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。 有關2024年年報的補充公告 茲提述(a)中國金茂控股集團有限公司（「本公司」）日期為2019年1月9日的通函， 內容有關（其中包括）採納一項新股票期權計劃（「新計劃」）及(b)本公司截至2024 年12月31日止年度的年報（「2024年年報」）。 就2024年年報內「董事會報告」項下「股票期權計劃」一節所披露的新計劃而言， 本公司謹此補充，授予股票期權的要約可自要約日期起計28天期間內接受，惟承 授人須在規定的28天期間內接受要約後支付相等於港幣1.00元面值的金額（以接 受股票期權授予要約當天為基準日）。 除上文所披露者外，2024年年報內所有其他資料維持不變。 承董事會命 中國金茂控股集團有限公司 主席 陶天海 China Jinmao Holdings Group Limited 中國金茂控股集團有限公 司 （於香港註冊成立的有限公司） （股票代號：00817） 香港，2025年9月8日 於本公 ...

Group 1 - The core viewpoint of the news is that Hong Kong property stocks, particularly Country Garden, saw significant gains following the inclusion in the Hong Kong Stock Connect, with Country Garden rising over 14% [1] - Other property stocks also experienced notable increases, including CIFI Holdings and China Overseas Land & Investment, which rose over 5%, and several others like Vanke and Longfor Group, which rose over 3% [1] - The surge in property stocks is attributed to a new housing policy introduced in Shenzhen on September 5, which relaxed housing purchase restrictions and adjusted housing credit policies [1] Group 2 - The new housing policy in Shenzhen allows for significant relaxation of purchase restrictions in non-core areas, which is more substantial compared to the new policies introduced in Beijing and Shanghai in August [1] - The policy change includes the removal of differentiated mortgage rates for first and second homes, which is expected to stimulate the housing market [1] - The report from CITIC Securities highlights that the new measures are likely to have a positive impact on the property market in Shenzhen [1]

Core Insights - The real estate market in Henan Province is experiencing a downturn in August, traditionally a slow season, but high-quality projects are still achieving good sales performance. The State Council has reiterated the need for strong measures to stabilize the real estate market, indicating a potential mild recovery [1][4]. Sales Performance - In the first eight months of 2025, the top 20 real estate companies in Henan achieved the following sales figures: - Jianye Real Estate: 53.42 billion CNY, 82.25 million m² sold - Zhonghai Real Estate: 28.37 billion CNY, 31.89 million m² sold - Zhengshang Group: 28.25 billion CNY, 19.62 million m² sold - China Jinmao: 27.61 billion CNY, 19.04 million m² sold - China Merchants Shekou: 25.70 billion CNY, 17.90 million m² sold [1][2]. Land Market Overview - In the first eight months of 2025, Henan Province launched 1,798 land plots with a planned construction area of 86.53 million m², of which 65.83 million m² were successfully sold. Specifically, 382 residential land plots were launched, with a total planned area of 20.64 million m², and 14.49 million m² sold [4]. - In August, 14 cities in Henan had residential land transactions, with Xuchang City leading with 14 plots and a total planned area of 1.28 million m². Zhoukou City followed with 8 plots and 0.22 million m², while Zhengzhou City ranked third with 3 plots and 0.22 million m² [4]. Price Trends - The average floor price for land transactions in Zhengzhou was the highest in the province at 3,098 CNY/m², followed by Jiyuan City at 2,025 CNY/m² and Luoyang City at 1,686 CNY/m² [4].

