Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the performance of the top 100 real estate companies in China during the first three quarters of 2025, highlighting a year-on-year decline in operational amounts by 11.8% but with a narrowing decline trend and significant month-on-month growth in September [1][5][2]. Core Insights and Arguments - **Sales Performance**: In September, the top 100 real estate companies experienced a month-on-month sales growth of 22% and a slight year-on-year increase of 0.4%, attributed to a low base from the previous year [2]. - **Market Dynamics**: New regulatory products have supported the market, with increased supply of new high-end residential properties in core cities. However, the sales pace slowed in August and September, indicating a weakening market demand [1][6][4]. - **Land Acquisition**: The top 100 companies saw a year-on-year increase in new land reserves, investment amounts, and area by 33%, 53%, and 5.4% respectively. The land acquisition ratio was 0.31, with the top 10 companies showing significantly higher acquisition intensity [7][8]. - **City-Level Supply Variations**: In September, Beijing saw a substantial increase in new supply, while Shanghai and Guangzhou experienced declines. Second and third-tier cities generally showed month-on-month growth but year-on-year declines [9]. - **Depletion Rates**: The overall depletion rate in September was 38%, slightly down from 42% in August but up 10 percentage points year-on-year, indicating improved overall depletion efficiency [11][12]. Additional Important Insights - **Inventory Levels**: Despite a 1% month-on-month increase in inventory due to rising supply, there was a nearly 10% year-on-year decrease. The average digestion cycle for 30 cities rose to about 25 months, indicating pressure on inventory management [13]. - **Second-Hand Housing Market**: The second-hand housing market has seen a continuous decline in prices for three months, with significant drops in core cities. The market is expected to face downward pressure in the coming quarters [20][21]. - **Policy Expectations**: There are limited expectations for policy easing in the fourth quarter, with potential interest rate cuts but no significant changes anticipated in purchase restrictions [19]. - **Market Performance During National Day**: During the National Day holiday, new home sales dropped by approximately 30%, and second-hand home sales nearly halved compared to the previous year, reflecting a lack of major stimulus policies [16][17]. This summary encapsulates the key points discussed in the conference call, providing insights into the current state and future expectations of the real estate market in China.

Core Insights - The real estate market shows signs of recovery in September, with the top 100 real estate companies achieving a sales amount of 252.8 billion yuan, a year-on-year increase of 0.4% and a month-on-month increase of 22.2% [1] - A total of 72 out of the top 100 companies reported month-on-month sales growth, with 45 companies experiencing growth rates exceeding 30% [1] - The cumulative sales for the top 100 companies from January to September reached 2,606.59 billion yuan, reflecting a year-on-year decline of 12.2%, but the rate of decline has narrowed compared to previous months [1] Company Performance - Poly Developments leads the industry with a sales figure of 201.7 billion yuan, followed by Greentown China and China Overseas Land & Investment with sales of 178.5 billion yuan and 170.5 billion yuan, respectively [2] - The top six companies also include China Resources Land, China Merchants Shekou, and Vanke, with sales figures of 154.4 billion yuan, 140.66 billion yuan, and 100.29 billion yuan [2] Land Acquisition Trends - The enthusiasm for land acquisition among real estate companies has increased, with the total land acquisition amount for the top 100 companies reaching 727.8 billion yuan from January to September, a year-on-year increase of 36.7% [2] - Leading companies in new land value include Greentown China, Poly Developments, and China Overseas Land & Investment, with new land values of 117.5 billion yuan, 101 billion yuan, and 95.2 billion yuan, respectively [2] Market Dynamics and Policy Impact - The recovery in sales is attributed to seasonal factors, relaxed purchase restrictions in core cities, and the introduction of new products by real estate companies [1][3] - Several core cities have continued to optimize demand-side policies, such as relaxing purchase restrictions in non-core areas and expanding the use of housing provident funds [3] - Despite improvements in core cities, many other cities still face a relatively flat market, indicating ongoing adjustment pressures [3]

