A股三季报密集交卷 超七成已披露公司报喜 当前正值A股三季报密集披露阶段，一批业绩高增长公司受到投资者普遍关注。据统计，截至目前，共 有360家上市公司已披露三季报业绩数据。按照三季报、业绩快报、预告净利润下限计算，合计有254家 公司前三季度净利润为盈利且同比增长（含扭亏为盈），占已披露公司数量的比例达到七成以上。从行 业看，这些业绩增长公司主要分布于电子、基础化工、汽车、电力设备、机械设备等行业。电子行业入 围公司数量最多，有32家。受益于人工智能技术加速迭代，以及应用场景持续扩展等影响，多个电子细 分行业景气上行，相关龙头公司业绩爆发。（智通财经） 843家A股公司拟中期分红合计逾6600亿元 据Wind数据统计，截至10月21日，今年以来，843家A股公司发布850份中期分红（包括季报、半年报以 及特殊分红）计划，涉及分红金额合计6620.26亿元，其中，595份已经实施完毕，分红金额合计3096.93 亿元，255份待实施，拟分红金额合计3523.33亿元。（智通财经） 国际金银大幅收跌 黄金盘中创下12年以来最大单日跌幅 COMEX黄金期货收跌4.94%，报4144.1美元/盎司；现货黄金跌5.1 ...

财报季，社保基金持股动向曝光！三季度末社保基金共现身33只个股前十大流通股东榜，新进7只，增 持10只。 | 代码 | 简称 | 社保基金家 | | 社保基金持股量（万 | 环比 | | 占流通股比例 | 行业 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 数 | | 股） | （%） | | （%） | | | 600048 | 保利发 展 | 1 | 12394.77 | | 19.08 | 1.04 | | 房地产 | | 600176 | 中国巨 石 | 2 | 8551.96 | | 不变 | 2.14 | | 建筑材 料 | | 600968 | 海油发 展 | 1 | 5516.06 | | 不变 | 0.54 | | 石油石 化 | | 000729 | 燕京啤 | 1 | 3802.53 | | 不变 | 1.52 | | 食品饮 | | | 酒 | | | | | | | 料 | | 002311 | 海大集 | 2 | 2872.04 | | 36.54 | 1.73 | | 农林牧 | | | 团 | | ...

每经头条（nbdtoutiao）——展望"十五五"|专访贺铿：必须改变以往将资金过度集中于房屋建设和基础 设施建设的倾向，更加突出民生领域投入 （记者 曾健辉） 每经AI快讯，保利发展（SH 600048，收盘价：7.72元）10月21日晚间发布公告称，截至2025年9月30 日，公司及其控股子公司对外担保余额为1131.76亿元，占公司2024年末经审计归属于上市公司股东的 净资产57.28%；其中上市公司对控股子公司的担保余额为1096.74亿元，占公司2024年末经审计归属于 上市公司股东的净资产55.5%。 2025年1至6月份，保利发展的营业收入构成为：房地产占比89.98%，其他占比9.77%，其他业务占比 0.25%。 截至发稿，保利发展市值为924亿元。 ...

格隆汇10月21日丨保利发展(600048.SH)公布2025年第三季度报告，2025年前三季度公司实现营业收入 1737.22亿元，同比下降4.95%。受行业和市场波动影响，结转项目盈利能力下降，1-9月实现归属于上 市公司股东的净利润19.29亿元，同比下降75.31%。2025年前三季度，实现销售回笼1941亿元，回笼率 为96%；期末货币资金余额1226.46 亿元。截至报告期末，公司总资产为12873.93亿元，较上年度末下 降3.57%，归属于上市公司股东的净资产为1974.19亿元，较上年末下降0.09%。资产负债率为73.27%， 较上年度末下降1.08个百分点。 ...