Summary of Key Points from Conference Call Records Industry Overview - The A-share market is currently driven by liquidity rather than economic fundamentals, similar to the early stages of the 2019 bull market [1][3] - The adjustment in the market is attributed to profit-taking and micro-structural deterioration, not a signal of the end of the bull market [1][3] Core Insights and Arguments - **Liquidity and Market Performance**: The recent rise in the stock market is primarily influenced by liquidity and leverage, with a significant shift of household savings into the equity market [2][4] - **Foreign Capital Inflow**: There is a notable increase in foreign capital entering the A-share market, with data indicating a rapid inflow of active foreign investments [4][22] - **Long-term Market Outlook**: The likelihood of the bull market ending due to liquidity tightening is low, as expectations of a Federal Reserve rate cut have been largely priced in [5][23] - **Sector Focus**: Long-term themes include AI and economic inflation rebalancing, while short-term opportunities may arise from style rebalancing in sectors like consumer goods and innovative pharmaceuticals [7][24] Important but Overlooked Content - **Policy Impact**: Recent domestic policies focus on anti-involution and consumer spending, with supply-side measures in the polysilicon industry and demand-side policies promoting consumer spending [8][9] - **Consumer Support Measures**: Specific government initiatives include subsidies for cultural and sports events, and plans for free preschool education, which are expected to stimulate consumption [9][10] - **Price Governance Innovations**: The new pricing law, which includes cost investigations, is expected to have a significant long-term impact on market dynamics [11] - **Technological Policy Developments**: New regulations aimed at attracting foreign tech talent and promoting AI development indicate a strategic focus on innovation [12] Investment Directions - **Investment Opportunities**: Recommended investment directions include hard currencies, gold, and resource assets, particularly industrial metals, as well as sectors with defensive attributes and low short-term valuations [24][30] - **Real Estate Market Dynamics**: The influx of capital into the stock market may initially lead to a decline in real estate investments, but could eventually result in a rebound in property prices as the stock market stabilizes [28] Financial Sector Insights - **Brokerage Sector Performance**: The brokerage sector is expected to benefit significantly from increased market liquidity and the influx of household funds, with historical data suggesting potential for substantial gains [25][27] - **Market Activity Indicators**: Recent data shows a significant increase in trading volumes and new account openings, indicating heightened retail investor interest [25][27] Conclusion - The A-share market is poised for potential upward movement due to strong liquidity and foreign capital inflows, despite short-term volatility. Key sectors and investment themes are emerging, driven by both domestic policy support and global economic trends.

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [2][34]. Core Views - The report suggests that the broad housing demand in China has bottomed out, but the volume and price have not yet entered a positive cycle. It anticipates that the overall real estate market will continue to stabilize, with policies aimed at stopping the decline expected to be introduced further [2][34]. - The report highlights that the real estate market in core cities is at a turning point and will lead the recovery. It emphasizes the potential of new policies to create a "new product, new pricing, and new model" development track, which will enhance the market in core cities [2][34]. Industry Data Summary New Housing Transaction Volume - In the week of August 30 to September 5, 2025, 34 key cities recorded a total new housing transaction of 220.5 million square meters, a week-on-week decrease of 3.3%. The transaction volume in first and second-tier cities decreased by 1.5%, while third and fourth-tier cities saw a decline of 25.4% [3][4]. - For September, the cumulative transaction volume in 34 cities was 154 million square meters, showing a year-on-year increase of 11.6% and a month-on-month increase of 44.1% [4][10]. Second-Hand Housing Transaction Volume - In the same week, 13 cities recorded a total second-hand housing transaction of 94.7 million square meters, a week-on-week decrease of 16%. However, the cumulative transaction for September showed a year-on-year increase of 28.3% [10][12]. Inventory and Sales - In the week of August 30 to September 5, 2025, 15 cities launched 90 million square meters of new housing, with a total transaction of 86 million square meters, resulting in a transaction-to-launch ratio of 0.96. The available residential area in these cities was 89.31 million square meters, with a month-on-month increase of 0.04% [17][19]. Policy and News Tracking - On September 5, 2025, Shenzhen announced further optimization of real estate policies, allowing residents to purchase unlimited units in specific areas, while non-residents are limited to two units. The report also notes changes in personal housing loan interest rate mechanisms and public housing fund policies [27][28]. - The report mentions that several real estate companies are actively distributing dividends and maintaining growth despite market challenges. For instance, China Jinmao announced a dividend of HKD 0.03 per share, while Huafa announced a dividend of CNY 0.02 per share [34][35]. Company Dynamics - The report tracks the performance of major real estate companies, noting that leading firms are actively engaging in share buybacks and dividend distributions. For example, China Jinmao and Huafa have announced significant dividends, while companies like Huafa and China Merchants Shekou have also engaged in share repurchase activities [34][37].

