Core Points - Greenland Holdings experienced a stock price decline of 2.17% on September 25, trading at 1.80 CNY per share with a total market capitalization of 25.298 billion CNY [1] - The company has seen a year-to-date stock price drop of 14.29%, with a 9.09% decline over the last five trading days [1] Financial Performance - For the first half of 2025, Greenland Holdings reported a revenue of 94.689 billion CNY, a year-on-year decrease of 17.97%, and a net profit attributable to shareholders of -3.506 billion CNY, a significant decline of 1772.40% [2] - The company has not distributed any dividends in the last three years, with a total payout of 20.378 billion CNY since its A-share listing [3] Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 3.26% to 121,700, while the average circulating shares per person increased by 3.37% to 115,467 shares [2] - Notable institutional shareholders include Southern CSI 500 ETF and Hong Kong Central Clearing Limited, both of which increased their holdings compared to the previous period [3]

Investment Rating - The report suggests a positive outlook on the RWA (Real World Assets) sector, indicating significant potential for growth and investment opportunities in the tokenization of real estate and other assets [5][12]. Core Insights - RWA represents an upgrade of asset securitization through blockchain technology, allowing for the tokenization of both tangible and intangible assets, thus enhancing liquidity and providing new financing channels [12][13]. - The global on-chain RWA market reached approximately $26.65 billion as of August 26, 2025, with private credit and U.S. Treasury bonds being the primary assets tokenized [5][10]. - The report emphasizes that the real estate sector is poised to become a key application area for RWA, driven by its inherent asset value retention and expected cash flow [5][12]. Summary by Sections 1. Definition and Advantages of RWA - RWA allows for the tokenization of real-world assets, breaking down investment barriers and enhancing liquidity [12][17]. - The advantages of RWA include increased asset liquidity, lower investment thresholds, and enhanced transaction transparency [17][19]. 2. Development History and Market Scale - RWA has evolved from concept to market realization since 2017, entering a rapid expansion phase since 2023 [5][10]. - The total scale of global on-chain RWA has surpassed $26.65 billion, with significant growth in issuance volumes [10][12]. 3. Issuance Process and Regulatory Environment - The RWA issuance process involves asset selection, on-chain integration, issuance and trading, and ongoing management [5][18]. - Regulatory frameworks vary globally, with strict regulations in Europe and the U.S., while regions like Hong Kong adopt more flexible approaches [5][18]. 4. Tokenization of Real Estate - The report highlights the potential of RWA in real estate, suggesting it could reshape investment logic and open new financing avenues [5][12]. - Case studies, such as the tokenization of a commercial property in Hong Kong, illustrate the practical applications and benefits of RWA in real estate [5][12]. 5. Investment Recommendations - The report recommends focusing on companies with substantial real estate holdings that can leverage RWA projects to enhance liquidity and asset valuation [5][12]. - Companies with regulatory advantages are also highlighted as potential leaders in the RWA space [5][12].

Core Viewpoint - The resignation of Chen Jun, the Executive President of Greenland Holdings, highlights ongoing management instability amid significant financial losses, with the company struggling to recover from a downturn in the real estate and infrastructure sectors [3][6][8]. Management Changes - Chen Jun resigned due to personal reasons after being on leave for over two months, marking a significant leadership change as he is the second Executive President to leave this year, following Zhang Yun's retirement in May [3][6][9]. - The company appointed five new vice presidents to fill the leadership gap, indicating a restructuring effort within the management team [3][6]. Financial Performance - Greenland Holdings reported a revenue drop to 944.95 billion yuan in the first half of the year, a decrease of 18.06% year-on-year, falling below the 1 trillion yuan mark [8][9]. - The net profit attributable to shareholders was -35.06 billion yuan, reflecting a staggering year-on-year decline of 1772.4% [6][9]. - Cumulatively, the company has incurred losses exceeding 286 billion yuan over the past two and a half years, primarily due to slow project turnover and asset impairments [9]. Industry Context - The real estate and infrastructure sectors remain in a state of adjustment, contributing to the company's declining revenues as fewer projects are completed and recognized in income [8][9]. - Greenland Holdings is actively working to revive its real estate and infrastructure businesses while also exploring new avenues such as the export of electric vehicles, aiming for significant growth in this area [9].

