首开股份信息披露管理办法（202508） 北京首都开发股份有限公司 信息披露管理办法 二〇二五年八月修订 首开股份信息披露管理办法（202508） 北京首都开发股份有限公司 信息披露管理办法 第一章 总则 第一条 为加强北京首都开发股份有限公司(以下简称"公司")的信息披露 行为，确保对外信息披露工作的真实性、准确性、完整性与及时性，保护公司、 股东、债权人及其他利益相关人的合法权益，根据《中华人民共和国证券法》 《中华人民共和国公司法》《上市公司信息披露管理办法》《上海证券交易所股 票上市规则》等法律、法规及公司章程的规定，结合本公司实际，制定本办法。 第二条 公司董事会办公室(证券部)为信息披露事务管理部门，由公司董事 会秘书负责管理。 本办法由公司董事会负责实施，公司董事长是信息披露管理工作的第一责 任人，董事会秘书是信息披露管理工作的直接责任人，本办法由董事会办公室 (证券部)修订，提交公司董事会审议通过。 第三条 本办法所称信息披露是指将对股东和其他利益相关者决策可能产生 实质性影响的信息，在规定时间内、在规定的媒体上、以规定的方式向社会公众 公布，并送达证券监管部门。 第四条 信息传递与披露的基本 ...

北京首都开发股份有限公司 董事会议事规则 二〇二五年八月修订 首开股份董事会议事规则（202508） 北京首都开发股份有限公司 董事会议事规则 第一章 总 则 第一条 为健全和规范北京首都开发股份有限公司（以下简称"公司"）董 事会议事程序，促使董事和董事会有效地履行其职责，提高董事会工作效率和 科学决策的水平，保证公司生产经营、管理工作的顺利进行，根据《中华人民 共和国公司法》《中华人民共和国证券法》、中国证监会《上市公司治理准则》 《上市公司章程指引》《上海证券交易所股票上市规则》（以下简称"《上市规 则》"）等法律、行政法规、部门规章、规范性文件及《北京首都开发股份有限 公司章程》（以下简称"《公司章程》"）的规定，制定本规则。 第二条 公司设董事会。董事会决定公司重大问题时，应当事先听取公司 党委的意见。 第三条 董事会是公司经营管理的决策机构，维护公司和全体股东的利益， 在《公司章程》和股东会的授权范围内，负责公司发展目标和重大经营活动的 决策。 第四条 董事会下设董事会办公室（证券部），处理董事会日常事务。 第二章 董事的资格及任职 第五条 公司董事为自然人，有下列情形之一的，不能担任公司的董事： ...

北京首都开发股份有限公司 信息披露暂缓与豁免管理制度 二〇二五年八月修订 首 开 股 份 信 息 披 露 暂 缓 与 豁 免 管 理 制 度 （ 202508） 北京首都开发股份有限公司 信息披露暂缓与豁免管理制度 第一章 总 则 第一条 为了规范北京首都开发股份有限公司（以下简称公司）信息披露暂 缓与豁免行为，确保公司依法合规履行信息披露义务，根据《中华人民共和国证 券法》（以下简称《证券法》、《上海证券交易所股票上市规则》（以下简称《股 票上市规则》）、《上市公司信息披露暂缓与豁免管理规定》（以下简称《信息 披露暂缓与豁免管理规定》）和《北京首都开发股份有限公司章程》（以下简称 "《公司章程》"、公司《信息披露管理办法》等规定，制定本制度。 第二条 公司和其他信息披露义务人暂缓、豁免披露临时报告，在定期报告、 临时报告中豁免披露中国证券监督管理委员会（以下简称"中国证监会"）和证 券交易所规定或者要求披露的内容，适用本制度。 第三条 公司和其他信息披露义务人应当真实、准确、完整、及时、公平地 披露信息，不得滥用暂缓或者豁免披露规避信息披露义务、误导投资者，不得实 施内幕交易、操纵市场等违法行为。 第二章 ...

北京首都开发股份有限公司 关联交易实施规则 二〇二五年八月修订 首开股份关联交易实施规则（202508） 北京首都开发股份有限公司 关联交易实施规则 第一章 总 则 第一条 为规范北京首都开发股份有限公司（以下简称公司）关联交易行 为，提高公司规范运作水平，保证公司与关联方所发生关联交易的合法性、公 允性、合理性，充分保障股东、特别是中小股东和公司的合法权益，根据《中 华人民共和国公司法》《中华人民共和国证券法》《上海证券交易所股票上市 规则》《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》 等法律、法规和《北京首都开发股份有限公司章程》的相关规定，制定本规则。 第二条 公司关联交易应当定价公允、决策程序合规、信息披露规范。公 司应当积极通过资产重组、整体上市等方式减少关联交易。 第三条 公司董事会应根据客观标准判断该关联交易是否对公司有利，是 否损害股东权益，应尊重独立董事、监事会出具的独立意见，必要时聘请专业 中介机构进行评估审计，或聘请独立财务顾问发表意见。 首开股份关联交易实施规则（202508） （三）由第六条所列公司的关联自然人直接或者间接控制的、或者担任董 事（不含同为双方的独 ...

