证券代码：600048 证券简称：保利发展 公告编号：2025-088 关于 2025 年第三季度提供担保情况的公告 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： 被担保人：保利发展控股集团股份有限公司（以下简称"公司"或"本 公司"）的下属子公司及参股公司（含其下属公司，下同）。 | 对外担保类别 | 第三季度对外担保 | 对外担保 | | --- | --- | --- | | | 新增加额 | 余额 | | 公司为全资子公司提供担保 | 89.47 | 953.08 | | 其中资产负债率未超过 70%的全资子公司 | 26.50 | 43.37 | | 其中资产负债率超过 70%的全资子公司 | 62.97 | 909.71 | | 公司为非全资子公司提供担保 | 3.23 | 143.66 | | 其中资产负债率未超过 70%的非全资子公司 | 0 | 33.45 | | 其中资产负债率超过 70%的非全资子公司 | 3.23 | 110.21 | | 公司为参股公司提供担保 | 0.01 | 35 ...

保利发展10月21日公告，2025年第三季度实现营业收入568.65亿元，同比增长30.65%，归属于上市公司 股东的净利润亏损7.82亿元，基本每股收益亏损0.07元。 ...

[Key Financial Data](index=1&type=section&id=Key%20Financial%20Data) [Key Accounting Data and Financial Indicators](index=1&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) Poly Developments' Q3 2025 and year-to-date financial performance shows a 30.65% revenue increase but significant declines in total profit and net profit attributable to shareholders Key Accounting Data and Financial Indicators for Q3 2025 and Year-to-Date (Unit: billion yuan, unless otherwise specified) | Item | Current Reporting Period | YoY Change in Current Period (%) | Year-to-Date | YoY Change Year-to-Date (%) | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 56.86 | 30.65 | 173.72 | -4.95 | | Total Profit | -0.06 | -102.37 | 9.85 | -40.80 | | Net Profit Attributable to Shareholders | -0.78 | -299.19 | 1.93 | -75.31 | | Net Profit Attributable to Shareholders (Excluding Non-Recurring Items) | -0.84 | -329.03 | 1.74 | -76.76 | | Net Cash Flow from Operating Activities | N/A | N/A | 6.98 | / | | Basic Earnings Per Share (yuan/share) | -0.07 | -296.78 | 0.16 | -75.28 | | Diluted Earnings Per Share (yuan/share) | -0.07 | -296.78 | 0.16 | -75.28 | | Weighted Average Return on Net Assets (%) | Decreased -0.39 percentage points | 0.60 percentage points | 0.98 | Decreased 2.93 percentage points | | Total Assets (End of Current Period) | 1,287.39 | -3.57 | 1,335.11 (End of Previous Year) | -3.57 | | Owners' Equity Attributable to Listed Company Shareholders (End of Current Period) | 197.42 | -0.09 | 197.60 (End of Previous Year) | -0.09 | [Non-Recurring Gains and Losses Items and Amounts](index=2&type=section&id=Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) This chapter details the company's non-recurring gains and losses for Q3 2025 and year-to-date, totaling **57.55 million yuan** and **189.01 million yuan** respectively, primarily from non-current asset disposals, government grants, and other non-operating income/expenses Non-Recurring Gains and Losses Items for Q3 2025 and Year-to-Date (Unit: million yuan) | Non-Recurring Gains and Losses Item | Current Period Amount | Year-to-Date Amount | | :--- | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | 14.50 | 60.23 | | Government Grants Included in Current Profit/Loss | 6.41 | 21.89 | | Gains/Losses from Fair Value Changes and Disposal of Financial Assets | 0.00 | 5.97 | | Other Non-Operating Income and Expenses | 39.47 | 150.98 | | Other Gains/Losses Meeting Non-Recurring Definition | 12.21 | 21.81 | | Less: Income Tax Impact | 14.89 | 40.08 | | Minority Interest Impact (After Tax) | 0.16 | 31.79 | | Total | 57.55 | 189.01 | [Changes and Reasons for Key Accounting Data and Financial Indicators](index=2&type=section&id=Changes%20and%20Reasons%20for%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This chapter explains the changes in key accounting data and financial indicators, attributing a 30.65% revenue increase to project settlement, while significant profit declines