Core Viewpoint - China Jinmao (00817) reported a year-on-year increase in signed sales amount and area for October 2025, indicating a positive trend in the company's sales performance [1] Group 1: Sales Performance - In October 2025, the company and its subsidiaries achieved a signed sales amount of RMB 11.997 billion, representing a year-on-year increase of 3.45% [1] - The total signed sales amount for the first ten months of 2025 reached RMB 92.682 billion, which is a year-on-year increase of 23.57% [1] - The total signed sales area for the first ten months was 4.006 million square meters [1] Group 2: Property Sales - As of October 31, 2025, the company had achieved a subscribed (but not yet signed) property sales amount of RMB 1.503 billion [1]

Core Viewpoint - Lishin International (00191.HK) reported a net loss attributable to shareholders of HKD 1.676 billion for the fiscal year ending July 31, 2025, which represents a narrowing of losses compared to the previous year due to several factors including reduced impairment losses and financing costs [1] Financial Performance - The company experienced a decrease in net loss primarily due to: - Reduced impairment losses on properties, plants, equipment, and right-of-use assets [1] - Decreased depreciation on properties, plants, and equipment due to prior year impairment losses [1] - Reduced fair value losses on investment properties [1] - Decreased financing costs [1] - However, this reduction in loss was offset by decreased contributions from Lihong Group's property sales and increased losses from joint ventures [1] Rental Income and Occupancy - The investment property portfolio remained robust, generating rental income of HKD 1.3 billion, despite a challenging operating environment [1] - The occupancy rate in Hong Kong and mainland China remained high, although it decreased by 4.6% compared to the previous fiscal year [1] Property Sales - Confirmed property sales amounted to HKD 885 million, a decline of 42.1% from the previous fiscal year [1] - The decrease in property sales was attributed to the near-completion of Lihong Group's property projects, although this was partially offset by increased sales from properties in Hong Kong, specifically in Yuen Long [1]

Core Viewpoint - The company reported a significant increase in revenue but also faced substantial losses, indicating challenges in its operational performance and financial health [1] Financial Performance - For the fiscal year ending December 31, 2023, the company recorded revenue of approximately HKD 38.77 million, up from HKD 17.19 million in 2022 [1] - Rental income from properties contributed approximately HKD 17.60 million to total revenue, a slight increase from HKD 17.18 million in 2022, attributed to rent concessions and reduced business activities of some tenants due to the COVID-19 pandemic [1] - The company reported a loss attributable to owners of approximately HKD 1.422 billion, compared to a loss of HKD 506 million in 2022 [1] - Basic loss per share was approximately HKD 0.3986, compared to HKD 0.1418 in 2022 [1] Dividend Policy - The board of directors did not recommend the payment of dividends for the fiscal year ending December 31, 2023, consistent with the previous year where no dividends were paid [1] Cash Position - As of December 31, 2023, cash and cash equivalents were approximately HKD 76,000, a significant decrease from HKD 1,119,000 as of December 31, 2022 [1]

Core Viewpoint - The company reported a significant increase in revenue but also faced a substantial loss attributable to shareholders, indicating challenges in profitability despite revenue growth [1] Financial Performance - The company achieved a revenue of HKD 38.768 million for the year ending December 31, 2023, representing a year-on-year increase of 125.58% [1] - The loss attributable to shareholders was HKD 1.422 billion, which is an increase of 181.13% compared to the previous year [1] - The loss per share was HKD 0.3986 [1] Rental Income - Rental income contributed approximately HKD 17.603 million to total revenue, a slight increase from HKD 17.186 million in 2022 [1] - The decrease in rental income contribution was attributed to rent concessions due to the COVID-19 pandemic and the reduction of business activities by some tenants [1] Property Sales - There were no contributions from property sales to total revenue, consistent with the previous year where there were also no contributions [1]

Core Viewpoint - The company reported a total contract sales amount of approximately RMB 99.02 billion for the eight months ending August 31, 2025, indicating a strong performance in both property and renovation contracts [1] Group 1: Total Contract Sales - The total contract sales amount for the month of August 2025 was approximately RMB 8.55 billion, with property contract sales contributing around RMB 7.35 billion and renovation contract sales about RMB 1.20 billion [1] - For the eight months ending August 31, 2025, the average selling price of property contracts was approximately RMB 23,920 per square meter, with a total sales area of about 370,149 square meters [1] Group 2: Non-Self-Invested Properties - The total contract sales area for non-self-invested properties managed under the "He Sheng" brand was approximately 47,591 square meters, with a contract sales amount of about RMB 42.36 billion for the eight months ending August 31, 2025 [1] - In August 2025, the contract sales area for properties managed under the "He Sheng" brand was approximately 4,193 square meters, with a contract sales amount of around RMB 3.34 billion [1]

