金地（集团）股份有限公司（以下简称"公司"）已于 2025 年 10 月 31 日发布公司 2025 年第三季度报告，为便于广大投资者更全 面深入地了解公司 2025 年第三季度经营成果、财务状况，公司计划 于 2025 年 11 月 27 日（星期四） 16:00-17:00 举行 2025 年第三季 度业绩说明会，就投资者关心的问题进行交流。 一、 说明会类型 证券代码：600383 证券简称：金地集团 公告编号：2025-042 金地（集团）股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 11 月 20 日（星期四）至 11 月 26 日（星期 三）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或 通过 ir@gemdale.com 进行提问。公司将在说明会上对投资者普遍关 注的问题进行回答。 会议召开时间： ...

Group 1: Non-Metallic Building Materials - The building materials industry shows signs of structural growth that gradually outweigh environmental impacts, with Q3 2025 reports indicating a recovery in revenue and profitability for several companies [2][25] - The cement sector continues to perform well overseas, particularly in Africa, while domestic demand and prices have weakened, suggesting a potential bottoming out in 2024 [4][26] - In the consumer building materials sector, revenue growth disparities among sub-industries are widening, driven by the impacts of real estate and local debt [5][27] Group 2: Biopharmaceuticals - Huadong Medicine's industrial segment maintains steady growth, with Q3 2025 revenue of 37.28 billion yuan, up 14.95% year-on-year, and net profit of 8.94 billion yuan, up 18.43% [7][8] - The medical aesthetics business faces short-term pressure due to economic factors, with a decline in revenue for both domestic and overseas operations [8] - The company is advancing its innovative pipeline, with several clinical trials ongoing for various cancer treatments [9][33] Group 3: Power Equipment and New Energy - Haibo Sichuang, a leader in energy storage, is expected to benefit from high industry demand, with Q3 2025 revenue reaching 3.39 billion yuan, a year-on-year increase of 124.4% [10][11] - The company's profitability has improved significantly, with a gross margin of 18.64% and a net margin of 9.05% in Q3 2025 [11] - The global energy storage market is projected to grow by 40%-50% in 2026, with significant contributions from both domestic and international markets [13] Group 4: Financial Engineering - The report highlights various asset allocation strategies, with the macro-factor-based strategy yielding a return of 4.23% in 2025, outperforming other strategies [14][15] - The performance of domestic asset strategies shows a positive trend, with October returns indicating a stable investment environment [15][16] - The overall economic outlook remains cautious, with manufacturing PMI indicating a contraction, while service sector activity shows slight improvement [16]

Investment Rating - The report assigns an "Outperform" rating to the company [4][13]. Core Insights - The company's revenue for the first three quarters of 2025 was 23.99 billion RMB, a decrease of 41.48% year-on-year, with a net profit loss of 4.49 billion RMB attributed to lower project scale and declining gross profit margin [14][15]. - The report forecasts EPS for 2025-2027 at -1.13, -0.49, and 0.02 RMB, indicating potential future recovery in profitability [4][13]. - The target price is set at 5.37 RMB based on a price-to-book (PB) ratio of 0.45, reflecting a cautious approach due to ongoing industry stabilization [4][13]. Financial Summary - Total revenue is projected to decline from 98.13 billion RMB in 2023 to 54.10 billion RMB in 2025, representing a decrease of 28.2% [3]. - The net profit attributable to shareholders is expected to shift from a profit of 888 million RMB in 2023 to a loss of 5.09 billion RMB in 2025 [3]. - The operating cash flow for the first three quarters of 2025 was -1.47 billion RMB, down 118.8% year-on-year, primarily due to reduced sales [14][15]. Sales and Land Acquisition - The contracted area in September 2025 was 178,000 square meters, down 52.79% year-on-year, with a contracted amount of 2.23 billion RMB, down 57.12% [15]. - The company has been cautiously replenishing land reserves, acquiring new projects in cities like Wuhan, Hangzhou, and Shanghai [15]. Debt Management - As of September 2025, the company successfully navigated a peak in public debt, with interest-bearing debt decreasing to approximately 69.7 billion RMB, of which 98.5% is bank loans [16]. - The asset-to-liability ratio as of September 2025 was 63.57%, showing a slight improvement from the previous year [16].

