Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report From June 30 to July 6, 2025 (Week 27), the land supply scale in key cities increased significantly for two consecutive weeks, while the transaction scale decreased but remained at a high level for the year. The average premium rate dropped to a recent low. The supply of high - quality plots decreased, leading to a decline in the average premium rate [4]. 3. Summary by Related Catalogs Supply - The supply construction area this week was 6.8 million square meters, a 26% week - on - week increase, continuing the seasonal rise in mid - year. There were 76 residential - included plots supplied in key cities, with an average plot ratio of 1.99. The average plot ratios of residential land supplied in Nanjing, Nantong, Hefei, and Tianjin were all no higher than 2.0 [4]. - In Shenzhen, a residential plot in Longhua District was listed, with a base price of 1.906 billion yuan, a plot ratio of 3.1, a planned construction area of 68,000 square meters, and a starting floor price of 28,000 yuan per square meter. The plot is adjacent to a subway station with mature surrounding facilities [5]. - Nanjing listed 16 residential plots, with a total construction area of 709,000 square meters and a total starting base price of 7.25 billion yuan. The highest starting floor price was 30,000 yuan per square meter for a plot in Gulou, and the highest base price was 1.71 billion yuan for a plot in Jiangbei New Area [6]. Transaction - The transaction construction area was 5.56 million square meters, a 11% week - on - week decrease. The transaction amount was 39.2 billion yuan, a 26% week - on - week decrease. The average premium rate dropped to 3.3% [4][6]. - In Chengdu, a plot in Jinniu District was sold at a 24% premium rate, with a transaction floor price of 20,000 yuan per square meter. In Wuhan, a plot in Jiang'an District was won by Greentown at a transaction floor price of 28,000 yuan per square meter, ranking second in Wuhan's residential floor price records [7]. Top 5 Plots - **Unit Price TOP5**: The top 5 plots in terms of unit price included those in Guangzhou, Wuhan, Fuzhou, and Tianjin. The highest unit price was 30,000 yuan per square meter for a plot in Guangzhou, and the highest premium rate was 54% for a plot in Wuhan [13]. - **Total Price TOP5**: The top 5 plots in terms of total price included those in Fuzhou, Guangzhou, and Chengdu. The highest total price - related information was not clearly presented, and some plots had a 0% premium rate [15].

Group 1 - The core viewpoint indicates that despite the new housing market not fully stabilizing, the land market is showing signs of activity, particularly in core cities where high premium land parcels are being actively pursued by developers [1][2]. - In the first seven months of 2025, the proportion of premium land parcels in 30 key cities reached 30%, marking a three-year high and an increase of 12 percentage points compared to 2024, indicating a resurgence in land acquisition sentiment [2][3]. - The average premium rate for land parcels in the same period rose to 26%, nearly doubling compared to the past two years, reflecting heightened competition among developers [2]. Group 2 - The performance of companies in the land acquisition space remains fragmented, with many struggling to capitalize on opportunities, while leading firms are driving positive growth in investment amounts [3][5]. - In the first seven months of 2025, the top 100 real estate companies recorded a total new land reserve value of 682.8 billion yuan and an area of 5.802 million square meters, with a year-on-year increase of 33%, indicating a stabilization in investment trends [5]. - The concentration of land acquisition among the top 10 real estate companies remains high, with their new land value accounting for 70% of the total for the top 100, reflecting a trend towards market consolidation [6][7]. Group 3 - The top 10 real estate companies have a land acquisition to sales ratio of 0.41, significantly higher than the industry average of 0.3, showcasing their aggressive land acquisition strategies [7]. - Companies such as China Overseas, China Merchants, and Greentown have seen substantial increases in land acquisition amounts, with Poly Developments and China Resources maintaining steady investment speeds [8]. - High premium land acquisitions are primarily being made by state-owned enterprises and established regional players, with companies like CIFI, China Overseas, and China Merchants leading in this area [11][12]. Group 4 - The focus of investment is increasingly on high-quality land parcels in first and second-tier cities, leading to intense competition among developers, particularly state-owned enterprises [14]. - The attractiveness of premium land parcels is rising, as the market recognizes the importance of improvement projects in driving growth [14].

