Core Viewpoint - Company maintains a "buy" rating for China Resources Land (01109) despite a double-digit decline in property sales due to ongoing challenges in the national real estate market [1] Sales Performance - In August 2025, the company achieved a contract sales amount of 13.2 billion yuan, a year-on-year decrease of 13.2%; the contract sales area was 539,000 square meters, down 26.7% [1] - From January to August 2025, the company recorded a contract sales amount of 136.8 billion yuan, a decline of 12.0% year-on-year, with a sales area of 5.12 million square meters, down 23.3% [1] - The average sales price increased significantly, with a signed sales average of 26,800 yuan per square meter in the first half of 2025, up 11.9% [2] Market Positioning - The company focuses on core cities, maintaining a top-three position in the industry sales ranking, with a strategy of "investing according to income" [2] - In the first half of 2025, the company made equity investments of 32.28 billion yuan and added land reserves of 1.48 million square meters, effectively supplementing quality land reserves in core cities [2] Asset Operations - The asset operation segment showed steady growth, contributing significantly to performance and stable cash flow, with revenue of 12.11 billion yuan in the first half of 2025, a year-on-year increase of 5.5% [3] - As of June 30, 2025, the total area of shopping centers was 11.85 million square meters, with 94 operational centers and a retail revenue of 110.15 billion yuan, up 20.2% [3] Financial Strength - The company maintains a cash reserve of 120.24 billion yuan and a net interest-bearing debt ratio of 39.2%, with an average financing cost of 2.79%, down 32 basis points from the end of 2024, maintaining the lowest level in the industry [4]

2025年8月，公司实现合同销售金额132亿元，同比下降13.2%;合同销售面53.9万平方米，同比下降 26.7%。2025年1-8月，公司实现合同销售金额1368亿元，同比下降12.0%;合同销售面积512.0万平方 米，同比下降23.3%。 销售均价提升明显，销售结构聚焦核心 2025年1-8月，公司实现合同销售金额1368亿元，克而瑞销售排行榜稳居行业前三;2025年上半年，公司 实现签约销售金额1103亿元(同比下降11.5%)，签约销售面积412万平方米(同比下降20.9%)，签约销售均 价2.68万元/平方米(同比提升11.9%)，销售结构聚焦核心，销售均价提升明显，15个城市市占率排名前 三。拿地方面坚持"量入为出"原则，合理把握投资节奏，聚焦一二线城市，2025年上半年权益投资 322.8亿元，新增土地储备148万平方米，有效补充核心城市优质土储。截至2025年6月30日，公司总土 储面积为4895万平方米。 智通财经APP获悉，光大证券发布研报称，维持华润置地(01109)"买入"评级，考虑到当前全国房地产销 售仍处于下行通道，城市分化和区域分化明显，1-8月公司商品房销售金额跟随行业大势 ...

Core Viewpoint - The company is experiencing a significant decline in short-term sales, with pressure on settlement gross margins, while asset operations show steady growth [4][5]. Sales Performance - In August 2025, the company achieved a contract sales amount of 4.73 billion (equity sales amount of 3.39 billion) and a contract sales area of 414,000 square meters (equity sales area of 310,000 square meters) [4]. - From January to August 2025, the company reported a contract sales amount of 45.74 billion, a contract sales area of 3.496 million square meters, and an operating income of approximately 17.69 billion (excluding tax) [4]. - The sales amount for January to August 2025 decreased by 29.8% year-on-year, and the sales area decreased by 26.3% year-on-year, with an average sales price of 13,100 per square meter, down 4.7% year-on-year [4]. Gross Margin Analysis - In the first half of 2025, the company reported operating income of 58.75 billion, a year-on-year increase of 25.4%, but gross profit decreased by 23% to 7.42 billion, resulting in a comprehensive gross margin of 12.6%, down from 20.6% in the same period of 2024 [5]. - The real estate development settlement segment was the main drag, with segment revenue of 45.48 billion (up 34.7% year-on-year) and segment gross profit of 98 million, down from 3.19 billion in 2024, leading to a settlement gross margin of 0.2% [5]. Asset Operations - As of June 2025, the company operated 89 shopping malls (75 heavy assets and 14 light assets) with a total operating area of 12.56 million square meters and an overall occupancy rate of 96.8%, with total sales increasing by 17% [5]. - The company has opened 127,000 long-term rental apartments with an occupancy rate of 95.6% and manages approximately 2,200 property management projects covering about 400 million square meters [5]. - In the first half of 2025, the property investment segment reported revenue of 7.01 billion (up 2.5% year-on-year) with a gross margin of 77.7%, while the property service segment reported revenue of 6.26 billion with a gross margin of 30%, both remaining stable compared to 2024 [5].

