证券代码：600325 证券简称：华发股份 公告编号：2025-068 珠海华发实业股份有限公司 关于股份回购进展公告 本公司董事局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： 回购方案首次披露日 2024/10/30 回购方案实施期限 2024 年 10 月 29 日~2025 年 10 月 28 日 预计回购金额 30,000万元~60,000万元 一、 回购股份的基本情况 □减少注册资本 回购用途 | □用于转换公司可转债 | | | --- | --- | | □为维护公司价值及股东权益 | | | 累计已回购股数 | 2,377万股 | | 累计已回购股数占总股本比例 | 0.864% | | 累计已回购金额 | 119,757,856.20元 | | 实际回购价格区间 | 4.78元/股~5.83元/股 | 于提议珠海华发实业股份有限公司回购公司股份的函》，提议公司通过上海证券交 易所交易系统以集中竞价交易方式进行股份回购，本次回购的股份将用于员工持 股计划或者股权激励。具体详见公司于 2024 年 10 月 ...

证券日报网讯8月4日晚间，华发股份（600325）发布公告称，2025年7月份，公司通过集中竞价交易方 式累计回购股份12，270，000股，占公司总股本的比例约为0.446%。 ...

格隆汇8月4日丨华发股份(600325.SH)公布，2025年7月，公司通过集中竞价交易方式回购股份 12,270,000股，回购股份占公司总股本的比例约为0.446%，回购成交的最高价为5.10元/股，最低价为 4.78元/股，成交总金额为60,183,969元（不含印花税、交易佣金等费用）。截至2025年7月31日，公司 通过上海证券交易所交易系统以集中竞价交易方式累计回购公司股份2,377万股，占公司目前总股本的 比例为0.864%，回购成交的最高价为5.83元/股，最低价为4.78元/股，成交总金额为人民币 119,757,856.20元（不含印花税、交易佣金等费用）。本次回购符合回购股份相关法律法规的规定及公 司回购股份方案。 ...

Group 1 - The company Huafa Co., Ltd. announced a share buyback of 23.77 million shares, representing 0.864% of its total share capital, with a total transaction amount of approximately 120 million RMB [2] - The highest buyback price was 5.83 RMB per share, while the lowest was 4.78 RMB per share [2] - For the year 2024, the company's revenue composition is as follows: 92.88% from real estate development and operation, 4.33% from other sources, and 2.79% from property services [2]

证券代码：600325 证券简称：华发股份 公告编号：2025-068 珠海华发实业股份有限公司 关于股份回购进展公告 本公司董事局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： | 回购方案首次披露日 | | 2024/10/30 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | | 2024 年 月 29 日~2025 10 | 10 | 年 | 月 | 28 | 日 | | 预计回购金额 | | 30,000万元~60,000万元 □减少注册资本 | | | | | | | 回购用途 | | √用于员工持股计划或股权激励 | | | | | | | | | □用于转换公司可转债 | | | | | | | | | □为维护公司价值及股东权益 | | | | | | | 累计已回购股数 | | 2,377万股 | | | | | | | 累计已回购股数占总股本比例 | | 0.864% | | | | | | | 累计已 ...

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [5][37] Core Viewpoints - The market heat has declined in July, with sales showing a significant year-on-year drop, reaching a six-year low for the same period [1][14] - The sales performance of top real estate companies varies, with some showing stability while others experience significant declines [4][33] - The report emphasizes the importance of policy-driven market dynamics and suggests that 2025 will be dominated by policy influences [5][37] Summary by Sections July Market Performance - In July, the top 100 real estate companies achieved a sales amount of 211.2 billion yuan, a year-on-year decrease of 24.3% and a month-on-month decrease of 37.7% [1][14] - From January to July, the top 100 companies recorded a total sales amount of 1.8639 trillion yuan, down 12.5% year-on-year [1][14] Sales by Company Tier - The sales decline is observed across all tiers, with the smallest drop in the TOP21-30 tier at 6.3% year-on-year, while the TOP10 tier saw a decline of 14.9% [2][16] - The sales threshold for the top 100 companies decreased significantly, with the threshold for the top 10 dropping from 52.65 billion yuan to 49.16 billion yuan, a decline of 6.6% [3][28] Performance of Leading Companies - Some leading state-owned and benchmark private enterprises showed stable sales, with Yuexiu Property achieving a year-on-year growth of 12.6% in July [4][33] - Among the top 40 companies, 11 reported positive year-on-year growth in July, with the best performer being Bangtai Group at 82.6% [4][33] Investment Recommendations - The report suggests focusing on real estate-related stocks due to several reasons, including the expectation of stronger policy support compared to previous years and the potential for quality companies to benefit from improved competitive dynamics [5][37] - Recommended stocks include Green Town China, China Overseas Development, and Poly Development among others [5][37]

