股票代码：600325 股票简称：华发股份 公告编号：2025-047 珠海华发实业股份有限公司 关于开展供应链资产专项计划业务暨关联交易的公告 本公司董事局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： ●为进一步优化资产负债结构，提高公司资金使用效率，公司拟以供应商对 公司及下属子公司的应收账款债权作为基础资产，开展供应链资产专项计划业务， 总体额度不超过 200 亿元（含本数，下同），额度可循环使用。 ●本次供应链资产专项计划业务的实施不构成重大资产重组，不存在重大法 律障碍。 ●本次供应链资产专项计划业务的开展构成关联交易。 ●本次交易已经公司第十届董事局第五十五次会议审议通过，尚需提交股东 大会审议。 一、交易基本情况 1、基础资产：供应商对公司及下属公司的应收账款债权。 2、发行额度：不超过人民币 200 亿元，可循环使用；在总额度范围内，可 根据实际情况分期注册、分期发行，具体以各项供应链资产专项计划业务产品实 际成立时的规模为准。 3、发行期限：各期产品发行期限不超过 1 年。 4、发行利率：具体利率水平及 ...

股票代码：600325 股票简称：华发股份 公告编号：2025-046 珠海华发实业股份有限公司 关于续签《金融服务协议》暨关联交易的公告 本公司董事局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、关联交易概述 为进一步优化公司财务管理，提高资金运营效率，经双方友好协商，公司拟 与珠海华发集团财务有限公司（以下简称"财务公司"）续签《金融服务协议》， 由财务公司向公司及子公司提供存款服务、贷款服务、结算服务、票据服务、外 汇服务、担保服务及经国家金融监督管理总局批准的其他金融服务；协议有效期 为三年。 财务公司为珠海华发集团有限公司（以下简称"华发集团"）的控股子公司， 华发集团为本公司的控股股东，本公司董事许继莉女士兼任财务公司董事长，本 公司董事谢伟先生兼任财务公司董事。本次交易构成关联交易。 本次关联交易已经公司第十届董事局第五十五次会议审议通过，关联董事李 光宁、郭凌勇、谢伟、郭瑾、许继莉、张延回避了表决。本次关联交易尚需提交 公司股东大会审议。 二、关联方介绍 1、公司名称：珠海华发集团财务有限公司 6、住所：珠海市横琴新 ...

珠海华发实业股份有限公司 对珠海华发集团财务有限公司关联交易风险评估报告 根据上海证券交易所《上市公司自律监管指引第 5 号——交 易与关联交易》的要求，珠海华发实业股份有限公司（以下简称 "本公司"）通过查验珠海华发集团财务有限公司（以下简称"财 务公司"）《金融许可证》《营业执照》等证件资料，审阅包括 资产负债表、利润表、现金流量表、所有者权益变动表等在内的 财务公司的定期财务报告，并了解财务公司内部控制及风险监管 指标动态，对财务公司的经营资质、业务和风险状况进行了评估， 具体情况报告如下： 一、财务公司基本情况 财务公司是经中国银行业监督管理委员会批准设立的为珠 海华发集团有限公司（以下简称"华发集团"）及其成员单位提 供财务管理服务的非银行金融机构，自 2013 年 2 月 8 日获准筹 建，于同年 9 月 4 日获得中国银行业监督管理委员会开业批复（银 监复[2013]459 号），于同年 9 月 6 日取得《金融许可证》（证 号：00367142），于同年 9 月 9 日办理工商登记并取得《营业执 照》（注册号：440003000020370），初始注册资本为人民币十 亿元。 2015 年 9 ...

证券代码：600325 证券简称：华发股份 公告编号：2025-048 珠海华发实业股份有限公司 关于召开2025年第三次临时股东大会的通知 本公司董事局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： （五）网络投票的系统、起止日期和投票时间 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 5 月 29 日 一、 召开会议的基本情况 （一）股东大会类型和届次 2025年第三次临时股东大会 （二）股东大会召集人：董事局 （三）投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相 结合的方式 （四）现场会议召开的日期、时间和地点 召开的日期时间：2025 年 5 月 29 日 10 点 00 分 召开地点：广东省珠海市昌盛路 155 号公司 9 楼会议室 至2025 年 5 月 29 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过 互联网投票平台的投票时间为 ...

股票代码：600325 股票简称：华发股份 公告编号：2025-045 珠海华发实业股份有限公司 第十届董事局第五十五次会议决议公告 本公司董事局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。 董事局 并同意提呈公司股东大会审议。 二、以八票赞成、零票反对、零票弃权审议通过了《关于对珠海华发集团财 务有限公司关联交易风险评估报告的议案》。本项议案已经公司第十届董事局独 立董事专门会议 2025 年第二次会议审议通过，全体独立董事同意将该议案提交 公司第十届董事局第五十五次会议审议。本项议案涉及关联交易，关联董事李光 宁、郭凌勇、谢伟、郭瑾、许继莉、张延回避表决。具体内容详见公司同日在上 海证券交易所网站（www.sse.com.cn）披露的《珠海华发实业股份有限公司关于 对珠海华发集团财务有限公司关联交易风险评估报告》。 三、以八票赞成、零票反对、零票弃权审议通过了《关于公司开展供应链资 产专项计划业务暨关联交易的议案》。本项议案已经公司第十届董事局独立董事 专门会议 2025 年第二次会议审议通过，全体独立董事同意将该议案提交公司第 十 ...

