Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of HKD 19.08 [1][5] Core Views - Despite short-term profit pressure, the company's development business scale and operational advantages remain industry-leading, with a stable market share in development business [1][2] - The company plans to launch 24 new projects in key cities in the second half of the year, supported by ample and high-quality land reserves, which is expected to provide solid support for sales recovery [1][3] - The overall performance is under pressure due to the adjustment in the real estate industry, but non-development business shows resilient growth [2][4] Summary by Sections Financial Performance - In the first half of 2025, the company reported revenue of RMB 83.2 billion, down 4% year-on-year, and a net profit attributable to shareholders of RMB 8.6 billion, down 17% year-on-year, which is below previous annual growth expectations of -6% [1][2] - The revenue from development business decreased by 5% to RMB 78 billion, with a gross profit margin of 15.8%, down 0.5 percentage points from 2024 [2] Market Position - The company achieved a total contract sales amount of RMB 120.2 billion in the first half of 2025, ranking second in the industry, with first place in 14 cities and top three in 31 cities [3] - The company acquired 17 new land parcels during the period, with a total land acquisition amount of RMB 40.4 billion, up 213% year-on-year, maintaining a focus on core areas [3] Financing and Cost Management - As of the end of the first half of 2025, the company had interest-bearing liabilities of RMB 227.5 billion, down 5.8% quarter-on-quarter, with a cash-to-short-term debt ratio of 4.9 times [4] - The average financing cost for the first half of 2025 was 2.9%, and the sales and administrative expense ratio was 3.8%, both remaining at industry low levels [4] Profit Forecast and Valuation - The company has adjusted its revenue and gross margin assumptions for 2025-2027, with EPS estimates revised to RMB 1.39, RMB 1.48, and RMB 1.60 for the respective years [5] - The target price of HKD 19.08 is based on a price-to-book ratio (PB) of 0.49 times, consistent with comparable companies [5]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年8月31日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 中國海外發展有限公司 | | | 呈交日期: | 2025年9月1日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00688 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 10,944,883,535 | | 0 | | 10,944,883,535 | | 增加 / 減少 (-) | | | 0 ...

Core Viewpoint - The company, China Overseas Development, reported a decline in revenue and profit for the first half of 2025, but maintained a strong sales scale and a stable land acquisition strategy, focusing on high-energy cities, leading to a "Buy" rating from the analysts [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 832.2 billion, a year-on-year decrease of 4.3%, and a net profit attributable to shareholders of 86.0 billion, down 16.6% [2]. - The gross profit margin was 17.4%, a decrease of 4.7 percentage points year-on-year, remaining stable compared to the full year of 2024 [2]. - The company had a cash reserve of 1,089.6 billion, accounting for 12.1% of total assets, and declared a dividend of 0.25 HKD per share, representing 28.7% of core net profit [2]. Sales and Land Acquisition - The sales amount for H1 2025 was 1,201.5 billion, down 19.0%, maintaining the second position in the industry with a market share of 2.72% [2]. - The company acquired 17 plots of land in H1 2025, with a total expenditure of 403.7 billion, achieving a land acquisition intensity of 33.6% [2]. Commercial Operations - The commercial revenue for H1 2025 was 35.4 billion, remaining flat year-on-year, with commercial and office income accounting for 81% of total revenue [3]. - The average occupancy rate for hotels was 68.2%, while long-term rental apartments had a 94% occupancy rate [3]. - The average financing cost decreased by 20 basis points to 2.9%, placing the company in the lowest range within the industry [3].

Core Viewpoint - The company reported its 2025 first-half performance, with net profit attributable to shareholders at 8.6 billion yuan, and core net profit at 8.78 billion yuan, reflecting a year-on-year decline of 17.5%, which aligns with market expectations [1] Financial Performance - The company maintained a robust financial position, with sales and other operating cash inflows of approximately 96.9 billion yuan and capital expenditures of about 83.7 billion yuan, resulting in positive operating cash flow [2] - As of the end of the first half of 2025, the company had cash on hand of approximately 108.7 billion yuan, with a cash-to-short-term debt ratio of 4.9 times, a decrease of about 15.2 billion yuan from the end of 2024 [2] - The company's debt level decreased by approximately 14.1 billion yuan, with a debt-to-asset ratio of 53.7% and a short-term debt ratio reduced to 7.6% [2] Sales and Investment - The company achieved contract sales of approximately 120 billion yuan in the first half of the year, a year-on-year decline of about 19%, with first-tier cities and Hong Kong accounting for about 46% of total sales [1] - The company’s land acquisition amount reached 40.11 billion yuan, with a monthly investment of 14.9 billion yuan in July, maintaining the industry’s leading position in cumulative investment [1] Commercial Property Operations - The company reported commercial property revenue of 3.54 billion yuan in the first half, with shopping center revenue at 1.17 billion yuan, and a rental rate of 96.2% for mature projects [2] - The company is progressing with the issuance of its first public REITs focused on consumer infrastructure, which may provide new avenues for asset value release [2] Development Outlook - The company provided a stable outlook for 2025, indicating potential positive signals in investment activities in the second half of the year, with expectations of significant urban renewal projects in key first-tier cities [2] - The company anticipates that the total equity investment may exceed the initial guidance of 100 billion yuan for the year, supporting future sales and profit stability [2] Profit Forecast and Valuation - The profit forecast remains unchanged, with core profit expected to be 15 billion yuan in 2025, reflecting a year-on-year decline of 4.3%, and 16 billion yuan in 2026, indicating a year-on-year increase of 6.5% [3] - The target price has been raised by 10% to 17.2 HKD per share, corresponding to 0.45 times the 2025 price-to-book ratio, suggesting a 25% upside potential compared to the current stock price [3]

