二、保利稳健领跑，越秀华发逆势突围 从企业表现来看，保利发展是当前市场的最大亮点。其3月单月销售金额同比增长7.4%，1-3月累计销售 金额达630.0亿元，同比增长0.2%，成为TOP5房企中唯一实现正增长的企业。这一成绩得益于其在核心 城市的高品质项目布局，以及灵活调整推盘节奏的策略。例如，北京、上海等地的改善型项目去化率维 持在60%以上，显著高于行业平均水平。 相比之下，中海地产成为头部阵营中的主要拖累项。其3月单月销售金额同比下滑48.5%，累计销售金 额同比下降22.9%，主要受高基数效应和部分项目交付延期影响。不过，中海在一线城市的土地储备仍 为其后续修复提供支撑。 2025年1-3月，中国房地产行业延续调整态势。第三方机构数据显示，TOP100房企全口径累计销售金额 7846.7亿元，同比下降7.3%；权益销售金额5766.7亿元，同比下滑5.0%。尽管整体市场承压，但房企表 现分化显著：保利发展（600048）以单月290.0亿元、累计630.0亿元的销售金额领跑榜单，成为头部阵 营中唯一实现正增长的企业；越秀地产、华发股份（600325）则以超40%的累计增速逆势突围，展现出 区域深耕优势 ...

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Viewpoints - The new housing transaction area has shown a month-on-month increase, indicating a potential recovery in the real estate market [3] - The sales decline is continuing to narrow, with land transaction volumes decreasing, which is suppressing new construction momentum [3] - The first quarter of 2025 has seen a preliminary stabilization in sales, supported by more proactive fiscal policies and moderately loose monetary policies [8] Summary by Sections Sales Performance - In the first three months of 2025, the top 100 real estate companies reported a total sales amount of 784.67 billion yuan, a year-on-year decrease of 7.3%, with a cumulative equity sales area of 57.67 million square meters, down 5.0% year-on-year [5] - The average sales price for the top 100 companies was 19,960.6 yuan per square meter [5] - The sales performance among different tiers of companies showed low differentiation, with the top 10, 50, and 100 companies experiencing year-on-year sales declines of 8.4%, 7.1%, and 7.3% respectively [6] Company Insights - Poly Development maintained the highest sales scale in the first quarter, with a total sales amount of 63 billion yuan, showing a slight year-on-year increase of 0.2% [7] - China Overseas Property experienced a significant year-on-year sales decline of 22.9% [7] - Companies like Yuexiu Property and Huafa achieved impressive sales growth, with year-on-year increases of 42.0% and 44.8% respectively [7] Investment Recommendations - Recommended companies include those with strong fundamentals in urban areas and those capable of capturing the demand from improvement-type customers, such as Greentown China, China Overseas Development, and China Jinmao [8] - Companies benefiting from both residential and commercial real estate recovery include New City Holdings and Longfor Group [8] - The second-hand housing transaction scale and penetration rate are expected to continue rising, indicating a promising outlook for the real estate after-service market [8]

Core Viewpoint - The company achieved a sales scale ranking in the TOP10, with a net profit of 9.5 billion yuan, maintaining a "green file" level, and reducing financing costs to 5.22% [1] Sales Performance - In 2024, the company realized a signed sales amount of 105.44 billion yuan, a year-on-year decrease of 16.3%, with a signed sales area of 3.696 million square meters, down 7.46% year-on-year. According to the CRIC ranking, the company improved its overall sales ranking by 4 places, entering the industry TOP10, achieving over 100 billion yuan in sales for five consecutive years [2][6] - The company launched 6 new projects in key cities such as Shanghai, Guangzhou, Chengdu, and Xi'an, with a total land reserve of approximately 1.2125 million square meters, sufficient to meet development needs for the next three years [10][11] Profitability - The company reported an operating income of 59.992 billion yuan in 2024, a year-on-year decrease of 16.84%. The pre-sale funds reached 87.355 billion yuan, covering approximately 1.46 times the annual operating income, ensuring stable growth in future revenue. Despite challenges in the real estate sector, the company achieved a gross profit of 8.588 billion yuan, with a net profit of 1.405 billion yuan and a net profit attributable to shareholders of 0.951 billion yuan, down 59.46% and 48.24% year-on-year, respectively [3][13] - The company maintained a high cash dividend policy, proposing a cash dividend of 286 million yuan for 2024, accounting for 30.04% of the net profit attributable to shareholders [3][12] Financial Stability - As of the end of the reporting period, the company had total interest-bearing liabilities of 141.613 billion yuan, with an average financing cost of 5.22%, a decrease of 0.26 percentage points year-on-year. The cash-to-short-term debt ratio was 1.46, and the net debt ratio was 86.73%, an increase of approximately 12.6 percentage points from the end of 2023 [4][17] Business Development Strategy - The company continues to focus on the "1+3" business structure, with residential development as the main business, while also developing commercial operations, property services, and upstream and downstream industry chain businesses. The residential product quality has been continuously improved, and the commercial sector achieved rental income of 785 million yuan, a year-on-year increase of 15.41% [18][20] - The property management segment generated revenue of 1.675 billion yuan, up 18.85% year-on-year, with services covering over 400 projects in more than 40 cities [20]

