智通财经APP讯，中国金茂(00817)发布公告，于2025年7月31日，公司间接非全资附属公司上海宝杨与 其股东苏州腾茂、上海宝冶及上海杨行订立框架协议，据此，上海宝杨同意按照苏州腾茂、上海宝冶及 上海杨行所持股权比例，并根据相同的条款与条件向苏州腾茂、上海宝冶及上海杨行(或其各自指定的 实体)提供贷款。 预期于框架协议有效期内，上海宝杨向上海宝冶及上海杨行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6.26亿元及人民币17.50亿元。 上海宝杨销售情况良好、销售回款充裕，董事认为，由上海宝杨向其股东提供贷款，可减少其现金结余 的闲置状况，充分发挥资金优势，合理配置资源，提高资金使用率，满足本集团于其他开发项目的发展 及财政需要。上海宝杨所提供予苏州腾茂、上海宝冶及上海杨行(或其各自指定的实体)的贷款，金额将 与该方所持上海宝杨的股权比例对等，且其他贷款交易条款及条件亦相同。 为确保贷款的条款及条件同样适用于苏州腾茂、上海宝冶及上海杨行，本公司的财务资本部将与上海宝 杨一同根据其财务状况厘定所提供的贷款的金额及期限，其后，上海宝杨与各方将订立的具体贷款协议 将呈交至本公司的审计法务部，以确保 ...

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） 蘇州騰茂為本公司的全資附屬公司。上海寳楊由蘇州騰茂、上海寶冶及上海楊 行分別持有26%、19.5%及54.5%的股權，為本公司的間接非全資附屬公司。雖 然上海寶冶及上海楊行均為上海寳楊的主要股東，但由於上海寳楊構成上市規 則第14A.09條下本公司的非重大附屬公司，因而上海寶冶及上海楊行並非本公 司的關連人士。因此，本次交易並不構成本公司在上市規則第14A章下的關連 交易。 由於框架協議下上海寳楊向上海寶冶及上海楊行所提供貸款之合計每日最高結 存餘額（包括應計利息）的一個或多個適用百分比率高於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的交易，須遵守申 報及公告的規定。 1 背景 （股票代號：00817） 公告 須予披露的交易 提供貸款 ...

中国金茂公告，公司全资附属公司上海金茂投资管理集团有限公司已于2025年7月23日完成向合格投资 者发行本金额为人民币20亿元的2025年度第一期中期票据。第一期票据的期限为三年，最终票面利率为 2.3%。发行第一期票据的所得款项拟用于偿还公司其他到期票据。 ...

Group 1 - Citi maintains a positive outlook on China Jinmao (00817), reiterating a "Buy" rating with a target price of HKD 1.62 [1] - The company has experienced a smooth management transition, with the former chairman retiring and the CEO being promoted to chairman [1] - Jinmao's parent company has increased its shareholding to 38.4%, which supports the company's financing and operations [1] Group 2 - Jinmao achieved a sales revenue of RMB 15.6 billion in June 2025, representing a 17% year-on-year growth, with strong performance in the Shanghai market [1] - For the first half of 2025, total sales reached RMB 53.4 billion, a 20% increase year-on-year, while the company aims for over RMB 100 billion in sales for 2025 [1] - The company plans to invest RMB 180 billion in saleable resources for 2025, with RMB 70 billion being new resources [1] Group 3 - In the first half of 2025, Jinmao acquired 14 new land parcels at a total cost of RMB 26 billion, with 71% located in Shanghai and Beijing [2] - The company has established a development property resource reserve valued at over RMB 300 billion, with 87% located in first and second-tier cities [2] - Jinmao aims to enhance its return on equity (ROE) through asset turnover, benefiting from local government land and inventory buyback policies, and targeting a net profit margin of 10% for new projects [2]