Core Viewpoint - The company reported a revenue of 83.22 billion yuan for the first half of 2025, a year-on-year decrease of 4.3%, and a net profit attributable to shareholders of 8.60 billion yuan, down 16.6% year-on-year, primarily due to a decline in the settlement scale of development business and a drop in gross profit margin by 4.7 percentage points to 17.4% [1][2] Revenue and Profit Performance - The company's revenue for the first half of 2025 was 83.22 billion yuan, reflecting a 4.3% decline year-on-year, mainly due to a decrease in the settlement scale of development business [2] - The net profit attributable to shareholders was 8.60 billion yuan, down 16.6% year-on-year, with the decline in profit being greater than that of revenue [1][2] Sales and Market Position - The company achieved a contract sales amount of 120.15 billion yuan in the first half of 2025, a year-on-year decline of 19.0%, but maintained the second-largest sales scale in the industry, with leading sales in 14 cities including Beijing, Tianjin, Dalian, and Jinan [1][2] - The company focused on high-energy cities for investment, acquiring 17 new land parcels with a total equity purchase amount of 40.11 billion yuan, of which 52.1% was in four first-tier cities and Hong Kong [1][2] Financial Health - As of the end of the first half of 2025, the company's total debt was 227.45 billion yuan, a decrease of 14.12 billion yuan from the end of 2024 [2] - The average financing cost for the first half of 2025 was 2.9%, down 0.6 percentage points year-on-year, indicating continuous optimization of financing costs, which remain among the lowest in the industry [2] Future Outlook - The company maintains its profit forecast unchanged, with expected earnings per share (EPS) of 1.48 yuan, 1.58 yuan, and 1.71 yuan for 2025-2027 [2] - Despite short-term performance pressure, the company is expected to see a recovery in profitability and valuation as resource structure continues to optimize, with a current price-to-book (PB) ratio of 0.36X indicating valuation advantages [2]