Core Viewpoint - The resignation of Chen Jun, the Executive President of Greenland Holdings, highlights ongoing management instability amid significant financial losses for the company [1][4][6]. Management Changes - Chen Jun resigned due to personal reasons after being on leave for over two months, marking the second resignation of an executive president this year, following Zhang Yun's retirement in May [1][4][5]. - The company appointed five new vice presidents to replace Chen Jun, with their terms aligned with the current board [4][6]. Financial Performance - Greenland Holdings reported a revenue drop of 18.06% in the first half of the year, with total revenue falling below 100 billion yuan, amounting to 94.495 billion yuan [3][7]. - The net profit attributable to shareholders was -3.506 billion yuan, a staggering decline of 1772.4% year-on-year, contributing to a cumulative loss of over 28.6 billion yuan in the past two and a half years [3][8]. - The company attributed the revenue decline to a sluggish real estate and infrastructure market, with significant decreases in project turnover and related income [7][9]. Strategic Initiatives - Greenland Holdings is focusing on inventory reduction and improving market liquidity and cash flow to address its financial challenges [3][9]. - The company is also expanding into the electric vehicle export business, aiming to establish a platform for exporting 100,000 vehicles annually within three years [10].

Core Viewpoint - The company, Greenland Holdings Group Co., Ltd., is set to hold a half-year performance briefing on October 10, 2025, to discuss its operational results and financial status for the first half of 2025, allowing investors to engage in Q&A sessions [2][3][4]. Group 1: Meeting Details - The meeting will take place on October 10, 2025, from 10:00 to 11:00 AM [5]. - It will be held at the Shanghai Stock Exchange Roadshow Center, accessible online [4][5]. - The format of the meeting will be an interactive online session, enabling real-time communication with investors [3][4]. Group 2: Investor Participation - Investors can submit questions from September 25, 2025, to October 9, 2025, by visiting the Roadshow Center's website or through the company's email [6]. - The company will address commonly asked questions during the briefing [2][6]. - After the meeting, investors can review the session's key points and outcomes on the Roadshow Center's website [6].

（责任编辑：何潇） 【#昔日千亿房企博士高管辞任# 去年税前年薪约288万元元】9月19日晚间，绿地控股发布公告 称，执行总裁陈军因个人原因辞去职务，也不再担任公司其他职务。陈军是绿地控股的"老臣"之一，主 要负责大基建板块业务，其与耿靖、张蕴是董事长张玉良麾下的三位执行总裁。资料显示陈军出生于 1975年9月，博士研究生学历。今年7月，有市场传闻称陈军在公司内部"失联"。而后，绿地控股内部人 士对此辟谣。（每日经济新闻综合） ...

证券代码：600606 证券简称：绿地控股 公告编号：临 2025-040 关于召开 2025 年半年度业绩说明会的公告 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。 二、 说明会召开的时间、地点 绿地控股集团股份有限公司 重要内容提示： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 09 月 25 日 （星期四） 至 10 月 09 日 （星期四）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 ir@ldjt.com.cn 进行提问。公司将在说明会上对投资者普遍关注的问题进行回 答。 绿地控股集团股份有限公司（以下简称"公司"）已于 2025 年 8 月 27 日发 布公司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 2025 年半 年度经营成果、财务状况，公司计划于 2025 年 10 月 10 日（星期五）10:00-11:00 举行 2025 年半年度业绩说明会，就投资者关心的问题进行交流。 一 ...

