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。 2025年8月，本集團經常性收入約人民幣42.7億元，按年增長6.8%，其中，經營性不動產業務租金 收入約人民幣28.4億元，按年增長13.9%。2025年前8月累計經常性收入約人民幣330.5億元，按年 增長7.7%，其中，經營性不動產業務租金收入約人民幣214.0億元，按年增長12.4%。 上述已披露初步數據取自本集團內部管理記錄，或會變更並可能與本集團按年度或半年度刊發的 經審核或未經審核綜合財務報表所呈現的數字存在差異。這些數據不應被視為本集團過往或將來 的經營或財務表現的指標或測量依據。據此，有關數據僅供參閱而不作其他目的。投資者在買賣 本公司證券時務須小心謹慎，不可依賴前述已披露信息。投資者如有任何疑問應向專業顧問徵求 意見。 承董事會命 華潤置地有限公司 主席 李欣 （於開曼群島註冊成立的有限公司） (股份代號: 01109.HK) 截至2025年8月31日止一個月未經審核營運數據 華潤置 ...

Core Viewpoint - The news discusses the market rumors regarding the potential acquisition of Evergrande Property's equity, with China Resources Land denying involvement in the bidding process [1] Group 1: Company Actions - On September 11, Evergrande Property announced that it received a letter of engagement from the liquidator of its controlling shareholder, China Evergrande Group, indicating that the liquidator is seeking opportunities to sell shares of Evergrande Property [1] - The liquidator has signed a confidentiality agreement and has received non-binding indicative offers from some interested parties, with plans to invite selected interested parties to reach binding transaction terms by November 2025 [1] Group 2: Market Reactions - Market rumors suggested that companies including China Resources Group and subsidiaries of China Overseas Group were participating in the bidding for Evergrande Property's equity [1] - In response to these rumors, a representative from China Resources Land stated that the information is not true [1]

Core Viewpoint - Evergrande Property (06666.HK) experienced a significant stock price increase of 38.04% upon resuming trading due to acquisition interest, but later adjusted to a 27.17% increase, with a trading volume of 636 million HKD [1] Group 1: Acquisition Interest - Reports indicate that the liquidators of China Evergrande have received non-binding acquisition interest for Evergrande Property from potential bidders, including China Overseas Group and a subsidiary of China Resources Group [1] - Representatives from China Resources Land and China Overseas Group have denied the authenticity of the acquisition interest news [1] - The liquidators have been seeking opportunities to sell shares held by China Evergrande and CEG Holdings, with some non-binding indicative offers received from interested parties [1][2] Group 2: Financial Performance - For the first half of the year, Evergrande Property reported revenue of approximately 6.647 billion CNY, reflecting a year-on-year growth of about 6.9%, and a net profit of approximately 491 million CNY, with a net profit margin of 7.4%, down by 0.6 percentage points year-on-year [3] - The company’s cash and cash equivalents stood at approximately 2.778 billion CNY as of June 30 [3] - As of June 30, the total managed area by Evergrande Property was approximately 596 million square meters, an increase of about 41 million square meters compared to the previous year [3] Group 3: Accounts Receivable and Management Services - Evergrande Property reported trade receivables valued at approximately 5.883 billion CNY, with cumulative bad debt provisions of about 3.042 billion CNY, resulting in a high impairment rate of 51.7% [3] - The company continues to provide property management services to China Evergrande, amounting to approximately 228 million CNY, without recognizing revenue from these transactions, while planning to take reasonable measures to recover receivables [3]

2025.09.12 微信编辑| 七三 第一财经持续追踪财经热点。若您掌握公司动态、行业趋势、金融事件等有价值的线索，欢迎提供。专 用邮箱：bianjibu@yicai.com （注：我们会对线索进行核实。您的隐私将严格保密。） 本文字数：292，阅读时长大约1分钟 据蓝鲸新闻，恒大物业9月11日在香港联交所开市前宣布暂停交易，以待发布涉及公司内幕消息的公 告。随后有消息指，中国恒大清盘人已收到针对恒大物业的非约束性收购意向，竞购方包括中国海外集 团及华润集团子公司。 对此，华润置地相关负责人对记者称，该消息不属实。此外，一位接近中国海外集团方面的人士也表 示，该消息是"假的"。 ...