智通财经APP获悉，5月13日, 由北京中指信息技术研究院中国房地产TOP10研究组研究承办的"2025中国房地产上市公司研究成 果发布会暨第二十三届产城融合投融资大会"隆重召开。据中指研究院发布的2025中国房地产上市公司TOP10研究报告，2024 年，房地产上市公司收入转而下滑，净利润持续下滑，流动性压力仍在，股东回报下滑。未来新房市场将缓慢复苏，行业将加速 出清、重整，聚焦核心城市，保持投资强度和具有不动产运营与服务能力的房地产上市公司将释放更高的企业价值。 2025年一季度，新房市场延修复整态势。4.25政治局会议强调，以城中村改造为核心抓手，首提"加大高品质住房供给"，优化存 量房收购政策，"加快构建房地产发展新模式"重要性凸显。在当前内外部环境下，为应对外部的不确定性，此前部署的各项支持 政策有望加快落实。随着房地产供需两端政策落位，叠加"好房子"项目供给增加，预计核心城市市场将继续修复。在此背景下， 投资者将更加关注企业可持续运营能力，保持稳健运营、聚焦核心城市，保持投资强度、具备不动产运营能力的企业更易获得投 资者的青睐。 2024年房地产上市公司总资产、净资产均值及增长率 企业研究：htt ...

Group 1: Institutional Research on Popular Companies - The top twenty companies with the highest number of institutional research visits in the past 30 days include Huaming Equipment, Changshu Bank, Guangdian Yuntong, Yunnan Baiyao, and BYD. In the last five days, the most visited companies were Mankalon, Zhou Dasheng, Stable Medical, Zhujiang Beer, and Shenghe Resources. Among the top twenty companies in the past 30 days, 11 companies had 10 or more rating agencies, including BYD, Huali Group, Weixing New Materials, Changshu Bank, and Weixing Co., Ltd. [2][11][12] - Companies such as BYD, Huali Group, Changshu Bank, Weixing Co., Ltd., Weichai Power, Yunnan Baiyao, Tuobang Co., Ltd., Huaming Equipment, and Zhongji United are expected to see significant growth in net profit attributable to shareholders in 2024 compared to 2023 [2][11][12]. Group 2: Shareholder Increase Activities - From May 5 to May 9, 2025, a total of 13 companies announced significant shareholder increases, with three companies having 10 or more rating agencies. The companies with an average proposed increase amount exceeding 1% of the latest market value include *ST Gengxing, Hainan Development, China Railway Industry, Huamao Technology, and Linglong Tire [3][14][15]. - From January 1 to May 11, 2025, 297 companies announced significant shareholder increases, with 203 having 10 or more rating agencies. Among these, 15 companies had an average proposed increase amount exceeding 1% of the latest market value, including Xinjie Energy, Sailun Tire, Rongsheng Petrochemical, Wanrun Co., Ltd., CNOOC Engineering, and Xin Fengming [5][16][17]. Group 3: Company Buyback Activities - From May 5 to May 9, 2025, a total of 312 companies announced buyback progress, with 84 companies having 10 or more rating agencies. Companies expected to have a buyback amount exceeding 1% of the market value on the announcement date include Pingmei Co., Ltd., Huafa Co., Ltd., Changhong Meiling, XGIMI Technology, and Xugong Machinery [4][19][20]. - From January 1 to May 11, 2025, 1,456 companies announced buyback progress, with 297 having 10 or more rating agencies. Among these, 82 companies had a buyback amount exceeding 1% of the market value on the announcement date, including Changhong Meiling, Qianwei Central Kitchen, Baolong Technology, Shantui Co., Ltd., Wanrun Co., Ltd., Midea Group, BOE A, and Goldwind Technology [6][22][23].

