证券日报网讯 1月19日，保利发展在互动平台回答投资者提问时表示，股票投资本身存在市场风险，公 司作为经营主体，严格遵循监管规则进行信息披露，并致力于提升公司经营表现。公司管理层将持续勤 勉履职，将股东的关切转化为更审慎的经营决策和更扎实的价值提升行动，努力以更好的未来发展回报 投资者的长期信任。 （文章来源：证券日报） ...

Core Viewpoint - Poly Developments (600048.SH) expects a significant decline in net profit for the fiscal year 2025, projecting a net profit attributable to shareholders of approximately 1.026 billion yuan, a year-on-year decrease of 79.49% [1] Group 1: Profit Forecast - The company anticipates a net profit attributable to shareholders, excluding non-recurring gains and losses, of about 628 million yuan for 2025, reflecting a year-on-year decrease of 85.25% [1] - The decline in profit indicators for 2025 is primarily attributed to the following factors: a decrease in gross profit margin from real estate project turnover due to industry and market fluctuations [1] Group 2: Asset Impairment - The company plans to recognize asset impairment losses and credit impairment losses totaling approximately 6.9 billion yuan, which is expected to reduce the net profit attributable to shareholders by about 4.2 billion yuan for 2025 [1] - Without considering the aforementioned factors, the company would achieve a net profit attributable to shareholders of around 5.2 billion yuan for 2025, with an estimated net profit of about 3.3 billion yuan in the fourth quarter [1]

证券代码：600048 证券简称：保利发展 公告编号：2026-007 转债代码：110817 转债简称：保利定转 关于证券事务代表变更的公告 电话：020-89898833 邮箱：stock@polycn.com 办公地址：广州市海珠区阅江中路 832 号保利发展广场 53 层 邮政编码：510308 特此公告。 保利发展控股集团股份有限公司 董事会 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证券事务代表黄承琰女士，因工作调动辞任。 后续将由旷煜先生继续担任证券事务代表，协助董事会秘书开展工作。 联系方式： 二○二六年一月十九日 ...

证券代码：600048 证券简称：保利发展 公告编号：2026-006 转债代码：110817 转债简称：保利定转 2025 年度业绩预告暨业绩快报公告 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、2025年度业绩预告情况 （一）业绩预告期间：2025年1月1日至2025年12月31日 （二）业绩预告情况 经初步测算，预计公司2025年度实现归属于母公司所有者的净利润 102,561.84万元，与上年同期相比，将减少397,556.49万元，同比减少79.49%； 预计2025年度实现归属于母公司所有者的扣除非经常性损益的净利润 62,801.91万元，与上年同期相比，将减少362,863.95万元，同比减少85.25%。 二、2024年度业绩情况 本期业绩预告适用情形：实现盈利，净利润与上年同期相比下降 50%以上。 经初步测算，保利发展控股集团股份有限公司（以下简称"公司"）预计 2025 年度实现归属于母公司所有者的净利润 102,561.84 万元，与上年同期相比， 将减少 397,556.49 ...

保利发展1月19日发布2025年度业绩快报，经初步测算，保利发展控股集团股份有限公司预计2025年度 实现归属于母公司所有者的净利润102,561.84万元，与上年同期相比，将减少397,556.49万元，同比减少 79.49%；预计2025年度实现归属于母公司所有者的扣除非经常性损益的净利润62,801.91万元，与上年 同期相比，将减少362,863.95万元，同比减少85.25%。 ...

保利发展公告称，2025年营业总收入3082.61亿元，同比降1.09%；归属于上市公司股东的净利润10.26 亿元，同比降79.49%；扣非净利润6.28亿元，同比降85.25%。利润下降主因是房地产项目结转毛利率同 比下降，且拟计提资产及信用减值损失约69亿元，预计减少归母净利润约42亿元。截至2025年末，公司 持有回购股份1.05亿股。上述数据为初步核算，具体以年报为准。 ...

Core Viewpoint - Poly Developments (600048.SH) expects a significant decline in net profit for the fiscal year 2025, projecting a net profit attributable to shareholders of approximately 1.026 billion yuan, representing a year-on-year decrease of 79.49% [1] Group 1: Profit Forecast - The company anticipates a net profit attributable to shareholders, excluding non-recurring gains and losses, of about 628 million yuan for 2025, which is a year-on-year decrease of 85.25% [1] - The projected decline in profit is primarily attributed to a decrease in gross profit margin from real estate project turnover due to industry and market fluctuations [1] Group 2: Impairment Losses - The company plans to recognize asset impairment losses and credit impairment losses totaling approximately 6.9 billion yuan, which is expected to reduce the net profit attributable to shareholders by around 4.2 billion yuan for 2025 [1] - Without considering these impairment factors, the company would achieve a net profit of about 5.2 billion yuan for 2025, with an estimated net profit of around 3.3 billion yuan in the fourth quarter [1]

