根据转让协议，北京亦城同意收购而华福证券同意出售华福证券(代表专项计划)持有的标的股权和标的 债权(含标的物业)。于本次交易完成后，标的资产将由公司间接全资持有。 于2022年6月10日，公司当时间接联属公司鼎茂置业和嘉兴投资与华福证券(代表专项计划)订立股权转 让协议和债权转让及债权债务确认协议，据此于2022年6月30日筹备成立一项资产支持证券计划，名为 金茂华福-长沙金茂广场北塔二期绿色资产支持专项计划(碳中和)，以将鼎茂置业持有的标的物业证券 化，以及为集团的运营和业务发展筹集资金。 资产支持证券代表专项计划权益的相应份额，为华福证券依据标的资产向投资者发行的一种受益凭证， 标的资产为标的股权和标的债权(含标的物业)的统称。标的股权系指鼎茂置业的100%的股权。标的债权 系指计划管理人根据债权转让及债权债务确认协议的约定对鼎茂置业享有的债权本金人民币7.50亿元。 标的物业系指由鼎茂置业100%持有的位于中国湖南省长沙市湘江新区的金茂广场北塔写字楼物业，可 出租面积约为94,395.55平方米，作办公用途。 中国金茂(00817)发布公告，有关于2025年1月22日，公司间接全资附属公司北京亦城获嘉兴 ...

继开年取消全部区域公司后，近日中国金茂（00817.HK）高管团队大更新。"这次调动大多是老人提 拔，未来公司在管理上会对标业内优秀企业。"相关内部人士表示。 在房地产行业，组织架构调整的企业不在少数，而金茂的特殊之处在于：一方面其作为老牌央企，是当 下为数不多还能大笔投资，有竞争未来"牌桌"机会的房企；另一方面，过去几年金茂经历了一段业绩调 整期，新管理团队能否带领公司突围备受关注。 业内专家接受采访时表示，金茂过去几年业绩调整，主要有两方面原因，一是曾经下沉至较低能级城市 拿地，阶段性造成库存压力；二是在本轮限价政策松动前，金茂的高端高价产品优势受到一定限制。此 次组织变革后，公司在面临外部市场竞争之余，内部城市公司之间的竞争也会更激烈，本质还是为了适 应行业新环境、激发组织活力。 新管理团队就位 为适应当下的地产竞争形势，老牌央企中国金茂，正在经历组织架构的深度重构。 年初，金茂的"掌舵手"更替，张增根因年龄退休辞任，执行董事陶天海获董事会委任，出任公司主席、 战略及投资委员会主席及ESG委员会主席，2025年3月11日起生效。 与金茂过往较保守的风格不同，陶天海上任后便开启了一轮大变革。先是组织架构调 ...

在宣布撤销区域公司之后，近日，中国金茂（0817.HK）的组织架构调整和人事任命正式落定，其中， 重点区域总获得晋升，承担更大的管理职责。 《中国经营报》记者从中国金茂方面了解到，此举是为了提升决策效率，做大做优重点城市。公司董事 长陶天海于近期业绩会上表示，预计今年公司销售排名会稳中有升。 重组14个城市架构 根据中国金茂最新组织架构，公司已经从"总部-区域-城市"三级管理变革为"总部-地区"两级管理。原本 的5大区域、近20个城市公司，调整为14个城市公司以及6个事业部/片区。 其中，华东市场包括上海公司、浙江公司、南京公司、苏南公司、合肥公司。华北市场包括北京公司、 天津公司、山东公司、郑太公司、雄安公司。此外，华南市场对应广深公司；华中市场对应长沙公司； 西南市场对应成渝公司和西安公司。 6个事业部/片区为龙河事业部、福建事业部、武汉事业部、重庆事业部、济南事业部和宁波片区。 中国金茂方面此前表示，此次架构调整总体导向是为了让公司重点城市做大做优，通过强化总部运营管 控及管理穿透，提高组织敏捷度，提高决策效率和质量。此外，集团强调组织架构调整及管理提效，会 在保持现有队伍规模的前提下进行。 过去几年， ...