证券代码：600048 证券简称：保利发展 公告编号：2025-088 关于 2025 年第三季度提供担保情况的公告 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。 重要内容提示： 被担保人：保利发展控股集团股份有限公司（以下简称"公司"或"本 公司"）的下属子公司及参股公司（含其下属公司，下同）。 | 对外担保类别 | 第三季度对外担保 | 对外担保 | | --- | --- | --- | | | 新增加额 | 余额 | | 公司为全资子公司提供担保 | 89.47 | 953.08 | | 其中资产负债率未超过 70%的全资子公司 | 26.50 | 43.37 | | 其中资产负债率超过 70%的全资子公司 | 62.97 | 909.71 | | 公司为非全资子公司提供担保 | 3.23 | 143.66 | | 其中资产负债率未超过 70%的非全资子公司 | 0 | 33.45 | | 其中资产负债率超过 70%的非全资子公司 | 3.23 | 110.21 | | 公司为参股公司提供担保 | 0.01 | 35 ...

保利发展10月21日公告，2025年第三季度实现营业收入568.65亿元，同比增长30.65%，归属于上市公司 股东的净利润亏损7.82亿元，基本每股收益亏损0.07元。 ...

[Key Financial Data](index=1&type=section&id=Key%20Financial%20Data) [Key Accounting Data and Financial Indicators](index=1&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) Poly Developments' Q3 2025 and year-to-date financial performance shows a 30.65% revenue increase but significant declines in total profit and net profit attributable to shareholders Key Accounting Data and Financial Indicators for Q3 2025 and Year-to-Date (Unit: billion yuan, unless otherwise specified) | Item | Current Reporting Period | YoY Change in Current Period (%) | Year-to-Date | YoY Change Year-to-Date (%) | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 56.86 | 30.65 | 173.72 | -4.95 | | Total Profit | -0.06 | -102.37 | 9.85 | -40.80 | | Net Profit Attributable to Shareholders | -0.78 | -299.19 | 1.93 | -75.31 | | Net Profit Attributable to Shareholders (Excluding Non-Recurring Items) | -0.84 | -329.03 | 1.74 | -76.76 | | Net Cash Flow from Operating Activities | N/A | N/A | 6.98 | / | | Basic Earnings Per Share (yuan/share) | -0.07 | -296.78 | 0.16 | -75.28 | | Diluted Earnings Per Share (yuan/share) | -0.07 | -296.78 | 0.16 | -75.28 | | Weighted Average Return on Net Assets (%) | Decreased -0.39 percentage points | 0.60 percentage points | 0.98 | Decreased 2.93 percentage points | | Total Assets (End of Current Period) | 1,287.39 | -3.57 | 1,335.11 (End of Previous Year) | -3.57 | | Owners' Equity Attributable to Listed Company Shareholders (End of Current Period) | 197.42 | -0.09 | 197.60 (End of Previous Year) | -0.09 | [Non-Recurring Gains and Losses Items and Amounts](index=2&type=section&id=Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) This chapter details the company's non-recurring gains and losses for Q3 2025 and year-to-date, totaling **57.55 million yuan** and **189.01 million yuan** respectively, primarily from non-current asset disposals, government grants, and other non-operating income/expenses Non-Recurring Gains and Losses Items for Q3 2025 and Year-to-Date (Unit: million yuan) | Non-Recurring Gains and Losses Item | Current Period Amount | Year-to-Date Amount | | :--- | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | 14.50 | 60.23 | | Government Grants Included in Current Profit/Loss | 6.41 | 21.89 | | Gains/Losses from Fair Value Changes and Disposal of Financial Assets | 0.00 | 5.97 | | Other Non-Operating Income and Expenses | 39.47 | 150.98 | | Other Gains/Losses Meeting Non-Recurring Definition | 12.21 | 21.81 | | Less: Income Tax Impact | 14.89 | 40.08 | | Minority Interest Impact (After Tax) | 0.16 | 31.79 | | Total | 57.55 | 189.01 | [Changes and Reasons for Key Accounting Data and Financial Indicators](index=2&type=section&id=Changes%20and%20Reasons%20for%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This chapter explains the changes in key accounting data and financial indicators, attributing a 30.65% revenue increase to project settlement, while significant profit declines are due to reduced profitability from settled projects amid market volatility - Operating revenue for the current period increased by **30.65%** year-on-year, primarily due to increased project settlement revenue[6](index=6&type=chunk) - Total profit, net profit attributable to shareholders, net profit excluding