Core Viewpoint - CICC has initiated coverage on China Jinmao with an "outperform" rating and a target price of HKD 1.86, reflecting a 10% discount to the projected net asset value (NAV) per share for 2025 [1] Group 1: Company Management and Strategy - The company has shown significant positive changes in management and strategy, which provide a foundation for value reconstruction [1] - Historical burdens are manageable, and there is potential for incremental sales flexibility [1] Group 2: Financial Projections - CICC estimates the company's NAV to reach RMB 25.6 billion by the end of 2025, with substantial growth potential if the company maintains a steady land acquisition strategy from 2026 onwards [1] - Projected earnings per share for 2025 and 2026 are RMB 0.10 and RMB 0.11, respectively, with a compound annual growth rate (CAGR) of 6.5% from 2024 to 2026 [1] - The target price of HKD 1.86 is based on a 10% discount to the 2025 NAV, corresponding to a price-to-book ratio of 0.6 times for 2025 [1]

Investment Highlights - China Jinmao (00817) is rated as outperforming the industry with a target price of HKD 1.86, reflecting a 10% discount to the 2025 NAV [1] - The company shows significant positive changes in management and strategy, with manageable historical burdens and potential for incremental flexibility [1] Management and Strategy - The new management has defined a strategic direction of "one core and three focuses," centering on development business and enhancing product strength through four major product lines [1] - The company aims to accelerate project openings and cash collection while planning to resolve 80% of its existing issues by 2025-2027 [1] Sales Performance - In the first half of 2025, the company reported a 20% year-on-year increase in contract sales, attributed to improved land acquisition intensity, focus on core cities, and enhanced opening efficiency [1] - The company has approximately CNY 320 billion in unsold value as of the first half of 2025, with an expected average gross margin of around 18% [1] Market Position and Valuation - China Jinmao is considered a key target in the next round of real estate sector revaluation, with positive expectations for the sector's performance over the next 6-12 months [2] - The estimated NAV at the end of 2025 is CNY 25.6 billion, with potential for significant growth if stable land acquisition continues beyond 2026 [2] Earnings Forecast - The expected EPS for 2025 and 2026 is CNY 0.10 and CNY 0.11 respectively, with a CAGR of 6.5% from 2024 to 2026 [2] - The company is currently trading at a 30% discount to the 2025 NAV and 0.45 times P/B [2]

Core Viewpoint - CICC has initiated coverage on China Jinmao (00817) with an "outperform sector" rating and a target price of HKD 1.86, reflecting a 10% discount to the forecasted 2025 net asset value (NAV) per share [1] Company Summary - The company is experiencing significant positive changes in management and strategy, with controllable historical burdens and expected incremental flexibility [1] - Improved management and strategic focus provide a foundation for value reconstruction, with visible incremental sales flexibility and manageable risks in existing land reserves [1] - CICC projects the company's NAV to reach RMB 25.6 billion by the end of 2025, with substantial growth potential in per-share NAV if stable land acquisition investments continue from 2026 onwards [1] Industry Summary - CICC holds a positive outlook for the real estate sector over the next 6 to 12 months, particularly for companies with strong organizational management and stable fundamentals [1] - China Jinmao is identified as a key investment target within this sector, benefiting from favorable market conditions [1] - The company is expected to achieve earnings per share of RMB 0.10 and RMB 0.11 for 2025 and 2026, respectively, with a compound annual growth rate (CAGR) of 6.5% from 2024 to 2026 [1]

Group 1 - Core viewpoint: CICC has initiated coverage on China Jinmao (00817) with an "outperform" rating and a target price of HKD 1.86, reflecting a 10% discount to the projected net asset value (NAV) per share for 2025 [1] - Positive changes in management and strategy are noted, with manageable historical burdens and expected incremental flexibility, supported by improved management and focused strategy for value reconstruction [1] - CICC has a positive outlook for the real estate sector over the next 6 to 12 months, highlighting companies with strong organizational management and stable fundamentals as key investment targets, with China Jinmao being a major candidate [1] Group 2 - Based on conservative housing price assumptions, CICC estimates that the company's NAV will reach RMB 25.6 billion by the end of 2025, with significant growth potential if stable land acquisition investments continue beyond 2026 [1] - CICC forecasts earnings per share of RMB 0.10 and RMB 0.11 for 2025 and 2026 respectively, with a compound annual growth rate (CAGR) of 6.5% from 2024 to 2026 [1] - The target price of HKD 1.86 is based on a 10% discount to the 2025 NAV, corresponding to a price-to-book ratio of 0.6 times, indicating a potential upside of 29% [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，概不對任何就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責任。 China Jinmao Holdings Group Limited 中國金茂控股集團有限公 司 （於香港註冊成立的有限公司） （股票代號：00817） 誠如該公告所披露，一份當中載有關於補充協議二及經續期平安金融服務框架協 議的詳情、獨立董事委員會函件、獨立財務顧問函件的通函（「通函」），連同股東 特別大會通告將於該公告刊發後15個營業日內（即2025年10月22日或以前）寄發。 由於需要更多時間落實將載入通函的若干資料，通函的寄發日期將延後至不遲於 2025年11月4日。 承董事會命 中國金茂控股集團有限公司 主席 陶天海 香港，2025年10月23日 於本公告日期，本公司董事為執行董事陶天海先生（主席）、張輝先生及喬曉潔女 士；非執行董事崔焱先生、劉文先生、陳一江先生及王葳女士；以及獨立非執行 董事劉峰先生、孫文德先生、高世斌先生及鍾偉先生。 延遲寄發通函 茲提述中國金茂控股集團有限公司（「本 ...

