Summary of Conference Call on AMC Development and China Xinda Industry and Company Involved - The conference call primarily discusses the Asset Management Company (AMC) sector in China, specifically focusing on China Xinda and its subsidiary, Xinda Real Estate [1][2][3]. Core Points and Arguments 1. **AMC Transfer to Central Huijin**: The transfer of shares from major AMCs to Central Huijin is seen as a strategic move to enhance market-oriented management and operational efficiency, reflecting a shift towards professional asset management [2][3]. 2. **Role of Central Huijin**: Central Huijin, as a professional platform under China Investment Corporation, is expected to unify the management of state-owned financial assets, which includes controlling major banks and securities firms [2][3]. 3. **Policy Alignment**: The transfer aligns with the regulatory guidance issued by the Financial Regulatory Bureau in November 2022, which aims to promote market-oriented operations for AMCs [3][4]. 4. **Market Adaptation**: With Central Huijin's involvement, China Xinda is anticipated to adopt more market-driven strategies in decision-making, risk management, and incentive mechanisms, enhancing its adaptability in a complex financial environment [4][5]. 5. **Collaboration Opportunities**: The new structure allows China Xinda to collaborate more effectively with banks, insurance companies, and securities firms, creating a robust financial cooperation platform [5]. 6. **Financial Strengthening**: Central Huijin's role as a major shareholder will enable China Xinda to optimize its balance sheet and enhance its capital strength through various means, including strategic investments [6]. 7. **Fund Establishment**: In January 2023, China Xinda and Xinda Real Estate established a 20 billion yuan relief fund, which is not solely for distressed assets but aims to support broader financial stability [6][7]. 8. **Sales Performance**: Despite a projected decline in sales for 2024, China Xinda achieved 100% of its annual sales target, indicating resilience compared to industry averages [8][9]. 9. **Market Positioning**: The company focuses on developing projects in core cities, which is expected to yield better sales turnover and profitability compared to projects in less central locations [7][8]. 10. **Future Outlook**: The year 2024 is viewed as a low point for the company, with expectations for recovery and growth in 2025 as new business opportunities arise and the real estate market stabilizes [10][11]. 11. **Valuation Considerations**: The valuation of China Xinda is compared to traditional developers, with a focus on its unique position as an AMC, which allows for asset acquisition during downturns [11][12]. 12. **Investment Opportunities**: The company’s ability to leverage its relief fund and optimize asset acquisition prices will be critical for its future profitability and market positioning [12]. Other Important but Overlooked Content - The conference emphasized the importance of understanding the unique valuation logic for AMCs compared to traditional developers, particularly in the context of the current real estate cycle [11][12]. - The potential for China Xinda to capitalize on low asset prices during market downturns was highlighted as a significant advantage for future growth [11][12].

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company, Xinda Real Estate, is a subsidiary of China Cinda, one of China's four major Asset Management Companies (AMCs), focusing on the integration of distressed real estate assets [1] - Recent changes in shareholders provide AMCs with more market-oriented space, as the separation of regulatory and shareholder roles is expected to enhance market operations [2] - Policy support has shifted the operational logic of AMCs, with new guidelines emphasizing market-oriented and legal principles in the acquisition and management of distressed assets, potentially leading to better economic benefits in this cycle [3] - Xinda Real Estate and its parent company have established a 20 billion yuan relief fund to support various investment opportunities, indicating a diversified approach to asset management and investment [4] - The establishment of the relief fund is anticipated to increase project scale, revenue, and profits, positively impacting the company's market value [5] Summary by Sections Shareholder Changes - The announcement on February 14 regarding the transfer of some shares to Central Huijin Investment indicates a clearer separation of regulatory and operational roles for AMCs, allowing for more market-driven operations [2] Policy Support - The introduction of the 2024 Financial Regulatory Bureau's guidelines for distressed asset management marks a significant shift towards market-oriented practices, which could enhance the economic efficiency of AMCs in asset restructuring and acquisitions [3] Company Initiatives - In January 2025, Xinda Real Estate and China Cinda jointly announced a 20 billion yuan relief fund aimed at revitalizing distressed projects and supporting construction efforts, showcasing the company's proactive investment strategy [4] Financial Projections - The establishment of the relief fund is expected to lead to increased project acquisitions, revenue, and profits, thereby enhancing the company's market capitalization in the coming years [5]

信达地产股份有限公司 收购报告书摘要 股票简称：信达地产 股票代码：600657 收购人：中央汇金投资有限责任公司 住所：北京市东城区朝阳门北大街 1 号新保利大厦 通讯地址：北京市东城区朝阳门北大街 1 号新保利大厦 签署日期：二〇二五年二月十四日 1 声 明 本部分所述词语或简称与本报告书摘要"释义"所述词语或简称具有相同 含义。 一、收购人依据《中华人民共和国公司法》《中华人民共和国证券法》《上 市公司收购管理办法》《公开发行证券的公司信息披露内容与格式准则第 16 号 ——上市公司收购报告书》及相关的法律、法规和规范性文件编写本报告书摘要。 上市公司名称：信达地产股份有限公司 股票上市地点：上海证券交易所 二、依据《中华人民共和国证券法》《上市公司收购管理办法》《公开发行 证券的公司信息披露内容与格式准则第 16 号——上市公司收购报告书》的规定， 本报告书摘要已全面披露收购人在信达地产拥有权益的股份。 截至本报告书摘要签署日，除本报告书摘要披露的持股信息外，收购人没有 直接在信达地产拥有权益。 三、收购人签署本报告书摘要已获得必要的授权和批准，其履行亦不违反收 购人公司章程或内部规则中的任何条款，或 ...