Investment Rating - The investment rating for the real estate industry is "Positive" (maintained) [3][4] Core Viewpoints - The report emphasizes that real estate is a crucial asset allocation and investment direction for Chinese households, and stabilizing housing prices is significant for facilitating economic circulation. The policy environment is expected to strengthen further, promoting high-quality development in the real estate sector. There is an anticipated wave of development for high-quality residential properties due to policy guidance and changes in supply-demand structure [4][48]. Market Performance - The Shanghai Composite Index rose by 1.1%, while the real estate sector (Shenwan) declined by 0.2% during the week [4][7]. - In the new housing market, 154 million square meters were sold across 42 key cities from November 1 to November 7, representing a 38.7% decrease from the previous week and a 46.7% year-on-year decline [4][13]. - The second-hand housing market saw 191 million square meters sold in 21 key cities during the same period, reflecting a 7.6% decrease week-on-week and a 26.7% year-on-year decline [4][28]. Data Tracking - For new housing, the cumulative sales in November (up to the week of November 7) were 154 million square meters, showing a 195.2% increase month-on-month but a 46.7% decrease year-on-year [4][17]. - In the second-hand housing market, cumulative sales for November reached 191 million square meters, indicating an 895.9% increase month-on-month but a 26.7% decrease year-on-year [4][31]. Industry News - The National Development and Reform Commission and other departments issued a plan to promote the development of smart cities, aiming to establish over 50 fully digital transformation cities by the end of 2027 [4][45]. - Shenzhen is supporting the conversion of idle non-residential properties into affordable rental housing, while Hunan's Pingjiang County is implementing a comprehensive approach to selling existing homes [4][45]. Company Announcements - In October, major real estate companies reported significant declines in sales, with China Overseas Development at 186.6 billion (down 55.1% year-on-year) and Poly Development at 211.2 billion (down 50.1% year-on-year) [4][48].

Summary of C-REITs Conference Call Industry Overview - The Chinese real estate industry is transitioning from new residential construction to rental asset operations, coinciding with the development of the REIT market, which may reshape the competitive landscape for developers and redefine long-term investment logic in the sector [1][3][11]. Key Points Importance of Current Developments - Since Q3 2025, favorable policies have accelerated the issuance of domestic REITs (C-REITs), expanding the range of assets and issuing entities. C-REITs are expected to become a significant asset class over the next 10 to 20 years, with a market potential of approximately $1 trillion, which is over 30 times the current size [3][9]. - The limited trading volume of C-REITs suggests that listed developers are a good entry point into this rapidly expanding theme due to their large rental asset portfolios and low participation in REIT issuance [3][9]. Beneficiaries - In-depth analysis indicates that China Resources Land (1109.HK) has the highest short-term benefit potential, followed by Seazen Holdings (601155.SS) and Longfor Group (0960.HK), due to their substantial shopping center portfolios and high pledge ratios. Other companies like China Overseas Land & Investment (0688.HK), China Merchants Shekou (001979.SZ), Vanke (2202.HK), Poly Developments (600048.SS), and Gemdale (600383.SS) also have significant non-retail rental assets that could benefit in the medium term as REIT coverage expands [4][9]. Signals to Watch - The normalization of REIT issuance, especially with private developers' participation, the expansion of covered commercial asset types, and increased flexibility in capital recycling will strengthen confidence in the mid-term investment logic [4][9]. Regulatory Framework and Market Development - C-REITs have a more stringent regulatory framework compared to mature markets like the US and Japan, including requirements on structure, holding ratios, leverage levels, and initial yield [15][19]. - The development of C-REITs has progressed through four phases over the past 25 years, with significant milestones including the first public REITs listed in 2021 and the expansion of eligible asset types [11][12]. Market Size and Performance - As of September 2025, there are 75 publicly listed C-REITs with a total issuance size of approximately RMB 200 billion and a market capitalization of about RMB 220 billion. Despite significant growth since the first listings, C-REITs currently represent only 0.15% of the total market capitalization of China's stock market [20][29]. - The average trading yield of C-REITs has compressed to 4.4%, reflecting a price increase of about 10% since IPOs, with specific sectors like water facilities and new infrastructure seeing substantial price increases [21][40]. Long-term Potential - The potential market size for C-REITs could reach between $800 billion to $1 trillion, which is 28 to 33 times the current market size, driven by the growth of commercial REITs and the completion of new properties [41][43]. - The estimated total value of commercial properties completed since 2000 is approximately $4.9 trillion, indicating a significant opportunity for C-REITs to capture a larger market share in the future [41][42]. Conclusion - The C-REIT market in China is poised for significant growth, driven by favorable policies, a shift in investment focus, and the potential for substantial market capitalization increases over the next decade. Developers with large rental portfolios are well-positioned to benefit from this emerging asset class [3][4][9].

