Core Viewpoint - The recent hiring of Cai Liang, a former senior executive from Vanke, by Poly Developments is seen as a strategic move to enhance the company's competitive edge in the Shanghai real estate market, particularly in the high-end segment [1][3]. Group 1: Executive Changes - Cai Liang has officially joined Poly Developments in Shanghai, focusing on product development, marking a significant shift from the company's traditional practice of internal promotions [1]. - This move is perceived as a response to the intensifying competition in the Shanghai luxury real estate market, with Poly aiming to break through its competitive bottlenecks [3]. Group 2: Market Competition - The luxury real estate market in Shanghai is experiencing fierce competition, with major players like China Resources, Poly Developments, and China Overseas pushing aggressively into the market [1][3]. - Poly Developments is currently positioned as the second-largest player in terms of sales in Shanghai, with a sales figure of 395.8 billion yuan, closely trailing behind China Resources at 417.9 billion yuan [8]. Group 3: Sales Performance - The sales performance of Poly Developments' projects, such as the Expo Tianyue, shows a current sales rate of 77.9%, with 648 out of 832 units sold [4]. - The company plans to release over 2.6 billion yuan worth of properties by the end of the year, aiming to secure its position as the second-largest seller in Shanghai [9][10]. Group 4: Product Strategy - Poly Developments is focusing on high-end products, with the Expo Tianyue being one of the most expensive projects in Shanghai, priced at 26.6 million yuan per square meter [9]. - The company is also introducing new housing types, such as the "good house" policy-compliant units, which are designed to maximize usable space and appeal to high-end buyers [9].

Core Viewpoint - The recent hiring of Cai Liang by Poly Developments is seen as a strategic move to enhance the company's competitive edge in the Shanghai luxury real estate market, particularly as the market becomes increasingly competitive with major players intensifying their efforts [1][3]. Group 1: Talent Acquisition and Management Changes - Cai Liang, a former senior figure at Vanke, has joined Poly Developments to lead product research and development, marking a significant shift from the company's traditional practice of internal promotions [1][3]. - The hiring of Cai Liang is part of a broader strategy to restructure the executive team at Poly Developments, aiming to address gaps in product, marketing, and research capabilities [3][4]. Group 2: Market Competition and Sales Performance - The luxury real estate market in Shanghai is experiencing fierce competition, with major companies like China Resources, Poly Developments, and China Overseas intensifying their market presence [1][4]. - As of November 2025, Poly Developments reported sales of 395.8 billion yuan, closely trailing China Resources at 417.9 billion yuan, indicating a competitive landscape where the gap is only 22.1 billion yuan [7]. - Poly Developments has achieved a sales area of 57.1 million square meters, with a unit price of approximately 6.93 million yuan per square meter, highlighting its focus on the high-end market [7]. Group 3: Project Launches and Sales Strategy - Poly Developments plans to release over 2.6 billion yuan worth of properties by the end of the year, aiming to secure the second position in annual sales in Shanghai [8][10]. - The company is introducing new housing types, such as the "Yao" unit with high usable space efficiency, to attract buyers in the competitive market [9]. - Recent sales data from the Expo Tianyue project shows a sales rate of 77.9%, with 648 units sold out of 832, indicating a need for improved sales strategies in a challenging market [4][8].

Core Insights - The recruitment of Cai Liang by Poly Developments is seen as a strategic move to enhance the company's competitive edge in the Shanghai luxury real estate market, particularly as the market becomes increasingly competitive with major players like China Resources Land and China Overseas Land ramping up their efforts [1][2][4]. Group 1: Company Strategy - Poly Developments is restructuring its executive team to address competitive challenges, focusing on product, marketing, and research capabilities through a combination of internal promotions and external hires [2]. - The company aims to solidify its position as the second-largest seller in Shanghai by releasing over 2.6 billion yuan worth of properties by the end of the year, targeting a significant market share in the luxury segment [1][5]. Group 2: Market Competition - The competition among top real estate firms in Shanghai is intensifying, with Poly Developments closely trailing China Resources Land in sales figures, indicating a tight race for market leadership [4]. - In terms of sales area, China Resources Land leads with 650,000 square meters, while Poly Developments follows with 571,000 square meters, showcasing the competitive landscape in terms of volume and pricing strategies [4]. Group 3: Product Performance - Poly Developments' flagship project, Expo Tianyue, has a sales rate of 77.9%, with 648 units sold out of 832, reflecting the challenges in achieving higher sales velocity in a competitive market [2]. - The company is launching new products, such as the "Good House" policy-compliant units, which are designed to maximize usable space and appeal to buyers, with prices ranging from 11,700 to 15,600 yuan per square meter [5][6].

（文章来源：证券日报） 证券日报网讯 12月12日晚间，保利发展发布公告称，公司2025年第11次临时董事会审议通过了《关于 续聘会计师事务所的议案》，拟续聘立信会计师事务所（特殊普通合伙）为公司2025年度财务审计和内 部控制审计机构。 ...

