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]
花旗：维持中国金茂(00817)“买入”评级 目标价1.62港元