证券代码：600266 证券简称：城建发展 公告编号：2025-18 关于续签《北京城建房地产开发有限公司股权托管协议》 的关联交易公告 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： 北京城建集团有限责任公司（以下简称"集团公司"）持有北 京城建房地产开发有限公司（以下简称"开发公司"）100%股 权，为避免同业竞争，北京城建投资发展股份有限公司（以 下简称"公司"）将与集团公司续签《北京城建房地产开发有 限公司股权托管协议》（以下简称"《股权托管协议》"），由 公司托管开发公司股权。 本次交易的交易对方集团公司为公司的控股股东，根据《上 海证券交易所股票上市规则》规定，集团公司为公司的关联 法人，因此本次交易构成关联交易。 本次交易不构成《上市公司重大资产重组管理办法》规定的 重大资产重组。 截至本公告日，过去 12 个月内，公司因购销商品、提供和接 受劳务向集团公司支付 224 万元，因场地使用、股权托管向 集团公司合计收取 815.17 万元，未与不同关联人发生与本次 交易类别相关的交易。 该项关联交易 ...

证券代码：600266 证券简称：城建发展 公告编号：2025-21 北京城建投资发展股份有限公司 关于召开2024年年度股东大会的通知 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法律责任。 重要内容提示： 一、 召开会议的基本情况 (一)股东大会类型和届次 2024年年度股东大会 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 6 月 26 日 14 点 30 分 召开地点：北京市朝阳区北土城西路 11 号城建开发大厦九楼会议室 股东大会召开日期：2025年6月26日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (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 (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会网络投票系统 网络投票起止时间：自2025 年 6 月 26 日 至2025 年 6 月 26 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 ...

证券代码：600266 证券简称：城建发展 公告编号：2025-15 北京城建投资发展股份有限公司 第九届董事会第十七次会议决议公告 二、董事会会议审议情况 本次会议审议通过了以下议案： （一）关于修订公司章程的议案 根据最新修订的《中华人民共和国公司法》、《上市公司章程指引》 等相关法律法规规定，结合公司实际情况，公司拟对《公司章程》相 1 应条款进行修订。本次修订后，公司将不再设置监事会，并废止《北 京城建投资发展股份有限公司监事会议事规则》，监事会的职权由董 事会审计委员会行使。 具体内容详见上海证券交易所网站 www.sse.com.cn。 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。 一、董事会会议召开情况 2025 年 6 月 5 日，北京城建投资发展股份有限公司（以下简称 "公司"）第九届董事会第十七次会议在公司六楼会议室召开，会议 通知和材料已于 2025 年 5 月 30 日通过书面及电子通讯方式送达全体 董事。本次会议应参会董事 7 人，实际参会董事 6 人，董事长储昭武 因公务原因未能亲自出席会议，委托 ...

城建发展（600266）公告，公司拟通过北京产权交易所公开挂牌转让持有的北京科技园建设(集团)股份 有限公司9.24%股权，挂牌价格不低于北科建净资产评估值乘以公司持股比例，即2.82亿元(最终以经国 资备案的资产评估报告结果为准)。本次交易不构成重大资产重组，尚需提交股东大会批准。北科建注 册资本为30.29亿元，公司持有北科建2.8亿股，约占其总股本的9.24%。北科建2025年3月31日总资产为 424.47亿元，总负债为361.89亿元，归母净资产为29.95亿元。2025年一季度营业收入为4.87亿元，净利 润为-1.9亿元。 ...

Core Insights - The Beijing land market successfully sold multiple plots, generating a total revenue of 130.6 billion yuan [1] - Notable transactions include the Baoshan Village plots in Haidian, which were acquired by China State Construction and Jinyu for 27.78 billion yuan and 33.64 billion yuan respectively [1] - The Xihuang Village plot in Shijingshan was acquired by China Overseas Land for a base price of 45.23 billion yuan [1] - The Beihou Village plot in Changping was jointly acquired by a consortium including Yuexiu, Beijing Urban Construction, Future Science City, and Beike's Beihome for a base price of 23.95 billion yuan [1] Transaction Details - Haidian Baoshan Village plots had floor prices of 5.51 million yuan/sqm and 5.6 million yuan/sqm [1] - The floor price for the Shijingshan Xihuang Village plot was approximately 2.75 million yuan/sqm [1] - The Changping Beihou Village plot had a floor price of about 3 million yuan/sqm [1]

