36氪获悉，绿地控股公告，2025年7-9月，公司无新开工项目；完成竣工备案面积157.6万平方米，比去 年同期减少31.18%。2025年7-9月，公司实现合同销售面积164.3万平方米，比去年同期减少7.96%；实 现合同销售金额137.45亿元，比去年同期减少16.30%。2025年7-9月，公司无新增房地产项目。截至 2025年9月末，公司出租物业面积为394.13万平方米，出租率为84.87%；酒店客房数为7,460间，入住率 为45.64%。2025年1-9月，公司出租物业取得租金收入90,838.55万元，酒店取得经营收入66,963.17万 元。 ...

Group 1 - The concept of "Characteristic Towns" saw an increase of 1.95%, ranking fourth among concept sectors, with 27 stocks rising, including Zhonghua Rock and Bright Real Estate reaching the daily limit [1][2] - Leading stocks in the "Characteristic Towns" sector included "Good Idea You" with a rise of 3.53%, "Rongsheng Development" at 3.01%, and "Financial Street" at 2.88% [1][2] - The sector experienced a net outflow of 0.35 billion yuan in main funds, with 16 stocks receiving net inflows, and 7 stocks seeing inflows exceeding 10 million yuan [2][3] Group 2 - The top net inflow stock was "Jingtou Development" with 31.53 million yuan, followed by "ST Lingnan" at 31.14 million yuan and "Greenland Holdings" at 28.47 million yuan [2][3] - The net inflow ratios for leading stocks were 22.85% for "Jingtou Development", 16.33% for "*ST Zhengping", and 11.08% for "ST Lingnan" [3][4] - The "Characteristic Towns" sector had a notable performance with several stocks showing significant gains, while others like "Guai Bao Pet" and "Fujian Jinsen" faced declines of 3.98% and 2.56% respectively [1][5]

Core Viewpoint - The establishment of a new long-term cooperation model between Greenland Holdings and airlines is marked by the first group of airline crew members checking into the Shanghai Sanjiagang Greenland International Resort [1] Group 1: Company Overview - Shanghai Sanjiagang Greenland International Resort is the first micro-vacation destination under Greenland Holdings, located just 15 minutes from Pudong International Airport, making it the largest hotel cluster in the airport vicinity [1] - Greenland Holdings aims to leverage its advantageous location to provide "ten major services" to domestic and international airlines, creating an all-weather airline service base [1] Group 2: Industry Impact - The all-weather airline service base at the resort represents an innovative practice and significant measure for Greenland Holdings to transform its location advantage into service capabilities, deeply integrating into the construction of Shanghai's international shipping center [1] - The company plans to continuously improve the "24-hour all-weather airline service base" model to better meet the needs of domestic and international airlines [1]

Core Insights - Greenland Holdings Group has clarified its exploration in the Real World Assets (RWA) sector, planning to leverage its fintech platform to provide blockchain technology services based on carbon credits and facilitate cross-border compliance for domestic assets [1] - The RWA sector is gaining traction due to macro policy guidance, mature blockchain technology, and released market demand, with multiple A-share companies entering the field to explore the integration of physical assets and the digital economy [1] Group 1: Company Initiatives - Greenland Holdings is collaborating with cultural and creative partners to discuss the feasibility of product issuance in the RWA space [1] - A-share companies are diversifying their approaches in the RWA sector, with technology firms focusing on blockchain infrastructure and traditional companies exploring tokenization of core assets [2][3] - Shenzhen Hanyu Pharmaceutical has signed a strategic cooperation agreement with KuCoin to pilot RWA based on future revenue rights of its GLP-1 peptide drug pipeline [3] Group 2: Market Dynamics - As of now, there are 85 blockchain-related listed companies in the A-share market, with a total market capitalization of 2.81 trillion yuan, and R&D expenditures in the first half of 2025 reached 21.462 billion yuan [2] - The tokenization choices of A-share companies are guided by three core standards: value stability, clear rights confirmation, and verifiable data, focusing on high-value and stable cash flow assets [4] Group 3: Challenges and Recommendations - The RWA sector is supported by a combination of policy, technology, and corporate demand, with blockchain technology addressing traditional asset circulation pain points [5] - Companies face challenges in integrating traditional asset management with blockchain technology, compliance costs, and balancing innovation with regulatory requirements [5] - Recommendations include building a protective system for RWA through mature blockchain solutions, asset risk control, and compliance checks, emphasizing the importance of third-party audits and regulatory involvement [6]