证券代码：600657 证券简称：信达地产 公告编号：临 2025-005 号 信达地产股份有限公司 关于控股股东之控股股东股权结构变更暨公司实际控制人 变更的提示性公告 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： ●信达地产股份有限公司（以下简称"公司"）于2025年2月14日收到控股股 东之控股股东中国信达资产管理股份有限公司（以下简称"中国信达"）通知， 中华人民共和国财政部（以下简称"财政部"）拟将其所持有的中国信达的股权 全部划转至中央汇金投资有限责任公司（以下简称"汇金公司"）。划转完成后， 公司实际控制人将由财政部变更为汇金公司。 ●本次划转符合《上市公司收购管理办法》第六十三条第一款第（一）项的 规定，可以免于发出要约。 ●本次划转尚需履行的程序包括取得金融监管机构批准。 一、基本概况 公司于2025年2月14日收到控股股东之控股股东中国信达的《关于中国信达 资产管理股份有限公司股权结构变动的通知》，财政部拟将其所持有的中国信达 的股权全部划转至汇金公司（以下简称"本次划转"）。本次划转将导 ...

证券时报网讯，信达地产(600657)2月14日晚间公告，公司于2025年2月14日收到控股股东之控股股东中 国信达资产管理股份有限公司（简称"中国信达"）通知，财政部拟将其所持有的中国信达的股权全部划 转至中央汇金投资有限责任公司（简称"汇金公司"）。 划转完成后，公司实际控制人将由财政部变更为汇金公司。 ...

Financial Performance Forecast - The company expects a net profit attributable to shareholders of the parent company for 2024 to be between -730 million and -600 million CNY[3]. - The expected net profit attributable to shareholders of the parent company, after deducting non-recurring gains and losses, is projected to be between -760 million and -630 million CNY[4]. - In the same period last year, the total profit was 876 million CNY, with a net profit attributable to shareholders of the parent company of 505 million CNY[5]. - The net profit attributable to shareholders of the parent company, excluding non-recurring gains and losses, was 498 million CNY in the previous year[6]. Reasons for Expected Loss - The primary reason for the expected loss in 2024 is a decline in revenue and gross margin from real estate development projects compared to 2023[8]. - The company anticipates an increase in impairment provisions for certain real estate development projects and financial investments[8]. Audit and Reporting - The performance forecast has not yet been audited by registered accountants, and the company has communicated with the auditing firm regarding this forecast[9]. - The forecast data is preliminary and the accurate financial data will be disclosed in the audited annual report for 2024[10]. Operational Stability and Investment Risks - The company emphasizes the stability and controllability of its overall operations for the year 2024[8]. - Investors are advised to pay attention to investment risks related to the preliminary nature of the forecast data[10].

证券代码：600657 证券简称：信达地产 编号：临 2024-052 号 关于开展应收账款保理业务的公告 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。 一、保理业务情况概述 为满足经营需要，优化资产结构，信达地产股份有限公司（以下 简称"公司"）拟与诚通商业保理有限公司（以下简称"诚通保理"） 开展有追索权正向保理业务，即公司将日常经营活动产生的应收账款 转让给诚通保理，诚通保理向公司支付保理款项。 本项业务不构成关联交易，不构成《上市公司重大资产重组管理 办法》规定的重大资产重组。 本次保理业务适用于公司第十三届董事会第三次（2023 年度） 会议审议通过的《关于确定董事会对经营层授权事项的议案》中"融 资审批权"的授权，已经公司经营层审批通过。 二、交易对方基本情况 企业名称：诚通商业保理有限公司 企业性质：有限责任公司（法人独资） 成立时间：2018 年 7 月 10 日 注册地点：天津自贸试验区（中心商务区）新华路 3678 号宝风 大厦 18 层 1840-18 1 3、交易标的：公司及控股子公司 ...