珠海华发实业股份有限公司 2024 年年度股东大会会议文件 珠海华发实业股份有限公司 2024 年年度股东大会会议文件 二〇二五年四月七日 珠海华发实业股份有限公司 2024 年年度股东大会会议文件 珠海华发实业股份有限公司 2024 年年度股东大会会议文件 目 录 珠海华发实业股份有限公司 | 珠海华发实业股份有限公司 2024 年年度股东大会须知 - 3 - | | | --- | --- | | 关于《公司 2024 年度董事局工作报告》的议案 - 4 - | | | 关于《公司 2024 年度监事会工作报告》的议案 - 5 - | | | 关于《公司 2024 年年度报告》全文及摘要的议案 - 6 - | | | 关于《公司 年度财务决算报告》的议案 - 7 - | 2024 | | 关于《公司 2025 年度财务预算报告》的议案 - 8 - | | | 关于 2024 年度利润分配方案的议案 - 9 - | | | 关于确认公司 2024 年度日常关联交易执行情况及预计 2025 年度日 | | | 常关联交易的议案 - 10 - | | | 关于《公司独立董事 2024 年度述职报告》的议案 - ...

Core Viewpoint - Zhuhai Huafa Industrial Co., Ltd. is issuing convertible bonds to raise funds for three real estate development projects, ensuring compliance with legal and regulatory requirements while focusing on projects that meet the "guarantee delivery and protect people's livelihood" criteria [4][5][6]. Group 1: Fundraising and Project Details - The total amount of funds to be raised is not more than 5.5 billion RMB, aimed at three projects: "Shanghai Huafa Haishang Du Hui," "Wuxi Huafa Central Mansion," and "Zhuhai Huafa Jinwan Mansion" [5][6]. - The projects are primarily residential, targeting first-time buyers and those seeking improved living conditions, with all projects having commenced construction and begun pre-sales by the end of September 2023 [8][11]. Group 2: Compliance and Legal Opinions - The law firm Guangdong Hengyi has conducted thorough checks and issued a supplementary legal opinion, confirming that the fundraising and project details comply with relevant laws and regulations, ensuring no false statements or omissions [5][19]. - The company has established a robust internal control system to ensure that the raised funds are used specifically for the disclosed projects, preventing any misuse for land acquisition or new developments [13][19]. Group 3: Project Viability and Risk Management - The selected projects have met the necessary legal requirements and are expected to yield good returns, with a focus on projects that have already obtained the necessary permits and are under construction [11][25]. - The company has implemented a multi-dimensional risk prevention mechanism to address potential delivery challenges, ensuring that the projects are on track for timely completion [25][26].

Core Viewpoint - The company, Zhuhai Huafa Industrial Co., Ltd., is in the process of issuing convertible bonds to specific investors, pending approval from the Shanghai Stock Exchange and the China Securities Regulatory Commission [1][2]. Group 1: Company Actions - The company received an inquiry letter from the Shanghai Stock Exchange regarding its application for issuing convertible bonds on February 11, 2025 [1]. - Following the receipt of the inquiry letter, the company, along with relevant intermediaries, conducted a thorough review and updated the financial data in the application documents [2]. - The issuance of convertible bonds is subject to approval from the Shanghai Stock Exchange and the China Securities Regulatory Commission, with uncertainties regarding the approval timeline [2].

