Group 1 - The company provides a guarantee for its wholly-owned subsidiary, Beijing Century Hongcheng Real Estate Co., Ltd., to secure an 800 million yuan loan from Huaxia Bank for project development [2][3][4] - The loan is intended for the development of specific land parcels in Chaoyang District, Beijing, with a term not exceeding five years [2][4] - The company's board of directors unanimously approved the loan application and guarantee, indicating confidence in the subsidiary's financial stability despite a debt ratio exceeding 70% [5][7] Group 2 - As of the announcement date, the total amount of guarantees provided by the company and its subsidiaries is 6.479 billion yuan, representing 29.13% of the latest audited net assets [8] - The company has no overdue guarantees and has not provided guarantees to controlling shareholders or related parties [8] - The board's decision to provide the guarantee is within the authorized limit and does not negatively impact the company's financial position [5][8]

Group 1 - The company announced a total external guarantee amount of 6.479 billion yuan, which accounts for 29.13% of the latest audited net assets [1] - The total guarantee provided to its controlling subsidiaries is 5.339 billion yuan, representing 24% of the latest audited net assets [1] - The company has not provided any guarantees to its controlling shareholders, actual controllers, or their related parties, and there are no overdue recoveries on external guarantees [1] Group 2 - The industry is witnessing a significant shift towards semi-solid state batteries, with expectations for multiple new vehicle models to adopt this technology this year [1] - Major manufacturers are preparing for advancements in power battery technology, indicating a year of iteration and innovation in the sector [1]

证券代码：600266 证券简称：城建发展 公告编号：2026- 06 北京城建发展股份有限公司 关于为北京世纪鸿城置业有限公司 提供担保的公告 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： 北京世纪鸿城置业有限公司（以下简称"世纪鸿城"）是公 司的全资子公司，是朝阳区崔各庄乡奶西村棚户区改造土地开发 项目 29-315-1 地块 R2 二类居住用地、29-317-1 地块 U22 环卫 设施用地、29-317-4 地块 B4 综合性商业金融服务用地项目（以 下简称"项目"）的开发主体，为满足项目建设资金需要，世纪 鸿城向华夏银行北京奥运村支行申请新增项目开发贷款 8 亿元， 贷款期限不超过 5 年，由公司提供连带责任保证担保。 （二）内部决策程序 | 被担保人名称 | | 实际为其提供的 | | 是否在前期预计 | 本次担保是否有 | | --- | --- | --- | --- | --- | --- | | | 本次担保金额 | 担保余额（不含本 次担保金额） | | 额度内 | 反担保 | | 北京 ...

证券代码：600266 证券简称：城建发展 公告编号：2026-05 北京城建投资发展股份有限公司 与关联人共同对合作项目公司进行减资的关联交易公告 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： 北京建兴丰汇置业有限公司（以下简称"项目公司"）由 北京城建投资发展股份有限公司（以下简称"公司"）与北京金 第房地产开发有限责任公司（以下简称"金第公司"）、北京建 邦憬瑞房地产开发有限公司（以下简称"建邦公司"）按照 48%： 10%：42%的股权比例共同设立，负责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（以下简称"岳各庄项 目"）的具体开发运作。三方股东按照同比例共同对项目公司进 行减资，将项目公司注册资本由 290,000 万元减少至 98,000 万元， 各方持股比例不变 本次交易构成关联交易 本次交易未构成重大资产重组 本次关联交易在公司股东会授权范围内 截至本公告日，过去 12 个月内公司与金第公司共同出资 设立项目公司，注册资本 290,000 万元人民币，公司以现金方 ...