non-recurring items, and basic/diluted earnings per share for both the current period and year-to-date significantly declined, mainly due to reduced profitability from settled projects impacted by industry and market fluctuations[6](index=6&type=chunk) [Shareholder Information](index=3&type=section&id=Shareholder%20Information) [Total Number of Common Shareholders, Voting Rights Restored Preferred Shareholders, and Top Ten Shareholders' Holdings](index=3&type=section&id=Total%20Number%20of%20Common%20Shareholders%2C%20Voting%20Rights%20Restored%20Preferred%20Shareholders%2C%20and%20Top%20Ten%20Shareholders%27%20Holdings) As of the end of the reporting period, the company had 247,737 common shareholders, with Poly Southern Group Co., Ltd. being the largest shareholder at 37.69% - The total number of common shareholders at the end of the reporting period was **247,737**[8](index=8&type=chunk) Top 10 Shareholders' Holdings (As of the End of the Reporting Period) | Shareholder Name | Shareholder Nature | Number of Shares Held | Shareholding Ratio (%) | Pledged, Marked, or Frozen Status (Number of Shares) | | :--- | :--- | :--- | :--- | :--- | | Poly Southern Group Co., Ltd. | State-owned Legal Person | 4,511,874,673 | 37.69 | 0 | | China Poly Group Co., Ltd. | State-owned Legal Person | 363,067,789 | 3.03 | 0 | | China Securities Finance Corporation Limited | State-owned Legal Person | 357,138,810 | 2.98 | 0 | | Huamei International Investment Group Co., Ltd. | Domestic Non-State-owned Legal Person | 202,472,515 | 1.69 | 62,820,000 (Pledged) | | Hong Kong Securities Clearing Company Limited | Overseas Legal Person | 180,938,334 | 1.51 | 0 | | Central Huijin Asset Management Co., Ltd. | State-owned Legal Person | 175,821,300 | 1.47 | 0 | | Industrial and Commercial Bank of China - SSE 50 ETF | Other | 137,187,900 | 1.15 | 0 | | National Social Security Fund 413 Portfolio | Other | 123,947,712 | 1.04 | 0 | | Industrial and Commercial Bank of China - Huatai-PineBridge CSI 300 ETF | Other | 122,657,405 | 1.02 | 0 | | China Construction Bank - E Fund CSI 300 ETF | Other | 88,389,978 | 0.74 | 0 | [Explanation of Top 10 Shareholders and Top 10 Unrestricted Shareholders' Participation in Margin Trading, Securities Lending, and Refinancing Businesses](index=4&type=section&id=Explanation%20of%20Top%2010%20Shareholders%20and%20Top%2010%20Unrestricted%20Shareholders%27%20Participation%20in%20Margin%20Trading%2C%20Securities%20Lending%2C%20and%20Refinancing%20Businesses) This chapter provides additional details on shareholder holdings, including the fourth largest shareholder's credit account holdings and the ongoing transfer of controlling shares to China Poly Group Co., Ltd - The company's fourth largest shareholder, Huamei International Investment Group Co., Ltd., holds **81.76 million shares** through a credit securities account[9](index=9&type=chunk) - As of September 30, 2025, the company's special repurchase securities account held **105.03 million shares**, accounting for **0.88%** of the company's total share capital[9](index=9&type=chunk) - The controlling shareholder, Poly Southern Group Co., Ltd., plans to gratuitously transfer all its shares in the company to the actual controller, China Poly Group Co., Ltd., which will then directly hold **40.72%** of the company's shares and become the controlling shareholder[9](index=9&type=chunk) [Other Reminders](index=4&type=section&id=Other%20Reminders) [Other Important Information Regarding the Company's Operating Performance During the Reporting Period That Requires Investor Attention](index=4&type=section&id=Other%20Important%20Information%20Regarding%20the%20Company%27s%20Operating%20Performance%20During%20the%20Reporting%20Period%20That%20Requires%20Investor%20Attention) This chapter provides an overview of the national real estate market and Poly Developments' operations