Core Insights - The company reported a decline in net profit attributable to shareholders by 16.6% year-on-year for the first half of 2025, with a total net profit of 8.7 billion yuan [1] - The company's revenue for the same period was 83.2 billion yuan, reflecting a 4.5% year-on-year decrease [1] - The decline in net profit is primarily attributed to a decrease in turnover scale and a drop in gross profit margin, which fell by 4.7 percentage points to 17.4% [1] Sales Performance - The company achieved a sales amount of 120.2 billion yuan in the first half of 2025, down 19% year-on-year, but maintained a leading position in the industry [1] - The sales area reached 5.12 million square meters, a decrease of 6% year-on-year [1] - The company holds a strong market share, ranking among the top three in 31 cities, with 14 cities being the market leader [1] Land Investment and Reserves - In the first half of 2025, the company invested in 17 new land parcels, with an equity land acquisition amounting to 40.1 billion yuan, of which 86% was in first-tier and strong second-tier cities [1] - The total land reserve area reached 26.93 million square meters, with an equity area of 23.66 million square meters, indicating a robust development momentum [1] Commercial Operations - The company's commercial operations generated revenue of 3.5 billion yuan in the first half of 2025, with shopping centers and office buildings contributing 81% to the revenue [2] - The occupancy rate for mature shopping center projects was 96.2%, with an operating profit margin of 56.8% [2] - The average occupancy rate for hotels was 68.2%, while long-term apartment projects had a 94% occupancy rate for those open for over six months [2] Financial Health - The company holds a leading industry rating, being the only domestic real estate company with a double A- international credit rating [2] - As of the end of the first half of 2025, the company’s asset-liability ratio, excluding advance receipts, was 45.7%, and the net debt ratio was 28.4% [2] - The cash-to-short-term debt ratio stood at 4.9 times, indicating strong liquidity and financial stability [2]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性 亦不發表任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴該等內容而引致的 任何損失承擔任何責任。 為遵守上市規則第13.10B條，該等上載資料亦刊登於聯交所「披露易」中文版網站 （https://www.hkexnews.hk）。 承董事局命 中國海外發展有限公司 主席兼執行董事 （於香港註冊成立之有限公司） （股份代號：688） 海外監管公告 本海外監管公告乃根據香港聯合交易所有限公司（「聯交所」）證券上市規則（「上市 規則」）第13.10B條刊發。 中國海外發展有限公司（「本公司」）於二零二零年十二月八日及其後刊發了關於中海 企業發展集團有限公司（本公司全資附屬公司）發行境內人民幣中期票據的公告。 根據有關規定，中海企業發展集團有限公司已經於 上海清算所 （http://www.shclearing.com.cn）、中國貨幣網（http://www.chinamoney.com.cn）及北京 金融資產交易所（https://www.cfae.cn）網站上載了《中海企業發展集團有限公司2025年 半 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性 亦不發表任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴該等內容而引致的 任何損失承擔任何責任。 （於香港註冊成立之有限公司） （股份代號：688） 海外監管公告 本海外監管公告乃根據香港聯合交易所有限公司（「聯交所」）證券上市規則（「上市 規則」）第13.10B條刊發。 中國海外發展有限公司（「本公司」）於二零一六年八月十八日及其後刊發了關於中海 企業發展集團有限公司（本公司全資附屬公司）發行人民幣債券的公告。 根據有關規定，中海企業發展集團有限公司已經於 上海證券交易所 （http://www.sse.com.cn）網站上載了《中海企業發展集團有限公司2025年公司債券中期 報告》及《中海企業發展集團有限公司2025年半年度財務報表及附注》，及於深圳證券 交易所（http://www.szse.cn）網站上載了《中海企業發展集團有限公司公司債券半年度 報告（2025年）》。 為遵守上市規則第13.10B條，該等上載資料亦刊登於聯交所「披露易」中文版網站 （https://www.hkexnews. ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][19][3] Core Views - The company's net profit attributable to shareholders decreased by 17%, with revenue of 832 billion yuan in the first half of 2025, down 4.5% year-on-year. The decline in net profit is primarily due to reduced turnover scale and a decrease in gross margin, which fell by 4.7 percentage points to 17.4% [8][12] - Despite the decline in revenue, the company maintained a strong sales scale, achieving a sales amount of 1202 billion yuan, ranking among the industry leaders. The company has a strong market presence, with a market share ranking in the top three in 31 cities, and 14 of those cities being number one in their respective markets [12][19] - The commercial operations business is steadily developing, with commercial operation revenue of 3.5 billion yuan in the first half of 2025. The contribution from shopping centers and office buildings accounted for 81% of total revenue, indicating an ongoing optimization of asset structure [16][19] Summary by Sections Financial Performance - In the first half of 2025, the company reported a revenue of 832 billion yuan and a net profit of 87 billion yuan, reflecting a year-on-year decrease of 4.5% and 16.6%, respectively. The gross margin decreased to 17.4% [8][12] - The company announced an interim dividend of 0.25 HKD per share [8] Sales and Market Position - The company achieved a sales amount of 1202 billion yuan in the first half of 2025, down 19% year-on-year, while maintaining a strong market position with a sales area of 5.12 million square meters, down 6% year-on-year. The company has a robust market share, ranking in the top three in 31 cities [12][19] - The company invested in 17 new land parcels with a total equity investment of 40.1 billion yuan, with 86% of the investment in first-tier and strong second-tier cities [12][19] Commercial Operations - The commercial operations revenue reached 3.5 billion yuan, with shopping centers and office buildings contributing 81% to the total revenue. The occupancy rate for mature shopping center projects was 96.2%, and the operating profit margin was 56.8% [16][19] - The company has a strong cash position, with a cash-to-short-term debt ratio of 4.9 times, and its debt ratios are among the best in the industry [19] Profit Forecast - The company maintains its profit forecast, expecting revenues and net profits of 1818 billion yuan and 155 billion yuan for 2025, respectively, with an EPS of 1.41 yuan, corresponding to a PE ratio of 8.0 times [3][19]

中银国际发布研报称，对中国海外发展(00688)前景保持谨慎，维持目标价16.71港元及"买入"评级。该 行看好公司在一线城市的布局，认为其相对稳健的合同销售表现及行业领先的毛利率，均有助于锁定未 入账收入。 中国海外上半年收入同比跌4.3%，跌幅大于该行对公司2025财年下降1.8%的预测;毛利率收窄4.7个百分 点至17.4%，胜于预期;核心净利润率保持在10.6%的双位数水平，同比降1.7个百分点，但仍高于该行对 公司全年预测的8.3%。期内，核心净利润同比增17.5%至87.8亿元人民币，占该行全年预测的57%。 ...