Group 1 - The company reported a revenue of 736 million yuan for the first half of 2025, representing a year-on-year decline of 61.52% [1] - The net loss attributable to shareholders was 19.8462 million yuan, compared to a net profit of 42.0592 million yuan in the same period last year [1]

Core Viewpoint - The A-share market shows positive momentum with the Shanghai Composite Index above the annual line, indicating potential investment opportunities in stocks that have recently crossed this threshold [1] Group 1: Market Overview - As of 10:29 AM today, the Shanghai Composite Index is at 3733.77 points, with a slight increase of 0.17% [1] - The total trading volume in the A-share market is 1,083.946 billion yuan [1] Group 2: Stocks Breaking Annual Line - A total of 19 A-shares have surpassed the annual line today, with notable stocks including: - Anjie Technology (002635) with a deviation rate of 8.47% and a daily increase of 10.01% [1] - Shuijingfang (600779) with a deviation rate of 3.38% and a daily increase of 4.47% [1] - Jierong Technology (002855) with a deviation rate of 2.76% and a daily increase of 4.13% [1] - Other stocks with smaller deviation rates that have just crossed the annual line include Donghua Energy (002221) and Shihua Island (*ST椰岛) [1]

Market Overview - The Shanghai Composite Index closed at 3665.92 points, above the annual line, with a change of 0.50% [1] - The total trading volume of A-shares reached 1,905.21 billion yuan [1] Stocks Breaking Annual Line - A total of 27 A-shares have surpassed the annual line today, with notable stocks including Desay SV, Wanli Stone, and *ST Guohua, showing divergence rates of 4.85%, 4.59%, and 4.49% respectively [1] - Stocks with smaller divergence rates that just crossed the annual line include China CNR, Ninghu Expressway, and Huatian Technology [1] Top Divergence Rate Stocks - The top three stocks with the highest divergence rates are: - Desay SV (7.44% increase, 4.72% turnover rate, latest price 113.91 yuan, divergence rate 4.85%) [1] - Wanli Stone (4.93% increase, 5.82% turnover rate, latest price 31.30 yuan, divergence rate 4.59%) [1] - *ST Guohua (4.97% increase, 2.12% turnover rate, latest price 8.87 yuan, divergence rate 4.49%) [1] Additional Stocks with Notable Performance - Other stocks with significant performance include: - Kairun Co., Ltd. (4.82% increase, 4.94% turnover rate, latest price 22.40 yuan, divergence rate 4.08%) [1] - *ST Qingyan (3.39% increase, 4.36% turnover rate, latest price 14.64 yuan, divergence rate 3.05%) [1] - Huai Bei Mining (2.80% increase, 1.18% turnover rate, latest price 13.24 yuan, divergence rate 2.41%) [1]

Market Overview - The Shanghai Composite Index is at 3660.38 points, above the annual line, with a change of 0.35% [1] - The total trading volume of A-shares is 858.514 billion yuan [1] Stocks Breaking Annual Line - 18 A-shares have surpassed the annual line today, with notable stocks including Desay SV, Wanli Stone, and Huaibei Mining, showing deviation rates of 4.94%, 4.03%, and 3.10% respectively [1] - Stocks with smaller deviation rates that have just crossed the annual line include Kweichow Moutai, Ninghu Expressway, and Unisplendour [1] Top Stocks by Deviation Rate - The top three stocks with the highest deviation rates are: - Desay SV: 7.53% increase, trading at 114.00 yuan, deviation rate of 4.94% [1] - Wanli Stone: 4.36% increase, trading at 31.13 yuan, deviation rate of 4.03% [1] - Huaibei Mining: 3.49% increase, trading at 13.33 yuan, deviation rate of 3.10% [1] Additional Notable Stocks - Other stocks with significant performance include: - ST Guohua: 2.72% increase, trading at 8.68 yuan, deviation rate of 2.26% [1] - Kairun Technology: 2.95% increase, trading at 22.00 yuan, deviation rate of 2.22% [1] - Shanxi Fenjiu: 2.19% increase, trading at 190.70 yuan, deviation rate of 1.86% [1]

