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。 （於開曼群島註冊成立的有限公司） (股份代號: 01109.HK) 截至2025年6月30日止一個月未經審核營運數據 2025年6月，本集團經常性收入約人民幣41.6億元，同比持平，其中，經營性不動產業務租金收入 約人民幣25.9億元，按年增長8.6%。2025年前6月累計經常性收入約人民幣246.0億元，按年增長 8.0%，其中，經營性不動產業務租金收入約人民幣158.7億元，按年增長12.1%。 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 中國，二零二五年 ...

Core Insights - The total sales area of commercial housing in Changsha from January to June 2025 reached 2.1036 million square meters, with a total sales amount of 30.11 billion yuan [1] Group 1: Sales Performance of Top Real Estate Companies - The top 20 real estate companies in Changsha achieved a combined sales amount of 22.691 billion yuan and a total sales area of 1.4988 million square meters [2][3] - The top 10 companies had a sales threshold of 9.15 billion yuan and 6.90 thousand square meters, while the top 20 had a threshold of 4.44 billion yuan and 3.36 thousand square meters [2][3] - China Resources, China Merchants, and China State Construction ranked as the top three companies by sales amount, with China Resources leading at 2.881 billion yuan [4][6] Group 2: Project Sales Rankings - The top 10 projects in Changsha for sales amount totaled 9.229 billion yuan, with a threshold of 636 million yuan [7] - The project "Changsha Ruifu" topped the sales amount ranking with 1.711 billion yuan, followed by "Jianfa Guanyun" at 1.105 billion yuan and "Changsha Runfu" at 1.019 billion yuan [7][8] - In terms of sales area, the top 10 projects accounted for a total of 529,100 square meters, with "Changsha Ruifu" leading at 83,700 square meters [8]

孫哲 （於開曼群島註冊成立的有限公司） （股份代號：1109） 董事名單與其角色和職能 華潤置地有限公司董事（「董事」）會（「董事會」）成員載列如下： | 執行董事 | | | 非執行董事 | | --- | --- | --- | --- | | 李欣 （ 主席 | ） | | 黃挺 | | 徐榮 （ 總裁 | ） | | 魏成林 | | 張大為 （ | 副主席 | ） | 王宇航 | | 郭世清 | | | | | 陳偉 | | | | 獨立非執行董事 鐘偉 陳帆 梁國權 秦虹 董事會設立六個委員會。下表提供各董事會成員在該等委員會中所擔任的職位資 料： | | | | 委 員 會 | | | | --- | --- | --- | --- | --- | --- | | 董 事 | 審 核 委 員 會 薪 酬 委 員 會 | 提 名 委 員 會 | 企 業 管 治 | 執 行 委 員 會 | 可 持 續 發 展 | | | | | 委 員 會 | | 委 員 會 | | 李 欣 | | C | M | C | C | | 徐 榮 | | | | M | M | | 張 大 為 | | | | M | | ...

（於開曼群島註冊成立的有限公司） （股份代號：1109） 非執行董事及可持續發展委員會成員之委任 華潤置地有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此宣佈，王宇航先生 （「王先生」）自二零二五年六月二十五日起獲委任為本公司非執行董事及本公司可 持續發展委員會（「可持續發展委員會」）成員。 王宇航先生，現年五十二歲，現擔任華潤（ 集團 ）有限公司（「華潤集團」）業務單元 外 部 董 事 。 彼 現 為 華 潤 醫 藥 集 團 有 限 公 司（ 其 股 份 於 香 港 聯 合 交 易 所 有 限 公 司 （「聯交所」）上 市， 股份代 號： 3320 ）非執 行董事 。彼 於二零 一五 年一月 至二 零二 四年七月擔任華潤集團環境健康和安全部副總監及副總經理，並其後於二零二四 年八月至二零二五年五月擔任華潤化學材料科技股份有限公司副總經理。在加入 華潤集團前，王先生於一九九九年四月至二零零一年五月任北京市環保局輻射環 境研究中心電離室副主任，於二零零一年五月至二零零二年三月任北京博納百家 文化發展有限公司諮詢部經理，於二零零二年四月至二零零九年一月及二零一二 年八月至二零一五年一月期間先後擔任中國安 ...