Core Insights - The real estate industry is expected to undergo a transformation in 2025, focusing on quality over quantity and structural optimization [1] - Sales and investment in 2024 saw a decline, but the sales drop has narrowed and investment enthusiasm has increased in 2025 [1] Group 1: Sales Analysis - In 2024, the sales scale of the top 100 real estate companies decreased by 30.3%, with only 11 companies exceeding sales of 100 billion yuan, down from 16 in 2023 [2] - For the first four months of 2025, the sales of the top 100 companies showed a year-on-year decline of 7.8%, a significant narrowing compared to 2024 [2] - The average sales price per square meter for the top 100 companies increased to 20,200 yuan in the first four months of 2025, up 15.1% year-on-year [2] Group 2: Land Acquisition - In 2024, the land acquisition amount for the top 100 companies decreased by 30.6%, but in the first four months of 2025, both the acquisition amount and intensity increased significantly [2] - The land acquisition intensity for the top 100 companies rose to 39.2% in early 2025, up 13.7 percentage points year-on-year [2] - The concentration of land acquisition among the top 100 companies increased to 62.5% in early 2025, up 18.5 percentage points year-on-year [2] Group 3: Financing Conditions - The total financing scale for the real estate industry in 2024 was 565.3 billion yuan, a decrease of 18% year-on-year, with an average issuance interest rate of 2.95% [2] - In the first quarter of 2025, the financing scale was 118.7 billion yuan, down 24.6% year-on-year, with an average interest rate of 3.22% [2] - The total debt maturity for the real estate industry in 2025 is projected to be 774.6 billion yuan, slightly higher than in 2024 [2] Group 4: Financial Performance - The industry revenue in 2024 decreased by 21.0%, with a net profit loss of 159 billion yuan, marking a significant decline compared to previous years [2] - The gross profit margin for the industry in 2024 was 14.6%, down 2.5 percentage points year-on-year, with a negative net profit margin of -8.0% [2] - The cash flow from operations for the industry was negative, with a net outflow of 211 billion yuan in the first quarter of 2025, although this was an improvement from the previous year [2] Group 5: Top 20 Companies Analysis - The top 20 real estate companies experienced a revenue decline of 17% in 2024, but their performance was better than the overall industry [2] - The gross profit margin for the top 20 companies was 12.7%, slightly lower than the industry average, but their net profit margin was less negative at -2.0% [2] - The cash management capabilities of the top 20 companies showed resilience, with a net cash inflow from operations of 259 billion yuan in 2024 [2] Group 6: Investment Recommendations - The report suggests focusing on companies with stable fundamentals and high market share in core cities, such as Binjiang Group and Greentown China [2] - It also highlights smaller companies that have made significant breakthroughs in sales and land acquisition since 2024, such as Poly Real Estate Group [2] - Companies with strategic changes or operational improvements, like Gemdale Corporation and Longfor Group, are also recommended for investment [2]

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors, emphasizing the importance of stabilizing housing prices for both the real estate market and consumer confidence [4][27]. Core Insights - The report highlights a mixed performance in the real estate market, with new home sales in 34 key cities dropping by 29% week-on-week, while second-hand home sales showed a year-on-year increase of 12% [3][12]. - The report indicates that the government is implementing a series of monetary policy measures to support market stability, including a reduction in the Loan Prime Rate (LPR) and housing provident fund rates [4][27]. - The report suggests that the competitive landscape in the real estate sector is expected to improve, particularly for companies with strong product capabilities, as the market transitions to a new development model [4][27]. Summary by Sections Industry Data - New home sales in 34 cities totaled 181.9 million square meters last week, a decrease of 29.2% compared to the previous week [5]. - In May, new home sales in 34 cities increased by 9% year-on-year, with first and second-tier cities seeing a 10.6% increase [7][8]. - The inventory of new homes in 15 cities decreased by 0.3% week-on-week, with a current available area of 89.27 million square meters [22]. Policy and News Tracking - The People's Bank of China announced a series of monetary policy measures, including a 10 basis point reduction in the LPR and a 25 basis point reduction in housing provident fund rates [4][27]. - The report notes that the government is focusing on stabilizing the real estate market and promoting domestic demand in response to external trade tensions [4][27]. Company Announcements - In April, major real estate companies reported varied sales performance, with China Overseas Development achieving sales of 202 billion yuan, down 8% year-on-year, while China Jinmao saw a 7% increase [34]. - As of April 30, 2025, China Vanke and China Merchants Shekou have initiated share buybacks, indicating confidence in their long-term prospects [34].

Investment Rating - The investment rating for the real estate industry is "Positive" and is maintained [12]. Core Insights - The policy goal of stabilizing the market has become more proactive, and market expectations have improved, although marginal downward pressure has increased since April [5]. - The rapid decline phase in the industry regarding volume and price may have passed, with structural highlights in core areas and quality properties [5]. - The importance of real estate to the economic internal circulation cannot be overlooked, emphasizing the need to focus on quality real estate companies with core assets and stable cash flows [5]. Market Performance - The Yangtze River Real Estate Index increased by 0.92% this week, with a year-to-date decline of 5.57%, ranking 30 out of 32 industries [6][15]. - The performance of the sector has been poor, with declines primarily in development and property management companies, while rental companies showed mixed results [6]. Policy Updates - The central bank announced interest rate cuts, including a 0.5 percentage point reduction in the reserve requirement ratio and a 0.1 percentage point decrease in policy rates, expected to lead to a similar decline in LPR [7]. - Local policies in Guangdong aim to better meet housing consumption needs and support the transformation of urban villages [7]. Sales Data - Recent new home registrations in sample cities showed fluctuations, with new home transaction area down by 3.0% year-on-year, while second-hand homes saw a 16.0% increase [8]. - As of May 9, the new home transaction area in 37 cities showed a month-on-month increase of 15.8% [8]. Mortgage Rate Insights - The average mortgage rate for first-time homebuyers in key cities is around 3.1%, expected to decrease to approximately 3.0% following policy rate adjustments [9]. - The report emphasizes the importance of rental-to-sale ratios and actual interest rates in determining the appropriateness of mortgage rates [9].