Core Viewpoint - Huafa Co., Ltd. is facing significant challenges in the real estate sector, leading to a strategic decision to dispose of undeveloped commercial land at a substantial loss to mitigate liquidity risks and optimize asset quality [2][11][12]. Group 1: Company Actions and Financial Impact - Huafa announced the disposal of seven undeveloped commercial land parcels in Shenzhen for 4.405 billion yuan, which is significantly lower than the book cost of 5.842 billion yuan, resulting in an estimated loss of approximately 1.4 billion yuan, representing a discount of 24.59% [2][14]. - The transaction is expected to exceed 50% of the company's audited net profit for 2024, indicating a severe impact on financial performance [2][14]. - The decision to sell the land was made to accelerate asset turnover and reduce liquidity risks amid ongoing market uncertainties [2][12]. Group 2: Market Context and Challenges - The commercial real estate market in Shenzhen is experiencing a downturn, with a significant drop in transaction volumes and rising inventory pressures, leading to a challenging environment for developers [7][9]. - In the first half of 2025, the commercial market saw a 74.2% year-on-year decrease in transactions, while the office market hit a ten-year low in transaction volume [7][9]. - The overall economic environment has led to slow absorption of commercial properties, increasing financial strain on developers [6][11]. Group 3: Strategic Implications - The disposal of land is viewed as a rational move to optimize land reserves and improve asset quality in a declining market [11][17]. - The case of Huafa's land disposal is seen as a potential model for other companies facing similar challenges, highlighting the importance of asset restructuring in the current market [17]. - Despite the strategic move to mitigate losses, Huafa's profitability remains under pressure, with a projected 86.7% decline in net profit for the first half of 2025 [17].

Group 1 - The land market remains active in 2025, with top 100 real estate companies acquiring land worth a total of 578.3 billion yuan from January to July, representing a year-on-year increase of 34.3% [1] - The top 10 real estate companies accounted for 43.5% of the total new value added, with Greentown China leading at 111.6 billion yuan, followed by China Overseas Property and Poly Developments at 93.5 billion yuan and 90.7 billion yuan respectively [1] - Competitive bidding for prime land in core cities is intense, with record-breaking floor prices, such as the 200,300 yuan per square meter for a land parcel in Shanghai's Xuhui District [1] Group 2 - Real estate companies are actively acquiring land during this "window period" to replenish their portfolios, driven by the release of premium and scarce land by local governments [2] - In July, the overall real estate market experienced a seasonal decline in supply and demand, with new home transaction volumes in 30 key cities totaling approximately 8.36 million square meters, remaining stable compared to the previous year [2] - Poly Developments led sales with 150.1 billion yuan in transaction volume, while Greentown China and China Overseas Property followed closely [2] Group 3 - The new home transaction volume is expected to continue fluctuating at low levels in August, with a projected year-on-year decline of less than 5% [3] - Core first- and second-tier cities may experience a temporary cooling, while some second-tier cities like Tianjin, Wuhan, and Nanjing could see a phase of recovery [3] - The real estate market is still in a phase of adjustment, with structural opportunities in "good cities + good properties" [3]

Group 1 - Huafa Group's stock has declined for six consecutive trading days, with a cumulative drop of -5.16% [1] - Zhuhai Huafa Industrial Co., Ltd. is a platform company for Huafa Group's real estate development, founded in 1980, and has a national first-class real estate development qualification [1] - The company has been listed on the Shanghai Stock Exchange since 2004 and has made it to the "Fortune" list of "China's 500 Strongest" multiple times, ranking 11th in the "2024 China Real Estate Top 100 Enterprises" [1] Group 2 - Southern Fund's Southern CSI 500 ETF is among the top ten shareholders of Huafa Group and has reduced its holdings in the second quarter of this year [1] - The fund has achieved a year-to-date return of 9.82%, ranking 1291 out of 3420 in its category [1][2] Group 3 - The fund manager of Southern CSI 500 ETF is Luo Wenjie, who holds a Master's degree in Mathematical Finance from the University of Southern California and a Master's in Computer Science from the University of California [3][4] - Luo has extensive experience in quantitative analysis and has been with Southern Fund since September 2008, currently serving as the General Manager of the Index Investment Department [3][4]

Investment Rating - The report maintains a "Neutral" rating for both the real estate and building materials sectors [1][3]. Core Insights - The report highlights that the construction materials sector is expected to continue its recovery due to increased infrastructure investment and consumption stimulation, supported by government policies [3][4]. - The real estate sector has shown weakened sales momentum in recent months, with a focus on policy impacts for short-term rebounds and a need for improved sales recovery and company fundamentals for medium-term outlook [3][28]. - The building materials sector is facing challenges such as weak demand, excess capacity, and inventory pressure, but upcoming policies are expected to enhance environmental standards and control capacity, positively impacting profitability [4][50]. Summary by Sections Real Estate Sector - The central government is emphasizing urban renewal and fiscal measures to support the real estate market, including the issuance of special bonds [3][28]. - The real estate sector has seen a slight increase of 0.66% over the past two weeks, outperforming the CSI 300 index by 0.24 percentage points [15][20]. - Key companies to watch include Poly Developments, China Merchants Shekou, and China Vanke, focusing on stable operations and strong positions in first and second-tier cities [3][28]. Building Materials Sector - The building materials sector has experienced a 6.23% increase over the past two weeks, ranking second among 31 sectors [29][31]. - Cement prices are under pressure due to weak demand, with the national average price at 320 RMB per ton, down 4 RMB from the previous week [36][50]. - Companies such as Conch Cement and Huaxin Cement are recommended for their solid fundamentals and attractive dividend yields [4][50]. Consumer Building Materials - Retail sales of building and decoration materials reached 15.8 billion RMB in June, with a year-on-year growth of 1.0% [5][53]. - The report anticipates a recovery in sales and profit margins for consumer building materials companies due to market improvements and cost optimization strategies [7][53]. - Recommended companies include Beixin Building Materials, Rabbit Baby, and Three Trees for their competitive advantages and solid fundamentals [7][53].