Group 1 - The core point of the article is that Poly Developments announced a temporary board meeting to discuss the issuance of convertible bonds and reported its revenue composition for the first half of 2025, with real estate accounting for 89.98% of total revenue [1][1][1] - As of the report date, Poly Developments has a market capitalization of 76.9 billion yuan [1][1][1] Group 2 - The revenue breakdown for Poly Developments in the first half of 2025 shows that real estate contributes 89.98%, other businesses contribute 9.77%, and the remaining 0.25% comes from other sources [1][1][1] - The company is preparing to issue convertible bonds, which indicates a strategic move to raise capital [1][1][1]

格隆汇12月12日丨保利发展(600048.SH)公布，拟向特定对象发行可转换公司债券募集资金总额不超过 500,000.00万元，扣除发行费用后的募集资金净额将全部用于杭州保利天奕、石家庄保利裕华天珺、广 州保利辰园湖境、中山保利琅悦、长春保利景阳和煦、佛山保利锦鲤堂悦、上海保利虹桥和颂三期、天 津保利珺璟和煦、石家庄保利长安琅悦。 ...

格隆汇12月12日丨保利发展(600048.SH)公布，拟向特定对象发行可转换公司债券募集资金总额不超过 500,000.00万元，扣除发行费用后的募集资金净额将全部用于杭州保利天奕、石家庄保利裕华天珺、广 州保利辰园湖境、中山保利琅悦、长春保利景阳和煦、佛山保利锦鲤堂悦、上海保利虹桥和颂三期、天 津保利珺璟和煦、石家庄保利长安琅悦。 ...

保利发展控股集团股份有限公司 2025年度可转换公司债券持有人会议规则 第一章 总则 第一条 为规范保利发展控股集团股份有限公司（以下简称"公司"）2025 年度向特定对象发行可转换公司债券（以下简称"本次可转债"）之债券持有人 会议的组织和行为，界定债券持有人会议的权利义务，保障债券持有人的合法权 益，根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司证券 发行注册管理办法》《可转换公司债券管理办法》《公司债券发行与交易管理办 法》《上海证券交易所债券上市规则》等有关法律、法规、规章及规范性文件的 规定，并结合公司的实际情况，特制订本规则。 债券简称及代码、发行日、兑付日、发行利率、发行规模、含权条款及投资 者权益保护条款设置情况等本次可转债的基本要素和重要约定以本次可转债募 集说明书等文件载明的内容为准。 第二条 本次可转债为公司依据《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募集说明书》（以下简称"《定向可转债募集说 明书》"）约定发行的可转换公司债券，债券持有人为通过认购、购买或其他合 法方式取得本次可转债的投资者。 公司将聘请本次可转债的承销机构或其他经中国证 ...

2025-2027 年股东回报规划 保利发展控股集团股份有限公司（以下简称"公司"）在实现自身发展的同 时，高度重视股东的合理投资回报。在综合考虑公司战略发展目标、经营规划、 盈利能力、股东回报、社会资金成本以及外部融资环境等因素基础上，公司制订 了2025-2027年股东回报规划（以下简称"本规划"）。具体内容如下： 第一条 制订本规划考虑因素 公司致力于实现平稳、健康和可持续发展，综合考虑公司实际经营情况、战 略发展目标、经营规划、盈利能力、股东的意愿和要求、外部融资成本和融资环 境、公司现金流量状况等重要因素，平衡股东的短期利益和长期回报，建立对投 资者持续、稳定、科学的回报规划与机制，对利润分配做出制度性安排，以保证 利润分配政策的连续性和稳定性。 第二条 本规划的制定原则 本规划的制定应在符合《公司法》等法律法规、规范性文件和《公司章程》 等有关利润分配规定的基础上，充分考虑和听取股东（特别是中小股东）、独立 董事的意见，重视对股东的合理投资回报并兼顾公司的可持续发展需要，坚持积 极、科学开展利润分配的基本原则，保持公司利润分配政策的连续性和稳定性。 第三条 未来三年（2025-2027）的具体股东 ...

证券代码：600048 证券简称：保利发展 公告编号：2025-106 转债代码：110817 转债简称：保利定转 关于前次募集资金使用情况的专项报告 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。 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》等有关规定，现将公司截至 2025 年 9 月 30 日的前次募 集资金使用情况报告如下： 一、前次募集资金的募集及存放情况 经中国证券监督管理委员会《关于同意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注册的批复》（证监许可﹝2025﹞853 号）予以同意 注册，并经上海证券交易所同意，保利发展控股集团股份有限公司（以下简称"公 司"）于 2025 年 5 月 15 日向特定对象发行可转换公司债券 85,000,000 张，每张 面值 100 元，按面值发行。本次向特定对象发行可转换公司债券，共募集资金人 民币 8,500,000,000 元，扣除发行费用（含增值税）人民币 21,250,000.00 元， 实际募集资金净 ...