| 香港中央證券登記有限公司 | | | --- | --- | | 皇后大道東183號 | | | 股份過戶登記處及其地址 | 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。 | | 第 2 頁 共 2 頁 v 1.1.1 EF003 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。 | | | | ...

8月26日，中国金茂(00817.HK)发布2025年中期业绩报告。报告显示，上半年公司实现签约销售金额534 亿元，较去年同期增长20%，销售排名首次跻身行业前十；实现营业收入251.13亿元，较去年同期增长 14%。 2025上半年，中国金茂毛利40.59亿元，毛利率16%。归母净利润10.9亿元，同比上升8%，盈利能力持 续向好。公司坚持核心城市布局，上半年新获取的16个优质项目全部位于一二线核心城市，为未来的持 续增长提供支撑。(CIS) ...

2025上半年，中国金茂毛利40.59亿元，毛利率16%。归母净利润10.9亿元，同比上升8%，盈利能力持 续向好。公司坚持核心城市布局，上半年新获取的16个优质项目全部位于一二线核心城市，为未来的持 续增长提供支撑。 智通财经APP讯，8月26日，中国金茂(00817)发布2025年中期业绩报告。报告显示，上半年公司实现签 约销售金额534亿元，较去年同期增长20%，销售排名首次跻身行业前十；实现营业收入251.13亿元， 较去年同期增长14%。 ...

2025上半年，中国金茂毛利40.59亿元，毛利率16%。归母净利润10.9亿元，同比上升8%，盈利能力持 续向好。公司坚持核心城市布局，上半年新获取的16个优质项目全部位于一二线核心城市，为未来的持 续增长提供支撑。 8月26日，中国金茂(00817)发布2025年中期业绩报告。报告显示，上半年公司实现签约销售金额534亿 元，较去年同期增长20%，销售排名首次跻身行业前十；实现营业收入251.13亿元，较去年同期增长 14%。 ...

