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。 南京高科股份有限公司（以下简称"公司"）于 2025 年 5 月 30 日召开公司 2024 年年度股东会，审议通过了《关于公司发行中期票 据的议案》，同意公司向中国银行间市场交易商协会申请注册发行不 超过人民币 30 亿元（含 30 亿元）的中期票据。2025 年 10 月 10 日， 中国银行间市场交易商协会接受公司中期票据注册。根据中市协注 [2025]MTN975 号《接受注册通知书》，公司中期票据注册金额为 30 亿元，注册额度自通知书落款之日（2025 年 10 月 16 日）起 2 年内 有效，公司在注册有效期内可分期发行中期票据。 根据自身资金计划安排和银行间市场情况，公司于 2026 年 3 月 19 日在全国银行间市场发行了 2026 年度第一期中期票据，募集资金 于 2026 年 3 月 23 日全额到账。发行结果如下： | 名称 | | 南京高科股份有限公司 | 2026 | 年度第一期中期票据 | | --- | --- | --- | --- | ...

Investment Rating - The report suggests a positive outlook on the real estate industry, indicating a preference for stable and high-quality real estate companies [39]. Core Insights - The real estate sector has shown signs of stabilization, with expectations for continued release of accommodative policies [39]. - The report highlights a significant rebound in both new and second-hand property transactions, with a notable decrease in year-on-year declines [6][11]. - The report emphasizes the importance of monitoring the performance of specific companies within the sector, recommending several for investment consideration [39]. Summary by Sections Market Review - During the week of March 16-20, the Shenwan real estate sector declined by 4.2%, underperforming the CSI 300 index by 2 percentage points [11]. - The trading volume was 91.41 billion yuan, reflecting a week-on-week decrease of 2.7% [11]. - Notable individual stock performances included significant gains for companies like Jingtou Development and City North High-tech, while companies like Tibet Urban Investment and Zhongtian Service faced substantial declines [11]. Basic Data - The total market capitalization of the real estate industry is approximately 1,129.53 billion yuan, with a circulating market value of about 1,096.91 billion yuan [4]. - The industry’s price-to-earnings (P/E) ratio stands at 68.0, compared to the CSI 300's P/E ratio of 14.0 [4]. Industry and Company Dynamics - New housing transaction area in 43 cities decreased by 10.7% year-on-year but increased by 57.5% month-on-month [16]. - The second-hand housing transaction area in 14 cities saw a year-on-year decline of 17.6% but a month-on-month increase of 61% [19]. - Inventory levels in 17 key cities showed a slight decrease of 0.1% week-on-week, with a depletion cycle of 180.5 weeks [22]. - Land supply in 100 major cities decreased by 11% year-on-year, with transaction area down by 26.3% [26]. Investment Recommendations - The report recommends focusing on companies with strong operational stability, including: 1. Development: China Resources Land, Longfor Group 2. Commercial: China International Trade, New City Holdings, China Resources Mixc Life 3. Property Management: Poly Property, China Overseas Property, Wanwu Cloud, Xinda Zheng 4. Brokerage: Beike-W [39]. Company Dynamics - Nanjing High-Tech issued a short-term financing bond totaling 200 million yuan at an interest rate of 1.70% [35]. - Electronic City issued medium-term notes totaling 220 million yuan at an interest rate of 2.04% [35]. - Yunnan City Investment reported significant progress in asset restructuring, recovering approximately 5.202 billion yuan from various asset sales [36].

南京高科股份有限公司（以下简称"公司"）于 2024 年 5 月 23 日召开公司 2023 年年度股东大会，审议通过了《关于公司发行超短 期融资券的议案》，同意公司向中国银行间市场交易商协会申请注册 发行不超过人民币 20 亿元（含 20 亿元）的超短期融资券。2024 年 8 月 5 日，中国银行间市场交易商协会接受公司超短期融资券注册。根 据中市协注[2024]SCP246 号《接受注册通知书》，公司超短期融资券 注册金额为 20 亿元，注册额度自通知书落款之日（2024 年 8 月 13 日）起 2 年内有效，公司在注册有效期内可分期发行超短期融资券。 根据自身资金计划安排和银行间市场情况，公司于 2026 年 3 月 18 日在全国银行间市场发行了 2026 年度第一期超短期融资券，募集 资金于 2026 年 3 月 19 日全额到账。发行结果如下： | 名称 | | 南京高科股份有限公司 | | 2026 | 年度第一期超短期融资券 | | --- | --- | --- | --- | --- | --- | | 简称 | 26 | 南京高科 | SCP001 | 代码 | 012680706 ...

