华侨城A：

Core Insights - In October 2025, the company reported a significant decline in contract sales area and amount compared to the previous year, indicating challenges in the market [1] - However, there was a month-on-month increase in both contract sales area and amount compared to September 2025, suggesting some recovery [1] Sales Performance - In October 2025, the company achieved a contract sales area of 91,000 square meters, a year-on-year decrease of 62%, but a month-on-month increase of 16% [1] - The contract sales amount for October 2025 was 1.3 billion yuan, down 57% year-on-year, but up 20% from September 2025 [1] - From January to October 2025, the cumulative contract sales area was 984,000 square meters, a decrease of 26% year-on-year, while the contract sales amount was 14.55 billion yuan, down 27% year-on-year [1] Tourism Performance - In October 2025, the company's cultural tourism enterprises received 7.46 million visitors, a year-on-year decline of 7%, attributed to a decrease in overall consumer enthusiasm for certain festival activities [1] - From January to October 2025, the total number of visitors to the company's cultural tourism enterprises was 67.01 million, reflecting a year-on-year decrease of 2% [1]