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]

Core Viewpoint - The company reported a positive financial performance for the first half of 2025, with revenue growth driven by increased project deliveries despite industry challenges [1][2][3] Financial Performance - In H1 2025, the company achieved revenue of 25.11 billion (yoy +13.3%), gross profit of 2.34 billion (yoy +6.9%), and net profit attributable to shareholders of 1.09 billion (yoy +7.9%) [1] - The revenue from development business reached 20.04 billion (yoy +17%), with an overall gross margin maintained at 16% [1] - Marketing expenses decreased to 830 million (yoy -15%) and management expenses to 1.22 billion (yoy -5%), contributing to the net profit growth [1] Market Position and Sales - The company achieved a signed sales volume of 53.35 billion (yoy +19.8%), ranking ninth in the industry for the first time [2] - The company holds a market share of over 20% in the high-improvement product segment, leading in cities with significant demand [2] Land Acquisition and Financial Strategy - The company restarted land acquisition in 2025, securing 18 plots totaling 1.45 million square meters for 26.1 billion, all located in first and second-tier cities [2] - The company maintains a healthy financial position with a debt ratio of 53% and cash on hand of 34.06 billion, ensuring operational stability [2] Diversified Business Growth - The company has diversified its business, with commercial and retail, hotel, and property services contributing significantly to revenue [3] - The commercial REITs launched in Changsha achieved over 98% occupancy, with cumulative dividends of 640 million [3] Profit Forecast and Valuation - The company is expected to achieve revenues of 61.89 billion, 61.27 billion, and 60.04 billion for 2025-2027, with net profits of 1.26 billion, 1.43 billion, and 1.58 billion respectively [3] - The company is rated with a "buy" recommendation based on its strong market position and financial health [3]

Core Viewpoint - The company achieved a revenue of 25.11 billion yuan in the first half of the year, representing a year-on-year growth of 14%, and a net profit attributable to shareholders of 1.09 billion yuan, with an 8% increase year-on-year. The comprehensive gross profit margin remained stable at 16.2% [1][2] Financial Performance - The company's gross profit margin for the first half of the year was 16.2%, unchanged from the previous year, with the development business gross profit margin increasing to 12%, up by 1 percentage point year-on-year. The combined expense ratio for sales, management, and finance decreased by 3.1 percentage points to 13.0% [2] - The slower profit growth compared to revenue growth was primarily due to a decline in other income and earnings by 240 million yuan, totaling 1.24 billion yuan, and an increase in income tax expenses by 710 million yuan, totaling 1.07 billion yuan [2] Sales and Investment Performance - The company demonstrated strong sales performance, with a sales revenue of 61.8 billion yuan from January to July, a year-on-year increase of 23%. The newly added land value reached 79.4 billion yuan, up by 1509% year-on-year, with an investment intensity of 73%, ranking first among the top 10 real estate companies [2] - The company focused on core cities for land acquisition, adding 18 new plots with a total construction area of 1.45 million square meters, of which 70% is located in key cities such as Beijing, Shanghai, Guangzhou, Shenzhen, Chengdu, and Hangzhou [2] Financing and Dividend - The company's financing costs have been decreasing, with an average bond issuance cost of 2.57% this year, down by 39 basis points from the previous year. The latest mid-term note issuance rate in July was 2.3%, continuing to decline since the beginning of the year [3] - The company declared a mid-term dividend of 0.03 HKD per share, with a payout ratio of 34%, resulting in an annualized dividend yield of 3.8% based on the current stock price [3] Earnings Forecast - The company maintains its earnings forecast and target price, with expected EPS of 0.09, 0.10, and 0.13 yuan for 2025, 2026, and 2027 respectively. The buy rating and target price of 2.20 HKD remain unchanged [3]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Insights - The company achieved a revenue of 25.1 billion RMB in the first half of 2025, representing a year-on-year growth of 14%, and a net profit attributable to shareholders of 1.09 billion RMB, up 8% year-on-year [1] - The company distributed an interim dividend of 0.03 HKD per share, to be paid to shareholders by October 31, 2025 [1] - The company ranked 9th in sales with a contract sales amount of 53.35 billion RMB in the first half of 2025, a 20% increase from 44.54 billion RMB in the same period of 2024, marking its first entry into the top ten of the industry [1] - The company has focused on quality-driven sales growth and organizational transformation, leading to improved operational efficiency and reduced financing costs [1][2] Summary by Sections Financial Performance - For the first half of 2025, the company reported management expenses of 1.22 billion RMB, down from 1.29 billion RMB in the same period of 2024, resulting in a management expense ratio of 4.8%, down from 5.8% [2] - Sales expenses were reported at 830 million RMB, down from 980 million RMB in the previous year, with a sales expense ratio of 3.3%, down from 4.5% [2] Financing and Debt - As of June 30, 2025, the company had interest-bearing debt of approximately 123.3 billion RMB, a decrease of 4.7% year-on-year, with short-term debt accounting for 22.3% [3] - The total interest expense was approximately 3.26 billion RMB, down from 3.55 billion RMB in the same period of 2024 [3] Profit Forecast and Valuation - The company has revised its net profit forecasts for 2025-2027 to 1.22 billion RMB, 1.33 billion RMB, and 1.46 billion RMB respectively, up from previous estimates [3] - The current stock price corresponds to a price-to-earnings (P/E) ratio of 14.6, 13.4, and 12.2 for 2025-2027 [3]

