Core Viewpoint - The real estate market in China is experiencing a downturn, with a significant decline in land acquisition activities among major companies, reflecting a cautious investment attitude due to reduced land supply and market pressures [15][16][30]. Group 1: Land Acquisition Trends - In October, over half of the 30 monitored companies did not engage in land acquisition, with only four companies acquiring land worth over 5 billion yuan [16]. - The total land acquisition value for the top 100 real estate companies reached 19,443 billion yuan, with a year-on-year increase of 27% [24]. - The average premium rate for land transactions in October was 2.7%, marking the lowest level of the year [18]. Group 2: Market Performance Metrics - The total area of land sold through public bidding in China was 60.57 million square meters, a 13% decrease month-on-month and a 25% decrease year-on-year [18]. - The total transaction amount for land was 151.9 billion yuan, reflecting a 20% month-on-month decline and a 35% year-on-year decrease [18]. - The threshold for the top 100 companies in terms of new land value decreased by 5% year-on-year to 4.28 billion yuan [21]. Group 3: Investment Behavior - The investment amount of the top 100 companies increased by 45% year-on-year, indicating a rebound in land acquisition despite the overall market decline [23][24]. - The land acquisition ratio for the top 100 companies was 0.29, with the top 10 companies showing a higher ratio of 0.42, indicating more aggressive investment strategies [26]. - Companies are focusing on acquiring quality land in core first- and second-tier cities, maintaining a rational approach to avoid overpaying [30][33]. Group 4: Future Outlook - The fourth quarter is expected to see continued cautious and rational land acquisition strategies, with over 40% of the top sales companies likely to maintain zero new land reserves [33]. - Central government policies are anticipated to optimize land supply, focusing on improving housing quality and urban renewal projects [33].

Core Insights - The total sales of the top 100 real estate companies in China for the first ten months of 2025 reached 289.67 billion yuan, representing a year-on-year decline of 16.3%, with the decline rate widening by 4.1 percentage points compared to the first nine months of the year [1] - The sales performance in October showed a slight month-on-month recovery, with a total sales amount of 253 billion yuan, reflecting a 0.1% increase from the previous month [6] Group 1: Sales Performance by Company Tier - The average sales for the top 10 real estate companies was 143.09 billion yuan, down 15.0% year-on-year [4] - The average sales for companies ranked 11 to 30 was 35.51 billion yuan, down 17.8% year-on-year [4] - The average sales for companies ranked 31 to 50 was 17.21 billion yuan, down 16.6% year-on-year [4] Group 2: Company Breakdown - There are 7 companies in the 100 billion yuan and above tier, with sales figures of 222.7 billion yuan, 201.1 billion yuan, 189.1 billion yuan, 169.6 billion yuan, 156.0 billion yuan, 114.6 billion yuan, and 106.5 billion yuan respectively [4] - The second tier (500-1000 billion yuan) has 7 companies, down 2 from the previous year, with sales figures of 92.6 billion yuan, 92.1 billion yuan, 86.3 billion yuan, 68.7 billion yuan, 62.1 billion yuan, 55.7 billion yuan, and 55.3 billion yuan respectively [4] - The third tier (300-500 billion yuan) has 6 companies, down 3 from the previous year, with sales figures of 43.8 billion yuan, 43.5 billion yuan, 41.5 billion yuan, 33.9 billion yuan, and 32.7 billion yuan respectively [4] Group 3: Market Trends - In October, first-tier cities recorded a total transaction volume of 1.68 million square meters, remaining flat month-on-month but down 41% year-on-year [6] - The total transaction volume in 26 second and third-tier cities was 7.91 million square meters, with a slight month-on-month increase of 1% but a year-on-year decline of 35% [6] - The city of Chengdu led in monthly transactions with 800,000 square meters, followed by Qingdao, Wuhan, and Xi'an [6] Group 4: Policy Implications - The recent "14th Five-Year Plan" emphasizes boosting consumption and may lead to the relaxation of housing purchase restrictions in major cities [7] - The industry anticipates that as year-end performance targets approach, supply in key cities may improve, providing some support to the market [7] - A more comprehensive approach from the central government is needed to stabilize the industry and break the negative cycle [7]