Core Viewpoint - The company has provided a guarantee for its subsidiary, Panyu Jinjiang Company, to support its financing needs, which is a normal business practice and is expected to enhance the company's cash flow without adversely affecting its operations [2][12]. Group 1: Guarantee Details - The company provided a loan guarantee for Panyu Jinjiang Company with a maximum principal amount of RMB 153 million [2]. - The guarantee is part of a broader plan authorized by the company's 2023 annual general meeting, thus not requiring further board or shareholder approval [2][3]. - Chengdu Xiangjiang Company, a subsidiary, has provided counter-guarantees for the guarantees given to Panyu Jinjiang Company [3]. Group 2: Financial Implications - As of March 30, 2025, Panyu Jinjiang's asset-liability ratio was below 70%, indicating a manageable level of debt [12]. - The total amount of external guarantees provided by the company and its subsidiaries is RMB 1.881 billion, which represents 31.90% of the company's audited net assets for 2024 [12]. - There are no overdue guarantees as of the announcement date, indicating a stable financial position [12]. Group 3: Board's Opinion - The board believes that providing the guarantee supports the sustainable development of the subsidiary and meets its operational funding needs, aligning with the interests of the company and its shareholders [12]. - The production and operational status of Panyu Jinjiang Company is normal, and it has the capacity to repay its debts [12].

证券代码：600162 证券简称：香江控股 公告编号：临 2025-029 深圳香江控股股份有限公司 关于为控股子公司提供担保的进展公告 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： 担保对象及基本情况 | | 被担保人名称 | 广州番禺锦江房地产有限公司（以 下简称"番禺锦江"） | | --- | --- | --- | | | 本次担保金额 | 15,300.21 万元 | | 担保对象 一 | 实际为其提供的担保余额 | 15,300.21 万元 | | | 是否在前期预计额度内 | 是 □否 □不适用：_________ | | | 本次担保是否有反担保 | 是 □否 □不适用：_________ | | 担保对象 | 被担保人名称 | 广州市盈泰房地产有限公司（以下 | | 二 | | 简称"盈泰地产"） | | | 本次担保金额 | 14,699.79 万元 | | | 实际为其提供的担保余额 | 14,699.79 万元 | | | 是否在前期预计额度内 | □是 □否 不适用：_盈泰地 ...

Core Insights - The logistics real estate industry in China has a limited number of listed companies, with most focusing on either real estate or logistics, and many involved in warehousing and light asset operations [1][4] - Companies like Jinke, Zhongchu, and others have a high degree of relevance to logistics real estate, while others like R&F and Joy City have a moderate relevance, primarily focusing on real estate development [1][4] Company Overview - Kerry Properties (00683HK): A comprehensive real estate group in Hong Kong, focusing on high-end commercial real estate development and investment, with total assets exceeding HKD 100 billion [3] - R&F Properties (02777.HK): A major residential and commercial real estate developer in China, managing over 300 property projects, currently focusing on debt restructuring and asset optimization [3] - Joy City (000031.SZ): A subsidiary of COFCO, known for urban complex operations, managing over 20 commercial projects, emphasizing young consumer experiences [3] - China Vanke (000002.SZ): A leading real estate company in China, expanding into logistics and cold chain sectors in recent years [3] - SF Holding (002352.SZ): The largest express logistics company in China, operating 84 self-owned cargo planes and focusing on smart logistics transformation [3] Financial Performance - In 2024, revenue for logistics real estate companies shows significant divergence, with leading companies like Zhongchu and SF Holding generating revenues in the hundreds of billions, while some smaller firms report revenues around tens of millions [4][5] - Most companies maintain a gross margin between 10-30%, indicating an overall improvement in industry profitability [4] Revenue and Profitability Metrics - SF Holding reported a revenue of CNY 2844.2 billion with a gross margin of 13.9% in 2024 [5] - Vanke A achieved a revenue of CNY 3431.8 billion with a gross margin of 10.2% [5] - R&F Properties reported a revenue of CNY 187.7 billion but with a negative gross margin of -4.7% [5] Regional Layout - Companies have varying regional focuses, with Kerry Properties targeting key areas like Shanghai and Beijing, while Zhongchu has established a national network with over 100 warehouses across 20 provinces [9][10] - SF Holding is developing logistics hubs in cities like Ezhou and Jiaxing, enhancing its logistics network [10] Business Development Plans - Companies like Huayuan Holdings and Zhongchu are planning to build new logistics parks, focusing on intelligent technology applications and network enhancements [15][17] - Vanke is concentrating on high-standard warehouses and cold chain logistics, while Jinke is exploring synergies between logistics and other real estate sectors [17][18]

