Group 1 - The core viewpoint of the report is that it is too early to assert that the mainland property market has stabilized, with expectations of resilience in the sector before the Central Political Bureau meeting in late April, but high volatility is still anticipated [1] - The preferred stocks are China Resources Land, China Resources Mixc Lifestyle, and China Jinmao, all rated "Buy" with target prices of HKD 35, HKD 46.5, and HKD 1.75 respectively, indicating confidence in their fundamentals to outperform the market [1] - The report suggests that Longfor is expected to provide the best risk-reward ratio in a potential rebound driven by policy, also rated "Buy" with a target price of HKD 13 [1]

格隆汇2月4日丨华润置地(01109.HK)公布，公司订于2026年3月27日(星期五)举行董事会会议，旨在(其 中包括)考虑及批准公司及其附属公司截至2025年12月31日止年度的全年业绩及其发布，及考虑建议宣 派末期股息(如有)。 ...

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依賴該等內容而引致的任何損失承擔任何責任。 魏偉峰 承董事會命 華潤置地有限公司 公司秘書 （於開曼群島註冊成立的有限公司） （股份代號：1109） 董事會會議召開日期 華 潤 置 地 有 限 公 司（「 本 公 司 」）謹 此 公 佈 ， 本 公 司 訂 於 二 零 二 六 年 三 月 二 十 七 日 （ 星期五 ）舉行董事（「董事」）會（「董事會」）會議，旨在（ 其中包括 ）考慮及批准本公 司及其附屬公司截至二零二五年十二月三十一日止年度之全年業績及其發佈，及 考慮建議宣派末期股息（ 如有 ）。 香港，二零二六年二月四日 於本公告日期，本公司執行董事為李欣先生、張大為先生、徐榮先生、郝忠明先 生、趙偉先生及陳偉先生；本公司非執行董事為黃挺先生、魏成林先生及王宇航 先生；以及本公司獨立非執行董事為鐘偉先生、孫哲先生、陳帆先生、梁國權先 生及秦虹女士。 ...

Group 1 - The article highlights a general increase in the stock prices of Chinese property companies in the afternoon trading session [1] - Longfor Group (03380) saw a rise of 6.67%, reaching HKD 1.44 [1] - China Resources Land (01109) increased by 5.41%, trading at HKD 31.94 [1] - Yuexiu Property (00123) experienced a 4.90% increase, with shares priced at HKD 4.71 [1] - China Overseas Macro Group (00081) rose by 3.60%, with a stock price of HKD 2.59 [1] - China Overseas Development (00688) saw a 4.72% increase, trading at HKD 14.65 [1]

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 | | | 致：香港交易及結算所有限公司 公司名稱: 華潤置地有限公司 呈交日期: 2026年2月2日 I. 法定/註冊股本變動 | 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) | 01109 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 8,000,000,000 | HKD | | 0.1 | HKD | | 800,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 8,000,000,000 | HKD | | 0.1 | HKD | | 800,000,000 | 第 2 頁 共 10 頁 v 1.2.0 本月底法定/註冊股本 ...

Investment Rating - The report assigns a "Buy" rating to the company with a current price of HKD 28.76 and a fair value of HKD 48.16 [8]. Core Insights - The company maintains a strong position in sales, ranking among the top three in the industry, with a focus on increasing investment efforts [9]. - Rental income from shopping centers has shown double-digit growth, indicating robust performance in the investment property segment [25]. - The company is expected to achieve a core net profit of CNY 21 billion in 2025, with a projected growth trajectory for the following years [8]. Summary by Sections Development Business - In 2025, the company achieved sales of CNY 233.6 billion, a decrease of 10.5% year-on-year, with a sales area of 9.23 million square meters, down 18.6% [9]. - The average sales price increased by 10% to CNY 25,000 per square meter [9]. - The company secured land in 18 cities with a total investment of CNY 91.6 billion, up 18% year-on-year, and an equity land acquisition amount of CNY 68.3 billion, up 30% [19][14]. Regular Business - The total rental income for 2025 is projected at CNY 329.4 billion, reflecting a year-on-year increase of 12.8% [34]. - The company’s shopping centers saw a rental income increase of 9.9% in the first half of 2025, driven by a 36% increase in foot traffic [25]. - Overall regular income for the year is expected to reach CNY 512 billion, a 6.5% increase year-on-year [40]. Performance Forecast - The core net profit forecast for 2025 is CNY 21 billion, with expectations of CNY 23.2 billion and CNY 25.6 billion for 2026 and 2027, respectively [8]. - The company’s performance structure is improving, with non-development core net profit expected to account for 56% of total profits in 2025 [8].

