Group 1 - The core point of the article is that China Jinmao (00817) reported a significant increase in contracted sales for the first eight months of 2025, with a total of RMB 708.84 billion, representing a year-on-year growth of 25.69% [1] - In August 2025, the group achieved a contracted sales amount of RMB 90.77 billion, with a total contracted sales area of 410,700 square meters [1] - As of August 31, 2025, the group has also recorded a total of RMB 7.76 billion in subscribed (but not yet signed) property sales [1] Group 2 - The cumulative contracted sales area for the group reached 3,181,400 square meters by the end of August 2025 [1] - The reported sales figures include contributions from various projects such as Changsha Meixi Lake International New City, Nanjing Qinglongshan International Ecological New City, and others [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 此外，於2025年8月31日，本集團已錄得已認購（未簽約）物業銷售金額共計人民 幣776百萬元。 附註： 上述簽約銷售金額的數據統計均未計入本集團於2025年8月份或截至2025年8月31日止 8個月的物業租金收入。 1 免責聲明 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 2025年8月未經審核銷售數據 中國金茂控股集團有限公司（「本公司」）董事會（「董事會」）謹此公佈，2025年8月 份，本公司及其附屬公司（「本集團」）取得簽約銷售金額人民幣9,077百萬元，簽 約銷售建築面積410,651.92平方米。截至2025年8月31日止8個月，本集團累計取 得簽約銷售金額共計人民幣70,884百萬元（其中包含（如有）長沙梅溪湖國際新城 項目、南京青龍山國際生態新城項目、寧波生命科學城項目、 ...

Investment Rating - The report maintains an "Outperform the Market" rating for the company [4][13]. Core Views - The company demonstrated stable performance with an 8% increase in net profit and a 14% increase in revenue for the first half of 2025, achieving revenue of 25.1 billion yuan and net profit of 1.1 billion yuan [1][7]. - Despite a 3% decrease in sales area, the company achieved a 20% increase in sales amount, reaching 53.4 billion yuan, marking its entry into the top ten of the industry [1][9]. - The company has strategically acquired 16 quality projects with a total land cost of 49.2 billion yuan, all located in first- and second-tier cities, with significant investments in Beijing and Shanghai [1][9]. Financial Performance - The company has successfully reduced costs, with sales, management, and financial expenses decreasing by 15%, 5%, and 4% respectively [2][11]. - The average financing cost for new domestic and foreign financing in the first half of 2025 was 2.7%, significantly lower than at the end of 2024 [2][11]. - The company’s financial status remains robust, with a total unsold value of approximately 320 billion yuan, 69% of which is concentrated in economically developed regions [1][9]. Earnings Forecast and Financial Metrics - The company is projected to achieve revenues of 56 billion yuan and net profits of 1.1 billion yuan in 2025, with corresponding EPS of 0.08 yuan and PE ratios of 17.7 [2][14]. - The report outlines a gradual recovery in revenue and profit margins, with expected EBIT margins of 6.5% in 2025 and a net asset return (ROE) of 2% [3][14].

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。 有關2024年年報的補充公告 茲提述(a)中國金茂控股集團有限公司（「本公司」）日期為2019年1月9日的通函， 內容有關（其中包括）採納一項新股票期權計劃（「新計劃」）及(b)本公司截至2024 年12月31日止年度的年報（「2024年年報」）。 就2024年年報內「董事會報告」項下「股票期權計劃」一節所披露的新計劃而言， 本公司謹此補充，授予股票期權的要約可自要約日期起計28天期間內接受，惟承 授人須在規定的28天期間內接受要約後支付相等於港幣1.00元面值的金額（以接 受股票期權授予要約當天為基準日）。 除上文所披露者外，2024年年報內所有其他資料維持不變。 承董事會命 中國金茂控股集團有限公司 主席 陶天海 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） 香港，2025年9月8日 於本公 ...