are due to reduced profitability from settled projects amid market volatility - Operating revenue for the current period increased by **30.65%** year-on-year, primarily due to increased project settlement revenue[6](index=6&type=chunk) - Total profit, net profit attributable to shareholders, net profit excluding non-recurring items, and basic/diluted earnings per share for both the current period and year-to-date significantly declined, mainly due to reduced profitability from settled projects impacted by industry and market fluctuations[6](index=6&type=chunk) [Shareholder Information](index=3&type=section&id=Shareholder%20Information) [Total Number of Common Shareholders, Voting Rights Restored Preferred Shareholders, and Top Ten Shareholders' Holdings](index=3&type=section&id=Total%20Number%20of%20Common%20Shareholders%2C%20Voting%20Rights%20Restored%20Preferred%20Shareholders%2C%20and%20Top%20Ten%20Shareholders%27%20Holdings) As of the end of the reporting period, the company had 247,737 common shareholders, with Poly Southern Group Co., Ltd. being the largest shareholder at 37.69% - The total number of common shareholders at the end of the reporting period was **247,737**[8](index=8&type=chunk) Top 10 Shareholders' Holdings (As of the End of the Reporting Period) | Shareholder Name | Shareholder Nature | Number of Shares Held | Shareholding Ratio (%) | Pledged, Marked, or Frozen Status (Number of Shares) | | :--- | :--- | :--- | :--- | :--- | | Poly Southern Group Co., Ltd. | State-owned Legal Person | 4,511,874,673 | 37.69 | 0 | | China Poly Group Co., Ltd. | State-owned Legal Person | 363,067,789 | 3.03 | 0 | | China Securities Finance Corporation Limited | State-owned Legal Person | 357,138,810 | 2.98 | 0 | | Huamei International Investment Group Co., Ltd. | Domestic Non-State-owned Legal Person | 202,472,515 | 1.69 | 62,820,000 (Pledged) | | Hong Kong Securities Clearing Company Limited | Overseas Legal Person | 180,938,334 | 1.51 | 0 | | Central Huijin Asset Management Co., Ltd. | State-owned Legal Person | 175,821,300 | 1.47 | 0 | | Industrial and Commercial Bank of China - SSE 50 ETF | Other | 137,187,900 | 1.15 | 0 | | National Social Security Fund 413 Portfolio | Other | 123,947,712 | 1.04 | 0 | | Industrial and Commercial Bank of China - Huatai-PineBridge CSI 300 ETF | Other | 122,657,405 | 1.02 | 0 | | China Construction Bank - E Fund CSI 300 ETF | Other | 88,389,978 | 0.74 | 0 | [Explanation of Top 10 Shareholders and Top 10 Unrestricted Shareholders' Participation in Margin Trading, Securities Lending, and Refinancing Businesses](index=4&type=section&id=Explanation%20of%20Top%2010%20Shareholders%20and%20Top%2010%20Unrestricted%20Shareholders%27%20Participation%20in%20Margin%20Trading%2C%20Securities%20Lending%2C%20and%20Refinancing%20Businesses) This chapter provides additional details on shareholder holdings, including the fourth largest shareholder's credit account holdings and the ongoing transfer of controlling shares to China Poly Group Co., Ltd - The company's fourth largest shareholder, Huamei International Investment Group Co., Ltd., holds **81.76 million shares** through a credit securities account[9](index=9&type=chunk) - As of September 30, 2025, the company's special repurchase securities account held **105.03 million shares**, accounting for **0.88%** of the company's total share capital[9](index=9&type=chunk) - The controlling shareholder, Poly Southern Group Co., Ltd., plans to gratuitously transfer all its shares in the company to the actual controller, China