关于 2025 年度向特定对象发行可转换公司债券预案 披露的提示性公告 证券代码：600048 证券简称：保利发展 公告编号：2025-104 转债代码：110817 转债简称：保利定转 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。 二○二五年十二月十二日 保利发展控股集团股份有限公司（以下简称"公司"）于2025年12月12日召 开2025年第11次临时董事会，审议通过了关于公司2025年度向特定对象发行可转 换公司债券的相关议案。《保利发展控股集团股份有限公司2025年度向特定对象 发行可转换公司债券预案》（以下简称"预案"）及相关文件已在上海证券交易 所网站上披露，敬请投资者注意查阅。 本次预案披露不代表审批机关对于本次向特定对象发行可转换公司债券相 关事项的实质性判断、确认或批准，预案所述本次向特定对象发行可转换公司债 券相关事项的生效和完成尚需国资有权监管单位批准、公司股东会审议通过、上 海证券交易所审核通过及取得中国证券监督管理委员会同意注册的批复。敬请广 大投资者注意投资风险。 特此公告。 保利发展控股 ...

关于保利发展控股集团股份有限公司（以下简称"公司"或"本公司"）2025 年度向特定对象发行可转换公司债券（以下简称"本次发行"）摊薄即期回报测 算，是以分析主要财务指标在本次发行前后的变动为主要目的，是基于特定假设 前提的测算，不代表公司对未来经营情况及趋势的判断，也不构成公司的盈利预 测或承诺。公司经营业绩及财务数据以相应定期报告等为准，敬请广大投资者注 意投资风险。 根据《国务院办公厅关于进一步加强资本市场中小投资者合法权益保护工作 的意见》（国办发[2013]110 号）、《国务院关于进一步促进资本市场健康发展的 若干意见》（国发[2014]17 号）和《关于首发及再融资、重大资产重组摊薄即期 回报有关事项的指导意见》（中国证券监督管理委员会公告[2015]31 号）等法律、 法规、规范性文件的相关要求，为保障中小投资者利益，公司就本次发行相关事 项对即期回报摊薄的影响进行了认真分析，并结合实际情况提出了具体的摊薄即 期回报的填补回报措施；同时，相关主体根据中国证券监督管理委员会（以下简 称"中国证监会"）的相关规定，就公司填补摊薄即期回报措施能够得到切实履 行作出了承诺。具体如下： 一、本次发行摊薄 ...

证券代码：600048 证券简称：保利发展 | 序号 | 项目名称 | 总投资金额 （万元） | 募集资金 拟投入金额 （万元） | | --- | --- | --- | --- | | 1 | 杭州保利天奕 | 657,758 | 150,000 | | 2 | 石家庄保利裕华天珺 | 240,601 | 75,000 | | 3 | 广州保利辰园湖境 | 325,211 | 55,000 | | 4 | 中山保利琅悦 | 172,665 | 55,000 | | 5 | 长春保利景阳和煦 | 186,893 | 50,000 | | 6 | 佛山保利锦鲤堂悦 | 244,189 | 45,000 | | 7 | 上海保利虹桥和颂三期 | 159,331 | 35,000 | | 8 | 天津保利珺璟和煦 | 88,649 | 25,000 | | 9 | 石家庄保利长安琅悦 | 146,770 | 10,000 | | - | 总计 | 2,222,067 | 500,000 | 房地产开发项目的开发成本构成包括土地成本、房地产开发所必需的勘察及 设计等前期成本、房地产主体及水电煤暖等配套设施建设的工程 ...

证券代码：600048 证券简称：保利发展 保利发展控股集团股份有限公司 2025 年度 向特定对象发行可转换公司债券预案 二零二五年十二月 保利发展控股集团股份有限公司 2025年度向特定对象发行可转换公司债券预案 公司声明 1、公司及董事会全体成员保证本预案内容真实、准确、完整，并确认不存 在虚假记载、误导性陈述或重大遗漏。 1 保利发展控股集团股份有限公司 2025年度向特定对象发行可转换公司债券预案 特别提示 本部分所述的词语或简称与本预案"释义"中所定义的词语或简称具有相同 的含义。 1、本次向特定对象发行可转换公司债券符合《公司法》《证券法》《注册管 理办法》等法律、行政法规、部门规章及规范性文件的规定，公司具备向特定对 象发行可转换公司债券的各项条件。 2、本预案按照《上市公司证券发行注册管理办法》等法规要求编制。 3、本次向特定对象发行可转换公司债券完成后，公司经营与收益的变化由 公司自行负责；因本次向特定对象发行可转换公司债券引致的投资风险由投资者 自行负责。 4、本预案是公司董事会对本次向特定对象发行可转换公司债券的说明，任 何与之不一致的声明均属不实陈述。 5、投资者如有任何疑问，应咨询 ...

