Investment Rating - The report maintains a rating of "Buy" for the company [1] Core Views - As an industry leader, the company's value is expected to undergo systematic re-evaluation driven by the gradual release of new product performance, the leading product quality of "good houses," and the unlocking of capital cycles through commercial REITs [2] Financial Summary - Total revenue is projected to be RMB 202.524 billion in 2023, with a year-on-year growth of 12.3%. However, it is expected to decline to RMB 185.154 billion in 2024, a decrease of 8.6%, and further decline in the following years [4] - Gross profit is expected to decrease from RMB 41.153 billion in 2023 to RMB 32.765 billion in 2024, with a net profit forecasted to drop from RMB 25.610 billion to RMB 15.636 billion in the same period [4] - The company’s PE ratio is projected to increase from 5.27 in 2023 to 7.78 in 2024, while the PB ratio is expected to decrease from 0.36 to 0.32 [4] Investment Recommendations - The report suggests maintaining a "Buy" rating, with an estimated EPS of RMB 1.18, 1.19, and 1.32 for 2025-2027. The target price is set at HKD 20.3 based on a PB of 0.5X for 2026 [8] - The transition between old and new projects is expected to drive performance recovery, with new investments concentrated in prime locations in first-tier and strong second-tier cities [8] - The company’s "good house" initiative is anticipated to lead industry trends, enhancing product strength and long-term competitive advantages [8] Business Operations - The company has established a multi-format commercial operation system centered on office buildings and shopping centers, with stable cash flow and continuous expansion [8] - The successful listing of the first commercial REITs in 2025 marks a breakthrough in the company's asset management strategy, enhancing capital efficiency and long-term valuation [8] Financial Analysis - The company is expected to maintain a strong financial position with a focus on cost control and stable dividend payouts [13] - The development segment contributes over 90% to profits, with a recovery in gross margins anticipated [13] - The company’s liquidity remains strong, with a stable dividend yield [11]

Core Viewpoint - China Overseas Development (00688) announced the issuance of corporate bonds by China Overseas Enterprise Development Group Co., Ltd., which will be listed on the Shenzhen Stock Exchange starting January 22, 2026, and will be available for trading among institutional investors [1] Group 1 - The bonds consist of two varieties: the first bond (security code: 524623, abbreviated as 26 Zhonghai 01) and the second bond (security code: 524624, abbreviated as 26 Zhonghai 02) [1] - The bonds meet the listing conditions set by the Shenzhen Stock Exchange [1] - Trading methods for the bonds include matched transactions, click transactions, inquiry transactions, competitive bidding, and negotiated transactions [1]

Core Viewpoint - China Overseas Development (00688) announced the issuance of corporate bonds by China Overseas Enterprise Development Group Co., Ltd. for professional investors, which will be listed on the Shenzhen Stock Exchange starting January 22, 2026 [1] Group 1 - The bonds consist of two varieties: the first with the security code 524623 and abbreviated as 26 Zhonghai 01, and the second with the security code 524624 and abbreviated as 26 Zhonghai 02 [1] - The bonds meet the listing conditions of the Shenzhen Stock Exchange and will be traded among institutional investors [1] - Trading methods for these bonds include matching transactions, click transactions, inquiry transactions, competitive bidding transactions, and negotiated transactions [1]

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」）於二零二六年一月九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）2026年面向專業投資者公開發行公司債券 （第一期）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2026年面向專業投資者公開 發行公司債券（第一期）在深圳證券交易所上市的公告》。 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 （https://www.hkexnews.hk）。 承董事局命 香港，二零二六年一月二十一日 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 ...

Group 1 - The core viewpoint of the report indicates that China Overseas Development (00688) is expected to see a decline of 18.1% in core net profit for 2025, primarily due to a decrease in property development gross margin and impairment pressures [1] - The company's attributable land investment amount has increased by 33% year-on-year, surpassing management's target, and is significantly concentrated in first-tier core cities [1] - The profit forecasts for China Overseas Development for 2025 to 2027 have been revised downwards by 14.6%, 23.7%, and 27.4% respectively, and the target price based on net asset value has been reduced by 9.2% to HKD 15.14, while maintaining a "Buy" rating [1]

Core Viewpoint - The report from Dahua Jixian indicates that China Overseas Development (00688) is expected to see a decline of 18.1% in core net profit for 2025, primarily due to a decrease in gross margin from property development and impairment pressures [1] Group 1: Financial Performance - The company's attributable land investment amount has increased by 33% year-on-year, surpassing management's targets and focusing significantly on first-tier core cities [1] - Profit forecasts for China Overseas Development for the years 2025 to 2027 have been revised downwards by 14.6%, 23.7%, and 27.4% respectively [1] Group 2: Valuation Adjustments - Due to an expanded discount on net asset value, the target price based on net asset value has been reduced by 9.2% to HKD 15.14, while maintaining a "Buy" rating [1]

Core Viewpoint - Daiwa Capital Markets forecasts that China Overseas Land & Investment's core net profit will decline by 18.1% year-on-year in 2025, primarily due to a decrease in property development gross margins and impairment pressures [1] Group 1: Financial Performance - The company's attributable land investment amount is expected to increase by 33% year-on-year, surpassing management's target and significantly concentrated in first-tier core cities [1] - The profit forecasts for China Overseas Land & Investment for 2025 to 2027 have been revised down by 14.6%, 23.7%, and 27.4% respectively [1] Group 2: Target Price and Rating - The target price based on net asset value has been reduced by 9.2% to HKD 15.14, while maintaining a "Buy" rating [1]

Group 1 - The company China Overseas Development (00688) announced the issuance of its first tranche of medium-term notes for 2024, with two different bond types [1] - The first bond type, referred to as "24 China Overseas MTN001A," has an interest rate of 2.8% and will mature on January 24, 2026, with interest payments adjusted for public holidays [1] - The second bond type, known as "24 China Overseas MTN001B," carries a higher interest rate of 3.05% and will also mature on January 24, 2026, with similar provisions for interest payments [1]

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」）於二零二四年一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2024年度第一期中期票據的公告。 根據有關規定，中海企業發展集團有限公司已經於 北京金融資產交易所 （https://www.cfae.cn）、上海清算所（https://www.shclearing.com.cn）及中國貨幣網 （https://www.chinamoney.com.cn）的網站上載了《中海企業發展集團有限公司2024年度 第一期中期票據（品種一）2026年付息公告》及《中海企業發展集團有限公司2024年度 第一期中期票據（品種二）2026年付息公告》。 為遵守上市規則第13.10B條，該等 ...

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」）於二零二六年一月九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）2026年面向專業投資者公開發行公司債券 （第一期）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2026年面向專業投資者公開 發行公司債券（第一期）發行結果公告》。 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 （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 顏建國 香港，二零二六年一月十四日 於本公告日期，顏建國先生（主席）、 ...