今年3月11日，中国金茂换帅，原CEO陶天海接任董事会主席，成为新掌门人。其上任一周后，金茂随 即展开一系列架构调整，包括撤销所有区域公司，重组为14个地区公司，将原有的"总部-区域-城市"三 级架构，调整为"总部-地区"二级架构。 与之相关的地区负责人等人员如何排布调整，在此后的一个多月成为行业内外关注的焦点。5月7日，地 产话事人公号发布消息，称金茂母公司中化集团和中国金茂已先后发文，对新架构下的相关人事任命做 正式公布。 这次任命核心是对中国金茂总部班子成员的重新调整，新任命李兴为高级副总裁，关翀、李剑为副总 裁。此次三人皆为提拔，李兴此前为金茂华南区域总经理，关翀则是华东区域总经理，李剑被任命前为 中国金茂首席营销官。值得一提的是，李剑是龙湖仕官生出身，加入中国金茂仅一年有余。 而在分工上，据此公号发文显示，李兴主要负责分管成本合约部、资产管理部、金茂广深；关翀则分管 金茂上海、金茂南京、金茂合肥、金茂苏南、金茂浙江，并兼任金茂上海总经理；而李剑则主要分管营 销管理部，并兼任客户与产品研究委员会主任。 图源：中国金茂官网 不过，对于这些任命信息，小编在中化集团、中国金茂官网和官微均未查到相关公告。中国 ...

Financial Performance - The company's revenue for 2024 was RMB 59,053.0 million, a decrease of 18% compared to RMB 72,403.6 million in 2023[17]. - Gross profit for 2024 was RMB 8,596.9 million, down 5% from RMB 9,021.5 million in 2023[17]. - The profit attributable to owners of the company for 2024 was RMB 1,064.8 million, a significant recovery from a loss of RMB 6,896.6 million in 2023, representing a 115% increase[17]. - The total assets increased slightly to RMB 409,256.4 million in 2024 from RMB 407,119.2 million in 2023, reflecting a 1% growth[17]. - The company's equity attributable to owners rose by 36% to RMB 53,575.1 million in 2024 from RMB 39,291.3 million in 2023[17]. - The basic earnings per share for 2024 was RMB 5.19, a recovery from a loss of RMB 51.62 in 2023, marking a 110% increase[17]. - The company declared an interim dividend of HKD 3.0 cents per share for 2024, doubling from HKD 1.5 cents in 2023[17]. - The net debt to adjusted capital ratio improved to 67% in 2024 from 73% in 2023[17]. Market Position and Sales - In 2024, the company achieved a signed sales revenue of approximately RMB 98.3 billion, ranking 12th in the industry, indicating stable progress in its market position[25]. - The company managed a total of 595 property projects across 71 cities in China, with a total managed area of approximately 100.93 million square meters[10]. - The company successfully increased land reserves in major cities including Beijing, Shanghai, and Chengdu, with a signed sales amount of RMB 98,255 million in 2024[8]. - The cumulative sales scale of the top 100 real estate companies in 2024 decreased by 28.1% year-on-year, with the sales threshold for the top 10 companies dropping by 39.3%[55]. - The total area of newly sold commercial housing decreased by 12.9% compared to the previous year, while the sales amount dropped by 17.1%[54]. Strategic Focus and Development - The company is focused on a strategy of "activating stock and optimizing increment," emphasizing cash flow management and cost control to support operational performance[24]. - The company plans to explore new models for real estate development, focusing on core cities and high-end products, while enhancing its technological competitive edge[29]. - The company is actively pursuing new projects, with several under development and expected to contribute significantly to future revenue streams[71]. - The company aims to ensure the delivery of 37,000 housing units on schedule, with a delivery satisfaction rate rising to 90.26 points, maintaining a high industry standard[28]. ESG and Social Responsibility - The company’s ESG rating has improved, being selected for the "Central Enterprise ESG Pioneer 100 Index," reflecting its commitment to social responsibility[28]. - The company is committed to accelerating the construction of green and low-carbon buildings, aligning with national sustainable development goals[28]. - China Jinmao Holdings Group Limited was awarded the "2024 ESG Model Enterprise" at the 2024 ESG and High-Quality Development Innovation Forum[33]. - The company received the "Stable Development Value Enterprise" award at the 21st (2024) Blue Chip Annual Meeting[33]. - The company won the "Most Socially Responsible Company Award" in the 2024 Listed Company Reputation List[33]. Awards and Recognition - Jinmao Service was ranked 13th in the "2024 Top 100 Comprehensive Strength of Property Service Enterprises" by China Index Academy[39]. - Jinmao Service received multiple awards including "Top 20 High-Quality Property Service Enterprises" and "Top 10 Leading Enterprises in Property Management Listed Companies" from CRIC[42]. - The company was recognized as a member of the "2024 Carbon Road Future Ecological Partner" at the Carbon Neutral Service System Launch Conference[33]. Hotel and Hospitality Sector - The hotel market in 2024 faces significant pressure, with the company focusing on dynamic operational strategies to enhance performance through innovative service capabilities[174]. - Average room rates for major hotels include RMB 1,283 for Jinmao Grand Hotel Shanghai and RMB 1,932 for Ritz-Carlton, with average occupancy rates ranging from 35.9% to 86.7% across various locations[175]. - The average occupancy rate is highest at 85.1% for Hilton in Yalong Bay and lowest at 43.0% for Hyatt in Chongming[176]. - The company is committed to maintaining high occupancy rates, with several hotels achieving rates above 80%[176]. - The company aims to enhance guest experiences by integrating local cultural elements into hotel designs, as seen in the Changsha hotel[194]. Commercial Real Estate and Leasing - The overall leasing rate for office projects remained high, with specific rates for major buildings: Beijing Kaichen World Trade Center at 96.8%, Xicheng Jinmao Center at 94.0%, Jinmao Tower at 83.5%, and Jinmao Plaza at 86.0% for 2024[137]. - The total area of major commercial leasing and retail projects held by the company is 794,373 square meters[59]. - The company has a 100% ownership stake in 9 out of 12 commercial projects listed, indicating strong control over its assets[59]. Project Development and Sales Performance - The company holds a total of 397 urban operation, property development, business leasing, and hotel operation projects, with an undeveloped area of approximately 77.96 million square meters[50]. - The company is expanding its presence in major cities, with projects in Beijing, Shanghai, and Xi'an, including the Beijing Jinmao Puyi Fengyi (101,986 sqm) and Shanghai Runyun Jinmao Mansion (487,119 sqm)[71]. - The Hangzhou Shangcheng Jinmao Mansion project achieved a 100% sales rate across all four openings, demonstrating strong demand in the high-end real estate market[103]. - The Wuhan Fangdao Jinmao Xiaotang project became the sales champion in Wuhan, achieving top sales for four consecutive months from August to November[113]. - The Xi'an Technology Road Jinmao Mansion project ranked first in the number of signed contracts, sales area, and sales revenue among improved projects in the area[116].

