Core Viewpoint - The real estate industry is undergoing a deep adjustment phase, with debt risks not fully resolved and a continued pressured financing environment. Beijing Capital Development Co., Ltd. (首开股份) successfully issued its first medium-term note for 2026, amounting to 2.1 billion yuan, setting a record for the highest issuance in the industry since December 2025, exemplifying the resilience of state-owned enterprises in financing [1][3]. Group 1 - The issuance of the medium-term note was 2.1 billion yuan, with a record high since December 2025 in the industry [1][3]. - The note included a dual-term structure: 600 million yuan with a 3.30% interest rate for a 2+2+2 year term, and 1.5 billion yuan with a 3.40% interest rate for a 3+2+2 year term, indicating strong market demand [2]. - The successful issuance reflects the company's strong credit quality and the capital market's recognition of its long-term development value, highlighting the core attractiveness of state-owned enterprises in long-term funding [2][3]. Group 2 - The company has maintained a focus on cash flow safety, actively reducing interest-bearing debt and financing costs, while ensuring smooth financing channels during a tightening industry environment [3]. - The successful issuance of the 2.1 billion yuan medium-term note not only provides certainty in funding for the company's operations but also sends a positive signal to the market, supporting the improvement of the financing environment and restoring confidence in the industry [3].

Core Viewpoint - The real estate sector continues to face widespread losses, with most listed companies in the A-share market reporting varying degrees of deficit for 2025, except for the leading company, Poly Developments [2][3]. Group 1: Company Performance - Among the 27 listed real estate companies that have released performance forecasts, only Poly Developments reported a positive net profit of approximately 1.03 billion yuan, while the total losses of the other companies ranged from 47.546 billion to 62.464 billion yuan [3]. - Poly Developments experienced a revenue decline of 1.09% year-on-year, with a net profit drop of 79.49% due to decreased gross profit margins and anticipated asset impairment losses of about 6.9 billion yuan [3]. - Other companies, such as China Fortune Land Development, are projected to incur losses of 16 billion to 24 billion yuan for 2025, with net assets expected to decline by 10 billion to 15 billion yuan [4]. Group 2: Industry Challenges - The real estate sector has been struggling with significant losses since 2022, attributed to factors such as low-profit project settlements, increased impairment provisions, and rising interest expenses [6]. - The sales volume of commercial housing is expected to decline by 12.6% year-on-year in 2025, indicating ongoing market challenges [7]. - The real estate development prosperity index has been on a downward trend, reaching 91.45 by December 2025, reflecting a sluggish economic activity in the sector [7]. Group 3: Future Outlook - Analysts suggest that the adjustment cycle in the real estate market may be nearing its end by 2026, with potential growth in the high-quality residential market driven by policy support and demand structure upgrades [8]. - Companies facing significant losses must manage their market value and ensure compliance with financial reporting to avoid delisting risks, which could arise from continuous losses or failure to meet revenue thresholds [9].

Core Viewpoint - The stock of Shouke Co., Ltd. has experienced a decline of 14.67% year-to-date, with a notable drop of 2.08% on January 15, 2025, indicating potential challenges in the real estate market [1]. Group 1: Stock Performance - As of January 15, 2025, Shouke's stock price is reported at 5.64 CNY per share, with a total market capitalization of 14.549 billion CNY [1]. - The stock has seen a trading volume of 346 million CNY, with a turnover rate of 2.34% [1]. - Over the past five trading days, the stock has decreased by 9.32%, while it has increased by 11.68% over the last 20 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Shouke achieved a revenue of 23.186 billion CNY, reflecting a year-on-year growth of 60.31% [2]. - The company reported a net profit attributable to shareholders of -3.105 billion CNY, which is a 27.51% increase compared to the previous year [2]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Shouke has increased by 382.93% to 194,300 [2]. - The average number of circulating shares per shareholder has decreased by 79.29% to 13,279 shares [2]. - The company has distributed a total of 8.970 billion CNY in dividends since its A-share listing, with 258 million CNY distributed over the last three years [3].