Group 1 - The core point of the article is the establishment of a new real estate development company named Quanzhou Runjin Real Estate Development Co., Ltd. with a registered capital of 1.2 billion yuan [1] - The legal representative of the new company is Gao Xinran, indicating a structured leadership in place for operations [1] - The business scope of the company includes real estate development and property management, highlighting its focus on the real estate sector [1] Group 2 - The company is jointly owned by China Resources Land Holdings Limited's wholly-owned subsidiary Quanzhou Runtou Real Estate Development Co., Ltd., Quanzhou Urban Construction Group, and Yue Real Estate Co., Ltd., showcasing a collaborative investment approach [1] - The establishment of this company reflects ongoing investment activities in the real estate market, particularly in Quanzhou [1]

Core Viewpoint - Goldman Sachs has downgraded the core earnings per share (EPS) forecast for China Resources Land (01109) by 6% for 2025 due to delays in the follow-up work related to the issuance of Real Estate Investment Trusts (C-REITs) [1] Group 1 - The company plans to spin off four shopping mall assets, which are currently under review by the Shenzhen Stock Exchange [1] - As a result of the delays, Goldman Sachs has reduced the net income forecast from asset disposals for 2025 by 1.4 billion RMB [1] - The EPS forecasts for China Resources Land from 2026 to 2028, as well as the target price of HKD 36, remain unchanged, with the target price based on a 10% discount to the projected net asset value (NAV) of HKD 40 at the end of 2026 [1][4] - Goldman Sachs has reiterated a "Buy" rating and included the stock in its conviction buy list [1][4]

Core Viewpoint - Goldman Sachs has downgraded the 2025 core earnings per share forecast for China Resources Land (01109) by 6% due to delays in the follow-up work for the issuance of Real Estate Investment Trusts (C-REIT) [1] Group 1: Earnings Forecast - The company's plan to spin off four shopping mall assets is currently under review by the Shenzhen Stock Exchange, leading to a reduction in the net income forecast from asset disposals for 2025 by 1.4 billion RMB [1] - Goldman Sachs has maintained its earnings per share forecasts for China Resources Land from 2026 to 2028, as well as the target price of HKD 36, which is based on a 10% discount to the projected net asset value (NAV) of HKD 40 at the end of 2026 [1] Group 2: Investment Rating - Goldman Sachs reiterated a "Buy" rating for China Resources Land and included it in the conviction buy list [1]

Core Viewpoint - The report from Daiwa Capital Markets indicates that China Resources Land (01109) is expected to experience an 18.8% year-on-year decline in core net profit for 2025, primarily due to a decrease in gross margin from real estate development and delayed recognition of income from REIT listings [1] Financial Projections - The profit margin for the real estate development business is projected to drop from 16.8% in 2024 to 14.5% in 2025 [1] - Earnings forecasts for China Resources Land for the years 2025 to 2027 have been revised downwards by 14.6%, 11.4%, and 10.7% respectively [1] Target Price Adjustment - The target price for China Resources Land has been reduced from HKD 37.51 to HKD 35.4 [1] - Despite the adjustments, the company maintains a "Buy" rating, highlighting confidence in its commercial operations and core strengths in high-end residential development [1]