中国金茂(00817)发布公告，截至2025年9月30日止九个月，公司全资附属公司上海金茂实现营业收入 213.78亿元;归属于母公司所有者的净利润为13.34亿元。 ...

智通财经APP讯，中国金茂(00817)发布公告，截至2025年9月30日止九个月，公司全资附属公司上海金 茂实现营业收入213.78亿元;归属于母公司所有者的净利润为13.34亿元。 ...

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） 暫停辦理股份過戶登記手續及釐定出席股東特別大會 並於會上投票的權利的記錄日期 茲提述(i)中國金茂控股集團有限公司（「本公司」）日期為2025年9月29日的公告， 內容有關(1)本公司與中化財務訂立補充協議二，以進一步修訂經補充協議一修訂 的中化金融服務框架協議的部分條款及(2)本公司與平安成員企業訂立經續期平安 金融服務框架協議；及(ii)本公司日期為2025年10月23日的公告，內容有關延遲 寄發通函（「該等公告」）。除本公告另有界定者外，本公告所用詞彙與該等公告所 界定者具有相同涵義。 誠如該等公告所披露，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 ...

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） | | | | 於2025年 | 於2024年 | | --- | --- | --- | --- | --- | | 項目 | | | 9月30日 | 12月31日 | | 資產總額 | （人民幣億元） | | 3,983.92 | 3,634.42 | | 負債總額 | （人民幣億元） | | 2,965.79 | 2,694.20 | | 所有者權益 | （人民幣億元） | | 1,018.13 | 940.22 | | 期末現金及現金等價物 | | （人民幣億元） | 223.08 | 274.87 | 1 | | | | 截至9月30日止九個月 | | | --- | --- | --- | --- | --- | | 項目 | | | 2025年 | 2024年 ...

中金发表研报指出，再次覆盖中国金茂，予"跑赢行业"评级，目标价为1.86港元，对应预测2025年每股 资产净值(NAV)折让10%。中金认为，公司在管理与战略端呈现明显积极变化，历史包袱可控、增量弹 性可期，原因为公司管理精进、战略聚焦为价值重塑提供基础；增量销售弹性已现，存量土储风险可 控。 基于保守的房价趋势假设，中金预计公司2025年末资产净值256亿元，若2026年及以后保持稳健拿地投 资，则后续每股资产净值还将具备可观增长空间。中金预计公司2025至2026年每股盈利分别为0.10元、 0.11元，2024至2026年均复合增长率(CAGR)为6.5%；基于10%的2025年每股资产净值折让(对应2025年 0.6倍市账率)给予目标价1.86港元。 ...

公司或是下一轮地产板块重估当中的重要标的之一。我们对6-12 个月维度地产板块表现有积极预期， 其中具备良好组织管理能力、基本盘稳中向好的企业或成为投资重点，而中国金茂是该领域中的主要标 的之一。基于保守的房价趋势假设，我们预计公司2025 年末NAV 256 亿元，若2026 年及以后保持稳健 拿地投资，则后续NAV 还将具备可观增长空间。 机构：中金公司 我们与市场的最大不同？我们认为公司存量土储的消化将有序进行，报表层面稳定性或好于市场此前预 期。 研究员：孙元祺/李佳璠/张宇 投资亮点 再次覆盖中国金茂（00817）给予跑赢行业评级，目标价1.86 港元，对应2025 年NAV 折让10%。我们认 为公司在管理与战略端呈现明显积极变化，历史包袱可控、增量弹性可期。理由如下： 管理精进、战略聚焦为价值重塑提供基础。公司新任管理层明确"一核三聚焦"的战略方向，以开发业务 为核心，产品端深化产品力优势、打磨"金玉满堂"四大产品线，投拓端进一步向核心一二线聚焦。具体 看，公司一方面强调增量项目开盘、回款提速，另一方面计划用2025-27 年解决80%存量问题。 增量销售弹性已现，存量土储风险可控。公司1H25 ...

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]