自去年四季度以来，中国金茂加大在核心城市拿地力度，公司今年3月份调整区域组织架构，以此提升 决策效率，做大做优重点城市。 持有丰台项目36%股权 《中国经营报》记者了解到，中国金茂入股的公司为北京兆兴房地产开发有限公司（以下简称"北京兆 兴"）。 去年11月29日，北京丰台新宫NY030（南区）-01地块出让，福州裕诚房地产有限公司（以下简称"福州 裕诚"）以总价24.345亿元摘得，溢价率0.1%。 天眼查显示，福州裕诚由福州汇成佰悦投资有限公司（以下简称"福州汇成佰悦"）全资持股。此前，福 州汇成佰悦曾多次以小股东身份出现在建发集团所开发的项目中。 随后不久，建发集团旗下建发房产便于当年12月27日公布了该项目规划设计方案，确定将其打造为在京 的首个"风雅宋韵"系列产品，北京兆兴即为项目公司。 与此同时，当初在拿地时参与地块竞拍的中国金茂也表明入局之意。2024年12月31日，中国金茂间接全 资附属公司北京方兴亦城置业有限公司（以下简称"北京亦城"）与建发国际（01908.HK）间接全资附 属公司上海建发盛高企业发展有限公司（以下简称"建发盛高"），以及福州裕诚和北京兆兴签订合作开 发协议，为后续就标的地 ...

