出让文件显示，该宗地块土地面积约为2.18万平方米，建筑控制规模5.8万平方米，均为R2二类居住用 地，容积率约2.66，限高60局部80米。 北京商报讯（记者 王寅浩 李晗）9月5日，城建发展+北京建工+住总金第联合体以底价29亿元摘得北京 市丰台区岳各庄村A区棚户区改造土地开发项目DC—L01地块，楼面价约5万元/平方米。 ...

"京派"作风在上海管用吗？ "北京城建地产沪上首发不仅是北京城建集团产业布局的重要举措，更是北京城建地产战略发展的现实需要。"北京城建时任董事长储昭武在2024年末举行 的上海品牌发布会上说。 2024年，北京城建首入上海，如愿拿下2宗位于杨浦区内中环的优质地块。 01 首入上海市区销售"火爆"？ 北京城建入驻上海的决心非常强烈。据中指研究院，2024年5月28日上海第二批次土拍，北京城建以总价4.98亿元拿下杨浦区长海社区016-02地块，成交 楼面价58404元/平方米，溢价率3.11%。 该地块位于五角场板块，尽管居住氛围浓厚，教育、商业、医疗配套完善，但公共交通稍有不便，距离最近的地铁10号线步行距离约1.1公里。 北京城建将项目定名为国誉府，五角场板块新建住宅已经"断供"多年，因此这个容积率仅1.5、规划建筑面积0.85万平方米的小型低密住宅项目早早被市场 看好。 可惜的是，开发节奏上，北京城建还是慢了一步。项目从拿地到开盘的周期长达9个多月，而同批次地块的项目已经在当年四季度抢先开启销售。 同批次土拍拿地的中铁世博滨江云境项目2024年12月30日开盘，不仅实现"日光"，还触发了积分；而安高&安联 ...

Core Viewpoint - Beijing Urban Construction Development Co., Ltd. has shown significant growth in revenue and net profit for the first half of 2025, indicating strong operational performance in the real estate sector [2]. Group 1: Stock Performance - On September 2, the stock price of Beijing Urban Construction Development rose by 2.19%, reaching 5.13 CNY per share, with a trading volume of 283 million CNY and a turnover rate of 2.69%, resulting in a total market capitalization of 10.649 billion CNY [1]. - Year-to-date, the stock price has increased by 1.58%, with a 0.59% rise over the last five trading days, a 12.01% increase over the last 20 days, and a 19.30% increase over the last 60 days [1]. Group 2: Financial Performance - For the period from January to June 2025, the company achieved a revenue of 12.760 billion CNY, representing a year-on-year growth of 95.70%, while the net profit attributable to shareholders was 608 million CNY, reflecting a remarkable increase of 541.85% [2]. - Cumulatively, since its A-share listing, the company has distributed a total of 5.243 billion CNY in dividends, with 519 million CNY distributed over the past three years [3]. Group 3: Shareholder Structure - As of June 30, 2025, the number of shareholders increased to 48,500, up by 3.26% from the previous period, while the average number of circulating shares per shareholder decreased by 3.15% to 42,826 shares [2]. - The top ten circulating shareholders include notable entities such as the Southern CSI Real Estate ETF, which increased its holdings by 528,800 shares, and new entrants like Hong Kong Central Clearing Limited and Southern CSI 1000 ETF [3].

Group 1 - The company announced that its second extraordinary general meeting of shareholders for 2025 was held on September 1, 2025 [2] - The meeting approved a proposal regarding cooperation with related parties to invest in real estate projects [2]

证券代码：600266 证券简称：城建发展 公告编号：2025-46 北京城建投资发展股份有限公司 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： 份总数的比例（%） 15.2696 ? 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东会召开的时间：2025 年 9 月 1 日 (二)股东会召开的地点：北京市朝阳区北土城西路 11 号城建开发大厦九楼会议 室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 审议结果：通过 (四)表决方式是否符合《公司法》及《公司章程》的规定，股东会主持情况等。 本次会议由公司董事会召集，采取现场和网络投票相结合的方式召开，公司董事 长齐占峰先生主持了会议。现场会议采取记名投票表决的方式。本次会议的召集、 召开及表决方式均符合《公司法》及《公司章程》的有关规定。 (五)公司董事和董事会秘书的出席情况 二、 议案审议情况 (一)非累积投票议案 表决情况： | 股东类型 同意 | | | | 反对 | | | 弃权 | | | | --- | - ...