Group 1 - The core viewpoint of the report indicates that the real estate market in China is stabilizing and undergoing transformation, with policies implemented since September 2024 showing positive effects on market recovery [1][2][3] - The report highlights that the adjustment period for housing prices has been significant, with new and second-hand housing prices decreasing by 10.1% and 17.4% respectively as of April 2025, marking a nearly four-year adjustment cycle [2][15] - The report emphasizes that the burden of home purchasing for residents is at a 20-year low, which is a positive factor for market stabilization [2][28] Group 2 - The policy environment is entering a phase of effect verification, with a series of measures aimed at stabilizing the real estate market, including urban village renovations and financial support [3][39] - The market is experiencing a recovery process characterized by differentiation, with new home sales showing a weak recovery trend and second-hand home transactions performing better due to price adjustments [4][40] - The report suggests that investment opportunities lie in the commercial real estate and property management sectors, recommending "three good" real estate stocks and companies with stable performance [5][10] Group 3 - The report identifies that the land market is seeing a moderate recovery in transaction volumes, with a 28% year-on-year increase in transaction value for residential land in the first four months of 2025 [4][43] - It notes that the concentration of land acquisition among leading real estate companies has reached a high level, indicating a shift in market dynamics [4][39] - The report forecasts a decline in new construction area, completion area, and real estate investment by 20%, 18%, and 8% respectively for the year 2025 [4][5]

Core Viewpoint - The high-priced land acquisitions during the overheated real estate market are becoming a burden for real estate companies, leading to significant declines in profit margins as these projects enter the settlement phase in 2024 [3][9]. Group 1: Impact of High-Priced Land - Many real estate companies are experiencing a notable decline in gross profit margins due to the settlement of high-priced land projects acquired in 2020 and 2021, which are now facing lower-than-expected sales prices [3][10]. - For example, Chengjian Development reported a revenue increase of 24.94% to 25.442 billion yuan, but its net profit turned from profit to loss, primarily due to inventory impairment totaling 2.745 billion yuan [3][9]. - The ongoing market adjustments and frequent impairment provisions for high-priced land projects are eroding profits for real estate companies [3][10]. Group 2: Market Conditions and Sales Strategies - The real estate market shows signs of stabilization, but companies must balance expansion and profitability through refined operations and diversified strategies to mitigate existing risks [3][9]. - The project "Longyue Hexi" in Beijing, which was launched during the peak of the market, is now facing challenges in sales due to price adjustments and market conditions, with current prices significantly lower than initial expectations [6][9]. - The average selling price of the Longyue Hexi project has dropped to around 67,000 to 70,000 yuan per square meter, compared to the initial selling price of 84,000 yuan per square meter [6][9]. Group 3: Financial Performance and Inventory Management - Chengjian Development's gross profit margin in the Beijing region fell to 15.10%, a decrease of 5.65 percentage points year-on-year, and down 20 percentage points from 2020 [10]. - The company reported a total inventory of 77.595 billion yuan, with an inventory ratio of 63.48%, indicating a high level of capital tied up in unsold properties [10]. - The frequent impairment provisions for inventory due to market downturns could lead to further risks if unsold inventory cannot be liquidated in a timely manner [10].

Investment Rating - The report maintains a "Buy" rating for the real estate development and service sectors [5]. Core Insights - The recent urban renewal framework is expected to stabilize the real estate market and promote high-quality urban development in the long term [1][2]. - The government has set a target for significant progress in urban renewal by 2030, with a focus on improving existing buildings and upgrading old neighborhoods [2]. - Funding for urban renewal will come from various sources, including central government subsidies and special bonds [3]. Summary by Sections Urban Renewal Framework - The urban renewal initiative is a key action for stabilizing the real estate market and enhancing urban quality [1]. - The recent government opinion outlines major goals, tasks, and support mechanisms for urban renewal, aiming for significant progress by 2030 [2]. Funding Support - The government plans to support urban renewal through multiple funding channels, including central subsidies and special bonds [3]. - In 2023, 15.3 billion yuan has been allocated for urban village renovations, indicating strong financial backing for these initiatives [3]. Investment Recommendations - The report suggests focusing on core cities, particularly first-tier cities, for recovery and investment opportunities [4]. - Recommended stocks include: - A-shares: Chengdu Investment Holdings, Chengjian Development, Binjiang Group, New Town Holdings, China Merchants Shekou, Jianfa Co. - Hong Kong stocks: China Resources Land, China Overseas Development, Greentown China, Jianfa International Group, Yuexiu Property [8][9]. Company Performance Insights - Chengdu Investment Holdings reported a significant revenue increase of 455.6% year-on-year in Q1 2025, indicating strong operational performance [10]. - Binjiang Group achieved a revenue growth of 64% year-on-year in Q1 2025, benefiting from a peak in deliveries [11]. - New Town Holdings showed a recovery in net profit, with a 34% year-on-year increase in Q1 2025 [12].