证券代码：600162 证券简称：香江控股 公告编号：临 2025-028 深圳香江控股股份有限公司 2025 年半年度业绩公告 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： 一、本期业绩预告情况 预计 2025 年半年度实现归属于母公司所有者的扣除非经常性损益的净利润 -5,500 万元到-5,000 万元。 （三）本次年度业绩预告数据是财务部门基于自身专业判断进行的初步测 算，未经注册会计师审计。 二、上年同期经营业绩和财务状况 （一）业绩预告期间 2025 年 1 月 1 日至 2025 年 6 月 30 日 （二）业绩预告情况 经财务部门初步测算，预计 2025 年半年度实现归属于母公司所有者的净利 润-2,800 万元到-2,300 万元，与上年同期相比，将出现亏损。 四、风险提示 本次业绩预告数据是公司财务部门基于自身专业判断的初步核算结果，未经 会计师事务所审计。公司不存在影响本次业绩预告内容准确性的重大不确定因素。 五、其他说明事项 本次业绩预告数据仅为初步核算数据，未经审计机构审计。具体准确 ...

证券代码：600162 证券简称：香江控股 公告编号：临 2025-028 深圳香江控股股份有限公司 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： 一、本期业绩预告情况 经财务部门初步测算，预计 2025 年半年度实现归属于母公司所有者的净利 润-2,800 万元到-2,300 万元，与上年同期相比，将出现亏损。 预计 2025 年半年度实现归属于母公司所有者的扣除非经常性损益的净利润 -5,500 万元到-5,000 万元。 （三）本次年度业绩预告数据是财务部门基于自身专业判断进行的初步测 算，未经注册会计师审计。 二、上年同期经营业绩和财务状况 （一）利润总额：-25.34 万元。 归属于母公司所有者的净利润：4,205.92 万元。 报告期内，受市场、项目竣工验收时间等因素影响，公司 2025 年半年度无集 中房地产项目交楼验收，导致房地产销售方面无法集中确认收入，营业收入较上 年同期减少。 四、风险提示 本次业绩预告数据是公司财务部门基于自身专业判断的初步核算结果，未经 会计师事务所审计。公司不存在影 ...

Core Viewpoint - The article discusses the special verification opinion regarding the differentiated dividend distribution plan of Shenzhen Xiangjiang Holdings Co., Ltd. for the year 2024, highlighting the legal compliance and rationale behind the plan [1][2]. Summary by Sections Differentiated Dividend Reasons and Plan - The company held its 13th meeting of the 10th Board of Directors on July 2, 2024, approving a share repurchase plan using self-owned funds to buy back A-shares, with a minimum of 12,145,749 shares and a maximum of 24,291,498 shares at a price not exceeding RMB 2.47 per share [2][4]. - The company’s total distributable profit for 2024 is RMB 597,067,057.45, with a proposed cash dividend of RMB 0.11 per 10 shares, resulting in a total distribution of RMB 35,875,178.04 after excluding repurchased shares [4][5]. Calculation Basis for Differentiated Dividend - As of June 20, 2025, the total share capital for distribution is 3,249,604,222 shares, and the cash dividend per share is calculated to be RMB 0.0109 based on the total shares participating in the distribution [5][6]. - The reference price for ex-dividend is calculated to be RMB 1.5690 per share, indicating a minimal impact of less than 1% on the reference price due to the repurchased shares not participating in the profit distribution [6][7]. Conclusion Opinion - The verification concludes that the differentiated dividend distribution complies with relevant laws and regulations, and the impact on the reference price is minimal, ensuring no harm to the interests of the company and its shareholders [7].