratios of 19.9, 20.3, and 17.3 [6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has successfully completed a directed convertible bond issuance of 8.5 billion yuan, enhancing its financial strength with a first-year coupon rate of only 2.20%, indicating strong investor confidence in the bond's value and the real estate sector's recovery [6] - In Q1 2025, the company achieved sales of 70.4 billion yuan with a contract collection rate of 112%, while its cash reserves reached 148.2 billion yuan, a year-on-year increase of 14.4% [6] - The company remains the industry leader in sales despite a slight decline, with a sales area of 17.97 million square meters in 2024, down 24.7% year-on-year, and a sales amount of 323 billion yuan, down 23.5% year-on-year [6] - The company is expected to benefit from an accelerated market clearing in the real estate sector, leading to improved concentration and profitability, with projected net profits of 5.13 billion yuan, 5.66 billion yuan, and 6.25 billion yuan for 2025, 2026, and 2027 respectively [6][7] Financial Data and Profit Forecast - Total revenue for 2025 is estimated at 280.5 billion yuan, with a year-on-year decrease of 10.0%, and a net profit of 5.13 billion yuan, reflecting a 2.5% increase from the previous year [5][7] - The company's gross margin is projected to be 14.3% in 2025, with a return on equity (ROE) of 2.5% [5] - The price-to-earnings ratio (PE) is expected to be 18.9 for 2025 and 17.1 for 2026, indicating a relatively stable valuation [5][6]

Core Viewpoint - The 9th CRS Summit "C9·2025 China Industry Resource Strategy Summit" was held on May 28, focusing on the transformation paths and development opportunities in the real estate industry under the dual-track system, with the release of significant research reports including the "2025 China Real Estate Company Brand Value TOP 50" [1] Industry Overview - The summit gathered experts and industry leaders from real estate, property management, and rental housing sectors to discuss the industry's transformation and opportunities [1] - The new "Good House" regulations will be implemented from May 1, 2025, setting higher standards for residential projects, which is expected to positively impact the real estate market [31] - Major cities like Hangzhou, Shenzhen, and Shanghai are witnessing a rise in high-end residential sales, indicating a market recovery [31] Brand Value Rankings - The "2025 China Real Estate Company Brand Value TOP 50" report highlighted leading companies such as China Overseas Development, Poly Developments, and China Resources Land [4][5][8][11][13][16] - In Beijing, the top-ranked companies include China Overseas, China Merchants Shekou, and Poly Developments [10][11] - In Guangzhou, Poly Developments and Yuexiu Property lead the rankings [13] Research Methodology - The core data for the brand value assessment is primarily based on 2024 performance, with consideration for data up to April 30, 2025 [7][10][20] - The research includes data from annual reports, statistical data from national and local statistics bureaus, and a database built by Yihan Think Tank [7][10][20] Market Dynamics - Major state-owned enterprises like China Overseas, Poly, China Resources, and China Merchants dominate the market in key cities, with sales exceeding 100 billion [32][33] - Local companies have also achieved significant success by focusing on their local markets, such as Hangzhou's Binjiang Group and Shenzhen's Hongrongyuan [33] Product Development - Real estate companies are constructing differentiated "Good House" product systems based on four core standards: safety, comfort, green, and smart [35] - Companies like Yuexiu and Greenland are implementing comprehensive standards to enhance product quality and brand image [35] Brand Ecosystem - Companies are diversifying their business models to create a brand ecosystem that integrates development, operation, and service [39] - The focus is on building a community ecosystem that encourages user co-creation and enhances customer engagement [48] Marketing Strategies - Real estate firms are adopting youth-oriented marketing strategies to engage younger demographics through social media and immersive experiences [44] - AI tools are being utilized for promotional activities, enhancing brand visibility and engagement [47]

本 次 发 行 的 具 体 情 况 详 见 公 司 同 日 在 上 海 证 券 交 易 所 网 站 （www.sse.com.cn）披露的《保利发展控股集团股份有限公司向特定对象发行可 转换公司债券发行情况报告书》及相关发行文件。 特此公告。 保利发展控股集团股份有限公司 董事会 证券代码：600048 证券简称：保利发展 公告编号：2025-045 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 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。 保利发展控股集团股份有限公司（以下简称"公司"）向特定对象发行可转 换公司债券（以下简称"本次发行"）的发行承销总结及相关文件已经上海证券 交易所备案通过，公司将依据相关规定尽快办理本次发行的可转换公司债券的登 记托管事宜。 二○二五年五月二十九日 ...