Group 1 - In December 2025, the company achieved a contracted area of 164,900 square meters and a contracted amount of 1.856 billion yuan [1] - From January to December 2025, the company achieved a total contracted area of 1,257,200 square meters and a total contracted amount of 17.845 billion yuan [1]

Group 1 - Hangxiao Steel Structure announced that it does not have a "commercial aerospace" business, with its main operations focused on steel structure contracting and related services, and a recent project contributing less than 1% to its 2024 audited revenue [1] - Tianlong Group stated that it has not generated additional revenue from AI tools, which are currently used internally for advertising content creation, and that the overall business operations remain unaffected [1] - Wanxing Technology confirmed that there are no undisclosed significant matters affecting its operations, and its business environment remains stable [2] Group 2 - Yaxing Chemical announced the termination of a share issuance and cash purchase of assets due to market changes and disagreements on asset valuation [2] - Zhejiang Shuculture clarified that its subsidiaries do not engage in GEO business, which has been misreported by media [2] - Luxshare Precision terminated the acquisition of assets from Wintime Technology due to delivery restrictions, with a request for the return of 1.53 billion RMB [3] Group 3 - Jinyu Group reported that its subsidiaries' revenues from specific projects are minimal compared to its overall revenue, with a small contribution from recent contracts [4] - Tongyu Communication highlighted that its stock price has significantly outpaced its fundamentals, indicating potential risks of a price correction [4] - Dongfang Mingzhu noted that the listing process for its investment in Chaoguhuan has uncertainties but currently does not impact its performance [5] Group 4 - Luyin Investment warned of risks associated with its stock price surge, which has increased by 86.92% over the last ten trading days [5] - Puyuan Information stated that its AI software platform is in the early commercialization stage, with limited revenue impact expected [6] - Zhejiang Wenhu Intermediary reported that its GEO business has not yet generated revenue, reflecting uncertainties in market acceptance [6] Group 5 - Xinhua News confirmed that its GEO business lacks a mature profit model and has not generated income [7] - People's Daily stated that it does not engage in GEO business and has not been affected by market rumors [7] - China First Heavy Industries reported minimal involvement in controllable nuclear fusion projects, with no significant revenue generated [8] Group 6 - Xibu Mining announced an increase in copper resources at the Yulong Copper Mine, adding 131.42 million tons of copper metal resources [8] - Jiurui New Materials commenced trial production of a new photoinitiator project, expected to cater to mainstream markets [9] - Tongda Sea indicated that AI-related revenue is low and does not significantly impact overall business performance [10] Group 7 - Zhenai Meijia's stock price has deviated significantly from market indices, prompting caution for investors [11] - Guizhou Moutai approved a new marketing strategy to enhance its sales channels and adapt to consumer demands [12] - Shunhao Co. plans to increase its stake in a subsidiary, reflecting confidence in future business prospects [14] Group 8 - A number of companies, including TCL Technology and Dazhu CNC, forecast significant profit increases for 2025, driven by operational improvements and market demand [19][22] - Long Cable Technology expects a profit increase due to changes in its employee stock plan and market conditions [22] - Jiangsu Electric Power reported a profit increase attributed to higher sales and reduced financial costs [29]

Group 1 - Shoukai Co. achieved a signed area of 125.72 million square meters and a signed amount of 17.845 billion yuan in 2025 [1] - Tongda Hai expects a net loss for the year 2025 [2] - Jiuri New Materials' subsidiary has entered the trial production phase for a project with an annual capacity of 350 tons of hydroxy ketone [3] Group 2 - Jixin Technology's shareholder plans to reduce their stake by up to 1% [4] - Fulai New Materials received approval from the CSRC for a stock issuance [5] - Yaqi International plans to sign a strategic cooperation framework agreement with Zhongnong Holdings [6] Group 3 - Sanwei Co.'s controlling shareholder plans to transfer up to 5.10% of shares [7] - Lekai Film's subsidiary plans to invest 97.6675 million yuan in a TAC functional film production line [8] - China Power Construction's subsidiary signed two major contracts totaling approximately 15.589 billion yuan [9] Group 4 - Shunhao Co. plans to increase its investment in a subsidiary by 74.98 million yuan [10] - Jieneng Wind Power reported a cumulative power generation of 12.417 billion kWh in 2025, a year-on-year increase of 1.43% [11] - Zhongjian Technology's H-share issuance application has been accepted by the CSRC [12] Group 5 - Hendi Pharmaceutical expects a net profit decrease of 57.4% to 66.14% in 2025 [13] - Haopeng Technology anticipates a net profit increase of 113.69% to 141.09% in 2025 [14] - Lingang Co. expects a net loss of 1.45 billion to 1.67 billion yuan in 2025 [15] Group 6 - Chuan Investment Energy reported a cumulative power generation of 6.627 billion kWh in 2025, a year-on-year increase of 13.85% [16] - Tengyuan Cobalt expects a net profit increase of 50.02% to 69.87% in 2025 [17] - Huazhi Jie plans to repurchase shares worth 30 million to 50 million yuan [18] Group 7 - Opto has won a bid for a 120 million yuan project from GoerTek [19] - Shanghai Construction reported a new contract amount of 252.942 billion yuan in 2025, a year-on-year decrease of 34.98% [20] - Hangfa Control expects a net profit decrease of 52.02% to 58.02% in 2025 [22] Group 8 - Shimao Energy is planning a change in control and will continue to suspend trading [23] - Shenwan Hongyuan Securities received approval for a bond issuance of up to 60 billion yuan [24] - Jingjiawei signed a strategic cooperation letter of intent with Jing'an Technology [25] Group 9 - Pianzaihuang completed the first subject enrollment for a clinical trial of a new drug [26] - Placo's subsidiary received a new veterinary drug registration certificate [27] - Zhongli Co. plans to reduce its stake by up to 0.75% [28] Group 10 - Solar Energy received renewable energy subsidies of 3.318 billion yuan in 2025, a year-on-year increase of 142.9% [29] - Palm Co. has filed a lawsuit to recover 144 million yuan in project payments [30][31] - Yongjin Co. plans to invest 2.658 billion yuan in a new stainless steel project [32] Group 11 - BAIC Blue Valley plans to increase its stake by 14.5 million to 16.4 million yuan [33] - Lingyun Light's stock issuance application has been approved by the CSRC [34] - Hongbo New Materials expects a net loss in 2025 [35] Group 12 - Shanghai Pharmaceuticals received approval for the listing of a new antifungal drug [36] - Changjiang Electric reported a net profit of 34.167 billion yuan in 2025, a year-on-year increase of 5.14% [37] - Weilan Bio received a new veterinary drug registration certificate [38] Group 13 - Pingzhi Information's subsidiary is expected to win a procurement project worth approximately 37.5884 million yuan [39]

