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11月30日 狀態: 新提交 FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 致：香港交易及結算所有限公司 公司名稱: 綠城中國控股有限公司 呈交日期: 2025年12月4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) | 03900 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 0.1 HKD | | 1,000,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 10,000,000,000 | ...

Core Viewpoint - Greentown China (03900) reported a total sales area of 2,718 units and a sales amount of approximately RMB 14.4 billion in November 2025, indicating a significant performance in the real estate market [1] Sales Performance - In November 2025, Greentown Group achieved a sales area of approximately 400,000 square meters with a sales amount of around RMB 14.4 billion, resulting in an average sales price of RMB 36,200 per square meter [1] - From January to November 2025, the total contracted sales area reached approximately 3.9 million square meters, with a total sales amount of about RMB 132.9 billion, of which the equity amount attributable to Greentown Group was approximately RMB 87.7 billion [1] - As of November 30, 2025, there were additional signed purchase agreements amounting to approximately RMB 5.4 billion, with an equity amount of about RMB 3.8 billion attributable to Greentown Group [1] Project Performance - In November 2025, Greentown Group's entrusted projects recorded a sales area of approximately 740,000 square meters and a sales amount of around RMB 9.9 billion [1] - For the period from January to November 2025, the total sales area for entrusted projects was approximately 6.92 million square meters, with a total sales amount of about RMB 90.6 billion [1] Year-on-Year Comparison - As of November 30, 2025, the cumulative total contracted sales area was approximately 10.82 million square meters, with a total contracted sales amount of about RMB 223.5 billion, reflecting a year-on-year decrease of 9.44% [1]

2025年11月，绿城集团代建项目取得销售面积约74万平方米，销售金额约人民币99亿元。2025年1-11 月，绿城集团代建项目累计取得销售面积约692万平方米，销售金额约为人民币906亿元。 综上，截至2025年11月30日止十一个月，绿城集团累计取得总合同销售面积约1082万平方米，总合同销 售金额约人民币2235亿元。 格隆汇12月4日丨绿城中国(03900.HK)公告，2025年11月，绿城集团自投项目取得销售2,718套，销售面 积约40万平方米，当月销售金额约为人民币144亿元，销售均价约为每平方米人民币36,209元。2025年 1-11月，绿城集团取得合同销售面积约390万平方米，合同销售金额约人民币1,329亿元；其中归属于绿 城集团的权益金额约为人民币877亿元。于2025年11月30日，另有累计已签认购协议未转销售合同的金 额约人民币54亿元，其中归属于绿城集团的权益金额约为人民币38亿元。 ...

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。 綜 上，截 至2025年11月30日 止 十 一 個 月，綠 城 集 團 累 計 取 得 總 合 同 銷 售 面 積 約 1,082萬 平 方 米，總 合 同 銷 售 金 額 約 人 民 幣2,235億 元。 * 僅供識別 ** 當月銷售金額包括當月新增合同及當月已簽認購協議未轉銷售合同 – 1 – GREENTOWN CHINA HOLDINGS LIMITED 截 至2025年11月30日止十一個月未經審核營運數據 綠城中國控股有限公司（「本公司」）董事會（「董事會」）公佈本公司與其附屬公司 連同其合營企業及聯營公司（「綠城集團」）截 至2025年11月30日止十一個月若干 未 經 審 核 營 運 數 據 如 下： 2025年11月，綠 城 集 團 自 投 項 目 取 得 銷 售2,718套，銷 售 面 積 約40萬 平 方 米，當 月 銷售金 ...

Core Insights - The report from the China Index Academy reveals that in the first 11 months of 2025, three real estate companies in Xi'an achieved sales exceeding 10 billion yuan, namely Poly Developments, China Railway Construction, and Greentown China [1][3] Group 1: Sales Performance - Poly Developments ranked first with a sales figure of 12.07 billion yuan, followed closely by China Railway Construction at 11.88 billion yuan, and Greentown China at 11.52 billion yuan [3] - Compared to the previous month, Poly Developments saw a 13.65% increase in sales, while year-on-year, it experienced a 12.8% decrease. China Railway Construction's sales increased by 13.79% month-on-month but decreased by 16.28% year-on-year. Greentown China had an 11.8% month-on-month increase but a significant year-on-year drop of 33.68% [3] - The number of companies achieving over 10 billion yuan in sales has decreased from five in the same period last year to three this year [3] Group 2: Market Stability - The rankings of the top three companies have remained stable over the past several months, indicating consistent performance despite varying sales strategies among different firms [3] - Other companies making it into the top ten include China Jinmao, China Merchants Shekou, Joy City Holdings, Longfor Group, China Resources Land, Vanke, and Longxiang Holdings [3] Group 3: Sales Area - In terms of sales area, Poly Developments led with 740,000 square meters sold, followed by Greentown China with 699,000 square meters, and China Railway Construction with 681,000 square meters [5] Group 4: Top Projects - The top-selling project was Jinmao Puyi Dongfang, generating sales of 3.33 billion yuan, maintaining its position as the best-selling project for four consecutive months [7] - Other notable projects include Jinmao Mansion with sales of 2.94 billion yuan and Huafa Jincheng with 1.09 billion yuan [7] - High-tech and premium residential projects are performing well, with several new projects in Xi'an's market showing strong sales due to their product quality and advantageous locations [11][13]