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。 (股份代號 : 1109) 根據上市規則第 13.18 條作出的公告 本公告乃根據上市規則第 13.18 條作出，內容有關借款人作爲借款人、本公司及華潤 集團作為擔保人、项目公司、特定銀行及金融機構作為貸款人、特定銀行及金融機 構作為委託牽頭安排人及賬簿管理人、特定銀行及金融機構作為委託牽頭安排人、 融資代理行及擔保代理行簽署該融資協議（相應定義見下文）。該融資協議訂明（其 中包括）對華潤集團施加特定履行責任。 本公告乃由華潤置地有限公司 (「本公司」) 根據香港聯合交易所有限公司證券上市規則 ( 「上市規則」) 第13.18條作出。 定期貸款融資協議 於二零二五年六月二十日，冠騎有限公司（一家物業公司持有其全部發行股份100%的實 益權益的公司）作為借款人（「借款人」）、本公司及華潤(集團)有限公司 (「華潤集團」) 作為擔保人、Dragon Rider Development Limited（一家本 ...

THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION 此 乃 要 件 請 即 處 理 股 息 貨 幣 選 擇 表 格 If you are in any doubt as to any aspect of this document or as to the action to be taken, you should consult your stockbroker or other registered dealer in securities, bank manager, solicitor, professional accountant 閣 下 如 對 本 文 件 任 何 內 容 或 應 採 取 之 行 動 有 任 何 疑 問，應 諮 詢 閣 下 之 股 票 經 紀 或 其 他 註 冊 證 券 交 易 商、銀 行 經 理、律 師、專 業 會 計 師 或 其 他 專 業 顧 問。 (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立的有限公 ...

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。 ( 於開曼群島註冊成立之有限公司 ) (股份代號 : 1109) 根據上市規則第 13.18 條作出的公告 本公告乃根據上市規則第 13.18 條作出，內容有關本公司、貸款人、特定銀行及金融 （作為委託牽頭安排人及賬簿管理人）、一間銀行（作為委託牽頭安排人）及代理行 訂立的該融資協議。該融資協議訂明（其中包括）華潤集團須履行特定履約責任， 以維持於本公司的最低持股百分比，並繼續作為本公司的單一最大股東。 本公告乃由華潤置地有限公司 (「本公司」) 根據香港聯合交易所有限公司證券上市規則 ( 「上市規則」) 第13.18條作出。 於二零二五年六月十八日，本公司（作為借款人）、特定銀行及金融機構（作為貸款人（ 「貸款人」））、 特定銀行及金融機構（作為委託牽頭安排人及賬簿管理人）、一間銀行（ 作為委託牽頭安排人）及一間銀 行（作為代理行（「代理行」））就一筆金額為離岸人民幣 5,850,000,000元的定 ...

Summary of China Resources Land Conference Call Company Overview - **Company**: China Resources Land - **Period**: January to May 2025 Key Financial Metrics - **Total Revenue**: 20.4 billion CNY, up 10% year-on-year [2] - **Operating Real Estate Revenue**: 13.3 billion CNY, up 13% year-on-year [2] - **Shopping Center Rental Income**: 11.4 billion CNY, up 17% year-on-year, with same-store growth of 6% [2] - **Office Rental Income**: Decreased by 7% year-on-year [5] - **Hotel Revenue**: Decreased by 9% year-on-year [5] - **Contracted Sales Amount**: 86.9 billion CNY, down 6% year-on-year [3] - **Contracted Area**: 3.22 million square meters, down 19% year-on-year [3] - **New Land Acquisitions**: 14 plots for a total of 42.7 billion CNY [3] Retail Performance - **Shopping Center Retail Sales Growth**: Approximately 20% year-on-year for January to May, with same-store growth in high single digits [6] - **Customer Traffic Growth**: 35% year-on-year for both January to May and May alone [6] - **Luxury Shopping Centers**: 13 luxury centers outperformed overall growth rates [6] Development and Sales Strategy - **New Saleable Resources**: Over 900 billion CNY added, totaling over 5 trillion CNY in saleable resources [2][7] - **Expected Contracted Sales Growth**: Slight increase anticipated for the year, with improved absorption rates [7] - **Focus on High-Quality Cities**: Emphasis on high-net-worth cities and project return metrics [2][10] Financial Management - **Gross Margin**: Maintained around 15% [10] - **Net Profit Margin**: Expected between 8% to 10% [10] - **Internal Rate of Return (IRR)**: Targeted at over 15% [10] - **Debt Management**: Total interest-bearing debt expected to rise slightly, but net debt ratio remains stable due to asset growth [21] Land Acquisition Strategy - **Land Market Activity**: Active in first-tier cities, with land acquisition amounts exceeding last year's levels [9] - **Investment Discipline**: Focus on high-value cities without land acquisition anxiety [10] Capital Expenditure and Cash Flow - **Capital Expenditure**: Expected to peak this year, with ongoing projects impacting future cash flow [15][16] - **Future Financing Costs**: Anticipated to remain stable, with a focus on domestic financing [25][26] Dividend Policy - **Dividend Stability**: Maintained at 37% of core net profit, unchanged since 2022 [29] Strategic Outlook - **Asset Management Transformation**: Transitioning to a large asset management model to enhance value realization [30] - **Public REITs**: Successful injection of assets into REITs, with significant valuation increases [30] - **Future Growth Opportunities**: Focus on high-growth assets and projects to create new value opportunities [30] Risk Management - **Inventory Management**: Not relying on price cuts to drive sales; instead, focusing on sales velocity through strategic pricing [18] - **Potential Impact of Housing Policy Changes**: Uncertainty regarding the implementation of existing housing sale policies and their effects on cash flow and project returns [19] Conclusion China Resources Land demonstrates a solid financial performance with strategic focus on high-quality urban developments, disciplined investment practices, and a commitment to maintaining stable dividends while navigating market challenges.

