证券代码：600376 证券简称：首开股份 公告编号：临 2025-105 北京首都开发股份有限公司 关于"提质增效重回报"行动方案进展的公告 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。 为响应上海证券交易所《关于开展沪市公司"提质增效重回报"专项行动的 倡议》，践行"以投资者为本"的上市公司发展理念，维护公司全体股东利益， 推动公司高质量发展和投资价值提升、保护投资者尤其是中小投资者合法权益， 北京首都开发股份有限公司（以下简称"公司"）制定、并于 2024 年 8 月 17 日 披露了公司《2024 年度"提质增效重回报"行动方案》（以下简称"方案"）；于 2025 年 3 月 13 日披露了公司《关于 2024 年度"提质增效重回报"行动方案进 展的公告》（临 2025-021）。 公司积极开展和落实相关工作，评估行动方案的执行情况。现将近半年方案 的进展情况公告如下： 一、聚焦主责主业,驱动企业可持续发展 半年来，面对复杂严峻的内外部形势，公司坚持"稳当前"和"利长远"相 结合，在稳定融资、降本节支、项目盘活、组织 ...

Core Viewpoint - The stock price of Shoukai Co., Ltd. has surged significantly, driven by its indirect investment in Yushu Technology, despite the company's poor performance in the real estate sector and substantial losses over the past three years [1][2][3]. Group 1: Stock Performance - On November 12, Shoukai's stock closed at 6.13 yuan, with a rise of 10.05%, marking its presence on the stock market leaderboard due to a deviation of 10.12% [1]. - In September, the stock price skyrocketed from 2.64 yuan to 8.85 yuan in just 13 days, a staggering increase of 335% [1]. - The surge in stock price is attributed to its connection with Yushu Technology, as Shoukai holds a 0.3% stake through its subsidiary [2]. Group 2: Company Background - Shoukai Co., Ltd. has a 32-year history and has developed significant residential communities in Beijing, earning the reputation of being a major player in the local real estate market [2]. - The company achieved a sales milestone of over 100 billion yuan in 2018 and set a record of approximately 115 billion yuan in sales in 2021 [2]. Group 3: Financial Performance - The company has faced a drastic decline in sales, with total sales dropping from 869.63 billion yuan in 2022 to 400.13 billion yuan in 2024, a decrease of over 50% [3]. - For 2024, Shoukai's revenue is projected to be 242.13 billion yuan, down 49.31% year-on-year, with a net loss of 81.41 billion yuan, an increase of 28.43% in losses [3][4]. - The company has a significant debt burden, with interest-bearing liabilities reaching 116.1 billion yuan and a net debt ratio of 192% [4]. Group 4: Strategic Challenges - Shoukai has attempted to alleviate its financial strain by selling assets, including commercial properties and stakes in other companies, but the impact has been limited [4]. - The company has struggled in the land market, acquiring only two plots of land in 2024 for a total of 1.2 billion yuan, and has been largely inactive in land acquisitions [4]. Group 5: Recent Developments - In the third quarter, Shoukai reported a revenue of 5.147 billion yuan, a decline of 9.25%, with a net loss of 1.266 billion yuan, although the overall performance for the first three quarters showed a 60% increase in revenue [5]. - A construction accident at a project in Chengdu has further complicated the company's recovery efforts, halting progress and impacting future expectations [6].

Core Viewpoint - The stock of Shouke Co., Ltd. has shown significant volatility, with a year-to-date increase of 129.28%, but has recently experienced a slight decline in the past few trading days [2][3]. Group 1: Stock Performance - As of November 14, Shouke's stock price rose by 2.03% to 6.03 CNY per share, with a trading volume of 1.34 billion CNY and a turnover rate of 0.88%, resulting in a total market capitalization of 155.55 billion CNY [1]. - The stock has seen a 2.11% decline over the last five trading days, but a 3.79% increase over the last 20 days, and a remarkable 123.33% increase over the last 60 days [2]. - Shouke has appeared on the trading leaderboard 18 times this year, with the most recent appearance on November 12, where it recorded a net purchase of 1.22 billion CNY [2]. Group 2: Financial Performance - For the period from January to September 2025, Shouke reported a revenue of 231.86 billion CNY, reflecting a year-on-year growth of 60.31%, while the net profit attributable to shareholders was -31.05 billion CNY, showing a year-on-year increase of 27.51% [3]. - The company has distributed a total of 89.70 billion CNY in dividends since its A-share listing, with 2.58 billion CNY distributed over the past three years [4]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Shouke reached 194,300, an increase of 382.93% from the previous period, while the average number of circulating shares per shareholder decreased by 79.29% to 13,279 shares [3]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the eighth largest with 28.68 million shares, and Southern CSI Real Estate ETF is the ninth largest with 16.24 million shares, both being new shareholders [4].

