中国经济网北京1月12日讯 绿地控股(600606.SH)近日披露2025年年度业绩预告。 经财务部门初步测算，绿地控股预计2025年年度实现归属于母公司所有者的净利润-190亿元到-160亿 元；预计2025年年度实现归属于母公司所有者的扣除非经常性损益后的净利润-189.5亿元到-159亿元。 本期业绩预告未经注册会计师审计。 就本期业绩预亏的主要原因，绿地控股解释称，主要原因包括：第一，受资产价格持续下行、公司加大 促销去化力度、部分项目开发周期延长等多种因素的影响，基于谨慎性原则，公司对存在风险的存货拟 计提减值准备；第二，由于市场有效需求不足、社会预期偏弱，公司房地产业的结转规模、基建产业的 营收规模同比均有较大幅度的下降，公司房地产业结转毛利率也同比下降，导致业绩进一步承压；第 三，房地产项目利息资本化减少，计入当期财务费用的利息支出增加。 2023年和2024年，绿地控股实现归属于母公司所有者的净利润分别为-95.56亿元和-155.52亿元；实现归 属于母公司所有者的扣除非经常性损益的净利润分别为-102.38亿元和-136.86亿元。 (责任编辑：马欣) ...

Policy News - The State Council held a meeting on January 9 to implement a package policy for fiscal and financial coordination to boost domestic demand, emphasizing the need to guide social capital in promoting consumption and expanding investment, particularly in supporting resident consumption upgrades and private investment development [1] - The People's Bank of China emphasized the continuation of moderately loose monetary policy during its 2026 work meeting, aiming to support stable growth in the real economy and financial market, while also addressing financial risks in key areas [1] - Recent adjustments to the real estate financing coordination mechanism allow projects on the "white list" to extend loans for up to five years, compared to the previous maximum of two and a half years [1] Market News - In 2025, the total land transfer fees for residential land in 300 cities decreased by 10.6% year-on-year, with a total of 2.3 trillion yuan, and the planned building area for residential land transactions fell by 13.5% to 620 million square meters [4] - The top 20 cities accounted for 52% of the national residential land transfer fees, indicating a concentration of land acquisition by major enterprises in core cities [4] Real Estate Company News - Vanke announced that Yu Liang has retired due to age, resigning from his positions as director and executive vice president, with no impact on the board's operation [8] - Country Garden's four bonds resumed trading on January 9 after early cash repayment was completed on December 26, 2025 [12] - Sunac China reported three new overdue debts totaling approximately 640 million yuan, with the main reasons being unpaid principal [13] - R&F Properties disclosed that as of November 30, 2025, the total overdue debt reached 38.7 billion yuan, primarily due to various financial obligations not being repaid [14] - Several real estate companies reported their 2025 sales performance, with Poly Developments achieving a signed sales amount of 253.03 billion yuan and China Overseas Development reaching 251.23 billion yuan [15]

Core Viewpoint - Greenland Holdings (600606.SH) expects to report a net loss attributable to shareholders of the parent company ranging from -19 billion to -16 billion yuan for the year 2025, with a similar range for net profit after deducting non-recurring gains and losses, indicating continued financial struggles for the company [1] Group 1: Financial Projections - The company anticipates a net loss of -19 billion to -16 billion yuan for 2025 [1] - The expected net profit after deducting non-recurring gains and losses is projected to be between -18.95 billion and -15.9 billion yuan [1] Group 2: Reasons for Continued Losses - The ongoing decline in asset prices, increased promotional efforts to accelerate sales, and extended project development cycles are contributing factors to the anticipated losses [1] - A significant decrease in the revenue scale of both the real estate and infrastructure sectors is expected due to insufficient market demand and weak social expectations, leading to a further decline in performance [1] - The reduction in interest capitalization for real estate projects has resulted in increased interest expenses recorded in the current financial period [1]

Core Viewpoint - Greenland Holdings is facing significant operational challenges, with projected net losses for 2025 expected to be between -190 billion and -160 billion yuan, compared to -155.52 billion yuan in the previous year [1][2] Financial Performance - The company anticipates a net profit loss of 160 billion to 190 billion yuan for 2025, with a non-recurring net profit loss estimated at 159 billion to 189.5 billion yuan, indicating an expanded loss compared to the previous year [2] - As of September 2025, Greenland Holdings reported total liabilities of 943.1 billion yuan, with over a thousand ongoing lawsuits [1][4] Operational Challenges - The decline in asset prices and increased project liquidation pressure have led to significant impairment provisions for inventory, contributing to the expected losses [2] - The real estate sector is experiencing a "volume up, price down" trend, with contract sales area increasing by 21.9% to 7.972 million square meters, while sales revenue grew by only 6.53% to 68.099 billion yuan, indicating a clear strategy of price concessions [2][3] Business Strategy - The company has shifted focus towards revitalizing existing assets, with only three new real estate projects added in 2025, covering a land area of 116,400 square meters [3] - The infrastructure business, while showing some resilience, is also under pressure, with total cash collections of 84.9 billion yuan in the first three quarters of 2025, and a significant decline in new project contracts [3] Debt Management - To alleviate financial pressure, Greenland Holdings is implementing debt restructuring and organizational adjustments, with total liabilities reaching 943.1 billion yuan and a cash balance of only 14.946 billion yuan as of September 2025 [4] - The company has initiated an overseas debt reduction plan, aiming to repurchase approximately 1.34 billion USD of bonds at a significant discount [4] Legal Issues - The number of lawsuits involving the company has doubled from 2022 to the first half of 2025, with ongoing cases increasing to 2,777 by September 2025, involving over 10 billion yuan [5] - The company is actively working to resolve these legal issues through specialized task forces and has set clear objectives to reduce the number and financial impact of lawsuits [5] New Business Ventures - In parallel with its traditional business contraction, Greenland Holdings is pursuing a "second entrepreneurship" strategy by entering new sectors such as the export of new energy vehicles, leveraging overseas resources and partnerships [6] - However, the development of these new business lines is expected to take time and is unlikely to significantly impact financial performance in the short term [6]

