Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Views - The company is backed by Shanghai Urban Investment Group and has a strong foundation in Shanghai, with ample land reserves for urban renewal projects, which is expected to enhance its profitability [5]. - The company anticipates significant growth in net profit from 2024 to 2026, with projected figures of 720 million, 1.842 billion, and 2.077 billion yuan respectively, alongside an increase in earnings per share (EPS) [5]. Summary by Sections 1. Company Overview - Shanghai Urban Investment Holdings Co., Ltd. focuses on real estate development, operation, and finance, with a diversified product system including residential, affordable housing, rental housing, and commercial properties [16]. - The company has a history of over 30 years in the Shanghai real estate market, accumulating extensive project development experience [16]. 2. Development Business - The company achieved a record high in signed sales amounting to 17.53 billion yuan in 2024, a 113% increase year-on-year, driven by successful project launches [34]. - The average sales price exceeded 150,000 yuan per square meter, reflecting strong demand in key areas of Shanghai [34]. - The company has a robust pipeline with expected revenue from unsold properties projected to exceed 15 billion yuan in 2025 [49]. 3. Asset Management and Investment - The company’s asset management business includes office, commercial, and rental housing, with a total rental area of 325,700 square meters as of the end of 2024, showing a 5% year-on-year increase [7]. - The company successfully launched the largest public REIT for affordable housing in the Yangtze River Delta region, raising 3.05 billion yuan [59]. - Investment operations are stable, with a market value of listed securities held by the company reaching approximately 3.818 billion yuan as of mid-2024 [61]. 4. Financial Health - As of the first half of 2024, the company reported interest-bearing liabilities of 40.53 billion yuan, a decrease of 3.6% year-on-year, indicating improved debt structure [63]. - The company’s cash on hand reached 9.09 billion yuan, a 101% increase year-on-year, supporting future project developments [70]. - The average financing cost has decreased to 4.05% as of mid-2024, reflecting favorable market conditions for financing [64].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [5]. Core Views - The company is backed by Shanghai Urban Investment Group and has a strong foundation in Shanghai, with ample land reserves for urban renewal projects. The report anticipates significant profit growth driven by its experience in affordable housing operations and clear investment exit strategies [5][6]. Summary by Sections 1. Company Overview - Shanghai Urban Investment Holdings Co., Ltd. focuses on real estate development, operations, and finance, leveraging over 30 years of experience in the Shanghai real estate market [16][17]. 2. Sales Performance - The company achieved a record sales amount of 175.3 billion yuan in 2024, a 113% year-on-year increase, with an average selling price exceeding 150,000 yuan per square meter [6][34]. - The company has a robust pipeline with significant projects in Huangpu, Changning, and Yangpu districts, contributing to its sales growth [34][38]. 3. Financial Performance - The company expects net profits of 720 million yuan, 1.84 billion yuan, and 2.08 billion yuan for 2024, 2025, and 2026, respectively, with earnings per share (EPS) projected at 0.28, 0.73, and 0.82 yuan [5][9]. - The company reported a total revenue of 8.4 billion yuan in 2022, which is expected to rise to 15.99 billion yuan in 2025 [9]. 4. Asset Management and Investment - The company has a total leased area of 325,700 square meters, with rental income of 298 million yuan, reflecting a 1% year-on-year increase [7][54]. - The company successfully launched the largest public REIT for affordable housing in the Yangtze River Delta, raising 3.05 billion yuan [59][60]. 5. Debt and Cash Flow - As of the first half of 2024, the company had interest-bearing liabilities of 40.53 billion yuan, a 3.6% decrease year-on-year, with an asset-liability ratio of 73.7% [63][64]. - The company reported cash on hand of 9.09 billion yuan, a 101% increase year-on-year, and a net operating cash flow of 5.77 billion yuan [69][70]. 6. Future Outlook - The company anticipates a significant increase in revenue from project completions, with expected turnover exceeding 15 billion yuan in 2025 [49][51]. - The company is actively expanding its land reserves through urban renewal projects, with planned investments exceeding 18.3 billion yuan [50][53].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [5]. Core Views - The company is backed by Shanghai Urban Investment Group and has a strong foundation in Shanghai, with ample land reserves for urban renewal projects, which are expected to enhance its profitability [5]. - The projected net profits for the company from 2024 to 2026 are estimated to be 720 million, 1.842 billion, and 2.077 billion yuan respectively, with corresponding EPS of 0.28, 0.73, and 0.82 yuan [5]. Summary by Sections 1. Company Overview - Shanghai Urban Investment Holdings Co., Ltd. focuses on real estate development, operation, and finance, with a diversified product system including commercial and residential properties [16]. - The company has been operating in the Shanghai real estate market for over 30 years, accumulating significant development experience [16]. 2. Development Business - The company achieved a record high in signed sales amounting to 17.53 billion yuan in 2024, a year-on-year increase of 113%, with an average selling price exceeding 150,000 yuan per square meter [34]. - New land acquisitions in 2024 totaled nearly 10 billion yuan, enhancing the company's land reserve for future projects [46]. 3. Asset Management and Investment - The company’s asset management business includes office, commercial, and rental housing, with a total rental area of 325,700 square meters as of the end of 2024, reflecting a 5% year-on-year increase [53]. - The company successfully issued the largest public REIT for affordable rental housing in the Yangtze River Delta region, raising 3.05 billion yuan [59]. 4. Financial Health - As of the first half of 2024, the company had interest-bearing liabilities of 40.53 billion yuan, a decrease of 3.6% year-on-year, with an asset-liability ratio of 73.7% [63]. - The company reported cash on hand of 9.09 billion yuan as of the third quarter of 2024, a 101% increase year-on-year, indicating strong cash flow [70].