又现重大人事变动！ 9月19日晚间，绿地控股（600606.SH，股价1.95元，市值274.06亿元）发布公告称，执行总裁陈军因个人原因辞去职务，也不再担任公司其他职务。 陈军是绿地控股的"老臣"之一，主要负责大基建板块业务，其与耿靖、张蕴是董事长张玉良麾下的三位执行总裁。 去年5月，陈军辞去了绿地香港（00337.HK，股价0.25港元，市值6.98亿港元）执行董事及董事局主席职务，仅在绿地担任执行总裁、大基建集团总裁职 务，除了陪同张玉良拜访地方政府高层，鲜少露面。 今年7月，有市场传闻称陈军在公司内部"失联"。而后，绿地控股内部人士对此辟谣，网络自媒体有关绿地控股执行总裁陈军疑似"失联"的信息不实，陈 军仍在公司正常履职，因个人家庭原因申请事假。 8月5日，陈军出现在绿地大基建集团专题工作会议上，坐在张玉良右侧参加会议，以实际行动再次回击市场谣言。 据绿地集团官微，这次会议强调学习贯彻中央政治局会议及中央城市工作会议精神，加快开创大基建产业新的发展局面，为绿地集团整体稳中向好提供有 力支撑。 《每日经济新闻》记者查询年报了解到，2020～2024年，陈军在绿地控股的税前薪酬分别是672.8万元、741 ...

Core Viewpoint - Greenland Holdings announced the resignation of Executive President Chen Jun due to personal reasons, marking a significant personnel change within the company [2][4]. Group 1: Personnel Changes - Chen Jun, a long-time executive responsible for the major infrastructure sector, has resigned and will no longer hold any positions within the company [2]. - The company has appointed five new vice presidents, all of whom have been with Greenland Group for many years [6]. - Among the new vice presidents, Ren Hu, Xue Minghui, and Jiang Wei will also serve as executive presidents of Greenland's major infrastructure group and general managers of various regional divisions [7]. Group 2: Company Performance - In the first half of this year, Greenland Holdings reported a total revenue of 94.5 billion yuan, with the real estate sector achieving a sales amount of 33.9 billion yuan, reflecting a year-on-year growth of 6.6% [5]. - The infrastructure sector generated a revenue of 43.3 billion yuan and signed new contracts worth 78 billion yuan, with several member enterprises exceeding their production targets [5]. Group 3: Background of Chen Jun - Chen Jun, born in September 1975, has held various significant positions within Greenland Group, including roles in real estate and major infrastructure [4]. - He previously resigned from his positions at Greenland Hong Kong in May last year but continued to serve as Executive President and President of the Major Infrastructure Group [4].

Group 1 - Greenland Group's subsidiary, Sanjia Port Greenland Habby Camp, officially opened in Shanghai's Pudong Sanjia Port International Resort on September 19, positioning itself as a new "parent-child and pet-friendly" tourism landmark in the Yangtze River Delta region [2] - The project aims to meet the demand for micro-vacation markets in suburban areas and accelerate the strategic transformation and upgrade of Greenland Group's tourism and hospitality industry under the "Cultural Tourism +" initiative [2] - The camp leverages existing facilities of the Sanjia Port International Resort, including three hotels with a total of 1,500 rooms, a large conference center, a children's playground, sports venues, and a pet-friendly park [2] Group 2 - The camp is strategically located near major attractions such as Shanghai Disneyland, Florence Outlet, and Jinqiao Economic Development Zone, approximately 10 minutes from Pudong International Airport and within an hour's drive from downtown Shanghai [2] - The first phase includes courtyard-style space capsules designed for families and pet owners, featuring dedicated activity areas and corresponding facilities [2] - Greenland Group plans to integrate elements such as intangible cultural heritage, wellness experiences, large theme festivals, and pet park operations into its "Cultural Tourism +" industry framework, contributing to the development of a world-class tourism destination in Pudong and supporting Shanghai's goal of becoming an international consumption center [3]