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。 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） 公司債券發行人截至2025年6月30日止六個月的主要財務數據 根據中國相關法規以及中國證券監督管理委員會的規定，在公司債券存續期內， 發行人須於上海證券交易所網站(www.sse.com.cn)披露其財務數據。發行人截 至2025年6月30日止之半年度報告已於2025年8月26日刊登於上海證券交易所網 站。以下載列發行人截至2025年6月30日止六個月的主要未經審核合併財務數 據，該等財務數據乃依據中國企業會計準則編製。 發行人主要未經審核合併財務數據： | | 於2025年 | 於2024年 | | --- | --- | --- | | | 6月30日 | 12月31日 | | 資產總額（人民幣億元） | 3,889.46 | 3,634.42 ...

Core Viewpoint - China Jinmao reported a 14% year-on-year increase in revenue for the first half of 2025, reaching approximately RMB 25.113 billion, driven by growth in property development and Jinmao services [1] Financial Performance - The profit attributable to owners of the company was approximately RMB 1.09 billion, an 8% increase compared to the same period last year [1] - After accounting for fair value losses on investment properties (net of deferred tax), the profit attributable to owners was approximately RMB 1.123 billion, reflecting a 2% increase year-on-year [1] - The overall gross profit margin remained stable at 16%, consistent with the previous year [1]

| 香港中央證券登記有限公司 | | | --- | --- | | 皇后大道東183號 | | | 股份過戶登記處及其地址 | 合和中心 | | 17樓1712-1716號舖 | | | 灣仔 | | | 香港 | | | 代扣所得稅信息 | | | 股息所涉及的代扣所得稅 | 不適用 | | 發行人所發行上市權證/可轉換債券的相關信息 | | | 發行人所發行上市權證/可轉換債券 | 不適用 | | 其他信息 | | | 其他信息 | 不適用 | | 發行人董事 | | | 本公司董事為執行董事陶天海先生（主席）、張輝先生及喬曉潔女士；非執行董事崔焱先生、劉文先生、陳一江先生及王葳女士； | | | 以及獨立非執行董事劉峰先生、孫文德先生、高世斌先生及鍾偉先生。 | | 第 2 頁 共 2 頁 v 1.1.1 EF003 EF003 免責聲明 | 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 | | | --- | --- | | 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。 | | | | ...

8月26日，中国金茂(00817.HK)发布2025年中期业绩报告。报告显示，上半年公司实现签约销售金额534 亿元，较去年同期增长20%，销售排名首次跻身行业前十；实现营业收入251.13亿元，较去年同期增长 14%。 2025上半年，中国金茂毛利40.59亿元，毛利率16%。归母净利润10.9亿元，同比上升8%，盈利能力持 续向好。公司坚持核心城市布局，上半年新获取的16个优质项目全部位于一二线核心城市，为未来的持 续增长提供支撑。(CIS) ...

2025上半年，中国金茂毛利40.59亿元，毛利率16%。归母净利润10.9亿元，同比上升8%，盈利能力持 续向好。公司坚持核心城市布局，上半年新获取的16个优质项目全部位于一二线核心城市，为未来的持 续增长提供支撑。 智通财经APP讯，8月26日，中国金茂(00817)发布2025年中期业绩报告。报告显示，上半年公司实现签 约销售金额534亿元，较去年同期增长20%，销售排名首次跻身行业前十；实现营业收入251.13亿元， 较去年同期增长14%。 ...

2025上半年，中国金茂毛利40.59亿元，毛利率16%。归母净利润10.9亿元，同比上升8%，盈利能力持 续向好。公司坚持核心城市布局，上半年新获取的16个优质项目全部位于一二线核心城市，为未来的持 续增长提供支撑。 8月26日，中国金茂(00817)发布2025年中期业绩报告。报告显示，上半年公司实现签约销售金额534亿 元，较去年同期增长20%，销售排名首次跻身行业前十；实现营业收入251.13亿元，较去年同期增长 14%。 ...

