Core Insights - The performance of A-share listed real estate companies in the first three quarters of 2025 shows a significant decline, with 41 out of 77 companies reporting net losses totaling -872.16 billion yuan [2][3][5] - The ongoing losses in the real estate sector since 2022 are attributed to low-profit project settlements and impairment provisions during market adjustments, although there is potential for recovery if the housing market gradually improves [2][9] Financial Performance Overview - A total of 77 A-share listed real estate companies disclosed their Q3 reports, with a combined revenue of 973.3 billion yuan [2][3] - 41 companies reported net losses, accounting for over 50% of the total, with the overall net loss for the sector reaching -674.89 billion yuan [5][9] Major Losses - Vanke reported a net loss of 28.02 billion yuan in the first three quarters, with a revenue of 161.39 billion yuan, primarily due to declining settlement scales and low gross margins [3][4] - *ST Jinke experienced a significant loss of 10.78 billion yuan, with total revenue dropping by 73.57% to 5.699 billion yuan [3][4] - Huaxia Happiness reported a net loss of 9.829 billion yuan, with revenue down 72.09% to 3.882 billion yuan [4] Other Notable Losses - Greenland Holdings and Xinda Real Estate reported losses exceeding 5 billion yuan, with Greenland's revenue down 20.16% to 127.697 billion yuan [4][5] - Jin Di Group and Huashang City A reported losses around 4 billion yuan, with Jin Di's revenue down 41.48% to 23.994 billion yuan [5] Companies with Positive Performance - Only 36 companies reported positive net profits, with notable performers including China Communications Real Estate, which achieved a net profit of 4.827 billion yuan after restructuring [6][8] - Other profitable companies include China Merchants Shekou, Nanjing High-Tech, and Binjiang Group, with net profits of 2.497 billion yuan, 2.438 billion yuan, and 2.395 billion yuan respectively [8] Market Outlook - The real estate sector has faced continuous losses since 2022, with challenges including low-profit project settlements and increased interest expenses [9] - Despite the ongoing difficulties, there are signs of potential recovery in core cities, with companies focusing on higher-margin projects to improve their financial performance [9]

证券代码：600657 证券简称：信达地产 编号：临 2025-042 号 关于召开 2025 年第三季度业绩说明会的公告 重 要 提 示 一、说明会类型 1 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： ● 会议召开时间：2025 年 11 月 21 日(星期五)下午 16:00-17:00 ● 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） ● 会议召开方式：上证路演中心网络互动 ● 投资者可于 2025 年 11 月 14 日(星期五)至 11 月 20 日(星期 四)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 dongban_dc@cinda.com.cn 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。 信达地产股份有限公司（以下简称"公司"）已于 2025 年 10 月 31 日披露公司 2025 年第三季度报告，为便于广大投资者更全面深入 地了解公司 2025 年第三季度经营情况、财务状 ...

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： 担保对象及基本情况 证券代码：600657 证券简称：信达地产 公告编号：临 2025-043号 信达地产股份有限公司 关于为控股子公司提供担保的公告 担 保 对 象 被担保人名称 信达重庆房地产开发有限公司（以 下简称"信达重庆"）、西安信渝 园企业管理合伙企业（有限合伙） （以下简称"合伙企业"） 本次担保金额 14,862.00 万元 实际为其提供的担保余额 14,862.00 万元（含本次） 是否在前期预计额度内 ☑是 □否 □不适用：_________ 本次担保是否有反担保 □是 否 □不适用：_________ 累计担保情况 | 对外担保逾期的累计金额（万元） | 0 | | --- | --- | | 截至本公告日上市公司及其控股 子公司对外担保余额（万元） | 1,826,756.99 | | 对外担保余额占上市公司最近一 期经审计净资产的比例（%） | 76.63 | | 特别风险提示（如有请勾选） | ☑对外担保总额（含本次）超过上市公司最 近 ...

Group 1 - Company Xinda Real Estate (SH 600657) announced on October 31 that its wholly-owned subsidiary, Xinda Chongqing, will establish a partnership to participate in the urban village renovation project in Xi'an [1] - The partnership involves Xinda Chongqing acting as a subordinate partner, providing a guarantee for the preferred partner's returns and assuming a buyback obligation for the preferred partner's shares under certain conditions [1] - The company has a maximum guarantee amount of 148.62 million yuan, with a guarantee period of three years from the fulfillment of obligations under the partnership agreement [1] Group 2 - As of September 30, 2025, the company's external guarantee balance is 18.268 billion yuan, accounting for 76.63% of the latest audited net assets [1] - For the first half of 2025, Xinda Real Estate's revenue composition is as follows: housing sales revenue accounts for 77.87%, other business for 18.41%, and leasing and others for 3.72% [1] - The current market capitalization of Xinda Real Estate is 10.7 billion yuan [1]

