Core Insights - The company achieved a contract sales amount of approximately RMB 12.29 billion in October 2025, with a total contract sales area of about 272,400 square meters [1] - From January to October 2025, the cumulative contract sales amounted to approximately RMB 92.10 billion, representing a year-on-year increase of about 1.2%, with a cumulative sales area of approximately 2.32 million square meters [1] - The cumulative contract sales amount accounted for 76.4% of the company's 2025 contract sales target of RMB 120.5 billion [1] Land Acquisitions - In October 2025, the company, through a subsidiary with a 95.475% equity interest, acquired two adjacent plots in Tianhe District, Guangzhou, with a total buildable area of approximately 62,452 square meters and 105,491 square meters, respectively, for a total land cost of approximately RMB 33.27 billion [1] - The company also acquired a plot in Panyu District, Guangzhou, with a buildable area of approximately 114,771 square meters for a land cost of approximately RMB 1.14 billion [2] - Additionally, a subsidiary with a 95.00% equity interest obtained a 20% stake in a plot in Jing'an District, Shanghai, with a buildable area of approximately 153,943 square meters for a land cost of approximately RMB 1.47 billion [2] - The company further acquired a plot in Chenghua District, Chengdu, with a buildable area of approximately 115,174 square meters for a land cost of approximately RMB 1.26 billion [2]

Core Viewpoint - The company reported a decline in contract sales for October 2025, with a total sales amount of approximately RMB 12.29 billion, representing a year-on-year decrease of about 8.0% [1] - Cumulatively, from January to October 2025, the company achieved contract sales of approximately RMB 92.10 billion, a slight increase of about 1.2% year-on-year, but the sales area decreased by 25.1% [1] Group 1 - In October 2025, the company acquired two residential land plots in Guangzhou, with total construction areas of approximately 62,452 square meters and 105,491 square meters, for a total land price of approximately RMB 33.27 billion [1] - The company also acquired a residential land plot in Panyu District, Guangzhou, with a total construction area of approximately 114,771 square meters, for a land price of approximately RMB 11.40 billion [1] Group 2 - In October 2025, the company, through a subsidiary with 95.00% ownership, acquired a 20% interest in a land plot in Jing'an District, Shanghai, with a total construction area of approximately 153,943 square meters, for a land price of approximately RMB 14.70 billion [2] - Additionally, the company acquired a residential land plot in Chenghua District, Chengdu, with a total construction area of approximately 115,174 square meters, for a land price of approximately RMB 12.55 billion [2]

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之內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不就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之任何損失承擔任 何責任。 二○二五年十月，本公司實際擁有95.475%權益的附屬公司通過公開掛牌方式取得廣州市兩幅 臨近地塊。兩幅地塊位於廣州市天河區天河智谷廣氮廣棠片區，總可建築面積分別約62,452 平方米和105,491平方米，規劃用途均為住宅用地。代表本公司實際權益的土地價款分別約為 人民幣12.21億元和人民幣21.06億元。 – 1 – （在香港註冊成立的有限公司） （股份代號：00123） 公 告 截至二○二五年十月三十一日未經審計銷售資料及 十月份土地收購資料 越秀地產股份有限公司（「本公司」）董事會（「董事會」）謹此公佈截至二○二五年十月三十一日 的未經審計銷售統計資料及十月份新購土地資料如下： 本月銷售 二○二五年十月，本公司實現合同銷售（連同合營企業及聯營公司項目的合同銷售）金額約為 人民幣122.90億元，同比下降約8.0%，實現合同銷售面積約為27.24萬平方米，同比下降約 42.0%。 二○二五年一月 ...