Core Insights - The report maintains a "stronger than market" rating for the real estate sector, indicating a positive outlook despite ongoing challenges in the market [1] - The real estate market in 2025 is characterized by an initial recovery followed by a decline, with high inventory levels and weak demand impacting overall performance [4][13] - The report anticipates that the supportive policies for the real estate market will continue into 2026, although market confidence will take time to recover [4][5] Market Review - In 2025, the national real estate market experienced a decline in sales, with a 9.6% year-on-year drop in sales amount from January to October, although the decline was less severe than in 2024 [13] - The second-hand housing market outperformed the new housing market, with a reported 8% increase in transactions for the top ten cities compared to a 10.5% decline in new homes [13][46] - The overall market remains in an adjustment phase, with supply-demand relationships still needing improvement [13] 2026 Outlook - Positive factors are expected to converge, leading to a gradual stabilization of the real estate market, particularly in core urban areas and quality housing [4][5] - The report predicts a 6% decline in sales area and an 8.5% decline in investment for 2026, reflecting ongoing market pressures [4][5] Investment Opportunities - The demand for "good houses" is projected to grow, with an average annual improvement demand of 590 million square meters from 2025 to 2030, representing 67% of total demand [4] - Quality real estate companies with strong land acquisition and product capabilities are expected to benefit first from the "good house" trend, with companies like China Overseas Development and China Resources Land highlighted as potential beneficiaries [5][6] - The Hong Kong real estate market is showing signs of stabilization, with a 20.3% year-on-year increase in transaction volume for the first ten months of 2025, presenting investment opportunities for Hong Kong-based real estate firms [4][5][52] Key Company Forecasts - The report includes earnings forecasts for several key companies, indicating a positive outlook for firms like Poly Developments and China Overseas Development, with expected earnings per share (EPS) growth over the next few years [6][7] - Companies with stable cash flow and dividends, such as China Resources Vientiane Life and Poly Property, are also recommended for investment consideration [5][6]

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [1] Core Insights - The report highlights that from January to November 2025, the total land acquisition amount for the top 100 companies reached 847.8 billion yuan, representing a year-on-year increase of 14.1%, although the growth rate has significantly narrowed compared to the previous months [4] - The average price of second-hand residential properties in 100 cities in November was 13,143 yuan per square meter, showing a month-on-month decline of 0.94% and a year-on-year decrease of 7.95% [4] - The report indicates that many regions are exploring policies to support the sale of existing homes, which may temporarily suppress real estate investment but will help restore residents' confidence in home buying in the long term [4] Summary by Sections Industry Fundamentals Tracking - New home transaction area in 30 major cities last week was 2.4177 million square meters, with a cumulative new home transaction area of 82.3198 million square meters for the year, down 9.8% year-on-year [5] - The average transaction area for new homes in first-tier cities over the past four weeks was 475,700 square meters, down 41.2% year-on-year, while second-tier cities saw an average of 1.0945 million square meters, down 26.5% year-on-year [5][13] - The available inventory of commodity residential properties in 14 cities was 80.3458 million square meters, down 6.52% year-on-year, with a de-stocking cycle of 19.14 months [16] Market Review - Last week, the A-share Shenwan first-level real estate industry index rose by 0.72%, while the CSI 300 index increased by 1.64%, indicating that the real estate index underperformed the CSI 300 by 0.92 percentage points [29] - The report notes that the A-share real estate sector ranked 24th among 31 Shenwan first-level industries last week [30]

