Core Viewpoint - Greenland Holdings is facing significant legal challenges and financial losses, with a total of 1,344 new lawsuits filed in a short period, reflecting ongoing operational and compliance risks in the real estate and infrastructure sectors [1][2][3]. Legal Challenges - From October 1 to 20, 2025, Greenland Holdings and its subsidiaries faced 1,344 new lawsuits, involving a total amount of 6.381 billion yuan [2]. - Among the new lawsuits, 1,278 cases involved Greenland Holdings as the defendant, totaling 5.894 billion yuan, with the majority related to construction and real estate disputes [2]. - The number of lawsuits has increased significantly over the years, with 6,998 cases and 29.824 billion yuan involved by mid-2025, indicating a growing legal burden [2]. Financial Performance - Greenland Holdings reported continuous losses over the past two and a half years, with net losses of 9.556 billion yuan in 2023, 15.55 billion yuan in 2024, and 3.506 billion yuan in the first half of 2025, totaling over 28.6 billion yuan [4][5]. - The company attributes its losses to market downturns, declining asset prices, and increased financial expenses due to reduced capitalization of interest [4]. Debt Pressure - As of mid-2025, Greenland Holdings had total liabilities of 936.9 billion yuan and an asset-liability ratio of 89.05%, indicating significant short-term repayment pressure and liquidity risks [5]. Strategic Response - To address its challenges, Greenland Holdings has implemented measures such as forming task forces and enhancing litigation management to resolve ongoing lawsuits [3]. - The company aims to stabilize its operations and improve its financial performance by focusing on asset management, project delivery, and exploring new business avenues, although these new ventures are still in early stages and not yet contributing significantly to revenue [5]. Market Confidence - There is a noted decline in market confidence regarding Greenland Holdings, with ongoing operational and financial challenges potentially impacting its future stability [6].

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [1] Core Views - The Fourth Plenary Session of the 20th Central Committee emphasizes promoting high-quality development in the real estate sector, despite a decline in sales data [6][13] - The report highlights a significant drop in both new and second-hand housing sales across major cities, indicating a challenging market environment [4][31] - The issuance of credit bonds by real estate companies has seen a substantial increase, suggesting a shift towards more stable financial practices among leading firms [5][6] Summary by Sections Weekly Market Review - The Shenwan Real Estate Index increased by 1.51%, while the CSI 300 Index rose by 3.24%, indicating underperformance of the real estate sector compared to the broader market [3][11] Industry Fundamentals - In the week of October 17-23, the total number of new homes sold in 38 key cities was 27,009 units, reflecting a year-on-year decrease of 14.6% and a month-on-month decrease of 1.7% [4][21] - The total transaction area for new homes was 2.773 million square meters, with a year-on-year decline of 18.9% [21] - For second-hand homes, 19,924 units were sold, down 17.5% year-on-year, with a total area of 192.6 million square meters sold [31] Land Market Analysis - Land supply increased significantly, with 27.053 million square meters supplied, a year-on-year growth of 89.7% [5] - The average land price was 1,731 yuan per square meter, up 4.3% year-on-year [5] Financing Analysis - Real estate companies issued a total of 22.255 billion yuan in credit bonds, marking a year-on-year increase of 197.93% and a month-on-month increase of 305.37% [5][6] Investment Recommendations - The report suggests focusing on financially stable leading real estate companies such as Yuexiu Property, China Merchants Shekou, and Poly Developments, which are better positioned to navigate market fluctuations [6] - Property management companies are also expected to benefit from a recovery in market demand, with recommendations to monitor firms like China Resources Land and Poly Property [6]