Core Viewpoint - Greenland Holdings Group Co., Ltd. and its subsidiaries are involved in 3,102 lawsuits as of September 2025, with a total amount of 11.187 billion yuan, indicating significant legal challenges facing the company in the real estate and infrastructure sector [2][3]. Group 1: Lawsuit Overview - The company and its subsidiaries are defendants in 2,957 lawsuits, totaling 9.033 billion yuan, with 325 cases resolved amounting to 0.067 billion yuan and 2,632 pending cases totaling 8.966 billion yuan [3]. - The lawsuits are categorized as follows: 1,200 cases related to construction and procurement disputes amounting to 4.778 billion yuan, 1,156 cases related to real estate sales and leasing disputes amounting to 0.431 billion yuan, and 601 other disputes amounting to 3.825 billion yuan [3]. - As plaintiffs, the company is involved in 145 lawsuits totaling 2.154 billion yuan, with all cases pending and categorized into construction and procurement disputes (74 cases, 1.949 billion yuan), real estate sales and leasing disputes (35 cases, 0.024 billion yuan), and other disputes (36 cases, 0.182 billion yuan) [4]. Group 2: Industry Context and Company Measures - The real estate and infrastructure industry remains in an adjustment cycle, placing significant pressure on the company and its subsidiaries regarding the ongoing lawsuits [2][5]. - The company is prioritizing the resolution of these lawsuits by establishing specialized working groups, implementing leadership accountability, enhancing supervision and assessment, and improving mechanisms for resolving major lawsuits [5]. - The company acknowledges the uncertainty regarding the impact of unresolved cases on future profits, emphasizing that the actual effects will depend on court or arbitration rulings [6].

一、相关诉讼情况 绿地控股集团股份有限公司 关于公司及控股子公司 2025 年 9 月涉及诉讼的公告 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： ●绿地控股集团股份有限公司（以下简称"公司"）及控股子公司在 2025 年 9 月涉及诉讼 3102 件，累计金额 111.87 亿元。其中，已决诉讼 325 件，累计 金额 0.67 亿元；未决诉讼 2777 件，累计金额 111.20 亿元。 ●截至目前，公司所处的房地产及基建行业依旧处于调整周期，公司及控股 子公司所涉及的相关诉讼事项仍面临较大压力。对此，公司高度重视，把诉讼化 解工作摆在重要位置，采取组建工作专班、实施领导包案、强化督办考核、完善 重大诉讼化解机制等措施，全力予以推进。公司将持续加大工作力度，予以妥善 处理，进一步减小对公司经营活动的影响，依法保护公司及广大投资者的合法权 益。 ● 鉴于部分案件尚未审理、判决、执行，其对公司后期利润的影响存在一 定的不确定性，最终实际影响以法院/仲裁生效判决/裁决为准。公司将依据有关 会计准则的要求和实际情 ...

Investment Rating - The report does not explicitly provide an investment rating for the real estate industry in Suzhou, Changshu, Kunshan, and Taicang for the year 2025 Core Insights - In the first eight months of 2025, Suzhou's real estate market saw a total of 1.72 million square meters of new residential supply and 2.04 million square meters sold, generating a sales revenue of 51.48 billion yuan [3][4] - The top-performing real estate companies in Suzhou included Suzhou Hengtai with sales of 4.4 billion yuan and Poly Real Estate with 3.64 billion yuan [5][6] - The average sales area for the top 20 projects in Suzhou was 37,000 square meters, with an average sales amount of 1.03 billion yuan [7] - In Changshu, Hengjia Real Estate led with sales of 1.39 billion yuan, while in Kunshan, China Merchants Shekou topped the list with 1.08 billion yuan in sales [8][10] - Taicang's real estate market was led by Taicang Group with sales of 520 million yuan, followed by Yuexiu Property with 420 million yuan [18][20] Summary by Sections Suzhou Real Estate Market - Total new residential supply in Suzhou from January to August 2025 was 1.72 million square meters, with total sales reaching 2.04 million square meters and revenue of 51.48 billion yuan [3][4] - The top companies by sales revenue included Suzhou Hengtai (4.4 billion yuan) and Poly Real Estate (3.64 billion yuan) [5][6] - The average sales area for the top 20 projects was 37,000 square meters, with an average sales amount of 1.03 billion yuan [7] Changshu Real Estate Market - Hengjia Real Estate led the sales with 1.39 billion yuan, followed by China Jinmao with 480 million yuan [8][9] Kunshan Real Estate Market - China Merchants Shekou topped the sales with 1.08 billion yuan, followed by Poly Real Estate with 690 million yuan [10][14] Taicang Real Estate Market - Taicang Group led with sales of 520 million yuan, while Yuexiu Property followed with 420 million yuan [18][20]