Financial Performance - Revenue for the six months ended June 30, 2025, was RMB 25,112.6 million, representing a 14% increase compared to RMB 21,974.9 million in the same period of 2024[5]. - Profit attributable to owners of the parent for the same period was RMB 1,090.1 million, an 8% increase from RMB 1,010.0 million in 2024[5]. - Basic earnings per share decreased to RMB 5.64, down 22% from RMB 7.26 in the previous year[5]. - Revenue from land and property development was approximately RMB 20,041.0 million, representing a 17% increase compared to RMB 17,072.8 million in the previous year[191]. - Revenue from Jinmao Services grew by 20% to RMB 1,783.4 million, up from RMB 1,491.4 million in the previous year[191]. - The overall gross profit margin for the Group was 16%, consistent with the previous year, while the gross profit margin for land and property development increased to 12% from 11%[194][195]. - Other income and gains decreased by 16% to approximately RMB 1,240.6 million, down from RMB 1,482.7 million in the previous year, primarily due to reduced government subsidies and interest income[197][200]. - Sales and marketing expenses decreased by 15% to approximately RMB 832.1 million, compared to RMB 982.8 million in the previous year[198]. - Management expenses decreased by 5% to approximately RMB 1,215.9 million, down from RMB 1,285.0 million in the previous year[199]. - Revenue from commercial leasing and retail operations decreased by 5% to RMB 814.4 million, primarily due to the disposal of assets[191]. - Revenue from hotel operations decreased by 12% to RMB 775.6 million, mainly due to the disposal of Hilton Sanya[191]. Market Conditions - The real estate market in China saw a 5.5% year-on-year decline in new home sales from January to June 2025, with the top 10 real estate companies experiencing a 14% drop in sales[11]. - The national sales amount of newly built commodity housing declined by 5.5% year-on-year, while the sales amount of the top 10 real estate developers declined by 14% year-on-year[16]. - Real estate development investment in China decreased by 11.2% year-on-year during the same period, while new commodity housing sales area fell by 3.5% and sales amount decreased by 5.5%[34][35]. - The future outlook indicates significant growth potential in China's real estate market, with expectations of favourable policies to stabilise the market[27]. - The central government has shown a strong commitment to stabilizing the real estate market, which is expected to inject new momentum into the industry[183]. - The future of the real estate industry is anticipated to shift from full competition to oligopoly competition, presenting more opportunities for financially sound companies[183]. Strategic Initiatives - The company aims to enhance its asset structure and achieve balanced development across its businesses over the next three to five years[12]. - A strategic focus on revitalizing existing assets and accelerating project turnover is being implemented to ensure efficient capital flow and reinvestment[12]. - The Company implemented a "three-step" strategic blueprint aimed at achieving a reasonable asset structure and balanced development over three years[18]. - The Company plans to accelerate the turnover of incremental projects to ensure rapid return of funds, striving for "one crop per year" and aiming for "two crops per year"[18]. - The Company is focusing on enhancing operational efficiency through organisational reform and streamlining management structures[18]. - The Company emphasized the importance of risk control and high-quality development, focusing on technological empowerment and the creation of "good houses"[28]. - The Company aims to strengthen service value-added and efficiency improvement to enhance business competitiveness[28]. - The Company is committed to enhancing its construction technology and developing specialized businesses to strengthen its competitive advantages[182]. - The Company aims to promote sustainable development through low-carbon and environmentally friendly practices in its services and operations[181]. Acquisitions and Developments - The Company acquired 16 high-quality land parcels, focusing on core segments in core cities, and promoted the "Jin Yu Man Tang" product line, achieving excellent performance in both volume and price[19]. - The Group successfully acquired residential and commercial land parcels in Beijing and Chengdu, with a total planned construction area exceeding 1.45 million square meters since 2025[41]. - Major land and property development projects acquired since 2025 include a total gross floor area of 63,041 sq.m. in Qingdao, 80,830 sq.m. in Beijing, and 199,826 sq.m. in another Beijing project, among others[113][118]. - The total gross floor area of the newly acquired land parcels includes 141,456 sq.m. in Chengdu and 116,448 sq.m. in another Chengdu project[118]. Hotel and Commercial Performance - The hotel performance of the holding business outperformed competitors, and the share price of Changsha Jinmao Mall of Splendor REIT rose by over 20%[19]. - Average room rate for major hotels as of June 30, 2025, ranged from RMB 633 to RMB 2,054, with average occupancy rates between 71.6% and 89.2%[154]. - RevPAR for major hotels as of June 30, 2025, varied from RMB 453 to RMB 1,654, indicating performance across different locations[154]. - The average room rate for major hotels as of June 30, 2024, was higher than in 2025, with rates ranging from RMB 704 to RMB 2,312[156]. - The average occupancy rate for major hotels as of June 30, 2024, was between 69.3% and 85.7%, showing a slight decline in 2025[156]. - The Ritz-Carlton Sanya, Yalong Bay features 446 luxurious rooms and a 2,788 sq.m. spa, catering to high-end clientele[161]. - Grand Hyatt Shanghai offers stunning views and modern conveniences, emphasizing a unique guest experience in a prime location[160]. - Beijing Jinmao Renaissance Hotel has 321 rooms, including 16 suites, and features modern and classical design elements[163]. - Shenzhen JW Marriott Hotel is strategically located near major transport links and offers modern facilities for business and leisure travelers[164]. Operational Efficiency - The company is undergoing organizational changes to streamline management and improve operational efficiency[12]. - The Group's office projects are situated in prime locations, contributing to their high occupancy rates due to excellent tenant quality[124]. - The Group's major office buildings include Beijing Chemsunny World Trade Centre, which is the first in China to receive both China Three-Star Green Label and USGBC's LEED-EB platinum certification[126]. - Nanjing Jinmao Lanxiu City achieved a half-year occupancy rate of 98.2% and signed 56 new brands, enhancing its brand appeal and operational performance[130]. - The Group aims to enhance commercial services and create a commercial IP focusing on consumer insights and innovations through digital and green technology[151]. - The Group plans to enhance commercial service quality and implement a strategy centered on consumer insights, digitalization, and green technology innovation[147].