Group 1 - The core viewpoint of the article highlights the active participation of pension funds in the secondary market, with a total of 176 stocks appearing in the top ten circulating shareholders list by the end of the third quarter, including 65 new entries and 31 increased holdings [1][2] - By the end of the third quarter, pension funds held a total of 1.715 billion shares across these stocks, with a combined market value of 38.074 billion yuan [1][2] - The stock with the highest pension fund holding is Tongling Nonferrous Metals, where the basic pension insurance fund 1205 combination is the ninth largest circulating shareholder with 69.1589 million shares [1][2] Group 2 - The pension fund's heavy holdings include 87 stocks that also have social security funds among their top ten circulating shareholders, indicating a collaborative investment strategy [2] - The longest-held stock by pension funds is Yinlun Co., which has appeared in the top ten circulating shareholders list for 32 consecutive reporting periods, currently holding 14.1227 million shares, a decrease of 36.45% from the previous quarter [2] - The distribution of stocks held by pension funds shows a concentration in the main board with 117 stocks, followed by 26 in the Sci-Tech Innovation Board and 33 in the Growth Enterprise Market [2] Group 3 - Among the stocks held by pension funds, 111 companies reported a net profit increase in their third-quarter reports, with the highest growth seen in Rongzhi Rixin, which achieved a net profit of 26.8952 million yuan, a year-on-year increase of 889.54% [2] - The detailed holdings of pension funds reveal significant investments in various sectors, with notable holdings in mechanical equipment and basic chemicals, comprising 24 and 14 stocks respectively [2][3]

Core Viewpoint - The article highlights the strong growth of China's GDP supported by green transformation initiatives, with companies like Jianfa Co., Ltd. integrating sustainable practices into their operations to enhance long-term competitiveness and resilience [1][2]. Economic Growth and Green Transformation - In the first three quarters of 2025, China's GDP reached 101.5 trillion yuan, growing by 5.2% year-on-year at constant prices, indicating a stable macroeconomic environment [1]. - The integration of green transformation into economic development is becoming increasingly significant, with companies playing a crucial role in this transition [2]. ESG Practices and Corporate Responsibility - Jianfa Co., Ltd. has embedded sustainable development into its business model, focusing on low-carbon transformation across various industries, including steel and textiles, while also enhancing its position in the new energy supply chain [1][3]. - The company has received multiple accolades for its ESG efforts, including being recognized as an "Excellent ESG Practice Case" by the China Listed Companies Association in 2024 and achieving high ratings in various ESG assessments [1][3]. Sustainable Development Initiatives - Jianfa Co., Ltd. has implemented comprehensive measures in green development, including adhering to national green building standards and launching multiple green building projects [4]. - The company has integrated the United Nations Sustainable Development Goals into its operations, focusing on community engagement and resource sharing [4]. Governance and Performance Metrics - The company has established a sustainable development committee led by its chairman, incorporating ESG metrics into performance evaluations to ensure effective execution of sustainability strategies [5]. - Jianfa Co., Ltd. has demonstrated strong financial performance, with average annual revenue growth of 26.46% and net profit growth of 23.79% since its listing in 1998 [6]. Resilience and Market Position - In the first half of 2025, Jianfa Co., Ltd. reported a revenue of 267.845 billion yuan in its supply chain operations, reflecting a year-on-year growth of 1.62%, while its real estate segment achieved a contract sales amount of 70.83 billion yuan, up 7.31% [7]. - The company's focus on ESG practices has enhanced its risk management capabilities, contributing to its resilience in fluctuating market conditions [8]. Broader Impact on GDP and Industry - Jianfa Co., Ltd.'s ESG initiatives are positioned as a vital link between micro-level corporate practices and macro-level green economic growth, with its ESG ratings reflecting its commitment to sustainable development [11]. - The company is actively expanding its green business boundaries, including investments in commercial photovoltaic projects, which support the broader goal of GDP growth through sustainable practices [12][13].

格隆汇10月30日丨建发股份(600153.SH)公布2025年第三季度报告，营业收入为1836.63亿元，同比上升 0.30%；归属于上市公司股东的净利润为3.08亿元，同比下降64.18%；归属于上市公司股东的扣除非经 常性损益的净利润为3.11亿元，同比下降34.23%。 ...