Core Viewpoint - The sales report for December 2025 from Shoukai Co., Ltd. indicates a total signed amount of 1.856 billion yuan and a signed area of 164,900 square meters [1] Group 1: Sales Performance - In December 2025, Shoukai Co., Ltd. achieved a signed amount of 1.218 billion yuan and a signed area of 71,700 square meters through its own projects and subsidiaries [1] - The cooperative projects of Shoukai Co., Ltd. resulted in a signed area of 93,200 square meters and a signed amount of 638 million yuan [1]

Core Viewpoint - The company, Shoukai Co., Ltd. (stock code: 600376.SH), reported significant contract signing achievements for the year 2025, indicating strong performance in the real estate sector [1] Group 1: Contract Signing Performance - In December 2025, the company achieved a total signed area of 164,900 square meters and a signed amount of 1.856 billion yuan [1] - The company and its subsidiaries realized a signed area of 71,700 square meters (including underground parking, etc.) with a signed amount of 1.218 billion yuan [1] - The company's cooperative projects achieved a signed area of 93,200 square meters (including underground parking, etc.) with a signed amount of 638 million yuan [1] Group 2: Annual Performance Summary - For the entire year of 2025, the company achieved a total signed area of 1,257,200 square meters and a signed amount of 17.845 billion yuan [1]

Core Viewpoint - The company, Shoukai Co., Ltd. (stock code: 600376.SH), reported significant contract signing achievements for the year 2025, indicating strong performance in the real estate sector [1] Group 1: Contract Signing Performance - In December 2025, the company achieved a total signed area of 164,900 square meters and a signed amount of 1.856 billion yuan [1] - The company and its subsidiaries realized a signed area of 71,700 square meters (including underground parking, etc.) with a signed amount of 1.218 billion yuan [1] - The company's cooperative projects achieved a signed area of 93,200 square meters (including underground parking, etc.) with a signed amount of 638 million yuan [1] Group 2: Annual Performance Summary - For the entire year of 2025, the company achieved a total signed area of 1,257,200 square meters and a signed amount of 17.845 billion yuan [1]

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。 2025 年 12 月，北京首都开发股份有限公司（以下简称"公司"）共实现签 约面积 16.49 万平方米、签约金额 18.56 亿元。其中： 1）公司及控股子公司共实现签约面积 7.17 万平方米（含地下车库等）,签 约金额 12.18 亿元。 2）公司合作项目共实现签约面积 9.32 万平方米（含地下车库等）,签约金 额 6.38 亿元。 2025 年 1-12 月，公司共实现签约面积 125.72 万平方米、签约金额 178.45 亿元。 证券代码：600376 证券简称：首开股份 公告编号：临 2026-003 北京首都开发股份有限公司 2025 年 12 月份销售情况简报 由于销售过程中存在各种不确定性，上述销售数据可能与定期报告披露的数 据存在差异，相关阶段性数据仅供投资者参考。 自发布 2025 年 11 月销售简报以来，公司没有新增土地储备。 特此公告。 北京首都开发股份有限公司董事会 2026 年 1 月 13 日 ...