证券代码：600657 证券简称：信达地产 编号：临 2024-051 号 关于新增控股子公司的公告 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。 重要内容提示： ● 信达地产股份有限公司（以下简称"公司"）全资子公司安徽 信达房地产开发有限公司（以下简称"安徽信达房地产"）持有合肥 业涛置业有限公司（以下简称"合肥业涛"）40%股权，为进一步优 化合肥业涛的治理结构、提高决策效率，加强公司对合肥业涛的管控 力度。安徽信达房地产取得合肥业涛控制权，将其纳入公司合并报表 范围。 一、概述 合肥业涛是安徽信达房地产与重庆华宇集团有限公司（以下简称 "重庆华宇"）控股子公司安徽业瑞企业管理有限公司（以下简称"安 徽业瑞"）合作的房地产项目公司。其中，安徽业瑞持股 60%、安 徽信达房地产持股40%。 1 ● 本次事项不构成关联交易。 ● 本次事项不构成重大资产重组。 ● 本次事项无需提交股东大会。 证券代码：600657 证券简称：信达地产 编号：临 2024-051 号 为进一步优化合肥业涛的治理结构，安徽信达房地产将 ...

证券代码：600657 证券简称：信达地产 编号：临 2024-050 号 关于召开 2024 年第三季度业绩说明会的公告 ● 投资者可于 2024 年 11 月 15 日(星期五)至 11 月 21 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 2024 年 10 月 31 日披露公司 2024 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 2024 年第三季度经营情况、财务状况，公司计划于 2024 年 11 月 22 日下午 14:00-15:00 举行 2024 年第三季度业绩说明会， 就投资者关心的问题进行交流。 一、说明会类型 1 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。 重要内容提示： ● 会议召开时间：2024 年 11 月 22 日(星期五)下午 14:00-15:00 ● 会议 ...

Financial Performance - The company's operating revenue for Q3 2024 was ¥966,925,559.47, a decrease of 2.28% compared to the same period last year[2]. - The net profit attributable to shareholders for Q3 2024 was -¥193,159,933.13, representing a decline of 341.34% year-on-year[2]. - The basic earnings per share for Q3 2024 was -¥0.07, down 333.33% compared to the same period last year[3]. - The net profit for the year-to-date period was a loss of RMB 151 million, a decrease of 164.50% compared to a profit of RMB 234 million in the same period last year[10]. - The company reported a notable sales figure of 27,398 units in Chongqing, indicating strong demand in that region[18]. - The company reported a total comprehensive loss of CNY 394,299,391.15 for the third quarter of 2024, compared to a loss of CNY 260,247,527.63 in the same quarter of 2023[36]. Assets and Liabilities - The total assets as of the end of Q3 2024 were ¥80,080,185,978.20, a decrease of 3.12% from the end of the previous year[3]. - As of September 30, 2024, the total assets of the company were RMB 80.08 billion, a decrease of RMB 2.575 billion from RMB 82.655 billion at the beginning of the year[10]. - The total liabilities amounted to RMB 55.013 billion, down RMB 2.370 billion from RMB 57.383 billion at the beginning of the year[10]. - The total liabilities as of September 30, 2024, were approximately ¥55.01 billion, down from ¥57.38 billion at the end of 2023[23]. - The total owner's equity as of September 30, 2024, was approximately ¥25.07 billion, a slight decrease from ¥25.27 billion at the end of 2023[23]. Cash Flow - The net cash flow from operating activities for the year-to-date period was -¥2,665,848,681.12, a decline of 351.19% year-on-year[6]. - Cash inflow from operating activities for the first nine months of 2024 was 2,974,236,403.40 RMB, a decrease from 7,959,544,860.56 RMB in the same period of 2023[29]. - The cash and cash equivalents decreased to approximately ¥5.11 billion from ¥9.67 billion at the end of 2023, representing a decline of 47.3%[22]. - The cash and cash equivalents at the end of Q3 2024 were 4,991,980,937.56 RMB, down from 10,510,854,571.71 RMB at the end of 2023[30]. Investment and Development - The company has a total of 860,086 square meters of land held for development, with a planned construction area of 1,383,089 square meters[11]. - The company has newly acquired project construction area of 972,500 square meters year-to-date[10]. - The total investment amount for projects under construction is approximately 22.35 billion yuan[13]. - The company has ongoing projects in multiple cities, including Qingdao, Hefei, Wuhu, and Chongqing, with varying equity ratios[13]. - The company is focusing on expanding its market presence through new projects and ongoing developments in key regions[13]. Rental Income - Total leased area of real estate reached 586,048.41 square meters, with 446,975.98 square meters leased out, generating rental income of 12,901.47 million yuan[21]. - The rental income from the Zhengzhou Xinda Building was 312.47 million yuan, with an occupancy rate of 95.24%[20]. - The rental income from the Shanghai Xinda Building was 1,278.14 million yuan, with an occupancy rate of 58.00%[20]. - The occupancy rate across all properties is approximately 76.25%[21]. Market Strategy - The company is actively pursuing new strategies for market expansion and product development to meet evolving consumer demands[19]. - The report highlights the company's commitment to maintaining a robust sales pipeline through strategic project launches and partnerships[19]. - The company continues to expand its market presence with new residential and commercial projects in cities like Hefei, Wuhu, and Chongqing[17].