Core Viewpoints - The real estate market is entering a quality upgrade phase, with an increase in demand for improved housing among residents. The company's long-standing focus on green technology residential properties has built a brand moat, and its newly launched "Jin Yu Man Tang" product line has received strong market recognition, which is expected to further enhance its market share in the improved housing segment in the "good housing" era [1] Summary by Sections Performance Improvement - The company achieved a turnaround in profitability, reporting a net profit of 1.07 billion yuan in 2024, compared to a loss of 6.9 billion yuan in the same period last year. This improvement is attributed to a decrease in impairment provisions, an increase in gross margin, a reduction in expense ratios, and positive contributions from joint ventures [2] Sales and Investment - The company has shown strong performance in both sales and land acquisition, leading the top 10 real estate companies in investment intensity and sales growth. In the first half of the year, total sales increased by 20% year-on-year, while the sales of the top 100 real estate companies collectively declined by 11%. The company’s sales scale entered the top ten for the first time [2] - The company acquired land worth 39.2 billion yuan in the first half of the year, achieving an investment intensity of 73%, ranking first among the top 10 real estate companies. The focus on high-tier cities has improved the structure of its land reserves, with 90% of the saleable value located in first and second-tier cities [2] Future Profitability Projections - The company is rated as a "buy" with a target price of 2.20 HKD. Projected net profits for 2025-2027 are estimated at 1.204 billion, 1.36 billion, and 1.811 billion yuan, with year-on-year growth rates of 13.0%, 13.0%, and 33.1% respectively [3]

Group 1 - Hong Kong property stocks continued to rise in early trading, with Sunac China (01918.HK) up over 5% [1] - China Jinmao (00817.HK) increased by more than 4% [1] - Other stocks such as New World Development (01030.HK), R&F Properties (02777.HK), and Jinhui Holdings (09993.HK) also saw gains [1]

6月27日，多城土地集中出让，央企中国金茂拿地积极，一日之内落子三城。 在成都，龙泉驿区一涉宅组合用地出让，该组合地块由两宗宅地组成，总土地出让面积103161.7平方 米，总规划建筑面积257904.24平方米，总起始价26.32亿元，最终成都经开国投和中国金茂联合体竞 得，成交价为底价26.32亿元。 在杭州，金茂旗下公司以11.57亿元的总价，竞得原运河新城单元GS1004-9-2地块，成交楼面价41240元/ 平方米。据悉，该地块出让面积20044平方米，容积率1.4，起价7.42亿元，楼面起价26451元/平方米， 最终溢价率达到55.91%。 合肥也迎来一场土拍热潮，今日市区3宗住宅地块出让。中国金茂以总价13.55亿元拿下高新蜀西湖地 块，楼面价17608元/平方米；其余地块被华润和高新城发拿下，总价分别为3.45亿和3.44亿，楼面价分 别为10683元/平方米、7900元/平方米。 今日多城土地集中出让，央企中国金茂拿地积极。 去年四季度以来，金茂已明显加大投资力度，全年权益土地款支出202亿，权益占比61%，部分项目与 华润、保利、建发等合作开发；拿地区域重回一二线，京沪成为投资重心。 进 ...

中国金茂公告，苏州腾茂(公司间接全资附属公司)与苏州淳茂签署股权转让协议，同意收购而苏州淳茂 同意出售上海洮茂49%的股权，总对价约为21.37亿元。于本次交易完成后，上海洮茂将成为公司的间 接全资附属公司。 ...

