Core Viewpoint - China Overseas Development (00688.HK) reported a year-on-year increase of 20.4% in contract property sales amounting to approximately RMB 14.478 billion for January 2026, despite a 12.9% year-on-year decrease in sales area to about 516,600 square meters [1] Group 1: Sales Performance - The contract property sales for January 2026 reached approximately RMB 14.478 billion, reflecting a 20.4% increase compared to the previous year [1] - The corresponding sales area for the same period was approximately 516,600 square meters, which represents a 12.9% decrease year-on-year [1] - As of January 31, 2026, the company recorded recognized property sales of about RMB 11.146 billion, which is expected to convert into contract property sales in the coming months [1] Group 2: Land Acquisition - In January 2026, the company and/or its subsidiaries did not acquire any new land parcels [1] - China Overseas Hongyang Group added a new land parcel in Taizhou, Jiangsu Province, with a gross floor area of approximately 86,700 square meters and a land price of about RMB 287 million [1]

（於香港註冊成立之有限公司） 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。 一、物業銷售更新 （股份代號：688） 截至二零二六年一月三十一日止一個月 物業銷售和新增土地更新 於二零二六年一月，中國海外系列公司的合約物業銷售金額約人民幣144.78億元，按年 上升20.4%；而相應的銷售面積約為516,600平方米，按年下跌12.9%。合約物業銷售金額 和相應的銷售面積的詳情如下列表1所示。 此外，截至二零二六年一月三十一日，中國海外系列公司錄得已認購物業銷售約人民幣 111.46億元，預期將於往後數月內轉化為合約物業銷售。 1 | | 合約物業銷售 | 銷售面積 | | --- | --- | --- | | | （人民幣億元） | （萬平方米） | | 本公司及其附屬公司 | | | | 地區明細（附註一） | | | | 南部大區 | 30.70 | 5.80 | | 東部大區 | 10.46 | 4.85 | | 中西部大區 | 7.12 ...

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: | 2026年1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: | 2026年2月3日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 第 1 頁 共 10 頁 v 1.2.0 FF301 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 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 0 本月底結存 10,944,883,535 0 10,944,883,535 足夠公眾持股量的確認(註4) (A). 股份期權（根據發行人的股份期權計劃） | 1. 股份分類 | | 普通股 | | 股份類別 | 不適用 | | 於香 ...

Core Viewpoint - The Chinese real estate industry is expected to face significant impairment and declining gross margins in the fiscal year 2025, setting the stage for a new beginning from 2026 to 2030, although most real estate companies, particularly state-owned enterprises, are still projected to remain profitable [1] Group 1: Industry Outlook - Citigroup's research report indicates that the real estate sector will experience substantial challenges in terms of asset impairment and gross margin decline in FY 2025 [1] - The progress in destocking is viewed positively, but sales from existing inventory may decrease due to the enhancement of the quality of fourth-generation residential properties [1] - Companies that have completed debt restructuring are expected to achieve significant net profits post-debt reduction or debt-to-equity swaps, with some potentially initiating second restructuring plans [1] Group 2: Company Performance - Guotai Junan's report highlights that the residential development business is entering a phase of transitioning from historical inventory projects to new projects, alleviating pressure from inventory turnover [1] - Since 2025, the company has increased investment in a counter-cyclical manner, focusing on high-quality land in first-tier and strong second-tier cities, leading to a significant improvement in project quality [1] - The new projects are expected to gradually offset historical burdens, driving performance release and recovery of profitability [1] - As a leading state-owned enterprise in the real estate sector, the company is better positioned to acquire high-barrier projects such as urban renewal and large-scale complexes, benefiting from the concentration of resources towards top-tier companies [1]

Group 1 - The core viewpoint of the article indicates that the Chinese real estate industry will face significant impairment and gross margin decline challenges in the fiscal year 2025, setting the stage for a new beginning from 2026 to 2030 [1] - Despite the challenges, most real estate companies, particularly state-owned enterprises, are expected to remain profitable [1] - Citi's research suggests that inventory reduction is progressing smoothly, but sales from existing inventory may decrease due to the enhancement of the quality of fourth-generation residential properties [1] Group 2 - Companies that complete debt restructuring are likely to achieve significant net profits after debt reduction or debt-to-equity swaps, with some companies potentially initiating a second round of restructuring plans [1] - According to Guotai Junan's report, the residential development business is entering a phase of switching between old and new projects as historical inventory projects are gradually being digested and pressure from project turnover is released [1] - Since 2025, companies have increased investment counter-cyclically, focusing on high-quality land in first-tier and strong second-tier cities, leading to a significant improvement in project quality [1] Group 3 - In this context, the profit contribution from new projects is expected to gradually offset historical burdens, driving performance release and recovery of profitability [1] - As a leading state-owned real estate enterprise, the company has a stronger capability to acquire high-threshold projects such as urban core area renovations and large-scale complexes, which is expected to benefit from the concentration of resources towards leading companies [1]

Group 1 - The company is expected to undergo a systematic revaluation of its value driven by the gradual release of new product performance, leading product quality in the housing sector, and the capital cycle being facilitated by commercial REITs [1] - The investment recommendation is to maintain a "buy" rating, with projected EPS for 2025-2027 at 1.18, 1.19, and 1.32 CNY, and a target price of 20.3 HKD based on a 0.5X PB for 2026 [1] - The transition between old and new projects is progressing, with high-quality new investments expected to drive performance recovery as historical inventory projects are gradually liquidated [1] Group 2 - The company has launched the Living OS system, integrating safety, comfort, sustainability, and intelligence into the design, construction, and operation phases, which is expected to create a differentiated advantage in the market [2] - The commercial operation is forming a second growth curve, with the successful listing of the first commercial REITs in 2025 marking a breakthrough in the acquisition, renovation, operation, and exit path [2] - The continuous operation of the REITs platform is anticipated to lower capital costs and enhance asset turnover efficiency, providing long-term valuation and return elasticity for the company's commercial sector [2]

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 ...