Poly Group Co., Ltd., which will then directly hold **40.72%** of the company's shares and become the controlling shareholder[9](index=9&type=chunk) [Other Reminders](index=4&type=section&id=Other%20Reminders) [Other Important Information Regarding the Company's Operating Performance During the Reporting Period That Requires Investor Attention](index=4&type=section&id=Other%20Important%20Information%20Regarding%20the%20Company%27s%20Operating%20Performance%20During%20the%20Reporting%20Period%20That%20Requires%20Investor%20Attention) This chapter provides an overview of the national real estate market and Poly Developments' operations for the first three quarters of 2025, highlighting market declines, policy support, and the company's strategic focus on core cities despite revenue and profit drops - In the first three quarters of 2025, national commercial housing sales area decreased by **5.5%** year-on-year, sales value decreased by **7.9%**; real estate development investment decreased by **13.9%**; new housing starts decreased by **18.9%**; and completed housing area decreased by **15.3%**[10](index=10&type=chunk) - Policy continues to promote stable and healthy development of the real estate market and industry transformation, with core cities optimizing purchase restrictions and credit policies to support reasonable housing demand[10](index=10&type=chunk) 2025 First Three Quarters Poly Developments Key Operating Data | Indicator | Amount/Quantity | YoY Change (%) | | :--- | :--- | :--- | | Contracted Sales Value | 201.73 billion yuan | -16.53 | | Contracted Sales Area | 10.10 million square meters | -25.13 | | Newly Acquired GFA | 2.90 million square meters | - | | Total Acquisition Cost | 60.30 billion yuan | - | | New Starts Area | 5.12 million square meters | -40.19 | | Completed Area | 18.12 million square meters | -12.12 | - The company's newly acquired gross floor area was **2.90 million square meters**, with a total acquisition cost of **60.30 billion yuan**, all located in **38 core cities**, and **51%** of the investment amount was in core areas of tier-one cities like Beijing, Shanghai, and Guangzhou[11](index=11&type=chunk) - As of the end of Q3, the company had **549** ongoing and planned projects, with **44.83 million square meters** under construction and **45.16 million square meters** awaiting development[11](index=11&type=chunk) 2025 First Three Quarters Poly Developments Key Financial Data | Indicator | Amount | YoY Change (%) | | :--- | :--- | :--- | | Operating Revenue | 173.72 billion yuan | -4.95 | | Net Profit Attributable to Shareholders | 1.93 billion yuan | -75.31 | | Sales Collection | 194.10 billion yuan | 96% (Collection Rate) | | Cash and Cash Equivalents at Period End | 122.65 billion yuan | - | | Total Assets | 1,287.39 billion yuan | -3.57 (vs. End of Previous Year) | | Net Assets Attributable to Shareholders | 197.42 billion yuan | -0.09 (vs. End of Previous Year) | | Asset-Liability Ratio | 73.27% | Decreased 1.08 percentage points (vs. End of Previous Year) | - Net profit attributable to shareholders significantly decreased by **75.31%**, primarily due to reduced profitability from settled projects impacted by industry and market fluctuations[12](index=12&type=chunk) [Quarterly Financial Statements](index=5&type=section&id=Quarterly%20Financial%20Statements) [Type of Audit Opinion](index=5&type=section&id=Type%20of%20Audit%20Opinion) This chapter states that the company's Q3 2025 financial statements are unaudited - This quarter's financial statements