Summary of Conference Call Records Industry Overview - **Insurance Sector**: In Q1 2025, net profits for major insurers like China Ping An and China Taiping fell by 26% and 18% respectively, primarily due to declines in the bond market and equity market volatility. Conversely, PICC and China Life saw net profit growth of approximately 40%, with Xinhua also reporting positive growth, benefiting from favorable bond market and Hong Kong stock allocations [1][2]. - **Brokerage Sector**: The overall performance of 39 brokerages in Q1 2025 met expectations, with a 53% year-on-year increase in net profit, driven by a low base from the previous year and significant improvements in trading volume, which rose nearly 80% year-on-year. The number of new accounts opened increased by 32%, contributing significantly to retail business [1][3]. - **Public Fund Regulations**: New regulations for public funds shift the focus from short-term returns to long-term investor performance, potentially restoring trust and benefiting the industry's long-term development. This may exacerbate the "Matthew Effect," favoring leading fund companies [4]. - **Non-Banking Financial Sector**: The non-banking financial sector is significantly under-allocated, with only 1% of active equity funds invested compared to a standard of 6.5%. This indicates a potential recovery volume of approximately 150 billion, suggesting a sustained reallocation towards benchmark stocks, especially large-cap stocks [5][6]. Key Insights - **Brokerage Performance**: The brokerage sector is expected to see a 50% year-on-year growth in Q1 2025, with a forecasted 40% growth for the mid-year report and an overall annual growth expectation of around 25%. Current valuations remain low, with a focus on brokerages with strong retail advantages such as Guosen Securities, Huatai Securities, and GF Securities [7]. - **Insurance Recommendations**: Due to weak marginal improvements in the insurance sector, it is recommended to focus on undervalued stocks like China Taiping and China Ping An, as well as high dividend yield stocks like Jiangsu Jinzu [8]. - **Banking Sector Performance**: In Q1 2025, 42 listed banks reported a revenue decline of 1.7% and a net profit decline of 1.2%. The overall loan volume is expected to remain stable compared to 2024, with a slight narrowing of interest margins anticipated [9][14]. - **Real Estate Sector**: The real estate industry experienced a 7.5% revenue decline in Q1 2025, with a net profit loss of 10 billion yuan. The top 100 real estate companies saw a 30% drop in sales, although the decline was less severe than in previous periods. Companies with strong fundamentals in first-tier and strong second-tier cities are viewed positively [15][18]. Additional Considerations - **Market Dynamics**: The new public fund regulations may lead to a decrease in fees for banks, brokerages, and third-party sales agencies, impacting their revenues negatively but within expected limits [4]. - **Investment Strategy**: The recommendation for banks includes focusing on stable dividend strategies, with a preference for banks like CITIC Bank and Agricultural Bank of China, as well as regional banks benefiting from recovering demand from small and micro enterprises [14]. - **Future Outlook for Real Estate**: The real estate sector is expected to see a recovery in demand, particularly in first-tier and strong second-tier cities, with a focus on companies like Binjiang Group and China Merchants Shekou [18].

Core Points - The company will hold its 2024 annual performance briefing on May 28, 2025, from 10:00 to 11:00 [1][2] - The briefing will be conducted online through the "Value Online" platform [3] - Investors can submit questions before the event until May 27, 2025, and the company will address common concerns during the briefing [4][5] Meeting Details - Meeting Date and Time: May 28, 2025, from 10:00 to 11:00 [3] - Meeting Location: Value Online (www.ir-online.cn) [3] - Meeting Format: Online text interaction [3] Participation Information - Investors can participate via the provided link or by scanning the QR code [4] - The company encourages investors to submit questions in advance [4] Contact Information - Contact Person: Board Office [5] - Phone: (010) 65052288-8542 [5] - Email: dongmi@cwtc.com [5] Additional Information - After the briefing, investors can view the meeting's details and main content on the Value Online platform or the Yi Dong app [5]

重要内容提示： 会 议 问 题 征 集 ： 投 资 者 可 于 2025 年 5 月 27 日 前 访 问 网 址 https://eseb.cn/1ogPKKQ3zW0 或使用微信扫描下方小程序码进行会前提问，公司 将通过本次业绩说明会，在信息披露允许范围内就投资者普遍关注的问题进行回 答。 一、说明会类型 证券代码：600007 证券简称：中国国贸 公告编号：2025-010 中国国际贸易中心股份有限公司 关于召开2024年度业绩说明会的公告 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。 会议召开时间：2025 年 5 月 28 日（星期三）10:00-11:00 会议召开地点：价值在线（www.ir-online.cn） 会议召开方式：网络文字互动方式 二、说明会召开的时间、地点和方式 会议召开时间：2025 年 5 月 28 日（星期三）10:00-11:00 会议召开地点：价值在线（www.ir-online.cn） 会议召开方式：网络文字互动方式 三、参加人员 公司总经理、副总经理、独立董事及董事会秘书。 投 资 ...