Investment Rating - The report assigns a "Buy" rating for China Jinmao [11] Core Insights - China Jinmao is a state-owned enterprise focused on high-quality residential development, benefiting from strong support from its major shareholder, Sinochem Group, and internal management reforms [3][7] - The company has entered a new development phase, with significant improvements in sales performance, achieving a total sales amount of 807 billion yuan in Q1-Q3 2025, a year-on-year increase of 27%, marking its first entry into the top ten sales rankings [7][28] - The company aims to resolve 80% of its historical issues within three years, with a new product line "Jin Yu Man Tang" receiving positive market feedback [3][10] Overview - China Jinmao is a central enterprise urban operator under Sinochem Group, focusing on high-quality real estate development. The company has historically acquired land at low costs through differentiated models, creating a competitive edge with its "technology residential" products [7][16] - In 2024, Sinochem Group provided perpetual bonds and shareholder loans to support the company, helping it navigate through difficulties [7][21] - The company has seen a significant improvement in its operational performance, with a comprehensive gross profit margin of 16.2% in H1 2025, up 1.6 percentage points from 2024 [7][30] Resource Management - The company has significantly improved its land acquisition strategy, with a land acquisition intensity of 65% in Q1-Q3 2025, ranking among the top enterprises in the industry [8][46] - The focus on major cities has increased, with over 80% of new land acquisitions being small-scale projects, reflecting a more cautious risk appetite [8][46] - As of mid-2025, the company has an unsold inventory value of approximately 320 billion yuan, with about 30% located in first-tier cities [8][46] Efficiency and Operations - The launch of the new product line "Jin Yu Man Tang" has received favorable market reception, with multiple projects achieving strong sales performance [9][27] - The company aims to enhance operational efficiency and reduce costs, with a significant decrease in financing costs to 3.0% in H1 2025, down 1.1 percentage points year-on-year [9][10] Investment Strategy - The report emphasizes the importance of managing existing burdens while creating value through new land acquisitions. The company is expected to gradually improve its profitability, with projected net profits of 7.3 billion, 10.9 billion, and 16.7 billion yuan for 2025, 2026, and 2027, respectively [10][30]

1、2025 年9 月，公司取得签约销售金额98.0 亿元，签约销售建筑面积49.3万平方米。2025 年1-9 月， 公司取得签约销售金额806.9 亿元，签约销售建筑面积367.5 万平方米（均未计入物业租金收入）。 2、截至2025 年9 月30 日，公司已认购（未签约）销售金额共计6.4 亿元。 点评：品牌价值引领发展，销售表现持续亮眼，期间费率下降明显品牌价值引领发展：中国金茂连续21 年入选"中国500 最具价值品牌"，展现稳定品牌号召力。2025 年，金茂以742 亿元的品牌价值再次入 榜，位列第170 位，品牌价值较去年提升近80 亿，排名上升一位。公司始终以品质初心引领"好房子"建 设，通过"金玉满堂"系列产品的精彩呈现，在当前房地产行业销售整体下行的背景下，通过品质升级驱 动，走出独立行情。 销售表现持续亮眼：品牌价值赋能叠加经营效率提升，公司近期销售表现持续亮眼。边际来看，2025 年7 月/8 月/9 月，公司单月签约销售金额分别为84.6/90.8/98.0 亿元，单月同比分别为 机构：光大证券 研究员：何缅南 事件：公司发布2025 年9 月未经审核销售数据。 期间费率下降明显：公 ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Insights - The company has demonstrated strong sales performance, achieving a signed sales amount of 98.0 billion yuan in September 2025, with a total of 806.9 billion yuan for the first nine months of 2025, reflecting a year-on-year increase of 27.3% [1][3] - The brand value of the company has been a significant driver of its development, with a brand value of 742 billion yuan in 2025, marking an increase of nearly 8 billion yuan from the previous year [2] - The company has seen a notable decrease in expense ratios, with management and sales expense ratios dropping to 4.8% and 3.3% respectively for the first half of 2025, indicating improved operational efficiency [4] Summary by Sections Sales Performance - The company reported monthly signed sales amounts of 84.6 billion yuan, 90.8 billion yuan, and 98.0 billion yuan for July, August, and September 2025 respectively, with year-on-year growth rates of 49.5%, 46.5%, and 39.9% [3] - For the third quarter of 2025, the signed sales amount reached 273.4 billion yuan, up from 188.6 billion yuan in the same period of 2024, with a signed sales area of 128.1 million square meters [3] Financial Forecast and Valuation - The profit forecast for the company has been revised upwards for 2025-2027, with expected net profits of 1.25 billion yuan, 1.43 billion yuan, and 1.58 billion yuan respectively [4] - The current stock price corresponds to a price-to-earnings (PE) ratio of 13.7, 12.0, and 10.8 for the years 2025-2027 [4]

Core Insights - The company reported a contracted sales amount of 9.801 billion yuan in September 2025, with a contracted sales area of 493,400 square meters [1] - For the nine months ending September 30, 2025, the cumulative contracted sales amount reached 80.685 billion yuan, representing a year-on-year growth of 27.26% [1] - The cumulative contracted sales area during this period was 3.6746 million square meters [1] - As of September 30, 2025, the company had subscribed (but not yet signed) property sales amounting to 643 million yuan [1]

北京商报讯（记者 王寅浩 李晗）10月13日，中国金茂披露9月销售简报。简报显示，9月中国金茂及其 附属公司签约销售金额为98.01亿元，签约销售建筑面积约49.34万平方米。 ...