Group 1 - Company plans to raise no more than 3.6 billion yuan through a private placement to fund seven projects, including a 500,000 kW green power project in Inner Mongolia [1] - Company has received acceptance for a clinical trial application for its self-developed drug for metastatic pancreatic ductal adenocarcinoma [1] - Company intends to establish a joint venture to implement a high-quality gallium arsenide chip construction project with a total investment of 272 million yuan [2] Group 2 - Company reported a revenue of 142 million yuan from pig sales in October, with a total sales volume of 162,800 pigs [3] - Company signed an annual procurement contract to supply 870,000 tons of electrolyte products from 2026 to 2028 [5] - Company plans to reduce its shareholding by up to 3% through various trading methods [7] Group 3 - Company intends to purchase 100 hydrogen fuel cell vehicles for a total price of 78.32 million yuan [9] - Company plans to acquire a 51% stake in a semiconductor equipment company for 510 million yuan [10] - Company has regained eligibility to participate in military procurement activities after being removed from the banned list [12] Group 4 - Company plans to establish a joint venture with state-owned funds for rural development with a total registered capital of 2.87 billion yuan [14] - Company reported a revenue of 1.918 billion yuan from pig sales in October, with a significant year-on-year increase [16][17] - Company plans to distribute a cash dividend of 0.01 yuan per share, totaling 7.9801 million yuan [18] Group 5 - Company has submitted an application for H-share listing on the Hong Kong Stock Exchange [19] - Company received approval for its convertible bond issuance application [20] - Company plans to establish a wholly-owned subsidiary with an investment of 70 million yuan focused on innovative medical research [22] Group 6 - Company reported a 33.87% year-on-year increase in sales volume for October [26] - Company has received a product designation from a leading new energy vehicle brand, with an expected total revenue of approximately 470 million yuan [28] - Company has initiated a key Phase III clinical trial for an innovative eye drop treatment for moderate to severe dry eye syndrome [30] Group 7 - Company reported a total automobile sales volume of 170,700 units in October, a year-on-year decrease of 8.1% [30] - Company plans to invest 16 million USD in establishing a production base in Vietnam [33] - Company has received a warning letter from the regulatory authority due to a breach of commitment by its controlling shareholder [52]

Core Insights - Poly Developments reported a significant decline in both contracted area and amount for October 2025, with a year-on-year decrease of 50.86% in contracted area and 50.12% in contracted amount [1] - For the period from January to October 2025, the company experienced a year-on-year reduction of 28.78% in contracted area and 21.54% in contracted amount [1] Summary by Category - **Contracted Area** - In October 2025, the contracted area was 1.0938 million square meters, down 50.86% year-on-year [1] - From January to October 2025, the total contracted area reached 11.1981 million square meters, reflecting a decrease of 28.78% compared to the previous year [1] - **Contracted Amount** - The contracted amount for October 2025 was 21.116 billion yuan, which is a 50.12% decrease year-on-year [1] - For the period of January to October 2025, the total contracted amount was 222.847 billion yuan, showing a decline of 21.54% year-on-year [1]

Core Viewpoint - Poly Developments (600048.SH) announced the addition of 5 new real estate projects since the disclosure of its previous announcement regarding the acquisition of real estate projects [1] Group 1 - The company has expanded its real estate portfolio by acquiring 5 new projects [1]

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。 2025 年 10 月，公司实现签约面积 109.38 万平方米，同比减少 50.86%；签 约金额 211.16 亿元，同比减少 50.12%。 2025 年 1-10 月，公司实现签约面积 1119.81 万平方米，同比减少 28.78%； 签约金额 2228.47 亿元，同比减少 21.54%。 由于销售过程中存在各种不确定性，上述销售数据可能与定期报告披露的数 据存在差异，相关数据以公司定期报告为准。 证券代码：600048 证券简称：保利发展 公告编号：2025-090 2025 年 10 月份销售情况简报 特此公告。 保利发展控股集团股份有限公司 董事会 二〇二五年十一月八日 ...

证券代码：600048 证券简称：保利发展 公告编号：2025-091 关于本公司获得房地产项目的公告 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。 自公司《关于本公司获得房地产项目的公告》（公告编号 2025-087）披露 以来，公司新增加房地产项目 5 个，项目信息如下（具体位置详见附图）： 由于项目开发过程中存在各种不确定性，上述数据可能与定期报告披露的数 据存在差异，相关数据以公司定期报告为准。 特此公告。 图 1：佛山市南海区博华路西侧地块 注：" "为近期新获取项目，" "为历史主要获取项目。 图 2：江门市蓬江区天福路东侧地块 佛山市南海区 博华路西侧地块 江门市蓬江区 天福路东侧地块 图 3：长沙市开福区开福寺路南侧地块 长沙市开福区 开福寺路南侧地块 保利发展控股集团股份有限公司 董事会 二〇二五年十一月八日 单位：平方米、万元 序号 项目名称 获取 方式 土地 用途 用地 面积 规划容积 率面积 我方需支 付价款 权益 比例 1 佛山市南海区 博华路西侧地块 招拍挂 住宅 29,138 72,846 38 ...