营收利润双增长，销售及土地拓展规模稳中有升 2025 年 08 月 28 日 ➢ 营收规模受益于物业开发及金茂服务提升，扣非归母净利同比小幅提升。截 至 2025 年上半年，公司实现 251.13 亿元营收，同比提升 14%，主要系物业开 发及金茂服务收入较 2024 年上半年增加所致，其中土地及物业开发实现 200.41 亿元营收，同比提升 17%，金茂服务实现 17.83 亿元营收，同比提升 20%；截 至 2025 年上半年，公司实现 11.23 亿元扣非归母净利，同比提升 2%，主要系 营销及管理费用较上年同期各减少 15%和 5%所致。 ➢ 四大产品线全面升级，助力销售规模首进第一梯队。公司通过全面升级"金 玉满堂"四大产品线，在北京、上海及西安等重点城市发力，截至 2025 年上半 年，实现全口销售金额 533.5 亿元，同比 2024 年的 446.2 亿元提升 16.36%， 销售排名提升三位至全国第 9 位，首次跻身全国第十；公司在做优增量的同时， 进一步盘活存量，2025 年 1 月份公司以 7.81 亿元的价格，将湖州南太湖的 4 宗 土地出让给湖州南太湖管委会，实现了土地收储的探索。 ...

一个月前在北京一家酒店的会议厅里，所有人都望向主席台左侧的陶天海。这是他头一次以中国金茂 （00817.HK，股价1.45港元，市值195.84亿港元）董事长、总裁身份亮相公司的年中工作会，年纪不到 50岁。 大家都想听听这位年轻的董事长会说些什么。 而会议的另一个主题，正是"群策群力，行非常规之举"，一如陶天海短短两年里从华东区域总经理跃升 为"一把手"，中国金茂也试图以非常规姿态稳住业绩大船。 8月26日，中国金茂披露半年报，上半年实现营业收入251.13亿元，同比增长14%；归母净利润10.9亿 元，同比增长8%；销售总金额534亿元，同比上升20%。 这背后无疑少不了陶天海的功劳，今年3月从张增根手中接过权杖之后，一线业务出身的新董事长就迅 速裁撤区域层级，晋升副总裁并公布新任地区总经理，果断完成人事换血。一举改变之前的收缩策略， 强势回归土地市场。 在首个报告期里，他带领这家老牌央企首次冲进行业前十。 这一切，并不容易。 "一年一熟" 8月24日，上海虹口瑞虹新城的地王项目金茂璞元首期开盘，99套均价16.6万元/平方米的房源，26分钟 内售罄。 金茂璞元是中国金茂在住宅端进击上海内环的首个项目，此 ...

作者 | 黄昱 地产行业深度调整期间，房企洗牌随时在发生，有人被踢出牌桌，也有人迎来高光时刻。 8月26日，作为央企的中国金茂(00817.HK)发布2025年中期业绩报告。财报显示，上半年，中国金茂收 入约251.12亿元，同比增加14%；归母净利润约10.9亿元，同比增加8%；整体毛利率约为16%，与2024 年同期基本持平。 业绩回升的同时，中指研究院数据显示，今年上半年，中国金茂实现签约销售金额同比增长20%至约 534亿元，销售规模排名第九，首次进入行业前十。 中国金茂的这一成绩在整体市场下行的背景下显得尤为突出。 要知道，2025年上半年，TOP100房企销售总额为18364.1亿元，同比下降11.8%。 中国金茂董事会主席陶天海指出，行业止跌回稳任重道远。面临艰难的外部形势，中国金茂坚定"做优 增量、盘活存量"策略不动摇，着力推进"六力三比"主题年工作，系统提升全链竞争力，销售业绩在行 业内率先出现止跌回稳势头。 从投资拿地情况来看，今年上半年，中国金茂也是拿地的主力军，新获取16个项目，均位于核心一二线 城市，其中包括北京朝阳区"巨无霸"地块。 据中指研究院数据，今年上半年，中国金茂以261亿 ...

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]

董事认为本次交易属集团日常业务中按照正常商业条款进行的交易，公平合理，并且符合公司及其股东 的整体利益。 中国金茂(00817)发布公告，于2025年8月27日，公司间接非全资附属公司北京兆兴与其股东方兴亦城、 上海建发及福州裕诚订立框架协议，据此，北京兆兴同意按照方兴亦城、上海建发及福州裕诚所持股权 比例，并根据相同的条款与条件向方兴亦城、上海建发及福州裕诚(或其各自指定的实体)提供贷款。 预期于框架协议有效期内，北京兆兴向上海建发及福州裕诚所提供贷款的每日最高结存余额(包括应计 利息)将分别为人民币19.5671亿元及人民币16.21274亿元。 ...