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。 ...

Core Viewpoint - The article highlights the significant changes and achievements of China Jinmao under the leadership of its new chairman, Tao Tianhai, who has implemented unconventional strategies to stabilize and grow the company's performance in the real estate market [3][13]. Financial Performance - In the first half of the year, China Jinmao reported revenue of 25.113 billion yuan, a year-on-year increase of 14% [3]. - The net profit attributable to shareholders was 1.09 billion yuan, up 8% year-on-year [3]. - The total sales amount reached 53.4 billion yuan, representing a 20% increase compared to the previous year [3]. Market Strategy - Tao Tianhai has shifted the company's strategy from contraction to actively returning to the land market, leading to a significant restructuring of the organization [3][14]. - The company has successfully launched several projects in Shanghai, with the first phase of the Jinmao Puyuan project selling out in 26 minutes at an average price of 166,000 yuan per square meter [6]. - Other projects in Shanghai also experienced strong sales, with the Baoshan project selling out on the same day of its opening [7]. Organizational Changes - Following his appointment, Tao Tianhai initiated a major organizational reform, eliminating several regional layers and restructuring into 14 regional companies [14][15]. - The internal promotion of executives and the establishment of a new management structure reflect the company's commitment to enhancing operational efficiency [15]. Land Acquisition - China Jinmao has actively participated in land auctions across high-potential cities, with significant acquisitions in Shanghai, Beijing, and other major cities [17]. - The company ranked seventh in the top 100 real estate companies for land acquisition in the first half of 2025, with a total acquisition amount of 26.1 billion yuan [18]. Future Outlook - Tao Tianhai projects that China Jinmao's total sales value will reach approximately 180 billion yuan by 2025, maintaining a sales scale above 100 billion yuan [20]. - The company is preparing for the upcoming "Golden September and Silver October" sales period, indicating a proactive approach to market opportunities [21].

Core Viewpoint - China Jinmao (00817.HK) has shown resilience in a challenging real estate market, reporting a revenue increase of 14% year-on-year to approximately 25.11 billion yuan in the first half of 2025, alongside a net profit increase of 8% to about 1.09 billion yuan [2][3]. Group 1: Financial Performance - In the first half of 2025, China Jinmao achieved a signed sales amount of approximately 53.4 billion yuan, marking a 20% year-on-year growth and ranking ninth in the industry for the first time [2]. - The overall gross profit margin remained stable at around 16%, consistent with the same period in 2024 [2]. - Despite the positive sales performance, the company recorded a negative net cash flow from operating activities, although the outflow decreased from 3.02 billion yuan in the previous year to 1.49 billion yuan [4]. Group 2: Market Position and Strategy - China Jinmao ranked seventh in land acquisition with an investment of 26.1 billion yuan in the first half of 2025, acquiring 16 projects primarily in core first- and second-tier cities [3]. - The company is focusing on a strategy of "optimizing increment and revitalizing stock," emphasizing the need to enhance overall competitiveness through the "six strengths and three comparisons" initiative [2][4]. - The chairman highlighted the importance of risk management and structural optimization to ensure sustainable development amid significant survival challenges faced by both private and state-owned enterprises in the industry [4]. Group 3: Business Diversification - While property development revenue grew by 17% to 20.04 billion yuan, other diversified business segments did not perform as strongly, with commercial leasing and retail operations revenue declining by 5% [3]. - The hotel operations revenue decreased by 12%, primarily due to the disposal of the Sanya Hilton hotel in the second half of 2024 [3]. - The property service segment, however, saw a 20% increase in revenue, maintaining a 7% share of total income [3].

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。 ...

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 須予披露的交易 提供貸款 提供貸款 董事會謹此宣佈，於2025年8月27日，本公司間接非全資附屬公司北京兆興與 其股東方興亦城、上海建發及福州裕誠訂立框架協議，據此，北京兆興同意按 照方興亦城、上海建發及福州裕誠所持股權比例，並根據相同的條款與條件向 方興亦城、上海建發及福州裕誠（或其各自指定的實體）提供貸款。 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。 上市規則的涵義 方興亦城為本公司的全資附屬公司。北京兆興由方興亦城、上海建發及福州裕 誠分別持有36%、35%及29%的股權，為本公司的間接非全資附屬公司。雖然上 海建發及福州裕誠均為北京兆興的主要股東，但由於北京兆興構成上市規則第 14A.09條下本公司的非重大附屬公司，因而上海建發及福州裕誠並非本公司的 關連人士。因此，本次交易並 ...