Core Viewpoint - Gindal Group's stock price has shown fluctuations, with a recent increase of 2.07% but a year-to-date decline of 10.05%, indicating ongoing challenges in the real estate sector [1][2]. Financial Performance - For the period from January to September 2025, Gindal Group reported a revenue of 239.94 billion yuan, a year-on-year decrease of 41.48%, and a net profit attributable to shareholders of -44.86 billion yuan, down 31.54% compared to the previous year [2]. - Cumulative cash dividends since the company's A-share listing amount to 231.49 billion yuan, with 7.03 billion yuan distributed over the last three years [3]. Shareholder Information - As of September 30, 2025, the number of Gindal Group's shareholders decreased by 17.91% to 89,500, while the average circulating shares per person increased by 21.81% to 50,451 shares [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 75.95 million shares, a decrease of 4.79 million shares from the previous period [3]. Market Activity - On November 10, Gindal Group's stock traded at 3.94 yuan per share, with a total market capitalization of 17.787 billion yuan and a trading volume of 2.19 billion yuan [1]. - The stock has experienced a recent net outflow of 5.688 million yuan in principal funds, with significant buying and selling activity from large orders [1].

Investment Rating - The report maintains a "Positive" investment rating for the real estate industry [14] Core Insights - The industry is currently experiencing downward pressure, but after over four years of adjustment, it may have entered the latter half of the cycle. Individual performance among companies is beginning to show significant differentiation. Structural turning points in profitability are expected due to optimized land reserves, with some high-quality companies already seeing performance improvements [22][12][20] Summary by Sections Profitability - Revenue decline has narrowed, with a year-on-year decrease of 2.7% for key real estate companies in Q1-Q3 2025. The gross profit margin improved by 0.1 percentage points to 9.3%. However, individual profitability is increasingly differentiated, with companies like Binhai Group and Urban Development seeing over 40% growth in net profit [8][21][26] Debt Management - Maintaining financial safety is crucial, with a slight increase of 0.6% in interest-bearing debt by the end of Q3 2025. The overall debt risk in the industry is being cleared, and companies are beginning to tilt towards operational sustainability while ensuring financial safety [9][48][49] Cash Flow - Operating cash receipts saw a year-on-year decline of 9.3%, but the decrease has narrowed significantly. Investment activities remain restrained, and financing activities continue to show net outflows. Companies are focusing on cash flow safety through stringent cash management [10][24][48] Operations - Sales decline has narrowed, with a year-on-year decrease of 12.2% in sales amount for key companies. However, land acquisition has become more aggressive, with a 110.4% increase in land acquisition amount. The focus is shifting towards land quality, with floor prices rising by 38.9% [11][20][22]