for the first three quarters of 2025, highlighting market declines, policy support, and the company's strategic focus on core cities despite revenue and profit drops - In the first three quarters of 2025, national commercial housing sales area decreased by **5.5%** year-on-year, sales value decreased by **7.9%**; real estate development investment decreased by **13.9%**; new housing starts decreased by **18.9%**; and completed housing area decreased by **15.3%**[10](index=10&type=chunk) - Policy continues to promote stable and healthy development of the real estate market and industry transformation, with core cities optimizing purchase restrictions and credit policies to support reasonable housing demand[10](index=10&type=chunk) 2025 First Three Quarters Poly Developments Key Operating Data | Indicator | Amount/Quantity | YoY Change (%) | | :--- | :--- | :--- | | Contracted Sales Value | 201.73 billion yuan | -16.53 | | Contracted Sales Area | 10.10 million square meters | -25.13 | | Newly Acquired GFA | 2.90 million square meters | - | | Total Acquisition Cost | 60.30 billion yuan | - | | New Starts Area | 5.12 million square meters | -40.19 | | Completed Area | 18.12 million square meters | -12.12 | - The company's newly acquired gross floor area was **2.90 million square meters**, with a total acquisition cost of **60.30 billion yuan**, all located in **38 core cities**, and **51%** of the investment amount was in core areas of tier-one cities like Beijing, Shanghai, and Guangzhou[11](index=11&type=chunk) - As of the end of Q3, the company had **549** ongoing and planned projects, with **44.83 million square meters** under construction and **45.16 million square meters** awaiting development[11](index=11&type=chunk) 2025 First Three Quarters Poly Developments Key Financial Data | Indicator | Amount | YoY Change (%) | | :--- | :--- | :--- | | Operating Revenue | 173.72 billion yuan | -4.95 | | Net Profit Attributable to Shareholders | 1.93 billion yuan | -75.31 | | Sales Collection | 194.10 billion yuan | 96% (Collection Rate) | | Cash and Cash Equivalents at Period End | 122.65 billion yuan | - | | Total Assets | 1,287.39 billion yuan | -3.57 (vs. End of Previous Year) | | Net Assets Attributable to Shareholders | 197.42 billion yuan | -0.09 (vs. End of Previous Year) | | Asset-Liability Ratio | 73.27% | Decreased 1.08 percentage points (vs. End of Previous Year) | - Net profit attributable to shareholders significantly decreased by **75.31%**, primarily due to reduced profitability from settled projects impacted by industry and market fluctuations[12](index=12&type=chunk) [Quarterly Financial Statements](index=5&type=section&id=Quarterly%20Financial%20Statements) [Type of Audit Opinion](index=5&type=section&id=Type%20of%20Audit%20Opinion) This chapter states that the company's Q3 2025 financial statements are unaudited - This quarter's financial statements are unaudited[13](index=13&type=chunk) [Financial Statements](index=5&type=section&id=Financial%20Statements) This chapter presents Poly Developments Holding Group Co., Ltd.'s unaudited Q3 2025 financial statements, including consolidated and parent company balance sheets, income statements, and cash flow statements [Consolidated Balance Sheet](index=5&type=section&id=Consolidated%20Balance%20Sheet) As of September 30, 2025, the company's consolidated total assets were **1,287.39 billion yuan**, a **3.57%** decrease from year-end 2024, with total liabilities at **943.22 billion yuan** and owners' equity attributable to the parent company at **197.42 billion yuan** Consolidated Balance Sheet Key Data (Unit: yuan) | Item | September 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and Cash Equivalents | 122,646,272,448.93 | 134,167,475,994.87 | | Inventories | 746,209,511,137.92 | 798,559,419,241.70 | | Total Current Assets | 1,109,504,666,354.17 | 