首开股份：上半年净亏损18.4亿元人民币。 ...

首开股份：营收180.4亿元人民币，上年同期87.9亿元人民币。 ...

Investment Rating - The report does not explicitly state an investment rating for the real estate industry in 2024 Core Insights - The average revenue of the top 30 listed real estate companies in China is projected to decline by approximately 13.83% in 2024, totaling around RMB 2.77 trillion [9] - The average gross margin for these companies is expected to decrease to about 14.42%, down by 1.86% from the previous year [13] - The average net profit margin is projected to be around -10.81%, reflecting a significant decline of 12.45% compared to the previous year [16] - The average return on equity is expected to drop to approximately -20.75%, a decrease of 16.44% from 2023 [59] Summary by Sections 1. Revenue Overview - The total revenue for the top 30 listed real estate companies in 2024 is estimated at RMB 2.77 trillion, a decline of 13.83% year-on-year [9] - Financial Street leads the revenue growth with an increase of 51.74%, reaching RMB 190.75 billion [8] - 20 companies experienced revenue declines, with Midea Real Estate facing the largest drop at 94.94% [9] 2. Gross Margin Overview - The average gross margin for the top 30 companies is projected to be 14.42%, down 1.86% from the previous year [13] - Midea Real Estate shows the highest increase in gross margin at approximately 24.21% [14] - 23 companies reported a decline in gross margin, with Jinhui experiencing the largest drop of 30.80% [13] 3. Net Profit Overview - The average net profit for the top 30 companies is expected to be a loss of RMB 11.65 billion, a decline of 62.09 billion from a profit of RMB 50.44 billion in 2023 [23] - China Resources leads in net profit with RMB 336.78 billion, although this represents a 9.72% decrease from the previous year [24] - Over 70% of companies reported a decline in net profit, with Vanke transitioning from a profit of RMB 204.56 billion to a loss of approximately RMB 487.04 billion [23] 4. Inventory Overview - The total inventory for the top 30 companies is projected to be approximately RMB 60.85 billion, a decrease of 13.58% year-on-year [33] - Only one company, Ruian, reported an increase in inventory, with a growth of 16.03% [33] - Midea Real Estate experienced the largest inventory decline at 99.11% [33] 5. Liquidity Ratios - The average current ratio for the top 30 companies is expected to be 152.86%, a slight increase of 0.15% from the previous year [42] - 16 companies reported a decline in their current ratios, with Xinda showing the largest drop of 39.17% [42] 6. Cash Short-term Debt Ratio - The average cash short-term debt ratio is projected to be 1.52, a decrease of 0.11 from the previous year [54] - Ocean Group has the lowest cash short-term debt ratio at 0.01, while Binhai has the highest at 5.53 [54] 7. Return on Equity Overview - The average return on equity is expected to be -20.75%, a decline of 16.44% from 2023 [59] - Only two companies, Jinmao and New Town, are expected to report positive returns on equity [59]

Core Viewpoint - The forum focused on the theme of "Cultural Empowerment and Emotional Resonance," exploring innovative concepts and diverse paths for cultural-driven urban renewal in Beijing [1][3]. Group 1: Forum Overview - The second Cultural Renewal Forum was co-hosted by Shoukai Group and the Beijing Urban Renewal Alliance, gathering nearly 80 experts and representatives from various sectors to discuss urban renewal [1]. - The forum featured keynote speeches and dialogues, emphasizing the integration of culture into urban renewal practices [1][2]. Group 2: Key Participants and Contributions - Keynote speaker Pan Gongkai, Dean of the Fudan University Institute of Art, delivered insights on new urban design concepts [2][3]. - Notable participants included leaders from various governmental and educational institutions, highlighting the collaborative nature of the event [2][4]. Group 3: Shoukai Group's Vision and Strategy - Shoukai Group aims to harmonize economic drivers with cultural value and social benefits in urban renewal projects, promoting a five-dimensional approach to cultural integration [3]. - The company plans to continue its role as a guardian of cultural heritage and a creator of cultural spaces, contributing to high-quality urban renewal efforts [3][5]. Group 4: Cultural Empowerment Insights - The forum underscored the importance of "cultural empowerment" as a key strategy to address spatial homogenization and invigorate community vitality in the context of urban development [4]. - Shoukai Group's approach involves a three-dimensional mechanism for cultural value transformation, focusing on urban revival, innovative governance, and active utilization [4]. Group 5: Future Directions - Shoukai Group intends to leverage the forum as a platform to enhance cultural benefits for the public and continue its role in connecting government, enterprises, and the public in urban renewal efforts [5].