Investment Rating - The investment rating for the real estate industry is "Positive" and maintained [14]. Core Insights - The policy goal of stabilizing the market is becoming more proactive, and market expectations have improved, although marginal downward pressure has increased since April [7]. - The rapid decline in industry volume and price may have passed, with structural highlights in core areas and quality properties [7]. - The experience from Hainan is not universally applicable in the current context, and the short-term supply capacity of real estate companies is declining, putting pressure on cash flow [3][11]. - The industry is expected to gradually promote the pilot expansion of existing home sales, considering institutional reforms and practical constraints [11]. Market Performance - The Yangtze River Real Estate Index increased by 0.04% this week, with a relative excess return of -1.08% compared to the CSI 300, ranking 24th out of 32 [8]. - Year-to-date, the Yangtze River Real Estate Index has decreased by 5.53%, with a relative excess return of -4.37% compared to the CSI 300, ranking 29th out of 32 [8]. Policy Developments - The central government emphasizes financial balance in urban renewal, prohibiting large-scale demolition and illegal borrowing [9]. - Local measures in Xinyang, Henan, have implemented existing home sales for newly sold land, ensuring reasonable residential de-stocking cycles [9]. Sales Data - New home transaction area in 37 cities showed a rolling year-on-year decline of 4.1%, while second-hand home transactions in 19 cities increased by 11.6% [10]. - As of May 16, the new home transaction area in 37 cities showed a month-on-month increase of 0.2%, while second-hand homes increased by 6.2% [10]. Current Focus - The discussion and promotion of existing home sales have gained attention again in 2023 due to delivery issues and the need for institutional reform [11]. - The impact of existing home sales on real estate companies includes extended cash flow recovery times, decreased turnover rates, and increased uncertainty and funding costs [11].

Investment Rating - The report maintains a "Buy" rating for the real estate development and service sectors [6]. Core Insights - The current evolution of the housing sales system in China is expected to progress gradually, with a focus on pilot programs starting in lower-tier cities. The emphasis is on stabilizing the market through incremental policies rather than abrupt changes [4][5]. - The discussions surrounding the housing sales system have shifted from short-term measures aimed at cooling the market to long-term reforms aimed at establishing a new development model for the real estate sector [3][4]. - The report highlights the importance of supportive policies to ensure the successful implementation of the housing sales system, particularly in the context of stabilizing the market [5]. Summary by Sections Housing Sales System Evolution - The housing sales system is being pushed forward with pilot programs, particularly in lower-tier cities, to minimize market disruption [4]. - The focus is on new land sales being tied to immediate housing sales, with existing projects facing stricter pre-sale regulations [2][3]. Market Stability and Policy Support - The report emphasizes the need for additional policies to stabilize the market and support the "stop the decline and stabilize" goal [5]. - It suggests that the real estate sector is currently in a phase where more incremental and supportive measures are necessary to ensure a smooth transition to the new sales system [4][5]. Recommended Companies - The report recommends several companies for investment, including: - A-share developers: Chengdu Investment Holdings, Chengjian Development, Binjiang Group, New Town Holdings, China Merchants Shekou, and Jianfa Co [9][11]. - Hong Kong-listed developers: China Resources Land, China Overseas Development, Greentown China, Jianfa International Group, and Yuexiu Property [9][11]. - Property management companies: China Resources Mixc Life, Greentown Service, China Overseas Property, China Merchants Jinling, Poly Property, and Binjiang Service [9][11]. Financial Performance and Projections - The report provides financial forecasts for the recommended companies, indicating expected earnings per share (EPS) growth and target prices for each [12][13][14]. - For instance, Chengdu Investment Holdings is projected to have an EPS of 0.23 in 2025, with a target price of 6.34 [12]. Conclusion - The report concludes that while the housing sales system is evolving, the focus should remain on stabilizing the market through supportive policies and careful implementation of new regulations [5].