证券代码：600649 证券简称：城投控股 公告编号：2025-005 上海城投控股股份有限公司 第十一届董事会第十九次会议决议公告 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： 董事会同意公司全资子公司上海城投置地（集团）有限 公司收购上海丰芙企业管理有限公司持有的上海东荣房地 产开发有限公司（以下简称"东荣房地产"）13%股权，价格 1 为 23,868 万元。东荣房地产负责开发建设杨浦区新江湾城 F 区 F1-E 地块商办项目。 特此公告。 上海城投控股股份有限公司董事会 2025 年 3 月 18 日 2 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 3 月 7 日以书面方式向各位董事发出了召开第十 一届董事会第十九次会议的通知。会议于 2025 年 3 月 14 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 ...

证券代码：600649 证券简称：城投控股 公告编号：2025-004 重要内容提示： 股东持股的基本情况 本次减持计划实施前，上海城投控股股份有限公司（以下简称"公司"）5% 以上股东弘毅（上海）股权投资基金中心（有限合伙）持有公司股份共计 160,614,847 股，占公司总股本的 6.35%，上述股份全部由协议转让取得。 减持计划的实施结果情况 公司于 2025 年 1 月 27 日收盘后收到公司股东弘毅（上海）股权投资基金中 心（有限合伙）发来的《减持公司股份进展告知函》，弘毅（上海）股权投资基 金中心（有限合伙）通过集中竞价交易方式减持公司股份 10,261,903 股，占公 司总股本的比例 0.41%。截至本公告披露日，本次减持计划披露的减持时间区间 届满，减持计划结束，弘毅（上海）股权投资基金中心（有限合伙）持有公司股 份共计 150,352,944 股，占公司总股本的 5.94%。 | 股东名称 | 股东身份 | 持股数量 | 持股比例 | 当前持股股份来源 | | --- | --- | --- | --- | --- | | | | （股） | | | | 弘毅（上海）股权 | 5%以上非 ...

证券代码：600649 证券简称：城投控股 公告编号：2025-001 上海城投控股股份有限公司 第十一届董事会第十八次会议决议公告 1 持金额不变，即不超过 3.601 亿元，增持基金份额不超过 11,806 万份，占基金已发行基金总份额的 11.806%。同时， 董事会授权公司经营层在上述额度范围内，根据法律法规及 监管规则要求，制定、批准、签署、执行、修改、完成与本 基金份额增持相关的所有必要的文件、合同、协议、合约等 法律文件以及对其任何修订或补充形成的补充协议。 （二）董事会以 9 票同意、0 票反对、0 票弃权审议通 过了《关于为子公司开具保函的议案》 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： 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 1 月 6 日以书面方式向各位董事发出了召开第十 一届董事会第十八次会议的通知。会议于 2025 年 1 月 10 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 ...

证券代码：600649 证券简称：城投控股 公告编号：2024-043 上海城投控股股份有限公司 关于子公司参与设立有限合伙企业 并收购漕宝路项目的进展公告 1 发起设立合伙企业，合伙企业作为主体以其自有及自筹资金 通过上海联合产权交易所参拍收购标的公司 100%股权及标 的公司股东华鑫置业对标的公司享有的股东借款债权，进而 投资徐汇区田林板块 244-19 地块的租赁住房物业项目（以 下简称"漕宝路项目"）。 漕宝路项目位于徐汇区田林板块，临近徐家汇与徐汇滨 江，项目交通通达性较高，周边人口稠密，商业及医疗教育 配套完善，生活氛围浓厚。项目共建设 5 栋公寓楼及相连接 的商业。 交易内容详情请见公司于 2024 年 12 月 10 日在上海证 券交易所网站（www.sse.com）和《上海证券报》上披露的《关 于子公司参与设立有限合伙企业并收购漕宝路项目的公告》 （公告编号：2024-042）。 二、进展情况 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： 交易主要内容：上海城投控股股份有限公司（以下简称"公 ...

