Core Viewpoint - China Overseas Development (00688.HK) reported a year-on-year increase of 7.2% in contract property sales amounting to approximately RMB 20.173 billion for September 2025, despite a 3.7% decrease in sales area [1] Group 1: Sales Performance - For the period from January to September 2025, the cumulative contract property sales amounted to approximately RMB 170.504 billion, reflecting a year-on-year decline of 14.3% [1] - The corresponding cumulative sales area for the same period was approximately 7,582,400 square meters, showing a slight year-on-year decrease of 0.6% [1] - As of September 30, 2025, the company recorded recognized property sales of approximately RMB 3.119 billion, expected to convert into contract property sales in the coming months [1] Group 2: Land Acquisition - In September 2025, the company acquired four new land parcels in Shanghai, Qingdao, and Shenyang, with a total equity construction area of approximately 554,410.45 square meters and an equity land price of approximately RMB 21.627 billion [1] - From January to September 2025, the cumulative new land acquisition amounted to an equity construction area of approximately 3,633,709.14 square meters and a cumulative equity land price of approximately RMB 76.634 billion [1] - Additionally, in September 2025, China Overseas Hongyang Group acquired two land parcels in Tangshan, Hebei Province, with an equity construction area of approximately 182,942.00 square meters and an equity land price of approximately RMB 909 million [1]

Core Viewpoint - China Overseas Development (00688) reported a year-on-year increase in contract property sales amounting to approximately RMB 201.73 billion for September 2025, while the corresponding sales area decreased by 3.7% to about 914,000 square meters [1] Group 1: Sales Performance - For the period from January to September 2025, the cumulative contract property sales amounted to approximately RMB 1,705.04 billion, reflecting a year-on-year decline of 14.3%, while the cumulative sales area was about 7,582,400 square meters, down by 0.6% [1] - As of September 30, 2025, the company achieved recognized property sales of approximately RMB 31.19 billion, which is expected to convert into contract property sales in the coming months [1] Group 2: Land Acquisition - In September 2025, the company, along with its subsidiaries, acquired four new land parcels in Shanghai, Qingdao, and Shenyang, with an equity gross floor area of approximately 554,400 square meters and an equity land cost of about RMB 216.27 billion [1] - From January to September 2025, the cumulative equity gross floor area of newly acquired land by the group was approximately 3,633,700 square meters, with a cumulative equity land cost of about RMB 766.34 billion [1] - In September 2025, China Overseas Hongyang, along with its subsidiaries, acquired two land parcels in Tangshan, Hebei Province, with an equity gross floor area of approximately 182,900 square meters and an equity land cost of about RMB 90.9 million [1]

Core Viewpoint - China Overseas Development reported a year-on-year increase of 7.2% in contract property sales amounting to approximately RMB 20.173 billion for September 2025, despite a 3.7% decrease in sales area [1] Group 1: Sales Performance - For the period from January to September 2025, the cumulative contract property sales amounted to approximately RMB 170.504 billion, reflecting a year-on-year decline of 14.3% [1] - The corresponding cumulative sales area for the same period was approximately 7.5824 million square meters, showing a slight year-on-year decrease of 0.6% [1] - As of September 30, 2025, the company achieved recognized property sales of approximately RMB 3.119 billion, expected to convert into contract property sales in the coming months [1] Group 2: Land Acquisition - In September 2025, the company acquired four new land parcels in Shanghai, Qingdao, and Shenyang, with an equity gross floor area of approximately 554,400 square meters and an equity land cost of approximately RMB 21.627 billion [1] - From January to September 2025, the cumulative equity gross floor area of newly acquired land was approximately 3.6337 million square meters, with a cumulative equity land cost of approximately RMB 76.634 billion [1] - Additionally, in September 2025, China Overseas Hongyang acquired two land parcels in Tangshan, Hebei Province, with an equity gross floor area of approximately 182,900 square meters and an equity land cost of approximately RMB 909 million [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） 截至二零二五年九月三十日止九個月 物業銷售和新增土地更新 二零二五年九月，本公司（連同其附屬公司（統稱「本集團」））新增土地涵蓋上海、 青島和瀋陽四幅地塊（包括將透過已簽約股權交易所獲得的土地），權益建築面積約 554,410.45 平方米，權益地價約人民幣 21,626.86 百萬元。二零二五年一月至九月，本集 團新增土地累計權益建築面積約 3,633,709.14 平方米，累計權益地價約人民幣 76,633.83 百萬元。 中國海外發展有限公司（「本公司」）欣然宣佈本公司連同其附屬公司、合營公司及聯 營公司（統稱「中國海外系列公司」）截至二零二五年九月三十日止九個月的若干經營 數據（「物業銷售和新增土地更新」）。本公告亦可於本公司網站（www.coli.com.hk） 閱覽。 一、物業銷售更新 於二零二五年九月，中國海外系列公司的合約物業銷售金額約 ...

格隆汇10月2日丨中国海外发展(00688.HK)公告，董事局公布将于2025年10月24日(星期五)举行董事局 会议，藉以(其中包括)审议及批准公司及其附属公司2025第三季度财务及业务回顾。 ...

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].