1,167,068,456,414.63 | | Total Non-Current Assets | 177,888,082,985.07 | 168,039,559,185.06 | | Total Assets | 1,287,392,749,339.24 | 1,335,108,015,599.69 | | Total Current Liabilities | 665,944,114,616.76 | 722,598,651,221.27 | | Total Non-Current Liabilities | 277,277,365,934.81 | 269,979,537,226.11 | | Total Liabilities | 943,221,480,551.57 | 992,578,188,447.38 | | Total Owners' Equity Attributable to Parent Company | 197,419,391,138.51 | 197,596,494,142.03 | | Total Owners' Equity | 344,171,268,787.67 | 342,529,827,152.31 | [Consolidated Income Statement](index=8&type=section&id=Consolidated%20Income%20Statement) For the first three quarters of 2025, the company's total operating revenue was **173.72 billion yuan**, a **4.95%** year-on-year decrease, with net profit attributable to parent company shareholders significantly declining by **75.31%** to **1.93 billion yuan** Consolidated Income Statement Key Data (2025 First Three Quarters, Unit: yuan) | Item | 2025 First Three Quarters (Jan-Sep) | 2024 First Three Quarters (Jan-Sep) | | :--- | :--- | :--- | | Total Operating Revenue | 173,721,678,722.00 | 182,774,387,215.01 | | Total Operating Costs | 163,862,503,709.72 | 168,088,929,922.96 | | Operating Profit | 9,698,174,341.44 | 16,314,125,445.88 | | Total Profit | 9,848,751,008.75 | 16,635,751,459.10 | | Net Profit | 6,515,402,984.28 | 12,241,783,720.33 | | Net Profit Attributable to Parent Company Shareholders | 1,928,577,901.87 | 7,812,547,489.31 | | Minority Interest Income | 4,586,825,082.41 | 4,429,236,231.02 | | Basic Earnings Per Share (yuan/share) | 0.16 | 0.66 | | Diluted Earnings Per Share (yuan/share) | 0.16 | 0.66 | [Consolidated Cash Flow Statement](index=11&type=section&id=Consolidated%20Cash%20Flow%20Statement) In the first three quarters of 2025, net cash flow from operating activities significantly improved to **6.98 billion yuan**, while net cash outflow from investing and financing activities increased, resulting in a period-end cash and cash equivalents balance of **120.21 billion yuan** Consolidated Cash Flow Statement Key Data (2025 First Three Quarters, Unit: yuan) | Item | 2025 First Three Quarters (Jan-Sep) | 2024 First Three Quarters (Jan-Sep) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 6,977,471,172.67 | -15,981,776,834.23 | | Net Cash Flow from Investing Activities | -4,034,746,520.63 | -479,817,001.68 | | Net Cash Flow from Financing Activities | -15,228,137,289.77 | -3,836,352,465.70 | | Net Increase in Cash and Cash Equivalents | -12,292,806,488.01 | -20,335,409,730.81 | | Cash and Cash Equivalents at Period End | 120,205,206,037.40 | 126,280,472,948.67 | [Parent Company Balance Sheet](index=13&type=section&id=Parent%20Company%20Balance%20Sheet) As of September 30, 2025, the parent company's total assets were **331.63 billion yuan**, a **5.20%** decrease from year-end 2024, with total liabilities at **279.64 billion yuan** and owners' equity at **51.99 billion yuan** Parent Company Balance Sheet Key Data (Unit: yuan) | Item | September 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and Cash Equivalents | 8,905,571,959.05 | 11,226,028,043.70 | | Other Receivables | 287,097,178,648.49 | 303,477,771,639.45 | | Total Assets | 331,630,261,975.86 | 349,833,383,601.05 | | Total Liabilities | 279,636,326,603.70 | 298,591,690,485.37 | | Total Owners' Equity | 51,993,935,372.16 | 51,241,693,115.68 | [Parent Company Income Statement](index=16&type=section&id=Parent%20Company%20Income%20Statement) For the first three quarters of 2025, the parent company's operating revenue was **171.15 million yuan**, a **26.68%** year-on-year decrease, with total profit at **3.20 billion yuan** and net profit at **3.50 billion yuan**, primarily driven by investment income Parent Company Income Statement Key Data (2025 First Three Quarters, Unit: yuan) | Item | 2025 First Three Quarters (Jan-Sep) | 