证券代码：600266 证券简称：城建发展 公告编号：2025-39 北京城建投资发展股份有限公司 关于2025年度第二期中期票据发行情况公告 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个别及连带责任。 北京城建投资发展股份有限公司（以下简称"公司" ）于2024 中期票据注册，注册金额为75亿元，注册额度自该通知书落款之日 （2024年11月12日）起2年内有效。 近日，公司发行了2025年度第二期中期票据（简称：25京城投 MTN002，代码：102583017.IB） ，发行金额5亿元，期限3年期，票 面利率为2.05%，计息方式为按年付息，起息日为2025年7月23日。 中信建投证券股份有限公司为本期中期票据的主承销商和簿 记管理人，中信银行股份有限公司、上海银行股份有限公司、平安 证劵股份有限公司和北 京 银 行股份有限公司为联席主承销商。本期 中期票据发行的有关文件详见中国货币网 （www.chinamoney.com.cn）和上海清算所网站 年7月25日召开2024年第一次临时股东大会，会议审议通过了关于 公司拟注册发 ...

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个别及连带责任。 北京城建投资发展股份有限公司 关于2025年度第二期中期票据发行情况公告 北京城建投资发展股份有限公司（以下简称"公司"）于2024 年7月25日召开2024年第一次临时股东大会，会议审议通过了关于 公司拟注册发行中期票据的议案。公司向中国银行间市场交易商协 会（以下简称"交易商协会"）申请注册发行不超过75亿元人民币 的中期票据。2024年11月，公司收到交易商协会出具的《接受注册 通知书》（中市协注[2024]MTN1110号），交易商协会决定接受公司 中期票据注册，注册金额为75亿元，注册额度自该通知书落款之日 （2024年11月12日）起2年内有效。 近日，公司发行了2025年度第二期中期票据（简称：25京城投 MTN002，代码：102583017.IB），发行金额5亿元，期限3年期，票 面利率为2.05%，计息方式为按年付息，起息日为2025年7月23日。 中信建投证券股份有限公司为本期中期票据的主承销商和簿 记管理人，中信银行股份有限公司、上海银行股份有限公司 ...

Core Viewpoint - As of July 22, 2025, 40 real estate companies have disclosed their half-year performance forecasts, with 16 companies reporting positive net profits, indicating a potential recovery in the industry driven by project deliveries, asset sales, and capital market investments [1][3][4]. Group 1: Company Performance - Among the 16 profitable companies, notable performers include Chengjian Development, Yudai Development, and Chengtou Holdings, which have turned losses into profits, with expected net profits of 4.4-6.54 billion, 1.75-2.25 billion, and 1.2-1.8 billion respectively [2][3]. - Yudai Development reported the highest profit growth rate among the turnaround companies, with a year-on-year increase of 630.3% to 781.82% [3]. - Chengjian Development and Zhujiang Shares also showed significant profit growth rates of 420.29%-574% and 366.67%-483.33% respectively [3]. Group 2: Factors Driving Profitability - The primary reasons for the profitability of the turnaround companies include project deliveries, increased turnover periods, and improved gross margins, with seven out of ten companies citing these factors [5][6]. - The recovery of the A-share market has positively impacted companies like Zhujiang Shares and Chengjian Development, as their stock assets appreciated in value [7]. - Policy support, including relaxed housing demand controls and increased financing support, has contributed to the improved operating conditions for real estate companies [8]. Group 3: Challenges Ahead - Despite the positive outlook, uncertainties remain for companies like Yudai Development and Wanye Enterprises, as their profitability has been significantly influenced by asset sales rather than operational improvements [9]. - Yudai Development's expected net profit of 1.75-2.25 billion is largely attributed to the sale of a 1% stake in a subsidiary, raising concerns about the sustainability of this profit growth [9]. - Companies are advised to focus on enhancing internal management and controlling costs to ensure long-term profitability and stability in the market [10].

