证券代码：600649 证券简称：城投控股 公告编号：2025-036 上海城投控股股份有限公司 关于以集中竞价方式回购股份的回购报告书 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、准确性和完整性依法承担法律责任。 重要内容提示： ● 回购股份金额：本次回购股份的资金总额不低于人民币 0.5 亿 元，不超过人民币 1 亿元。具体回购金额以回购期限届满时实际回购 金额为准。 ● 回购股份资金来源：公司自有资金及股票回购专项贷款资金。 公司已取得中国银行股份有限公司上海市分行出具的《贷款承诺函》， 贷款将专项用于回购公司 A 股股份，贷款具体事宜以双方正式签署的 合同为准。 ● 回购股份用途：为维护公司价值及股东权益。回购后的股份拟 在披露回购结果暨股份变动公告后三年内履行相关程序予以注销。 4、后续监管部门对于上市公司股份回购颁布新的规定与要求，导 致本次回购方案不符合新的监管规定与要求的，本次回购方案存在无 法实施或需要调整的风险。 公司将在回购期限内根据市场情况择机做出回购决策并予以实施， 并将根据回购事项进展情况及时履行信息披露义务，敬请广大投资者 ...

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。 上海城投控股股份有限公司（以下简称"公司"）董事 会于2025年 8月28日召开第十一届董事会第二十七次会议， 审议通过了《关于以集中竞价交易方式回购公司股份的议 案》。具体内容详见公司于 2025 年 8 月 30 日在上海证券交 易所网站（www.sse.com.cn）披露的《上海城投控股股份有 限公司关于以集中竞价方式回购股份的方案》（公告编号： 2025-035）。 根据《上市公司股份回购规则》《上海证券交易所上市 公司自律监管指引第 7 号——回购股份》等相关规定，现将 公司董事会公告回购股份决议前一交易日（即 2025 年 8 月 29 日）登记在册的前十大股东和前十大无限售条件股东的名 称及持股数量、比例公告如下： | 序号 | 股东名称 | 持股数量（股） | 持股比例（%） | | --- | --- | --- | --- | | 1 | 上海城投（集团）有限公司 | 1,175,318,599 | 46.93 | 证券代码：600649 证券简称：城投控股 ...

Core Viewpoint - The company, Chengdu Investment Holdings (600649.SH), has achieved significant financial recovery and growth in the first half of 2025, driven by its diversified business model and alignment with government policies on urban renewal and real estate transformation [1][5][13] Financial Performance - Chengdu Investment Holdings reported a revenue of 5.927 billion yuan, a year-on-year increase of 807.72%, and a net profit attributable to shareholders of 153 million yuan, marking a substantial improvement from a loss of 102 million yuan in the same period last year [1][3] - The total profit for the first half of 2025 was 359 million yuan, showing a significant positive growth compared to the previous year [3] - The company’s gross profit margin for real estate settlements improved to 18.9%, reflecting enhanced profitability [4] Business Segments - The company operates in three core business segments: real estate development, service operations, and industrial investment, creating a closed-loop ecosystem [7] - The real estate development segment remains stable, with a completed area of 111,000 square meters in the first half of 2025, compared to zero in the same period of 2024 [4][9] - The service operations segment, particularly the rental business, has shown strong growth potential, with rental income reaching approximately 159 million yuan from 579,800 square meters of leased properties [9][10] Policy Environment - The company is well-positioned to benefit from favorable government policies aimed at supporting housing demand and urban renewal, which are crucial during the current transformation phase of the real estate industry [5][11] - The central government and Shanghai's local policies have emphasized the need for timely adjustments to real estate policies, which aligns with the company's strategic focus [5] Financial Health - As of June 2025, the company’s total assets reached 86.465 billion yuan, a 2.12% increase from the previous year, with a debt-to-asset ratio of 74.79%, indicating a reasonable risk profile [5][6] - The company has a stable financing structure, with interest-bearing debt at 43.007 billion yuan and a net cash flow from operating activities of 535 million yuan [5][6] Future Outlook - Analysts maintain an optimistic outlook for the company's profitability, anticipating continued high growth driven by a robust pipeline of projects and the increasing share of non-real estate linked projects [4][11] - The company aims to expand its rental housing operations to 20,000 units by 2025, indicating a growth potential of approximately 40% in the second half of the year [10][11] ESG Performance - Chengdu Investment Holdings improved its ESG rating from BB to BBB, reflecting its commitment to environmental management, social responsibility, and corporate governance [13]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has turned a profit in the first half of 2025, driven by an increase in project completions and a significant rise in revenue [6] - The company maintains a clear investment and financing strategy, with expectations for continued profit growth from its investment business [5][6] - The company plans to repurchase shares to enhance market confidence, with a buyback plan of 50 to 100 million yuan at a maximum price of 6.87 yuan per share [6] Financial Performance - In H1 2025, the company achieved revenue of 5.927 billion yuan, a year-on-year increase of 808%, and a net profit attributable to shareholders of 153 million yuan, compared to a loss of 102 million yuan in the same period of 2024 [6] - The company reported a gross margin of 18.3%, down 30.3 percentage points year-on-year [6] - The company had interest-bearing liabilities of 43 billion yuan with an average financing cost of 3.70%, a decrease of 34 basis points from the beginning of the year [6] Sales and Land Reserves - The company recorded a sales area of 27,000 square meters in H1 2025, a decrease of 47% year-on-year, and a sales amount of 3.08 billion yuan, down 62% year-on-year [7] - As of mid-2025, the company has approximately 735,000 square meters of land available for development, with 88% located in Shanghai [7] Rental Income and Financial Investments - The company reported rental income of 170 million yuan in H1 2025, a year-on-year increase of 43%, with approximately 579,800 square meters of real estate leased [8] - The company received dividends of approximately 41 million yuan from listed securities in H1 2025, with a market value of held listed securities at approximately 4.466 billion yuan [8] Financial Projections - The company forecasts net profits attributable to shareholders of 610 million yuan, 840 million yuan, and 990 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.24, 0.33, and 0.39 yuan [5][9] - The projected P/E ratios for 2025, 2026, and 2027 are 19.3, 14.2, and 12.0 respectively [9]