智通财经APP讯，中国金茂(00817)发布公告，有关公司间接全资附属公司北京亦城与建发盛高、福州裕 诚及北京兆兴签订合作开发协议，据此，为后续就标的地块的开发开展合作，(i)北京亦城同意向福州裕 诚提供合计不超过人民币9.21亿元的诚意金借款，按年利率6%计息;(ii)北京亦城及建发盛高有条件同意 分别收购北京兆兴36%及35%股权。截至本公告之日，北京亦城已根据合作开发协议向福州裕诚提供合 计人民币9.21亿元的诚意金借款。 鉴于北京兆兴收购条件已达成，于2025年4月16日，北京亦城与建发盛高、福州裕诚及北京兆兴签订转 让协议，据此，北京亦城与建发盛高同意按相同的价格基准分别向福州裕诚收购其所持北京兆兴标的股 权及标的债权，总对价为人民币18.40亿元，其中，北京亦城收购转让标的一的对价为人民币9.33亿元。 于北京兆兴收购完成后，北京亦城、建发盛高及福州裕诚所持北京兆兴的股权比例分别为36%、35%及 29%，北京兆兴将成为公司的间接非全资附属公司。 福州裕诚于2024年11月29日透过公开竞买程序以人民币24.345亿元的代价投得标的地块的土地使用权， 并于2024年12月5日设立北京兆兴作为项目公 ...

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Insights - The company achieved a turnaround in profitability, with a net profit of 1.07 billion RMB, driven by improved gross margins in development business and reduced inventory impairment [2] - The company has made significant progress in its commercial layout and property management business, with non-development revenue growing by 1.3% year-on-year [3] - The company’s industry position has improved, ranking 12th in sales with a total sales of 98.3 billion RMB, despite a year-on-year decline of 30.4% [4] - Financially, the company remains stable with a decrease in interest-bearing debt and a net debt-to-adjusted capital ratio of 67% [4] Summary by Sections Financial Performance - In 2024, the company reported operating revenue of 59.05 billion RMB, a decrease of 18% year-on-year, with a gross margin of 14.6%, up by 2.1 percentage points [2] - The core net profit for 2024 is projected at 1.33 billion RMB, marking a significant recovery from losses in 2023 [5] Business Development - The company has successfully listed its commercial REIT, enhancing asset liquidity, although its commercial leasing and retail revenue fell by 6% to 1.7 billion RMB [3] - The property management segment achieved revenue of 2.97 billion RMB, reflecting a 10% year-on-year growth [3] Market Position and Land Acquisition - The company acquired 22 new land parcels primarily in first and second-tier cities, with a total land acquisition cost exceeding 42.9 billion RMB [4] - The sales performance in Q1 2025 showed a 4.5% year-on-year increase, indicating a stabilization in sales [4] Profit Forecast and Valuation - The profit forecasts for 2025 and 2026 have been revised down to 1.13 billion RMB and 1.27 billion RMB respectively, with a new forecast for 2027 at 1.4 billion RMB [5] - The current stock price corresponds to a PE ratio of 13.3 for 2025, indicating a stable operational outlook [5]

中国金茂：一季度签约销售额为183.02亿元 智通财经4月8日电，中国金茂(01918.HK)在港交所发布公告称，截至2025年3月31日止3个月，集团累计 取得签约销售金额共计人民币183.02亿元，以及累计签约销售建筑面积84.8万平方米。 ...

[Table_MainInfo] 公司研究/房地产/房地产 证券研究报告 中国金茂（0817）公司年报点评 2025 年 03 月 31 日 [Table_InvestInfo] 股票数据 | 3[T月ab28le日_S收t盘oc价kI（nf港o元] ） | 1.23 | | --- | --- | | 52 周股价波动（港元） | 0.45-1.80 | | 总股本（亿股） | 135 | | 总市值（亿港元） | 167 | Tel:021-23185710 Email:tll5535@haitong.com 证书:S0850510120001 联系人:陈昭颖 Tel:(021)23183953 2024.09.01 《销售聚焦回款质量，年内债务压力减轻》 2024.04.01 市场表现 [Table_QuoteInfo] 恒生指数对比 1M 2M 3M 绝对涨幅（%） 3.6 26.1 18.4 相对涨幅（%） -1.4 19.2 18.6 资料来源：海通证券研究所 分析师:涂力磊 Email:czy15598@haitong.com 投资评级 优于大市 维持 全年实现扭亏为盈，销售行业排名提升 [Ta ...