Investment Rating - The report maintains a "Buy" rating for the real estate development and service sectors [6]. Core Insights - The market shows increasing divergence regarding real estate stocks, with a focus on developers in core cities with abundant resources. The report recommends developers with strong credit, good cities, and solid products, as well as top property management companies and Hong Kong REITs benefiting from asset revaluation [1][2]. - Public fund holdings in the real estate sector decreased, with a total market value of 48.4 billion yuan, down 12% quarter-on-quarter, marking a new low in holding ratio [2][3]. - Northbound capital's real estate allocation slightly increased, with a total market value of 13.7 billion yuan, up 10% quarter-on-quarter, indicating a preference for "real estate+" attributes [4]. Summary by Sections Public Fund Holdings - As of Q2 2025, public fund holdings in real estate stocks saw a significant decline, with the total market value at 48.4 billion yuan, representing a 12% decrease from the previous quarter. The holding ratio fell to 0.67%, a drop of 0.12 percentage points [2][3]. - The top five real estate stocks held by public funds include Poly Developments, China Merchants Shekou, and others, with a combined holding value accounting for approximately 27.9% of the total real estate sector holdings, down 1.3 percentage points [3]. Northbound Capital - Northbound capital's holdings in real estate stocks increased slightly, with a total market value of 13.7 billion yuan, reflecting a 10% rise quarter-on-quarter. The top five holdings include Poly Developments and China Merchants Shekou [4][19]. Recommended Companies - The report highlights several companies with "Buy" ratings and target prices, including: - Chengdu Investment Holdings (600649 CH) with a target price of 6.34 yuan - Chengjian Development (600266 CH) with a target price of 7.32 yuan - Binjiang Group (002244 CH) with a target price of 12.08 yuan - New Town Holdings (601155 CH) with a target price of 17.50 yuan - China Overseas Development (688 HK) with a target price of 17.07 HKD [8][20].

Core Viewpoint - Beijing Urban Construction Investment Development Co., Ltd. has undergone significant management changes, with the appointment of Qi Zhanfeng as the new chairman and Zou Zhe as the party secretary, indicating a strategic shift in leadership aimed at addressing recent financial challenges [1][2]. Group 1: Management Changes - Qi Zhanfeng, aged 55, has been elected as the chairman of the board, previously serving as the chief accountant at Beijing Capital Highway Development Group [1]. - Zou Zhe, who has extensive experience in the real estate sector, has been appointed as the party secretary, completing the leadership transition at the company [1][4]. - The previous party secretary, Shu Zhaowu, resigned due to age-related reasons after serving since 2012 [2]. Group 2: Financial Performance - The company reported a net profit of 6.4 billion yuan in 2021, but this dropped to a loss of 9.26 billion yuan in 2022, marking its first loss [1][2]. - In 2023, the company briefly returned to profitability but faced another loss of 9.51 billion yuan, attributed to a decline in gross margin and increased asset impairment losses [2][4]. - The gross margin for real estate development fell to 14.1%, a decrease of 4.2 percentage points year-on-year, with a more significant drop of 5.7 percentage points in the Beijing region [2]. Group 3: Strategic Focus - The new management team is expected to prioritize risk management and financial stability, with a focus on enhancing real estate development and managing existing projects [4][5]. - Qi Zhanfeng emphasized the need to balance the development of new land resources while ensuring the safety of funds and the overall stability of the real estate business [4].

Group 1 - Beijing Urban Construction Investment Development Co., Ltd. announced the election of Qi Zhanfeng as the chairman of the board, completing the leadership change with Zou Zhe as the party secretary [2][3] - The company has faced significant financial challenges, with net profit dropping to 640 million yuan in 2021 and reporting a loss of 926 million yuan in 2022 [3][4] - In 2023, the company briefly returned to profitability but reported a loss of 951 million yuan, attributed to declining gross margins, increased asset impairment losses, and reduced investment income [4] Group 2 - The new management team, consisting of Zou Zhe and Qi Zhanfeng, brings a combination of real estate experience and financial expertise, focusing on risk management [7] - The Beijing Urban Construction Group has also undergone leadership changes, with new appointments emphasizing the importance of the real estate sector [6][7] - The management has set goals to enhance real estate development, manage land resources, and ensure financial safety in the industry [7]