Core Viewpoint - The land transaction scale continues to show a month-on-month recovery trend, although the overall enthusiasm for land auctions has slightly decreased. The supply of land decreased significantly while transaction volume increased moderately, indicating a mixed sentiment in the real estate market [1]. Supply - The land supply this week was 3.69 million square meters, a decrease of 60% month-on-month. No residential land was listed in first-tier cities, with a total of 124 plots of residential land supplied, averaging a plot ratio of 1.87. Cities like Hefei, Nantong, and Changzhou had average plot ratios below 2.0 [2]. - Key land supply included a residential plot in Hangzhou's Pujiang area with a plot ratio of 2.5, starting at a base price of 1.36 billion yuan, and another high-value residential plot in Xiaoshan Economic Development Zone with a starting price of 1.44 billion yuan [2]. Transaction - The total land transaction area this week was 8.4 million square meters, an increase of 15% month-on-month, with a transaction amount of 50.8 billion yuan, up 12% month-on-month. The average premium rate was 2.6%, down 1.6 percentage points from the previous week [3]. - Notable transactions included a residential plot in Beijing's Changping District sold for 2.8 billion yuan and another in Tiantongyuan at a similar price point, both meeting market expectations for urban renewal projects [3]. Key Transactions - In Hangzhou, a residential plot (R027) was sold for 1.73 billion yuan with a floor price of 25,108 yuan per square meter and a premium rate of 19.33%. This was the second residential plot auctioned in the area within a week [4]. - In Dongguan, a high-value residential plot in the Songshan Lake High-tech Industrial Development Zone was sold for 1.91 billion yuan, with a premium rate of 12% and a floor price of 22,000 yuan per square meter [4]. Top Land Transactions - The top five land transactions this week included: 1. Beijing, Changping District, sold for 2.8 billion yuan, floor price 32,008 yuan/sqm, premium rate 0% [8]. 2. Beijing, North Qijia Town, sold for 2.6 billion yuan, floor price 24,855 yuan/sqm, premium rate 0% [8]. 3. Xi'an, sold for 2.3 billion yuan, floor price 8,183 yuan/sqm, premium rate 0% [8]. 4. Guangzhou, sold for 2.2 billion yuan, floor price 31,380 yuan/sqm, premium rate 0% [8]. 5. Dongguan, sold for 1.91 billion yuan, floor price 21,606 yuan/sqm, premium rate 12% [8].

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之內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不就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之任何損失承擔任 何責任。 本公告及發售通函（定義見下文）僅供參考，並不構成收購、購買或認購本公告所述證券及證券擔保的一項邀請或 要約。 本公告及發售通函並不構成或組成在美國境內購買或認購證券及證券擔保的任何要約或招攬的一部分。證券及證 券擔保未曾及將不會根據經修訂一九三三年美國證券法（「證券法」）或美國任何州份或其他司法權區的證券法登 記。證券及證券擔保乃根據證券法S規例在美國境外提呈發售及出售，且不得在未有根據證券法登記或獲證券法 豁免登記的情況下在美國境內提呈發售或出售。將不會在美國境內或進行有關發售即屬限制或禁止的任何其他司 法權區公開發售證券或證券擔保。 本公告及本公告所述發售通函不得直接或間接在或向美國派發。本公告所述證券或證券擔保不可且將不會在美國 提呈公開發售。本公告及發售通函乃按上市規則（定義見下文）規定僅供參考而刊發，並不構成提呈出售任何證券 或證券擔保的要約或招攬購買任何證券或證券擔保的要約。本公告及本公告所 ...

Investment Rating - The report rates the real estate industry as "Outperform the Market" [4] Core Insights - The sales of the top 100 real estate companies in October showed a significant year-on-year decline of 39.8%, indicating a weakening market [4] - The "14th Five-Year Plan" has shifted to emphasize "high-quality development" in real estate, focusing on improving systems, optimizing supply, and enhancing quality [5] - New housing transaction area has turned positive on a month-on-month basis but shows a year-on-year decline, with inventory levels decreasing [4][15] Summary by Sections 1. New Housing Market Tracking - In the week of October 25-31, 2025, new housing transaction volume in 40 cities was 25,000 units, a month-on-month increase of 5.4% but a year-on-year decrease of 32.0% [17] - The new housing transaction area was 2.64 million square meters, up 3.1% month-on-month but down 37.3% year-on-year [26] - Inventory levels in 12 cities decreased by 0.6% month-on-month and 12.2% year-on-year, with a de-stocking cycle of 18.8 months [41] 2. Land Market Tracking - The total land area transacted across 100 cities was 2.035 billion square meters, a month-on-month increase of 79.6% and a year-on-year increase of 18.1% [62] - The total land transaction price was 50.1 billion yuan, up 160.8% month-on-month but down 20.5% year-on-year [68] - The average land price per square meter was 2,461.5 yuan, up 45.3% month-on-month but down 32.7% year-on-year [64] 3. Policy Overview - The "15th Five-Year Plan" emphasizes the need for a new model of real estate development, focusing on improving basic systems for property development, financing, and sales [5] - Local governments are implementing measures such as electronic consumption vouchers for homebuyers and mandating the use of green building materials [95][96] 4. Company Performance - The top 20 real estate companies showed varied performance, with Greenland and China Railway achieving positive sales growth of 67% and 61% respectively in October [4] - The overall absolute return for the real estate sector was -0.7%, indicating a decline compared to previous weeks [13]

