证券代码：600649 证券简称：城投控股 公告编号：2025-019 上海城投控股股份有限公司 第十一届董事会第二十一次会议决议公告 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 4 月 10 日以书面方式向各位董事发出了召开第 十一届董事会第二十一次会议的通知。会议于 2025 年 4 月 18 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。会议审议通过了以下议案： 二、董事会会议审议情况 （一）董事会以 9 票同意、0 票反对、0 票弃权审议通 过了《关于杜行城中村项目向银行申请项目贷款的议案》 杜行城中村项目由公司控股子公司上海城渡置业有限 公司及上海城航置业有限公司（上述两家公司合并称为"项 目开发公司"）共同开发。董事会同意项目开发公司向由建 设银行、工商银行、招商银行、上海银行及光大银行组成的 1 银团申请项目贷款不超过人民币 52 亿元，用于杜行老街"城 中村"改造项目建设及置换用于项目工程支出的股东、关联 方债务。贷款期限自首个提款日起 10 年，包含宽限期；贷 ...

Core Viewpoint - The company is optimistic about the real estate industry's development prospects and aims to enhance its investment value through operational efficiency and investor relations management [1][2][3]. Group 1: Company Performance - As of April 18, 2025, the company's stock price increased by 7.52% to 4.86 yuan, with a total market capitalization of 12.294 billion yuan [1]. - The company reported a revenue of 9.432 billion yuan and a net profit of 243 million yuan for the year 2024, indicating stable operational performance [4][5]. - The company plans to double its sales scale in 2024 and aims to achieve a rental housing operation scale of 20,000 units by the end of the 14th Five-Year Plan [5] Group 2: Strategic Focus - The company emphasizes a strategy of "development, operation, and finance" to enhance its value creation capabilities [2][3]. - The company is focusing on the application of new materials and technologies to improve its core competitiveness in the evolving real estate market [3]. - The company has established a partnership with Longfor Commercial for a new commercial project, showcasing its commitment to collaboration [2]. Group 3: Market Conditions - The overall profitability of the real estate sector is under pressure due to rising costs and regulatory constraints, impacting the company's investment income [6]. - The company is actively adjusting its investment strategies based on market changes and policy trends, particularly in acquiring quality land resources in key urban areas [2].

重要内容提示： 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：600649 证券简称：城投控股 公告编号：2025-017 上海城投控股股份有限公司 关于召开2024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。 会议召开时间：2025年4月17日(星期四) 下午 15:00-16:00 会议网址：上证路演中心（网址：https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心视频直播和网络互动 投资者可于2025年4月10日(星期四) 至4月16日(星期三)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ctkg@sh600649.com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。 上海城投控股股份有限公司（以下简称"公司"）已于2025年3月29日发布公司2024年年度报告，为便于 广大投资者更全面深入地了解公司2024年度经营成果、财务状况，公司计划于2025年4月17日下午 15:00-16:00举行2024年度业 ...

上海城投控股股份有限公司 关于召开 2024 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。 证券代码：600649 证券简称：城投控股 公告编号：2025-017 （二）会议网址：上证路演中心（网址： https://roadshow.sseinfo.com/） 重要内容提示： 投资者可于2025年4月10日(星期四) 至4月16日(星期三)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 ctkg@sh600649.com 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。 上海城投控股股份有限公司（以下简称"公司"）已于 2025 年 3 月 29 日发布公司 2024 年年度报告，为便于广大投 资者更全面深入地了解公司 2024 年度经营成果、财务状况， 公司计划于 2025 年 4 月 17 日下午 15:00-16:00 举行 2024 年度业绩说明会，就投资者关心的问题进行交流。 一、 说明会类型 会议召开时间：2025 年 4 月 17 日(星期四) ...

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [2][3]. Core Insights - The report highlights the importance of stabilizing the real estate market in response to the ongoing trade war, emphasizing the need for domestic demand expansion [2][3]. - It notes a significant decline in both new and second-hand housing transactions, with new home sales in 34 key cities dropping by 23% week-on-week and 26% year-on-year in April [4][7]. - The report indicates that the government is implementing policies to stabilize the market, including the cancellation of housing transfer restrictions in Nanjing and the expansion of housing fund withdrawal policies [32][33]. Industry Data Summary New Housing Transaction Volume - New housing sales in 34 key cities totaled 3.093 million square meters last week, a week-on-week decrease of 23.4% [4]. - Year-on-year, new housing sales in April are down 26%, with first and second-tier cities seeing a 21% decline and third and fourth-tier cities experiencing a 49% drop [7][8]. Second-Hand Housing Transaction Volume - Second-hand housing sales in 13 key cities fell by 26.2% week-on-week, with April sales down 15% year-on-year [13]. - Cumulative sales for the year to date show a 26.5% increase compared to the previous year [13]. New Housing Inventory - In 15 key cities, 710,000 square meters of new housing were launched last week, with a sales-to-launch ratio of 2.08, indicating a continued trend of inventory reduction [21]. - The total available residential area in these cities is 88.71 million square meters, reflecting a 0.9% decrease week-on-week [21]. Policy and News Tracking - The report discusses macroeconomic policies, including the imposition of tariffs on U.S. imports and the rise in manufacturing PMI to 50.5%, indicating a recovery in manufacturing activity [32][33]. - It highlights local government initiatives, such as Nanjing's cancellation of housing transfer restrictions and the expansion of housing fund policies in various cities [32][33]. - The report also notes the active land market in core cities, with significant land sales and project launches reported in the first quarter of 2025 [32][33].