Core Insights - The real estate industry is entering a "stock era" after over 20 years of rapid development, requiring companies to adapt their strategies to navigate through cycles [1] - China Jinmao has developed a unique strategy during the real estate adjustment period, focusing on incremental development to drive stock digestion, enhancing cash flow through rapid turnover, and upgrading products to solidify market position [1][4] - The company has shown significant financial performance in the first half of the year, with a net profit of 1.09 billion yuan, an 8% year-on-year increase, and a gross profit margin of 16% [1][3] Financial Performance - In the first half of 2025, China Jinmao achieved a 14% year-on-year increase in revenue and an 8% increase in net profit [3][4] - The gross profit margin increased by 14% during the same period, indicating effective cost management and operational efficiency [4] - The company reported a signed sales amount of 53.4 billion yuan, a 20% increase year-on-year, marking its entry into the top ten in industry rankings [5] Strategic Initiatives - China Jinmao's strategy includes three key components: optimizing incremental growth, stringent cost control, and enhancing the second growth curve through quality service and building technology [4][12] - The company has actively participated in land auctions, acquiring 16 quality projects in core cities with a total land cost of 49.2 billion yuan, focusing on first and second-tier cities [9][10] - The average opening cycle for new projects has been reduced to 4.8 months, with a high average sell-through rate of 81% [10][12] Market Positioning - The average contract price for residential properties has reached 26,000 yuan per square meter, reflecting an 18.2% and 24% increase compared to 2024 and 2023, respectively [7] - China Jinmao's product lines have received positive market feedback, with several projects selling out quickly upon launch [5][7] - The company aims to address stock issues by targeting a 35% disposal rate of existing resources this year, utilizing strategies such as planning adjustments and large asset disposals [12] Future Outlook - The company has a clear six-year development plan, aiming to complete a significant portion of its stock issues and enhance its financial statements by 2027 [13][15] - The management believes that the opportunities for quality enterprises will outweigh challenges in the future, as the market stabilizes and competition intensifies [14][15] - China Jinmao is committed to maintaining its focus on high-quality development and enhancing its core competitiveness through innovative product strategies [14][15]

Core Viewpoint - China Jinmao has demonstrated resilience and strategic adaptability during the market downturn, achieving significant growth in revenue and profit while enhancing operational efficiency and maintaining a strong market position [1][7]. Financial Performance - For the first half of 2025, China Jinmao reported a total revenue of 25.1 billion yuan, a 14% increase year-on-year; net profit attributable to shareholders reached 1.09 billion yuan, up 8% [1]. - The gross profit was 4.06 billion yuan, with a gross margin of 16%, reflecting a 1 percentage point increase in the development segment's gross margin compared to the previous year [1][3]. - The signed sales amount reached 53.4 billion yuan, marking a 20% year-on-year growth and placing the company among the top ten in the industry for the first time [1][3]. Strategic Initiatives - The company aims to revitalize existing projects and accelerate profit contributions from new projects between 2025 and 2027, with a long-term vision to enhance competitiveness and sustainability by 2030 [1][7]. - China Jinmao has focused on operational efficiency, achieving a project opening and sales rate of 81% for new projects, with an average opening cycle reduced to 4.8 months [7][10]. Market Position and Product Strategy - The company has successfully upgraded its product lines, with average residential contract prices increasing to 26,000 yuan per square meter, compared to 21,000 yuan in 2023 and 22,000 yuan in 2024 [3][10]. - China Jinmao's sales in first- and second-tier cities accounted for 94% of total sales, with a significant focus on high-end and premium products [10]. Operational Efficiency - The company has improved its operational metrics, with a notable reduction in sales, management, and financial expenses by 15%, 5%, and 4% respectively [12]. - The average financing cost for new and existing debt has decreased to 2.70%, a reduction of 69 basis points compared to the end of 2024 [12]. Future Outlook - China Jinmao plans to accelerate the turnover of new projects and aims to revitalize 35% of its existing assets in the current year [13]. - The company forecasts revenues of 63.64 billion yuan, 69.44 billion yuan, and 76.79 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 1.36 billion yuan, 1.91 billion yuan, and 2.72 billion yuan [13].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00817 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 13,505,971,218 | | 0 | | 13,505,971,218 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 13,505,971,218 | | 0 | | 13,505,971,218 | 第 2 頁 共 10 頁 v 1.1.1 III.已發行股份及/或庫存股份變動詳情 | 截至月份: | 2025年8月31日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | ...

