2 议案一 关于改聘德勤华永会计师事务所（特殊普通合伙） 担任公司 2024 年度审计机构的议案 中国国际贸易中心股份有限公司 2024 年第二次临时股东大会 会议文件 （会议召开时间：2024 年 11 月 15 日） 1 中国国际贸易中心股份有限公司 2024 年第二次临时股东大会议案目录 一、 关于改聘德勤华永会计师事务所（特殊普通合伙）担任公司 2024 年 度审计机构的议案 公司于 2024 年 10 月 30 日召开九届十二次董事会会议，审议通过关于改聘 德勤华永会计师事务所（特殊普通合伙）担任公司 2024 年度审计机构的议案， 并同意将该议案提交公司 2024 年第二次临时股东大会审议表决。 公司相关公告，已于 2024 年 10 月 31 日在《中国证券报》、《上海证券报》 及上海证券交易所网站（www.sse.com.cn）披露，敬请查阅。 3 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [3][9]. Core Insights - For the first nine months of 2024, the company achieved a revenue of 2.95 billion RMB, a slight increase of 0.02% year-on-year, and a net profit attributable to shareholders of 1.019 billion RMB, up 1.63% year-on-year [1]. - The rental income showed a minor increase, with total rental income reaching 2.19 billion RMB, up 0.26% year-on-year. The gross profit margin improved by 0.16 percentage points to 60.51%, and the net profit margin increased by 0.55 percentage points to 34.54% [1]. - The average occupancy rate for office spaces decreased by 3.0 percentage points year-on-year to 93.2%, primarily due to lease expirations. However, the average rental price for office spaces increased by 8 RMB per square meter per month compared to the previous year [2]. - The company holds core assets and exhibits stable operational performance, although there was a slight decline in performance due to tenant lease expirations affecting the third-quarter results [3]. Summary by Sections Revenue and Profitability - The company reported a revenue of 2.95 billion RMB for the first nine months of 2024, with a net profit of 1.019 billion RMB, reflecting a year-on-year growth of 1.63% [1]. - The gross profit margin improved to 60.51%, and the net profit margin reached 34.54%, indicating better profitability despite slight revenue growth [1]. Rental Performance - The total rental income for the first nine months was 2.19 billion RMB, with office, mall, and apartment rental incomes showing varied performance [1]. - The average occupancy rate for office spaces was 91.1%, down 6.0 percentage points year-on-year, while the average rental price increased by 8 RMB per square meter per month [2]. - The mall occupancy rate decreased slightly, with an average rental price increase of 64 RMB per square meter per month compared to the previous year [2]. Profit Forecast - The profit forecast for the company has been slightly adjusted, with expected net profits for 2024-2026 projected at 1.29 billion RMB, 1.36 billion RMB, and 1.41 billion RMB, reflecting year-on-year growth rates of 2.8%, 4.8%, and 3.5% respectively [3].

