Open Source Securities: Maintains a "buy" rating for CHINA RES LAND (01109) with impressive year-end sales performance. HUA RUN YOUCHAO REIT successfully expands fundraising.

Open source securities released a research report stating that they maintain a "buy" rating on CHINA RES LAND (01109), and CHINA RES LAND has released its operational data for December 2025. The company achieved growth in revenue and profit in the first half of the year, with an increase in gross profit margin against the trend, and both business quality and efficiency improved. The company's sales and land acquisition are steady, market share continues to increase, ample land reserves ensure future performance, and the profit level of regular business operations is high. Key points of open source securities are as follows: Sales ranking remains in the top three, December sales data exceeds expectations The company achieved total sales of 233.6 billion yuan in 2025, a year-on-year decrease of 10.5%, ranking steadily in the top three; achieved sales area of 9.225 million square meters, a year-on-year decrease of 18.6%; sales price of 25,322 yuan/square meter, a year-on-year increase of 9.9%. In December, the company's sales amount and area increased by 28.1% and 29.1% respectively compared to the same period last year. The opening day of Shenzhen Bay Yuxi saw a turnover of 13 billion, Beijing Runyuan saw a turnover of 3.5 billion on the opening day, and Shanghai Wai Tan Rui Fu and Yun Qi Bin Jiang also added new projects in December, with a significant proportion of sales revenue coming from first-tier cities. Active land acquisition, investment cities with high tier levels The company acquired 33 plots of land in 2025, corresponding to a planned construction area of 3.39 million square meters, with a total land price of 91.7 billion yuan, of which the equity land acquisition amount was 68.3 billion yuan, with an equity land acquisition ratio of 74%; the average land acquisition price reached 27,024 yuan/square meter, and the land acquisition intensity reached 39%. In terms of structure, the proportion of land acquisition in first-tier cities is 66.6%, and in second-tier cities is 28.3%, with a relatively high overall margin for the projects. Stable and rising regular income, Huaxia Huachuang REIT successfully expanded its market listing The company achieved total regular income of 51.15 billion yuan in 2025, a year-on-year increase of 6.5%; of which operating income from real estate (shopping centers + office buildings + hotels) rental income was 32.94 billion yuan, a year-on-year increase of 12.8%. In December, the company achieved regular income of 5.29 billion yuan, a year-on-year increase of 0.8%; of which operating real estate rental income was 3.01 billion yuan, a year-on-year increase of 9.4%. In January 2026, the ceremony for the successful expansion to market listing of Huaxia Huachuang REIT was held, with a subscription price of 2.53 yuan/share, a subscription ratio of 99.51%, and a total fundraising amount of approximately 1.1329 billion yuan (excluding fundraising period interest). After deducting related reserves, the funds will be used in full to acquire the premium assets under Huaxia Huachang's Shanghai Maqiao project. Risk warning Policy support falls below expectations, industry sales recovery falls below expectations, company financing falls below expectations.