are unaudited[13](index=13&type=chunk) [Financial Statements](index=5&type=section&id=Financial%20Statements) This chapter presents Poly Developments Holding Group Co., Ltd.'s unaudited Q3 2025 financial statements, including consolidated and parent company balance sheets, income statements, and cash flow statements [Consolidated Balance Sheet](index=5&type=section&id=Consolidated%20Balance%20Sheet) As of September 30, 2025, the company's consolidated total assets were **1,287.39 billion yuan**, a **3.57%** decrease from year-end 2024, with total liabilities at **943.22 billion yuan** and owners' equity attributable to the parent company at **197.42 billion yuan** Consolidated Balance Sheet Key Data (Unit: yuan) | Item | September 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and Cash Equivalents | 122,646,272,448.93 | 134,167,475,994.87 | | Inventories | 746,209,511,137.92 | 798,559,419,241.70 | | Total Current Assets | 1,109,504,666,354.17 | 1,167,068,456,414.63 | | Total Non-Current Assets | 177,888,082,985.07 | 168,039,559,185.06 | | Total Assets | 1,287,392,749,339.24 | 1,335,108,015,599.69 | | Total Current Liabilities | 665,944,114,616.76 | 722,598,651,221.27 | | Total Non-Current Liabilities | 277,277,365,934.81 | 269,979,537,226.11 | | Total Liabilities | 943,221,480,551.57 | 992,578,188,447.38 | | Total Owners' Equity Attributable to Parent Company | 197,419,391,138.51 | 197,596,494,142.03 | | Total Owners' Equity | 344,171,268,787.67 | 342,529,827,152.31 | [Consolidated Income Statement](index=8&type=section&id=Consolidated%20Income%20Statement) For the first three quarters of 2025, the company's total operating revenue was **173.72 billion yuan**, a **4.95%** year-on-year decrease, with net profit attributable to parent company shareholders significantly declining by **75.31%** to **1.93 billion yuan** Consolidated Income Statement Key Data (2025 First Three Quarters, Unit: yuan) | Item | 2025 First Three Quarters (Jan-Sep) | 2024 First Three Quarters (Jan-Sep) | | :--- | :--- | :--- | | Total Operating Revenue | 173,721,678,722.00 | 182,774,387,215.01 | | Total Operating Costs | 163,862,503,709.72 | 168,088,929,922.96 | | Operating Profit | 9,698,174,341.44 | 16,314,125,445.88 | | Total Profit | 9,848,751,008.75 | 16,635,751,459.10 | | Net Profit | 6,515,402,984.28 | 12,241,783,720.33 | | Net Profit Attributable to Parent Company Shareholders | 1,928,577,901.87 | 7,812,547,489.31 | | Minority Interest Income | 4,586,825,082.41 | 4,429,236,231.02 | | Basic Earnings Per Share (yuan/share) | 0.16 | 0.66 | | Diluted Earnings Per Share (yuan/share) | 0.16 | 0.66 | [Consolidated Cash Flow Statement](index=11&type=section&id=Consolidated%20Cash%20Flow%20Statement) In the first three quarters of 2025, net cash flow from operating activities significantly improved to **6.98 billion yuan**, while net cash outflow from investing and financing activities increased, resulting in a period-end cash and cash equivalents balance of **120.21 billion yuan** Consolidated Cash Flow Statement Key Data (2025 First Three Quarters, Unit: yuan) | Item | 2025 First Three Quarters (Jan-Sep) | 2024 First Three Quarters (Jan-Sep) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 6,977,471,172.67 | -15,981,776,834.23 | | Net Cash Flow from Investing Activities | -4,034,746,520.63 | -479,817,001.68 | | Net Cash Flow from Financing Activities | -15,228,137,289.77 | -3,836,352,465.70 | | Net Increase in Cash and Cash Equivalents | -12,292,806,488.01 | -20,335,409,730.81 | | Cash and Cash Equivalents