运营板块持续扩张，融资优势显著 期内公司租赁业务进一步扩张，伴随"城投宽庭"长租公寓的持续扩容，持有物业运营业务收入同比 +49%至3 亿。另洞泾尚云里商品房配套租赁房项目共285 套，于10 月正式开业，24 年12 月公司通过股 权收购获上海徐汇保租房项目，将公司租赁面积+15%至37 万方，为REITs 未来扩募拓展资源。尽管公 司处于在建高峰期，但融资优势显著，期末整体平均融资成本仅4.04%，同比下降13bp。同时，REITs 通道的打通同样形成对主业赋能。 公司开发业务结算大幅提升，推动营收高增长，但净利有所下降，主要原因在于毛利率下滑。期内公司 主要结算项目受制于房地联动价毛利率偏低，叠加23 年政府退税影响下的高基数，毛利率同比下滑 25.75pct 至14.54%。 此外，因未确认递延所得税资产的可抵扣亏损影响，税率大幅提升至59%。 但我们认为2025 年业绩有望显著增长。首先，2024 年销售大幅扩张，合同负债同比增长73%，意味着 今年结算资源更为充沛；其次，待结算项目中，以露香园为代表的非房地联动项目占比提升，意味着毛 利率有望修复。 销售高增长，投拓积极逆势向上 2024 年公司签 ...

