股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 碧桂園控股有限公司 (於開曼群島註冊成立之有限公司) FF301 呈交日期: 2025年9月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02007 | 說明 | 普通股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 100,000,000,000 | HKD | 0.1 | HKD | | 10,000,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 100,000,000,000 | HKD | | 0.1 HKD | | 10,00 ...

Group 1 - In the first eight months of this year, five real estate companies among the top 100 achieved sales exceeding 100 billion yuan, with Poly Developments leading the industry [1][2] - The total sales of the top 100 real estate companies reached 23,270.5 billion yuan, a year-on-year decrease of 13.3%, with the top ten companies accounting for 49% of the total sales [1][3] - The top five companies by total sales according to the China Index Academy are Poly Developments (181.2 billion yuan), Greentown China (156.3 billion yuan), China Overseas Land & Investment (150.3 billion yuan), China Resources Land (142.5 billion yuan), and China Merchants Shekou (124.05 billion yuan) [1][2] Group 2 - The top five companies by equity sales, which are considered to have more "gold content," are Poly Developments (142.8 billion yuan), China Overseas Land & Investment (138.28 billion yuan), China Resources Land (91.57 billion yuan), China Merchants Shekou (84.3 billion yuan), and Vanke (63.9 billion yuan) [2] - Only five companies, including Poly Developments, Greentown China, and China Overseas Land & Investment, achieved sales exceeding 100 billion yuan in the first eight months [2][3] - The average sales of the top ten companies decreased by 12.1% year-on-year, with the average sales amounting to 114.5 billion yuan [4] Group 3 - New entrants in the top 20 include Guomao Real Estate, which replaced Nengjian Chengfa, with a sales figure of 25.41 billion yuan [3] - The top 10 companies' sales figures indicate a growing concentration of sales among leading firms, highlighting the "80/20 rule" where nearly half of the total sales come from the top 10 companies [3][4] - Two companies from the China State Construction Engineering Corporation entered the top 20, namely China State Construction One and China State Construction East, with sales of 36.33 billion yuan and 35.76 billion yuan, respectively [4]