Core Viewpoint - The company is currently facing significant challenges in the real estate and infrastructure sectors, with a notable increase in litigation cases and a decline in project initiation and sales performance [8][11][15]. Group 1: Infrastructure Business Updates - In Q3 2025, the company reported new infrastructure projects, but specific details on the business and regional divisions were not disclosed [2]. - For the year-to-date (January to September 2025), the company also reported new infrastructure projects, with similar lack of detailed breakdown [2]. Group 2: Litigation Updates - From October 1 to 20, 2025, the company and its subsidiaries faced 1,344 new lawsuits, totaling 6.381 billion yuan [8][9]. - Of these, 1,278 cases involved the company as a defendant, amounting to 5.894 billion yuan, with the majority related to construction and real estate disputes [9]. - The company is actively addressing these legal challenges by forming specialized teams and enhancing oversight mechanisms to mitigate impacts on operations [11]. Group 3: Real Estate Business Performance - In Q3 2025, the company did not initiate any new real estate projects and reported a 31.18% decrease in completed project area compared to the same period last year [15]. - Year-to-date, the company completed 49.1 million square meters of new construction, a 55.44% decrease year-on-year, and 381.4 million square meters of completed projects, down 41.67% [15]. - Contract sales in Q3 2025 were 1.643 million square meters, a 7.96% decrease, with sales revenue of 13.745 billion yuan, down 16.30% [16]. Group 4: Real Estate Operations - As of September 2025, the company had a rental property area of 3.9413 million square meters with an occupancy rate of 84.87%, and hotel occupancy was at 45.64% [18]. - Rental income for the first nine months of 2025 was approximately 908.39 million yuan, while hotel operations generated about 669.63 million yuan [18].

中国经济网北京10月24日讯 绿地控股(600606.SH)昨日发布关于公司及控股子公司新增诉讼的公 告。公司及控股子公司在2025年10月1日至20日新增诉讼1344件，累计金额63.81亿元。具体情况如 下： 1.被诉事项情况 2025年10月1日至20日，公司及控股子公司作为被告的诉讼事项共有1278件，累计金额58.94亿 元。按诉讼类别划分：建设工程施工/采购诉讼纠纷502件，金额14.91亿元；房地产买卖/租赁诉讼纠纷 522件，金额5.81亿元；其他诉讼纠纷254件，金额38.22亿元。 2.主诉事项情况 2025年10月1日至20日，公司及控股子公司作为原告的诉讼事项共有66件，累计金额4.87亿元。 按诉讼类别划分：建设工程施工/采购诉讼纠纷33件，金额4.59亿元；房地产买卖/租赁诉讼纠纷13件， 金额0.18亿元；其他诉讼纠纷20件，金额0.10亿元。 绿地控股表示，截至目前，公司所处的房地产及基建行业依旧处于调整周期，公司及控股子公司所 涉及的相关诉讼事项仍面临较大压力。对此，公司高度重视，把诉讼化解工作摆在重要位置，采取组建 工作专班、实施领导包案、强化督办考核、完善重大诉讼化解机制 ...

Core Insights - Greenland Holdings (600606) reported a decline in real estate operations for Q3 2025, with no new projects initiated during the period [2] - The company experienced a significant drop in construction and sales metrics compared to the previous year [2] Group 1: Operational Performance - In Q3 2025, the company completed a construction area of 1.576 million square meters, a year-on-year decrease of 31.18% [2] - The contract sales area for the same period was 1.643 million square meters, down 7.96% year-on-year [2] - The sales amount for Q3 2025 was 13.745 billion yuan, reflecting a year-on-year decline of 16.30% [2] Group 2: Year-to-Date Performance - From January to September 2025, the new construction area was 491,000 square meters, a significant decrease of 55.44% year-on-year [2] - The total area completed and recorded for the same period was 3.814 million square meters, down 41.67% year-on-year [2] - The contract sales area for the first nine months was 5.374 million square meters, showing an increase of 13.04% year-on-year [2] - The total sales amount for the first three quarters was 47.64 billion yuan, a slight decline of 1.28% year-on-year [2] Group 3: Property Management - As of the end of September 2025, the company had a rental property area of 3.9413 million square meters, with an occupancy rate of 84.87% [2] - The company operates 7,460 hotel rooms, with an occupancy rate of 45.64% [2]