Industry Overview - The Beijing office market is undergoing a deep adjustment period in 2024, primarily characterized by a "price-for-volume" strategy [1][13] - The effective net rent for Grade A office buildings in Beijing is 225 RMB/sqm/month in Q4 2024, a year-on-year decrease of 24.50% [1][13] - The vacancy rate stands at 18.3%, a slight year-on-year decrease of 0.4 percentage points [1][13] - The decline in rent is attributed to supply-demand imbalance, with companies reducing office costs due to economic uncertainties [1][13] Market Dynamics - Over the past five years (2019-2024), the average annual new supply of office space in Beijing exceeded 1 million sqm, creating cumulative supply pressure [1][13] - The vacancy rate in Q4 2024 shows a slight rebound from Q3 2024 (18.1%), indicating volatility in the absorption process [1][13] - Financial Street maintains a vacancy rate below 12% due to stable leasing capacity from financial institutions, while emerging areas like Lize and Wangjing have vacancy rates exceeding 25% due to internet companies downsizing [1][13] Key Companies - Major players in the Beijing office market include China International Trade Center, China Resources Land, and Beijing Urban Construction Investment Development Co., Ltd., which maintain strong market competitiveness through high-quality projects and diversified business layouts [15][17] - China Resources Land reported a revenue of 237.2 billion RMB from its development and sales business in 2024, a year-on-year increase of 11.83% [17] - Dalian City Holdings Group's revenue from property sales and land development was 283.86 billion RMB in 2024, reflecting a year-on-year decrease of 2.27% [19] Industry Development Trends - The demand for office space is shifting towards new industries such as technology, internet, and artificial intelligence, which require higher quality office environments and services [21][24] - Government policies and urban planning are crucial for the development of the office sector, with measures aimed at optimizing land supply and promoting green buildings [22][23] - Technological innovation, including smart office systems and green building technologies, is expected to enhance operational efficiency and user experience in the office market [24]

Group 1 - China International Trade (600007.SH) reported its Q1 2025 results, with 18 institutional investors holding a total of 870 million shares, representing 86.39% of the total share capital [1] - The top ten institutional investors collectively hold 86.33% of the shares, with a decrease of 1.10 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, seven funds increased their holdings, accounting for a 0.18% increase, including funds like the Low Volatility Dividend Index and others [2] - Two public funds decreased their holdings, showing a slight decline, while two new public funds were disclosed this period [2] - A total of 207 public funds were not disclosed this period, including various ETFs and mutual funds [2]

证券代码：600007 证券简称：中国国贸 编号：2025-009 中国国际贸易中心股份有限公司 2025 年第一季度房地产行业经营性信息简报 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个别及连带责任。 一、报告期内房地产储备情况 不适用。 二、报告期内房地产开发投资情况 不适用。 不适用。 四、报告期内房地产出租情况 | | | | | | | 金额单位：人民币元 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 地区 | 项目 | 经营 | 出租房地产 的建筑面积 | 出租房地产的 | 权益 比例 | 是否采 用公允 | 租金收入/ 房地产公允 | | | | 业态 | (平方米) | 租金收入 | （%） | 价值计 量模式 | 价值(%) | | | 中国 | 写字楼 | 356,248 | 360,259,336 | | | - | | 北京 | 国际 贸易 | 商城 | 180,460 | 309,120,856 | 100% | 否 | | | | 中心 | ...

