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之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 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） 於本公告日期，顏建國先生（主席）、張智超先生 (行政總裁) 及郭光輝先生為本公司執行董 事；庄勇先生（副主席）及馬堯先生為本公司非執行董事﹔而李民斌先生、陳家強教授及陳清 霞博士為本公司獨立非執行董事。 董事局會議召開日期 中國海外發展有限公司（「本公司」）董事局（「董事局」）公佈將於二零二五 年十月二十四日（星期五）舉行董事局會議，藉以（其中包括）審議及批准本公 司及其附屬公司二零二五年第三季度財務及業務回顧。 承董事會命 中國海外發展有限公司 主席兼執行董事 顏建國 香港，二零二五年十月二日 ...

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9月30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10月2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 (-) | | | ...

Company Overview - China Overseas Development Limited, a subsidiary of China State Construction Engineering Corporation, was founded in Hong Kong in 1979 and listed on the Hong Kong Stock Exchange in 1992 under the stock code 00688.HK. The company has over 46 years of experience in real estate development and property management, operating in more than 80 cities across mainland China, Hong Kong, Macau, the UK, and Singapore. It possesses industry-leading capabilities in design, development, construction, operation, and property services, with three main business segments: real estate development, urban operation, and innovative business [1]. Carbon Neutrality Initiatives - In 2023, the company released the industry's first "Carbon Neutrality White Paper," establishing a strategic plan called "1333," focusing on "carbon peak" and "carbon neutrality" as core objectives. The plan outlines three phases from 2025 to 2060, with a commitment to reduce carbon emissions intensity by over 30% per unit area by 2030 (based on 2019 levels) and striving for carbon neutrality by 2060. This initiative sets a benchmark for other companies in the industry, encouraging more enterprises to engage in green transformation [2]. Zero Carbon Building Projects - The company has laid out zero carbon building demonstration projects across major climate zones in China. In 2024, three projects, including Shenzhen China Overseas Building and Beijing China Overseas Financial Center, were selected as part of the first batch of zero carbon building projects in the country. The Shenzhen China Overseas Building, which began construction in December 2020, employs 11 energy-saving and carbon-reduction technologies, achieving a comprehensive energy-saving rate of 61% and receiving multiple certifications, including near-zero energy design certification and WELL Gold certification. The Beijing China Overseas Financial Center utilizes geothermal heat pumps and advanced HVAC systems, achieving a building energy-saving rate of 70% and a carbon reduction rate of 68%. The company has developed a cumulative area of 600,000 square meters of near-zero energy and zero carbon buildings, covering various sectors such as residential and commercial [3]. Expert Commentary - Experts note that China Overseas Development is seizing new opportunities in the market by focusing on zero carbon buildings and green communities, transforming sustainable concepts into powerful drivers for urban renewal and real estate growth [3].

Core Insights - The company ranked second in contract sales in the first half of 2025, with a total sales amount of approximately 120.15 billion yuan, a year-on-year decrease of 19.0% [1] - The company maintains a strong focus on mainstream cities and prime locations, with 53.7% of contract sales coming from Beijing, Shanghai, Guangzhou, Shenzhen, and Hong Kong [1] - The company has a robust land reserve, with a total land reserve of approximately 40.47 million square meters, and 86% of new land investments in first-tier and strong second-tier cities [1] Financial Performance - The company's revenue decreased by 4.3% year-on-year to 83.22 billion yuan, with an overall gross margin of 17.4%, down 4.7 percentage points [2] - Core net profit attributable to shareholders fell by 17.5% to 8.78 billion yuan, with a core net profit margin of 10.6%, still placing the company in the leading tier of the industry [2] - The company's asset-liability ratio is approximately 53.7%, down 2.1 percentage points from the end of 2024, with cash on hand of about 108.96 billion yuan, accounting for 12.1% of total assets [2] Commercial Operations - The company’s commercial operation revenue was 3.54 billion yuan, remaining stable year-on-year, with a 96.2% occupancy rate for mature shopping center projects [2] - The office leasing business has a rental rate of 78.3%, with a renewal rate increase of 16 percentage points to 77% [3] - The company’s first commercial REIT has been accepted by the China Securities Regulatory Commission and Shenzhen Stock Exchange, marking a significant advancement in asset management capabilities [3] Future Outlook - The company is expected to achieve core net profits of 16.1 billion yuan, 17.1 billion yuan, and 18.0 billion yuan from 2025 to 2027, with a target price of 19.35 HKD based on a 12 times price-to-earnings ratio [3] - The company’s focus on high-energy cities and core areas, along with its strong financing capabilities and cost control, provides a solid foundation for profit enhancement and long-term development [3]

