保利发展控股集团股份有限公司 关于召开 2025 年第一次临时股东大会的通知 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 证券代码：600048 证券简称：保利发展 公告编号：2025-010 一、 召开会议的基本情况 召开的日期时间：2025 年 3 月 13 日 14 点 30 分 召开地点：广州市海珠区阅江中路 832 号保利发展广场 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2025 年 3 月 13 日 至 2025 年 3 月 13 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通过 股东大会召开日期：2025年3月13日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 上述议案已经公司 2025 年第 1 次临时董事会、2025 年第 2 次临时董事会审 议通过，相关公告分别 ...

一、董事会以 7 票同意、0 票反对、0 票弃权通过《关于注册发行 50 亿元超 短期融资券的议案》。 (一)同意向银行间协会申请注册 50 亿元超短期融资券。 (二)同意提请股东大会授权公司经营层全权处理上述注册事项以及后续发 行全部事宜，包括但不限于： 1、决定超短期融资券发行上市的具体事宜，包括但不限于是否分期发行、 各期发行金额及期限、发行方式、还本付息方式、承销方式、定价方式、票面利 率、募集资金用途、偿债保证措施、担保事项、超短期融资券上市、发行与上市 场所、专业机构的选择、回售与赎回方式等； 2、代表公司签署与超短期融资券的注册、发行的所有相关协议及其他必要 文件等，并按照规定进行披露； 2025 年第 2 次临时董事会决议公告 证券代码：600048 证券简称：保利发展 公告编号：2025-008 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 保利发展控股集团股份有限公司（以下简称"公司"）2025 年第 2 次临时 董事会于 2025 年 2 月 25 日以传真表决方式召开，会议召集人为公司董事长刘平 先生 ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 公司为深入贯彻党的二十大和中央金融工作会议精神，落实国务院《关于 进一步提高上市公司质量的意见》和国务院国资委关于提高央企控股上市公司 质量有关工作要求，根据中国证券监督管理委员会《上市公司监管指引第 10 号 ——市值管理》等法律法规、规范性文件和《保利发展控股集团股份有限公司 章程》等规定，推动企业以高质量发展切实保障股东回报，在《2024 年度"提 质增效重回报"行动方案》基础上，经公司董事会审议制定估值提升计划，具 体如下： 一、估值提升计划的触发情形及审议程序 证券代码：600048 证券简称：保利发展 公告编号：2025-009 关于估值提升计划的公告 2023 年以来，房地产行业支持政策不断出台，公司积极把握行业政策转向、 供求两端支持举措不断加码的市场窗口，2023 年实现商品房销售额 4222 亿元， 销售排名由 2022 年的第二名提升至行业第一；2024 年，公司实现商品房销售 金额 3230 亿元，销售规模稳居行业第一。同时，公司进一步聚焦 ...

证券代码：600048 证券简称：保利发展 公告编号：2025-007 关于本公司获得房地产项目的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 自公司《关于本公司获得房地产项目的公告》（公告编号 2025-002）披露以 来，公司新增加房地产项目 3 个，项目信息如下（具体位置详见附图）： 由于项目开发过程中存在各种不确定性，上述数据可能与定期报告披露的数 据存在差异，相关数据以公司定期报告为准。 特此公告。 保利发展控股集团股份有限公司 董事会 二〇二五年二月十日 单位：平方米、万元 序号 项目名称 获取 方式 土地 用途 用地 面积 规划容积 率面积 我方需支 付价款 权益 比例 1 上海市松江区 泗砖南路西侧地块 招拍挂 住宅 69,042 69,732 205,185 100% 2 石家庄市裕华区 槐北路南侧地块 招拍挂 住宅 55,615 144,042 96,200 100% 3 青岛市市南区 亚东路北侧地块 招拍挂 住宅 21,782 63,166 27,399 31% 合计 / / 146,438 27 ...

证券代码：600048 证券简称：保利发展 公告编号：2025-006 董事会 2025 年 1 月份销售情况简报 二〇二五年二月十日 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 特此公告。 保利发展控股集团股份有限公司 2025 年 1 月，公司实现签约面积 77.20 万平方米，同比减少 35.01%；签约 金额 180.15 亿元，同比减少 11.36%。 由于销售过程中存在各种不确定性，上述销售数据可能与定期报告披露的数 据存在差异，相关数据以公司定期报告为准。 ...