Investment Rating - The industry is rated as "Add" [6] Core Insights - In 2025, the real estate market is expected to benefit from the implementation of a series of real estate policies, leading to a stabilization in high-energy core cities and promoting urban renewal and structural optimization [4][116] - The top 50 real estate companies saw a 36.3% year-on-year increase in new land reserve value, totaling 625.9 billion yuan from January to August 2025, while the area of new land reserves decreased by 2% [2][81] - The core 30 cities experienced a 3.4% year-on-year increase in total land area transactions from January to August 2025, with a total transaction value of 731.3 billion yuan, reflecting a 32.1% increase [3][97] Summary by Sections 1. Land Supply and Demand Situation - From January to July 2025, the transaction area of residential land in 100 cities increased by 0.3% year-on-year, while the supply of residential land decreased by 16.8% [21][11] - In July 2025, the supply of residential land in first-tier cities decreased by 76.8% year-on-year, while the transaction area decreased by 41.4% [29][39] 2. Land Transaction Prices - The average transaction price of residential land in 100 cities increased by 23.7% year-on-year from January to July 2025, reaching 7,391 yuan per square meter [55][66] - In July 2025, the average transaction price in first-tier cities was 39,229 yuan per square meter, reflecting a 37.5% year-on-year increase [66][55] 3. Top 50 Real Estate Companies' Land Acquisition - The top 50 real estate companies added land reserves valued at 295 billion yuan in August 2025, with a year-on-year decrease of 1.8% [81][86] - The leading companies in land reserve value from January to August 2025 were China Overseas Land & Investment (66.4 billion yuan), Greentown China (61.5 billion yuan), and Poly Developments (52.8 billion yuan) [2][89] 4. Core 30 Cities Land Transaction Situation - In August 2025, the core 30 cities saw a 42.1% year-on-year decrease in total land transaction area, with 607 million square meters transacted [95][4] - The overall premium rate for land transactions in the core 30 cities was 6.3% in August 2025, an increase of 1.4 percentage points year-on-year [95][114] 5. Investment Recommendations - Focus on stable leading companies with high product reputation and continuous sales ranking improvement, such as Poly Developments and China Merchants Shekou [5][117] - Look for companies with rich stock resources and strong operational brand competitiveness, such as China Resources Land and Shanghai Lingang [5][117] - Anticipate long-term growth in the property service industry, recommending companies like China Merchants Jinling and Greentown Service [5][117]

Core Viewpoint - The real estate industry in China is transitioning from a high-debt, high-leverage model to a new phase focused on "survival quality" and "new model exploration," indicating a shift from mere scale expansion to quality and service enhancement [1] Group 1: Market Consensus and Divergence - There is a consensus that the market has largely bottomed out, with limited room for further decline due to supportive policies like "guaranteeing delivery" and reduced down payments [2] - Divergence is evident among cities, with first-tier and strong second-tier cities showing resilient demand, while third and fourth-tier cities face high inventory and weak demand [2] - Financially stable state-owned and quality private enterprises are gaining market share, while heavily indebted firms struggle for survival, leading to increased industry consolidation [2] Group 2: Challenges and Solutions - The execution of supportive policies faces delays, with local fiscal pressures hindering timely implementation of incentives, and buyer confidence remains low, complicating inventory reduction efforts [3] - Inventory clearance is a significant challenge, especially in third and fourth-tier cities where the clearance cycle exceeds 24 months, necessitating innovative approaches from local governments [3] Group 3: Strategic Transformation - Real estate companies are restructuring strategies around reducing debt, ensuring cash flow, improving efficiency, and enhancing product quality, transitioning from developers to operators and service providers [4] - Companies like Longfor and China Jinmao are focusing on financial stability and optimizing land reserves in core cities to mitigate market risks [4] - Enhancing operational efficiency through asset divestment, light asset operations, and digital optimization is a priority for firms aiming to improve overall effectiveness [4] Group 4: Product Quality as a Competitive Focus - The industry is entering a phase where product quality becomes the ultimate competitive focus, with various companies establishing robust product systems to enhance living quality and sustainability [5] - The collaboration between policy and market dynamics is expected to strengthen, leading to a healthier and more sustainable real estate model that prioritizes quality over rapid growth [5]

Core Insights - The newly launched residential project "璞樾" features a total of 426 units across 9 buildings, with sizes ranging from 152㎡ to 258㎡, and a high usable area ratio of over 90% [1][14]. Group 1: Project Overview - The main unit type starts at 152㎡, with a total of 175 units, designed for optimal space utilization with features like a separate service area and generous balcony space [2]. - The project includes larger units, such as a 188㎡ model with three bathrooms and a well-defined layout for privacy and functionality [7]. - The largest units are 230㎡ and 258㎡, offering luxurious features like a walk-in closet and scenic bathrooms, enhancing the overall living experience [12][10]. Group 2: Architectural Design - The project spans approximately 3 hectares, with a total construction area of 116,800㎡, of which 77,500㎡ is residential [14]. - The design includes two low-rise buildings and several high-rise structures, with the tallest being 25 stories [16]. - The landscape features three sunken courtyards and a water system, enhancing the aesthetic appeal and community environment [19]. Group 3: Amenities and Facilities - The project includes a central underground parking facility with 530 vehicle spaces, ensuring efficient traffic flow and safety [21]. - An educational facility is planned, covering 5,253㎡, designed to provide ample space for children's activities [23]. - The community will feature a clubhouse with a total area of approximately 2,500㎡, providing recreational options for residents [19]. Group 4: Location and Market Context - The land for the project was acquired for 12.6 billion yuan, strategically located near major commercial and educational resources [26]. - The surrounding area includes established luxury properties, indicating a competitive market for high-end residential developments [26]. - The project is positioned to attract middle to high-income buyers, aligning with the branding of both China Jinmao and Yuexiu Properties [27][28].

