Core Viewpoint - China Jinmao has sold the Ritz-Carlton Hotel in Sanya for 2.265 billion yuan, aiming for asset securitization and optimizing its balance sheet while maintaining operational ties to the hotel [1][2][3] Group 1: Sale Details - The sale was announced on December 23, with Shanghai Jinmao transferring 100% of Sanya Tourism to Sanya Luanmao for 2.265 billion yuan, which is slightly above the assessed net asset value of 2.135 billion yuan as of March [1] - Sanya Tourism, established in March 2004 with a registered capital of 500 million yuan, solely owns the Ritz-Carlton Hotel in Sanya, which has been operational since 2008 [1] Group 2: Financial Performance - In the first half of the year, China Jinmao's hotel operating revenue decreased by 12% to 776 million yuan, with its share of total revenue dropping to 3% [2] - The net profit before tax and non-recurring items for Sanya Tourism was approximately 110 million yuan for 2023, declining to 70.46 million yuan in 2024, although it improved to 40.74 million yuan in Q1 [2] - The average room rate at the Ritz-Carlton fell to 2,054 yuan per day, but the hotel achieved an 80.5% occupancy rate, up 11.2 percentage points year-on-year, with revenue per room increasing by 3.24% to 1,654 yuan [2] Group 3: Strategic Implications - The acquisition by Sanya Luanmao, established in August, is part of a special asset-backed securities plan under CITIC Securities, allowing China Jinmao to optimize its financial statements while retaining operational benefits from the hotel [2][3] - The recent inclusion of four-star and above hotels in the REITs framework indicates a strategic move by China Jinmao to adapt to new industry regulations and enhance asset liquidity [3] - The company aims to revitalize its assets and improve its balance sheet, aligning with its goal of achieving a three-year transformation through optimizing both new and existing assets [3] Group 4: Overall Company Performance - For the first half of the year, China Jinmao reported revenues of 25.846 billion yuan, a 14% increase year-on-year, with gross profit rising by 14% to 4.059 billion yuan and net profit attributable to shareholders increasing by 8% to 1.09 billion yuan [4] - As of November, the company recorded a contracted sales amount of 100.679 billion yuan, with a cumulative sales area of 4.3717 million square meters [4]

Investment Rating - The investment rating for China Jinmao (00817.HK) is maintained at "Buy" [5] Core Views - The company has shown strong sales performance against market trends, with profit recovery expected to continue through the cycle. The sales amount for the first half of 2025 reached 53.4 billion, a year-on-year increase of 19.6%, marking its entry into the top 10 in the full-caliber sales ranking by CRIC [6][17]. - The company is actively reserving core land parcels to ensure long-term profitability, with projected net profits for 2025-2027 estimated at 1.11 billion, 1.56 billion, and 1.62 billion respectively, and corresponding EPS of 0.08, 0.12, and 0.12 [5][9]. Summary by Sections Sales Performance and Land Acquisition - The company has adjusted its development strategy since 2023, leading to a continuous improvement in fundamentals after hitting a low point. The sales performance in the first half of 2025 was strong, with a focus on acquiring core land parcels to secure long-term profitability [17]. - The sales amount for the first half of 2025 was 53.4 billion, with a year-on-year increase of 19.6%. The average signed price for residential properties rose to 22,000 yuan per square meter [24]. - The company has adopted a dual-focus strategy, acquiring 41 projects since 2024, all concentrated in core cities and areas, with an average sales net profit margin exceeding 10% [29]. Investment Properties and Property Services - The investment property segment has been operating steadily, providing stable cash flow despite revenue declines due to the pandemic since 2020. The company focuses on high-quality asset management and gradually exits low-efficiency assets [59]. - The property service segment has seen a year-on-year growth of 11% in management scale, reaching 1.1 million square meters in the first half of 2025, with 85% of new projects located in strategically important cities [7]. Financial Status and Debt Structure - The company has maintained a robust financial status, optimizing its domestic and foreign debt structure and reducing financing costs. The average financing cost for new domestic and foreign financing in the first half of 2025 was 2.70%, down by 0.69 percentage points from the end of 2024 [8]. - The company has successfully issued multiple low-interest bonds, and its debt structure remains healthy, with all three red lines maintained in the green [8]. Profitability Forecast and Investment Recommendations - The company is expected to see a recovery in profitability, with projected revenues for 2025-2027 showing a positive trend. The projected net profit for 2025 is 1.11 billion, with a corresponding P/E ratio of 13.5 [9][5]. - The report maintains a "Buy" rating based on the company's strong sales performance, strategic land acquisitions, and expected recovery in profitability [5].

Core Viewpoint - China Jinmao announced the sale of 100% equity in Sanya Tourism for approximately 2.265 billion yuan, with the asset being the Ritz-Carlton Hotel located in Sanya, Hainan Province [1] Group 1 - The transaction involves Shanghai Jinmao and Sanya Luanmao signing a property transaction contract [1] - The sale is set to be completed by December 23, 2025 [1] - The asset being sold is the Ritz-Carlton Hotel in Sanya, which is a significant property in the tourism sector [1]