at Period End | 120,205,206,037.40 | 126,280,472,948.67 | [Parent Company Balance Sheet](index=13&type=section&id=Parent%20Company%20Balance%20Sheet) As of September 30, 2025, the parent company's total assets were **331.63 billion yuan**, a **5.20%** decrease from year-end 2024, with total liabilities at **279.64 billion yuan** and owners' equity at **51.99 billion yuan** Parent Company Balance Sheet Key Data (Unit: yuan) | Item | September 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and Cash Equivalents | 8,905,571,959.05 | 11,226,028,043.70 | | Other Receivables | 287,097,178,648.49 | 303,477,771,639.45 | | Total Assets | 331,630,261,975.86 | 349,833,383,601.05 | | Total Liabilities | 279,636,326,603.70 | 298,591,690,485.37 | | Total Owners' Equity | 51,993,935,372.16 | 51,241,693,115.68 | [Parent Company Income Statement](index=16&type=section&id=Parent%20Company%20Income%20Statement) For the first three quarters of 2025, the parent company's operating revenue was **171.15 million yuan**, a **26.68%** year-on-year decrease, with total profit at **3.20 billion yuan** and net profit at **3.50 billion yuan**, primarily driven by investment income Parent Company Income Statement Key Data (2025 First Three Quarters, Unit: yuan) | Item | 2025 First Three Quarters (Jan-Sep) | 2024 First Three Quarters (Jan-Sep) | | :--- | :--- | :--- | | Operating Revenue | 171,154,471.97 | 233,410,792.87 | | Financial Expenses | 1,728,965,084.97 | 1,511,760,558.48 | | Investment Income | 5,056,054,301.68 | 5,535,040,308.14 | | Total Profit | 3,203,887,279.33 | 3,863,196,122.07 | | Net Profit | 3,502,174,926.06 | 3,966,425,388.42 | | Total Comprehensive Income | 3,544,292,052.30 | 3,965,984,584.06 | [Parent Company Cash Flow Statement](index=18&type=section&id=Parent%20Company%20Cash%20Flow%20Statement) In the first three quarters of 2025, the parent company's net cash outflow from operating activities improved to **-2.95 billion yuan**, while net cash inflow from investing activities was **4.57 billion yuan**, and net cash outflow from financing activities increased, with a period-end cash and cash equivalents balance of **8.91 billion yuan** Parent Company Cash Flow Statement Key Data (2025 First Three Quarters, Unit: yuan) | Item | 2025 First Three Quarters (Jan-Sep) | 2024 First Three Quarters (Jan-Sep) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -2,951,337,396.16 | -11,858,935,339.19 | | Net Cash Flow from Investing Activities | 4,571,746,584.91 | 5,706,985,486.39 | | Net Cash Flow from Financing Activities | -3,940,865,273.40 | 3,894,931,142.73 | | Net Increase in Cash and Cash Equivalents | -2,320,456,084.65 | -2,257,018,710.07 | | Cash and Cash Equivalents at Period End | 8,905,571,959.05 | 9,313,930,331.67 |

Core Viewpoint - Poly Developments reported a decline in revenue and net profit for the first three quarters of 2025, indicating potential challenges in the company's financial performance [1] Financial Performance - The company's operating revenue for the first three quarters was 173.72 billion yuan, a year-on-year decrease of 4.95% [1] - The net profit attributable to shareholders was 1.929 billion yuan, reflecting a significant year-on-year decline of 75.31% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 1.74 billion yuan, down 76.76% year-on-year [1] - Basic earnings per share were reported at 0.16 yuan [1]

智通财经APP讯，保利发展(600048.SH)发布2025年三季度报告，该公司前三季度营业收入为1737.22亿 元，同比减少4.95%。归属于上市公司股东的净利润为19.29亿元，同比减少75.31%。归属于上市公司股 东的扣除非经常性损益的净利润为17.4亿元，同比减少76.76%。基本每股收益为0.16元。 ...