证券代码：600266 证券简称：城建发展 公告编号：2026-04 1 北京城建投资发展股份有限公司 第九届董事会第三十一次会议决议公告 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。 一、董事会会议召开情况 2026 年 1 月 28 日，北京城建投资发展股份有限公司（以下 简称"公司"）第九届董事会第三十一次会议在公司六楼会议室 召开，会议通知和材料已于 2026 年 1 月 23 日通过书面及电子方 式送达全体董事。会议应到董事 7 人，实到董事 7 人。董事长齐 占峰主持了会议，公司部分高级管理人员列席了会议。本次会议 的召开符合《公司法》等有关法律法规和《公司章程》规定。 二、董事会会议审议情况 （一）关于对北京城昌贝越置业有限公司减资的议案 北京城昌贝越置业有限公司（以下简称"城昌贝越"）注册 资本 114,500 万元（已实缴），负责北京市昌平区中关村生命科 学园三期及"北四村"棚户区改造和环境整治 B 地块项目 CP01-0601-0078 地块开发运作，公司的全资子公司北京城建兴 云房地产有限公司（以下简 ...

Investment Rating - The report rates the real estate industry as "Outperform" compared to the market [2] Core Insights - New home sales in December showed a month-on-month increase of 33.6%, with a year-on-year decline of 32.1%, indicating a narrowing of the decline compared to previous months [5] - The second-hand home sales saw a year-on-year decline of 30.7% in December, with a month-on-month increase of 12.7%, reflecting a worsening trend in the second-hand market [5] - The overall inventory of new homes decreased by 0.1% month-on-month and 8.3% year-on-year, with an average de-stocking period of 17.8 months [5] Summary by Sections New Home Sales - December new home sales area increased by 33.6% month-on-month, but decreased by 32.1% year-on-year, with the decline narrowing by 6.6 percentage points [5] - For the entire year of 2025, new home sales decreased by 14%, with a year-on-year decline of 13.7% across 40 cities [5] - First-tier cities experienced a year-on-year decline of 15.8%, while second-tier and third-fourth tier cities saw declines of 12.6% and 13.6% respectively [5] Second-Hand Home Sales - December saw a year-on-year decline in second-hand home sales of 30.7%, with a month-on-month increase of 12.7% [5] - The overall second-hand home sales for 2025 decreased by 4%, with first-tier cities still showing positive growth [5] Inventory and De-stocking - The inventory of new homes decreased by 0.1% month-on-month and 8.3% year-on-year, with a de-stocking period of 17.8 months [5] - Major cities like Shanghai and Hangzhou have de-stocking periods within 12 months [5] Land Market - The land market in December showed a month-on-month increase of 126.7%, but a year-on-year decline of 8.9% [5] - The average land price was 1392 RMB per square meter, with a year-on-year decrease of 10.3% [5] Real Estate Companies - The top 100 real estate companies saw a year-on-year sales decline of 20% in 2025, with December sales showing a narrowing decline of 26.7% [5] - The land acquisition amount for December decreased by 58.1% year-on-year, while the total acquisition amount for 2025 increased by 2.6% [5] Financing - The financing scale for the real estate industry decreased in December, but showed a year-on-year increase for the entire year [5] - The total issuance of domestic and foreign bonds and ABS in 2025 was 596.7 billion RMB, a 6% increase year-on-year [5] Policy - The central government emphasized stabilizing the real estate market and reducing the value-added tax on personal home sales to 3% [5] - Local policies have been adjusted to optimize purchase restrictions and loan policies in cities like Beijing [5] Sector Performance - The real estate sector underperformed compared to the Shanghai and Shenzhen 300 index in December, with an absolute return of -4.0% [5] Investment Recommendations - The report suggests focusing on companies with stable fundamentals in core cities, smaller firms showing significant breakthroughs, and commercial real estate companies exploring new consumption scenarios [5]

Market Overview - The real estate development sector experienced a decline of 2.03% on January 26, with Hualian Holdings leading the drop [1] - The Shanghai Composite Index closed at 4132.61, down 0.09%, while the Shenzhen Component Index closed at 14316.64, down 0.85% [1] Stock Performance - Notable gainers included Suzhou Gaoxin, which rose by 10.06% to a closing price of 7.88, and Wolong New Energy, which increased by 9.97% to 8.71 [1] - Hualian Holdings saw a significant drop of 10.01%, closing at 6.29, with a trading volume of 156.48 million shares [2] Trading Volume and Capital Flow - The real estate development sector saw a net outflow of 1.837 billion yuan from institutional investors, while retail investors contributed a net inflow of 1.08 billion yuan [2] - The trading volume for Suzhou Gaoxin was 528,200 shares, with a transaction value of 414 million yuan [1] Individual Stock Capital Flow - Suzhou Gaoxin had a net inflow of 1.18 billion yuan from institutional investors, representing 28.48% of its total trading volume [3] - Hualian Holdings faced a net outflow of 614.58 million yuan from retail investors, indicating a negative sentiment towards the stock [3]