2024 First Three Quarters (Jan-Sep) | | :--- | :--- | :--- | | Operating Revenue | 171,154,471.97 | 233,410,792.87 | | Financial Expenses | 1,728,965,084.97 | 1,511,760,558.48 | | Investment Income | 5,056,054,301.68 | 5,535,040,308.14 | | Total Profit | 3,203,887,279.33 | 3,863,196,122.07 | | Net Profit | 3,502,174,926.06 | 3,966,425,388.42 | | Total Comprehensive Income | 3,544,292,052.30 | 3,965,984,584.06 | [Parent Company Cash Flow Statement](index=18&type=section&id=Parent%20Company%20Cash%20Flow%20Statement) In the first three quarters of 2025, the parent company's net cash outflow from operating activities improved to **-2.95 billion yuan**, while net cash inflow from investing activities was **4.57 billion yuan**, and net cash outflow from financing activities increased, with a period-end cash and cash equivalents balance of **8.91 billion yuan** Parent Company Cash Flow Statement Key Data (2025 First Three Quarters, Unit: yuan) | Item | 2025 First Three Quarters (Jan-Sep) | 2024 First Three Quarters (Jan-Sep) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -2,951,337,396.16 | -11,858,935,339.19 | | Net Cash Flow from Investing Activities | 4,571,746,584.91 | 5,706,985,486.39 | | Net Cash Flow from Financing Activities | -3,940,865,273.40 | 3,894,931,142.73 | | Net Increase in Cash and Cash Equivalents | -2,320,456,084.65 | -2,257,018,710.07 | | Cash and Cash Equivalents at Period End | 8,905,571,959.05 | 9,313,930,331.67 |

智通财经APP讯，保利发展(600048.SH)发布2025年三季度报告，该公司前三季度营业收入为1737.22亿 元，同比减少4.95%。归属于上市公司股东的净利润为19.29亿元，同比减少75.31%。归属于上市公司股 东的扣除非经常性损益的净利润为17.4亿元，同比减少76.76%。基本每股收益为0.16元。 ...

智通财经APP讯，保利发展(600048.SH)发布2025年三季度报告，该公司前三季度营业收入为1737.22亿 元，同比减少4.95%。归属于上市公司股东的净利润为19.29亿元，同比减少75.31%。归属于上市公司股 东的扣除非经常性损益的净利润为17.4亿元，同比减少76.76%。基本每股收益为0.16元。 ...

Investment Rating - The report maintains a "Positive" rating for the real estate sector, indicating optimism about future recovery driven by favorable policies and market dynamics [2][3]. Core Insights - The real estate industry is currently experiencing a phase of inventory reduction, with investment contraction outpacing sales decline. The report anticipates that investment recovery will be slower than in previous cycles, with projected declines in investment, new starts, and completions for 2025 [2][3][20]. - Sales metrics remain weak, with both sales area and sales amount showing declines. However, the report suggests that the industry is at a bottoming stage, with potential for demand recovery driven by proactive policies [21][34]. - Funding sources are under pressure, with a notable decline in domestic loans and self-raised funds. The report expects a gradual improvement in funding conditions as industry policies continue to relax [35][37]. Investment Analysis Summary Investment Side - From January to September 2025, total real estate investment reached 67,706 billion yuan, reflecting a year-on-year decline of 13.9%. In September alone, investment dropped by 21.3% compared to the previous month [3][20]. - New starts and construction activities also showed declines, with new starts down 18.9% year-on-year and construction down 9.4% [20][21]. Sales Side - The total sales area for real estate from January to September 2025 was 6.6 billion square meters, down 5.5% year-on-year. The sales amount reached 6.3 trillion yuan, a decline of 7.9% [21][34]. - The average selling price of commercial housing decreased by 3% year-on-year, with a slight improvement in the rate of decline in September [32][34]. Funding Side - Cumulative funding sources for real estate development from January to September 2025 totaled 7.2 trillion yuan, down 8.4% year-on-year. In September, the decline in funding sources was 11.5% [35][37]. - Domestic loans and self-raised funds saw significant declines, with domestic loans down 14.6% in September compared to the previous month [36][37].