Group 1: Company Overview - The company operates primarily in real estate development, finance, and related services, covering a full range of real estate activities including residential sales, rental housing, and property management [4] - Recent projects include the Lu Xiang Yuan, which has completed its first phase and is set to launch the second phase in March 2024, with various land parcels scheduled for market entry throughout 2024 [4][5] - The company has recently acquired new land parcels in Huangpu District and Minhang District for future development [5] Group 2: Financial Performance and Strategy - The company emphasizes a diversified business model, with real estate development expected to remain the core revenue driver, while operational and financial services are projected to become new growth points [5][6] - The company plans to maintain a stable dividend policy, considering operational performance and development needs [6] - The first major shareholder has no current plans for share increases, while the second major shareholder has reduced holdings by 9,261,903 shares, representing 0.3661% [6][7] Group 3: Future Plans and Market Position - The company is actively exploring investment opportunities in Shanghai's central urban area and five new towns, focusing on the upstream and downstream real estate industry chain [6] - Plans for public REITs related to affordable rental housing are in place to enhance asset liquidity and support sustainable development [8] - The company is closely monitoring market trends and policy changes to optimize future investment arrangements [6]

证券代码：600649 证券简称：城投控股 公告编号：2024-042 上海城投控股股份有限公司 关于子公司参与设立有限合伙企业 并收购漕宝路项目的公告 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。 重要内容提示： 交易主要内容：上海城投控股股份有限公司（以下简称"公司"） 全资子公司上海城投房屋租赁有限公司（以下简称"房屋租赁公司"） 拟出资不超过6.4亿元，参与设立有限合伙企业。该合伙企业将作为 主体，拟通过上海联合产权交易所参拍收购上海馨伴寓置业有限公司 （以下简称"标的公司"）100%股权及标的公司股东华鑫置业（集团） 有限公司（以下简称"华鑫置业"）对标的公司享有的股东借款债权， 其中股权部分挂牌价格约为47,009.57万元，债权部分支付总额由评 估基准日股东借款本息总额约48,528.73万元及股东借款本金未付清 部分在自基准日之次日起至股东借款本息总额实际付清之日止的期 间内所产生的利息(该期间的利息按年利率2.74%计)组成。 本次交易不构成关联交易，也不构成重大资产重组。 本次交易已经公司第十一届董事会第 ...

Company Overview - Shanghai Urban Investment Holding Co., Ltd. is a comprehensive real estate group focusing on real estate development, operation, and finance, covering a full range of related businesses [4] - The company has developed a diversified and market-oriented operational structure, enhancing its professional capabilities and collaborative development across various sectors [4] Key Projects - **Luxiangyuan Project**: - Phase I completed; Phase II to launch B and D1 plots in March 2024, with D plot villas available in June 2024 and A plot in November 2024 [5] - **Qingxi Yundian Project**: - Includes 45 apartments and 23 townhouses, with 4 held for self-use, launched within the year [5] - **Xinghua Li Project**: - Comprises 106 apartments and 30 townhouses, pending market entry [5] - **Gaoyang New Li Project**: - Launched in August 2023, includes 127 apartments and 4 townhouses, nearly sold out [5] - **Huiyue Ting Project**: - Total of 440 residential units launched in October 2023, nearly sold out [5] - **Hongsheng Li Project**: - Comprises 7 plots, with 4 plots (451 residential units) launched in August 2023, and the second phase pending market entry [5] - **Shuishang Huating Project**: - Includes 1,138 residential units currently on sale [5] - **Jingyun Li Project**: - Phase I completed with various residential types, Phase II villas pending market entry [5] New Land Acquisitions - Recent acquisitions include projects in Huangpu District and Minhang District, focusing on urban village renovations [5] Operational Expansion - The "Chengtou Kuan Ting" brand has expanded to 9 communities, managing over 13,000 units, with a successful issuance of a closed-end infrastructure securities investment fund in January 2024 [5] Future Investment Plans - The company is monitoring policies and market changes to make informed investment decisions, focusing on short-term expansion in residential and rental housing, mid-term on urban renewal projects, and long-term on area development [6] - The company aims to enhance its investment opportunities in key areas such as Shanghai's central urban area and the "Five New Towns" [6] Market Management - The company is committed to compliance with market value management policies and aims to improve its governance and internal controls, enhancing communication with investors [6] Shareholder Updates - The second-largest shareholder, Hongyi, has initiated a share reduction plan, with 9,261,903 shares (0.3661%) already reduced as of November 7, 2024 [6] Sales Performance - In the first three quarters of 2024, the company achieved a signed sales area of approximately 60,000 square meters, with sales exceeding 9 billion yuan, primarily from ongoing projects [6][7]