Investment Rating - The report maintains a "Positive" rating for the real estate sector, indicating optimism about future recovery driven by favorable policies and market dynamics [2][3]. Core Insights - The real estate industry is currently experiencing a phase of inventory reduction, with investment contraction outpacing sales decline. The report anticipates that investment recovery will be slower than in previous cycles, with projected declines in investment, new starts, and completions for 2025 [2][3][20]. - Sales metrics remain weak, with both sales area and sales amount showing declines. However, the report suggests that the industry is at a bottoming stage, with potential for demand recovery driven by proactive policies [21][34]. - Funding sources are under pressure, with a notable decline in domestic loans and self-raised funds. The report expects a gradual improvement in funding conditions as industry policies continue to relax [35][37]. Investment Analysis Summary Investment Side - From January to September 2025, total real estate investment reached 67,706 billion yuan, reflecting a year-on-year decline of 13.9%. In September alone, investment dropped by 21.3% compared to the previous month [3][20]. - New starts and construction activities also showed declines, with new starts down 18.9% year-on-year and construction down 9.4% [20][21]. Sales Side - The total sales area for real estate from January to September 2025 was 6.6 billion square meters, down 5.5% year-on-year. The sales amount reached 6.3 trillion yuan, a decline of 7.9% [21][34]. - The average selling price of commercial housing decreased by 3% year-on-year, with a slight improvement in the rate of decline in September [32][34]. Funding Side - Cumulative funding sources for real estate development from January to September 2025 totaled 7.2 trillion yuan, down 8.4% year-on-year. In September, the decline in funding sources was 11.5% [35][37]. - Domestic loans and self-raised funds saw significant declines, with domestic loans down 14.6% in September compared to the previous month [36][37].

Investment Rating - The report maintains a "Positive" rating for the real estate industry, indicating optimism about future developments and recovery in the sector [2][3]. Core Insights - The real estate industry is currently experiencing a phase of inventory reduction, with investment contraction outpacing sales decline. The report anticipates that the "Good Housing" policy will create new pathways for recovery, particularly in core cities, and will lead to a shift in business models from finance-oriented to manufacturing-oriented [2][3][21]. Investment Sector Summary - **Investment Trends**: From January to September 2025, total real estate development investment reached 67,706 billion yuan, a year-on-year decrease of 13.9%. In September alone, investment fell by 21.3% compared to the previous month [3][20]. - **New Construction**: New construction area decreased by 18.9% year-on-year, with a slight improvement in the month-on-month comparison [20][21]. - **Completion Rates**: The completion of projects showed a positive trend in September, with a year-on-year increase of 1.5% [20][21]. Sales Sector Summary - **Sales Performance**: The total sales area for real estate from January to September 2025 was 6.6 billion square meters, down 5.5% year-on-year. In September, the sales area decreased by 10.5% compared to the same month last year [21][35]. - **Sales Revenue**: The total sales revenue was 6.3 trillion yuan, reflecting a year-on-year decline of 7.9%. The average selling price of properties decreased by 3% year-on-year [21][35][33]. Funding Sector Summary - **Funding Sources**: Total funding sources for real estate development amounted to 7.2 trillion yuan, down 8.4% year-on-year. In September, the decline in funding sources expanded to 11.5% [36][38]. - **Loan Trends**: Domestic loans saw a year-on-year decrease of 14.6% in September, indicating tightening financial conditions for the sector [36][38]. Recommendations - The report recommends several companies for investment, including: 1. "Good Housing" companies: Jianfa International, Binjiang Group, China Resources Land, Greentown China, China Jinmao, Jianfa Holdings [2]. 2. Companies with potential for commercial real estate revaluation: New Town Holdings, Yuexiu Property, China Merchants Shekou, Longfor Group, China Overseas Development, Poly Developments, Huafa Group [2]. 3. Second-hand housing intermediaries: Beike-W, with a focus on I Love My Home [2]. 4. Property management firms: Greentown Services, China Resources Vientiane, China Merchants Jiyu, Poly Property, China Overseas Property [2].