Core Viewpoint - The recent appointment of Qi Zhanfeng as the chairman of Beijing Urban Construction Development marks a significant leadership change in a major state-owned enterprise in Beijing, indicating a focus on cash flow and profit contributions in the future [2][4][18]. Group 1: Leadership Change - Qi Zhanfeng has been appointed as the chairman of Beijing Urban Construction Development, succeeding Chu Zhaowu, who retired recently [2][3]. - Qi Zhanfeng has a strong background in finance, having held various financial roles in state-owned enterprises in Beijing, which suggests a strategic emphasis on financial management in his new role [4][6]. - The leadership team will consist of Qi Zhanfeng as chairman and Zou Zhe as general manager, indicating a stable yet dynamic management structure [9]. Group 2: Financial Performance - Beijing Urban Construction Development reported a projected net profit of approximately 439 million to 654 million yuan for the first half of the year, a significant turnaround from a loss of 138 million yuan in the same period last year [4][13]. - The profit increase is attributed to the successful sales and delivery of key projects, such as Tiantanfu and Longyue Tianyuan, as well as gains from financial asset investments [14][15]. Group 3: Strategic Focus - The company is prioritizing three key areas: inventory reduction, profit and cash flow management, and the expansion of quality projects [10][18]. - The company has a substantial inventory pressure outside Beijing, with significant unsold areas in locations like Anhui Huangshan and Chongqing [12]. - In 2024, the company secured eight new projects, indicating a cautious yet strategic approach to project acquisition [17][19]. Group 4: Market Position - Beijing Urban Construction Development ranked fifth in total sales in Beijing for the first half of the year, solidifying its position as a leading local real estate company [10]. - The company is actively expanding beyond its traditional market, having successfully entered the Shanghai market with multiple projects [19][21].

Core Viewpoint - The real estate industry is facing significant challenges in the first half of 2025, with a notable performance divergence among listed companies, as many report substantial losses while a few manage to turn profits [1][2]. Group 1: Overall Performance - As of July 17, 2025, 61 listed real estate companies have disclosed their mid-year performance forecasts, with a total expected loss ranging from 342.56 billion to 464.97 billion [1]. - Out of these, 24 companies anticipate profits while 37 expect losses, indicating that 60% of the companies are projected to report losses [1][2]. - The overall trend shows a decline in performance, with companies like China Vanke and Greenland Holdings shifting from profit to loss, while others like Joy City and Urban Construction Development have managed to turn losses into profits [1][2]. Group 2: Companies Turning Profits - In the first half of 2025, 24 companies are expected to achieve profits totaling between 68.68 billion and 80.16 billion, with 12 companies successfully reversing previous losses [2][3]. - Urban Construction Development is projected to report a net profit of 4.4 billion to 6.54 billion, marking a year-on-year increase of up to 575.14% [3][7]. - Other companies that have turned profitable include Zhongzhou Holdings, City Investment Holdings, and Joy City, showcasing resilience in a challenging market [2][3]. Group 3: Companies Reporting Losses - Among the 37 companies forecasting losses, 13 are expected to report their first-ever losses, including Shahe Co., Xiangjiang Holdings, and Greenland Holdings [8][11]. - The total expected loss for these companies ranges from 422.72 billion to 533.64 billion, with Vanke leading with a projected loss of 100 billion to 120 billion [8][11]. - Other notable companies with significant losses include Jindi Group, which anticipates a loss of 34 billion to 42 billion, and Xinda Real Estate, expecting a loss of 35 billion to 39 billion [11][12]. Group 4: Market Outlook - The overall real estate market is still in an adjustment phase, but signs of stabilization are emerging, particularly in first-tier and some strong second-tier cities [14]. - Analysts suggest that the second half of 2025 may present a turning point for the industry, with potential recovery driven by policy adjustments and improved buyer confidence [13][14]. - The top 100 real estate companies reported a total sales amount of 18,364.1 billion, a year-on-year decline of 11.8%, but the rate of decline is narrowing [13].

证券代码：600266 证券简称：城建发展 公告编号：2025-37 北京城建投资发展股份有限公司 2025年第一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 一、 会议召开和出席情况 (一)股东会召开的时间：2025 年 7 月 16 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： | 议案序号 | 议案名称 | 得票数 | 得票数占出席 | 是否当选 | | --- | --- | --- | --- | --- | | | | | 会议有效表决 | | | | | | 权的比例（%） | | | 1.01 | 选举齐占峰为 | 1,072,276,720 | 99.3552 | 是 | | | 董事 | | | | | 1、出席会议的股东和代理人人数 | 224 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | ...

金杜律师事务所 KING & WOOD MAI I FSONS 8th Floor Fast Tower. World Fin 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年第一次临时股东会 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 7 月 16 日 召开的 2025 年第一次临时股东会（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 ...