Investment Rating - The report assigns a "Buy-A" investment rating with a 6-month target price of 2.1 HKD [5][7]. Core Insights - China Jinmao's sales amount increased by 20% year-on-year to 53.4 billion RMB in the first half of 2025, with an average contract price of approximately 26,000 RMB per square meter, primarily driven by the top ten core cities [1]. - The company has focused on acquiring land in core cities, securing 16 new projects with a total land price of 49.2 billion RMB, emphasizing a precise investment strategy [2]. - Total revenue for the first half of 2025 reached 25.11 billion RMB, a 14% increase year-on-year, with property development revenue growing by 17% [3]. - Financing costs have decreased significantly, with the average cost of new financing at 2.7%, down from the end of 2024 [4]. Sales Performance - The sales amount for the first half of 2025 was 53.4 billion RMB, with 74.5% of sales coming from the top ten core cities, particularly Shanghai and Beijing [1]. - The company achieved an opening rate of 81% for new projects launched within six months, indicating strong operational efficiency [1]. Land Acquisition Strategy - In 2025, China Jinmao acquired 16 projects with a total construction area of 1.45 million square meters, focusing on first and second-tier cities [2]. - The land acquisition strategy highlights a 66% investment concentration in Beijing and Shanghai, showcasing a targeted approach to growth [2]. Financial Performance - The total revenue for the first half of 2025 was 25.11 billion RMB, with property development revenue at 20.04 billion RMB, reflecting a 17% year-on-year increase [3]. - The profit, including fair value gains from investment properties, was 1.09 billion RMB, an 8% increase year-on-year [3]. Financial Structure - The company successfully issued low-interest bonds, with the cost of the "25 Jinmao Investment MTN001" at 2.30%, a reduction of 109 basis points [4]. - As of June 30, total debt stood at 123.3 billion RMB, with a balanced debt maturity structure [4].

Core Viewpoint - China Jinmao is experiencing independent growth amidst a real estate market adjustment, achieving significant sales and profit increases in the first half of 2025, positioning itself among the top 10 in the industry [1][3]. Financial Performance - In the first half of 2025, China Jinmao reported a revenue of 25.1 billion, a year-on-year increase of 13.34%, and a net profit attributable to shareholders of 1.09 billion, up 7.93% year-on-year [1][3]. - The company achieved a signed sales amount of 53.4 billion, maintaining a sales growth rate of 20%, the highest among the top 10 real estate companies [1][3]. Market Positioning - Despite a 5.5% year-on-year decline in new residential sales in the overall market, China Jinmao's sales grew by 20%, allowing it to rank first in growth among the top 10 companies [3][9]. - The overall gross profit margin reached 16.2%, an increase of 1.6 percentage points compared to 2024, indicating a trend of improving profitability [3][4]. Strategic Focus - Since 2022, China Jinmao has focused its investments on core urban areas, particularly first and second-tier cities, which are more resilient during market adjustments [6][7]. - In the first half of 2025, the company acquired 16 projects located in key cities such as Beijing, Shanghai, and Chengdu, with a significant profit margin advantage [6][7]. Operational Efficiency - The company has implemented strict cost control measures, resulting in a 15.9% reduction in management expenses in 2024 and an additional 5% decrease in 2025 [3][4]. - Sales and financial expenses also saw a decline of 15% in the first half of 2025, contributing to improved net profit margins [3][4]. Competitive Advantage - China Jinmao's brand strength and high-end product offerings, such as the Jinmao Mansion series, have solidified its market position, with new projects achieving an average sales rate of 81% [7][8]. - The company’s total land reserves reached 27 million square meters by mid-2025, with 88% located in first and second-tier cities, ensuring sufficient support for future development [9][10]. Future Outlook - Management anticipates a transition from merely surviving to thriving, with expectations of steady performance improvement from 2025 to 2027 [10].

Group 1 - The company China Jinmao (00817) announced that it will distribute an interim dividend of HKD 0.03 per share for the six months ending June 30, 2025, on October 31, 2025 [1]