Core Viewpoint - Xinda Real Estate announced the establishment of a partnership to participate in a village renovation project in Xi'an, indicating strategic expansion efforts in urban development [1] Group 1: Partnership and Project Details - Xinda Chongqing, a wholly-owned subsidiary of Xinda Real Estate, is introducing priority partners to jointly establish Xi'an Xinyu Garden Enterprise Management Partnership (Limited Partnership) [1] - The partnership will engage in the DK14 relocation project in Zaoyuan Village, Xi'an, which is part of a broader urban redevelopment initiative [1] Group 2: Financial Obligations and Guarantees - Xinda Chongqing will act as a subordinate partner, providing a shortfall guarantee for the returns of the priority partners and assuming a buyback obligation for their shares [1] - The company has guaranteed these obligations with a maximum amount of 148.62 million yuan, with a guarantee period of three years from the fulfillment of the obligations [1] - This guarantee has been approved within the limits set by the company's shareholders' meeting, eliminating the need for further board or shareholder approval [1]

Summary of Key Points Core Viewpoint - Xinda Real Estate (SH 600657) reported significant sales performance for the first three quarters of 2025, indicating a strong market presence and revenue generation capabilities [1]. Company Performance - For the first three quarters of 2025, Xinda Real Estate achieved a cumulative real estate sales area of approximately 413,200 square meters [1]. - The cumulative sales amount reached approximately 7.558 billion yuan, with cooperative project sales contributing about 2.518 billion yuan and entrusted project sales amounting to around 1.507 billion yuan [1]. Revenue Composition - In the first half of 2025, the revenue composition of Xinda Real Estate was as follows: - Housing sales revenue accounted for 77.87% - Other business activities contributed 18.41% - Leasing and other income made up 3.72% [1].

Core Points - The company reported a significant decline in revenue and a substantial net loss for the third quarter of 2025, primarily due to reduced project delivery and asset impairment provisions [2][4] - The company's total assets decreased slightly, and the equity attributable to shareholders saw a notable reduction, indicating financial strain [2][4] - The actual controller of the company changed from the Ministry of Finance to Central Huijin Investment Limited Liability Company [3][4] Financial Performance - For the first three quarters of 2025, the company achieved an operating income of 2.692 billion yuan, a year-on-year decrease of 23.06% [2] - The net profit attributable to shareholders was -5.309 billion yuan, primarily due to a decrease in project delivery scale and a decline in revenue and gross margin [2][4] - The company reported a total asset value of 75.242 billion yuan, down 1.56% from the beginning of the year, and a debt-to-asset ratio of 70.83%, up 4.76 percentage points from the end of the previous year [2] Sales and Project Development - The company recorded a cumulative sales area of 413,200 square meters and a sales amount of 7.558 billion yuan, with cash collection amounting to 7.908 billion yuan [2] - New construction area was 429,500 square meters, while completed area was 682,000 square meters, indicating ongoing project activity [3] - The company has a project reserve with a planned construction area of 3.2131 million square meters and approximately 4.7922 million square meters of ongoing projects [3]

关于公司 2025 年第三季度经营情况简报 重 要 提 示 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：600657 证券简称：信达地产 编号：临 2025-041 号 2025 年前三季度，公司新获取项目计容规划建筑面积约 96.66 万 平方米（其中合作项目权益面积约 21.26 万平方米，代建项目面积约 65.20 万平方米）。 二、开竣工情况 2025 年前三季度，公司新开工面积约 42.95 万平方米（其中合作 项目权益面积约 13.06 万平方米，代建项目面积约 20.60 万平方米）； 竣工面积约 68.20 万平方米（其中合作项目权益面积约 31.88 万平方 米，代建项目面积约 20.46 万平方米）。 一、新获取项目情况 证券代码：600657 证券简称：信达地产 编号：临 2025-041 号 三、销售情况 2025 年前三季度，公司累计实现房地产销售面积约 41.32 万平方 米（其中合作项目权益销售面积约 14.38 万平方米，代建项目销售面 积约 7.65 万平方米）；累计销售金额约 ...