保利发展控股集团股份有限公司 截至 2025 年 9 月 30 日止 前次募集资金使用情况报告的鉴证报告 信会师报字[2025]第 ZG12985 号 您可使用手机" | | ■ 录 | 页 次 | | --- | --- | --- | | | 前次募集资金使用情况报告的鉴证报告 | 1-2 | | । । | 前次募集资金使用情况报告 | 1-7 | 立信会计师事务所(特殊普通合伙) bdo china shu lun pan certified public accountants LLP 关于保利发展控股集团股份有限公司截至2025年9月30日止 前次募集资金使用情况报告的鉴证报告 信会师报字[2025]第ZG12985号 保利发展控股集团股份有限公司全体股东: 我们接受委托,对后附的保利发展控股集团股份有限公司(以下 简称"保利发展"）截至2025年9月30日止前次募集资金使用情况报 告〈以下简称"前次募集资金使用情况报告"〉执行了合理保证的鉴 证业务。 一、管理层的责任 保利发展管理层的责任是根据《上市公司募集资金监管规则》《上 海证券交易所上市公司自律监管指引第1号――规范运作》等相关规 定编制 ...

保利发展：拟发行可转债不超过50亿元。 ...

Investment Rating - The industry investment rating is "Buy" [2] Core Viewpoints - The Central Economic Work Conference emphasizes stabilizing the real estate market, focusing on risk resolution and encouraging the acquisition of existing properties for affordable housing [5][8] - The overall tone of the conference is the most positive of the year, indicating a responsive approach to the industry's downward trend [14] - The policy shift from "stimulating demand" to "digesting inventory and optimizing supply" reflects a strategic change in real estate policy [14] Summary by Sections Economic Work Conference Insights - The conference held on December 11, 2025, updated its stance on real estate, focusing on stabilizing the market and managing risks effectively [5][8] - Key measures include controlling new land supply, revitalizing existing land and commercial properties, and promoting the construction of quality housing [5][8] Policy Evolution - The shift in policy from "stimulating demand" to "controlling increment, reducing inventory, and optimizing supply" has been noted since April 2024 [14] - The emphasis on "risk prevention" suggests that 2026 may see intensified contradictions within the real estate sector [14] Company Valuation and Financial Analysis - The report includes a detailed valuation and financial analysis of key companies in the real estate sector, with several companies rated as "Buy" [6] - Notable companies include Vanke A, China Overseas Development, and Poly Developments, all showing potential for strong performance [6][17] Recommendations - The report recommends several A-share and H-share companies for investment, indicating a focus on both development and property management sectors [17]

Core Viewpoint - The "2025 China Real Estate Product Evaluation" has entered the project display phase, with the initial shortlisted projects announced on December 3rd, following a vigorous selection process involving industry experts and enterprises [2]. 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 Houses" [3]. - The evaluation work is currently progressing in an orderly manner, with details of shortlisted projects available for public viewing [3]. Group 2: Shortlisted Projects - High-end shortlisted projects include: - Xiamen Poly Ankang Yuchentianyue, developed by Poly Development and Xiamen Ankang Real Estate, featuring modern high-rise residential architecture [5]. - Zhuhai Huafa Xiangshan Lakeside, a collaborative project by Huafa Technology, showcasing an international hotel-style smart living community [5]. - Shanghai Jing'anli, offering modern high-rise and super high-rise residential and commercial spaces [6]. - Urban-style villa and commercial projects by Huafa and China Merchants Shekou [7]. - Light luxury shortlisted projects include: - Chengdu Greentown·Chengdu Runbaihe, developed by Greentown China, featuring modern high-rise and洋房 residential architecture [8]. - Jinan Greentown·Jinan Fengqi Heming, also developed by Greentown China, showcasing modern residential designs [8]. - Quality shortlisted projects include: - Tianjin Poly Junjing Heku, a modern low-rise residential community developed by Poly Development [10]. - Beijing Chang'an Huaxi Mansion, developed by China Electric Power Construction Real Estate, featuring modern high-rise residential architecture [11]. Group 3: Industry Focus - Since 2018, the industry has focused on changes in product strength, evolving from "product strength" to "product series" and "product," emphasizing delivery and value retention [12]. - The Product Strength 100 Working Group aims to promote valuable and replicable products and concepts within the industry, driving continuous upgrades in product strength [12]. - The award list for the 2025 China Real Estate Product Strength Evaluation will be announced in early January 2026, encouraging ongoing attention from stakeholders [12].