Core Points - The average stock price of A-shares is 13.64 yuan, with 23 stocks priced below 2 yuan, the lowest being *ST Gao Hong at 0.38 yuan [1] - Among the low-priced stocks, 10 are ST stocks, accounting for 43.48% of the total [1] - The Shanghai Composite Index closed at 3922.41 points as of October 23 [1] Low-Priced Stocks Summary - The lowest priced stock is *ST Gao Hong at 0.38 yuan, followed by *ST Su Wu at 1.01 yuan and *ST Yuan Cheng at 1.05 yuan [1] - Among the low-priced stocks, 11 increased in price today, with ST Lingnan leading at 5.26% [1] - The stocks that decreased include *ST Yuan Cheng with a drop of 4.55% [1] Stock Performance Data - The table lists various low-priced stocks with their latest closing prices, daily change percentages, turnover rates, and industry classifications [1] - Notable performers include *ST Su Wu with a daily increase of 5.21% and *ST Lingnan with 5.26% [1] - Stocks like *ST Yuan Cheng and Rongsheng Development experienced declines of 4.55% and 2.34% respectively [1]

Core Insights - Greenland Holdings (600606.SH) reported a decrease in contract sales area and amount for Q3 2025 compared to the same period last year [1] - For the first nine months of 2025, the company experienced an increase in contract sales area but a slight decrease in contract sales amount compared to the previous year [1] Summary by Categories Q3 2025 Performance - The company achieved a contract sales area of 1.643 million square meters, a decrease of 7.96% year-on-year [1] - The contract sales amount reached 13.745 billion yuan, a decrease of 16.30% year-on-year [1] Year-to-Date Performance (Jan-Sep 2025) - The company reported a contract sales area of 5.374 million square meters, an increase of 13.04% year-on-year [1] - The contract sales amount totaled 47.64 billion yuan, a decrease of 1.28% year-on-year [1]

智通财经APP讯，绿地控股(600606.SH)发布公告，2025年7-9月，公司实现合同销售面积164.3万平方 米，比去年同期减少7.96%;实现合同销售金额137.45亿元，比去年同期减少16.30%。2025年1-9月，公 司实现合同销售面积537.4万平方米，比去年同期增长13.04%;实现合同销售金额476.4亿元，比去年同期 减少1.28%。 ...

Group 1: Company Performance - In Q3 2025, the company had no new construction projects and completed a construction area of 1.576 million square meters, a decrease of 31.18% compared to the same period last year [1] - For the first nine months of 2025, the company completed new construction area of 0.491 million square meters, a decrease of 55.44% year-on-year, and a total completed construction area of 3.814 million square meters, down 41.67% from the previous year [1] - In Q3 2025, the company achieved a contract sales area of 1.643 million square meters, a decrease of 7.96% year-on-year, with a contract sales amount of 13.745 billion yuan, down 16.30% [1] - For the first nine months of 2025, the company reported a contract sales area of 5.374 million square meters, an increase of 13.04% year-on-year, while the contract sales amount was 47.64 billion yuan, a decrease of 1.28% [1] Group 2: Project and Land Reserves - In Q3 2025, the company had no new real estate projects, but in the first nine months, it added three new real estate project reserves, covering a land area of 116,400 square meters, with an equity land area of 77,700 square meters [1] - The company reported a total construction area of 199,800 square meters for these new projects, with an equity construction area of 105,200 square meters [1] Group 3: Rental and Hotel Operations - As of the end of September 2025, the company had a rental property area of 3.9413 million square meters, with an occupancy rate of 84.87% [2] - The company operated 7,460 hotel rooms with an occupancy rate of 45.64% [2] - For the first nine months of 2025, the rental income from properties was 908.39 million yuan, while hotel operations generated revenue of 669.63 million yuan [2]

证券代码：600606 证券简称：绿地控股 编号：临 2025-043 绿地控股集团股份有限公司 2025 年第三季度基建业务经营情况简报 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。 新增项目情况 （一）第三季度 2025 年 7-9 月，公司基建业务新增项目情况如下: 1、业务分部 | 细分行业 | 房屋建设 | 基建工程 | 其他 | 总计 | | --- | --- | --- | --- | --- | | 项目数（个） | 248 | 128 | 144 | 520 | | 总金额（万元） | 1,195,964 | 487,408 | 547,732 | 2,231,104 | | 总金额同比增减（%） | -23.80 | -30.71 | 25.28 | -17.67 | 2、地区分部 | 项目地区 | 境内 | 境外 | 总计 | | --- | --- | --- | --- | | 项目数（个） | 512 | 8 | 520 | | 总金额（万元） | 2,185,467 | 45,637 | 2, ...