Core Viewpoint - In 2025, China Jinmao achieved a significant sales increase, ranking eighth in the national performance list, demonstrating resilience in a challenging real estate market [1] Group 1: Sales Performance and Market Position - China Jinmao's total sales reached 113.5 billion, marking a four-position rise from 2024 and solidifying its place in the top tier of the industry [1] - The report indicates a 7% year-on-year decline in new housing transaction area across 30 key cities, yet effective housing demand remains stable [1] - In Beijing, China Jinmao led the market with its products, achieving the highest sales in both units and area in the Chaoyang District [4] Group 2: Product Strategy and Launches - The launch of the "Jin Yu Man Tang" product series in 2024 served as a strategic upgrade, contributing to the sales growth and industry ranking in 2025 [3] - In 2025, multiple new projects under the "Jin Yu Man Tang" series were introduced in high-tier cities, maintaining market popularity [3] - The "Jin Yu Man Tang" product matrix has become widely recognized, with the Jinmao Mansion series emerging as a leading technology residential product line across 29 cities [13] Group 3: Investment Strategy and Future Outlook - China Jinmao's investment strategy focuses on high-energy and high-certainty regions, securing quality land resources in key cities like Beijing and Shanghai [16] - In 2025, the company acquired land worth 33.9 billion, ranking eighth in the industry, ensuring a stable supply for future products [16] - The average sales price of residential properties increased to 26,000 yuan per square meter, reflecting an 18.2% year-on-year growth, enhancing the company's profitability [16]

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 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23日的公告 （「該公告」），內容有關出售本公司於三亞旅業100%股權（「出售事項」）的須予披 露的交易。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出售事項之財務影響及所得款項用途的進一步資料。 根據出售事項之最終轉讓總對價人民幣2,264.6百萬元與三亞旅業於2025年3月31 日之經審核淨資產約人民幣691.29百萬元之間的差額，本公司預期將錄得出售事 項之收益約人民幣1,573.31百萬元（稅前）。本公司將自出售事項錄得之實際收益 須以本公司經審核合併財務報表為準。所得款項淨額（經扣除所有相關開支）預計 約為人民幣2,259.73百萬元。本集團擬將該等所得款項用於未來可能的合適投資 （包括參與未來的土地購買及開發、併購優 ...

Core Viewpoint - China Jinmao (00817.HK) announced that holders of its $500 million subordinated guaranteed perpetual capital securities, issued by Fangxing Guangyao Co., Ltd. on February 8, 2021, have chosen to redeem all securities on the first reset date of February 8, 2026, at a redemption price of $500 million plus any accrued distributions [1] Group 1 - The company has provided an unconditional and irrevocable guarantee for the $500 million subordinated guaranteed perpetual capital securities [1] - As of the announcement date, the outstanding principal amount of the securities is $500 million [1] - Upon completion of the redemption on the first reset date, there will be no issued but outstanding securities [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。本公告僅供參考，並不構成收購、購買或認購證 券的邀請或要約。 本公告並不構成或作為於美國或其他地方提呈發售證券或招攬購買或認購證券的一部份。本公 告所述證券概無及將不會按照1933年美國證券法，經修訂（「證券法」）登記，（若干情況例外） 亦不得在美國境內提呈發售或出售，惟獲豁免證券法登記規定或毋須遵守證券法登記規定的交 易除外。證券（定義如下）僅會遵照證券法S規例在美國境外發售。 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） 本公告乃由中國金茂控股集團有限公司（「本公司」）自願發佈。 本公司謹此通知經方興光耀有限公司於2021年2月8日發行並由本公司無條件及不 可撤回地提供擔保的500,000,000美元次級擔保永久資本證券（「證券」）之持有人， 其已選擇於2026年2月8日（「首個重設日期」）贖 ...