Core Viewpoint - The Shanghai land auction market in 2025 has seen the emergence of "land kings," with significant transactions and a cautious approach from developers amid changing market conditions [1][9]. Summary by Sections Auction Details - The eighth batch of land auctions in Shanghai included 6 plots with a total area of 191,600 square meters and a starting price of 18.495 billion yuan, attracting over 20 real estate companies [1]. - All 6 plots were sold, generating a total transaction amount of 19.877 billion yuan, with 3 plots sold at a premium and 3 at the starting price [1][9]. Key Transactions - The most notable transaction was the Xuhui Riverside plot, sold for 4.465 billion yuan with a floor price of approximately 148,500 yuan per square meter, setting a new record for the area [3][4]. - The Yangpu East Bund plot was sold to Poly Real Estate with a premium rate of 14.69%, highlighting competitive bidding among four participants [5][6]. Market Trends - Analysts noted a shift towards more conservative bidding strategies among developers, with premium rates significantly lower than in previous auctions [1][9]. - The overall market sentiment reflects a cautious approach as developers assess future market conditions and the potential for high-end residential sales [1][9]. Future Outlook - The upcoming ninth batch of land auctions is set to include 9 plots across various districts, indicating continued activity in the Shanghai land market [9]. - Experts anticipate that the rational performance observed in land auctions will gradually influence the new housing sales market [9].

Core Viewpoint - The Beijing Poly Times project in Changping Future Science City is set to open in 2026, aiming to create a waterfront park-style commercial complex [1] Group 1: Project Overview - The Poly Future Dadu Hui is located in the eastern area of Future Science City, directly above the Future Science City Station on Metro Line 17, making it a key TOD (Transit-Oriented Development) commercial project [1] - The commercial section of the project is named Poly Times and will focus on a "new lifestyle social fusion space" as its core positioning [1] Group 2: Strategic Features - The project will deeply integrate with the ecological endowments of Future Science City, establishing a "cycling+" commercial ecosystem [1] - It aims to attract high-quality brands and IPs, and will host diverse activities such as themed events and music festivals [1]

Core Insights - The real estate companies have been focusing on core cities for land acquisition, leading to a 12% year-on-year increase in land transfer fees across 300 cities in the first three quarters, despite an 8% decrease in transaction area [1][6][27] - In the third quarter, the land market cooled down as the supply of quality land in core cities slowed, with the average premium rate for residential land dropping to 5.8% and transaction area and transfer fees decreasing by 13% and 10% year-on-year, respectively [1][6][27] - The top 20 cities accounted for 61% of the national residential land transfer fees in the first three quarters, although this proportion decreased by 7 percentage points compared to the first half of the year due to the slowdown in land supply in core cities [1][15] Land Market Trends - The fourth quarter is typically a peak period for land supply, with expectations of increased market supply, but the heat of land auctions will depend on the recovery of new home sales [1][27] - The average premium rate for residential land has shown a downward trend, dropping to 3.8% in September, the lowest monthly level this year [9][27] - The land transfer fees for 300 cities reached 1.86 trillion yuan in the first three quarters, a slight increase of 3.1% year-on-year, while the third quarter saw a decline of 10.4% in transfer fees [6][7] City Concentration and Performance - The land transfer fees in first-tier cities have seen significant growth, with a year-on-year increase of 19.7% in the first three quarters, while second-tier cities also experienced growth, albeit at a lower rate [10][15] - The performance of third and fourth-tier cities remains weak, with both land supply and transaction metrics declining more than in first and second-tier cities [10][12] - The top cities for land transfer fees include Hangzhou, Beijing, and Shanghai, each exceeding 100 billion yuan in fees during the first three quarters [15][18] Corporate Strategies and Acquisitions - The top 100 real estate companies increased their land acquisition amounts by 36.7% year-on-year, with state-owned enterprises being the primary players in the market [18][24] - Companies are advised to focus on core cities and avoid high-priced land to ensure the safety, liquidity, and profitability of new projects [1][27] - Recent trends show companies forming joint ventures to acquire quality land at lower costs, indicating a strategic shift towards consolidating resources [28][29]