Core Insights - The core point of the article is that Jianfa Co., Ltd. reported a decline in both revenue and net profit for the first three quarters of 2025 compared to the previous year [1] Financial Performance - For the period of January to September, Jianfa Co., Ltd. achieved a revenue of 498.983 billion yuan, which represents a year-on-year decrease of 0.63% [1] - The net profit attributable to the parent company was 1.149 billion yuan, reflecting a significant year-on-year decline of 44.19% [1]

厦门建发股份有限公司 关于计提资产减值准备的公告 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： 公司及子公司 2025 年第三季度（7-9 月）计提上述各类资产减值准备 74,313.31 万元（人民币，下同），将减少公司 2025 年第三季度（7-9 月）合并 报表"归属于母公司股东的净利润"34,329.72 万元。 2025 年第三季度，国内房地产市场的止跌回稳仍在进程中。公司根据库 存的不同类型，推进"老盘新做"等多种策略，加速去化进程，精准施策，提高 项目周转速度，加快现金回收。因市场分化加剧，公司部分存货出现减值。基于 谨慎性原则，2025 年第三季度公司及子公司对该部分存货计提了跌价准备。 厦门建发股份有限公司（以下简称"公司"）于 2025 年 10 月 30 日召开第十 届董事会第二次会议，会议审议通过了《关于计提资产减值准备的议案》：根据 《企业会计准则》和公司主要会计政策、会计估计等相关制度要求，基于谨慎性 原则，公司及控股子公司拟对应收账款、其他应收款和存货等计提资产减值准备， 具体情 ...

二、审议通过《公司 2025 年第三季度报告》 具体内容详见公司于同日刊登的公告。 本议案已经公司第十届董事会审计委员会 2025 年第二次会议审议通过。 表决结果：8 票同意，0 票反对，0 票弃权。 特此公告。 厦门建发股份有限公司董事会 厦门建发股份有限公司 第十届董事会第二次会议决议公告 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。 厦门建发股份有限公司（以下简称"公司"）于 2025 年 10 月 20 日以通讯方 式向各位董事发出了召开第十届董事会第二次会议的通知。会议于 2025 年 10 月 30 日以通讯方式召开。本次会议由董事长林茂先生主持，应出席董事 8 人， 实际出席董事 8 人。本次会议的通知、召开及审议程序符合有关法律、法规和《公 司章程》的规定，所作决议合法有效。经过审议并表决，本次会议通过了以下议 案： 一、审议通过《关于计提资产减值准备的议案》 具体内容详见公司于同日刊登的公告（公告编号：2025-042）。 本议案已经公司第十届董事会审计委员会 2025 年第二次会议审议通过。 表决结果： ...

