Core Viewpoint - Dalong Real Estate (600159.SH) announced the termination of its planned acquisition of a 60% stake in Beijing Chengzhu Real Estate Development Co., Ltd. due to a lack of consensus on key transaction terms with the counterparty [1] Group 1 - Dalong Real Estate's subsidiary, Beijing Dalong Real Estate Development Co., Ltd., had reached a preliminary intention to acquire the stake [1] - The parties involved were unable to reach an agreement on the main transaction terms, leading to the inability to sign a formal equity transfer agreement [1] - The decision to terminate the acquisition was made after careful consideration and friendly negotiations between both parties to protect the legitimate rights and interests of the company and all shareholders [1]

Core Viewpoint - Dalong Real Estate (600159.SH) announced the termination of its planned acquisition of a 60% stake in Beijing Chengzhu Real Estate Development Co., Ltd. due to a lack of consensus on key transaction terms between the parties involved [1] Group 1 - The company’s subsidiary, Beijing Dalong Real Estate Development Co., Ltd., had reached a preliminary intention to acquire the stake from Beijing Shunyi New Town Development Co., Ltd. [1] - The decision to terminate the acquisition was made after careful consideration and friendly negotiations between both parties [1] - The termination aims to protect the legitimate rights and interests of the company and all shareholders [1]

Core Viewpoint - The real estate sector in China experienced a significant decline, with multiple stocks showing substantial losses during the trading session, reversing a previous rally [1] Group 1: Stock Performance - China Wuyi (000797) saw a drop of 7.17%, with a total market capitalization of 65.03 billion [2] - Huaxia Happiness (600340) decreased by 6.39%, with a market cap of 9.745 billion [2] - Yunnan City Investment (600239) fell by 5.45%, with a market value of 3.902 billion [2] - Tiandi Source (600665) declined by 5.22%, with a market cap of 2.981 billion [2] - Rong'an Real Estate (000517) dropped by 5.08%, with a market capitalization of 5.954 billion [2] - Other notable declines include Electronic City (-4.99%), Jinbin Development (-4.45%), and Beichen Industrial (-4.37%) [2] Group 2: Year-to-Date Performance - Year-to-date, China Wuyi has increased by 49.46% despite the recent drop [2] - Huaxia Happiness has seen a decline of 7.43% year-to-date [2] - Yunnan City Investment has decreased by 8.99% since the beginning of the year [2] - Tiandi Source has a year-to-date increase of 10.22% [2] - Rong'an Real Estate has experienced a significant year-to-date decline of 16.14% [2]

一、业绩说明会召开情况 2025 年 12 月 01 日（星期一）上午 9:00-10:00，公司董事、总 经理范学朋先生，董事、董事会秘书刘宗先生，财务总监贾子婷女士， 独立董事张小军先生出席了本次业绩说明会。投资者通过互联网登录 上海证券交易所上证路演中心（https://roadshow.sseinfo.com/）， 在线参与本次业绩说明会，与公司参会人员进行了互动交流。 二、交流的主要问题及公司回复情况 问题 1：公司去库存力度如何？城市更新项目参与了那些？ 答：感谢您的提问。2025 年 1-6 月，公司房地产开发业务共计 实现销售金额 7,325.75 万元，销售面积 7,185.96 平方米，实现结 转收入金额 9,870.80 万元，结转面积 10,531.27 平方米，报告期 末待结转面积 391.07 平方米。项目具体情况请您关注公司披露的 2025 年半年度报告中"第三节 管理层讨论与分析"部分内容。 问题 2：公司年报是否还会亏损？ 证券代码：600159 证券简称：大龙地产 编号：2025-042 北京市大龙伟业房地产开发股份有限公司 关于 2025 年第三季度业绩说明会召开情况的公 ...

Core Viewpoint - The company, Longfor Properties (600159), is committed to exploring opportunities in urban renewal policies to drive sustainable and high-quality development [1] Group 1 - The company will continuously monitor urban renewal policy opportunities [1] - The company aims to expand related businesses in line with its actual situation [1] - The focus is on promoting sustainable high-quality development [1]

Core Viewpoint - The company, Beijing Dalong Weiye Real Estate Development Co., Ltd., is set to hold a Q3 2025 performance briefing on December 1, 2025, to discuss its operational results and financial status with investors [2][3]. Group 1: Meeting Details - The performance briefing will take place on December 1, 2025, from 09:00 to 10:00 [5]. - The meeting will be held at the Shanghai Stock Exchange Roadshow Center and will be conducted in an interactive online format [4][5]. - Investors can submit questions from November 24 to November 28, 2025, before 16:00, through the Roadshow Center website or via the company's email [6]. Group 2: Participants - Key participants in the meeting will include the General Manager, Mr. Fan Xuepeng, the Secretary of the Board, Mr. Liu Zong, the Chief Financial Officer, Ms. Jia Ziting, and the Independent Director, Mr. Zhang Xiaojun [5]. Group 3: Post-Meeting Information - After the briefing, investors will be able to view the meeting's proceedings and key content on the Shanghai Stock Exchange Roadshow Center website [6].