Core Insights - The article highlights the top short-selling stocks in the market, indicating significant investor sentiment and potential market movements [1][2][3] Short Selling Ratios - The highest short-selling ratios are observed in Li Ning-R and Great Wall Motors-R, both at 100.00%, followed by Hang Seng Bank-R at 82.27% [1][2] - Other notable stocks with high short-selling ratios include Hong Kong Exchanges-R at 80.09% and Baidu Group-SWR at 75.91% [2] Short Selling Amounts - Alibaba-SW leads in short-selling amount with 1.698 billion, followed by Tencent Holdings at 1.369 billion and Zijin Mining at 1.051 billion [3] - Other significant short-selling amounts include Meituan-W at 1.029 billion and Xiaomi Group-W at 0.952 billion [3] Deviation Values - The highest deviation values are recorded for Mao Ge Ping at 45.59%, followed by an unnamed stock at 43.36% and Greentown China at 41.28% [1][3] - Other stocks with notable deviation values include Baidu Group-SWR at 41.16% and Sunshine Insurance at 41.10% [3]

Major Events - Botai Car Union (02889) has signed a cooperation framework agreement with SenseTime to jointly promote the integration and application of artificial intelligence in smart connected vehicles and related fields [1] - China Spring (01969) Chairman Hou Chunlai donated to AI and blockchain technology [1] - Long Resources (01712) reported high-grade results from drilling at JOKISIVU in Finland [1] - Innovent Biologics (09969) has reached a global strategic cooperation and licensing agreement with ZENAS BIOPHARMA [1] - China Real Estate Investment (00736) plans to collaborate with Spectrum Digital and Shanghai District to promote the development of physical real estate business in Hong Kong [1] - MicroPort Scientific Corporation-B (02252) has received over 100 global orders for its Tumi endoscopic surgical robot [1] Operating Performance - Greentown China (03900) reported total contract sales of approximately 178.5 billion yuan for the first nine months, a year-on-year decrease of 4.6% [1] - Poly Real Estate Group (00119) achieved contract sales of approximately 39.5 billion yuan in the first nine months, a year-on-year decrease of 1.7% [1] - Agile Group Holdings (01813) reported a pre-sale amount of 745 million yuan in September, a year-on-year increase of 23.5% [1] - Hongyang Real Estate (01996) recorded cumulative contract sales of 3.778 billion yuan for the first nine months, a year-on-year decrease of 43.36% [1]

Core Viewpoint - Greentown China (03900.HK) reported significant sales figures for September 2025, indicating strong performance in both self-invested and entrusted projects, with total contract sales amounting to approximately RMB 1,785 billion for the first nine months of 2025 [1] Summary by Category Sales Performance - In September 2025, Greentown Group achieved sales of 1,966 units, with a total sales area of approximately 290,000 square meters and a sales amount of about RMB 12.8 billion, resulting in an average selling price of RMB 43,657 per square meter [1] - For the period from January to September 2025, Greentown Group recorded a total contract sales area of approximately 3.08 million square meters and a total contract sales amount of RMB 107.9 billion, with the attributable equity amounting to RMB 71.7 billion [1] - As of September 30, 2025, there were additional signed purchase agreements not yet converted into sales contracts, amounting to approximately RMB 3.7 billion, with an attributable equity of about RMB 2.2 billion [1] Entrusted Projects - In September 2025, Greentown Group's entrusted projects achieved a sales area of approximately 780,000 square meters and a sales amount of about RMB 10 billion [1] - From January to September 2025, the total sales area for entrusted projects reached approximately 5.33 million square meters, with a total sales amount of RMB 70.6 billion [1] Cumulative Sales Data - As of September 30, 2025, Greentown Group's cumulative total contract sales area for the first nine months was approximately 8.41 million square meters, with a total contract sales amount of about RMB 178.5 billion [1]