Financial Performance - The company's operating revenue for Q3 2024 was ¥985,155,123, representing a decrease of 2.61% compared to the same period last year[3]. - Net profit attributable to shareholders for Q3 2024 was ¥331,073,137, down 5.04% year-on-year[3]. - The net profit after deducting non-recurring gains and losses for Q3 2024 was ¥331,958,992, a decrease of 4.36% compared to the previous year[3]. - The operating profit for Q3 2024 was RMB 444,262,978, down from RMB 465,329,613 in Q3 2023, indicating a decrease of about 4.5%[17]. - The total profit for Q3 2024 was RMB 441,801,248, compared to RMB 465,610,097 in Q3 2023, showing a decline of approximately 5.1%[17]. - The company's earnings per share for the first nine months of 2024 was RMB 1.01, slightly up from RMB 1.00 in the same period of 2023[17]. - The net profit for the first nine months of 2024 was RMB 1,019,214,071, compared to RMB 1,002,773,186 in 2023, reflecting a growth of approximately 1.4%[17]. - The company's total comprehensive income for Q3 2024 was RMB 1,019,214,071, up from RMB 1,002,773,186 in Q3 2023, indicating a growth of approximately 1.6%[17]. Assets and Liabilities - Total assets at the end of Q3 2024 amounted to ¥12,123,390,159, reflecting a decline of 5.88% from the end of the previous year[3]. - The total liabilities decreased to RMB 2,709,659,394 from RMB 3,177,151,047, indicating a reduction of about 14.7%[16]. - The total equity attributable to shareholders at the end of Q3 2024 was ¥9,409,301,393, a decrease of 3.00% from the end of the previous year[3]. - Cash and cash equivalents as of September 30, 2024, were RMB 3,679,358,187, compared to RMB 4,088,660,385 at the end of 2023, a decline of about 10.0%[16]. - The company reported a total current assets of RMB 3,984,756,447, down from RMB 4,424,155,769, a decline of about 9.9%[16]. - The total non-current assets were RMB 8,138,633,712, compared to RMB 8,456,979,266, indicating a decrease of approximately 3.8%[16]. - The company's inventory as of September 30, 2024, was RMB 31,924,314, a slight decrease from RMB 32,289,866, representing a decline of about 1.1%[16]. - The company's long-term borrowings remained stable at RMB 1,085,000,000, unchanged from the previous period[16]. Cash Flow - The company reported a net cash flow from operating activities of ¥1,494,548,741 for the year-to-date, down 7.09% year-on-year[3]. - For the period of January to September 2024, the total cash inflow from operating activities was RMB 3,188,804,709, a slight decrease of 0.9% compared to RMB 3,218,759,332 in the same period of 2023[19]. - The net cash flow generated from operating activities for the same period was RMB 1,494,548,741, down 7.1% from RMB 1,608,592,384 in 2023[19]. - Cash inflow from investment activities totaled RMB 6,579,765, significantly up from RMB 1,148,977 in the previous year[19]. - The net cash flow from investment activities was negative at RMB 40,951,184, slightly improved from negative RMB 42,901,466 in 2023[19]. - Cash outflow from financing activities reached RMB 1,845,993,744, an increase of 46% compared to RMB 1,265,344,252 in the same period of 2023[19]. - The net increase in cash and cash equivalents was negative at RMB 392,394,918, contrasting with a positive increase of RMB 299,974,347 in 2023[19]. - The ending balance of cash and cash equivalents as of September 30, 2024, was RMB 3,497,774,198, down from RMB 3,626,526,647 at the end of the previous year[19]. Shareholder Information - The company had a total of 13,376 common shareholders at the end of the reporting period[10]. - The total equity attributable to shareholders of the parent company was RMB 9,409,301,393, down from RMB 9,700,158,327, reflecting a decrease of approximately 3.0%[16]. Rental Income - The average rental income for leased properties was ¥645 per square meter per month, with an average occupancy rate of 93.2%[7]. - The company recorded a total rental income of ¥1,120,745,879 from office properties for the year-to-date[6]. Expenses - The company reported a decrease in sales expenses, which were RMB 54,671,276 for Q3 2024, down from RMB 60,158,384 in Q3 2023, a reduction of about 9.8%[17]. - The financial expenses for Q3 2024 were RMB 14,524,920, significantly lower than RMB 32,891,483 in Q3 2023, marking a decrease of approximately 56%[17]. - The company maintained a stable tax expense, with RMB 339,687,284 for Q3 2024, compared to RMB 332,734,038 in Q3 2023, showing a slight increase of about 2.9%[17]. - The total cash outflow for purchasing goods and services was RMB 484,624,613, an increase of 11.3% compared to RMB 435,274,193 in 2023[19]. - The company paid RMB 1,354,512,044 in dividends and interest, which is an increase of 77% compared to RMB 763,862,552 in the same period of 2023[19]. Investment Income - The investment income for Q3 2024 was RMB 2,553,982, compared to RMB 2,869,144 in Q3 2023, reflecting a decline of about 11%[17]. - The company received RMB 6,330,000 in cash from investment income, a significant increase from RMB 900,000 in the same period last year[19].

证券代码：600007 证券简称：中国国贸 编号：2024-024 中国国际贸易中心股份有限公司 2024 第三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。 三、报告期内房地产销售和结转情况 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 | 出租房地产的 | 权益 | 是否采用 | 租金收入/ | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 业态 | 的建筑面积 | 租金收入 | 比例 | 公允价值 | 房地产公 | | | | | (平方米) | | （%） | 计量模式 | 允价值(%) | | | 中国 国际 | 写字楼 | 356,248 | 1,120,745,879 | | 否 | - | | 北京 | 贸易 | 商城 | 180,460 | 929,216,644 | 10 ...

证券代码：600007 证券简称：中国国贸 编号：2024-021 中国国际贸易中心股份有限公司 九届十二次董事会会议决议公告 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个别及连带责任。 中国国际贸易中心股份有限公司（以下简称"公司"）于 2024 年 10 月 21 日以 电子邮件的方式发出关于召开九届十二次董事会会议的通知，并于 2024 年 10 月 30 日以现场与网络视频相结合方式召开九届十二次董事会会议。 本次董事会会议应出席董事 12 名，实际出席董事 12 名。执行董事郭惠光女士 及董事黄小抗先生、邢诒鋕先生书面委托董事长黄国祥先生代为出席并行使表决权； 董事阮忠奎先生书面委托吴相仁副董事长代为出席并行使表决权。会议出席人数符 合《公司法》和《中国国际贸易中心股份有限公司章程》的有关规定，本次会议及 所作决议合法有效。 一、以 12 票赞成，0 票反对，0 票弃权，审议通过公司 2024 年第三季度报告。 2024 年 10 月 28 日，公司董事会审计委员会 2024 年第七次会议以 4 票赞成、0 票反对、0 票 ...