Summary of Real Estate Market Conference Call Industry Overview - The conference call discusses the real estate market in China, particularly focusing on the performance of the top 100 real estate companies in October 2025, highlighting significant challenges and trends in the industry [1][2][3]. Key Points and Arguments 1. **Sales Performance**: In October 2025, the total sales of the top 100 real estate companies amounted to 250 billion yuan, reflecting a year-on-year decline of 42%. Cumulatively, sales for the first ten months of the year reached 2.57 trillion yuan, down 16% year-on-year, indicating a significant contraction in the industry [3][4]. 2. **Market Conditions**: The overall real estate market remains sluggish, with key cities experiencing a drop in supply and transaction volumes. The supply in 30 key cities fell by 56% month-on-month, marking the lowest level since 2020, while transaction volumes decreased by 36% year-on-year [5][10]. 3. **New Home Market Pressure**: The new home market in core cities is under considerable pressure, with declining sales rates for high-end projects. For instance, in Shanghai, the sales of luxury projects have slowed significantly, with some projects resorting to discounts to stimulate sales [6][7]. 4. **Inventory and Depletion Rates**: The inventory in 30 key cities stands at 217 million square meters, with a slight month-on-month decrease of 1% and a year-on-year decrease of 7%. The depletion cycle for new homes in Shenzhen exceeds 20 months, indicating ongoing inventory pressure [11]. 5. **Land Market Trends**: The land transaction value in October dropped by 33% year-on-year, with the average premium rate falling to below 3%, the lowest in recent history. This reflects a pessimistic outlook from developers regarding future market conditions [13][14]. 6. **Investment Behavior**: Some companies, such as China Overseas and China Merchants, were active in land acquisition in the first half of the year but have since adopted a more cautious investment strategy, reflecting a shift in market sentiment [1][14]. 7. **Future Market Outlook**: The market is expected to remain weak through the end of the year, with a potential slight recovery in sales as developers push for year-end performance. However, the overall market is projected to continue its downward trend into the next year, with new home prices expected to decline by about 5% [15][16][17]. 8. **Policy Impact**: New policies from the Ministry of Housing and Urban-Rural Development are anticipated to be implemented, which may challenge cash flow for companies and local governments reliant on land sales [18]. 9. **Risks for Developers**: Developers face significant risks, including the devaluation of existing assets and high-cost land acquisitions that may not yield profitable returns. This is particularly concerning in major cities like Shanghai and Shenzhen [19]. Additional Important Insights - The second-hand housing market is experiencing a notable price decline, with a significant increase in listings, particularly in core cities like Shenzhen, where listings rose by 30% year-on-year [12]. - The performance of second and third-tier cities varies, with some cities like Chengdu and Xi'an maintaining relatively good market conditions, while others face challenges with unsold new products [9]. This summary encapsulates the critical insights from the conference call, providing a comprehensive overview of the current state and future outlook of the real estate market in China.