Core Points - Poly Development reported a significant decline in contracted area and amount for October 2025, with a contracted area of 1.0938 million square meters, down 50.86% year-on-year, and a contracted amount of 21.116 billion yuan, down 50.12% year-on-year [1] - For the period from January to October 2025, the company achieved a contracted area of 11.1981 million square meters, a decrease of 28.78% year-on-year, and a contracted amount of 222.847 billion yuan, down 21.54% year-on-year [1] - The company added 5 new real estate projects during this period [1]

Core Viewpoint - The company has announced the acquisition of five new real estate projects, with a total payment amounting to 5.121 billion yuan [1] Summary by Category New Projects - The company has added five new real estate projects since the announcement regarding the acquisition of real estate projects [1] - The specific projects include: - A plot of land located on the west side of Bohua Road in Nanhai District, Foshan City - A plot of land located on the east side of Tianfu Road in Pengjiang District, Jiangmen City - A plot of land located on the south side of Kaifus Temple Road in Kaifu District, Changsha City - A plot of land located on the south side of Qinglong Temple Road in Yanta District, Xi'an City - A plot of land located on the south side of Hongqi West Road in Ganjingzi District, Dalian City [1]

Core Viewpoint - Poly Developments (600048.SH) reported a significant decline in both contracted area and amount for October 2025, indicating a challenging market environment for the company and the industry overall [1] Summary by Category Contracted Area - In October 2025, the company achieved a contracted area of 1.0938 million square meters, a year-on-year decrease of 50.86% [1] - From January to October 2025, the total contracted area was 11.1981 million square meters, reflecting a year-on-year decrease of 28.78% [1] Contracted Amount - The contracted amount for October 2025 was 21.116 billion yuan, which represents a year-on-year decrease of 50.12% [1] - For the period from January to October 2025, the total contracted amount reached 222.847 billion yuan, showing a year-on-year decrease of 21.54% [1]

Core Insights - Poly Developments reported a significant decline in both contracted area and amount for October 2025, with a contracted area of 1.0938 million square meters, down 50.86% year-on-year, and a contracted amount of 21.116 billion yuan, down 50.12% year-on-year [1] Summary by Category Contracted Area - In October 2025, the company achieved a contracted area of 1.0938 million square meters, representing a year-on-year decrease of 50.86% [1] - From January to October 2025, the total contracted area was 11.1981 million square meters, reflecting a year-on-year decline of 28.78% [1] Contracted Amount - The contracted amount for October 2025 was 21.116 billion yuan, which is a decrease of 50.12% compared to the same month last year [1] - For the period from January to October 2025, the total contracted amount reached 222.847 billion yuan, showing a year-on-year reduction of 21.54% [1]

Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the transition of China's property industry from new construction to rental asset operations, driven by the emergence of the C-REIT (China Real Estate Investment Trust) market, which is expected to reshape the competitive landscape and long-term investment thesis of the industry [2][12][31]. Core Insights - **C-REIT Market Potential**: The C-REIT market is projected to reach a market capitalization of approximately US$1 trillion, which is over 30 times larger than its current size. This growth is anticipated to attract long-term yield investors [4][11]. - **Policy Support**: Since the third quarter of 2025, supportive policies have accelerated the issuance of onshore REITs, expanding the asset scope and issuer background, which is crucial for the growth of C-REITs [4][11]. - **Investment Strategy**: Listed developers are seen as a viable way to access the expanding C-REIT theme due to their large rental portfolios and strategic commitment to divesting mature properties into REITs [5][11]. Key Beneficiaries - **Short-term Beneficiaries**: CR Land (1109.HK) is identified as the primary beneficiary in the short term, followed by Seazen (601155.SS) and Longfor (0960.HK), due to their substantial but highly pledged malls [6][11]. - **Medium-term Beneficiaries**: Other developers such as COLI (0688.HK), Vanke (2202.HK), and Poly (600048.SS) may benefit from the expansion of REIT coverage due to their rich non-retail rental assets [6][11]. Market Dynamics - **Transition Drivers**: The transition is driven by diminishing housing demand due to aging demographics and regulatory changes that have lowered development returns on equity (ROE) [13][21][23]. - **Regulatory Changes**: The introduction of the "three red lines" policy has tightened leverage for developers, leading to a shift towards a dual-track housing supply system focusing on public and rental housing [22][23]. Competitive Landscape - **Shift to Rental Focus**: Developers are increasingly focusing on recurring income from rental properties as the attractiveness of traditional property development diminishes. This shift is expected to reshape the competitive landscape and investment thesis of the industry over the next 10-20 years [29][31]. - **Challenges in Transition**: The transition to a rental-focused model is slow due to the asset-heavy nature of rental businesses, slow asset turnover affecting ROE, and limited exit channels for unlocking asset value [29][30]. Long-term Investment Thesis - **Evolving Investment Logic**: The investment logic is expected to shift from high leverage and turnover models to a focus on stable recurring income and dividend visibility, reflecting a more balanced growth approach [31][35]. - **Future Focus on REITs**: As developers transform into landlords and the C-REIT market matures, the focus may shift from developers to REITs with strong recurring income assets, similar to trends observed in developed markets [35][41]. Regulatory Framework for C-REITs - **Development Stages**: The development of C-REITs has progressed through four stages: initial preparation, gradual progress, increased promotion, and full acceleration, with significant regulatory milestones achieved since 2021 [43][44]. - **Regulatory Characteristics**: C-REITs have stringent regulations compared to developed markets, including requirements for shareholding, leverage, and cash distribution [46][48]. Conclusion - The transition in China's property industry towards a rental-focused model and the growth of the C-REIT market present significant investment opportunities. Developers with strong rental portfolios are well-positioned to benefit from this shift, while the evolving regulatory landscape will further facilitate the growth of C-REITs in the coming years [4][11][31].