1. Report Industry Investment Rating - The report does not provide an industry investment rating [1][4][7] 2. Core Viewpoints of the Report - The "over - rising" spread of Science - Tech Bond ETF component bonds has potential to widen. The second batch of Science - Tech Bond ETFs may bring about a repeat of the rush - to - buy market and a compression of liquidity premium, leading to an expansion of the "over - rising" spread. The inclusion of existing Science - Tech Bond ETFs in the pledgeable pool may also contribute to the compression of the spread [4][7] - For Science - Tech Bond ETF component bonds, perpetual bonds have a smaller "over - rising" spread and greater potential for compression compared to non - perpetual bonds. Institutions with stable liability ends are recommended to participate in advance [4][10] - In terms of the overall credit bond strategy, continue to recommend short - term, medium - to - high - quality, and highly liquid entities, and dig for "convex points" along the yield curve. After the short - end negative sentiment is fully released, start to increase allocations [4][13] 3. Summary by Directory 3.1 Credit Bond Weekly Viewpoint: The "Over - Rising" Spread of Science - Tech Bond ETF Component Bonds Has Potential to Widen - The "over - rising" spread of Science - Tech Bond ETF component bonds has remained stable at 7 - 8bp in the past month, with little over - adjustment in adverse market conditions. Trading opportunities mainly lie in individual bond pricing deviations [4][7] - On August 20, 14 fund companies collectively submitted applications for the second batch of Science - Tech Bond ETFs, which are expected to expand the "over - rising" spread of component bonds. The change in the "over - rising" spread from June to July was in line with the establishment and expansion of ETFs but with a slight lead. The listing of the second batch may repeat the rush - to - buy market, and the inclusion of existing ETFs in the pledgeable pool since August 27 may boost the compression of the "over - rising" spread [4][7] - The "over - rising" spread of Science - Tech Bond ETF component bonds is affected by factors such as terms, maturities, and outstanding scales. Perpetual bonds have a smaller and more volatile "over - rising" spread compared to non - perpetual bonds, and it is expected that the spread of perpetual bonds will continue to compress by about 5bp. Institutions with stable liability ends are recommended to participate in advance [4][10] - In terms of the overall credit bond strategy, continue to recommend short - term, medium - to - high - quality, and highly liquid entities, and dig for "convex points" along the yield curve. After the short - end negative sentiment is fully released, start to increase allocations. Currently, the steep part of the yield curve has shifted from 1 - 2Y to 2 - 3Y, and the recommended logic and entities remain unchanged [4][13] 3.2 Credit Bond Weekly Review: Short - End Starts to Recover, Long - End Continues to Adjust 3.2.1 Negative Information Monitoring - There were no bond defaults or overdue events, no downgrades of corporate main ratings or outlooks, and no downgrades of bond ratings during the week from August 25 to August 31, 2025. However, on August 28, Fitch downgraded the ratings of Vanke and its subsidiary, and on August 25, Moody's downgraded the ratings of Crown Resorts. There were also several major negative events, including overdue debts of Sunshine City, the chairman of Taihe Group being placed under detention, the default of "19 Han Dang Ke MTN001" of Wuhan Contemporary Technology Industry Group, and overdue debts of Guizhou Hongcai Investment Group [16][17][18] 3.2.2 Primary Issuance: Subscription Sentiment Improves, but Net Financing Remains Negative - The primary issuance volume of credit bonds continued to decline month - on - month, and the maturity volume also decreased slightly. The net financing was still negative. From August 25 to August 31, the primary issuance of credit bonds was 229.2 billion yuan, a 7% month - on - month decrease, and the total repayment amount dropped to 259.6 billion yuan, resulting in a net financing outflow of 30.4 billion yuan, with a smaller net outflow compared to the previous period [19] - The number of cancelled or postponed bond issuances decreased significantly month - on - month, indicating that the primary market sentiment is recovering. The average coupon rates of newly issued AAA and AA+ bonds were 2.21% and 2.45% respectively, with the AA+ rate down 15bp compared to the previous week. The frequency of newly issued AA/AA - bonds remained low [20] 3.2.3 Secondary Trading: Long - End Spreads Face Greater Pressure to Widen - The valuations of short - and medium - term credit bonds started to recover, but the long - end continued to adjust, with an overall decline of about 1bp. Spreads also faced greater pressure to widen at the long - end. The upward pressure on bond market valuations eased slightly last week, with the yields of high - grade short - term bonds dropping significantly by 3 - 4bp, while the low - grade and long - term bonds with weak liquidity were still making up for losses, with an upward movement of about 2 - 3bp. The risk - free rate curve declined at the short - end and remained unchanged at the medium - and long - ends, and the credit spreads fluctuated narrowly overall, but the 5Y spreads generally widened by about 3bp [24] - The term spreads of all grades widened significantly, with the 5Y - 1Y spreads of AAA and AA+ grades widening by up to 6 - 7bp and the AA grade widening by 4bp. The AA - AAA grade spreads fluctuated narrowly [27] - In terms of urban investment bond credit spreads, the spreads of each province fluctuated within ±1bp last week, with little differentiation among provinces and inconspicuous fluctuations in high - valuation areas. The spread of Inner Mongolia widened by up to 2bp [29] - In terms of industrial bond credit spreads, the spreads of each industry mainly narrowed by about 1bp last week, slightly outperforming urban investment bonds. The spread of the real estate industry narrowed by up to 4bp month - on - month [31] - In secondary trading, the liquidity of credit bonds further declined, with the turnover rate dropping 0.02 percentage points to 1.62% month - on - month. The issuers of the top ten bonds in terms of turnover rate were mostly central and local state - owned enterprises. There were 3 bonds with a discount of more than 10% last week, issued by Country Garden and Sunshine City. Among individual entities, the urban investment entities with the largest spread narrowing or widening were scattered. In the industrial sector, the top five entities with the largest spread widening were all real estate enterprises, and the valuations of private enterprises in the construction and communication sectors also increased significantly [33][35]

Group 1: Sales Performance of Real Estate Companies - The top 10 real estate companies in China achieved a total sales amount of 705.3 billion yuan from January to August 2025, representing an 8% year-on-year increase [8] - The sales amounts for the top 100 real estate companies reached 28.2 billion yuan, with a significant decline in the threshold values for the top 30 and 50 companies, which decreased by 10% and 18% respectively [8] Group 2: Policy Changes and Market Impact - Beijing and Shanghai have optimized their housing purchase restrictions in non-core areas, but these changes have not significantly impacted the real estate market [10][11] - The adjustments in purchase policies allowed for increased buying capacity for eligible families in non-core areas, yet the immediate sales results did not show a notable increase [14][15] Group 3: Land Supply and Market Dynamics - The focus of real estate policy has shifted from "incremental expansion" to "stock quality improvement," with a trend towards re-supplying previously unsold or stored land through regulatory adjustments [16] - In August, significant land transactions occurred in Shenzhen and Ningbo, with a notable land deal in Shenzhen reaching a total price of 8.64 billion yuan, setting a record for the year [17][18]