Core Insights - The article discusses the current state of the Chinese real estate market, highlighting a slight decline in sales and a significant slowdown in land acquisition by major companies [5][6]. Group 1: Sales Performance - In the first eight months of 2025, the total sales volume in 30 cities reached 78.69 million square meters, a slight decrease of 3% compared to the same period last year [5]. - The top 100 real estate companies achieved a sales turnover of 207.04 billion yuan in August, which represents a month-on-month decrease of 1.9% and a year-on-year decrease of 17.6% [5]. Group 2: Land Acquisition Trends - The investment pace of major companies has significantly slowed, with a 50% month-on-month drop in land acquisition in August, marking a new low in nearly a year. Notably, 18 companies reported no new land acquisitions during this month [6]. Group 3: Brand and Market Strategies - Leading companies are focusing on performance to build confidence, enhancing their brand through ESG initiatives, and strengthening emotional connections with customers via cultural IP and community activities, thereby highlighting their competitive edge in a sluggish market [7]. Group 4: Company Performance Reviews - China Jinmao reported a sales increase, ranking among the top ten in the industry, with a revenue growth exceeding 10% and a financing cost reduction to 2.96% [10]. - Longfor Group maintained a green status under the three red lines, but its development business faced a gross margin decline to 0.2%, resulting in a loss of 1.18 billion yuan [11]. - Xinda Real Estate experienced a nearly 50% year-on-year sales increase, achieving 50% of its annual sales target, but its net profit loss widened, with a cash-to-short-term debt ratio of 0.39 [12]. - China Resources Land remained among the top three in sales, with core net profit contributions from regular operations at 60%, and 70% of sales coming from the top ten cities [13]. - Yuexiu Property saw a sales increase, with 80.5% of sales concentrated in first-tier cities, maintaining a stable financial structure [14]. - Jianfa International's "Lighthouse Strategy" showed positive results, with a sales target of 150 billion yuan for the year, focusing more on project liquidity than net profit margins [15]. - Poly Real Estate increased its land acquisition efforts significantly, achieving a green status under the three red lines, although inventory clearance pressures remain [16]. Group 5: Policy and Market Dynamics - The central government has released detailed guidelines for urban development, emphasizing the relationship between new real estate models and high-quality housing, as well as urban renewal [18]. - Land supply and demand have both increased month-on-month, with land auction activity remaining at a low level, as evidenced by a 72% increase in land supply and a 23% increase in transaction volume in the monitored cities [19].

Core Viewpoint - The real estate market is experiencing a decline in sales, with significant year-on-year decreases in both top-tier and broader market segments, indicating ongoing challenges in the industry [3][4]. Group 1: Sales Performance - In August 2025, the top 10 real estate companies reported a total sales amount of 119.7 billion, with a year-on-year decrease of 3.1% and a month-on-month increase of 11.6% [3]. - For the first eight months of 2025, the total sales amount for the top 10 companies was 1.08 trillion, reflecting a year-on-year decline of 13.1% [3]. - The top 100 real estate companies saw a total sales amount of 220.2 billion in August 2025, with a year-on-year decrease of 19.2% [4]. Group 2: Median Sales Data - The median year-on-year sales change for the top 50 real estate companies in the first eight months of 2025 was -11.2%, indicating a challenging market environment [5]. - Among the top 50 companies, 50% experienced a year-on-year sales decline of more than 30% [5]. Group 3: Notable Performers - In August 2025, seven out of twenty mainstream real estate companies reported positive year-on-year sales growth, with notable performances from Jianfa Real Estate (+69%) and China Jinmao (+47%) [6]. - For the first eight months of 2025, only three out of twenty mainstream companies had positive cumulative year-on-year sales growth, with China Jinmao leading at +26% [6].