Investment Rating - The report maintains a "Positive" rating for the real estate sector, indicating optimism about future opportunities despite current challenges [4][5]. Core Insights - The report highlights a transition from the old development model in the real estate sector to new opportunities, particularly through the "Good House" policy, which is expected to create new products, pricing strategies, and business models [4][5]. - The report emphasizes that the real estate sector remains a crucial pillar of the national economy, and stabilizing the sector is essential for overall economic stability [5]. Summary by Sections 1. Revenue and Profit Trends - In Q1-Q3 2025, the overall revenue of the real estate sector decreased by 10.4% year-on-year, with a notable decline in first-tier cities at 15.4% [12][13]. - The net profit for the sector saw a significant drop of 125.1% year-on-year, with first-tier companies experiencing a 144.1% decline [13][16]. 2. Margins and Costs - The gross margin for Q1-Q3 2025 was reported at 14.9%, a slight increase from the previous year, with third-tier companies leading at 18.4% [18][19]. - The net margin was negative at -6.6%, although the decline was less severe compared to the previous year, with third-tier companies showing the best performance at -1.1% [22][23]. - The overall expense ratio increased to 11.7%, with first-tier companies maintaining the lowest ratio at 8.2% [26]. 3. Debt and Liquidity - The overall debt-to-asset ratio for the sector was 73.7%, slightly down from the previous year, with first-tier companies at 71.8% [37][38]. - The net debt ratio rose to 89.4%, indicating increased leverage across all tiers of companies [47]. - The cash-to-short-term debt ratio was reported at 0.9, reflecting a slight decline, with first-tier companies at 0.9 and second-tier at 0.6 [54]. 4. Sales and Pre-sales - Sales cash inflow for Q1-Q3 2025 decreased by 15.5% year-on-year, although the decline rate has narrowed [58]. - The pre-sales lock-in rate fell to 0.53, indicating a continued downward trend, with second-tier companies performing better at 0.73 [61]. 5. Investment Recommendations - The report recommends focusing on quality companies under the "Good House" initiative, including Jianfa International, Binjiang Group, and China Resources Land [4][5]. - It also suggests looking into undervalued commercial real estate firms such as Xincheng Holdings and China Merchants Shekou [4].

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之內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不就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之任何損失承擔任 何責任。 本公告僅供參考，並不構成收購、購買或認購本公告所述證券及證券擔保的一項邀請或要約。 本公告並不構成或組成在美國境內購買或認購證券及證券擔保的任何要約或招攬的一部分。證券及證券擔保未曾 及將不會根據經修訂一九三三年美國證券法（「證券法」）或美國任何州份或其他司法權區的證券法登記。證券及證 券擔保乃根據證券法S規例在美國境外提呈發售及出售，且不得在未有根據證券法登記或獲證券法豁免登記的情 況下在美國境內提呈發售或出售。將不會在美國境內或進行有關發售即屬限制或禁止的任何其他司法權區公開發 售證券或證券擔保。 於香港聯合交易所有限公司 上市的通告 JOY DELIGHT INTERNATIONAL LIMITED 愉欣國際有限公司 （於英屬處女群島註冊成立的有限公司） （「發行人」） 人民幣 2,850,000,000 元於二〇二八年到期之 3.30 厘有擔保綠色票據 （ 股 份 代 號：85083） 越秀地產 ...

Core Insights - The sales performance of the top 100 real estate companies in China showed a total sales amount of 289.67 billion yuan from January to October, representing a year-on-year decline of 16.3%, with the decline rate widening by 4.1 percentage points compared to the previous period [1] - Following the policy changes in September last year, the real estate market saw a recovery in expectations and buyer confidence, leading to increased market activity in core cities in October last year, which contributed to the current year's sales decline due to high base effects [1] Group 1: Sales Performance - Seven real estate companies have surpassed 100 billion yuan in sales this year, with an average sales amount of 165.68 billion yuan. The top companies include Poly Developments, Greentown China, and China Overseas Land & Investment, with sales figures of 222.7 billion yuan, 201.1 billion yuan, and 189.1 billion yuan respectively [2][3] - The second tier of companies (500-1,000 million yuan) has decreased by two compared to the previous year, with an average sales amount of 73.29 billion yuan. The third tier (300-500 million yuan) has six companies, down by three, with an average of 37.81 billion yuan [2] - In October alone, 48 of the top 100 real estate companies reported month-on-month sales growth, with 20 companies experiencing a month-on-month increase of over 30% [2] Group 2: Market Trends - In first-tier cities, total transactions reached 1.68 million square meters in October, remaining flat month-on-month but showing a year-on-year decline of 41%, which is higher than the declines in second and third-tier cities [4] - Guangzhou's real estate market saw a month-on-month increase of 6% in October, with total transactions of 610,000 square meters, but a year-on-year decline of 46%, indicating a fragile recovery [4][5] - The top 20 real estate companies in Guangzhou achieved a total sales amount of 153.93 billion yuan from January to October, with Poly Developments leading the sales charts [5] Group 3: Policy and Market Outlook - Various cities have implemented policies to improve the supply of quality housing, such as optimizing building design and planning regulations [7] - The market performance indicates a slight month-on-month recovery in new home transactions in key cities, although year-on-year declines remain significant due to high base effects [7] - The real estate market is expected to continue facing downward pressure, particularly in core cities, while some second and third-tier cities are showing signs of weak recovery [7]