Group 1 - The core viewpoint of the article highlights a general increase in Hong Kong real estate stocks, driven by the relaxation of housing purchase restrictions in Beijing and Shanghai, which are the strictest cities in terms of these policies [1][1][1] - Major real estate companies such as China Jinmao, New World Development, and Sunac China saw significant stock price increases, with China Jinmao rising over 4% [1][1][1] - Analysts suggest that if the real estate market continues to show weakness, cities like Beijing and Shanghai are likely to further ease purchase restrictions, indicating a potential shift in national housing policy [1][1][1] Group 2 - The China Index Academy anticipates that September will be a period of intensive real estate policy announcements, with new supportive measures expected to accelerate under the goal of stabilizing the market [1][1][1] - As the market anticipates a potential interest rate cut by the Federal Reserve in September, there is an expectation for increased domestic monetary policy flexibility, which could further benefit the real estate sector [1][1][1] - The real estate market is entering the "Golden September and Silver October" sales season, with expectations that property companies will accelerate their sales efforts in core cities, leading to a potential short-term increase in market activity [1][1][1]

Core Viewpoint - The real estate market is undergoing significant changes, with predictions indicating a prolonged adjustment period for housing prices, which have already seen substantial declines in some areas [8][11]. Group 1: Expert Predictions - Vanke founder Wang Shi emphasizes that the adjustment in the real estate market will take several years, and current price declines are not indicative of a quick recovery [8]. - He suggests that ordinary individuals should refrain from rushing to buy properties and should instead adopt a wait-and-see approach [8]. - Wang Shi predicts a severe polarization among real estate companies, where those with high debt and poor product quality may face bankruptcy or mergers, while financially stable companies focusing on quality will thrive [11]. Group 2: Market Trends - The explosive demand for housing has largely been exhausted, with urbanization rates stabilizing at over 65% as of 2023, indicating a shift in market dynamics [16]. - Housing prices in major cities have escalated significantly over the past two decades, making them less accessible even after recent declines [16]. - The demographic shift, including a decrease in newborns and an aging population, is expected to further alter housing demand [16]. Group 3: Investment Strategies - Wang Shi advises monitoring price differentiation trends, noting that major cities and new first-tier cities like Wuhan and Chengdu will likely maintain stronger price support compared to third- and fourth-tier cities facing population outflows [18]. - There may be opportunities in the market for improved housing, as older properties become less desirable due to maintenance issues, leading to a preference for low-density, well-managed communities [18]. - The overall sentiment aligns with previous views that purchasing in core urban areas is advisable for self-use, while speculative investments should be approached with caution [20].

Core Viewpoint - The company reported its 1H25 performance, showing a revenue of 23.2 billion yuan, a year-on-year increase of 10%, while net profit attributable to shareholders decreased by 31% to 1 billion yuan, aligning with expectations [1] Revenue Performance - Revenue growth was supported by core business operations, with property management service revenue, which accounts for about 60% of total revenue, increasing by 7% due to a 6% year-on-year growth in managed area to 1.06 billion square meters [1] - The "Three Supplies and One Industry" segment saw a significant revenue increase of 52% year-on-year, contributing to overall revenue stability [1] Profitability Pressure - Profit margins faced pressure, with several business segments experiencing a year-on-year decline in gross margins, except for value-added services [1] - The decline in profitability in the large property management segment was attributed to lower gross margins from newly developed projects, a return to industry average margins for some high-margin existing projects, increased investment in problematic projects, and changes in the structure of value-added services [1] Cash Flow and Financial Health - The company's operating cash flow was weaker than the previous year, with a net cash outflow of 880 million yuan in 1H25 compared to a net inflow of 270 million yuan in the same period last year, primarily due to increased upfront investments for the "Three Supplies and One Industry" business and a decrease in prepayments from owners [2] Future Outlook - The business is expected to face internal and external pressures, but the management's refined management measures may help mitigate some external impacts, maintaining relative stability in core operations [2] - The management aims to achieve the revenue, profit, and cash flow targets set at the beginning of the year and plans to actively return results to shareholders [2] Profit Forecast and Valuation - Based on the actual operating conditions in the first half of the year, the company slightly lowered profit margin assumptions for several segments, reducing the core net profit forecasts for 2025 and 2026 by 19% and 21% to 2.59 billion yuan and 2.62 billion yuan, respectively [2] - The target price was adjusted down by 4% to 6.8 HKD, reflecting a 5% upside potential and an 8x price-to-earnings ratio based on core net profit for 2025, along with a 7.5% expected dividend yield [2]