Core Viewpoint - Greentown China (03900) reported a total sales area of approximately 841,000 square meters and total sales amounting to approximately RMB 178.5 billion for the first nine months of 2025, reflecting a year-on-year decline of 4.6% [1] Sales Performance - In September 2025, Greentown Group achieved sales of 1,966 units with a sales area of about 290,000 square meters, generating a sales amount of approximately RMB 12.8 billion, with an average selling price of RMB 43,657 per square meter [1] - For the period from January to September 2025, Greentown Group recorded a contract sales area of approximately 3.08 million square meters and a contract sales amount of approximately RMB 107.9 billion, with the equity amount attributable to Greentown Group being approximately RMB 71.7 billion [1] - As of September 30, 2025, there were cumulative signed subscription agreements not yet converted to sales contracts amounting to approximately RMB 3.7 billion, with the equity amount attributable to Greentown Group being approximately RMB 2.2 billion [1] Project Performance - In September 2025, Greentown Group's entrusted projects achieved a sales area of approximately 780,000 square meters and a sales amount of approximately RMB 10 billion [1] - From January to September 2025, the cumulative sales area for entrusted projects was approximately 5.33 million square meters, with a total sales amount of approximately RMB 70.6 billion [1]

2025年9月，绿城集团代建项目取得销售面积约78万平方米，销售金额约人民币100亿元。2025年1-9 月，绿城集团代建项目累计取得销售面积约533万平方米，销售金额约为人民币706亿元。 综上，截至2025年9月30日止九个月，绿城集团累计取得总合同销售面积约841万平方米，总合同销售金 额约人民币1785亿元，同比下降4.6%。 绿城中国(03900)发布公告，2025年9月，绿城集团自投项目取得销售1966套，销售面积约29万平方米， 当月销售金额约为人民币128亿元，销售均价约为每平方米人民币43657元。2025年1-9月，绿城集团取 得合同销售面积约308万平方米，合同销售金额约人民币1079亿元;其中归属于绿城集团的权益金额约为 人民币717亿元。于2025年9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37亿元，其中 归属于绿城集团的权益金额约为人民币22亿元。 ...

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。 GREENTOWN CHINA HOLDINGS LIMITED 截 至2025年9月30日止九個月未經審核營運數據 * 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 – 上 述 數 據 未 經 審 核，乃 根 據 本 集 團 初 步 內 部 資 料 編 製，鑒 於 收 集 該 等 銷 售 資 料 過 程 中 存 在 各 種 不 確 定 因 素，該 等 數 據 與 本 公 司 按 年 度 或 半 年 度 刊 發 的 經 審 核 或 未 經 審 核 綜 合 財 務 報 表 中 披 露 的 數 字 可 能 存 在 差 異，因 此 上 述 數 據 為 初 步 性 質 及 僅 供 投 資 者 參 考。投 資 者 買 賣 本 公 司 證 券 時 務 須 謹 慎 行 事，避 免 不 恰 當 地 依 賴 該 等 數 據。如 ...

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9月30日 狀態: 新提交 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10月8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 | HKD | | 0.1 HKD | | 1,000,000,000 | (A). 股份期權（根據發行人的股 ...

Investment Rating - The report maintains a "Recommendation" rating for the real estate sector [2] Core Viewpoints - The real estate sector index increased by 3% in the 40th week, ranking 4th among 31 primary industry sectors [8] - New home transactions decreased by 17% week-on-week, while second-hand home transactions saw a significant drop of 54% [2][22] - Year-to-date, new home transaction volume in 20 cities is 76.38 million square meters, reflecting an 8% year-on-year decrease [22] - The report highlights three key issues in the real estate market: declining new home demand, unresolved inventory, and the negative impact of land finance on the economy [30] Summary by Sections Industry Basic Data - Total number of stocks: 107 - Total market value: 1,233.623 billion yuan - Circulating market value: 1,183.334 billion yuan [2] Sales Data - In the 40th week, the average daily transaction area for new homes in 20 cities was 262,000 square meters, with a total transaction area of 1.83 million square meters [22] - For second-hand homes, the average daily transaction area in 11 cities was 133,000 square meters, with a total transaction area of 930,000 square meters [25] Policy News - Various local governments have implemented measures to stabilize the real estate market, including increasing housing provident fund loan limits and promoting compliance in real estate operations [17][19] Company Dynamics - China Overseas Development acquired two land parcels in Shenyang for a total of 324 million yuan, continuing to invest in the core business district [20] - China Merchants Shekou plans to issue up to 82 billion yuan in preferred shares to support 11 real estate projects, with a total investment of 456.7 billion yuan [20]