Core Viewpoint - The land market is showing signs of activity despite the new housing sales not fully stabilizing, with a notable increase in high-premium land transactions in key cities like Shanghai, Hangzhou, and Suzhou [3][4]. Group 1: Land Market Trends - In the first seven months of 2025, the proportion of premium land transactions in 30 key cities reached 30%, the highest in three years, indicating a resurgence in land acquisition sentiment [7]. - The total area of residential land sold in these 30 cities was 55.2 million square meters, a year-on-year increase of 17%, contrasting with a 9% decline in the overall 300 cities [6]. - The average premium rate for land in these cities increased to 26%, nearly doubling compared to the past two years [7]. Group 2: Corporate Investment Behavior - The performance of real estate companies remains fragmented, with many unable to acquire new land reserves, while top-tier companies are driving positive growth in investment amounts [12]. - In the first seven months of 2025, the top 100 real estate companies recorded a total new land reserve value of 682.8 billion yuan, a year-on-year increase of 33% [12]. - The concentration of land acquisition among the top 10 real estate companies remains high, with their new land value accounting for 70% of the total for the top 100 [15]. Group 3: High-Premium Land Acquisition - Companies actively acquiring high-premium land include state-owned enterprises and well-established regional firms, with a significant portion of premium land transactions occurring in the 30 key cities [20]. - The companies with the highest proportion of premium land acquisitions include Binhai, Greentown, and China Resources, with rates of 100%, 84%, and 73% respectively [20][22]. - The competition for high-quality land in first and second-tier cities is intensifying, with state-owned enterprises dominating the landscape due to the high total prices, which deter some private and local state-owned enterprises [24].

Group 1 - Greentown China (03900.HK) expects a decline of approximately 90% in the interim profit attributable to shareholders for the first half of 2025 compared to RMB 2.045 billion in the same period of 2024 [1] - The decline is primarily due to uneven delivery schedules in 2025, resulting in a year-on-year decrease in recognized area and revenue for the first half of the year [1] - The company continues to actively promote inventory reduction and will recognize related asset impairment losses for the interim period of 2025, further impacting shareholder profit [1] Group 2 - The group has optimized its debt structure, reducing short-term liabilities to below 20%, achieving a historical low [1] - Cash reserves are robust, with a cash-to-short-term debt ratio exceeding 2.5 times, marking a historical high, indicating overall operational safety and stability [1]

Group 1 - Xi'an's new property launches are accelerating as developers aim to boost performance for the second half of the year [1][2] - Greentown China made a significant impact by announcing four new projects at the "Flourishing Era of Xi'an" event, signaling confidence in the current sluggish market [1][2] - The four projects announced include Greentown·Run Baihe, Greentown·Gui Guan Dongfang, Greentown·Lvtin Fangfei, and Greentown·Chang'an Yuhua, each targeting different market segments [2][4] Group 2 - Greentown·Lvtin Fangfei is set to launch at the end of September, featuring units ranging from 89 to 139 square meters with a 40% gift rate, emphasizing spacious interior designs [4][6] - Greentown·Run Baihe, the first Baihe series project in Xi'an, will offer units from 125 to 195 square meters, with a focus on high-quality urban locations [8][9] - Greentown·Gui Guan Dongfang, positioned as a premium urban project, is expected to enter the market by the end of the year, targeting high-end buyers [12][15] Group 3 - Greentown·Chang'an Yuhua aims to surpass existing high-end offerings in the area, with a focus on large units and high-end improvements, expected to launch by the end of the year [17][19] - Other developers like China Resources, Longfor, and China Overseas are also launching new projects in Xi'an, indicating a competitive market landscape [19] - The upcoming months are anticipated to be significant for Xi'an's real estate market, with multiple new projects set to enter [19]