证券代码：600325 股票简称：华发股份 关于珠海华发实业股份有限公司 向特定对象发行可转换公司债券申请文件的 审核问询函的回复 联合保荐人（主承销商） 二〇二五年三月 关于珠海华发实业股份有限公司 向特定对象发行可转换公司债券申请文件的审核问询函的回复 上海证券交易所： 贵所于 2025 年 2 月 11 日出具的《关于珠海华发实业股份有限公司向特定对 象发行可转换公司债券申请文件的审核问询函》（上证上审（再融资）〔2025〕 29 号）已收悉。 珠海华发实业股份有限公司（以下简称"华发股份"、"公司"或"发行人"） 会同国金证券股份有限公司（以下简称"国金证券"或"保荐机构"）、华金证 券股份有限公司（以下简称"华金证券"或"保荐机构"）、广东恒益律师事务 所（以下简称"发行人律师"）、中审众环会计师事务所（特殊普通合伙）（以 下简称"申报会计师"）等有关中介机构就审核问询函所提问题逐项进行了认真 核查及落实，并就审核问询函进行逐项回复，具体内容如下，请贵所予以审核。 如无特别说明，本审核问询函回复中词语的释义与《国金证券股份有限公司、 华金证券股份有限公司关于珠海华发实业股份有限公司向特定对象发行可转 ...

中审众环会计师事务所（特殊普通合伙） 关于珠海华发实业股份有限公司 申请向特定对象发行可转换公司债券 审核问询相关问题的回复 专项核查报告 众环专字(2025)0500203号 目 录 起始页码 专项核查报告 1 中审众环会计师事务所（特殊普通合伙） 关于珠海华发实业股份有限公司申请向特定对象 发行可转换公司债券审核问询相关问题的回复 专项核查报告 众环专字(2025)0500203 号 上海证券交易所： 我们于 2025 年 2 月 11 日收到珠海华发实业股份有限公司（以下简称"华发 股份"、"公司"或"发行人"）转来的上海证券交易所下发的《关于珠海华发实业 股份有限公司向特定对象发行可转换公司债券申请文件的审核问询函》（上证上 审（再融资）﹝2025﹞29 号）（以下简称"《问询函》"），我们结合已执行的 审计工作，针对问询函中要求会计师发表意见的问题并结合 2024 年年度报告情 况进行了审慎核查，现整理回复如下： 在本回复中，若合计数与各分项数值相加之和在尾数上存在差异，均为四舍 五入所致，同时，文中各类字体释义如下： | 字体 | 释义 | | --- | --- | | 黑体加粗 | 问询函中的 ...

广东恒益律师事务所 关于珠海华发实业股份有限公司 向特定对象发行可转换公司债券的 补充法律意见书（一） 广 东恒益律 师事务所 广 州市珠江 新城珠江 东路 6 号 广州周大 福金融中 心 34 楼 电 话： 020-39829000 传 真： 020-83150222 ___________________________ ___________________________ | 释 义 3 | | --- | | 第一部分 审核问询回复 7 | | 一、问题 1 关于募投项目 7 | | 二、问题 5 关于其他 27 | | 第二部分 对原《律师工作报告》《法律意见书》的更新 60 | | 一、本次发行的批准和授权 60 | | 二、本次发行的主体资格 60 | | 三、本次发行的实质条件 60 | | 四、发行人的独立性 60 | | 五、发行人的发起人、主要股东（实际控制人） 60 | | 六、发行人的股本及其演变 61 | | 七、发行人的业务 62 | | 八、关联交易及同业竞争 63 | | 九、发行人的主要财产 84 | | 十、发行人的重大债权债务 85 | | 十一、发行人的重大资产变化 ...

珠海华发实业股份有限公司（以下简称"公司"）于 2025 年 2 月 11 日收到 上海证券交易所（以下简称"上交所"）出具的《关于珠海华发实业股份有限公 司向特定对象发行可转换公司债券申请文件的审核问询函》（上证上审（再融资） 〔2025〕29 号）（以下简称"《问询函》"）。上交所审核机构对公司向特定对 象发行可转换公司债券申请文件进行了审核，并形成了首轮问询问题。 珠海华发实业股份有限公司 关于向特定对象发行可转换公司债券申请文件的 审核问询函回复及募集说明书等申请文件更新的提示性公告 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。 股票代码：600325 股票简称：华发股份 公告编号：2025-030 公司收到《问询函》后，会同相关中介机构就《问询函》提出的问题进行了 认真研究和逐项落实，根据相关要求对《问询函》回复进行披露。鉴于公司 2024 年年度报告已披露，公司会同相关中介机构对《珠海华发实业股份有限公司向特 定对象发行可转换公司债券募集说明书》等申请文件中涉及的财务数据等进行了 同步更新。详见公司同日披露的《关 ...