Group 1 - The core opinion of the article is that the differentiated dividend distribution plan proposed by the company complies with relevant laws and regulations, and does not harm the interests of the company and its shareholders [6] Group 2 - The differentiated dividend plan involves distributing a cash dividend of 0.40 yuan (including tax) for every 10 shares to all shareholders, with a total share capital of 2,529,575,634 shares as of December 31, 2024 [2][4] - The company has repurchased 25,074,866 shares, which will not participate in the profit distribution, leading to a difference in the total share capital and the shares eligible for distribution [4][5] Group 3 - The calculation of the ex-dividend reference price is based on the closing price of 4.23 yuan per share, resulting in an ex-dividend reference price of approximately 4.19 yuan per share [5] - The impact of the differentiated dividend on the company's stock ex-dividend reference price is minimal, estimated at less than 1% [5][6]

上海市锦天城律师事务所 关于上海城投控股股份有限公司 差异化分红事项的 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 9、11、12 楼 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于上海城投控股股份有限公司 差异化分红事项的 法律意见书 上海市锦天城律师事务所（以下简称"本所"）接受上海城投控股股份有限 公司（以下简称"公司"）委托，根据《中华人民共和国公司法》（以下简称"《公 司法》"）《中华人民共和国证券法》（以下简称"《证券法》"）《上海证券交易所上 市公司自律监管指引第 7 号——回购股份》等法律、法规、规章和其他规范性文 件以及《上海城投控股股份有限公司章程》（以下简称"《公司章程》"）的有关 规定，就公司 2024 年度利润分配所涉及的差异化分红（以下简称"本次差异化 分红"）相关事项出具本法律意见书。 为出具本法律意见书，本所及本所律师审查了公司提供的本次差异化分红的 相关文件、查阅了公司公告，并就有关事项向公司进行了必要的询问。本所律师 依据本法律意见书出具日以前已经发生 ...

证券代码：600649 证券简称：城投控股 公告编号：2025-030 上海城投控股股份有限公司 第十一届董事会第二十五次会议决议公告 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。 重要内容提示： 特此公告。 上海城投控股股份有限公司董事会 本次董事会所有议案均获通过。 一、董事会会议召开情况 上海城投控股股份有限公司（以下简称"公司"）董事 会于 2025 年 7 月 8 日以书面方式向各位董事发出了召开第 十一届董事会第二十五次会议的通知。会议于 2025 年 7 月 16 日以通讯表决方式召开。本次会议应出席董事 9 人，实际 出席董事 9 人。本次会议的召开符合有关法律法规和《公司 章程》的规定。 二、董事会会议审议情况 董事会以 9 票同意、0 票反对、0 票弃权审议通过了《关 于子公司上海露香园建设发展有限公司向银行新增借款的 议案》 董事会同意公司全资子公司上海露香园建设发展有限 公司在原银团贷款到期还款后，向银行新增项目贷款不超过 1 人民币 18 亿元，用于露香园二期后续地块开发建设及置换 用于项目工程支出 ...

