珠海华发实业股份有限公司 董事局议事规则 第一条 为维护公司、股东的合法权益，规范公司董事局的组织和行为， 保证董事局的工作效率和科学决策，更好地发挥董事局的作用，根据国家有关法 律法规和《珠海华发实业股份有限公司章程》（以下简称"《公司章程》"）的 有关规定，制订以下本议事规则。 第一章 董事局的组成 第二条 董事局由十四名董事组成，其中独立董事五名。公司在职员工在 300 人以上的，应设立职工代表董事至少 1 名。设董事局主席一名，董事局副主 席一至三名。非职工董事由股东会选举产生，职工代表董事由公司职工通过职工 代表大会、职工大会或者其他形式民主选举产生，董事局主席和董事局副主席由 公司董事担任，以全体董事的三分之二以上同意选举产生和罢免。 第二章 董事局的职权 第三条 董事局行使下列职权： （一）负责召集股东会，并向股东会报告工作； （二）执行股东会的决议； （五）制订公司增加或者减少注册资本、发行债券或其他证券及上市方案； （六）拟订公司重大收购、回购本公司股份或者合并、分立、解散及变更 公司形式的方案； （七）在股东会授权范围内，决定公司对外投资、收购出售资产、资产抵 押、对外担保事项、委托理财、 ...

第二条 公司股东会的召集、提案、通知、召开等事项适用本规则。 第三条 公司股东会及其参与者应当遵守本规则的规定。 珠海华发实业股份有限公司 股东会议事规则 第一章 总 则 第一条 为了规范珠海华发实业股份有限公司（以下简称"公司"）股东会 及其参与者的行为，保证股东会依法行使职权，促进公司健康稳定发展，根据《中 华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以 下简称"《证券法》"）、《上市公司股东会规则》等有关法律、法规、中国证券监 督管理委员会（以下简称"中国证监会"）规范性文件及上海证券交易所《股票 上市规则》和《珠海华发实业股份有限公司章程》（以下简称"《公司章程》"） 的规定，制定本规则。 第二章 股东会的职权 第四条 股东会是公司的权力机构，依法行使下列职权： (一)选举和更换非由职工代表担任的董事，决定有关董事的报酬事项； (二)审议批准董事局的报告； (三)审议批准公司的利润分配方案和弥补亏损方案； (四)对公司增加或者减少注册资本作出决议； (五)对发行公司债券作出决议； (六)对公司合并、分立、解散、清算或者变更公司形式作出决议； (七)修改《公司章程》； (八 ...

3、不断完善议事效率，持续提升决策水平，发挥在监控财务管 理、内部控制和风险管理方面的专业优势。 4、严格执行股东会决议，并遵照有关规定进行关联交易审定、 信息披露审核，保护中小股东利益。 珠海华发实业股份有限公司 独立董事津贴标准及年度业绩考核办法 第一条 为促进独立董事勤勉尽责，更好地发挥公司独立董事的 专业优势及监督作用，根据中国证监会《关于在上市公司建立独立董 事制度的指导意见》等规定，制定本办法。 第二条 独立董事津贴标准按年度分为固定津贴与浮动津贴两 种，其中：固定津贴 15 万元，浮动津贴 15 万元。浮动津贴与独立董 事履行职责情况挂钩考核。 第三条 公司董事局及审计委员会共同负责在年度董事局会议 上，对独立董事的上年度业绩进行考核，根据考核结果在会后发放。 第四条 在年度董事会上，每位独立董事应首先进行年度述职。 全体与会董事，从以下五个重点方面对独立董事年度业绩进行举手表 决： 1、按时出席董事局会议，了解公司的生产经营和运作情况，主 动调查、获取决策所需要的情况和资料。因故不能出席会议能够按时 履行授权或告假手续。 2、独立履行职责，能够对公司重大事项发表独立意见，不受公 司主要股东、实 ...