Core Viewpoint - China Resources Land denied the rumors regarding the acquisition of Evergrande Property, stating that the information is not true [1] Summary by Relevant Sections - **Company Actions** - Evergrande Property announced a trading suspension on the Hong Kong Stock Exchange prior to the market opening to release insider information [1] - China Resources Land's representative confirmed that the acquisition news is false [1] - **Market Reactions** - Reports indicated that the liquidators of China Evergrande have received non-binding acquisition intentions for Evergrande Property, with potential bidders including China Overseas Group and subsidiaries of China Resources Group [1] - A source close to China Overseas Group also labeled the acquisition news as "fake" [1]

Group 1 - China Resources Land has officially won the bid for the Zhaomatang Waterfront Park Phase I and the 32-01, 36-02 plot landscape project, indicating a more stable development phase for Nanda Smart City [1] - The project will anchor around a 100,000 square meter waterfront park, linking with the Central Urban Land [3] - The company emphasizes ecological restoration, operational thinking, and content empowerment in its park construction, aiming to unify ecological, living, and urban values [4] Group 2 - In the Haitang River Park project in Sanya, China Resources Land transformed ecological disadvantages into a magnificent public ecological space through precise soil remediation and artistic landscape design [5] - The Shenzhen Dashahu Ecological Corridor project showcases forward-looking planning, dividing a 13.7-kilometer shoreline into three sections, integrating cultural spaces like bookstores and tea houses [5] - The Chengdu Dong'an Lake Sports Park has successfully transitioned from a venue for the 31st Universiade to a multi-functional urban cultural park, demonstrating sustainable operational strategies [5] Group 3 - Nanda Smart City has evolved into a core area for the "North-South Transformation" in northern Shanghai, becoming a hub for innovation industries with high-quality supporting resources [6][7] - The rapid development of supporting resources has led to the emergence of the "Nanda Speed" label, with significant projects like the Digital Center and the International Talent Community being completed [7] - The recent bid for the Zhaomatang Waterfront Park will enhance the ecological interface of the area, further upgrading its layout [7] Group 4 - The overall development area of China Resources Land in Nanda has expanded from approximately 900,000 square meters to about 1,000,000 square meters, transitioning from single project development to area-wide planning [11] - The Central Urban Land project is the first TOD project in Nanda, designed to provide direct subway access and a seamless connection to commercial areas [11] - The new projects will create a "PARK×TOD" combination, promoting a lifestyle that balances urban vibrancy with tranquility [11] Group 5 - The Wonyun TOD project, part of the Central Urban Land Phase II, features direct subway access and efficient space planning, offering improved residential options [15] - The Wonyun TOD is adjacent to the newly awarded Zhaomatang Waterfront Park project, enhancing its ecological value [15] - The Central Urban Land and Wonyun TOD will continue to release value, raising the living standards in northern Shanghai [17]

机构：国信证券 研究员：任鹤/王粤雷/王静 核心观点 财务指标保持健康。截至2025H1 末，公司净有息负债率39%，剔除预收款的资产负债率55%；加权平 均融资成本为2.79%，较2024 年末下降32 个基点。 预期2025 全年，公司经常性业务收入能覆盖2 倍股息及利息倍数，偿债压力较小。 上半年核心净利润同比-7%，经常性业务贡献占比提升至60%。2025H1，公司实现营业收入949 亿元， 同比+20%；实现核心净利润100 亿元，同比-7%，其中经常性业务贡献核心净利润占比60%，同比提升 了9pct；2025H1，公司毛利率24.0%，同比提升2pct，其中开发销售型业务毛利率提升3pct 至15.6%，经 营性不动产业务毛利率提升1pct 至72.9%。2025H1，公司核心净利率10.5%，同比下降3pct，主要受到 开发销售型业务核心净利率同比下降4pct 的拖累。2025H1，开发销售型业务核心净利润同比-24%，主 要因为去年3 月公司发行商业REIT 获得项目出售收益16 亿元导致2024H1 基数较高。 投资建议：我们维持此前的盈利预测，预计公司2025-2026 年的归母净利润分 ...