Core Points - The stock of Shoukai Co., Ltd. (600376) reached the daily limit, with a turnover rate of 8.58% and a transaction amount of 1.324 billion yuan, showing a fluctuation of 12.89% [1] - The stock was listed on the Shanghai Stock Exchange's "Dragon and Tiger List" due to a price deviation of 10.12%, with net purchases from the Shanghai-Hong Kong Stock Connect amounting to 11.6077 million yuan [1] - Over the past six months, the stock has appeared on the Dragon and Tiger List 16 times, with an average price increase of 3.09% the next day and an average increase of 15.88% over the following five days [2] Trading Data - The top five trading departments accounted for a total transaction amount of 392 million yuan, with a net purchase of 122 million yuan [1] - The main buying department was Guotai Junan Securities, with a purchase amount of 99.7008 million yuan, while the Shanghai-Hong Kong Stock Connect was both the second-largest buying and the largest selling department [1] - The stock saw a net inflow of 510 million yuan from main funds today, with a significant inflow of 508 million yuan from large orders [2] Financial Performance - For the first three quarters, the company reported a total revenue of 23.186 billion yuan, representing a year-on-year growth of 60.31%, but recorded a net loss of 3.105 billion yuan [2] - The latest margin trading data shows a total margin balance of 280 million yuan, with a financing balance of 275 million yuan and a securities lending balance of 4.1786 million yuan [2] - Over the past five days, the financing balance decreased by 38.782 million yuan, a decline of 12.34%, while the securities lending balance decreased by 457,500 yuan, a decline of 9.87% [2]

Market Overview - On November 12, the real estate development sector declined by 0.51% compared to the previous trading day, with Yingxin Development leading the decline [1] - The Shanghai Composite Index closed at 4000.14, down 0.07%, while the Shenzhen Component Index closed at 13240.62, down 0.36% [1] Stock Performance - Notable gainers in the real estate sector included: - Shouke Co., Ltd. (600376) with a closing price of 6.13, up 10.05% on a trading volume of 2.21 million shares and a transaction value of 1.32 billion [1] - Shunfa Hengneng (000631) closed at 3.95, up 10.03% with a trading volume of 1.58 million shares and a transaction value of 618 million [1] - Tianjian Group (000090) closed at 4.12, up 6.19% with a trading volume of 2.29 million shares and a transaction value of 963 million [1] - Conversely, Yingxin Development (000620) saw a significant drop of 5.92%, closing at 3.18 with a trading volume of 6.61 million shares and a transaction value of 2.13 billion [2] - Other notable decliners included: - Daming City (600094) down 5.70% to 5.46 [2] - Huachao City A (000069) down 4.10% to 2.81 [2] Capital Flow - The real estate development sector experienced a net outflow of 419 million from institutional investors, while retail investors saw a net inflow of 802 million [2] - The capital flow for key stocks showed: - Shouke Co., Ltd. had a net inflow of 49 million from institutional investors, while retail investors had a net outflow of 265 million [3] - Tianjian Group had a net inflow of 98.83 million from institutional investors, with retail investors experiencing a net outflow of 42.88 million [3] - Hezhan Energy (000809) had a net inflow of 71.39 million from institutional investors, while retail investors had a net outflow of 33.17 million [3]

Core Viewpoint - The market experienced a downturn in the morning session, with the ChiNext Index falling over 1%, while the banking sector saw significant gains, with Agricultural Bank of China and Industrial and Commercial Bank of China reaching historical highs [1] Market Performance - The total trading volume in the Shanghai and Shenzhen markets reached 1.26 trillion yuan, an increase of 9 billion yuan compared to the previous trading day [1] - Over 4,000 stocks in the market declined, indicating a broad-based sell-off [1] Sector Analysis - The banking sector performed well, with both Agricultural Bank of China and Industrial and Commercial Bank of China hitting new historical highs [1] - The robotics sector showed localized activity, with Shoukai Co., Ltd. hitting the daily limit [1] - The oil and gas sector strengthened, with PetroChina and China Oilfield Services both reaching the daily limit [1] - The food and beverage sector also performed strongly, with Sanyuan Foods and Zhongrui Co., Ltd. achieving three consecutive trading limit increases, and COFCO Sugar achieving two consecutive trading limit increases [1] - Conversely, the superhard materials sector saw a collective decline, with World Group falling over 12% [1] - The photovoltaic sector experienced significant losses, with Tongwei Co., Ltd. and LONGi Green Energy both suffering substantial declines [1] Index Performance - By the end of the session, the Shanghai Composite Index fell by 0.24%, the Shenzhen Component Index decreased by 1.07%, and the ChiNext Index dropped by 1.58% [1]