Investment Rating - The report maintains a "Recommended" rating for companies with a relative increase of over 15% compared to the benchmark index [4] Core Insights - The Shanghai government has implemented a series of policies to stabilize the real estate market, including reducing housing purchase restrictions and optimizing housing provident fund policies [1][2] - The new policies allow eligible residents to purchase an unlimited number of homes outside the outer ring and limit purchases to two homes within the inner ring [1] - The maximum loan amount for housing provident funds has been increased by 15% for buyers of new green buildings, with first-time homebuyers' limits raised from 1.6 million to 1.84 million yuan [2] - The report suggests that the relaxation of policies in Shanghai may serve as a model for other first- and second-tier cities to follow suit [2] Summary by Sections Policy Adjustments - The Shanghai government has introduced measures to reduce housing purchase limits for both local and non-local residents, with specific conditions based on social insurance or income tax contributions [1] - The housing provident fund policy has been optimized to support higher loan amounts and facilitate down payment withdrawals [2] Investment Recommendations - The report recommends focusing on residential developers with a strong reputation and ongoing land acquisitions in the Shanghai market, such as China Jinmao and China Merchants Shekou [3]

Core Viewpoint - The Hong Kong property stocks experienced a collective decline after a brief rise, indicating market skepticism about the sustainability of recent policy changes aimed at boosting the real estate sector [1] Group 1: Market Performance - Major property stocks such as Shimao Group, New World Development, and Greentown China saw significant declines, with Shimao Group dropping by 6.4% and New World Development by 4.55% [1] - Other companies like China Jinmao, Midea Real Estate, and Country Garden also faced losses, with declines exceeding 2% [1] Group 2: Policy Impact - The recent policy adjustment in Shanghai, known as "Six Measures," allows unlimited purchases for eligible buyers outside the outer ring and treats single buyers as families, which initially boosted market confidence [1] - Despite the short-term positive impact, there are ongoing doubts about the long-term effectiveness of these policies and the actual improvement in the market fundamentals [1] Group 3: Future Outlook - The market requires continuous support beyond initial policy changes, with a focus on whether more cities will follow suit and how existing policies will be implemented, particularly regarding credit support [1]

Group 1 - The core viewpoint of the news is the launch of a long-awaited pure villa project in Guangzhou's core urban area, named Jinmao Yuexiu | Puyue Villa, developed by China Jinmao and Yuexiu Property [1][5] - The project is located in the World Grand View area, which has seen significant developments including the establishment of educational institutions and various themed parks [7] - The project features high-end residential styles from both Jinmao and Yuexiu, designed by renowned international design firms [5] Group 2 - In April, Jinmao acquired the World Grand View Phase IV land parcel for 1.077 billion yuan, with a low plot ratio of 1.1, suggesting a focus on villa-type products [3] - The newly unveiled villa project offers 110 units with a building area ranging from 190 to 360 square meters, starting at a total price of 20 million yuan [7] - The previous Yuexiu project in the same area had a signed average price of 78,000 yuan per square meter in 2024, projected to rise to 87,000 yuan per square meter in 2025, indicating a strong market demand [7]