Investment Rating - The report maintains a "Buy" rating for the company [2][11]. Core Insights - The company achieved a core net profit that doubled in the first half of 2025, continuing to deliver a competitive dividend policy within the industry [3][11]. - The company reported a revenue of RMB 199.66 billion in 1H25, representing a year-on-year increase of 41.3%, and a core net profit of RMB 31.21 billion, up 119.4% year-on-year [11]. - The company is focusing on four main business segments: "Development Services, Property Management Services, Asset Operations, and Real Estate Technology" to drive synergy among its operations [11]. Financial Summary - Total revenue projections for the company are as follows: - 2023A: 74,155 million HKD - 2024A: 3,726 million HKD - 2025E: 4,043 million HKD - 2026E: 4,392 million HKD - 2027E: 4,763 million HKD - The net profit figures are projected as follows: - 2023A: 914 million HKD - 2024A: -2,058 million HKD - 2025E: 600 million HKD - 2026E: 818 million HKD - 2027E: 1,065 million HKD - The company’s PE ratio is projected to be 10.60 for 2025E, with a PB ratio of 1.16 [6][12]. Business Development - The company has optimized its business structure, achieving significant breakthroughs in property management services, with revenues of RMB 92.99 billion in 1H25, a year-on-year increase of 8.7% [11]. - The company has signed seven new projects exceeding RMB 10 million in non-residential sectors, focusing on park and healthcare core sectors [11]. - Following a restructuring in October 2024, the company is managing the full chain of development resources from its controlling shareholder, emphasizing technology, health, and energy efficiency [11].

Group 1 - The board of directors of Jinfu Technology Co., Ltd. held its third temporary meeting of the fourth session on September 1, 2025, via communication methods, with all 7 directors present [1] - The board agreed to enhance overall asset operation efficiency and increase asset returns by leasing part of its owned properties, provided that self-use conditions are met [1][2] - The company will sign relevant lease contracts with tenants to create greater benefits for the company and its shareholders [1]

Core Viewpoint - The company reported significant growth in its mid-term performance for the first half of 2025, with revenue and profit increasing substantially compared to the previous year, indicating strong operational efficiency and strategic investments in infrastructure projects [1][2]. Financial Performance - The company achieved a revenue of approximately HKD 731 million for the first half of 2025, representing a year-on-year increase of about 36% [1][2]. - Gross profit for the same period was approximately HKD 295 million, up about 26% from the previous year [1][2]. - The profit attributable to the company's owners was approximately HKD 339 million, a rise of about 30% compared to HKD 261 million in the same period last year [1][2]. - Basic and diluted earnings per share were reported at HKD 0.0477 [1]. Dividend Distribution - The board declared an interim dividend totaling HKD 271 million for the six months ending June 30, 2025 [1]. - A special dividend of HKD 768 million was announced on March 26, 2025, with the first installment of HKD 256 million paid on April 14, 2025, and subsequent payments scheduled for September 26, 2025, and December 29, 2025 [1]. Business Operations - The company operates as a leading smart infrastructure asset service provider in China, focusing on "asset operation + asset financing" as its core directions [2]. - The operational revenue from asset management was approximately HKD 511 million, reflecting a 26% increase year-on-year, while asset financing revenue reached approximately HKD 220 million, up 69% [2]. - The company has established a comprehensive investment and operation system covering infrastructure and technology sectors, including four main business segments: parking asset management, industrial space management, REITs investment, and equity investment [2]. Industry Innovation - The company is proactively investing in the robotics industry through various funds and has established a dedicated robotics technology company to support comprehensive development [3]. - By leveraging capital empowerment and scenario operations, the company is driving the digital upgrade of assets and building a forward-looking industrial ecosystem [3].