Core Insights - China Jinmao Holdings Group Limited reported a strong performance in the first half of 2025, achieving a revenue of 25.1 billion yuan and a net profit attributable to shareholders of 1.09 billion yuan, reflecting an 8% year-on-year increase in net profit and a 14% increase in gross profit [1][2] Financial Performance - The company recorded a gross profit of 4.049 billion yuan, with a gross margin of 16% for the first half of the year [1] - The signed sales amount reached 53.4 billion yuan, marking a 20% increase compared to the previous year, and the company ranked among the top ten in the industry for the first time [1] Product Performance - The company launched several new residential product lines, including "4府5璞2满3棠," which received high market recognition [1] - Notable sales included the "府系" products in Changsha, Xi'an, and Shanghai, all achieving sold-out status upon launch [1] - The "璞系" products also performed well, with significant sales figures reported in Beijing and Zhengzhou [1] Market Position - Despite the overall pressure on the real estate industry, China Jinmao demonstrated resilience and growth, with several new projects becoming local bestsellers [1][2] - The company’s "满系" projects achieved local sales championships, with notable performances in Beijing and Tianjin [2] Strategic Vision - The Chairman of the Board, Tao Tianhai, emphasized the potential for growth in the Chinese real estate market and the company's commitment to social responsibility and high-quality housing development [2]

Core Viewpoint - China Jinmao (00817.HK) reported a strong performance in its 2025 interim results, achieving significant growth in revenue and profit despite a challenging real estate market [1][2] Financial Performance - The company achieved operating revenue of 25.1 billion and a net profit attributable to shareholders of 1.09 billion (11.23 billion after excluding fair value gains from investment properties) [1] - Gross profit reached 4.049 billion, with a gross profit margin of 16% [1] - Year-on-year, net profit increased by 8% and gross profit rose by 14% [1] Sales Performance - The company recorded a contracted sales amount of 53.4 billion, marking a 20% increase year-on-year, and ranked among the top ten in the industry for the first time [1] - The overall scale of the top 10 real estate companies declined by approximately 14% year-on-year, while China Jinmao demonstrated healthy growth [1] Product Lines and Market Reception - The company launched several new residential product lines, including "Fu," "Pu," and "Tang," which received high market recognition [1][2] - Notable sales included the Beijing Pu Yi Feng Yi, which achieved sales of 1.8 billion, and the Xi'an Jinmao Pu Yi Dongfang, which recorded sales of 1.3 billion [1][2] Market Strategy and Outlook - The Chairman, Tao Tianhai, emphasized the potential for growth in the Chinese real estate market and the company's commitment to quality and social responsibility [2]

Core Insights - China Jinmao (00817.HK) reported a mid-year performance for 2025, achieving revenue of 25.1 billion and a net profit attributable to shareholders of 1.09 billion, with a gross profit of 4.049 billion [1] - The company’s net profit increased by 8% year-on-year, and gross profit rose by 14%, indicating enhanced profitability [1] - Despite the overall pressure on the real estate industry, China Jinmao's contracted sales grew by 20%, allowing it to enter the top ten in the industry for the first time [2] Financial Performance - Revenue for the first half of the year was 25.1 billion, with a net profit of 1.09 billion (11.23 billion after excluding fair value gains from investment properties) [1] - The gross profit was reported at 4.049 billion, with a gross margin of 16% [1] - The company’s net profit and gross profit showed year-on-year growth of 8% and 14%, respectively [1] Sales Performance - China Jinmao achieved a contracted sales amount of 53.4 billion, marking a 20% increase compared to the previous year [2] - The company launched several new projects that became local bestsellers, including multiple products from its "Jin Yu Man Tang" residential product lines [2][4] - Notable sales included 1.3 billion for Xi'an Jinmao Puyi Dongfang and 1.8 billion for Beijing Puyi Fengyi, establishing them as benchmark projects in their respective areas [4][5] Market Position - China Jinmao's performance stands out in a challenging market where the top ten real estate companies experienced a scale decline of approximately 14% [2] - The company’s strategic focus on product quality and alignment with national development goals is emphasized by its chairman, who believes there is significant growth potential in the real estate market [5]