Financial Performance - The company's operating revenue for Q3 2025 was ¥914,063,064.32, representing a decrease of 5.47% compared to the same period last year[4] - The total profit for the period was -¥1,786,562,307.71, with a year-to-date total profit of -¥5,706,046,853.91, reflecting a significant decline of 32,275.88%[4] - The net profit attributable to shareholders was -¥1,618,496,837.38 for the quarter, and -¥5,308,937,920.14 year-to-date, indicating a substantial loss[4] - The basic and diluted earnings per share for the quarter were both -¥0.57, with year-to-date figures at -¥1.86[4] - Total revenue for the first three quarters of 2025 was CNY 2,692,447,092.16, a decrease of 23.1% compared to CNY 3,499,341,894.56 in the same period of 2024[36] - The net loss for the first three quarters of 2025 was CNY 5,849,304,044.03, compared to a net loss of CNY 150,895,673.84 in the same period of 2024[36] - The company's basic and diluted earnings per share for the first three quarters of 2025 were both CNY -1.86, compared to CNY -0.03 in the same period of 2024[37] - The company reported a significant increase in financial expenses, which totaled CNY 1,091,103,857.65 in 2025, compared to CNY 999,001,225.29 in 2024, reflecting an increase of 9.2%[36] Assets and Liabilities - The total assets at the end of the reporting period were ¥75,241,603,840.84, down 1.56% from the previous year-end[5] - The total assets of the company as of September 30, 2025, were RMB 75.242 billion, a decrease of RMB 1.192 billion from the beginning of the year, while total liabilities increased by RMB 2.798 billion to RMB 53.296 billion[13] - The company's equity attributable to the parent company decreased by RMB 5.309 billion to RMB 18.530 billion, with a debt-to-asset ratio of 70.83%, up 4.76 percentage points from the end of the previous year[13] - Total liabilities increased to CNY 53,296,291,575.10 as of September 30, 2025, compared to CNY 50,498,083,263.25 at the end of 2024, marking an increase of 5.6%[33] - The total liabilities increased to ¥29,786,326,650.21 in 2025 from ¥27,821,014,156.12 in 2024, indicating a rise in financial obligations[42] Cash Flow - The cash flow from operating activities for the year-to-date was ¥821,315,264.03, showing an increase compared to the previous year[4] - Operating cash flow for the first three quarters of 2025 was ¥821,315,264.03, a significant improvement compared to a net cash outflow of ¥2,665,848,681.12 in the same period of 2024[39] - Total cash inflow from financing activities increased to ¥10,643,077,100.00 in 2025 from ¥6,566,111,541.40 in 2024, resulting in a net cash inflow of ¥1,523,118,200.00 compared to a net outflow of ¥3,106,321,020.98 in the previous year[40] - The company's cash and cash equivalents increased to CNY 6,617,121,633.29 from CNY 4,957,338,928.35, representing a growth of 33.5%[32] - The ending cash and cash equivalents balance for 2025 was approximately $2.40 billion, compared to $807.71 million at the end of 2024, marking an increase of about 196.5%[47] Project Development - The cumulative sales area for the year was approximately 413,200 square meters, with total sales amounting to approximately RMB 7.558 billion and cash collection of approximately RMB 7.908 billion[14] - The company commenced construction on approximately 429,500 square meters and completed approximately 682,000 square meters during the reporting period[15] - The company acquired new projects with a planned construction area of approximately 966,600 square meters, with total land reserves of approximately 3,213,100 square meters as of September 30, 2025[18] - The company reported a total of approximately 905,448 square meters of land held for development, with a planned construction area of approximately 1,468,702 square meters[16] - The company has ongoing projects with a total area of approximately 479,220 square meters, including various cooperative and entrusted projects[15] Market Strategy - The company is focusing on expanding its market presence in cities like Guangzhou and Hefei, with significant ongoing and new projects[20] - The company aims to enhance its operational efficiency and market competitiveness through strategic project management and investment in new technologies[20] - The company is actively pursuing new strategies for market expansion and product development in the real estate sector[30] Rental Income - The company recorded cumulative rental income of approximately RMB 116 million from real estate leasing during the reporting period[14] - The company reported rental income from leased properties amounting to RMB 11,621.45 million, with a total leased area of 626,248.01 square meters[30] - The company has a 100% equity ratio in most of its properties, ensuring full control over its rental income streams[29] - The company is expanding its commercial real estate portfolio, with significant projects in cities like Hefei and Wuhu[30] - The company has reported a strong occupancy rate across its properties, contributing to stable rental income[29] Changes in Management - The actual controller of the company changed from the Ministry of Finance of the People's Republic of China to Central Huijin Investment Ltd[31] Investment and Research - Research and development expenses decreased to ¥1,694,033.63 in 2025 from ¥3,152,505.03 in 2024, reflecting a reduction in investment in innovation[43] - The company's long-term investments decreased to ¥13,236,760,704.69 in 2025 from ¥13,442,691,052.78 in 2024, suggesting a potential shift in investment strategy[41]

Group 1: Urban Development Initiatives - The Ministry of Housing and Urban-Rural Development announced that by 2025, 449 cities in China will conduct urban health checks, focusing on the renovation of old neighborhoods and the construction of complete communities, enhancing the breadth and depth of urban assessments [1] - The Guangzhou Huangpu Wushi Village urban village renovation project has achieved significant progress with the completion of demolition, laying the foundation for the construction of 648 resettlement homes, which will be complemented by public facilities to create a 15-minute living circle [2] Group 2: Real Estate Market Trends - In Hong Kong, the inventory of residential mortgagee properties decreased to 269 units as of September 2025, marking a 10% decline from the previous quarter, ending a five-quarter rising trend, primarily due to a drop in private residential properties [3] - Yuexiu Property's subsidiary plans to issue CNY 2.85 billion green bonds with a 3.30% interest rate, aimed at refinancing maturing offshore debts and financing eligible green projects, reflecting the company's commitment to sustainable development [4] - Xinda Real Estate successfully issued CNY 2.4 billion in corporate bonds, with a subscription multiple of 1.4458, indicating market recognition despite the company's heavy debt burden [5][6]