Core Viewpoint - The company reported a significant decline in total contract sales for the eight months ending August 31, 2025, with a year-on-year decrease of 15.56% to approximately RMB 9.902 billion [1] Group 1: Total Contract Sales - For the eight months ending August 31, 2025, the total contract sales amount was approximately RMB 9.902 billion, with property contract sales around RMB 8.854 billion and renovation contract sales about RMB 1.048 billion [1] - In August 2025 alone, the total contract sales were approximately RMB 855 million, reflecting a year-on-year decrease of 38.44% [1] Group 2: Property Sales Performance - The total property contract sales area for the eight months ending August 31, 2025, was approximately 370,149 square meters, with an average selling price of about RMB 23,920 per square meter [1] - For August 2025, the property contract sales amounted to approximately RMB 735 million [1] Group 3: Managed Properties - The total contract sales area for non-self-invested properties managed under the "He Sheng" brand for the eight months ending August 31, 2025, was approximately 47,591 square meters, with a contract sales amount of about RMB 4.236 billion [1] - In August 2025, the contract sales area for properties managed by He Sheng was approximately 4,193 square meters, with a sales amount of around RMB 334 million [1]

Core Viewpoint - Greentown China reported a significant decline in both revenue and profit for the first half of 2025, with a notable 89.7% drop in shareholder profit, marking the worst performance in nearly two years. Despite this, the company aggressively expanded its project portfolio, investing 36.2 billion yuan in 35 new projects, elevating its sales ranking to second nationwide amidst a contracting industry [1][2]. Financial Performance - In the first half of 2025, Greentown China achieved revenue of 53.368 billion yuan, a decrease of 23.3% from 69.562 billion yuan in the same period of 2024 [2]. - The company's property sales revenue accounted for 93.0% of total income, with a significant drop in property sales revenue to 49.651 billion yuan, down 22.1% from 63.757 billion yuan year-on-year [2]. - The gross profit for the first half was 7.159 billion yuan, a decline of 21.4%, with shareholder profit plummeting to 210 million yuan from 2.045 billion yuan, a decrease of 89.7% [4]. Asset Impairment - Greentown China reported asset impairment losses of 1.933 billion yuan, which is nearly nine times the net profit for the first half, significantly impacting profitability [5]. - The company conducted impairment tests on certain properties, resulting in a non-financial asset impairment loss of 1.717 billion yuan, an increase of 20.7% from the previous year [4]. Land Acquisition and Sales Performance - The company acquired 35 new projects with a total construction area of approximately 3.55 million square meters, at a cost of about 36.2 billion yuan, ranking third in the industry for land acquisition [7]. - Greentown's total contract sales area reached approximately 5.35 million square meters, with a total contract sales amount of about 122.2 billion yuan, elevating its sales ranking to second nationwide [7]. Debt and Financial Health - As of June 30, 2025, Greentown's total borrowings increased to 1430.27 billion yuan from 1371.87 billion yuan at the end of 2024, leading to a rise in net debt to 762.32 billion yuan and a net debt-to-equity ratio of 63.9% [8]. - The company faces the challenge of balancing expansion with profitability, as it navigates the pressures of increased debt while striving for growth [8].