Core Viewpoint - The company maintains a strong sales performance, ranking third in the industry, with stable rental income growth and a "buy" rating from the institution [1][2] Sales Performance - In May 2025, the company achieved total contract sales of 18.35 billion yuan, a year-on-year decrease of 11.4% but a month-on-month increase of 6.1% - The total contract sales area was 649,000 square meters, down 26.6% year-on-year - From January to May, cumulative contract sales amounted to 86.85 billion yuan, a year-on-year decline of 6.3%, with a total sales area of 3.222 million square meters, down 19.0% - The average sales price reached 26,955 yuan per square meter, reflecting a year-on-year increase of 15.8% [1] Land Acquisition - The company ranked fourth in land acquisition amount from January to May, with a total of 33.16 billion yuan, representing a year-on-year increase of 53% - The newly acquired land has a value of 65.03 billion yuan and a building area of 10.57 billion square meters, with an average acquisition price of 31,381 yuan per square meter, which is higher than the sales price - The land acquisition is primarily concentrated in high-tier cities such as Beijing, Shanghai, Hangzhou, and Ningbo, indicating a significant improvement in land quality [2] Regular Income Growth - In May 2025, the company's regular income was 4.09 billion yuan, up 6.2% year-on-year, with rental income from operational real estate reaching 2.69 billion yuan, an increase of 13.0% - From January to May, cumulative regular income was 20.44 billion yuan, a year-on-year increase of 9.6%, with cumulative rental income of 13.28 billion yuan, up 12.9% - The company plans to sell the Nanxiang Wucai City project in Jiading District, Shanghai, with an expected sale price of 300 to 400 million yuan, focusing on core quality assets by exiting low-efficiency assets [2]

Investment Rating - The investment rating for China Resources Land (01109.HK) is "Buy" (maintained) [1][10][24] Core Views - The company maintains its position among the top three in the industry for sales, with a strong land acquisition strategy and steady growth in recurring income [5][8][10] - The forecast for net profit attributable to shareholders for 2025-2027 is projected at 28.99 billion, 31.70 billion, and 34.91 billion yuan, respectively, with corresponding EPS of 4.07, 4.45, and 4.90 yuan [5][9] - The current stock price corresponds to a PE ratio of 6.1, 5.6, and 5.1 for the years 2025, 2026, and 2027, indicating a favorable valuation [5][9] Sales Performance - In May 2025, the total contract sales amount reached 18.35 billion yuan, a year-on-year decrease of 11.4% but a month-on-month increase of 6.1% [6] - The average sales price increased significantly to 26,955 yuan per square meter, up 15.8% year-on-year, despite a decline in sales volume [6][18] Land Acquisition - The company ranked fourth in land acquisition amount from January to May 2025, with a total of 33.16 billion yuan, representing a year-on-year increase of 53% [7] - The average land acquisition price was 31,381 yuan per square meter, which is higher than the sales price, indicating a focus on high-quality land in major cities [7] Recurring Income - Recurring income for May 2025 was 4.09 billion yuan, a year-on-year increase of 6.2%, with rental income from operational real estate reaching 2.69 billion yuan, up 13.0% [8] - The company is focusing on core assets by divesting low-efficiency assets, such as the planned sale of the Nanxiang Colorful City project in Shanghai for approximately 300 to 400 million yuan [8]