Financial Performance - Revenue for the six months ended June 30, 2025, was RMB 25,112.6 million, representing a 14% increase compared to RMB 21,974.9 million in the same period of 2024[5]. - Profit attributable to owners of the parent for the same period was RMB 1,090.1 million, an 8% increase from RMB 1,010.0 million in 2024[5]. - Basic earnings per share decreased to RMB 5.64, down 22% from RMB 7.26 in the previous year[5]. - Revenue from land and property development was approximately RMB 20,041.0 million, representing a 17% increase compared to RMB 17,072.8 million in the previous year[191]. - Revenue from Jinmao Services grew by 20% to RMB 1,783.4 million, up from RMB 1,491.4 million in the previous year[191]. - The overall gross profit margin for the Group was 16%, consistent with the previous year, while the gross profit margin for land and property development increased to 12% from 11%[194][195]. - Other income and gains decreased by 16% to approximately RMB 1,240.6 million, down from RMB 1,482.7 million in the previous year, primarily due to reduced government subsidies and interest income[197][200]. - Sales and marketing expenses decreased by 15% to approximately RMB 832.1 million, compared to RMB 982.8 million in the previous year[198]. - Management expenses decreased by 5% to approximately RMB 1,215.9 million, down from RMB 1,285.0 million in the previous year[199]. - Revenue from commercial leasing and retail operations decreased by 5% to RMB 814.4 million, primarily due to the disposal of assets[191]. - Revenue from hotel operations decreased by 12% to RMB 775.6 million, mainly due to the disposal of Hilton Sanya[191]. Market Conditions - The real estate market in China saw a 5.5% year-on-year decline in new home sales from January to June 2025, with the top 10 real estate companies experiencing a 14% drop in sales[11]. - The national sales amount of newly built commodity housing declined by 5.5% year-on-year, while the sales amount of the top 10 real estate developers declined by 14% year-on-year[16]. - Real estate development investment in China decreased by 11.2% year-on-year during the same period, while new commodity housing sales area fell by 3.5% and sales amount decreased by 5.5%[34][35]. - The future outlook indicates significant growth potential in China's real estate market, with expectations of favourable policies to stabilise the market[27]. - The central government has shown a strong commitment to stabilizing the real estate market, which is expected to inject new momentum into the industry[183]. - The future of the real estate industry is anticipated to shift from full competition to oligopoly competition, presenting more opportunities for financially sound companies[183]. Strategic Initiatives - The company aims to enhance its asset structure and achieve balanced development across its businesses over the next three to five years[12]. - A strategic focus on revitalizing existing assets and accelerating project turnover is being implemented to ensure efficient capital flow and reinvestment[12]. - The Company implemented a "three-step" strategic blueprint aimed at achieving a reasonable asset structure and balanced development over three years[18]. - The Company plans to accelerate the turnover of incremental projects to ensure rapid return of funds, striving for "one crop per year" and aiming for "two crops per year"[18]. - The Company is focusing on enhancing operational efficiency through organisational reform and streamlining management structures[18]. - The Company emphasized the importance of risk control and high-quality development, focusing on technological empowerment and the creation of "good houses"[28]. - The Company aims to strengthen service value-added and efficiency improvement to enhance business competitiveness[28]. - The Company is committed to enhancing its construction technology and developing specialized businesses to strengthen its competitive advantages[182]. - The Company aims to promote sustainable development through low-carbon and environmentally friendly practices in its services and operations[181]. Acquisitions and Developments - The Company acquired 16 high-quality land parcels, focusing on core segments in core cities, and promoted the "Jin Yu Man Tang" product line, achieving excellent performance in both volume and price[19]. - The Group successfully acquired residential and commercial land parcels in Beijing and Chengdu, with a total planned construction area exceeding 1.45 million square meters since 2025[41]. - Major land and property development projects acquired since 2025 include a total gross floor area of 63,041 sq.m. in Qingdao, 80,830 sq.m. in Beijing, and 199,826 sq.m. in another Beijing project, among others[113][118]. - The total gross floor area of the newly acquired land parcels includes 141,456 sq.m. in Chengdu and 116,448 sq.m. in another Chengdu project[118]. Hotel and Commercial Performance - The hotel performance of the holding business outperformed competitors, and the share price of Changsha Jinmao Mall of Splendor REIT rose by over 20%[19]. - Average room rate for major hotels as of June 30, 2025, ranged from RMB 633 to RMB 2,054, with average occupancy rates between 71.6% and 89.2%[154]. - RevPAR for major hotels as of June 30, 2025, varied from RMB 453 to RMB 1,654, indicating performance across different locations[154]. - The average room rate for major hotels as of June 30, 2024, was higher than in 2025, with rates ranging from RMB 704 to RMB 2,312[156]. - The average occupancy rate for major hotels as of June 30, 2024, was between 69.3% and 85.7%, showing a slight decline in 2025[156]. - The Ritz-Carlton Sanya, Yalong Bay features 446 luxurious rooms and a 2,788 sq.m. spa, catering to high-end clientele[161]. - Grand Hyatt Shanghai offers stunning views and modern conveniences, emphasizing a unique guest experience in a prime location[160]. - Beijing Jinmao Renaissance Hotel has 321 rooms, including 16 suites, and features modern and classical design elements[163]. - Shenzhen JW Marriott Hotel is strategically located near major transport links and offers modern facilities for business and leisure travelers[164]. Operational Efficiency - The company is undergoing organizational changes to streamline management and improve operational efficiency[12]. - The Group's office projects are situated in prime locations, contributing to their high occupancy rates due to excellent tenant quality[124]. - The Group's major office buildings include Beijing Chemsunny World Trade Centre, which is the first in China to receive both China Three-Star Green Label and USGBC's LEED-EB platinum certification[126]. - Nanjing Jinmao Lanxiu City achieved a half-year occupancy rate of 98.2% and signed 56 new brands, enhancing its brand appeal and operational performance[130]. - The Group aims to enhance commercial services and create a commercial IP focusing on consumer insights and innovations through digital and green technology[151]. - The Group plans to enhance commercial service quality and implement a strategy centered on consumer insights, digitalization, and green technology innovation[147].

Core Viewpoint - China Jinmao is focusing on deepening its second growth curve as a core strategic direction, emphasizing high-quality asset management and sustainable growth through its premium holding business [1][15]. Group 1: Business Expansion and Strategy - The company has expanded its holding business to 80 operational projects, covering approximately 3.6 million square meters, with a total holding scale nearing 6 million square meters when including in-progress and planned projects [2]. - China Jinmao is strategically positioned in key cities such as Beijing, Shanghai, Guangzhou, and Shenzhen, creating a diversified portfolio that includes office buildings, hotels, and commercial spaces [2]. - The launch of benchmark projects like Beijing You'anfu Long-term Rental Apartments and Qingdao Oriental Eden Park in 2025 will enhance the company's competitive advantage in the commercial asset sector [1][2]. Group 2: Project Highlights - The "Fengmaoli" community commercial brand has successfully opened in cities like Suzhou and Changsha, achieving a 100% occupancy rate at its recent launch, marking a high point for commercial project openings in Changshu [2]. - The Oriental Eden Park, which opened on June 28, is Asia's first ecological IP park focused on water, featuring four themed venues aimed at educating the public about water conservation [4]. - The company is also developing the "Canal 1958" commercial street in Danyang, which integrates commerce, industry, and ecology, set to open by the end of December [5][7]. Group 3: Operational Excellence and Future Plans - China Jinmao ranks 14th in the operational income ranking of domestic real estate companies, showcasing its strong operational capabilities beyond residential development [4]. - The company is committed to enhancing its asset management capabilities through a full-cycle operational approach, which includes investment, financing, construction, management, and exit strategies [15]. - Future projects in cities like Hangzhou, Wuhan, and Shanghai are being planned to further expand the company's commercial footprint and diversify its asset portfolio [9][12][14].