Core Viewpoint - 建发国际集团 reported a revenue increase of 4.31% year-on-year for the first half of the year, driven primarily by its property development business, with a focus on maintaining sales targets and inventory management in a challenging market environment [1][2][3]. Financial Performance - The company achieved a revenue of 34.165 billion yuan, with property development contributing 32.14 billion yuan [1]. - Gross profit reached 4.402 billion yuan, reflecting a 12.8% increase, and the gross margin improved to 12.89% from 11.92% [1]. - Net profit attributable to equity holders was 914 million yuan, up 11.83%, with a net profit margin of 2.67%, an increase from 2.49% [1]. Sales and Inventory Management - The company has an unsold sales amount of 250 billion yuan, with an expected gross margin of 13%-15% for future sales [1]. - The sales target for the year remains at 150 billion yuan, with no adjustments planned as inventory and investment strategies align with this goal [1][3]. - As of June, the company has a saleable area of 12.71 million square meters, with Shanghai having the largest share [2]. Land Acquisition Strategy - In the first half of the year, the company acquired 33 projects with a total value of approximately 120 billion yuan, targeting an additional 150 billion yuan in land acquisition for the second half [1][2]. - The company aims to push a total sales value of around 270 billion yuan this year, with 66.7 billion yuan already added in the first half and an expected 100 billion yuan in the second half [2]. Market Conditions and Future Outlook - The market has shown signs of decline and significant differentiation since May, with major cities like Beijing, Shanghai, and Hangzhou still maintaining decent activity levels [2]. - The company plans to maintain a balanced approach to inventory and sales, with flexibility in its 150 billion yuan target based on market conditions [3]. - Future directions include exploring asset operations and potential trials in long-term rental apartments and elderly care services [3].

Core Insights - The successful delivery ceremony of the Shenye Shanglinyuan project marks the official launch of the new operational brand "Lingli Gongsi" and instills strong confidence in the market and customers [1][2] Delivery and Customer Satisfaction - The project achieved a 100% delivery rate for the first batch of qualified customers from the 28th to 33rd floors, showcasing the developer's strength and commitment to quality living [2] - The high delivery rate and customer satisfaction reflect the project's appeal and the developer's promise of quality living, generating positive word-of-mouth for future operations [2] New Operational Brand and Value Creation - The launch of the new 3.0 operational brand emphasizes the project's unique value and operational philosophy, transforming from mere housing to a sense of belonging and community [3] - The innovative "five-year rent payment in one lump sum" mechanism allows for dual income streams for homeowners, enhancing the project's operational potential comparable to mid-sized hotels [3] Community Engagement and Future Activities - The event featured a community activity that allowed homeowners to experience the project's potential and the vibrant lifestyle of the Bay Area, setting the stage for future high-end community events [5] - The project aims to better understand homeowner needs and enhance their living experience through efficient management and personalized services [5] Corporate Commitment and Market Positioning - The event reflects the company's commitment to market stability and development, showcasing its evolution from a "space builder" to a "value operator" [7] - The company emphasizes its long-term vision and social responsibility, aiming to improve living quality and contribute positively to urban renewal [7]

Group 1 - The company held a meeting on June 30, 2025, via communication methods, with all four independent directors present, complying with relevant regulations [1] - The independent directors unanimously approved the proposal for the subsidiary Guangzhou Asset Management Co., Ltd. to increase its stake in Yuexiu Property Holdings Limited, indicating a strategic alignment with the company's business direction [1] - The investment will be conducted through the Hong Kong Stock Connect in the secondary market, ensuring compliance with legal and regulatory standards, and is expected to enhance collaboration and mutual benefits between the two entities [1] Group 2 - The company emphasizes the importance of monitoring real estate industry policies and market developments, as well as the performance and stock price trends of the target company to ensure successful investment outcomes [1] - The independent directors have advised the board to ensure that related directors abstain from voting on this matter during the board meeting [1]

Core Viewpoint - The company is facing short-term sales pressure despite maintaining a strong asset operation advantage, with a notable decline in contract sales and cash levels [2][3][4]. Group 1: Operational Performance - In April 2025, the company achieved a contract sales amount of 5.13 billion yuan (equity sales amount of 3.61 billion yuan) and a contract sales area of 415,000 square meters (equity sales area of 303,000 square meters) [2]. - For the first four months of 2025, the company reported a contract sales amount of 22.08 billion yuan and a contract sales area of 1.603 million square meters, with operating revenue of approximately 8.76 billion yuan (excluding tax) [2]. - The company's operational business rental income for 2024 was 13.52 billion yuan, a year-on-year increase of 4.5%, with a gross profit margin of 75% [3]. Group 2: Sales and Market Conditions - In 2024, the company recorded a cumulative contract sales amount of 101.12 billion yuan, a year-on-year decrease of 41.7%, and a sales area of 7.124 million square meters, down 34.0% [3]. - The average sales price in 2024 was 14,200 yuan per square meter, a year-on-year decrease of 11.7%, with a continued decline in both volume and price observed in early 2025 [3]. Group 3: Financial Position - As of the end of 2024, the company's cash on hand was 49.42 billion yuan, with a cash short-term debt ratio of 1.03 times, indicating a slight decrease in cash levels compared to the previous year [4]. - The net debt ratio stood at 51.7%, with a liability-to-asset ratio of 57.2% after excluding advance payments [4].