Group 1 - The company established the Nanjing Gaoke Xinjun Chuangxin Equity Investment Partnership (Limited Partnership) with a total subscribed capital of RMB 1 billion, where the company and other partners contributed varying amounts [1] - The fund has completed investments totaling RMB 450 million across 9 projects since its establishment [1] - The fund's operation efficiency is expected to improve with the authorization of the chairman to handle specific matters related to the fund [1] Group 2 - In November 2024, two partners decided to withdraw from the fund, leading to a reduction in the total subscribed capital from RMB 1 billion to RMB 900 million through a targeted capital reduction [2] - The capital contributions of the withdrawing partner and another partner were significantly reduced, while the contributions of the general partner and the company remained unchanged [2] - The overall operation of the fund is reported to be good, and the capital reduction is not expected to have a significant impact on the fund or the company [3]

Group 1 - The core announcement is about the directed capital reduction of Nanjing Gaoke Xinjun Chuangxin Equity Investment Partnership (Limited Partnership) [1] - The total subscribed capital of the Xinjun Chuangxin Fund was originally set at RMB 1 billion, with contributions from various partners [2] - The fund has completed investments totaling RMB 450 million across 9 projects since its establishment [2] Group 2 - In November 2024, two partners, Lishui Wandi and Zhejiang Jiali, decided to withdraw, leading to a capital reduction from RMB 1 billion to RMB 900 million [3] - The capital reduction will not significantly impact the overall operation of the fund or the company [3] - The company will continue to encourage the fund manager to select quality projects and enhance post-investment management to improve fund returns [3]

二、基金减资情况 2024 年 11 月，丽水万地、浙江嘉立因自身原因决定退伙，由南 京高科新浚投资管理有限公司（以下简称"高科新浚"）先行承接上 1 述拟退伙的全部 1 亿元份额。截至目前，基金运转良好且整体投资已 经过半，经综合考虑和权衡比较，此时再引入新投资人不利于基金整 体利益的平衡和分配。近日，经全体合伙人一致决议同意，新浚创信 基金以定向减资方式，将总认缴规模从 10 亿元缩减至 9 亿元，其中 普通合伙人及公司的认缴出资金额不变；高科新浚的认缴出资金额由 1 亿元减少至 3,300 万元，新浚创智认缴出资金额由 4,900 万元减少 至 1,600 万元。减资后各合伙人的认缴出资额及认缴比例如下： 证券简称：南京高科 证券代码：600064 编号：临 2026-002 号 南京高科股份有限公司关于南京高科新浚创信股权投资合 伙企业（有限合伙）定向减资的公告 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。 一、基金基本情况 南京高科股份有限公司（以下简称"公司"）于 2022 年 3 月 10 日召开的第十届 ...

Core Viewpoint - Nanjing Gaoke (600064.SH) announced that Lishui Wandi and Zhejiang Jiali decided to withdraw from the partnership, leading to Nanjing Gaoke Xinjun Investment Management Co., Ltd. taking over the entire 100 million yuan share [1] Group 1 - The fund is currently operating well, with over half of the overall investment completed [1] - A unanimous decision by all partners was made to reduce the total subscribed scale of the fund from 1 billion yuan to 900 million yuan through a targeted capital reduction [1] - The capital contribution of Gaoke Xinjun was reduced from 100 million yuan to 33 million yuan, while the contribution of Xinjun Chuangzhi was decreased from 49 million yuan to 16 million yuan [1]

Core Viewpoint - Nanjing Gaoke (600064.SH) announced that Lishui Wandi and Zhejiang Jiali decided to withdraw from the partnership, leading to Nanjing Gaoke Xinjun Investment Management Co., Ltd. taking over the entire 100 million yuan share [1] Group 1 - The fund is currently operating well, with over half of the overall investment completed [1] - A unanimous decision was made by all partners to reduce the total subscribed scale of the Xinjun Chuangxin Fund from 1 billion yuan to 900 million yuan through a targeted capital reduction [1] - The capital contribution of Gaoke Xinjun was reduced from 100 million yuan to 33 million yuan, while Xinjun Chuangzhi's contribution decreased from 49 million yuan to 16 million yuan [1]

Core Viewpoint - Nanjing High-Tech's Q3 2025 report shows significant revenue and profit growth, driven by successful equity investment and stable real estate operations [1] Financial Performance - Total revenue for Q3 2025 reached 2.4 billion yuan, a year-on-year increase of 58.11% [1] - Net profit attributable to shareholders was 2.438 billion yuan, up 32.64% year-on-year [1] - Gross margin improved to 24.02%, with a weighted return on net assets of 12.73% [1] Stock Performance - Over the past week (February 9 to February 13, 2026), Nanjing High-Tech's stock price fluctuated between 8.92 yuan and 8.77 yuan, with a decline of 0.57% [2] - The stock exhibited a volatility of 3.17%, with MACD indicators suggesting a short-term adjustment [2] - On February 13, there was a net outflow of 3.97 million yuan from main funds, with a turnover rate of 0.90% [2] Institutional Insights - Institutions maintain a neutral view on Nanjing High-Tech, with a target price of 11.76 yuan, indicating a potential upside of 30.23% from the latest price [3] - Profit forecasts suggest a 47.40% year-on-year increase in net profit for 2025, but potential adjustment pressure in 2026 [3] - Recent institutional research frequency is low, with fund ownership at 0.39% and general market attention [3] Recent Events - On February 9, 2026, the Nanjing Zijin Mountain Venture Capital Conference announced a 10 billion yuan mother fund to support the "1026" advanced manufacturing cluster and innovative enterprises in Nanjing [4] - This event may indirectly benefit Nanjing High-Tech's equity investment business, although the company did not directly participate in the announcement [4]

Core Viewpoint - Nanjing Gaoke emphasizes that its equity investment business is a core focus, operating with a market-oriented and professional approach, targeting new products, technologies, and materials in the new productivity sector [2] Group 1 - The company has invested in several high-quality enterprises, including Yagesheng, Zhongke Galaxy Chip, Lingpao Micro, and Kabenni [2]