Investment Rating - The report maintains an "Overweight" rating for the real estate industry, indicating a positive outlook for investment opportunities in this sector [4][6]. Core Insights - The report highlights that the new home prices in 70 cities decreased by 3.0% year-on-year, while second-hand home prices fell by 6.1% in 2025, with core cities experiencing a significant decline [1][2]. - The report emphasizes that the real estate sector serves as an early economic indicator, suggesting that investments in this area can reflect broader economic trends [4]. - It notes that the competitive landscape in the industry is improving, with leading state-owned enterprises and select private firms performing well in land acquisition and sales [4]. Summary by Sections New Home Market - In December 2025, new home prices in 70 cities decreased by 0.4% month-on-month and 3.0% year-on-year, with first, second, and third-tier cities showing price changes of -1.7%, -2.5%, and -3.7% respectively [1][11]. - The report indicates that new home prices increased in 5 cities while decreasing in 65 cities throughout the year, with Shanghai showing a consistent month-on-month increase [1]. Second-Hand Home Market - The second-hand home prices in 70 cities fell by 0.7% month-on-month and 6.1% year-on-year, with all cities experiencing a decline [2][12]. - The report notes that after a brief stabilization in some cities post-September 2024, the second-hand home prices resumed their downward trend starting in the second quarter of 2025 [2]. Transaction Volume - For new homes, the transaction volume in 30 cities was 117.7 million square meters, reflecting a 1.3% decrease month-on-month and a 38.1% decrease year-on-year [3][25]. - In the second-hand market, the transaction volume in 15 cities totaled 213.9 million square meters, showing a 3.9% increase month-on-month but a 4.0% decrease year-on-year [3][36]. Investment Recommendations - The report suggests focusing on real estate-related stocks, particularly in first-tier and select second-tier cities, as these areas are expected to benefit from policy changes and market dynamics [4]. - Specific companies recommended for investment include Green Town China, China Resources Land, and Poly Developments among others [4].

Core Viewpoint - The company Chengjian Development (600266.SH) is expected to report a significant net loss for the year 2025, with projections indicating a loss between 284 million yuan and 423 million yuan, primarily due to the overall impact of the real estate market [1] Financial Projections - The anticipated net profit attributable to the parent company for 2025 is projected to be between -284 million yuan and -423 million yuan [1] - The expected net profit after deducting non-recurring gains and losses is forecasted to be between -742 million yuan and -1.096 billion yuan [1] Reasons for Loss - The primary reason for the projected losses in 2025 is the overall impact of the real estate market, which has led to some development projects showing signs of net realizable value being lower than their costs [1] - The company has preliminarily determined the net realizable value of these projects and plans to recognize inventory impairment provisions for the portion where the net realizable value is below cost during the performance forecast period [1]

证券代码：600266 证券简称：城建发展 公告编号：2026-03 北京城建投资发展股份有限公司 2025 年年度预亏公告 （二）业绩预告情况 经财务部门初步测算，预计 2025 年年度实现归属于母公司 所有者的净利润-2.84 亿元到-4.23 亿元。 1 本业绩预告适用于净利润为负值的情形。 北京城建投资发展股份有限公司（以下简称"公司"）预 计 2025 年年度实现归属于母公司所有者的净利润-2.84 亿元到-4.23 亿元；预计 2025 年年度实现归属于母公司 所有者的扣除非经常性损益后的净利润-7.42 亿元到 -10.96 亿元。 预计 2025 年年度实现归属于母公司所有者的扣除非经常性 损益后的净利润-7.42 亿元到-10.96 亿元。 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 （一）业绩预告期间 2025 年 1 月 1 日至 2025 年 12 月 31 日。 （三）本期业绩预告数据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：-1 ...