Group 1 - The core point of the news is that Beijing Shoukai Development Co., Ltd. (首开股份) experienced a stock price increase of 5.03%, reaching 5.85 CNY per share, with a trading volume of 273 million CNY and a turnover rate of 1.88%, resulting in a total market capitalization of 15.09 billion CNY [1] - The company, established on December 29, 1993, and listed on March 12, 2001, primarily engages in real estate development, property management and services, urban renewal, and real estate finance [1] - The revenue composition of the company shows that property sales account for 97.44%, hotel property management for 2.19%, and other supplementary services for 0.36% [1] Group 2 - Among the top ten circulating shareholders of Shoukai Development, a fund under Southern Fund ranks as a significant stakeholder, specifically the Southern CSI Real Estate ETF Initiated Link A (004642), which entered the top ten in the third quarter with 16.24 million shares, representing 0.63% of circulating shares [2] - The Southern CSI Real Estate ETF Initiated Link A has a current scale of 202 million CNY, with a year-to-date return of 10.07%, ranking 3683 out of 4216 in its category, and a one-year loss of 6.71%, ranking 3884 out of 3937 [2] - The fund manager, Luo Wenjie, has a tenure of 12 years and 208 days, managing assets totaling 170.44 billion CNY, with the best fund return during his tenure being 151.94% and the worst being -47.6% [3]

Investment Rating - The investment rating for the real estate industry is "Positive" (maintained) [3][4] Core Viewpoints - The report emphasizes that real estate is a crucial asset allocation and investment direction for Chinese households, and stabilizing housing prices is significant for facilitating economic circulation. The policy environment is expected to strengthen further, promoting high-quality development in the real estate sector. There is an anticipated wave of development for high-quality residential properties due to policy guidance and changes in supply-demand structure [4][48]. Market Performance - The Shanghai Composite Index rose by 1.1%, while the real estate sector (Shenwan) declined by 0.2% during the week [4][7]. - In the new housing market, 154 million square meters were sold across 42 key cities from November 1 to November 7, representing a 38.7% decrease from the previous week and a 46.7% year-on-year decline [4][13]. - The second-hand housing market saw 191 million square meters sold in 21 key cities during the same period, reflecting a 7.6% decrease week-on-week and a 26.7% year-on-year decline [4][28]. Data Tracking - For new housing, the cumulative sales in November (up to the week of November 7) were 154 million square meters, showing a 195.2% increase month-on-month but a 46.7% decrease year-on-year [4][17]. - In the second-hand housing market, cumulative sales for November reached 191 million square meters, indicating an 895.9% increase month-on-month but a 26.7% decrease year-on-year [4][31]. Industry News - The National Development and Reform Commission and other departments issued a plan to promote the development of smart cities, aiming to establish over 50 fully digital transformation cities by the end of 2027 [4][45]. - Shenzhen is supporting the conversion of idle non-residential properties into affordable rental housing, while Hunan's Pingjiang County is implementing a comprehensive approach to selling existing homes [4][45]. Company Announcements - In October, major real estate companies reported significant declines in sales, with China Overseas Development at 186.6 billion (down 55.1% year-on-year) and Poly Development at 211.2 billion (down 50.1% year-on-year) [4][48].

Core Viewpoint - The stock of Shoukai Co., Ltd. has experienced a significant increase of 111.41% year-to-date, but has recently seen a decline of 9.89% over the last five trading days, indicating volatility in its performance [1]. Financial Performance - For the period from January to September 2025, Shoukai Co., Ltd. achieved a revenue of 23.186 billion yuan, representing a year-on-year growth of 60.31%. However, the company reported a net profit attributable to shareholders of -3.105 billion yuan, which is an increase of 27.51% compared to the previous year [2]. - The company has cumulatively distributed 8.970 billion yuan in dividends since its A-share listing, with 258 million yuan distributed over the last three years [3]. Stock Market Activity - As of November 11, the stock price of Shoukai Co., Ltd. was 5.56 yuan per share, with a market capitalization of 14.342 billion yuan. The stock has seen a trading volume of 400 million yuan and a turnover rate of 2.75% [1]. - The company has appeared on the "龙虎榜" (a list of stocks with significant trading activity) 17 times this year, with the most recent appearance on October 29, where it recorded a net buy of -226 million yuan [1]. Shareholder Information - As of September 30, 2025, the number of shareholders for Shoukai Co., Ltd. reached 194,300, an increase of 382.93% from the previous period. The average number of circulating shares per shareholder decreased by 79.29% to 13,279 shares [2]. - Notable new shareholders include Hong Kong Central Clearing Limited and Southern CSI Real Estate ETF, holding 28.6766 million shares and 16.2445 million shares, respectively [3].

Group 1 - The core point of the news is that Beijing Shoukai Development Co., Ltd. (首开股份) experienced a decline in stock price by 5.03%, trading at 5.85 CNY per share with a total market capitalization of 15.09 billion CNY as of the report date [1] - The company, established on December 29, 1993, and listed on March 12, 2001, primarily engages in real estate development, property management, urban renewal, and real estate finance, with 97.44% of its revenue coming from property sales [1] - The trading volume for the day was 377 million CNY, with a turnover rate of 2.47% [1] Group 2 - Among the top ten circulating shareholders of Shoukai, a fund under Southern Fund, the Southern CSI Real Estate ETF Initiated Link A (004642), entered the top ten in the third quarter, holding 16.24 million shares, which is 0.63% of the circulating shares [2] - The estimated floating loss for this fund today is approximately 5.04 million CNY [2] - The fund was established on August 24, 2017, with a current size of 202 million CNY, showing a year-to-date return of 8.36% and a one-year loss of 12.06% [2]