Investment Rating - The report maintains an "Overweight" rating for the real estate development and real estate services sectors [6]. Core Insights - In August 2025, the top 100 real estate companies in China saw a month-on-month sales increase of 3.0%, although year-on-year sales decreased by 11.0%. Cumulatively, sales from January to August 2025 fell by 13.6%, but the decline rate narrowed by 0.3 percentage points compared to the previous month [2]. - The report highlights a recovery in the new housing market, particularly in first-tier cities, driven by new real estate policies and a strengthening capital market, which may accelerate the stabilization of the real estate market [2]. - The report recommends focusing on developers with strong credit, good cities, and quality products, as well as top-performing property management companies and local Hong Kong real estate stocks benefiting from asset revaluation [2]. Summary by Sections Sales Performance - In August 2025, the sales threshold for the top 10 real estate companies reached 705 billion, an increase of 8.3% year-on-year. The number of companies showing month-on-month growth increased, with 39 companies reporting growth compared to 25 in July [3]. - The sales performance of the top 10 companies showed a year-on-year decline of 3.0%, while the top 51-100 companies experienced a growth of 5.9% [3]. Market Concentration - The sales share of the top 10 real estate companies accounted for 52.4% of the top 100 companies, reflecting an increase of 0.6 percentage points year-on-year, indicating a rise in market concentration among leading firms [4]. - Among the top 50 companies, 17 reported positive year-on-year sales growth, with some companies exceeding 50% growth [4]. Housing Market Trends - The report notes a divergence in performance between new and second-hand housing markets, with new housing sales in 44 cities declining by 11% year-on-year, while second-hand housing transactions in 22 cities increased by 3% [5]. - The report emphasizes the need to monitor the progress of inventory reduction in the second-hand housing market [5]. Recommended Stocks - The report lists several recommended stocks with target prices and investment ratings, including: - Chengdu Investment Holdings (600649 CH) - Buy, Target Price: 6.40 - Chengjian Development (600266 CH) - Buy, Target Price: 7.42 - Binjiang Group (002244 CH) - Buy, Target Price: 13.04 - New Town Holdings (601155 CH) - Buy, Target Price: 18.05 - China Resources Land (1109 HK) - Buy, Target Price: 36.45 - China Overseas Development (688 HK) - Buy, Target Price: 19.08 - Jianfa International Group (1908 HK) - Buy, Target Price: 21.60 - Greentown China (3900 HK) - Buy, Target Price: 13.69 - Yuexiu Property (123 HK) - Buy, Target Price: 7.06 - Link REIT (823 HK) - Buy, Target Price: 50.59 [8][11].

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [4][6] Core Insights - The adjustment of housing policies in Shanghai is expected to help reduce inventory and boost demand for improved housing [11] - The real estate sector is viewed as an early economic indicator, making it a key focus for investment [4] - The competitive landscape in the industry is improving, with leading state-owned enterprises and select private firms expected to benefit more in the future [4] - The report emphasizes a focus on first-tier and select second- and third-tier cities for investment opportunities [4] Summary by Sections New Housing Market - In the past week, new housing transaction area in 30 cities was 181.0 million square meters, a month-on-month increase of 14.3% but a year-on-year decrease of 5.9% [23] - First-tier cities saw a new housing transaction area of 43.4 million square meters, up 11.1% month-on-month but down 21.1% year-on-year [23] - Second-tier cities recorded 92.5 million square meters, with a month-on-month increase of 2.2% and a year-on-year increase of 10.2% [23] - Third-tier cities experienced a significant month-on-month increase of 56.7%, but a year-on-year decrease of 15.4% [23] Second-Hand Housing Market - The total transaction area for second-hand housing in 14 sample cities was 186.3 million square meters, down 3.3% month-on-month but up 12.2% year-on-year [32] - First-tier cities had a transaction area of 78.3 million square meters, with a slight month-on-month increase of 1.2% [32] - Year-to-date, the cumulative transaction area for second-hand housing reached 70.55 million square meters, reflecting a year-on-year growth of 16.6% [32] Credit Bond Market - A total of 11 credit bonds were issued by real estate companies this week, with a total issuance of 6.145 billion yuan, a decrease of 9.137 billion yuan from the previous week [42] - The net financing amount was -4.283 billion yuan, indicating a significant reduction in financing activity [42] - The majority of bonds issued were rated AAA, with a significant portion having maturities of over five years [42]