Core Insights -碧桂园服务 achieved a revenue of 23.2 billion yuan in H1 2025, representing a year-on-year growth of 10.2%, while core net profit attributable to shareholders decreased by 14.8% to 1.57 billion yuan [1][2] Group 1: Business Performance - Core businesses showed positive year-on-year growth, with property management, "three supplies and one industry," and community value-added services generating revenues of 13.6 billion, 5.1 billion, and 2.1 billion yuan respectively, reflecting growth rates of 6.7%, 51.6%, and 5.3% [1][2] - The combined revenue from the three main businesses accounted for 89.6% of total revenue, an increase of 3.6 percentage points year-on-year, while their combined gross profit margin rose to 92.9%, up 3.1 percentage points [1][2] Group 2: Expansion and Market Position - The company maintained its industry-leading position with a managed area of 1.06 billion square meters (excluding "three supplies and one industry") and signed new third-party contracts covering 6.477 million square meters, a year-on-year increase of 66% [2] - The "three supplies and one industry" segment signed 315 new projects with a total contract value of 1.79 billion yuan, indicating strong growth potential in this specialized area [2] Group 3: Profitability and Shareholder Returns - Gross margins for basic property management, "three supplies and one industry," and community value-added services were 21.8%, 7.7%, and 30.4% respectively, showing declines of 1.1, 1.2, and 8.6 percentage points year-on-year [2] - The company committed to distributing 60% of core net profit attributable to shareholders as dividends in 2025 and plans to enhance shareholder returns through share buybacks and other measures [3]

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份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。 COUNTRY GARDEN HOLDINGS COMPANY LIMITED 碧桂園控股有限公司 （於開曼群島註冊成立之有限公司） （股份代號：2007） 海外監管公告 本海外監管公告乃由碧桂園控股有限公司（「本公司」）根據香港聯合交易所有限公司 （「聯交所」）證券上市規則（「上市規則」）第13.10B條刊發。 謹請參閱隨附本公司在中華人民共和國上海證券交易所（「上交所」）網頁登載之《碧 桂園控股有限公司關於公司重大事項的公告》（債券代碼：135797）。 另外，亦請參閱隨附本公司之附屬公司碧桂園地產集團有限公司及騰越建築科技集 團有限公司在上交所網站和╱或中華人民共和國深圳證券交易所網站登載之文件： – 1 – 1. 《碧桂園地產集團有限公司關於公司重大事項的公告》（債券代碼：163015、 175214、175366、149407、149509、149632、149748、102282094及 1 ...

Core Viewpoint - Country Garden Holdings Company Limited reported a significant net loss of approximately 19.65 billion yuan for the first half of 2025, primarily due to a decline in project settlement scale and increased asset impairment amid industry adjustments [1][2]. Financial Performance - The company achieved a total revenue of approximately 72.57 billion yuan in the first half of 2025, with major contributions from real estate development (70.03 billion yuan) and technology construction (2.54 billion yuan) [2]. - As of mid-2025, Country Garden's total assets were approximately 909.3 billion yuan, exceeding total liabilities, which included contract liabilities of about 222 billion yuan [2]. Debt Restructuring Progress - Country Garden has made significant progress in its offshore debt restructuring, with over 77% of the holders of existing public notes agreeing to the restructuring plan as of August 18 [4]. - The restructuring is expected to reduce the debt scale by approximately 11.7 billion USD, corresponding to about 84 billion yuan of interest-bearing debt, significantly lowering the company's financial burden [4]. - The new debt financing costs are projected to decrease to between 1.0% and 2.5%, enhancing cash flow management [4]. Delivery and Operational Strategy - The company has delivered over 1.7 million housing units in the past three years, with more than 70,000 units delivered in the first half of 2025, maintaining a leading position in third-party rankings [3]. - Country Garden has raised over 65 billion yuan through asset disposals since 2022, including the sale of a stake in Blue Arrow Aerospace for approximately 1.305 billion yuan [3]. - The company aims to continue its focus on "guaranteeing delivery" while optimizing resource utilization and responding to government support policies [5].