Investment Rating - The report assigns a "Buy" rating with a target price of HKD 19.35, indicating a potential upside of 35.4% from the current price of HKD 14.30 [4][6]. Core Insights - The company maintains a strong position in sales and investment, ranking second in contract sales for the first half of 2025, with a total contract sales amount of approximately RMB 120.15 billion, a year-on-year decrease of 19.0% [2]. - The company has a robust land reserve, with a total land bank of approximately 40.47 million square meters as of June 2025, and 86% of new land investments concentrated in first-tier and strong second-tier cities [2]. - Despite a decline in profit margins, the company continues to lead the industry with a gross margin of 17.4% and a core net profit margin of 10.6% [3]. - The company has made significant progress in commercial operations, with a commercial operating income of RMB 3.54 billion, and its first REIT has been accepted for review by regulatory authorities [4]. Summary by Sections Sales and Investment - In the first half of 2025, the company achieved contract sales of approximately RMB 120.15 billion, with a sales area of about 5.12 million square meters, reflecting a year-on-year decrease of 19.0% and 5.9% respectively. The average selling price increased by 1% to RMB 23,500 per square meter [2]. Land Reserve - The company acquired land worth RMB 40.37 billion in the first half of 2025, with a total land bank of approximately 40.47 million square meters as of June 2025. The new land investments are primarily in first-tier and strong second-tier cities, accounting for 86% of the total [2]. Financial Performance - The company's revenue for the first half of 2025 decreased by 4.3% to RMB 83.22 billion, with a gross margin of 17.4%, down by 4.7 percentage points year-on-year. The core net profit attributable to shareholders fell by 17.5% to RMB 8.78 billion [3]. Commercial Operations - The company reported a commercial operating income of RMB 3.54 billion, with a rental rate of 96.2% for shopping centers and 78.3% for office buildings. The first REIT has been accepted for review, marking a significant milestone in asset management capabilities [4].

Core Viewpoint - China Overseas Development (00688) announced the issuance of corporate bonds aimed at professional investors, indicating a strategic move to raise capital for future projects [1] Group 1: Bond Issuance Details - The bond, referred to as "22 Zhonghai 05," will be publicly issued by China Overseas Development Group Co., Ltd. in 2022 [1] - The bond will pay interest and principal on September 22, 2025, covering the period from September 20, 2024, to September 19, 2025 [1] - The coupon rate for this bond is set at 2.40%, with a total payout of RMB 1,024.00 for every 10 bonds with a face value of RMB 1,000 each, including tax [1]

本期债券"22中海05"在本计息期内的票面利率为2.40%，每10张"22中海05"面值人民币1000元派发本息 金额为人民币1024.00元(含税)。摘牌日：2025年9月22日。 智通财经APP讯，中国海外发展(00688)发布公告，中海企业发展集团有限公司2022年面向专业投资者公 开发行公司债券(第三期)(品种一)，简称"22中海05"，将于2025年9月22日支付2024年9月20日至2025年9 月19日期间的利息和本期债券的本金。 ...

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」）於二零二二年九月十五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）2022年面向專業投資者公開發行公司債 券（第三期）的公告。 根據有關規定，中海企業發展集團有限公司已經於深圳證券交易所網站 （http://www.szse.cn）上載了《中海企業發展集團有限公司2022年面向專業投資者公開 發行公司債券(第三期)(品種一) 2025年兌付兌息及摘牌公告》及《中海企業發展集團有 限公司2022年面向專業投資者公開發行公司債券(第三期)(品種二)2025年付息公告》。 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 （http://www.hkexn ...