1 （一） 以董事會成員多元化為基本政策，至少每年檢討董事會的架構、人數及 組成；協助董事會編製董事會技能表；以客觀條件（包括技能、知識、 經驗、性別、年齡等因素）考慮人選，並就任何為配合公司策略而擬對 董事會做出的變動提出建議； （二） 物色具備合適資格可擔任董事的人士，並挑選提名有關人士出任董事或 就此向董事會提供意見； （三） 研究董事、高級管理人員的選擇標準和程序，並向董事會提出建議； （四） 對董事候選人和高級管理人員人選進行審查並提出建議； （五） 評核獨立非執行董事的獨立性； （六） 就董事委任或重新委任以及董事（尤其是主席及總裁）繼任計劃的有關事 宜向董事會提出建議； （七） 為公司定期評估董事會表現提供支持； （八） 就董事及高級管理人員的全體薪酬政策及架構，及就設立正規而具透明 度的程序制訂此等薪酬政策，向董事會提出建議； （九） 獲董事會轉授責任釐定每位執行董事及高級管理人員的薪酬待遇，包括 金錢利益、非金錢利益、退休金權利及賠償金額（包括喪失或終止職務 或委任的賠償）；就其他執行董事的薪酬建議諮詢主席及 ╱ 或總裁，如 有需要，可尋求獨立專業意見；及就非執行董事的薪酬待遇向董事會提 出 ...

薪酬及提名委員會職權範圍 中國金茂控股集團有限公司 （於香港註冊成立之有限公司） 2 薪酬及提名委員會職權範圍如下： （十一） 應考慮同類公司支付的薪酬、履行職責須付出的時間以及本公司及其附 屬公司其他職位的僱用條件等因素； （十二） 釐定評估執行董事及高級管理人員表現的準則，評核執行董事及高級管 理人員的表現，如有需要，可尋求專業協助及意見； （十三） 檢討及批准向執行董事及高級管理人員就其喪失或終止職務或委任而須 支付的賠償，以確保該等賠償與合約條款一致；若未能與合約條款一 致，賠償亦須公平合理，不致過多； （十四） 檢討及批准因董事行為失當而解僱或罷免有關董事所涉及的賠償安排， 以確保該等安排與合約條款一致；若未能與合約條款一致，有關賠償亦 須合理適當； （十五） 確保任何董事或其任何聯繫人不得參與釐定其自身薪酬； （十六） 根據董事會授權，審閱、檢討及╱或批准股票期權計劃下具體授予之條 款及條件； （十七） 董事會授權的其他事宜。 1 （一） 以董事會成員多元化為基本政策，至少每年檢討董事會的架構、人數及 組成；協助董事會編製董事會技能表；以客觀條件（包括技能、知識、 經驗、性別、年齡等因素）考慮人選 ...

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） 董事會謹此宣佈，於2025年12月29日，鷹茂地產與全海及平嘉投資訂立新框架協 議，據此，鷹茂地產將在新框架協議之期限內繼續向全海及平嘉投資（或其各自 指定的實體）提供借款。新框架協議將自2025年12月30日起生效，並取代原框架 協議，其有效期至2026年12月31日止。 公告 持續關連交易 提供借款 茲提述本公司日期為2024年12月27日的公告，內容有關本公司間接非全資附屬 公司鷹茂地產與其股東全海及平嘉投資訂立的原框架協議，據此，鷹茂地產同 意按照全海及平嘉投資所持鷹茂地產的股權比例，並根據相同的條款與條件向 全海及平嘉投資（或其各自指定的實體）提供借款。原框架協議將於2025年12月 31日屆滿。 董事會謹此宣佈，於2025年12月29日 ...

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 [1] - Sanya Tourism, established in March 2004, solely owns the Ritz-Carlton Hotel in Sanya, which has been operational since 2008 and features 446 rooms [1] Group 2: Financial Performance - In the first half of the year, China Jinmao's hotel operating revenue decreased by 12% year-on-year to 776 million yuan, with its contribution to total revenue dropping by 1 percentage point 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 the first quarter of this year [2] - The average daily room rate at the Ritz-Carlton fell to 2,054 yuan, but the hotel achieved an 80.5% occupancy rate, up 11.2 percentage points year-on-year, with revenue per available room increasing by 3.24% to 1,654 yuan [2] Group 3: Strategic Implications - The acquisition by Sanya Luanmao, part of a special asset-backed securities plan under CITIC Securities, allows China Jinmao to separate this hotel business from its financial statements while still benefiting from its operations [2][3] - The recent inclusion of four-star and above hotel projects in the REITs framework indicates a strategic move by China Jinmao to adapt to new industry regulations and optimize its asset management [3] - The company's chairman emphasized the importance of enhancing new growth and revitalizing existing assets to achieve a three-year transformation [4]

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].