第一条 为规范珠海华发实业股份有限公司（以下简称"公司"）董事离职 程序，确保公司治理结构的稳定性和连续性，维护公司及股东的合法权益，公司 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证 券法》（以下简称"《证券法》"）、《上市公司治理准则》《上海证券交易所股票上 市规则》《上市公司董事和高级管理人员所持本公司股份及其变动管理规则》等 法律法规、规范性文件、证券交易所业务规则及《珠海华发实业股份有限公司章 程》（以下简称"《公司章程》"）的有关规定，结合公司实际情况，制定本制 度。 第二条 本制度适用于公司董事（含独立董事）因任期届满、辞职、被解 除职务或其他原因离职的情形。 第三条 公司董事离职管理应遵循以下原则： 珠海华发实业股份有限公司 （一）合法合规原则：严格遵守国家法律法规、监管规定及《公司章程》的 要求； 董事离职管理制度 （二）公开透明原则：及时、准确、完整地披露董事离职相关信息； 第一章 总则 第二章 离职情形与程序 第四条 公司董事离职包含任期届满未连任、主动辞职、被解除职务以 及其他导致董事实际离职等情形。 第五条 辞职程序： 公司董事可以在任期届满以前辞任，董 ...

珠海华发实业股份有限公司 内幕信息知情人登记管理制度 第一章 总 则 第一条 为了进一步规范珠海华发实业股份有限公司（以下简称"公司"） 内幕信息管理行为，加强公司内幕信息保密工作，维护信息披露的公平性，以保 护广大投资者的利益，根据《中华人民共和国公司法》《中华人民共和国证券法》 《上市公司信息披露管理办法》《上市公司监管指引第5号——上市公司内幕信 息知情人登记管理制度》《上海证券交易所股票上市规则》等有关法律法规及《公 司章程》《公司信息披露管理制度》的相关规定，制定本制度。 第二条 公司内幕信息登记备案工作由公司董事局负责，董事局秘书组织实 施。当董事局秘书不能履行职责时，由证券事务代表代行董事局秘书的职责。董 事局对备案名单的真实性、准确性和完整性负责。 第三条 董事局秘书处为公司内幕信息登记备案工作的日常工作部门。 第二章 内幕信息及内幕信息知情人 第四条 本制度所指内幕信息是指涉及公司的经营、财务或者对公司证券及 衍生品种的市场价格有重大影响的尚未公开的信息。 第五条 尚未公开是指公司尚未在中国证监会、证券交易所指定上市公司信 息披露媒体或网站上正式公开披露。 第六条 本制度所指内幕信息的范围包 ...

华发股份（600325）公告，全资子公司融华置地拟按深圳市土地储备中心收回收购的形式处置持有的7 块商业用地，面积共计7.05万平方米，价格为44.05亿元人民币。本次交易预计产生的亏损超过公司2024 年经审计净利润的50%。本次交易尚需经公司股东大会审议。 ...

Group 1 - The core management teams of several major real estate companies, including Vanke and Swire Properties, are undergoing significant changes, with at least 53 personnel changes reported in the commercial real estate sector in the first half of 2025 [1][3] - Nearly 10 companies, including Vanke Group, China Resources Land, and Longfor Group, have initiated organizational transformations, focusing on strategic adjustments and streamlining operations [3][4] - Leading commercial management companies in mainland China are forming composite teams that excel in both commercial operations and asset management, achieving breakthroughs in organizational efficiency and product iteration [4] Group 2 - Vanke's commercial segment is transitioning from a "commercial operator" to a "market-oriented asset management platform," with significant organizational restructuring underway [5] - Joy City Holdings has upgraded its commercial management center to a commercial division, emphasizing refined operations and capital loop capabilities to enhance asset value [7] - Hong Kong-based companies are increasingly integrating with the mainland market, actively recruiting talent and adjusting their business strategies to focus on high-end commercial properties [8][9] Group 3 - Swire Properties is enhancing its retail business in mainland China by promoting local executives to key positions, reflecting the importance of the mainland market to its core business [9][11] - Hong Kong Land is accelerating its strategic transformation by hiring several key talents to strengthen its operations in the mainland commercial real estate sector [12][14] - The new strategy aims to recover up to $10 billion by 2035, focusing on high-end commercial assets and enhancing the company's long-term sustainable growth [14] Group 4 - Major players in the commercial real estate sector are prioritizing talent acquisition and development, recognizing that skilled personnel are crucial for driving business forward [15][16] - China Resources Vientiane Life has launched a talent recruitment plan aimed at attracting senior management in commercial and property management sectors, with a comprehensive onboarding program [16][18] - A trend of experienced executives starting their own ventures is emerging, with notable figures like Ling Changfeng and Tian Weilong establishing new companies focused on asset management and urban renewal [19][21] Group 5 - Ling Changfeng's new company, Ningpu Development, is focusing on light asset management and has secured partnerships for significant urban renewal projects [21] - Tian Weilong's Jinlou Group is targeting urban renewal and community commercial projects, with a strategic focus on asset securitization [22][24] - The competitive landscape is intensifying as top executives transition to new roles, with a notable increase in personnel changes within the commercial real estate sector [24][25]