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors, highlighting optimism for the "Good House" policy and the revaluation of commercial real estate [3][33]. Core Insights - The real estate market is experiencing significant pressure, with new home sales in 34 key cities dropping by 45% week-on-week and 47% year-on-year in November [3][4]. - The report emphasizes the importance of localized policies, such as credit rating links to pre-sale fund supervision in Fuzhou and tax subsidies in Suzhou, which aim to stimulate market activity [27][30]. - The report identifies potential investment opportunities in commercial real estate and property management, particularly in light of ongoing monetary easing in China [3][33]. Industry Data Summary New Home Sales - New home sales in 34 key cities totaled 158.6 million square meters, a week-on-week decrease of 45.4% and a year-on-year decrease of 46.5% [4][5]. - Sales in first and second-tier cities saw a week-on-week decline of 46.1%, while third and fourth-tier cities experienced a 34.4% drop [4][5]. Second-Hand Home Sales - Second-hand home sales in 13 key cities totaled 98.8 million square meters, reflecting a week-on-week decrease of 15.2% and a year-on-year decrease of 30.3% [12][5]. - The cumulative sales for the year reached 50.1 million square meters, showing a slight increase of 1.4% year-on-year [12]. Inventory and Supply - In 15 key cities, 82 million square meters were launched for sale, with a transaction-to-launch ratio of 0.78, indicating a challenging market environment [19][5]. - The total available residential area in these cities was 89.5 million square meters, with a slight week-on-week increase of 0.2% [19]. Policy and News Summary - The National Development and Reform Commission has initiated a digital transformation action plan to promote smart city development and property digitalization [27]. - Localized policies are being implemented, such as Fuzhou's new regulations linking credit ratings to pre-sale fund supervision and Suzhou's tax subsidies for home purchases [27][30]. - The report notes that various cities are relaxing residency requirements and enhancing public housing policies to stimulate demand [27][30]. Company Dynamics - Major real estate companies reported significant declines in sales for October 2025, with Poly Developments down 50.1% and China Overseas Development down 55.1% year-on-year [33]. - Financing activities included China Merchants Shekou providing an 800 million yuan loan guarantee for its subsidiary, and Daxin City reducing the interest rate on its issued bonds to 2.15% [33][36]. - The report highlights stock buybacks by companies such as Shell-W and Greentown Service, indicating a strategic move to enhance shareholder value [37].

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [3]. Core Insights - The real estate market is experiencing significant pressure with new home sales declining sharply due to high base effects from the previous year. The report highlights a 45% week-on-week drop in new home transactions across 34 key cities [3][4]. - Policy initiatives are being implemented to support the industry, including measures for digital transformation and localized policies to stimulate housing demand [3][29]. - The report identifies potential investment opportunities in the "Good House" policy and the revaluation of commercial real estate, suggesting a shift in business models for real estate companies [3]. Summary by Sections Industry Data - New home sales in 34 key cities totaled 158.6 million square meters, reflecting a 45% decrease week-on-week and a 47% year-on-year decline for November [3][4]. - The inventory of unsold residential properties in 15 cities increased slightly by 0.2%, with a current available area of 89.5 million square meters [3][20]. Policy and News Tracking - The National Development and Reform Commission has launched a digital transformation action plan aimed at promoting smart city initiatives and property digitalization [3][29]. - Localized policies include Fuzhou linking real estate company credit ratings to pre-sale fund supervision, and Suzhou offering tax rebates for home purchases [3][29]. Company Announcements - Major real estate companies reported significant declines in sales for October 2025, with Poly Developments at 211.2 billion yuan (-50.1%) and China Overseas Development at 186.6 billion yuan (-55.1%) [3][36]. - Financing activities include China Merchants Shekou providing an 800 million yuan loan guarantee for its subsidiary, and a reduction in bond interest rates by Joy City [3][36].

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].