"大浪淘沙始见金"，在房地产行业深度调整之际，哪些房企依然能为股东创造价值回报？ 随着中报季结束，各大房企均披露了上半年的业绩表现。新京报贝壳财经以2025年上半年房企销售额排行榜（参 照中指研究院公布名单）为基础，选取排名前30家的上市房企，推出《2025年上半年上市房企归母净利润排行 榜》。 那么，谁是今年上半年房地产行业的"利润之王"？有哪些房企实现了正向盈利？哪些房企持续亏损呢？ | | 典型房企 | | | --- | --- | --- | | 华润置城 | 118.8 | 16.21% | | 远洋集团 | 102 | 289.57% | | 中海地产 | 85.99 | -16.62% | | 龙湖集团 | 32.16 | -45.18% | | 保利发展 | 27.11 | -63.47% | | 滨江集团 | 18.53 | 58.87% | | 口在在线 | 41 10 | 1001 V | | חמנום | 14.40 | 6. 10 70 | | --- | --- | --- | | 越秀地产 | 13.7 | -25.21% | | 中国金茂 | 10.9 | 7.93% | ...

"大浪淘沙始见金"，在房地产行业深度调整之际，哪些房企依然能为股东创造价值回报？ 随着中报季结束，各大房企均披露了上半年的业绩表现。新京报贝壳财经以2025年上半年房企销售额排行榜（参照中指研究院公布名单）为基础，选取排 名前30家的上市房企，推出《2025年上半年上市房企归母净利润排行榜》。 那么，谁是今年上半年房地产行业的"利润之王"？有哪些房企实现了正向盈利？哪些房企持续亏损呢？ 谁在盈利？ 华润置地靠"收租"成为"利润王" 今年上半年，归母净利润排行榜前三的是华润置地、远洋集团和中海地产，对应的归母净利润分别为118.8亿元、102亿元和85.99亿元。 其中，华润置地依然稳坐"利润王"的宝座，其上半年归母净利润为118.8亿元，同比增长16.21%，按此计算，其日赚利润超6000万元。华润置地之所以能 蝉联"利润王"，与其业务结构相关。 回顾华润置地今年上半年业绩可以发现，占总营业额仅21.7%的经常性业务贡献了60.2%的核心净利润，达60.2亿元；而开发销售型业务仅带来39.8亿元核 心净利润，同比减少23.8%。 这些经常性业务包括购物中心、写字楼、酒店、长租公寓等，能产生稳定的现金流，像"收 ...

Investment Rating - The report maintains an "Outperform the Market" rating for the company [6][77]. Core Insights - The company reported a core net profit of 10 billion yuan for the first half of 2025, a year-on-year decrease of 7%, with the contribution from recurring business rising to 60%, an increase of 9 percentage points [10][1]. - The company's revenue for the first half of 2025 reached 94.9 billion yuan, reflecting a year-on-year growth of 20% [10][1]. - The gross margin improved to 24.0%, up 2 percentage points year-on-year, with the gross margin for development and sales business increasing by 3 percentage points to 15.6% [10][1]. - The company’s financial health remains robust, with a net interest-bearing debt ratio of 39% and an asset-liability ratio of 55% excluding advance receipts [64][1]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved a revenue of 94.9 billion yuan, up 20% year-on-year, and a core net profit of 10 billion yuan, down 7% year-on-year [10][1]. - The core net profit margin was 10.5%, a decrease of 3 percentage points, primarily due to a 4 percentage point decline in the core net profit margin of the development and sales business [10][1]. Development and Sales Business - The revenue from the development and sales business was 74.4 billion yuan, a year-on-year increase of 26%, while the contracted sales amount was 110.3 billion yuan, down 12% [25][2]. - The company ranked third in industry sales, maintaining a leading position in 15 cities [25][2]. - The land acquisition amount was 44.7 billion yuan, a 75% increase year-on-year, with a land reserve area of 48.95 million square meters as of the end of the first half of 2025 [25][2]. Operational Performance of Shopping Centers - The operating income from the property management business was 12.1 billion yuan, a 6% increase year-on-year, with rental income from shopping centers reaching 10.4 billion yuan, up 10% [50][3]. - The overall occupancy rate of shopping centers was 97.3%, remaining stable year-on-year, with a retail sales figure of 110.1 billion yuan, reflecting a 20% increase [50][3]. Financial Health - The company’s weighted average financing cost was 2.79%, a decrease of 32 basis points compared to the end of 2024 [64][1]. - It is expected that the recurring business income will cover twice the dividend and interest expenses for the full year of 2025, indicating low debt repayment pressure [64][1]. Profit Forecast - The report maintains previous profit forecasts, expecting the company's net profit attributable to shareholders to be 24.5 billion yuan and 24.1 billion yuan for 2025 and 2026, respectively, with corresponding earnings per share of 3.43 yuan and 3.39 yuan [77][1].