Investment Rating - The report maintains a "Recommended" rating for the real estate industry [1] Core Viewpoints - The real estate industry is experiencing a decline in sales area, with a total of 880 million square meters sold in 2025, representing a year-on-year decrease of 8.7% [5][9] - In December 2025, the monthly sales area was 93.99 million square meters, showing a month-on-month increase of 39.88% but a year-on-year decrease of 15.60% [5] - The total sales revenue for 2025 was 839.37 billion yuan, down 12.60% year-on-year, with December's sales revenue at 88.07 billion yuan, reflecting a month-on-month increase of 44.09% but a year-on-year decrease of 23.60% [5] - The average sales price for the year was 9,527 yuan per square meter, down 0.20% month-on-month and 4.27% year-on-year [5] - The report anticipates improvements in market expectations due to policy support and effective supply management [5] Sales Summary - The total sales area for 2025 was 880 million square meters, with a year-on-year decline of 8.7% [5] - December 2025 saw a monthly sales area of 93.99 million square meters, a month-on-month increase of 39.88% but a year-on-year decrease of 15.60% [5] - The total sales revenue for 2025 was 839.37 billion yuan, with December's revenue at 88.07 billion yuan [5][9] Investment Summary - The total real estate development investment for 2025 was 827.88 billion yuan, down 17.20% year-on-year [13] - In December 2025, the monthly development investment was 41.97 billion yuan, reflecting a month-on-month decrease of 16.53% and a year-on-year decrease of 35.79% [13] - New construction area for 2025 was 58.77 million square meters, down 20.40% year-on-year, with December's new construction area at 5.313 million square meters [16] Funding Summary - Total funding for real estate companies in 2025 was 931.17 billion yuan, down 13.40% year-on-year [22] - Domestic loans accounted for 140.94 billion yuan, a decrease of 7.3% year-on-year [22] - Self-raised funds totaled 331.49 billion yuan, down 12.20% year-on-year, while prepayments and deposits were 280.89 billion yuan, down 16.20% year-on-year [22] Investment Recommendations - The report highlights several companies with strong operational management and financial advantages, including China Merchants Shekou, Poly Developments, and Longfor Group, among others [39] - It suggests focusing on quality developers like Greentown China and China Overseas Development, as well as property management leaders like Greentown Service [39]

Investment Rating - The report maintains a "Recommended" rating for the real estate industry [1] Core Insights - The real estate industry is experiencing a decline in sales area, with a total of 880 million square meters sold in 2025, representing a year-on-year decrease of 8.7% [5][9] - In December 2025, the monthly sales area increased by 39.88% month-on-month but decreased by 15.60% year-on-year [5] - The total sales revenue for 2025 was 839.37 billion yuan, down 12.60% year-on-year, with December's sales revenue at 88.07 billion yuan, reflecting a month-on-month increase of 44.09% but a year-on-year decrease of 23.60% [5] - The average sales price for the year was 9,527 yuan per square meter, down 0.20% month-on-month and 4.27% year-on-year [5] - The report anticipates improvements in market expectations due to policy support and effective supply management [5] Sales Summary - National sales area for 2025 was 880 million square meters, with a year-on-year decline of 8.7% [5] - December 2025 saw a monthly sales area of 93.99 million square meters, a month-on-month increase of 39.88% but a year-on-year decrease of 15.60% [5] - The average sales price in December was 9,370 yuan per square meter, reflecting a month-on-month increase of 3.01% but a year-on-year decrease of 9.48% [5] Investment Summary - Total real estate development investment for 2025 was 827.88 billion yuan, down 17.20% year-on-year [13] - December 2025's monthly development investment was 41.97 billion yuan, showing a month-on-month decrease of 16.53% and a year-on-year decrease of 35.79% [13] - New construction area for 2025 was 58.77 million square meters, down 20.40% year-on-year, with December's new construction area at 5.313 million square meters, a month-on-month increase of 20.89% [16] - The total completed area for 2025 was 60.348 million square meters, down 18.10% year-on-year, with December's completed area at 20.894 million square meters, reflecting a significant month-on-month increase of 354.92% [18] Funding Summary - Total funds received by real estate companies in 2025 amounted to 931.17 billion yuan, down 13.40% year-on-year [22] - Domestic loans accounted for 140.94 billion yuan, down 7.3% year-on-year [22] - Self-raised funds totaled 331.49 billion yuan, down 12.20% year-on-year, while deposits and prepayments were 280.89 billion yuan, down 16.20% year-on-year [22] Investment Recommendations - The report highlights several companies with strong operational management and financial advantages, including China Merchants Shekou, Poly Developments, and Longfor Group, among others [39] - It suggests focusing on quality developers like Greentown China and China Overseas Development, as well as property management leaders like Greentown Service [39]

Core Insights - The report highlights a continuous improvement in the real estate sector, driven by favorable policies and a strengthening of the second-hand housing market [1] - The overall industry rating remains at "Buy," consistent with previous assessments [2] Group 1: Policy Developments - Central government policies are increasingly supportive, with the Ministry of Finance announcing an extension of the tax exemption policy for second-hand housing transactions until the end of 2027 [5][14] - The People's Bank of China has introduced measures including a 0.25 percentage point reduction in various structural monetary policy tool rates and a decrease in the minimum down payment for commercial properties from 50% to 30% [5][15] - The publication of multiple articles in "Qiushi" magazine indicates a heightened focus on real estate and urban development, suggesting a strong policy commitment [5][17] Group 2: Market Performance - The second-hand housing market has shown significant improvement, with a 40.3% year-on-year increase in transactions for the first 15 days of January, despite a 10% decline compared to the previous week [5][23] - New housing transactions remain low, with a 29.7% year-on-year decrease in sales volume, although there was a 9.9% week-on-week increase [5][23][26] - The average transaction price for second-hand homes in 33 cities increased by 0.6% week-on-week, indicating a stabilization in prices [5][25] Group 3: Land Market Dynamics - The total land transfer revenue remains low, with a 25.2% week-on-week decline and a 54.3% year-on-year decrease, reflecting weak market conditions [5][24] - There are localized instances of structural premiums in third and fourth-tier cities, suggesting potential opportunities despite overall market weakness [5][24] Group 4: Company Valuations and Financial Analysis - Key companies in the real estate sector, such as Vanke A and China Overseas Development, maintain a "Buy" rating with reasonable valuations projected for 2025 and 2026 [6] - The report includes detailed financial metrics for various companies, indicating expected earnings per share (EPS) and price-to-earnings (PE) ratios, which suggest potential for growth in the sector [6][30]