Investment Rating - The report initiates coverage with a "Buy" rating for China Jinmao [3][8] Core Views - China Jinmao is undergoing significant changes, including new management, cost reduction, and operational efficiency improvements. The company is backed by its major shareholder, Sinochem Group, which has increased its financial support significantly [7][8] - The company has outperformed the industry in land acquisition and sales, ranking 4th in land acquisition and 9th in sales as of July 2025, with a projected sales target of 110 billion yuan for 2025, reflecting a year-on-year growth of 11.9% [7][8] - The company has adequately provisioned for impairments, gradually alleviating historical burdens, and has introduced a new product line, "Jin Yu Man Tang," which has been well-received in the market [7][8] Financial Data and Profit Forecast - Revenue projections for China Jinmao are as follows: - 2023: 72.404 billion yuan - 2024: 59.053 billion yuan - 2025E: 49.620 billion yuan - 2026E: 44.037 billion yuan - 2027E: 39.390 billion yuan - The company is expected to achieve net profits of 0.701 billion yuan in 2024, 0.738 billion yuan in 2025, 0.792 billion yuan in 2026, and 0.869 billion yuan in 2027, with respective growth rates of 110.2%, 5.2%, 7.3%, and 9.7% [6][8] Key Changes - **Change 1**: New management has been appointed, focusing on cost reduction and operational benchmarks. The new CEO, Tao Tianhai, has a history of rapid expansion in the East China region, which now contributes 40% of the company's sales [7][18] - **Change 2**: Sinochem Group, the major shareholder, has increased its financial support to the company by 25.6 billion yuan, highlighting the company's importance within the group [7][20][22] - **Change 3**: The company has significantly outperformed the industry in land acquisition and sales, with a sales amount of 61.8 billion yuan in the first seven months of 2025, a year-on-year increase of 23.1% [7][27] - **Change 4**: The company has made substantial impairment provisions since 2020, totaling 17.5 billion yuan, which is higher than the industry average [7][49] - **Change 5**: The introduction of the "Jin Yu Man Tang" product line has set new benchmarks for quality housing, with several projects achieving rapid sales [7][50] Valuation and Target Price - The report estimates a target market value of 31.3 billion HKD for China Jinmao, based on a price-to-book ratio of 0.75x, reflecting the company's anticipated growth in sales and profitability [7][8]

Core Points - The CSI Hong Kong 300 High Beta Index (H300HB) reported a value of 1274.62 points, with a monthly increase of 14.01%, a three-month increase of 35.04%, and a year-to-date increase of 45.66% [1][2] Group 1: Index Performance - The CSI Hong Kong 300 High Beta Index reflects the overall performance of securities listed on the Hong Kong Stock Exchange, with a base date of December 30, 2005, set at 1000.0 points [1] - The index's top ten holdings include Dongfang Zhenxuan (2.71%), InnoCare Pharma (2.34%), Sunac China (1.94%), China Merchants Securities (1.78%), FIT HON TENG (1.67%), China Cinda (1.63%), CICC (1.54%), China Galaxy (1.52%), Ping An Good Doctor (1.47%), and China Jinmao (1.45%) [1] Group 2: Sector Allocation - The sector allocation of the CSI Hong Kong 300 High Beta Index shows that finance accounts for 19.88%, consumer discretionary for 19.82%, information technology for 18.22%, healthcare for 12.38%, real estate for 11.38%, industrials for 6.66%, communication services for 5.86%, consumer staples for 2.93%, and materials for 2.87% [2] - The index sample is adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December each year [2]

中国金茂(00817)发布公告，非执行董事刘文先生获委任为公司战略及投资委员会委员，执行董事乔晓 洁女士不再担任战略及投资委员会委员，自本公告之日起生效。 ...

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） 1、 負責檢討本公司的財務監控； 2、 負責與管理層討論並檢討本公司的風險管理、內部控制系統、合規管理 系統及違規經營追責系統的有效性，確保管理層已履行職責建立有效的 系統；督導內部審計制度的制定及實施，審核及督導落實年度內部審計 計劃和重點內部審計任務；負責督導項目複盤、投資項目後評價相關制 度的制定及實施；確保會計、財務、法律合規及追責職能方面的資源、 員工資歷及經驗足夠，以及員工所接受的培訓課程及有關預算充足； 3、 負責與管理層討論及檢討本公司貫徹執行所適用法律法規及規章的情 況，以確保相關內部控制制度和監控系統有效； 4、 負責檢討本公司股東大會決議案、董事會決議以及董事會授權的執行情 況； 5、 主動或應董事會的委派，與管理層就重要審計結論、內部監控調查結果 進行研究；檢查外部核數、內部審計、國資監管、專項督查檢查等發現 問題的整改落實情況； 6、 負責向董事會提出內部審計部門負責人的任免建議；確保內部與外聘核 數師的工作得到協調；保障內部審計 ...