Core Viewpoint - China Jinmao is experiencing independent growth amidst a real estate market adjustment, achieving significant sales and profit increases in the first half of 2025, positioning itself among the top 10 in the industry [1][3]. Financial Performance - In the first half of 2025, China Jinmao reported a revenue of 25.1 billion, a year-on-year increase of 13.34%, and a net profit attributable to shareholders of 1.09 billion, up 7.93% year-on-year [1][3]. - The company achieved a signed sales amount of 53.4 billion, maintaining a sales growth rate of 20%, the highest among the top 10 real estate companies [1][3]. Market Positioning - Despite a 5.5% year-on-year decline in new residential sales in the overall market, China Jinmao's sales grew by 20%, allowing it to rank first in growth among the top 10 companies [3][9]. - The overall gross profit margin reached 16.2%, an increase of 1.6 percentage points compared to 2024, indicating a trend of improving profitability [3][4]. Strategic Focus - Since 2022, China Jinmao has focused its investments on core urban areas, particularly first and second-tier cities, which are more resilient during market adjustments [6][7]. - In the first half of 2025, the company acquired 16 projects located in key cities such as Beijing, Shanghai, and Chengdu, with a significant profit margin advantage [6][7]. Operational Efficiency - The company has implemented strict cost control measures, resulting in a 15.9% reduction in management expenses in 2024 and an additional 5% decrease in 2025 [3][4]. - Sales and financial expenses also saw a decline of 15% in the first half of 2025, contributing to improved net profit margins [3][4]. Competitive Advantage - China Jinmao's brand strength and high-end product offerings, such as the Jinmao Mansion series, have solidified its market position, with new projects achieving an average sales rate of 81% [7][8]. - The company’s total land reserves reached 27 million square meters by mid-2025, with 88% located in first and second-tier cities, ensuring sufficient support for future development [9][10]. Future Outlook - Management anticipates a transition from merely surviving to thriving, with expectations of steady performance improvement from 2025 to 2027 [10].

Group 1 - The company China Jinmao (00817) announced that it will distribute an interim dividend of HKD 0.03 per share for the six months ending June 30, 2025, on October 31, 2025 [1]

智通财经APP讯，中国金茂(00817)发布公告，该公司将于2025年10月31日派发截至2025年6月30日止6个 月的中期股息每股0.03港元。 ...

第 1 頁 共 2 頁 v 1.1.1 | 股息派發日 | 2025年10月31日 | | --- | --- | | 股份過戶登記處及其地址 | 香港中央證券登記有限公司 | | 皇后大道東183號 | | | 合和中心 | | | 17樓1712-1716號舖 | | | 灣仔 | | | 香港 | | | 代扣所得稅信息 | | | 股息所涉及的代扣所得稅 | 不適用 | | 發行人所發行上市權證/可轉換債券的相關信息 | | | 發行人所發行上市權證/可轉換債券 | 不適用 | | 其他信息 | | | 其他信息 | 不適用 | | 發行人董事 | | | 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。 | | EF003 免責聲明 | 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 | 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。 | | --- ...

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） 公告 支付中期股息及暫停辦理股份過戶登記手續期間 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。 茲提述中國金茂控股集團有限公司（「本公司」）日期為2025年8月26日之公告，內 容有關（其中包括）本公司擬派發中期股息每股3港仙（「中期股息」）。 本公司謹此宣佈，為確定有權收取中期股息的股東名單，本公司將於2025年9月 17日（星期三）至2025年9月19日（星期五）止（包括首尾兩天）期間暫停辦理股份 過戶登記手續。股東如欲收取中期股息，最遲須於2025年9月16日（星期二）下午 4時30分前，將所有正式填妥的過戶表格連同有關股票送達本公司股份過戶登記 處香港中央證券登記有限公司，地址為香港灣仔皇后大道東183號合和中心17樓 1712-1716號舖，以辦理股份過戶登記手續。中期股息預期於202 ...