Summary of Key Points Overall Market Performance - The performance of the CSI 300 and ChiNext indices over the past year shows a significant decline, with the CSI 300 down by 32% and the ChiNext down by 16% [1]. Industry Performance - The top five performing industries yesterday included textiles and apparel (+1.448%), beauty and personal care (+1.014%), telecommunications (+0.971%), banking (+0.897%), and diversified industries (+0.742%) [1]. - Conversely, the bottom five performing industries were defense and military (-1.17%), non-ferrous metals (-0.866%), utilities (-0.801%), steel (-0.580%), and pharmaceuticals and biology (-0.537%) [1]. Communication Industry - The satellite internet construction in China is gradually taking shape, with significant developments in the commercial aerospace industry [10]. - On April 1, 2025, China successfully launched a satellite for internet technology testing, marking a step towards the integration of satellite and terrestrial networks [12]. - The "Thousand Sails Constellation" plan aims to deploy 648 satellites by the end of 2025 and 1,296 satellites globally by 2027, with a long-term goal of 15,000 satellites by 2030 [13]. Coal Mining Industry - China Jushi (600176.SH) reported a significant increase in Q4 2024 performance, with revenue reaching 42.2 billion yuan, a year-on-year increase of 22.4% and a quarter-on-quarter increase of 8.49% [16]. - The company’s glass fiber yarn sales reached a record high of 3.025 million tons in 2024, driven by structural optimization and market expansion [17]. Real Estate and Construction Industry - China Overseas Development (00688.HK) ranked first in equity sales and land acquisition, with a steady growth in commercial income [21]. - The company reported a revenue of 1,851.5 billion yuan in 2024, a year-on-year decrease of 8.6%, while its equity sales amounted to 3,107 billion yuan, a slight increase of 0.3% [22][23]. Food and Beverage Industry - China Feihe (06186.HK) achieved a revenue of 20.749 billion yuan in 2024, reflecting a year-on-year increase of 6.2%, with a proposed dividend of 0.3264 HKD per share [27]. - The company’s ultra-high-end product series continues to drive growth, with a focus on expanding its market share in the infant formula sector [28]. Chemical Industry - Shengquan Group (605589.SH) reported a revenue of 10.02 billion yuan in 2024, with a year-on-year increase of 9.87% [37]. - The company is expanding its high-frequency and high-speed resin varieties, indicating a robust growth trajectory [38]. Light Industry - Jiayi Co., Ltd. (301004.SZ) achieved a revenue of 2.836 billion yuan in 2024, a year-on-year increase of 59.8%, supported by strong customer relationships [31]. - The company’s overseas revenue growth is a significant driver of its overall performance [32].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is backed by Shanghai Urban Investment Group, focusing on urban renewal with abundant land reserves, maintaining a "Buy" rating. The company reported a significant increase in revenue but faced pressure on profits due to declining gross margins [5][6] - The company plans to maintain a cumulative cash dividend ratio of no less than 35% of net profit from 2024 to 2026, with a cash dividend payout ratio of 41.28% for 2024 [6] Financial Performance - In 2024, the company achieved operating revenue of 94.32 billion yuan, a year-on-year increase of 268.6%, while net profit attributable to shareholders was 2.43 billion yuan, a decrease of 41.58% [6] - The gross margin for the real estate business decreased by 19.7 percentage points to 14.97%, with the gross margin in the Shanghai area at 13.95% [6] - The company’s operating cash flow was 26.56 billion yuan, up 26.75% year-on-year [6] Sales and Land Acquisition - The company realized a signed sales amount of 177.3 billion yuan in 2024, a year-on-year increase of 116%, with a sales area of 119,000 square meters and an average sales price of 149,000 yuan per square meter [7] - The company acquired new land in Huangpu and Minhang districts, with a total acquisition price nearing 10 billion yuan, and has approximately 820,000 square meters of land available for development, 90% of which is located in Shanghai [7] Cash Flow and Financial Stability - As of the end of 2024, the company had a total leased area of 509,000 square meters, a year-on-year increase of 64.1%, with rental income of 335 million yuan, up 13.7% [8] - The company’s cash and cash equivalents reached 8.7 billion yuan, a year-on-year increase of 32.7%, with interest-bearing liabilities at 41.97 billion yuan and financing costs reduced to 4.04% [8] Financial Summary and Projections - The company’s projected net profit attributable to shareholders for 2025, 2026, and 2027 is expected to be 6.1 billion yuan, 8.4 billion yuan, and 9.9 billion yuan respectively [5][9] - The earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 0.24 yuan, 0.33 yuan, and 0.39 yuan respectively, with corresponding P/E ratios of 18.0, 13.2, and 11.1 [9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5][6] Core Views - The company is backed by Shanghai Urban Investment Group, focusing on urban renewal with abundant land reserves, maintaining a "Buy" rating. The company reported a significant increase in revenue but faced pressure on profits due to declining gross margins [5][6] - The company’s revenue for 2024 reached 9.432 billion yuan, a year-on-year increase of 268.6%, while the net profit attributable to shareholders was 243 million yuan, a decrease of 41.58% [6][9] - The company plans to maintain a cumulative cash dividend ratio of no less than 35% of net profit attributable to shareholders from 2024 to 2026 [6][9] Revenue and Profitability - The company achieved a signed sales amount of 17.73 billion yuan in 2024, a year-on-year increase of 116%, with a sales area of 119,000 square meters and an average sales price of 149,000 yuan per square meter [7] - The gross margin for the real estate business decreased by 19.7 percentage points to 14.97%, with the gross margin in the Shanghai area at 13.95% [6][9] Cash Flow and Dividends - The operating cash flow for 2024 was 2.656 billion yuan, a year-on-year increase of 26.75%, with a cash dividend of 0.4 yuan per 10 shares, resulting in a dividend payout ratio of 41.28% [6][9] - The company’s cash and cash equivalents reached 8.7 billion yuan by the end of 2024, a year-on-year increase of 32.7% [8][9] Land Reserves and Future Prospects - The company acquired new land parcels in Huangpu and Minhang districts, with a total acquisition price nearing 10 billion yuan, and has approximately 820,000 square meters of land available for development, 90% of which is located in Shanghai [7][8] - The company’s investment segment is expected to continue contributing to profit growth, with projected net profits attributable to shareholders of 613 million yuan, 836 million yuan, and 991 million yuan for 2025, 2026, and 2027 respectively [5][9]

关于上海城投控股股份有限公司 2024 年 度 涉 及 财 务 公 司 关 联 交 易 的 存 款 、贷款 等 金 融 业 务 的 专 项 说 明 天 职 业 字 [2025]7151 号 您可使用手机"扫一扣"或遗入"注册会计师行业统一流管平台（http://aco.mof.gov.cn）"拉行查 您可使用手机"扫一扫"或近入"注册会计师行业统一流管平台（http:///acc.mdf.gov.cn）"拉行查 关于上海城投控股股份有限公司 2024 年度涉及财务公司关联交易的存款、贷款等金融业务的专项说明 天职业字[2025]7151 号 上海城投控股股份有限公司全体股东: 我们接受委托,审计了上海城投控股股份有限公司(以下简称"公司")2024年12月31 日的合并及母公司资产负债表、2024年度的合并及母公司利润表、合并及母公司所有者权益 变动表、合并及母公司现金流量表和财务报表附注(以下简称"财务报表"),并于 2025年 3 月 27 日出具了"天职业字[2025]8672 号"的标准无保留意见的审计报告。 按照中国证监会、中国银保监会《关于规范上市公司与企业集团财务公司业务往来的通 知》以及《上海 ...