Group 1: Company Updates - Huaguang Huaneng's production and operational activities are normal, with no significant changes in fundamentals [1] - Chuangyuan Co.'s new co-branded products are expected to have limited short-term impact on revenue and profit [1] - Shanghai Port's stock price has seen significant short-term increases, indicating potential irrational speculation [1] - *ST Gaohong's stock may face forced delisting due to major legal violations [1] - Jihua Group is under investigation by the CSRC for suspected information disclosure violations [1] - Hongtian Co.'s indirectly controlled subsidiaries have not yet generated revenue or profit from mask plates and glass substrate equipment orders [1] - Jishi Media does not engage in "State-owned Cloud" related businesses and is not involved in investments in currently released films [1] Group 2: Performance Metrics - Tongchen Beijian reported a net profit of 737 million yuan for the first half of the year, a year-on-year decrease of 17.34% [4] - Huanxun Electronics' consolidated revenue for July was 4.911 billion yuan, down 8.81% year-on-year [4] - Baiyun Airport's passenger throughput in July increased by 6.32% year-on-year [4] - Poly Development achieved a signed amount of 18.014 billion yuan in July, a year-on-year decrease of 28.85% [4] - Xiaoming Co. reported chicken product sales revenue of 75.14 million yuan in July, a month-on-month decrease of 22.35% [4] - Zhengbang Technology's pig sales revenue in July was 741 million yuan, up 91.38% year-on-year [4] - Yisheng Co. reported white feather chicken seedling sales revenue of 101 million yuan in July, a month-on-month decrease of 22.32% [4] - Tianbang Food's commodity pig sales revenue in July was 686 million yuan, a month-on-month increase of 1.59% [4] - Chongqing Construction's new contract amount in the second quarter was 8.101 billion yuan, a year-on-year decrease of approximately 42.97% [4] - Shunyu Optical Technology's mobile lens shipments in July decreased by 14.6% year-on-year [4] - Jianghuai Automobile's total sales in July were 25,197 vehicles, a year-on-year decrease of 21.73% [4] - Dual One Technology reported a net profit of 99.87 million yuan for the first half of the year, a year-on-year increase of 324.5% [4] - Wukuang Capital's performance report indicated a net profit of 525 million yuan for the first half of the year, a year-on-year decrease of 41.47% [4] - Greentown China expects a 90% year-on-year decrease in profit attributable to shareholders for the mid-2025 period [4] - Maoyan Entertainment anticipates a year-on-year decrease of approximately 29.8% to 43.8% in profit attributable to owners for the first half of the year [4] Group 3: Shareholding Changes - Ping An Life and Ping An Asset Management plan to reduce their holdings in China Happiness by no more than 3% [4] - Shiyun Circuit's new international intends to reduce its holdings in the company by no more than 3% [4] - Chuanwang Media's shareholders plan to reduce their holdings by no more than 1% [4] - Jian Ke Intelligent's actual controller plans to reduce their holdings by no more than 1.07% [4] - Hengong Precision's shareholders plan to reduce their holdings by no more than 3% [5]

上半年，集团持续优化债务结构，压降短期负债，短债占比低于20%，创历史新低。同时，现金储备充 裕，现金短债比2.5倍以上，创历史新高，整体经营安全稳健。 绿城中国(03900)发布公告，预计2025年中期公司股东应占利润较2024年同期人民币20.45亿元下降90% 左右，主要是受集团2025年上下半年交付节奏分布不均的影响，上半年结转面积同比下降，收入同比下 降。此外，公司今年继续积极推动长库存去化，2025年中期计提相关资产减值损失，进而影响了股东应 占利润。 ...

Core Viewpoint - Greentown China announced a significant expected decline in shareholder profit for mid-2025, projecting a decrease of approximately 90% compared to the same period in 2024, primarily due to uneven delivery schedules and inventory reduction efforts [1] Financial Performance - The company anticipates a shareholder profit of around 2.045 billion yuan for mid-2025, which represents a substantial drop from the previous year [1] - The decrease in profit is attributed to a year-on-year decline in both the area delivered and revenue for the first half of the year [1] Strategic Initiatives - Greentown China continues to actively promote inventory reduction, which is expected to lead to asset impairment losses being recognized in mid-2025 [1]

Core Viewpoint - Greentown China (03900.HK) expects a significant decline in profit attributable to shareholders for the first half of 2025, projecting a decrease of approximately 90% compared to the same period in 2024, primarily due to uneven delivery schedules and a decrease in recognized area and revenue [1] Financial Performance - The company anticipates a profit attributable to shareholders of RMB 2.045 billion for mid-2025, reflecting a substantial drop from the previous year [1] - The decrease in recognized area and revenue is attributed to the company's ongoing efforts to reduce inventory levels [1] Debt Management - The company has been actively optimizing its debt structure, successfully reducing short-term liabilities to below 20%, marking a historical low [1] - Cash reserves are robust, with a cash-to-short-term debt ratio exceeding 2.5 times, also a historical high, indicating a stable operational safety [1]

GREENTOWN CHINA HOLDINGS LIMITED 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 全部或任何部分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 司 股 東 及 潛 在 投 資 者 在 買 賣 本 公 司 證 券 時 務 請 謹 慎 行 事。 代表董事會 綠城中國控股有限公司 主 席 劉成雲 盈利警告 本公告乃由綠城中國控股有限公司（「本公司」，連 同 其 附 屬 公 司，統 稱「本集團」） 根據香港聯合交易所有限公司證券上市規則第13.09(2)(a)條及香港法例第571章 證券及期貨條例第XIVA部 的 內 幕 消 息 條 文 而 作 出。 本公司董事會（「董事會」）謹此知會本公司股東（「股 東」）及 潛 在 投 資 者，根 據 本 公司截至2025年6月30日 止6個 月（「2025年中期」）未經審核綜合管理賬目及本集 團 現 有 數 據 之 初 步 評 估，預 計2025年中期本公司股東應佔利潤較2024年同期 ...