Investment Rating - The investment rating for the real estate industry is "Positive" (maintained) [4] Core Viewpoints - Since September 2024, the central government's clear requirement has been to "stabilize the real estate market and the stock market" to boost social expectations and facilitate domestic demand circulation. The emphasis on building quality housing and high-quality residential projects is expected to lead to a development wave in this sector [5][51] - The report suggests focusing on real estate companies with strong land acquisition capabilities and product strength in core cities, as well as second-hand housing intermediaries and property management companies [5] Market Performance - The Shanghai Composite Index rose by 2.1%, the Shenzhen Component Index by 1.2%, the ChiNext Index by 0.5%, and the CSI 300 Index by 1.2%. The real estate sector (Shenwan) increased by 2.2% during the week [5][8] - The top five stocks in terms of growth were: Heimu Dan (+18.1%), *ST Rong Control (+16.7%), Yatong Co. (+14.9%), Huali Family (+13.5%), and Shangshi Development (+12.9%). The bottom five were: Zhujiang Co. (-6.8%), Haitai Development (-3.5%), *ST Jinke (-2.1%), Jintou Chengkai (-1.7%), and Hainan Airport (-1.0%) [5][8] Data Tracking New Housing Transactions - In the week of August 2-8, 2025, 42 key cities saw a total new housing transaction of 1.41 million square meters, a decrease of 31.2% week-on-week and a decrease of 19.2% year-on-year. The cumulative new housing transaction for August (up to the week of August 8) was 1.64 million square meters, down 11.2% month-on-month and down 22.3% year-on-year [5][15][22] - In the same week, first-tier cities accounted for 330,000 square meters, second-tier cities for 825,000 square meters, and third and fourth-tier cities for 259,000 square meters [15] Second-Hand Housing Transactions - In the week of August 2-8, 2025, 21 key cities recorded a total second-hand housing transaction of 1.72 million square meters, a decrease of 7.8% week-on-week and a decrease of 4.4% year-on-year. The cumulative second-hand housing transaction for August (up to the week of August 8) was 2.02 million square meters, down 5.8% month-on-month and down 3.2% year-on-year [5][33][37] Industry News - Beijing has canceled the purchase limit for properties outside the Fifth Ring Road and optimized the housing provident fund policy in four aspects: first home recognition, second home quota, accumulation speed, and down payment usage. Shanghai is promoting high-quality urban development through discussions on the "14th Five-Year Plan" [47] - The Jiangsu provincial government held a special meeting to promote consumption, focusing on stabilizing the real estate market and enhancing the supply of quality housing [47] - New regulations in Hunan Province limit the height of high-rise residential buildings to 26 floors and set a maximum floor area ratio of 3.1. Chengdu has introduced guidelines for quality housing design, while Suzhou has implemented new regulations for the self-renewal of private housing [47]

【1】广州启动2025年第二批保障性住房申购 近日，广州市住房保障办公室发布消息称，2025年第二批配售型保障性住房申购配售工作正式启动。此 次配售涉及黄埔区的萝岗和苑项目和白云区的嘉翠苑项目，共计提供1873套房源。 【4】保利发展7月签约额180.14亿元 近日，保利发展披露7月销售简报。简报显示，7月保利发展实现签约面积90.99万平方米，同比减少 37.23%；签约金额180.14亿元，同比减少28.85%。 具体来看，萝岗和苑项目提供2411套保障性住房，本次供应1763套，销售基准价为1.58万元/平方米，单 套销售价格约1.31万元/平方米至1.75万元/平方米。嘉翠苑项目提供400套保障性住房，本次供应110 套，销售基准价为1.73万元/平方米，单套销售价格约1.5万元/平方米至1.88万元/平方米。 【5】宝龙地产7月实现合约销售额5.82亿元 【2】招商蛇口7月签约销售额156.59亿元 近日，宝龙地产披露7月营运简报。简报显示，7月宝龙地产连同其附属公司合约销售额约为5.82亿元， 合约销售面积约为5.71万平方米。 北京商报记者 王寅浩 李晗 近日，招商蛇口披露7月销售简报。简报显示 ...