Investment Rating - The report maintains a "Buy" rating for China Jinmao (00817) [1] Core Views - The company has shown significant sales growth, with a 20% year-on-year increase in sales amounting to 53.3 billion yuan in the first half of 2025, outperforming the industry average decline of 18% [5] - The company is actively acquiring land, with a land acquisition amount of 49.2 billion yuan, representing a 1064% year-on-year increase, and a land acquisition/sales ratio of 92% [5] - Financing costs are continuously decreasing, with an average new financing cost of 2.7% in the first half of 2025, down by 69 basis points from the end of 2024 [5] Financial Data and Profit Forecast - Revenue for 2023 is projected at 72.404 billion yuan, with a decline expected in subsequent years, reaching 49.62 billion yuan in 2025 [4] - The net profit attributable to the parent company is forecasted to recover from a loss of 6.897 billion yuan in 2023 to a profit of 738 million yuan in 2025, with a year-on-year growth of 5.2% [4][6] - Earnings per share (EPS) is expected to be 0.05 yuan in 2025, with a projected price-to-earnings (P/E) ratio of 24.2 [4][6]

Core Viewpoint - China Jinmao (00817) announced a framework agreement involving its indirect non-wholly owned subsidiary Beijing Zhaoxing, which will provide loans to its shareholders Fangxing Yicheng, Shanghai Jianda, and Fuzhou Yucheng based on their respective equity stakes [1] Group 1 - The framework agreement is set to be effective until August 27, 2025, and outlines the terms under which Beijing Zhaoxing will provide loans [1] - The maximum daily balance of loans, including accrued interest, to be provided by Beijing Zhaoxing is expected to be RMB 19.5671 billion to Shanghai Jianda and RMB 16.21274 billion to Fuzhou Yucheng [1] - The board believes that this transaction is conducted under normal commercial terms as part of the group's daily business and is fair and reasonable, aligning with the overall interests of the company and its shareholders [1]

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 須予披露的交易 提供貸款 提供貸款 董事會謹此宣佈，於2025年8月27日，本公司間接非全資附屬公司北京兆興與 其股東方興亦城、上海建發及福州裕誠訂立框架協議，據此，北京兆興同意按 照方興亦城、上海建發及福州裕誠所持股權比例，並根據相同的條款與條件向 方興亦城、上海建發及福州裕誠（或其各自指定的實體）提供貸款。 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。 上市規則的涵義 方興亦城為本公司的全資附屬公司。北京兆興由方興亦城、上海建發及福州裕 誠分別持有36%、35%及29%的股權，為本公司的間接非全資附屬公司。雖然上 海建發及福州裕誠均為北京兆興的主要股東，但由於北京兆興構成上市規則第 14A.09條下本公司的非重大附屬公司，因而上海建發及福州裕誠並非本公司的 關連人士。因此，本次交易並 ...

Core Insights - China Jinmao Holdings Group Limited reported a strong performance in the first half of 2025, achieving a revenue of 25.1 billion yuan and a net profit attributable to shareholders of 1.09 billion yuan, reflecting an 8% year-on-year increase in net profit and a 14% increase in gross profit [1][2] Financial Performance - The company recorded a gross profit of 4.049 billion yuan, with a gross margin of 16% for the first half of the year [1] - The signed sales amount reached 53.4 billion yuan, marking a 20% increase compared to the previous year, and the company ranked among the top ten in the industry for the first time [1] Product Performance - The company launched several new residential product lines, including "4府5璞2满3棠," which received high market recognition [1] - Notable sales included the "府系" products in Changsha, Xi'an, and Shanghai, all achieving sold-out status upon launch [1] - The "璞系" products also performed well, with significant sales figures reported in Beijing and Zhengzhou [1] Market Position - Despite the overall pressure on the real estate industry, China Jinmao demonstrated resilience and growth, with several new projects becoming local bestsellers [1][2] - The company’s "满系" projects achieved local sales championships, with notable performances in Beijing and Tianjin [2] Strategic Vision - The Chairman of the Board, Tao Tianhai, emphasized the potential for growth in the Chinese real estate market and the company's commitment to social responsibility and high-quality housing development [2]

Core Viewpoint - China Jinmao (00817.HK) reported a strong performance in its 2025 interim results, achieving significant growth in revenue and profit despite a challenging real estate market [1][2] Financial Performance - The company achieved operating revenue of 25.1 billion and a net profit attributable to shareholders of 1.09 billion (11.23 billion after excluding fair value gains from investment properties) [1] - Gross profit reached 4.049 billion, with a gross profit margin of 16% [1] - Year-on-year, net profit increased by 8% and gross profit rose by 14% [1] Sales Performance - The company recorded a contracted sales amount of 53.4 billion, marking a 20% increase year-on-year, and ranked among the top ten in the industry for the first time [1] - The overall scale of the top 10 real estate companies declined by approximately 14% year-on-year, while China Jinmao demonstrated healthy growth [1] Product Lines and Market Reception - The company launched several new residential product lines, including "Fu," "Pu," and "Tang," which received high market recognition [1][2] - Notable sales included the Beijing Pu Yi Feng Yi, which achieved sales of 1.8 billion, and the Xi'an Jinmao Pu Yi Dongfang, which recorded sales of 1.3 billion [1][2] Market Strategy and Outlook - The Chairman, Tao Tianhai, emphasized the potential for growth in the Chinese real estate market and the company's commitment to quality and social responsibility [2]