Financial Performance - The company's operating revenue for Q1 2025 was RMB 950,096,879, a decrease of 3.29% compared to RMB 982,378,453 in the same period last year[4] - The net profit attributable to shareholders was RMB 311,496,694, down 7.45% from RMB 336,556,539 year-on-year[4] - The net profit after deducting non-recurring gains and losses was RMB 309,716,100, reflecting a decline of 7.75% compared to RMB 335,734,808 in the previous year[4] - Total revenue for Q1 2025 was $950.1 million, a decrease of 3.3% compared to Q1 2024's $982.4 million[22] - Net profit for Q1 2025 was $311.6 million, down 7.4% from $336.6 million in Q1 2024[22] - Operating profit for Q1 2025 was $413.5 million, a decline of 7.8% from $448.4 million in Q1 2024[22] - Earnings per share for Q1 2025 was $0.31, a decrease from $0.33 in Q1 2024[22] Cash Flow and Liquidity - The net cash flow from operating activities decreased by 9.48% to RMB 489,656,922 from RMB 540,964,309 in the same period last year[4] - The net cash flow from operating activities for the consolidated entity in Q1 2025 was €489.66 million, a decrease of 9.5% compared to €540.96 million in Q1 2024[23] - Total cash inflow from operating activities decreased to €1.03 billion in Q1 2025 from €1.09 billion in Q1 2024, reflecting a decline of approximately 5.9%[23] - Cash outflow for purchasing goods and services was €148.62 million in Q1 2025, slightly down from €152.63 million in Q1 2024, indicating a reduction of about 2.0%[23] - The ending cash and cash equivalents balance for the consolidated entity was €4.23 billion in Q1 2025, down from €4.36 billion in Q1 2024, reflecting a decrease of approximately 3.0%[23] - Cash received from operating activities related to other income was €10.15 million in Q1 2025, down from €12.32 million in Q1 2024, a decline of about 17.6%[23] - The total cash outflow for employee payments was €191.70 million in Q1 2025, slightly up from €189.54 million in Q1 2024, indicating a marginal increase of 0.6%[23] - Cash flow from financing activities showed a net outflow of €9.91 million in Q1 2025, significantly lower than €61.19 million in Q1 2024, indicating a reduction in financing costs[23] Assets and Equity - The total assets at the end of the reporting period increased by 2.69% to RMB 12,655,468,104 from RMB 12,324,321,965 at the end of the previous year[4] - The company's total assets increased to $12.66 billion as of March 31, 2025, compared to $12.32 billion at the end of 2024, reflecting a growth of 2.7%[21] - The equity attributable to shareholders rose by 3.23% to RMB 9,964,576,801 from RMB 9,653,080,107 at the end of the previous year[4] - The company's equity attributable to shareholders reached $9.96 billion as of March 31, 2025, up from $9.65 billion at the end of 2024, indicating a growth of 3.2%[21] Non-Operating Income and Expenses - The company reported a significant increase in non-operating income, up 183.56%, primarily due to increased penalty income from tenants for early lease termination[7] - The investment income increased by 38.67%, mainly attributed to higher returns from investments in joint ventures[7] - The company experienced a 490.28% increase in non-operating expenses, primarily due to increased donation expenditures[8] Market and Operational Insights - The average rental income for office space in Beijing was RMB 627 per square meter per month, down from RMB 649 in the same period last year, with an occupancy rate of 92.7%[11] - The company reported a decrease in sales expenses to $21.9 million in Q1 2025 from $17.5 million in Q1 2024, reflecting a rise of 25.5%[22] - The company plans to focus on market expansion and new product development in the upcoming quarters[22]

Core Viewpoint - China International Trade (600007) reported a revenue of 950 million yuan for the first quarter of 2025, representing a year-on-year decline of 3.29% and a net profit of 311 million yuan, down 7.45% year-on-year [1] Company Summary - The company's revenue for Q1 2025 was 950 million yuan, which is a decrease of 3.29% compared to the same period last year [1] - The net profit for the same period was 311 million yuan, reflecting a decline of 7.45% year-on-year [1]

证券代码：600007 证券简称：中国国贸 公告编号：2025-008 中国国际贸易中心股份有限公司 2024年年度股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、会议召开和出席情况 (一)股东大会召开的时间：2025 年 4 月 28 日 (二)股东大会召开的地点：北京市朝阳区建国门外大街 1 号中国国际贸易中心国 贸大厦 A 座国贸大酒店 6 层群贤厅 (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由公司董事会召集，公司董事长黄国祥先生主持。会议采用现 场投票和网络投票相结合的方式进行表决，符合《公司法》及《中国国际贸易中 心股份有限公司章程》的规定。 1 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 1、出席会议的股东和代理人人数 144 2、出席会议的股东所持有表决权的股份总数（股） 854,894,113 3、出席会议的股东所持有表决权股份数占公司有表决权股 份总数的比例（%） 84.871 ...

法律意见书 大成证字[2025]ZGGM 第 0428 号 www.dentons.cn 北京市朝阳区朝阳门南大街 10 号兆泰国际中心 B 座 16-21 层 北京大成律师事务所 关 于 中国国际 贸易中心 股份有限公司 2024 年 年 度 股东大会的 本所及经办律师依据《证券法》《律师事务所从事证券法律业务管理办法 （2023）》和《律师事务所证券法律业务执业规则（试行）》等规定及本法律意 见书出具日以前已经发生或者存在的事实，严格履行了法定职责，遵循了勤勉尽 责和诚实信用原则，进行了充分的核查验证，保证本法律意见所认定的事实真实、 准确、完整，所发表的结论性意见合法、准确，不存在虚假记载、误导性陈述或 者重大遗漏，并承担相应法律责任。 16-21F, Tower B, ZT International Center, No.10, Chaoyangmen Nandajie, Chaoyang Dist. Beijing100020, China Tel: 8610-58137799 Fax: 8610-58137766 北京大成律师事务所 关于中国国际贸易中心股份有限公司 2024 年年度股东大会的法 ...