Investment Rating - The report does not explicitly state an investment rating for the real estate industry in Wuxi for the year 2025 [1]. Core Insights - In the first eight months of 2025, Wuxi's real estate market saw a total sales area of 1,046,800 square meters and a sales amount of 24.412 billion yuan, with the top-performing company being Liangcheng Meijing, achieving sales of 2.98 billion yuan and 99,000 square meters [3][7]. - The top 20 real estate companies in Wuxi had a sales threshold of 540 million yuan and 24,000 square meters, with the total equity sales amounting to 16.67 billion yuan, accounting for 68.3% of the total sales amount in the city [7]. - The report highlights that the most popular property segment in August 2025 was the 100-110 square meter area, with 71 units sold, representing 12.52% of total sales [13]. Summary by Sections Sales Performance - In the first eight months of 2025, Wuxi's real estate companies had a total sales area of 1,046,800 square meters and a sales amount of 24.412 billion yuan [3]. - The top three companies by sales amount were Liangcheng Meijing (2.98 billion yuan), Huafa Co., Ltd. (2.02 billion yuan), and Taihu New City Group (1.95 billion yuan) [4][5]. - The top 20 projects had a sales threshold of 340 million yuan and 16,000 square meters, with Huafa Central Mansion leading with 1.56 billion yuan in sales [9]. Market Trends - The report indicates that in August 2025, the newly added area in Wuxi's residential market was 0 square meters, while the transaction area was 76,600 square meters, with a transaction amount of approximately 1.702 billion yuan [10]. - The report notes that the total number of land transactions in Wuxi from January to August 2025 was 158, with a planned construction area of 8.7205 million square meters, including 20 residential land transactions totaling 1.1388 million square meters [16]. Project Insights - The top-selling projects in terms of sales amount included Huafa Central Mansion (1.56 billion yuan) and Jiachengli (860 million yuan) [8]. - The average sales area for the top 20 projects was 22,000 square meters, with an average sales amount of 550 million yuan [9].

Core Viewpoint - Greenland Holdings has experienced fluctuations in stock price and significant financial challenges, with a notable decline in revenue and profit margins in recent periods [1][2]. Financial Performance - As of June 30, 2025, Greenland Holdings reported a revenue of 946.89 billion, a year-on-year decrease of 17.97%, and a net profit attributable to shareholders of -35.06 billion, a staggering decline of 1772.40% [2]. - The company's stock price has dropped by 11.90% year-to-date, with a 5.13% decline over the last five trading days and a 1.60% drop over the last twenty days, although it has increased by 12.80% over the last sixty days [1]. Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 3.26% to 121,700, while the average circulating shares per person increased by 3.37% to 115,467 shares [2]. - The company has not distributed any dividends in the last three years, with a total payout of 203.78 billion since its A-share listing [3]. Major Shareholders - The top ten circulating shareholders include Southern CSI 500 ETF, which holds 63.06 million shares, an increase of 8.98 million shares from the previous period [3]. - Hong Kong Central Clearing Limited and Southern CSI Real Estate ETF also increased their holdings, with 58.74 million and 53.84 million shares, respectively [3]. Market Activity - On September 26, 2023, Greenland Holdings' stock rose by 2.21% to 1.85 yuan per share, with a trading volume of 1.33 billion and a turnover rate of 0.52%, resulting in a total market capitalization of 26 billion [1]. - The net inflow of main funds was 3.75 million, with significant buying and selling activity from large orders [1].

Investment Rating - The report rates the real estate industry as "Outperform" compared to the market [1]. Core Insights - The real estate market in August 2025 showed a narrowing year-on-year decline in transaction volume due to low base effects, while land auction premiums in first-tier cities reached a six-year high [1][2]. - The overall performance of the real estate sector underperformed the CSI 300 index, with an absolute return of 6.5% and a relative return of -3.9% [2][13]. - The report emphasizes the importance of policy adjustments in major cities to stimulate market activity, particularly in Beijing, Shanghai, and Shenzhen [4][24]. Summary by Sections New Home Transactions - In August, new home transaction area in 40 cities was 859.1 million square meters, down 0.5% month-on-month and down 13.5% year-on-year, with a cumulative decline of 5.0% for the first eight months [14][17]. - First-tier cities experienced an expanded year-on-year decline in new home transactions, while second-tier cities saw a narrowing decline, and third- and fourth-tier cities turned positive [15][16]. Second-Hand Home Transactions - Second-hand home transaction area in 18 cities was 715.6 million square meters in August, down 9.2% month-on-month and down 6.4% year-on-year, with a cumulative increase of 7.5% for the first eight months [22][23]. - Year-on-year declines in second-hand home transactions narrowed in first- and second-tier cities, while third- and fourth-tier cities showed positive growth [23]. Inventory and Absorption - New home inventory increased month-on-month, with an overall absorption cycle of 17.1 months, down 0.3 months from the previous month [4][9]. - The average opening absorption rate in 30 cities improved to 42% in August, up 9 percentage points month-on-month and 13 percentage points year-on-year [4][9]. Land Market - Overall land auction activity declined month-on-month, but first-tier cities saw land premium rates reach a six-year high, averaging 22.3% [4][12]. - The average land floor price decreased by 13.4% month-on-month and 21.5% year-on-year [12]. Real Estate Companies - The top 100 real estate companies reported a sales decline of 16.5% year-on-year in August, with a total sales amount of 225.6 billion yuan [4][12]. - The land acquisition amount for the top 100 companies increased by 34.9% year-on-year in August, although it decreased by 27.1% month-on-month [4][12]. Financing - The financing scale for the real estate industry decreased both year-on-year and month-on-month in August, with a total issuance of 55.3 billion yuan [4][12]. - The average issuance interest rate was 2.51%, showing a slight decrease compared to previous periods [4][12]. Policy - Recent policy adjustments in major cities aim to support the real estate market, with a focus on urban renewal and easing purchase restrictions [4][24]. - The report highlights the significance of these policies in stabilizing market expectations and promoting demand [4][24].