Core Viewpoint - China Overseas Development (00688) maintains a "recommended" rating with projected EPS of 1.40, 1.38, and 1.52 yuan for 2025-2027, respectively, and a target market value of approximately 218.8 billion HKD, corresponding to a stock price of 20 HKD [1] Group 1: Sales Performance - In the first half of 2025, the company achieved a sales area of 5.12 million square meters, a year-on-year decline of 5.9%, with a sales amount of 120.2 billion yuan, down 19.0% year-on-year, and an average contract sales price of 23,467 yuan per square meter, a decrease of 14.0% [1] - The company continues to focus on first-tier cities, launching the "China Overseas Good House Living OS System" with projects in Beijing and Shanghai [1] - The company recorded a total of 175 billion yuan in unsold but contracted sales, a decrease of 19.8% compared to the end of 2024 [1] Group 2: Land Acquisition and Investment - In the first half of 2025, the company acquired 17 new land parcels with an equity purchase amount of 40.1 billion yuan, achieving an investment intensity of approximately 33.4% [1] - By the end of July 2025, the company had acquired a total of 22 land parcels with an equity purchase amount of 55 billion yuan, with 86% of the acquisitions located in first-tier and strong second-tier cities [1] - The total land reserve area for the company’s series of companies (excluding China Overseas Hongyang) reached 26.93 million square meters, with an equity area of 23.67 million square meters [1] Group 3: Commercial Operations - The company reported commercial operation revenue of 3.54 billion yuan in the first half of the year, remaining flat year-on-year, with revenue from first-tier city projects increasing to 47% [2] - The revenue structure shows that shopping centers and office buildings contributed 33% and 48% respectively, with shopping center occupancy rates at 96.2% and sales and foot traffic increasing by 6.7% and 11.0% year-on-year [2] - The operating profit margin for shopping centers reached 56.8%, while the new signed area for office buildings was 510,000 square meters, with a renewal rate increase of 16 percentage points to 77% [2] Group 4: Debt and Financial Health - The company reduced its interest-bearing debt to 227.5 billion yuan, a decrease of 14.1 billion yuan, with a debt-to-asset ratio of 53.7% [3] - As of the end of the reporting period, the company had cash on hand of 109 billion yuan, accounting for 12.1% of total assets, with positive operating cash flow [3] - The average financing cost for the first half of 2025 was 2.9%, and the combined distribution and administrative expenses accounted for approximately 3.8% of revenue, with administrative expenses down 16.9% year-on-year [3]

Core Viewpoint - The report from Huachuang Securities maintains a "recommended" rating for China Overseas Development (00688), projecting EPS for 2025-2027 to be 1.40, 1.38, and 1.52 CNY respectively, with a target market value of approximately 218.8 billion HKD and a corresponding stock price of 20 HKD based on a 13x PE ratio for 2025 [1] Group 1: Sales Performance - In the first half of 2025, the company achieved a sales area of 5.12 million square meters, a year-on-year decline of 5.9%, with a sales amount of 120.2 billion CNY, down 19.0%, and an average contract sales price of 23,467 CNY per square meter, a decrease of 14.0% [1] - The company continues to focus on first-tier cities, launching the "China Overseas Good House Living OS System" with initial projects in Beijing and Shanghai [1] - The company recorded a total of 556.4 billion CNY in contract sales in major cities, with Beijing contributing 304.5 billion CNY [1] Group 2: Land Acquisition and Investment - The company actively replenished its land reserves, acquiring 17 new plots of land in the first half of 2025, with an equity purchase amount of 40.1 billion CNY and an investment intensity of approximately 33.4% [1] - By the end of July 2025, the company had acquired a total of 22 plots of land with an equity purchase amount of 55 billion CNY, with 86% of acquisitions 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 23.67 million square meters by mid-2025 [1] Group 3: Commercial Operations - The company reported commercial operation revenue of 3.54 billion CNY in the first half of the year, remaining flat year-on-year, with revenue from first-tier city projects increasing to 47% [2] - The revenue structure showed that shopping centers and office buildings contributed 33% and 48% respectively, with shopping center occupancy rates at 96.2% and sales and foot traffic increasing by 6.7% and 11.0% respectively [2] - The operating profit margin for shopping centers reached 56.8%, while the office buildings signed a new lease area of 510,000 square meters, with a renewal rate increase of 16 percentage points to 77% [2] Group 4: Debt and Financial Health - The company's interest-bearing debt decreased to 227.5 billion CNY, down 14.1 billion CNY, with an asset-liability ratio of 53.7% [3] - Cash on hand reached 109 billion CNY, accounting for 12.1% of total assets, with positive operating cash flow [3] - The average financing cost for the first half of 2025 was 2.9%, with distribution and administrative expenses making up about 3.8% of revenue, and administrative expenses decreasing by 16.9% year-on-year [3]