Core Viewpoint - The company is facing increasing inventory clearance pressure despite maintaining a leading position in the industry, with a notable decline in profit margins and overall financial performance [2][3][21]. Sales Performance - In the first half of 2025, the company achieved total sales of 145.17 billion yuan, a year-on-year decrease of 16.25%, with a sales area of 7.1354 million square meters, down 25.23% [2][5]. - The sales amount from inventory projects acquired in 2021 and earlier was 51.4 billion yuan, accounting for 35.4% of total sales, indicating a focus on inventory clearance [2][5]. - The company maintained a high signing ratio of 78.7% for signed building area rights, slightly down from 79.3% the previous year, which supports revenue and scale matching [5][11]. Land Acquisition Strategy - The company significantly increased its land acquisition efforts, with new land area of 2.28 million square meters and acquisition costs of 50.9 billion yuan, representing year-on-year growth of 96.6% and 304% respectively [12][13]. - The proportion of land acquired in first-tier cities reached 23.8%, indicating a strategic focus on these markets [15][19]. - The average land acquisition cost was 22,325 yuan per square meter, slightly up by 0.5% compared to the previous year [15]. Financial Performance - The company reported operating revenue of 116.857 billion yuan in the first half of 2025, a decrease of 16.08% year-on-year, with pre-received housing payments reaching 330.301 billion yuan, indicating a solid reserve for future revenue [3][21]. - Gross profit margin fell to 14.6%, down 1.4 percentage points year-on-year, while net profit margin and attributable net profit margin decreased to 5.6% and 2.3%, respectively [21][22]. - The company’s cash holdings increased by 3.3% to 138.562 billion yuan, with a non-restricted cash to short-term debt ratio of 1.19, indicating a stable liquidity position [24]. Debt and Financing - The company maintained a net debt ratio of 59.64%, down 3.03 percentage points from the beginning of the year, and the asset-liability ratio after excluding pre-received payments was 64.56%, a decrease of 1.31 percentage points [24]. - The comprehensive financing cost decreased to 2.89%, reflecting the company's ability to secure low-cost financing [24].

Core Viewpoint - The company has shown resilience in sales despite a challenging market, with a focus on inventory reduction and strategic land acquisition, while maintaining a stable financial position and financing channels [2][3][22]. Sales Performance - In the first half of 2025, the company achieved a contract sales amount of 122.2 billion, with a sales area of 5.35 million square meters, representing a year-on-year decrease of 3.4% and 9.5% respectively [2][4]. - The construction business recorded a sales amount of 41.9 billion, showing a year-on-year growth of 1.9%, contributing 34.3% to total sales [2][4]. - The sales target completion rate for self-invested projects reached 53.6%, indicating a strong cash flow with a collection rate of 96% [4][6]. Inventory Management - The company has made progress in inventory reduction, with 19 billion of inventory from 2021 and earlier being liquidated, resulting in a decrease in the proportion of completed unsold properties to 14.9% [6][8]. - The average liquidation rate for the first half of the year was 48%, with a target of 45% for the second half to meet the annual goal of 160 billion for self-invested projects [6][8]. Land Acquisition and Development - The company acquired 35 new land parcels with a total area of 3.55 million square meters, a year-on-year increase of 172%, with a new value of 90.7 billion [7][12]. - The land acquisition sales ratio increased to 0.67, indicating a significant increase in land acquisition efforts [7][10]. - The expected sales conversion rate for new projects in 2025 is 55%, which could contribute approximately 50 billion in sales [12][16]. Financial Performance - Total revenue for the first half of 2025 was 53.37 billion, a decrease of 23.3% year-on-year, with recognized revenue of 49.65 billion, down 22.1% [17][27]. - The comprehensive gross margin was 13.4%, a slight increase of 0.3 percentage points, while the net profit margin decreased by 2.5 percentage points to 2.3% [20][27]. - The company issued 7.711 billion in domestic bonds, with an average cost of 4%, and maintained a stable financial condition with a cash coverage ratio of 1.7 times for short-term debts [22][23].

Group 1 - The core viewpoint of the article is that Zhong An Group (00672) reported a significant decline in revenue for the six months ending June 30, 2025, with total revenue of RMB 6.559 billion, a year-on-year decrease of 29.35% [1] - The profit attributable to the parent company increased by 3.28% to RMB 64.557 million, with basic earnings per share at 1.15 cents [1] - Revenue from property sales was approximately RMB 6.16 billion, a decrease of about 31.0% compared to RMB 8.921 billion in the same period of 2024, primarily due to a reduction in the area delivered and average selling price [1] Group 2 - Revenue from property leasing was approximately RMB 64.9 million, an increase of about 33.4% compared to approximately RMB 48.6 million in the same period of 2024 [1] - Revenue from hotel operations was approximately RMB 99.2 million, a decrease of about 12.0% from approximately RMB 113 million in 2024 [1] - Revenue from property management and other services was approximately RMB 235 million, an increase of about 17.1% compared to approximately RMB 201 million in 2024 [1]