证券代码：600007 证券简称：中国国贸 公告编号：2024-022 中国国际贸易中心股份有限公司 关于召开 2024 年第二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个别及连带责任。 重要内容提示： 一、 召开会议的基本情况 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票 相结合的方式 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2024 年 11 月 15 日 9 点 30 分 召开地点：北京市建国门外大街 1 号中国国际贸易中心国贸大厦 A 座 7 层多 功能厅 (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 (一) 股东大会类型和届次：2024 年第二次临时股东大会 网络投票起止时间：自 2024 年 11 月 15 日 至 2024 年 11 月 15 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 ...

证券代码：600007 证券简称：中国国贸 编号：2024-023 中国国际贸易中心股份有限公司 关于变更会计师事务所的公告 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个别及连带责任。 重要内容提示： 拟聘任的会计师事务所名称：德勤华永会计师事务所（特殊普通合伙）（以 下简称"德勤华永"） 原聘任的会计师事务所名称：普华永道中天会计师事务所（特殊普通合伙） （以下简称"普华永道"） 变更会计师事务所的简要原因及前任会计师的异议情况： 根据会计师事务所选聘相关规定，结合市场信息，基于审慎原则，并考虑公司 业务需要，经履行招标程序并根据评标结果，公司拟改聘德勤华永担任公司 2024 年度审计机构。公司已就变更事宜与前任会计师事务所进行了沟通，前任会计师事 务所对变更事宜无异议。 一、拟聘任会计师事务所的基本情况 （一）机构信息 1、基本信息 德勤华永的前身是 1993 年 2 月成立的沪江德勤会计师事务所有限公司，于 2002 年更名为德勤华永会计师事务所有限公司，于 2012 年 9 月经财政部等部门批准转 制成为特殊普通合伙企业。德 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking it as a first-time coverage [2]. Core Views - The company possesses core assets in a prime location in Beijing's CBD, characterized by high quality and irreplaceability. The core asset is the China World Trade Center complex, which benefits from its unique location, proximity to major transportation hubs, and a mix of high-end business services [2][5]. - The company has demonstrated stable rental income and revenue growth despite macroeconomic fluctuations, with high rental rates and occupancy levels across its various business segments [2][5]. - The company has a strong dividend-paying history, with a consistent average payout ratio of 52% since its listing, and a special dividend in 2023 leading to a payout ratio of 104% [2][5]. - The company is expected to benefit from the current interest rate reduction environment, which may enhance its valuation [2][5]. Summary by Sections Company Overview - The company has been developing core assets in Beijing for 40 years, with a total area of 1.12 million square meters, including office buildings, shopping malls, hotels, and apartments [15][32]. - It is a Sino-foreign joint venture with a significant state-owned background, where the major shareholder holds 80.65% of the shares [32]. Business Analysis - The company operates in four main segments: office buildings, shopping malls, apartments, and hotels, all positioned in the high-end market [5][18]. - The office segment has a high occupancy rate, with major global corporations as tenants, ensuring stable revenue [37]. - The shopping mall segment has shown consistent revenue growth, benefiting from high foot traffic and a diverse range of high-end brands [25][35]. - The hotel segment is recovering, with improved operating margins since 2023 [12][27]. Financial Analysis - The company has shown steady revenue and net profit growth, with projected net profits of 1.31 billion, 1.37 billion, and 1.42 billion RMB for 2024, 2025, and 2026, respectively [4][2]. - The company maintains a low debt ratio and strong cash flow, with a return on equity (ROE) consistently above 10% [4][12]. - The average rental income from office buildings and shopping malls has remained stable, contributing to over 90% of total rental income [35][37]. Profit Forecast and Valuation - The company is expected to achieve a price-to-earnings (P/E) ratio of 25.0x in 2024, with a target price of 32.5 RMB per share, indicating a potential upside of approximately 38% from the current price [2][4].