Group 1 - The core viewpoint of the news highlights the positive momentum in the real estate sector, driven by favorable policies and market conditions, particularly focusing on the performance of the real estate ETF (159707) [1][3][4] - The real estate ETF has seen significant trading activity, with a peak price increase of over 1.4% and a real-time transaction amount reaching 145 million yuan, indicating active market participation [1] - The People's Bank of China reported a year-on-year increase of 0.4% in the balance of real estate loans by the end of the second quarter, signaling a stabilization in the credit environment for the sector [3] Group 2 - The central urban work conference, held for the first time in ten years, emphasizes policy support for revitalizing existing properties and urban renewal, which is expected to stimulate housing demand [3] - The land market is showing signs of recovery, with the premium rate for land auctions in Hangzhou rising significantly to 29.65%, reflecting increased market confidence [3] - The real estate fund industry has reached a scale of 1.8 trillion yuan, marking an end to five years of decline, indicating a potential turning point for investment in the sector [3] Group 3 - The real estate ETF (159707) tracks the CSI 800 Real Estate Index, which includes 13 leading real estate companies, showcasing a high concentration of top-tier firms with over 90% weight in the top ten constituents [4] - Analysts suggest that the shift towards selling existing homes will have a long-term impact on the real estate industry and the operational models of real estate companies, with a focus on the implementation of local policies and support measures [3]

Core Insights - The report from the China Index Academy indicates that the delivery scale of real estate companies in the first half of 2025 has peaked and is on a downward trend, with pressures on delivery easing in the industry [1][7]. Delivery Scale Rankings - In the first half of 2025, the top real estate company delivered over 50,000 units, with 15 companies delivering more than 10,000 units each [1]. - The delivery numbers for major companies have generally decreased compared to the same period last year, with companies like Greenland, Sunac, and Jianye experiencing declines of over 50% [1]. Company Performance - The report highlights that delivery capability has become a core competitive advantage for real estate companies, with some firms managing to gain market trust by enhancing quality and optimizing services despite the overall contraction in delivery scale [7]. Market Dynamics - The new housing market remains stable, supported by the combination of "good cities + good houses," although there has been a slight weakening in the market in the second quarter [5]. - The government is expected to take stronger measures to stabilize expectations, activate demand, optimize supply, and mitigate risks in the real estate market in the second half of the year [6]. Delivery Quality Improvement - Real estate companies are focusing on product delivery and service optimization to enhance delivery quality, utilizing methods such as open construction days and live broadcasts to build customer trust [4].

Group 1: Debt Structure Optimization - The company has received approval from the China Securities Regulatory Commission to issue corporate bonds totaling up to 7.82 billion yuan, aimed at optimizing its debt structure and providing sufficient operational funding [1][2] - The financing plan is expected to enhance the company's financial strength and provide more flexibility for future project expansion and debt management [2][3] - As of the end of Q1 2025, the company's total assets were 412.5 billion yuan, with total liabilities of 288.2 billion yuan, resulting in a debt-to-asset ratio of 69.87% [3] Group 2: Sales Performance - Despite challenges in the real estate market, the company has achieved continuous sales growth, with sales exceeding 100 billion yuan for five consecutive years since 2020 [1][4] - In the first half of 2025, the company reported sales of 50.22 billion yuan, a year-on-year increase of 11%, maintaining its position in the top tier of the industry [1][4] - The company ranked 10th in the China Real Estate Enterprise Sales List for the first half of 2025, with a rights sales amount of 31.92 billion yuan, reflecting a 6.1% year-on-year growth [4] Group 3: Profitability and New Growth Areas - The company anticipates a 53.76% year-on-year increase in revenue for the first half of 2025, but expects a significant decline in net profit, down 86.69% to 168 million yuan [5] - To overcome profitability challenges, the company is exploring new growth models, including commercial operations, property management, and upstream and downstream industry chain businesses [5] - The company's commercial operations have expanded, with 11 city-level complexes in operation by the end of 2024, generating a rental income growth of 15.41% in 2024 and 8.75% in the first half of 2025 [5]