Investment Rating - The report maintains an "Overweight" rating for the real estate development and real estate services sectors [6]. Core Insights - In August 2025, the top 100 real estate companies in China saw a month-on-month sales increase of 3.0%, although year-on-year sales decreased by 11.0%. Cumulatively, sales from January to August 2025 fell by 13.6%, but the decline rate narrowed by 0.3 percentage points compared to the previous month [2]. - The report highlights a recovery in the new housing market, particularly in first-tier cities, driven by new real estate policies and a strengthening capital market, which may accelerate the stabilization of the real estate market [2]. - The report recommends focusing on developers with strong credit, good cities, and quality products, as well as top-performing property management companies and local Hong Kong real estate stocks benefiting from asset revaluation [2]. Summary by Sections Sales Performance - In August 2025, the sales threshold for the top 10 real estate companies reached 705 billion, an increase of 8.3% year-on-year. The number of companies showing month-on-month growth increased, with 39 companies reporting growth compared to 25 in July [3]. - The sales performance of the top 10 companies showed a year-on-year decline of 3.0%, while the top 51-100 companies experienced a growth of 5.9% [3]. Market Concentration - The sales share of the top 10 real estate companies accounted for 52.4% of the top 100 companies, reflecting an increase of 0.6 percentage points year-on-year, indicating a rise in market concentration among leading firms [4]. - Among the top 50 companies, 17 reported positive year-on-year sales growth, with some companies exceeding 50% growth [4]. Housing Market Trends - The report notes a divergence in performance between new and second-hand housing markets, with new housing sales in 44 cities declining by 11% year-on-year, while second-hand housing transactions in 22 cities increased by 3% [5]. - The report emphasizes the need to monitor the progress of inventory reduction in the second-hand housing market [5]. Recommended Stocks - The report lists several recommended stocks with target prices and investment ratings, including: - Chengdu Investment Holdings (600649 CH) - Buy, Target Price: 6.40 - Chengjian Development (600266 CH) - Buy, Target Price: 7.42 - Binjiang Group (002244 CH) - Buy, Target Price: 13.04 - New Town Holdings (601155 CH) - Buy, Target Price: 18.05 - China Resources Land (1109 HK) - Buy, Target Price: 36.45 - China Overseas Development (688 HK) - Buy, Target Price: 19.08 - Jianfa International Group (1908 HK) - Buy, Target Price: 21.60 - Greentown China (3900 HK) - Buy, Target Price: 13.69 - Yuexiu Property (123 HK) - Buy, Target Price: 7.06 - Link REIT (823 HK) - Buy, Target Price: 50.59 [8][11].

线社律师事务所 ING&WCD 北京市金杜律师事务所 关于北京城建投资发展股份有限公司 2025 年第二次临时股东会 之法律意见书 致:北京城建投资发展股份有限公司 北京市金杜律师事务所（以下简称本所）接受北京城建投资发展股份有限公 司(以下简称公司)委托,根据《中华人民共和国证券法》(以下简称《证券法》)、 《中华人民共和国公司法》(以下简称《公司法》)、中国证券监督管理委员会《上 市公司股东会规则（2025 修订）》（以下简称《股东会规则》 等中华人民共和国 境内(以下简称中国境内,为本法律意见书之目的,不包括中国香港特别行政区、 中国澳门特别行政区和中国台湾省）现行有效的法律、行政法规、规章和规范性 文件和现行有效的公司章程有关规定。 指派律师出席了公司于 2025 年 9 月 1 日 召开的 2025 年第二次临时股东会（以下简称本次股东会）,并就本次股东会相关 事项出具本法律意见书。 为出具本法律意见书,本所律师审查了公司提供的以下文件,包括但不限于: 1．经公司 2024 年年度股东大会审议通过的《北京城建投资发展股份有限公 司章程》(以下简称《公司章程》): 2. 公司 2025 年 8 月 1 ...