Core Insights - China Jinmao (00817.HK) reported a mid-year performance for 2025, achieving revenue of 25.1 billion and a net profit attributable to shareholders of 1.09 billion, with a gross profit of 4.049 billion [1] - The company’s net profit increased by 8% year-on-year, and gross profit rose by 14%, indicating enhanced profitability [1] - Despite the overall pressure on the real estate industry, China Jinmao's contracted sales grew by 20%, allowing it to enter the top ten in the industry for the first time [2] Financial Performance - Revenue for the first half of the year was 25.1 billion, with a net profit of 1.09 billion (11.23 billion after excluding fair value gains from investment properties) [1] - The gross profit was reported at 4.049 billion, with a gross margin of 16% [1] - The company’s net profit and gross profit showed year-on-year growth of 8% and 14%, respectively [1] Sales Performance - China Jinmao achieved a contracted sales amount of 53.4 billion, marking a 20% increase compared to the previous year [2] - The company launched several new projects that became local bestsellers, including multiple products from its "Jin Yu Man Tang" residential product lines [2][4] - Notable sales included 1.3 billion for Xi'an Jinmao Puyi Dongfang and 1.8 billion for Beijing Puyi Fengyi, establishing them as benchmark projects in their respective areas [4][5] Market Position - China Jinmao's performance stands out in a challenging market where the top ten real estate companies experienced a scale decline of approximately 14% [2] - The company’s strategic focus on product quality and alignment with national development goals is emphasized by its chairman, who believes there is significant growth potential in the real estate market [5]

[Table_Info1] 中国金茂(00817.HK) 房地产 [Table_Title] 证券研究报告 / 港股公司报告 聚焦好房子，利润重回增长轨道 --- 中国金茂 2025H1 业绩点评 [Table_Summary] 公司公布 2025 年中期报告，2025H1 公司实现营收 251.1 亿元（yoy+13.3%）； 毛利 23.4 亿元（yoy+6.9%），归母净利润 10.9 亿元（yoy+7.9%）。 利润重回增长轨道，费用管控良好。2025H1 实现营收 251.1 亿元（yoy+13.3%）， 其中开发业务收入 200.4 亿元（yoy+17%）。在行业景气度承压的背景下，收入 增长原因系交付结算项目增加。整体毛利率维持 16%，其中地产开发开发毛利 率 12%（+1pct），商业租赁及零售业务毛利率 79%（+1pct），酒店经营毛利率 34%（-9pct）。归母净利润增幅高于毛利增加原因系费用管控良好，营销费降至 8.3 亿元（yoy-15%），管理费降至 12.2 亿（yoy-5%）。 聚焦改善产品，销售额首进行业前十。公司签约口径销售额达到 533.5 亿 （yoy+19.8%） ...

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。 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） 海外監管公告 本海外監管公告乃由中國金茂控股集團有限公司（「本公司」）根據香港聯合交易所 有限公司證券上市規則第13.10B條刊發。 本公司全資附屬公司上海金茂投資管理集團有限公司就其發行公司債券及中期票 據事宜，已經於上海證券交易所網站( www.sse.com.cn )、中國貨幣網網站( www. chinamoney.com.cn )、上海清算所網站( www.shclearing.com.cn )及北京金融資產交 易所網站( www.cfae.cn )刊發以下文件： 1、上海金茂投資管理集團有限公司公司債券中期報告（2025年） 0 2、上海金茂投資管理集團有限公司2025年1-6月財務報表附註 3、上海金茂投資管理集團有限公司2025年半年 ...

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。 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） 公司債券發行人截至2025年6月30日止六個月的主要財務數據 根據中國相關法規以及中國證券監督管理委員會的規定，在公司債券存續期內， 發行人須於上海證券交易所網站(www.sse.com.cn)披露其財務數據。發行人截 至2025年6月30日止之半年度報告已於2025年8月26日刊登於上海證券交易所網 站。以下載列發行人截至2025年6月30日止六個月的主要未經審核合併財務數 據，該等財務數據乃依據中國企業會計準則編製。 發行人主要未經審核合併財務數據： | | 於2025年 | 於2024年 | | --- | --- | --- | | | 6月30日 | 12月31日 | | 資產總額（人民幣億元） | 3,889.46 | 3,634.42 ...

Core Viewpoint - China Jinmao reported a 14% year-on-year increase in revenue for the first half of 2025, reaching approximately RMB 25.113 billion, driven by growth in property development and Jinmao services [1] Financial Performance - The profit attributable to owners of the company was approximately RMB 1.09 billion, an 8% increase compared to the same period last year [1] - After accounting for fair value losses on investment properties (net of deferred tax), the profit attributable to owners was approximately RMB 1.123 billion, reflecting a 2% increase year-on-year [1] - The overall gross profit margin remained stable at 16%, consistent with the previous year [1]