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。 ...

Group 1 - The company achieved a revenue of 12.76 billion yuan in the first half of 2025, a year-on-year increase of 95.70%, primarily due to the increased scale of real estate project deliveries [1] - The company reported a net profit attributable to shareholders of 608 million yuan, a significant turnaround from a loss of 137 million yuan in the first half of 2024, driven by stable operations in the real estate sector and effective inventory reduction [1] - The company’s commercial real estate segment generated an operating revenue of 347 million yuan, with multiple projects maintaining occupancy rates above 90% [1] Group 2 - The company achieved a sales area of 183,200 square meters in the first half of 2025, a year-on-year increase of 2.57%, while the sales amount was 10.50 billion yuan, a decrease of 11.91% [1] - The company added approximately 79,900 square meters of land reserves, a year-on-year decrease of 6.55%, and initiated new construction of 539,300 square meters, a 458% increase compared to the first half of 2024 [1] - The company successfully issued multiple financing instruments, including a 2.49% coupon rate for a 3-year medium-term note of 2 billion yuan and a 2.40% coupon rate for a 3-year corporate bond of 2.5 billion yuan [2] Group 3 - The company is expected to continue focusing on the Beijing and Shanghai land markets, leveraging its advantages as a state-owned developer with rich urban renewal resources [2] - Revenue projections for 2025-2027 are 26.96 billion yuan, 28.99 billion yuan, and 32.31 billion yuan, with year-on-year growth rates of 6.0%, 7.5%, and 11.4% respectively [2] - The net profit attributable to shareholders for 2025-2027 is forecasted to be 1.39 billion yuan, 1.97 billion yuan, and 2.66 billion yuan, with year-on-year growth rates of 246.6%, 41.5%, and 34.6% respectively [2]

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]

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [4][6] Core Insights - The adjustment of housing policies in Shanghai is expected to help reduce inventory and boost demand for improved housing [11] - The real estate sector is viewed as an early economic indicator, making it a key focus for investment [4] - The competitive landscape in the industry is improving, with leading state-owned enterprises and select private firms expected to benefit more in the future [4] - The report emphasizes a focus on first-tier and select second- and third-tier cities for investment opportunities [4] Summary by Sections New Housing Market - In the past week, new housing transaction area in 30 cities was 181.0 million square meters, a month-on-month increase of 14.3% but a year-on-year decrease of 5.9% [23] - First-tier cities saw a new housing transaction area of 43.4 million square meters, up 11.1% month-on-month but down 21.1% year-on-year [23] - Second-tier cities recorded 92.5 million square meters, with a month-on-month increase of 2.2% and a year-on-year increase of 10.2% [23] - Third-tier cities experienced a significant month-on-month increase of 56.7%, but a year-on-year decrease of 15.4% [23] Second-Hand Housing Market - The total transaction area for second-hand housing in 14 sample cities was 186.3 million square meters, down 3.3% month-on-month but up 12.2% year-on-year [32] - First-tier cities had a transaction area of 78.3 million square meters, with a slight month-on-month increase of 1.2% [32] - Year-to-date, the cumulative transaction area for second-hand housing reached 70.55 million square meters, reflecting a year-on-year growth of 16.6% [32] Credit Bond Market - A total of 11 credit bonds were issued by real estate companies this week, with a total issuance of 6.145 billion yuan, a decrease of 9.137 billion yuan from the previous week [42] - The net financing amount was -4.283 billion yuan, indicating a significant reduction in financing activity [42] - The majority of bonds issued were rated AAA, with a significant portion having maturities of over five years [42]

Group 1 - The company achieved a total operating revenue of 12.76 billion yuan in the first half of 2025, representing a year-on-year increase of 95.7% [1] - The net profit attributable to shareholders of the parent company was 608 million yuan, compared to a loss of 138 million yuan in the same period last year [1] - The basic earnings per share were 0.2465 yuan [1]

Core Viewpoint - The company reported significant growth in revenue and profitability for the first half of 2025, indicating improved operational quality and effective strategies in both real estate and commercial property sectors [1] Group 1: Financial Performance - The company achieved a revenue of 12.76 billion yuan, representing a year-on-year increase of 95.7% [1] - The net profit attributable to shareholders was 608 million yuan, marking a turnaround from a loss in the same period last year [1] Group 2: Real Estate Operations - The real estate segment operated steadily, focusing on customer demand and successfully reducing inventory levels [1] - The company secured a land parcel in Beijings Changping District, North Sijia Village, enhancing its property portfolio [1] Group 3: Commercial Real Estate - The commercial real estate sector reported an operating revenue of 347 million yuan, with multiple projects maintaining occupancy rates above 90% [1] - Key projects such as Chengao Building, Chengyuehui, and Qingdao Manyue Street have contributed to stable rental income [1] Group 4: Investment Income - The company received dividends of 166 million yuan from its equity investments in associated enterprises, indicating stable returns from its investment activities [1]

非经常性损益项目 金额 （如 适用） 非流动性资产处置损益，包括已计提资产减值准备的冲销部分 -286,931.13 计入当期损益的政府补助，但与公司正常经营业务密切相关、符合国家政 策规定、按照确定的标准享有、对公司损益产生持续影响的政府补助除外 除同公司正常经营业务相关的有效套期保值业务外，非金融企业持有金融 资产和金融负债产生的公允价值变动损益以及处置金融资产和金融负债 82,484,032.00 产生的损益 计入当期损益的对非金融企业收取的资金占用费 71,964,743.58 委托他人投资或管理资产的损益 对外委托贷款取得的损益 因不可抗力因素，如遭受自然灾害而产生的各项资产损失 北京城建投资发展股份有限公司2025 年半年度报告 单独进行减值测试的应收款项减值准备转回 企业取得子公司、联营企业及合营企业的投资成本小于取得投资时应享有 被投资单位可辨认净资产公允价值产生的收益 同一控制下企业合并产生的子公司期初至合并日的当期净损益 非货币性资产交换损益 债务重组损益 企业因相关经营活动不再持续而发生的一次性费用，如安置职工的支出等 因税收、会计等法律、法规的调整对当期损益产生的一次性影响 因取消、修 ...