证券代码：600649 证券简称：城投控股 公告编号：2025-029 上海城投控股股份有限公司 2024年年度权益分派实施公告 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。 重要内容提示： 每股分配比例 A 股每股现金红利0.04元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/7/22 | － | 2025/7/23 | 2025/7/23 | 1. 发放年度：2024年年度 2. 分派对象： 经公司 2024 年年度股东会表决通过，公司 2024 年年度利润分配方案为：以实施权益分 派股权登记日总股本 2,529,575,634 股，扣减公司回购专用证券账户中的股份数 25,074,866 股，即以 2,504,500,768 股为基数，向全体股东每 10 股派发现金股利 0.40 元（含税），剩余 未分配利润结转下一年度。2024 年度不进行资本公积转增股本。 （2）本次差异化分 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][10] Core Views - The company has turned a profit in the first half of 2025, with expected net profit ranging from 1.2 to 1.8 billion yuan, compared to a loss of 1.02 billion yuan in the same period of 2024 [5] - The company benefits from a strong backing by Shanghai Urban Investment Group, with ample land reserves and sufficient resources for project delivery [4][10] - Rental income has shown robust growth, with rental inflow reaching 170 million yuan in the first half of 2025, a year-on-year increase of 43% [7] Financial Performance - The company expects to achieve a net profit of 613 million yuan in 2025, with earnings per share (EPS) projected at 0.24 yuan [4][8] - Revenue is forecasted to grow significantly, with expected figures of 16.15 billion yuan in 2025, representing a year-on-year increase of 71.2% [8] - The gross profit margin is anticipated to be 15.8% in 2025, with a net profit margin of 3.8% [8] Sales and Projects - The company reported a decrease in sales area by 47% and sales amount by 62% in the first half of 2025, with major projects including Lushang Garden Phase II and Jingyunli Phase II [6] - As of the end of 2024, the company has approximately 820,000 square meters of land available for development, with 90% located in Shanghai [6] Rental Business - The company has expanded its rental housing scale, with a total rental area of approximately 579,800 square meters and an operating area of about 359,800 square meters [7] - New rental income sources include the Shangyunli Apartment and Chengtou Kuan Ting Xuhui Community, contributing to the overall rental growth [7]

证券代码：600649 证券简称：城投控股 公告编号：2025-028 上海城投控股股份有限公司 2025 年 第二季度主要房产项目经营数据简报 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。 1.公司主要项目建设情况： 2025 年第二季度，公司新增开工面积 139,226 平方米， 新增竣工面积 60,345 平方米。 2.公司主要项目销售情况 2025 年第二季度，公司主要在售项目包括露香园二期、 璟雲里二期、馥公馆、虹盛里等，实现签约销售面积 11,836 平方米，同比减少 45.47%；实现签约销售金额 118,820 万元， 同比减少 63.87%。其中，销售面积不包含车位，销售金额包 含车位。 3.公司主要项目出租情况 2025 年第二季度，公司主要在租项目包含城投宽庭租赁 社区、城投控股大厦等项目，出租房地产的建筑面积约 57.98 万平方米，已出租经营面积约 35.98 万平方米，实现租赁现 金流入约 9712.85 万元。 1 "城投宽庭"社区租金收入本季度新增统计"徐汇社区"。 徐汇社区共有 1283 套 ...

Group 1 - The company expects to achieve a net profit attributable to shareholders of the parent company between 120 million and 180 million yuan for the first half of 2025, marking a turnaround from a loss in the same period last year [1][2] - The expected net profit after deducting non-recurring gains and losses is projected to be between 100 million and 150 million yuan for the first half of 2025 [1][2] - In the same period last year, the company reported a net loss attributable to shareholders of the parent company of 101.77 million yuan and a net loss of 78.10 million yuan after deducting non-recurring gains and losses [2] Group 2 - The increase in profit is primarily attributed to the completion and delivery of real estate projects, which has led to a year-on-year increase in real estate operating profits [2]

Group 1 - The company reported a new completion area of 60,345 square meters for the second quarter of 2025 [1] - The signed sales area for projects such as Jingyunli Phase II, Fugongguan, and Hongshengli was 11,836 square meters, representing a year-on-year decrease of 45.47% [1] - The signed sales amount was 118,820 million yuan, showing a year-on-year decrease of 63.87%, with the sales area excluding parking spaces and the sales amount including parking spaces [1] Group 2 - The company has approximately 579,800 square meters of rental real estate, with about 359,800 square meters already leased, generating rental cash inflow of approximately 97.13 million yuan [1] - The "Chengtou Kuan Ting" community reported new rental income statistics for the "Xuhui Community," which has 1,283 housing units and opened in May 2025 [2] - Currently, "Chengtou Kuan Ting" operates 10 communities, managing over 14,000 housing units [2]