Core Viewpoint - Greenland Holdings (600606) is facing significant operational challenges, with projected net losses for 2025 expected to be between -19 billion to -16 billion yuan, compared to -15.55 billion yuan in the previous year, primarily due to declining asset prices, reduced revenue from real estate and infrastructure, and increased financial costs [1][2]. Financial Performance - The company anticipates a net profit loss of 160 billion to 190 billion yuan for 2025, with a non-recurring net profit loss expected to be between 159 billion to 189.5 billion yuan, indicating an expanded loss compared to the previous year [2]. - As of September 2025, total liabilities reached 943.1 billion yuan, with over a thousand ongoing lawsuits, highlighting the financial strain the company is under [1][4]. Business Operations - Greenland Holdings has shifted focus towards managing existing assets, with only three new real estate projects added in 2025, covering a land area of 116,400 square meters [3]. - The company reported a contract sales area of 7.972 million square meters in 2025, a year-on-year increase of 21.9%, but the sales revenue growth of 6.53% was significantly lower than the sales area growth, indicating a strategy of price reductions to stimulate sales [2][3]. Debt and Legal Issues - The company is under immense short-term debt pressure, with 1 billion yuan of borrowings due within a year and a cash balance of only 14.946 billion yuan, leading to an asset-liability ratio of 89.52% [4]. - The number of lawsuits involving the company has doubled from 3,655 cases in 2022 to 6,998 cases by mid-2025, with the total amount in dispute increasing from 19.324 billion yuan to 29.824 billion yuan [5]. Strategic Adjustments - To alleviate financial pressure, the company is implementing debt restructuring and organizational adjustments, including a plan to repurchase approximately 1.34 billion USD of debt at a significant discount [4]. - Greenland Holdings is also pursuing a "second entrepreneurship" strategy by exploring new business avenues, such as partnerships in the electric vehicle export sector, although these new ventures are not expected to contribute significantly to performance in the short term [6].

Macro Economy - The State Council has deployed a package policy for fiscal and financial coordination to promote domestic demand, emphasizing the importance of effective demand expansion and innovative macro-control measures [2] - The National Business Work Conference highlighted the need to accelerate the cultivation of new growth points in service consumption and optimize the implementation of the old-for-new consumption policy [3] - The Ministry of Finance and the State Taxation Administration announced the cancellation of VAT export tax rebates for photovoltaic products starting April 1, 2026, and a reduction in the VAT export tax rebate rate for battery products from 9% to 6% until the end of 2026 [4] Capital Market - The China Securities Regulatory Commission has significantly increased the rewards for whistleblowers reporting violations in the securities and futures markets, with the maximum reward rising to 1 million yuan for major cases [10] - The Shanghai Stock Exchange issued over 130 disciplinary penalties for information disclosure violations in 2025, with a focus on financial fraud and serious violations leading to delisting [11] Industry Dynamics - The first successful flight of the "Tianma-1000" unmanned transport aircraft was reported, which is designed for logistics transport and emergency rescue, showcasing its capabilities in complex terrains [16] - New Jian Transmission, a first-tier supplier for humanoid robots, has initiated its IPO process, indicating strong industry interest due to its connection with Tesla's Optimus supply chain [17] - The domestic first 3D-printed aviation engine has completed its flight test, marking a significant milestone in China's aerospace technology [30] Company News - Tianpu Co., Ltd. is under formal investigation for significant disclosure omissions, raising concerns about its market conduct [33] - Guizhou's Green Land Holdings has projected a net loss of 16 billion to 19 billion yuan for 2025, attributed to declining asset prices and increased promotional efforts [36] - The stock of Guozheng Technology is set to resume trading after a suspension due to abnormal price fluctuations, with an expected net loss for the fiscal year [39]