证券代码：600048 证券简称：保利发展 公告编号：2025-005 2025 年第 1 次临时董事会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 保利发展控股集团股份有限公司（以下简称"公司"）2025 年第 1 次临时 董事会于 2025 年 1 月 27 日以传真表决方式召开，会议召集人为公司董事长刘平 先生，会议应参加表决董事七名，实际参加表决董事七名。会议的召集和召开符 合《中华人民共和国公司法》《中华人民共和国证券法》及《公司章程》的有关 规定，会议审议通过了以下议案： 一、董事会以 7 票同意、0 票反对、0 票弃权通过《关于选举公司董事的议 案》。 陈育文先生因退休申请辞去公司董事职务，董事会对陈育文先生在任期间的 工作表示感谢。 特此公告。 保利发展控股集团股份有限公司 董事会 二〇二五年一月二十八日 附件 1：童云翔先生简历 童云翔，男，1966 年 1 月出生，硕士研究生，教授级高级工程师。历任中国 轻工业北京设计院副总会计师；中国海诚国际工程投资总院总会计师；中国轻工 集团有限公司党委委员 ...

Investment Rating - The investment rating for Poly Developments and Holdings is Neutral [2][9]. Core Views - The 2024 profit forecast is impacted by profit margins and impairment factors, with a projected net profit of RMB 5 billion, a 58% year-on-year decline, and a 47% decrease compared to previous estimates [1]. - The management's guidance for 2025 indicates that net profit will remain flat compared to 2024, with contract sales gross margin recovery dependent on market conditions [1][2]. - The company plans to revitalize 8 million square meters of undeveloped land, which constitutes approximately 27% of its land reserves by the end of 2024 [1][7]. Summary by Sections Financial Performance - The projected net profit for 2024 is RMB 5 billion, down 58% year-on-year, with project turnover expected to decline by 10% to RMB 313 billion [1]. - The gross margin for 2024 is anticipated to decrease by 2 percentage points to around 14% [1]. - The company plans to issue RMB 9.5 billion in convertible bonds to supplement capital [1]. Sales Outlook - In December 2024, the real estate sales revenue decreased by 37% month-on-month and 34% year-on-year to RMB 15 billion, with an annual sales revenue of RMB 323 billion, a 23% decline [6]. - For 2025, the company expects a 5% year-on-year increase in contract sales revenue, supported by RMB 500 billion in saleable resources [6]. Land Acquisition - In Q4 2024, Poly Developments added 13 new projects with a total land area of 1.06 million square meters at a total land price of RMB 26.7 billion, which is 33% of the quarterly contract sales revenue [7]. - The total land price for 2024 was RMB 68.3 billion, accounting for 21% of the annual contract sales revenue [7]. Valuation - The target price based on net asset value is set at RMB 10.0, reflecting a 10% discount to the expected net asset value by the end of 2025 [11]. - The current stock price is at a 22% discount to the expected net asset value for 2025, indicating a potential upside of 15.5% [2][8].