Group 1 - The core viewpoint of the article highlights a general increase in Hong Kong real estate stocks, driven by the relaxation of housing purchase restrictions in Beijing and Shanghai, which are the strictest cities in terms of these policies [1][1][1] - Major real estate companies such as China Jinmao, New World Development, and Sunac China saw significant stock price increases, with China Jinmao rising over 4% [1][1][1] - Analysts suggest that if the real estate market continues to show weakness, cities like Beijing and Shanghai are likely to further ease purchase restrictions, indicating a potential shift in national housing policy [1][1][1] Group 2 - The China Index Academy anticipates that September will be a period of intensive real estate policy announcements, with new supportive measures expected to accelerate under the goal of stabilizing the market [1][1][1] - As the market anticipates a potential interest rate cut by the Federal Reserve in September, there is an expectation for increased domestic monetary policy flexibility, which could further benefit the real estate sector [1][1][1] - The real estate market is entering the "Golden September and Silver October" sales season, with expectations that property companies will accelerate their sales efforts in core cities, leading to a potential short-term increase in market activity [1][1][1]

Core Viewpoint - The company reported a strong performance in the first half of 2025, with significant revenue and profit growth, driven by quality products and improved operational efficiency [1][2][3] Financial Performance - For the first half of 2025, the company achieved operating revenue of 25.1 billion yuan, a year-on-year increase of 14% [1] - The net profit attributable to shareholders reached 1.09 billion yuan, reflecting an 8% year-on-year growth [1] - The company announced an interim dividend of 0.03 HKD per share, to be distributed by October 31, 2025 [1] Sales and Market Position - The company recorded sales contracts of 53.35 billion yuan in the first half of 2025, up approximately 20% from 44.54 billion yuan in the same period of 2024, ranking 9th in the industry [1] - This marks the company's first entry into the top ten of the industry rankings, previously ranked 12th in 2024 [1] Operational Efficiency - The company has implemented organizational changes to enhance management efficiency, reducing management levels to a "headquarters-regional company" structure [2] - Management expenses decreased to 1.22 billion yuan in the first half of 2025 from 1.29 billion yuan in 2024, with the management expense ratio dropping to 4.8% from 5.8% [2] - Sales expenses also declined to 830 million yuan from 980 million yuan, with the sales expense ratio falling to 3.3% from 4.5% [2] Financing and Credit Position - As of June 2025, the company's interest-bearing debt was approximately 123.3 billion yuan, a decrease of 4.7% year-on-year [3] - The total interest expense was about 3.26 billion yuan, down from 3.55 billion yuan in the same period of 2024 [3] - The company issued bonds totaling 1.7 billion yuan in February 2025 and 1.6 billion yuan in March 2025, with favorable interest rates of 2.79% and 2.93% respectively [3] Profit Forecast and Valuation - The profit forecast for the company has been revised upwards for 2025-2027, with net profit estimates of 1.22 billion, 1.33 billion, and 1.46 billion yuan respectively [3] - The current stock price corresponds to a price-to-earnings ratio of 14.6, 13.4, and 12.2 for 2025-2027 [3]

Core Insights - The company achieved a revenue of 25.113 billion yuan in the first half of 2025, a 14% increase year-on-year, driven by property development and Jinmao services [1] - The company’s net profit attributable to shareholders, excluding non-recurring items, reached 1.123 billion yuan, a 2% increase year-on-year, primarily due to a reduction in marketing and management expenses [1] Revenue and Profitability - The revenue from land and property development was 20.041 billion yuan, up 17% year-on-year, while Jinmao services generated 1.783 billion yuan, reflecting a 20% increase [1] - The company’s marketing and management expenses decreased by 15% and 5% respectively compared to the previous year [1] Sales Performance - The company upgraded its four major product lines, achieving total sales of 53.35 billion yuan, a 16.36% increase from 44.62 billion yuan in 2024, and improved its sales ranking to 9th nationally [1] - In January 2025, the company sold four plots of land in Huzhou for 781 million yuan, marking a successful exploration of land reserves [1] Land Acquisition and Project Development - The company acquired 16 plots of land in key cities such as Shanghai, Beijing, Hangzhou, and Chengdu, with a total planned construction area exceeding 1.45 million square meters [2] - The total new value of projects added in the first half of 2025 was 74.9 billion yuan, ranking third nationally, with equity value added at 40.3 billion yuan [2] Financing and Cost Management - The company has diversified its funding channels, issuing bonds totaling 53 billion yuan in 2025, with significantly reduced interest rates [2] - Interest expenses for the company were 3.256 billion yuan, an 8% decrease year-on-year, while capitalized interest expenses were 2.042 billion yuan, down 10% [2] Future Outlook - The company is expected to see revenues of 63.64 billion yuan, 69.44 billion yuan, and 76.79 billion yuan from 2025 to 2027, with net profits projected at 1.355 billion yuan, 1.910 billion yuan, and 2.718 billion yuan respectively [3] - The company benefits from the backing of its parent company, China National Chemical Corporation, which provides a competitive financing advantage [3]