Investment Rating - The report maintains a "Neutral" rating for both the real estate and building materials sectors [1][3] Core Insights - The central economic work conference emphasizes stabilizing the real estate market, with expectations for new policies to be introduced to control supply, reduce inventory, and improve the quality of housing supply [4][25] - In November, first-tier cities saw a significant increase in second-hand housing transactions, reaching 49,033 units, a 20% month-on-month increase, marking a seven-month high [4][25] - The building materials sector is focusing on improving profitability, with a target for green building materials revenue to exceed 300 billion yuan by 2026 [5][47] Summary by Sections Real Estate Sector - The real estate sector is currently in a "bottoming" phase, with expectations for policy support to enhance market stability and recovery [4][25] - The report highlights a shift from high leverage and turnover to a focus on quality, service, and sustainability in the industry [4][25] - Key companies to watch include Poly Developments, Binjiang Group, and China Merchants Shekou, which are expected to perform well in the evolving market landscape [4][25] Building Materials Sector - The building materials sector has seen a slight increase of 0.89% in the last two weeks, outperforming the CSI 300 index [26] - The cement industry is undergoing structural upgrades, with over 83.59 million tons of clinker capacity being eliminated as part of the capacity replacement policy [47] - The report suggests focusing on companies with strong fundamentals and high dividend yields, such as Conch Cement, Taipai Group, and Huaxin Cement [47] Market Trends - The report notes that the overall profitability of the cement industry has significantly improved, with leading companies showing strong cash flow and performance [47] - The glass fiber sector is experiencing a shift in demand from traditional construction materials to high-growth areas such as renewable energy and high-end electronic fibers [5][48] - The report indicates that the market for photovoltaic glass is under pressure due to high inventory levels and weak demand, but long-term growth prospects remain strong [5][42]

Core Insights - The real estate industry is undergoing a profound self-reform, focusing on quality and resilience, particularly in the Greater Bay Area, which is seen as a vibrant economic hub [2] - A number of benchmark real estate companies are innovating across various dimensions, including product quality, technology integration, and comprehensive service systems, aiming to create safe, comfortable, green, and smart living experiences [2] Award Winners - **Poly Developments Guangdong Company**: Recognized for enhancing product and service quality, embodying the "Three Good Concepts" and "Good House Strategy," and establishing a resilient development ecosystem [4] - **Yuexiu Property**: Celebrated for its commitment to "achieving a better life" and its competitive advantage through a unique business model that integrates development, operation, and finance [7] - **New World China**: Acknowledged for its long-term commitment to the Greater Bay Area and its active participation in high-quality development and social responsibility [9][10] - **Greentown China (South China Region)**: Awarded for transitioning from "building houses" to "creating lifestyles," focusing on comprehensive service and living upgrades in the Bay Area [12][13] - **Zhujiang Real Estate**: Recognized for its innovative approach and contribution to urban development, particularly with its flagship projects in Guangzhou [14] High-Quality Delivery Companies - **Guangzhou Metro Real Estate**: Noted for applying high standards of quality management from metro construction to real estate development, establishing a reliable delivery benchmark in the Bay Area [17] - **Sun Hung Kai Properties**: Celebrated for its extensive experience in Transit-Oriented Development (TOD) and its role in creating iconic urban landmarks in the Greater Bay Area [19] - **Longfor Group**: Acknowledged for its extensive project development and commitment to quality, having delivered over 1 million housing units [22]