Financial Performance - The company's operating revenue for the first half of 2024 was RMB 1,938,364,140, representing a year-on-year increase of 1.39%[11] - The net profit attributable to shareholders for the same period was RMB 653,651,170, reflecting a growth of 5.18% compared to the previous year[11] - The total profit reached RMB 9.2 billion, up RMB 0.5 billion or 5.4% compared to the previous year[19] - The net profit attributable to shareholders of the parent company for the first half of 2024 was RMB 687,537,223, compared to RMB 653,651,170 in the same period of 2023, reflecting an increase of about 5.2%[104] - The operating profit for the first half of 2024 was RMB 900,327,546, up from RMB 862,599,677 in the first half of 2023, indicating a growth of approximately 4.4%[104] - The net profit for the first half of 2024 is RMB 687,537,223, compared to RMB 1,259,201,327 for the entire year of 2023, indicating a decline of about 45.4% year-over-year[108] Cash Flow and Financial Position - The net cash flow from operating activities decreased by 5.06% to RMB 992,637,249[11] - The company's cash flow from operating activities for the first half of 2024 was RMB 942,423,094, a decrease from RMB 992,637,249 in the same period of 2023[106] - As of the end of the reporting period, cash and cash equivalents amounted to CNY 3.61 billion, representing 29.69% of total assets[31] - The company reported a total cash and cash equivalents balance of RMB 3,425,888,471 at the end of June 2024, down from RMB 3,550,484,636 at the end of June 2023[106] - The company's interest-bearing debt decreased from CNY 1.575 billion at the beginning of the reporting period to CNY 1.525 billion at the end, representing a year-on-year decline of 3.17%[86] - The total financing balance at the end of the reporting period was RMB 1,525,000,000 with an average financing cost of 3.61%[39] Assets and Liabilities - The total assets at the end of the reporting period were RMB 12,881,135,035, down 5.54% from the previous year-end[11] - The total liabilities decreased to RMB 3,084,878,792 from RMB 3,177,151,047, reflecting a reduction of approximately 2.9%[102] - The total equity attributable to shareholders decreased to RMB 9,078,228,256 from RMB 9,700,158,327, representing a decline of about 6.4%[102] - The company's asset-liability ratio increased slightly to 25.35%, up from 24.67% at the end of the previous year[92] Revenue Sources and Business Operations - The company continues to focus on leasing and managing investment properties such as office buildings, shopping malls, and apartments, as well as hotel operations[15] - The hotel segment reported operating revenue of RMB 256.3 million, a decline of 5.77% year-on-year, with a gross margin of 8.00%[21] - The average rental rate for office space was RMB 648 per square meter per month, with an overall occupancy rate of 93.2%, a decrease of 3.0% year-on-year[23] - The rental income from shopping malls increased by RMB 29.39 million, representing a growth of 4.69% year-on-year[22] - The company’s commercial property market showed a slight decrease in rental income, with high-end retail sales down year-on-year due to a trend of "consumption downgrade"[17] Financial Management and Expenses - The company’s financial expenses decreased significantly by 69.37% to RMB 7.65 million, contributing to improved profitability[20] - Financial expenses decreased significantly to RMB 7,651,091 in the first half of 2024 from RMB 24,979,965 in the same period of 2023, a reduction of approximately 69.3%[104] - The company’s sales expenses decreased to RMB 36,815,698 in the first half of 2024 from RMB 39,389,145 in the same period of 2023, a decline of approximately 7.3%[104] Shareholder and Capital Structure - The largest shareholder, China International Trade Center Co., Ltd., holds 812,360,241 shares, representing 80.65% of total shares[70] - The total number of shares and capital structure of the company remained unchanged during the reporting period[69] - The company has not engaged in any share buyback activities during the reporting period[71] - The company distributed RMB 1,309,467,294 to shareholders in the first half of 2024, which is a significant increase compared to the distribution of RMB 705,097,774 in 2023[110] Environmental and Social Responsibility - The company actively supports national carbon reduction goals and participates in green electricity trading[53] - The company invested 8 million RMB in the post-earthquake reconstruction plan for Shiyan Primary School, with 4.5 million RMB contributed by the company itself[55] - The newly built Shiyan Primary School covers an area of 1,030 square meters and can accommodate 300 students[55] Compliance and Governance - The financial statements have been prepared in accordance with the Chinese Accounting Standards, ensuring compliance and transparency in financial reporting[116] - The company has retained PwC Zhongtian as the auditor for the 2024 financial report and internal controls[58] - The company has not faced any administrative penalties due to environmental issues during the reporting period[51] Risk Management - The company faces risks due to insufficient domestic demand and external environmental impacts, which may affect revenue expectations[44] - The company has taken measures to mitigate potential risks related to fire safety and security in its high-rise buildings[44]

股票代码：600007 股票简称：中国国贸 编号：2024-020 中国国际贸易中心股份有限公司 2024 年上半年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。 三、报告期内房地产销售情况 不适用。 金额单位:人民币元 | | 期末融资余额 | 利率 | | | --- | --- | --- | --- | | (1) 长期借款 | | | | | 中国建设银行股份有限公司北京华贸支行 | 1, 085, 000, 000 | | 3. 90% | | (2) 公司债券 | | | | | "19 国贸 01"公司债券 | 440, 000, 000 | | 2. 90% | 金额单位:人民币元 | 期末融资总额 | 整体平均融资成本(%) | 利息资本化金额 | | --- | --- | --- | | 1, 525, 000, 000 | 3.61% | | 整体平均融资成本=Σ（期末单笔融资余额*对应融资 ...