Core Viewpoint - Greenland Holdings (600606) reported significant declines in both revenue and net profit for Q3 2025, reflecting the challenges faced by the real estate and infrastructure sectors due to industry downturns [1] Financial Performance - In Q3 2025, the company's operating revenue was 33.202 billion yuan, a year-on-year decrease of 25.59% [1] - The net profit for Q3 2025 showed a loss of 3.183 billion yuan [1] - For the first three quarters of 2025, the total operating revenue reached 127.697 billion yuan, down 20.16% year-on-year [1] - The net profit for the first three quarters of 2025 was a loss of 6.690 billion yuan [1] Industry Impact - The decline in revenue and profit is attributed to a significant reduction in the scale of revenue recognition in the real estate sector and the infrastructure industry's revenue, both heavily impacted by the prevailing industry downturn [1]

证券代码：600606 证券简称：绿地控股 编号：临 2025-046 绿地控股集团股份有限公司 第十一届董事会第四次会议决议公告 绿地控股集团股份有限公司董事会 2025 年 10 月 31 日 1 2025 年 10 月 20 日，绿地控股集团股份有限公司（以下简称"公司"）以直 接送达或电子邮件的方式，向全体董事发出召开第十一届董事会第四次会议（以 下简称"会议"）的通知。2025 年 10 月 29 日，会议在公司会议室以现场与通讯 相结合的方式召开。本次会议由董事长张玉良先生主持，会议应参加表决董事 11 人,实际参加表决董事 11 人（其中出席现场会议的董事 9 人，以通讯方式参 会的董事 2 人），符合《公司法》和《公司章程》的有关规定。会议审议通过了 以下议案： 关于公司2025年第三季度报告的议案 公司2025年第三季度报告详见上海证券交易所网站www.sse.com.cn。 本议案提交董事会审议前已经董事会审计委员会审议通过。 表决情况：11票赞成，0票反对，0票弃权。 表决结果：通过。 特此公告。 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 ...

Core Viewpoint - Greenland Holdings reported a significant decline in revenue and net profit for the third quarter and the first three quarters of the year, indicating ongoing financial challenges for the company [1] Financial Performance - The company's revenue for the third quarter was 33.202 billion yuan, a year-on-year decrease of 25.59% [1] - The net profit for the third quarter showed a loss of 3.183 billion yuan [1] - For the first three quarters, the total revenue was 127.697 billion yuan, reflecting a year-on-year decline of 20.16% [1] - The net profit for the first three quarters resulted in a loss of 6.690 billion yuan [1]

证券代码：600606 证券简称：绿地控股 绿地控股集团股份有限公司 2025 年第三季度报告 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。 重要内容提示： 绿地控股集团股份有限公司 2025 年第三季度报告 公司董事会及董事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假记载、误 导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 1 / 21 绿地控股集团股份有限公司 2025 年第三季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 | | | | 单位：元 | 币种：人民币 | | | --- | --- | --- | --- | --- | --- | | | | 本报告期 | | 年初至报告期 | | | 项目 | 本报告期 | 比上年同 | 年初至报告期末 | 末比上年同期 | | | | | 期增减变 | | 增减变动幅度 | | | | | ...

Core Insights - The average stock price of A-shares is 14.06 yuan, with 28 stocks priced below 2 yuan, the lowest being *ST Gao Hong at 0.38 yuan [1][2] - Among the low-priced stocks, 12 are ST stocks, accounting for 42.86% of the total [1] - In terms of market performance, 11 of the low-priced stocks increased in price, with HNA Holding, ST Lingnan, and Jin Zheng Da showing the highest gains of 3.55%, 2.58%, and 1.68% respectively [1] Low-Priced Stocks Overview - The lowest priced stock is *ST Gao Hong at 0.38 yuan, followed by *ST Yuan Cheng at 0.86 yuan and *ST Su Wu at 0.96 yuan [1] - The daily performance of low-priced stocks shows that 11 stocks increased while 11 decreased, with *ST Yuan Cheng, ST Jing Lan, and ST Ming Cheng experiencing the largest declines of 4.44%, 2.25%, and 1.60% respectively [1] - The table of low-priced stocks includes various sectors such as telecommunications, construction decoration, pharmaceuticals, real estate, and steel [1][2]

Summary of Key Points Core Viewpoint - The average stock price of A-shares is 13.94 yuan, with 26 stocks priced below 2 yuan, the lowest being *ST Gao Hong at 0.38 yuan [1][2] Group 1: Market Performance - As of October 27, the Shanghai Composite Index closed at 3996.94 points, with a notable presence of low-priced stocks in the market [1] - Among the low-priced stocks, 5 stocks increased in price, with Rongsheng Development, Chongqing Steel, and Shandong Steel showing gains of 1.23%, 0.66%, and 0.61% respectively [1] - Conversely, 14 stocks declined, with *ST Yuan Cheng, *ST Yun Wang, and *ST Su Wu experiencing the largest drops of 5.00%, 4.98%, and 4.72% respectively [1] Group 2: Low-Priced Stocks Overview - There are 26 stocks priced below 2 yuan, with 11 of them classified as ST stocks, representing 42.31% of the low-priced stocks [1] - The lowest priced stock is *ST Gao Hong at 0.38 yuan, followed by *ST Yuan Cheng at 0.95 yuan and *ST Su Wu at 1.01 yuan [1] - The table of low-priced stocks includes various sectors such as telecommunications, construction decoration, and pharmaceuticals, indicating a diverse industry representation among low-priced stocks [1][2]

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 ...