Investment Rating - The investment rating for the company is maintained at "Buy" [1] Core Views - The company reported a revenue of 25.1 billion RMB for the first half of 2025, representing a year-on-year increase of 14%, with a net profit attributable to shareholders of 1.1 billion RMB, up 8% year-on-year [1] - The growth in net profit was slightly below expectations, which anticipated a 10% increase for the full year [1] - The company has successfully increased its sales in a challenging market environment, achieving a contract sales amount of 53.4 billion RMB, a 20% year-on-year increase, ranking first among the top 10 real estate companies [3] - The company plans to resolve 80% of its existing inventory issues within three years under its "Advancement Plan" [1] Summary by Sections Financial Performance - The company’s property development revenue increased by 17% year-on-year, with a gross margin improvement of 1 percentage point to 12% [2] - Non-development business revenue grew by 3% to 5.1 billion RMB, with property services revenue increasing by 20% [2] - The company’s net debt ratio is projected to remain stable, with total interest-bearing debt at 123.3 billion RMB [4] Project Acquisition and Sales - The company acquired 41 new projects in 2024, with an average net profit margin exceeding 10% [2] - The total value of unsold land reserves reached 320 billion RMB, with 88% located in first and second-tier cities [3] Debt and Financing - The company’s financing costs have significantly decreased, with the average financing cost dropping by 90 basis points to 2.96% [4] - The company has maintained a healthy financial status, with short-term debt accounting for 22% of total debt [4] Earnings Forecast and Valuation - The earnings per share (EPS) estimates for 2025-2027 have been adjusted to 0.10, 0.10, and 0.11 RMB, reflecting an increase of 11% for 2025 and 2026 [5] - The target price for the company is set at 1.81 HKD, based on a price-to-book (PB) ratio of 0.41 times for 2025 [5]

Core Viewpoint - China Jinmao (00817.HK) reported a revenue of 25.113 billion yuan for the first half of 2025, representing a year-on-year growth of 14%, with a net profit attributable to owners of approximately 1.09 billion yuan, up 8% year-on-year [2][3] Financial Performance - The company achieved a signed sales amount of 53.4 billion yuan in the first half of the year, a 20% increase year-on-year, ranking ninth in the industry for the first time [3] - The average signed price for residential properties reached 26,000 yuan per square meter, significantly up from 22,000 yuan in 2024 and 21,000 yuan in 2023, with increases of 18.2% and 24% respectively [3] - The company’s operating cash flow recovery period shortened to 11.4 months, below the internal control target of 12 months [5] Investment Strategy - China Jinmao focused on core cities, acquiring 16 projects in the first half of the year with a total land cost of 49.2 billion yuan, all located in first and second-tier cities [3][4] - The company aims to maintain an investment target of 20 billion to 30 billion yuan for the year [4] Asset Management - The company plans to address 80% of its stock issues within three years, with a target to dispose of 35% of its stock assets this year [5] - As of mid-2025, 69% of the unsold value is located in economically developed regions, an increase of 6 percentage points from the end of 2024 [4] Non-Development Business Performance - Jinmao Services (00816.HK) reported a revenue of 1.783 billion yuan, a 20% increase year-on-year, with a managed area growth of 11% [6] - The retail and hotel operations remained stable, with a notable rental rate of 99.03% for Changsha Lanxiu City, and an average rental increase of 8% [6] Future Outlook - The company plans to achieve the "live well" goal from 2025 to 2027 and the "shine" goal from 2028 to 2030, focusing on enhancing operational efficiency and revitalizing existing assets [7] - Management believes that for quality enterprises, future opportunities will outweigh challenges, and the company aims to enhance its core competitiveness to address market uncertainties [7]