[Current Period Performance Forecast](index=1&type=section&id=一、%20本期业绩预告情况) The company anticipates a turnaround to profitability in H1 2025, with net profit attributable to shareholders between RMB 120 million and RMB 180 million Estimated Performance for H1 2025 | Indicator | Estimated Amount (RMB) | | :--- | :--- | | Net Profit Attributable to Parent Company Shareholders | RMB 120 million to RMB 180 million | | Net Profit Attributable to Parent Company Shareholders After Non-Recurring Items | RMB 100 million to RMB 150 million | - This performance forecast applies to the scenario where net profit achieves a turnaround from loss to profit[1](index=1&type=chunk) [Prior Period Performance Review](index=1&type=section&id=二、上年同期经营业绩和财务状况) In contrast to H1 2025, the company reported losses in H1 2024, with net profit attributable to shareholders at -RMB 101.7740 million H1 2024 Performance and Financial Status | Indicator | H1 2024 Amount (RMB) | | :--- | :--- | | Total Profit | -RMB 113.2081 million | | Net Profit Attributable to Parent Company Shareholders | -RMB 101.7740 million | | Net Profit Attributable to Parent Company Shareholders After Non-Recurring Items | -RMB 78.1039 million | | Earnings Per Share | -RMB 0.04 | [Analysis of Performance Change](index=2&type=section&id=三、本期业绩变化的主要原因) The turnaround to profitability is primarily driven by the real estate business, with increased project completions and revenue recognition - The main reason for performance improvement is the increase in revenue from completed and delivered real estate projects compared to the same period last year, thereby boosting operating profit from real estate business[5](index=5&type=chunk) [Risk Warning](index=2&type=section&id=四、风险提示) This performance forecast is a preliminary, unaudited calculation by the finance department, and final results may be uncertain - This performance forecast is a preliminary, unaudited calculation by the company's finance department, and its accuracy is subject to uncertainty[6](index=6&type=chunk) [Other Explanations](index=2&type=section&id=五、其他事项说明) Investors are reminded that forecast data is preliminary; final accurate financial data will be based on the official 2025 semi-annual report - Final financial data will be based on the company's officially disclosed 2025 semi-annual report, and investors are reminded to be aware of investment risks[7](index=7&type=chunk)

Investment Rating - The report rates the real estate industry as "Outperform" [1] Core Insights - New home transaction area increased on a month-on-month basis but decreased year-on-year, with a significant drop in the year-on-year rate of decline [1] - The inventory of new homes and the de-stocking cycle both decreased on a month-on-month and year-on-year basis [1] - The land market saw both volume and price increases, with a notable rise in the premium rate [1] - Domestic bond issuance by real estate companies decreased significantly, indicating tighter financing conditions [1] - The absolute return of the real estate sector increased, while the relative return compared to the CSI 300 also improved [1] Summary by Sections 1. Key City New Home Market, Second-hand Home Market, and Inventory Tracking - New home transaction area for 40 cities was 3.366 million square meters, up 37.0% month-on-month but down 25.7% year-on-year [1][18] - Second-hand home transaction area decreased by 2.7% month-on-month but saw a smaller year-on-year decline of 0.9% [1][18] - New home inventory area for 12 cities was 87.42 million square meters, down 0.3% month-on-month and down 16.3% year-on-year [1][45] 2. Land Market Tracking - Total land transaction area for 100 cities was 15.761 million square meters, up 47.9% month-on-month and up 25.6% year-on-year [1][14] - Total land transaction price reached 57.35 billion yuan, up 186.7% month-on-month and up 155.3% year-on-year [1][14] - The average floor price of land was 3,639 yuan per square meter, up 93.9% month-on-month and up 103.2% year-on-year [1][14] 3. Industry Policy Review - The report highlights ongoing government efforts to stabilize the real estate market through various supportive measures [1][6] 4. Sector Performance Review - The absolute return of the real estate sector was 3.1%, an increase of 4.8 percentage points from the previous week [1][15] - The sector's price-to-earnings ratio (PE) was 23.85X, up 0.68X from the previous week [1][15] 5. Company Announcements - The report includes a summary of key company announcements within the real estate sector for the week [1][15] 6. Bond Issuance Situation - The total bond issuance in the real estate sector was 4.79 billion yuan, down 43.0% month-on-month and down 37.1% year-on-year [1][15]