Core Insights - The company reported significant growth in revenue and net profit for the first half of 2025, with total revenue reaching 5.927 billion yuan, a year-on-year increase of 807.72%, and a net profit of 153 million yuan, up 250.6% compared to the previous year [1] Financial Performance - Total revenue for Q2 2025 was 3.587 billion yuan, reflecting a year-on-year increase of 1447.19% - The net profit for Q2 2025 was 130 million yuan, showing a year-on-year increase of 234.25% - The gross profit margin decreased to 18.27%, down 62.37% year-on-year, while the net profit margin improved to 2.53%, an increase of 113.84% [1] - Total expenses (selling, administrative, and financial) amounted to 574 million yuan, accounting for 9.68% of revenue, a decrease of 86.11% year-on-year [1] Balance Sheet Highlights - Accounts receivable increased by 51.61% year-on-year, reaching 1.949 billion yuan - Interest-bearing liabilities rose by 6.28% to 42.938 billion yuan - Cash and cash equivalents slightly decreased by 0.42% to 8.868 billion yuan [1] Cash Flow and Debt Analysis - The company has a low cash flow situation, with operating cash flow per share at 0.21 yuan, down 83.63% year-on-year - The debt-to-asset ratio for interest-bearing liabilities stands at 49.64%, indicating a significant level of debt [4] - The average operating cash flow over the past three years has been negative, raising concerns about liquidity [4] Market Expectations - Analysts project that the company's performance for 2025 will reach 591 million yuan, with an average earnings per share of 0.23 yuan [5] Fund Holdings - The largest fund holding in the company is the Zhongyin Shuangli Bond A, which has 744,300 shares and a total scale of 288 million yuan, showing a recent increase in value [6]

Core Viewpoint - Chengdu Investment Holdings (600649.SH) reported a significant increase in revenue and a turnaround in net profit for the first half of 2025, indicating strong operational performance and recovery from previous losses [1] Financial Performance - The company achieved total operating revenue of 5.927 billion yuan, representing a year-on-year growth of 807.72% [1] - The net profit attributable to shareholders was 153 million yuan, compared to a loss of 10.2 million yuan in the same period last year [1] - Basic earnings per share were reported at 0.06 yuan [1]

Core Viewpoint - Chengdu Investment Holdings reported an increase in shareholder accounts and a decrease in average shareholding value, indicating mixed investor sentiment despite a slight increase in shareholder numbers [1][2] Group 1: Shareholder Statistics - As of June 30, 2025, the number of shareholders for Chengdu Investment Holdings reached 68,443, an increase of 163 accounts or 0.24% from March 31, 2025 [1][2] - The average shareholding value per account was 158,600 yuan, which is below the industry average of 180,200 yuan for real estate development companies [1][2] - The average number of shares held per account remained stable at 37,000 shares [1][2] Group 2: Stock Price Performance - From March 31, 2025, to June 30, 2025, the stock price of Chengdu Investment Holdings experienced a decline of 4.67% [1][2] - During this period, the company saw a net inflow of 179 million yuan from institutional investors, while retail investors experienced a net outflow of 164 million yuan [2]

Core Viewpoint - Shanghai Urban Investment Holding Co., Ltd. has approved a share repurchase plan to maintain company value and protect shareholder interests, with a total repurchase fund ranging from RMB 50 million to RMB 100 million [1][2]. Group 1: Repurchase Plan Details - The repurchase will be conducted through centralized bidding on the Shanghai Stock Exchange, with a maximum repurchase price of RMB 6.87 per share, which is 150% of the average trading price over the previous 30 trading days [1]. - The estimated number of shares to be repurchased is between approximately 7,278,020 and 14,556,041 shares, representing about 0.29% to 0.58% of the company's total share capital of 2,504,500,768 shares [2]. Group 2: Funding and Implementation - The funding for the repurchase will come from the company's own funds and a special loan from Bank of China, with a loan commitment letter already obtained [1]. - The repurchase period will last for three months from the date of board approval [1]. Group 3: Shareholder Intentions - The controlling shareholder, Shanghai Urban Investment (Group) Co., Ltd., has no plans to reduce its shareholding in the next three to six months [2]. - Another shareholder, Hongyi (Shanghai) Equity Investment Fund Center, will decide on any potential share reduction based on its financial arrangements and market conditions [2].