证券代码：600266 证券简称：城建发展 公告编号：2025-46 北京城建投资发展股份有限公司 2025年第二次临时股东会决议公告 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： 本次会议是否有否决议案：无 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 一、 会议召开和出席情况 (一)股东会召开的时间：2025 年 9 月 1 日 (二)股东会召开的地点：北京市朝阳区北土城西路 11 号城建开发大厦九楼会议 室 | 1、出席会议的股东和代理人人数 | 412 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 172,712,152 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 15.2696 | (四)表决方式是否符合《公司法》及《公司章程》的规定，股东会主持情况等。 本次会议由公司董事会召集，采取现场和网络投票相结合的方式召开，公司董事 长齐占峰先生主持了会议。现场会议采取记名投票表决的方式。 ...

低成本融资渠道，支撑公司继续深耕北京市场。截至2025 年上半年，公司实现多笔融资，发行3 年期中 票20 亿元，对应票面利率2.49%；2025 年6 月发行3 年期公司债25 亿元，对应票面利率2.40%；截至 2025 年上半年，公司1 年内到期公司信用类债券余额仅5 亿元，超过一年到期公司信用类债券余额 242.50 亿元，其中公司债券余额仅97 亿元，债务结构稳健。公司在北京拥有丰富的城市更新资源和项 目经验，我们预计公司下半年仍将积极聚焦北京、上海土地市场，择机补充优质招拍挂和城市更新项 目。 投资建议：公司作为北京市国资开发商，深耕北京多年，在投资端具备国企优势。我们预测公司2025- 2027 年的营收分别为269.64 亿元/289.98 亿元/323.07 亿元，同比增幅为6.0%/7.5%/11.4%，2025-2027 年 的归母净利润分别为13.94 亿元/19.72 亿元/26.55 亿元， 同比增幅分别为246.6%/41.5%/34.6%，对应 2025-2027 年PE 倍数为7X/5X/4X。维持"推荐"评级。 营收同比增长超90%，归母净利润大幅转正。截至2025 年上半 ...

Core Viewpoint - The report highlights a significant improvement in the financial performance of Urban Construction Development (城建发展), with a strong increase in revenue and a return to profitability, supported by low-cost financing and strategic land acquisitions [1][2][3]. Financial Performance - For the first half of 2025, the company achieved a revenue of 12.76 billion yuan, representing a year-on-year increase of 95.7%, primarily due to an increase in the scale of real estate project completions [2] - The net profit attributable to shareholders reached 608 million yuan, a substantial turnaround from a loss of 137 million yuan in the first half of 2024 [2] - The sales area increased by 2.57% year-on-year, totaling 183,200 square meters, while the sales amount decreased by 11.91% to 10.50 billion yuan [2] Land Acquisition and Development - The company added approximately 79,900 square meters of land reserves, a decrease of 6.55% year-on-year, and initiated new construction projects totaling 539,300 square meters, a significant increase of 458% compared to the first half of 2024 [2][3] - The company is expected to continue focusing on land markets in Beijing and Shanghai, aiming to acquire quality projects [3] Financing and Debt Structure - The company successfully issued a 3-year medium-term note of 2 billion yuan at a coupon rate of 2.49% and a 3-year corporate bond of 2.5 billion yuan at a coupon rate of 2.40% [3] - As of the first half of 2025, the company had a total of 5 billion yuan in bonds maturing within one year and 242.5 billion yuan in bonds maturing beyond one year, indicating a stable debt structure [3] Investment Outlook - The company is projected to achieve revenues of 26.96 billion yuan, 28.99 billion yuan, and 32.31 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 6.0%, 7.5%, and 11.4% [3] - The net profit attributable to shareholders is forecasted to be 1.394 billion yuan, 1.972 billion yuan, and 2.655 billion yuan for the same years, with significant growth rates of 246.6%, 41.5%, and 34.6% [3]