Core Viewpoint - The real estate industry is transitioning towards high-quality development, with improvements in housing prices, land auction enthusiasm, and project sales, supported by policies promoting the construction of "good houses" for sustainable growth [4][15]. Group 1: Industry Trends - The real estate sector is experiencing a shift towards high-quality development, with a focus on delivering desirable housing to meet public demand [4]. - The implementation of the "Residential Project Standards" and the emphasis on high-quality development by the Fourth Plenary Session of the Central Committee set a positive tone for the industry's future [4]. - The market is moving from merely providing housing to enhancing the quality of living, indicating a competitive focus on product quality and customer satisfaction [15]. Group 2: Product Evaluation - The 2025 China Real Estate Product Evaluation has identified 60 shortlisted projects based on comprehensive data screening, product research, and evaluation models [5][14]. - The evaluation categories include "high-end," "light luxury," and "quality," with an additional focus on "China Good House" awards [13]. - The evaluation criteria encompass six dimensions: unit design, living space, interior decoration, homecoming paths, community space, and project awards [14]. Group 3: Notable Projects - A list of notable projects includes "Green City · Ningbo Fengqi Yunlu," "18815 Ruixi," and "Xiamen Poly Ankong Yucheng," among others, showcasing a variety of residential developments across different cities [7][9][10]. - The projects are set to have their first openings between November 15, 2024, and December 31, 2025, and are ranked alphabetically [7][10]. Group 4: Future Initiatives - The evaluation process will continue throughout 2025, with expert reviews and public voting scheduled to determine the final rankings of the top projects [14][16]. - The initiative aims to create a platform for showcasing and exchanging ideas on product quality, emphasizing the importance of meeting diverse housing needs and enhancing living standards [15].

Core Insights - The auction of three luxury properties in Hangzhou's prime locations yielded mixed results, with one property selling successfully while two others failed to attract bidders [1][4][8] Group 1: Auction Results - A luxury property in the Wangjiang New City area, with a building area of 161.05㎡, started at 10.79 million yuan and sold for 12.50945 million yuan after 55 bids, resulting in a unit price of approximately 77,600 yuan [1] - Two properties in the Wulin Square area, both around 10 years old, failed to sell; one with a building area of 173.27㎡ had a starting price of 8.476 million yuan (approximately 48,900 yuan per square meter), and the other with a building area of 200.33㎡ started at 10.01 million yuan (approximately 50,000 yuan per square meter) [4] Group 2: Buyer Sentiment - A potential buyer expressed concerns about the two unsold properties, citing issues such as low floor levels, noise from nearby highways, and inefficient layouts as reasons for not participating in the auction [10] - The buyer noted that the property in the Xinhua Garden was on the second floor, limiting its view, while the Wulin Mansion had a poor layout with only two bedrooms and no balcony [10] Group 3: Market Trends - The auction results indicate a decline in the prices of luxury properties, with the successful sale of the Jade Coast property reflecting a drop of nearly 20,000 yuan in unit price compared to previous years [17] - The Jade Coast, once a top luxury option, has seen increased competition from newer luxury developments in the Wangjiang New City and Nanshan Bridge areas, leading to a broader selection for buyers [17] - The educational advantages of the Jade Coast's location have also diminished, contributing to the decline in its market value [17]

Group 1: Fixed Income - The manufacturing PMI for November shows a slowdown in contraction, with the index rising to 49.2%, an increase of 0.2 percentage points from the previous month, indicating a slight improvement in production and demand [7][8] - The non-manufacturing business activity index fell to 49.5%, a decrease of 0.6 percentage points, suggesting that the service sector has entered a contraction phase [7][11] - The construction industry has remained below the growth line for four consecutive months, necessitating further economic stabilization policies [7][11] Group 2: Real Estate - The sales revenue of the top 100 real estate companies in November decreased by 36.8% year-on-year and 11.7% month-on-month, indicating a significant decline as the market enters a sales lull [14][15] - The sales area for the top 100 companies also saw a year-on-year decline of 35.8%, although the rate of decline has lessened compared to previous months [14][15] - There is an increasing expectation for policy easing as the market shows signs of weakness, suggesting potential investment opportunities in the sector [14][16] Group 3: Pharmaceutical and Biotechnology - The company Huaren Sanjiu (000999.SZ) reported a revenue of 21.986 billion yuan for the first three quarters, a year-on-year increase of 11.38%, with a net profit of 2.353 billion yuan, reflecting a decline of 20.51% [18][19] - The company is focusing on both internal and external growth strategies, particularly in the consumer health sector, and is expected to achieve net profits of 3.295 billion yuan, 3.843 billion yuan, and 4.268 billion yuan for 2025, 2026, and 2027 respectively [19][20] - The company has a strong brand value and advantages in traditional Chinese medicine, which supports its growth potential [19][20] Group 4: Beauty and Personal Care - Huaxi Biological (688363.SH) reported a revenue of 3.163 billion yuan for the first three quarters, a year-on-year decrease of 18.36%, primarily due to a strategic contraction in its skin science innovation business [21][22] - The company is optimizing its business structure, with a focus on high-margin pharmaceutical-grade raw materials, which has led to an overall gross margin of 70.68% [22][23] - The company is expected to see a recovery in its skin science business and growth in its raw materials segment, driven by new synthetic biological materials [23]