Financial Performance - The company's operating revenue for Q3 2025 was approximately CNY 183.66 billion, a year-on-year increase of 0.30%[5] - The total profit for Q3 2025 was CNY 101.67 million, a significant decrease of 93.46% compared to the same period last year[5] - The net profit attributable to shareholders for Q3 2025 was CNY 307.85 million, down 64.18% year-on-year[5] - The total profit for the current reporting period decreased by 93.46% compared to the previous period[16] - The net profit attributable to shareholders of the listed company fell by 64.18% in the current reporting period[16] - The net profit attributable to shareholders after excluding non-recurring gains and losses decreased by 34.23%[16] - The basic earnings per share for the current reporting period dropped by 75.00%[16] - The total profit from the beginning of the year to the end of the reporting period decreased by 59.33%[16] - The net profit attributable to shareholders from the beginning of the year to the end of the reporting period decreased by 44.19%[17] - The net profit attributable to shareholders after excluding non-recurring gains and losses decreased by 25.34% from the beginning of the year to the end of the reporting period[17] - Net profit for the first three quarters of 2025 was approximately ¥210.60 million, a significant decline of 92.13% compared to ¥2.68 billion in 2024[29] - The company recorded a significant decrease in total profit for the first three quarters of 2025, amounting to approximately ¥1.72 billion, down from ¥4.23 billion in 2024, a decline of 59.36%[29] Segment Performance - The supply chain operation segment achieved a net profit of CNY 23.39 billion for the first three quarters, an increase of 4.21% year-on-year[7] - The real estate segment reported a net profit of -CNY 2.26 billion, a decrease of CNY 6.07 billion year-on-year[9] Assets and Liabilities - The total assets as of September 30, 2025, were approximately CNY 887.32 billion, an increase of 15.56% from the end of the previous year[12] - The net assets attributable to shareholders increased by 0.38% to CNY 72.26 billion compared to the end of the previous year[12] - The company's current assets totaled CNY 688.76 billion, up from CNY 577.52 billion at the end of 2024, indicating a growth of about 19.3%[23][24] - The company's total liabilities amounted to CNY 659.06 billion, compared to CNY 539.71 billion at the end of 2024, marking an increase of around 22.1%[25][26] - The total owner's equity stood at CNY 228.27 billion, slightly up from CNY 228.16 billion, indicating a marginal increase of about 0.05%[26] Cash Flow - The cash flow from operating activities for the first three quarters was CNY 6.69 billion[5] - Cash flow from operating activities for the first three quarters of 2025 was approximately ¥6.69 billion, a recovery from a negative cash flow of ¥14.11 billion in 2024[32] - Cash inflow from investment activities totaled approximately $20.64 billion in the first three quarters of 2025, compared to $21.88 billion in the same period of 2024, reflecting a decrease of about 5.67%[33] - Net cash outflow from investment activities was approximately -$22.99 billion in 2025, contrasting with a net inflow of $1.16 billion in 2024[33] - Total cash inflow from financing activities reached approximately $188.93 billion in 2025, slightly increasing from $184.74 billion in 2024, representing a growth of about 2.67%[33] - Net cash flow from financing activities was approximately $19.96 billion in 2025, significantly higher than $6.09 billion in 2024[33] - The net increase in cash and cash equivalents was approximately $3.92 billion in 2025, compared to a decrease of about -$6.54 billion in 2024[33] - The ending balance of cash and cash equivalents stood at approximately $89.55 billion in 2025, up from $79.39 billion in 2024[33] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 58,240[19] - The largest shareholder, Xiamen Jianfa Group Co., Ltd., holds 1,356,687,985 shares, accounting for 46.79% of the total shares[19] Investment and Expenses - Research and development expenses increased to approximately ¥228.25 million in 2025, up from ¥181.01 million in 2024, indicating a focus on innovation[28] - Total investment income for the first three quarters of 2025 was approximately ¥732.09 million, down from ¥1.07 billion in 2024, reflecting a decrease of 31.93%[29] - The company reported a decrease in tax expenses to approximately ¥1.51 billion in 2025 from ¥1.55 billion in 2024, a reduction of 2.73%[29] - Other comprehensive income after tax for the first three quarters of 2025 was approximately -¥192.96 million, compared to -¥81.06 million in 2024, indicating a worsening position[30] - Cash received from investment income was approximately $210.40 million in 2025, more than doubling from $108.13 million in 2024[33] - Cash paid for the acquisition of subsidiaries and other business units was approximately $1.08 billion in 2025, slightly down from $1.15 billion in 2024[33] - Cash paid for other financing activities totaled approximately $29.14 billion in 2025, compared to $27.79 billion in 2024, indicating an increase of about 4.83%[33]

Investment Rating - The report maintains an "Overweight" rating for the real estate development and services sectors [8]. Core Insights - The "15th Five-Year Plan" emphasizes high-quality development in real estate, transitioning from quantity to quality, with a focus on improving housing quality and supply systems [2][4][6]. - The report suggests that product capability will be a core competitive advantage for real estate companies, reshaping market positions and competitive dynamics [2][6]. Summary by Sections Institutional Improvement - The government aims to enhance the foundational systems related to commercial housing throughout its lifecycle, focusing on development, financing, and sales regulations [3]. - A new safety management system for the entire lifecycle of housing is expected to be established, enhancing property quality and long-term value [3]. Supply System Enhancement - The focus of affordable housing supply will shift from merely increasing quantity to improving quality, with an emphasis on meeting the needs for improved housing [4]. - The report highlights the importance of tailored policies for different cities to address housing needs effectively [4]. Housing Quality Improvement - The concept of "good housing" is defined by five dimensions: standards, design, materials, construction, and maintenance, which will guide the market towards companies with strong product capabilities [5]. - The implementation of a safety management system and enhanced property service quality is anticipated to elevate service standards in the industry [5]. Long-term Policy Empowerment - The "15th Five-Year Plan" is expected to empower the long-term development of the industry, providing room for valuation recovery as the standard for "good housing" becomes more prominent [6]. - The report recommends focusing on companies with strong credit, good cities, and quality products, highlighting specific stocks for investment [6][10]. Recommended Stocks - The report lists several stocks with "Buy" ratings, including: - Greentown China (3900 HK) with a target price of 13.69 HKD - Yuexiu Property (123 HK) with a target price of 7.06 HKD - China Overseas Development (688 HK) with a target price of 19.08 HKD - China Resources Land (1109 HK) with a target price of 36.45 HKD - New World Development (16 HK) with a target price of 111.51 HKD [10][12].