Investment Rating - The report assigns an "Outperform" rating for the company, with a target price range of 1.18 to 1.24 HKD, indicating a potential upside of 20% to 26% from the current price of 1.06 HKD [5][3][19]. Core Insights - The company has successfully turned around its performance, achieving profitability in 2024 due to reduced inventory impairment provisions, improved gross margins in development, decreased operating expenses, and increased contributions from joint ventures [1][19][3]. - The company maintains a diversified business structure, focusing on urban and property development, commercial leasing, hotel operations, and property services, with urban and property development accounting for over 80% of its revenue [1][15][19]. - The company has a strong sales performance, ranking 12th in the industry with sales of 98.3 billion RMB in 2024, and has a healthy land bank with 87% of unsold value located in first- and second-tier cities [2][62][83]. Summary by Sections Company Overview - The company is a platform enterprise in urban operations under China National Chemical Corporation, with a stable shareholding structure and diversified business segments [1][11][12]. Financial Performance - In 2024, the company reported revenue of 59.1 billion RMB, a decrease of 19% year-on-year, but achieved a net profit of 1.1 billion RMB, marking a turnaround from losses [4][19][17]. - The company has cumulatively recognized 17.4 billion RMB in impairments since 2020, with a significant reduction in impairment provisions in 2024 [3][21]. Business Segments - **Urban and Property Development**: The company launched a new product line, contributing 49.2 billion RMB in revenue, with a gross margin of 11% [31][19]. - **Commercial Leasing and Retail Operations**: This segment generated 1.6 billion RMB in revenue, with a high occupancy rate and stable rental income [46][47]. - **Hotel Operations**: The hotel segment faced challenges, generating 1.7 billion RMB in revenue, with a gross margin of 36% [54][56]. - **Property Services**: The property services segment, which was spun off in 2022, contributed 3 billion RMB in revenue, reflecting a 10% increase [58][60]. Sales and Land Bank - The company achieved sales of 98.3 billion RMB in 2024, with a sales area of 5.82 million square meters and an average selling price of 16,887 RMB per square meter [62][68]. - The company has a robust land bank, with unsold value of approximately 280 billion RMB, primarily located in economically developed regions [83][84]. Debt Management - The company has optimized its debt structure, with a reasonable debt maturity profile and a reduction in the proportion of short-term debt to 18% [89][90].

Investment Rating - The report assigns an "Outperform" rating for the company, with a target price range of 1.18 to 1.24 HKD, indicating a potential upside of 20% to 26% from the current price of 1.06 HKD [5][3]. Core Insights - The company has successfully turned around its performance, achieving profitability in 2024 due to reduced inventory impairment provisions, improved gross margins in development, decreased operating expenses, and increased contributions from joint ventures [1][19]. - The company maintains a diversified business structure, focusing on urban and property development, commercial leasing, hotel operations, and property services, with urban and property development accounting for over 89% of its revenue [15][19]. - The company has a strong sales performance, ranking 12th in the industry with sales of 98.3 billion RMB in 2024, and has a robust land bank with 87% of unsold value located in first- and second-tier cities [2][62]. Summary by Sections Company Overview - The company is a platform enterprise in urban operations under China National Chemical Corporation, with a stable shareholding structure and diversified business segments [11][12]. Financial Performance - In 2024, the company reported revenue of 59.1 billion RMB, a decrease of 19% year-on-year, but achieved a net profit of 1.1 billion RMB, marking a return to profitability [17][19]. - The company has cumulatively recognized 17.4 billion RMB in impairments since 2020, with a significant reduction in impairment provisions in 2024 [21][19]. Business Segments - **Urban and Property Development**: The company launched the "Jin Yu Man Tang" product line, contributing 492 billion RMB in revenue, despite a 22% decline [31][19]. - **Commercial Leasing and Retail Operations**: The commercial leasing segment generated 1.6 billion RMB in revenue, with a high occupancy rate and stable rental income [46][47]. - **Hotel Operations**: The hotel segment faced challenges, generating 1.7 billion RMB in revenue, down 18% year-on-year, with a gross margin of 36% [54][56]. - **Property Services**: The property services segment, which was spun off in 2022, contributed 3 billion RMB in revenue, reflecting a 10% increase [58][60]. Sales and Land Bank - The company achieved sales of 98.3 billion RMB in 2024, with a sales area of 5.82 million square meters and an average selling price of 16,887 RMB per square meter [62][68]. - The company has a substantial land bank, with unsold value of approximately 280 billion RMB, primarily located in economically developed regions [83][87]. Debt Management - The company has optimized its debt structure, with a total debt of 122.8 billion RMB and a manageable proportion of short-term debt [89][95]. - The company maintains a healthy financial position, with all three red lines in green, ensuring access to diverse financing channels [89][95].