Core Viewpoint - The restructuring of Poly Developments and China Overseas Land & Investment (COLI) reflects a strategic shift in response to the current challenges in the real estate market, emphasizing a focus on core cities and operational efficiency [1][2][7] Company Restructuring - Poly Developments has merged several regional companies, including Jiangsu with Huaihai, Zhejiang with Zhe'nan, Shandong with Qilu, and Liaoning with Dalian, to streamline operations [1][3] - COLI has similarly merged its Shenyang and Dalian companies into a single Liaoning company, indicating a trend of consolidation in less prioritized regions [1][4] Market Context - The merged companies of both Poly and COLI had limited ongoing projects and were not key areas for expansion, highlighting a strategic retreat from less profitable markets [2][3] - The adjustments in company structures are seen as a reflection of the broader real estate market, where leading firms are facing significant challenges and are opting to slow down their growth [2][7] Sales Performance - In 2024, Poly Developments reported a sales amount of 323 billion yuan, maintaining its position as the industry leader, while COLI achieved approximately 310.69 billion yuan in sales, marking a slight increase of 0.3% year-on-year [5][6] - Both companies have shifted their land acquisition strategies to focus primarily on first and second-tier cities, with Poly's land acquisition in these areas reaching 94% in 2024, a significant increase of about 40 percentage points from 2023 [6] Strategic Focus - Poly Developments has concentrated its land acquisitions in first-tier cities, with Guangzhou alone accounting for 255.7 billion yuan, representing one-third of its total land expenditure [6] - COLI's land acquisitions in 2024 totaled approximately 389.47 million square meters, with a total land expenditure of about 69.64 billion yuan, also focused on key urban areas [6] Operational Efficiency - The restructuring efforts are aimed at improving operational efficiency in light of declining performance and changing land acquisition strategies, as both companies adapt to the current market conditions [7]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - Despite the inevitable cyclical pressures, the company is expected to achieve sustained performance that exceeds the industry average due to its competitive advantages in financing, land acquisition, and brand reputation. The valuation is at a relatively low point, indicating potential for short-term recovery. The optimization of the market structure supports the long-term investment logic, and the issuance of convertible bonds will accelerate the process of increasing market share. The downward pressure on industry volume and price is gradually easing, providing substantial assurance for the company's mid-term scale and profitability, with significant upside potential for its stable market value compared to the current valuation [2][4][10]. Summary by Sections Financial Performance - In 2024, the company reported revenue of 312.81 billion yuan, a decrease of 9.8%, and a net profit attributable to shareholders of 5.02 billion yuan, down 58.4%. The net profit excluding non-recurring items was 4.49 billion yuan, a decline of 61.9% [4][10]. Sales and Investment Trends - The company achieved sales of 323 billion yuan in 2024, a decrease of 23.5%, with a sales area of 17.97 million square meters, down 24.7%. The average selling price increased by 1.6% to 18,000 yuan per square meter. The company adopted a cautious approach to land acquisition, with a total investment of 68.3 billion yuan, down 58.2%, and a land area of 3.29 million square meters, down 69.4% [10]. Future Outlook - The company has received approval from the Shanghai Stock Exchange for the issuance of up to 9.5 billion yuan in convertible bonds, which is expected to enhance its financial strength and optimize its debt structure. This will position the company favorably for future opportunities in acquiring quality land reserves and integrating existing market resources [10]. Valuation and Earnings Forecast - The company is projected to achieve net profits of 4.7 billion yuan and 4.5 billion yuan in 2025 and 2026, respectively, with corresponding price-to-earnings ratios of 21.9 and 22.9 times. The current valuation is seen as having significant room for improvement, despite the ongoing cyclical downturn [10].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has experienced a significant decline in performance, with a projected net profit of 5.02 billion yuan for 2024, down 58.4% year-on-year, which is below market expectations. This decline is attributed to a decrease in project delivery and a drop in gross profit margins due to market downturns [8] - The company remains the industry leader in sales, achieving a sales amount of 323.03 billion yuan in 2024, despite a 23.5% year-on-year decline. The company has focused on acquiring land in core first and second-tier cities [8] - The company has received approval for a targeted convertible bond issuance of up to 9.5 billion yuan, which is expected to enhance its financing advantages [8] - The report anticipates that after the accelerated clearing of the real estate market, the company will benefit from improved concentration and profitability, leading to greater development opportunities [8] Financial Data and Profit Forecast - Total revenue for 2023 is projected at 346.89 billion yuan, with a year-on-year growth rate of 23.4%. However, for 2024, revenue is expected to decline by 9.8% to 312.81 billion yuan [6] - The net profit attributable to the parent company is forecasted to be 5.02 billion yuan in 2024, reflecting a significant decrease of 58.4% compared to the previous year [6] - The company's gross profit margin is expected to remain low, with a forecasted gross margin of 14.0% for 2024 [6] - The company's asset-liability ratio stands at 74.89%, indicating a high level of debt [2] Sales and Market Position - The company achieved a sales area of 17.97 million square meters in 2024, down 24.71% year-on-year, but still maintains its position as the top seller in the industry [8] - The company acquired 37 land parcels in 2024, with a total acquisition amount of 68.25 billion yuan, a decrease of 57.4% year-on-year [8] - As of the end of Q3 2024, the company has a substantial land reserve of 52.86 million square meters and an ongoing construction area of 87.13 million square meters [8]