Group 1 - The State Council of China is implementing a package policy to promote domestic demand through fiscal and financial collaboration, focusing on enhancing consumer capacity and supporting private investment [1] - The Ministry of Finance and the State Taxation Administration announced the cancellation of the export VAT rebate for photovoltaic products starting April 1, 2026, which is expected to help stabilize foreign market prices and reduce trade friction risks [1] - The State Administration for Market Regulation is conducting an investigation into the competitive status of the food delivery service industry, with major platforms like Meituan and JD Express expressing their willingness to cooperate [1] Group 2 - Baogang Co. announced an adjustment in the related transaction price for rare earth concentrate to 26,834 yuan per ton (excluding tax), reflecting a 2.4% increase from the previous quarter [3] - The company Tongfu Microelectronics plans to raise no more than 4.4 billion yuan through a private placement [3] - Zhongchao Technology expects a net profit increase of 149.61% to 196.88% year-on-year for 2025 [3]

Market Performance - On January 9, 2026, the A-share market saw all three major indices close higher, with the Shanghai Composite Index at 4120.43 points, up 0.92%, the Shenzhen Component Index at 14120.15 points, up 1.15%, and the ChiNext Index at 3327.81 points, up 0.77%. Over 3900 stocks rose, with a total trading volume of 3.12 trillion yuan, an increase of 320 billion yuan from the previous trading day [1] - The Hong Kong stock market experienced fluctuations but closed higher, with the Hang Seng Index rising 0.32% to 26231.79 points and a total trading volume of 245.13 billion HKD. For the week, the Hang Seng Index fell 0.41% [1] - In the US market, the Dow Jones increased by 0.61% to 47716.42 points, the S&P 500 rose by 0.54% to 6849.09 points, and the Nasdaq Composite gained 0.65% to 23365.69 points [1] Regulatory Developments - The China Securities Regulatory Commission (CSRC) has significantly increased the rewards for whistleblowers reporting securities and futures violations, raising the reward percentage from 1% to 3% of the penalties collected. The maximum reward for providing major violation leads has been increased from 100,000 yuan to 500,000 yuan, with cases of significant national impact or involving internal informants eligible for rewards up to 1 million yuan [1] - The CSRC has initiated an investigation into Ningbo Tianpu Rubber Technology Co., Ltd. for significant omissions in their announcements regarding abnormal stock price fluctuations, aiming to maintain market stability [3] - The State Council, led by Premier Li Qiang, emphasized the need for coordinated fiscal and financial policies to stimulate domestic demand, including measures to enhance consumer spending and support private investment through various financial incentives [4]

Group 1: Real Estate Project Construction and Completion - In Q4 2025, the company commenced new projects covering 94,000 square meters, a decrease of 33.33% year-on-year; completed project registration area was 2.099 million square meters, down 50.39% year-on-year [2] - For the full year 2025, the company completed new construction area of 585,000 square meters, a decrease of 52.90% year-on-year; completed project registration area was 5.913 million square meters, down 45.10% year-on-year [2] Group 2: Real Estate Project Sales - In Q4 2025, the company achieved a contract sales area of 2.598 million square meters, an increase of 45.46% year-on-year; contract sales amount reached 20.459 billion yuan, up 30.58% year-on-year [3] - For the full year 2025, the company realized a contract sales area of 7.972 million square meters, an increase of 21.90% year-on-year; contract sales amount was 68.099 billion yuan, up 6.53% year-on-year [3] Group 3: Real Estate Project Reserve - In Q4 2025, the company had no new real estate projects [4] - For the full year 2025, the company added 3 new real estate projects with a land area of 116,400 square meters, of which the equity land area was 77,700 square meters; the planned construction area was 199,800 square meters, with an equity planned construction area of 105,200 square meters [4] Group 4: Real Estate Operations - As of the end of December 2025, the company had a rental property area of 4.0901 million square meters, with an occupancy rate of 81.56%; the hotel had 7,176 rooms with an occupancy rate of 45.81% [5] - In 2025, the company generated rental income of 1.27583 billion yuan from rental properties and operating income of 876.9852 million yuan from hotels [5] Group 5: Annual Performance Forecast - The company expects a net profit attributable to shareholders of the parent company for 2025 to be between -19 billion yuan and -16 billion yuan; the net profit after deducting non-recurring gains and losses is expected to be between -18.95 billion yuan and -15.9 billion yuan [9][11] - The previous year's net profit attributable to shareholders was -15.552 billion yuan, with a total profit of -15.890 billion yuan [13] Group 6: Reasons for Performance Loss - The anticipated loss for 2025 is attributed to several factors, including declining asset prices, increased promotional efforts, extended project development cycles, insufficient market demand, and a decrease in capitalized interest for real estate projects [15]

人民财讯1月9日电，绿地控股（600606）1月9日公告，2025年1—12月，公司实现合同销售面积797.2万 平方米，比去年同期增加21.9%；实现合同销售金额680.99亿元，比去年同期增加6.53%。2025年1—12 月，公司新增房地产项目储备3个，土地面积11.64万平方米，权益土地面积7.77万平方米；计容建筑面 积19.98万平方米，权益计容建筑面积10.52万平方米。 ...