Core Viewpoint - China Jinmao announced the sale of 100% equity in Sanya Tourism Industry to Sanya Luanmao for a total consideration of RMB 2.2646 billion, involving the Ritz-Carlton Hotel in Sanya [1] Group 1: Transaction Details - The transaction was formalized through a property transaction contract signed on December 23, 2025 [1] - Sanya Luanmao acquired the equity through a public bidding process [1] - The total transfer price for the transaction is RMB 2.2646 billion [1] Group 2: Asset Information - Sanya Tourism Industry solely holds the Ritz-Carlton Hotel in Sanya, which is a five-star hotel [1] - The Ritz-Carlton Hotel opened in 2008 and features 446 guest rooms [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） 須予披露的交易 出售三亞旅業100%股權 茲提述本公司日期為2025年11月21日的公告，內容有關本公司全資附屬公司上 海金茂基於資產證券化之目的，擬透過公開掛牌轉讓的方式出售其所持三亞旅 業100%股權之交易。董事會謹此宣佈，於2025年12月23日，上海金茂與三亞 巒茂（作為受讓方，透過公開掛牌程序摘牌）簽訂產權交易合同，據此，三亞巒 茂同意收購而上海金茂同意出售三亞旅業100%股權，最終轉讓總對價為人民幣 2,264.6百萬元。 上市規則的涵義 由於本次交易的最高適用百分比率超過5%但低於25%，因此根據上市規則第14 章，本次交易構成本公司的一項須予披露交易，須遵守申報及公告的規定。 出售三亞旅業100%股權 根據產權交易合同，三亞巒茂同意 ...

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。 （股票代號：00817） 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） 人力資源服務框架協議下的持續關連交易的補充公告 茲提述中國金茂控股集團有限公司（「本公司」）日期為2025年12月18日的公告 （「該公告」），內容有關人力資源服務框架協議項下擬進行的持續關連交易。 除文義另有所指外，本公告所用詞彙與該公告所界定者具有相同涵義。本公司謹 此提供有關中化方勝最終實益擁有人身份的進一步資料。 2 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12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。 中化方勝是一家專業人力資源管理服務公司，(i)由本公 ...

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） 公告 持續關連交易 續訂資金池合作安排 茲提述本公司日期為2021年10月28日及2023年3月17日的有關原資金池合作安 排的公告，本公司在此項安排下參與由中化香港（集團）、銀行及其他方根據資 金池協議設立的資金池。作為原資金池合作安排的一部分，本公司與中化香港 （集團）訂立原合作協議及兩份補充協議，據此，中化香港（集團）為本公司存放 在資金池中存款的安全提供額外保障。原資金池合作安排的期限將於2025年12 月31日屆滿。 董事會宣佈，於2025年12月19日，本公司、中化香港（集團）及中化香港資本訂 立新資金池合作協議，據此，本公司將繼續在資金池存放存款，並由中化香港 （集團）及中化香港資本為該等存款安全提供額外保障。 上市規則的涵義 中化香港 ...

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） 人力資源服務框架協議下的持續關連交易 董事會謹此宣佈，於2025年12月18日，本公司與中化方勝訂立人力資源服務框 架協議，據此，本集團將於其認為有需要時不時使用中化方勝提供的人力資源 服務。人力資源服務框架協議將自簽訂之日起生效，有效期至2027年12月31日 止。 上市規則的涵義 於本公告日期，中國中化為本公司的最終控股股東，間接持有本公司已發行股 份總數約38.36%，中化方勝由中國中化之間接非全資附屬公司中化石油擁有 49%股權，故中化方勝為中國中化之30%控制公司（定義見上市規則）。因此， 中化方勝為本公司的關連人士。人力資源服務框架協議下的交易構成本公司於 上市規則第14A章下的持續關連交易。由於人力資源服務框架協議下持續關連 交易的年度 ...

Company Performance Overview - In 2017, China Jinmao aimed to expand its presence from 23 cities to 40 cities and increase its signed sales from 50 billion to 200 billion by 2022 [2][19] - The sales revenue for China Jinmao reached 69.3 billion in 2017, marking an 85% year-on-year increase, ranking 29th in the "Top 200 Real Estate Companies in China" by CRIC [2][19] - From 2013 to 2021, the company saw continuous growth in revenue, gross profit, net profit attributable to shareholders, total assets, and total liabilities [3][22] Financial Metrics - Revenue increased from 20.719 billion in 2013 to 90.06 billion in 2021 [4][22] - Gross profit rose from 9.2 billion in 2013 to 16.758 billion in 2021 [5][22] - Total assets grew from 120.843 billion in 2013 to 44.3778 billion in the first half of 2025 [5][22] - Signed sales increased from 16.868 billion in 2013 to a peak of 235.6 billion in 2021 [5][22] Debt and Profitability Concerns - Total liabilities increased from 73.624 billion in 2013 to 32.3012 billion in the first half of 2025 [5][22] - Net profit attributable to shareholders peaked at 6.452 billion in 2019 but turned into a significant loss of 6.897 billion in 2023 [5][22] Executive Compensation Trends - The period from 2018 to 2021 saw high executive compensation, with significant performance bonuses and stock options contributing to overall income [6][30] - For instance, in 2019, CEO Li Congrui earned 18.404 million, with performance bonuses and special bonuses accounting for 73.5% of his total income [29][30] - Post-2021, executive compensation has significantly decreased, reverting to levels seen before 2013, with income dropping from millions to hundreds of thousands [31][32] Leadership Changes - In 2023, several key executives, including CFO Jiang Nan and CEO Li Congrui, resigned, leading to a new leadership team [34]

摩根大通发表研报指，在近日举行的中央经济工作会议上，关于对房地产市场的表态与先前类似，但与 过去几次政府会议相比，今次关于房地产市场的着墨更多，显示稳定房地产行业仍是内地关键任务之 一。摩通表示，今次会议上未提及具体措施，但认为下一步的政策措施或推出旨在降低购房成本的措 施。该行首选股为华润置地、华润万象生活与中国金茂。 ...