证券代码：600159 证券简称：大龙地产 公告编号：2025-041 北京市大龙伟业房地产开发股份有限公司 关于召开 2025 年第三季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。 重要内容提示： 沟通，在信息披露允许的范围内就投资者普遍关注的问题进行回答。 二、 说明会召开的时间、地点 （一）会议召开时间：2025 年 12 月 01 日（星期一）09:00-10:00 （二） 会议召开地点：上证路演中心 （三） 会议召开方式：上证路演中心网络互动 三、 参加人员 投资者可于 2025 年 11 月 24 日（星期一）至 11 月 28 日（星期五） 16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过 公司邮箱 dldc@dldc.com.cn 进行提问。公司将在说明会上对投资者 普遍关注的问题进行回答。 北京市大龙伟业房地产开发股份有限公司（以下简称"公司"） 已于 2025 年 10 月 31 日发布公司 2025 年第三季度报告。为便于广大 投资者更全面深入地了解公司 2025 ...

Core Viewpoint - A silent personnel storm is sweeping through the real estate industry, with over 20 chairmen of real estate companies changing since June, indicating a significant shift in management as companies adapt to new industry conditions [3][5][11]. Group 1: Changes in Leadership - Since the beginning of 2025, large-scale organizational adjustments in real estate companies have become the norm, with a notable increase in leadership changes in the second half of the year [5][6]. - Notable changes include the resignation of Lu Jiming as chairman of Guangming Real Estate due to reaching retirement age, and the appointment of Wang Wei as the new chairman [5]. - Other companies like Dalong Real Estate and Beijing Zhuzong have also seen leadership changes, with significant adjustments in their management teams [6][7]. Group 2: Reasons Behind Changes - The adjustments in leadership, particularly among state-owned enterprises, reflect the ongoing reforms in state-owned enterprises aimed at optimizing resource allocation and enhancing management control [9]. - The pressure from declining sales and continuous losses since 2022 has prompted many companies to adjust their management teams to cope with market challenges [13]. - The shift from large-scale development to refined operations and asset-light models necessitates new leadership capable of navigating these changes [13]. Group 3: Financial Implications - The total remuneration for chairmen of listed real estate companies has decreased, with total salaries dropping from 86.57 million yuan in 2022 to 69.38 million yuan in 2024 [14]. - This reduction in compensation reflects the need for management to adapt to new market conditions and emphasizes the importance of financial safety and operational efficiency [14]. Group 4: Future Management Requirements - The evolving real estate landscape demands that managers possess enhanced capabilities, including product management, operational efficiency, and investment precision [14]. - The ability to identify new market opportunities and make strategic adjustments is becoming increasingly critical for leadership in the real estate sector [14].

Core Insights - A silent personnel storm is sweeping through the real estate industry, with over 20 chairmen of real estate companies changing since early June, averaging one change per week [2][7] - The changes are predominantly seen in state-owned enterprises, reflecting a need for management to adapt to new industry conditions and enhance internal management capabilities, product innovation, and operational efficiency [2][6] Group 1: Leadership Changes - Major state-owned enterprises like China Minmetals, Beijing Construction Group, and China Overseas Land have seen significant leadership changes, indicating a trend of high-level adjustments in the sector [3][5] - Specific examples include the resignation of Lu Jiming from Guangming Real Estate due to retirement and the appointment of Wang Wei as the new chairman [3] - Other notable changes include the resignation of Li Wenjiang from Dalong Real Estate and the appointment of Zhao Changsong as acting chairman [4] Group 2: Reasons for Changes - The adjustments in leadership are attributed to the need for resource optimization and management reform within state-owned enterprises, as well as the pressures faced by private companies [6][8] - The real estate sector has been under significant pressure, with over 60% of listed companies reporting losses in the first half of 2025, prompting high-level changes as a response to market and performance pressures [8] Group 3: Financial Adjustments - The total compensation for chairmen of listed real estate companies has decreased from 86.57 million yuan in 2022 to 69.38 million yuan in 2024, reflecting the industry's adaptation to new market conditions [9] - The need for management to shift focus from land acquisition and high leverage to financial security and operational efficiency is emphasized [9]

Core Insights - The real estate industry is experiencing a wave of executive changes, particularly among state-owned enterprises and major players [2][8] - Recent leadership adjustments are seen as a response to changes in the real estate sales market and the need for companies to adapt their operational strategies [2][8] Executive Changes - On November 14, China Merchants Shekou announced the resignation of Jiang Tiefeng as non-executive director and chairman, with Zhu Wenkai appointed as his successor [3] - On November 13, Longfor Properties announced the resignation of Chairman Li Wenjiang due to work adjustments, with Zhao Changsong temporarily taking over [6] - Five Mining Real Estate also reported the resignation of He Jianbo as chairman, with Dai Pengyu appointed as acting chairman [6] Market Dynamics - Since September, several leading real estate companies, including China Merchants Shekou, Vanke, and China Resources Land, have disclosed significant personnel changes [2][8] - The adjustments are primarily concentrated in key positions such as chairman, vice chairman, and general manager, driven by work reallocations and personal reasons [8][9] Cross-Group Movements - Recent trends indicate a "cross-group flow" of executives, with notable appointments such as Xu Rong becoming chairman of China Resources Land after previously serving in various roles within the group [10] - The movement of executives across different sectors is aimed at leveraging diverse management experiences to enhance operational efficiency and strategic alignment [12] Strategic Implications - The ongoing changes reflect a broader shift in the industry as it transitions from rapid expansion to a focus on refined operations, resource integration, and risk management [13] - State-owned enterprises are proactively restructuring their leadership to better position themselves for future growth opportunities in urban renewal and asset management [13]