Core Viewpoint - Lujiazui, a well-established state-owned enterprise in Shanghai, reported a 33.91% increase in total revenue for the first half of 2025, reaching 6.598 billion yuan, while its net profit attributable to shareholders decreased by approximately 7.87% to 815 million yuan, indicating a situation of "increased revenue without increased profit" [2][5][8]. Financial Performance - Total revenue for Lujiazui in the first half of 2025 was 6.598 billion yuan, a year-on-year increase of 33.91% [2]. - The net profit attributable to shareholders was 815 million yuan, reflecting a year-on-year decrease of 7.87% [2][8]. - The gross profit margin decreased by 15.94% but remained significantly higher than industry peers, standing at 50.8% at the end of the reporting period [2][9]. - The total profit for the first half was 1.607 billion yuan, showing a year-on-year increase of 22% [8]. Revenue Sources - The main revenue sources for Lujiazui were real estate sales (41%) and real estate leasing (22%) [5]. - The cash inflow from real estate sales reached 6.187 billion yuan, with residential property sales contributing 5.548 billion yuan [12]. - The total contracted sales area for residential properties was 41,000 square meters, a year-on-year increase of 96%, with a total sales amount of 4.769 billion yuan, up 111% year-on-year [12]. Market Position and Competition - Lujiazui ranked seventh in Shanghai's real estate sales with a total sales amount of 13.66 billion yuan [13]. - Despite its advantageous location, some projects experienced slower sales velocity compared to leading competitors, indicating a gap in product offerings and sales speed [13]. Gross Margin Analysis - Lujiazui's gross margin, although high at 50.8%, has been on a downward trend from 66% in mid-2023 [9][10]. - The gross margins for various segments included: long-term property leasing at 65%, real estate sales at 57%, and financial services at 71% [9]. Development Strategy - Lujiazui has shifted its development focus to the Shanghai Bund area, which is a key urban development zone [3][4]. - The company has enhanced its marketing capabilities by recruiting experienced personnel from leading real estate firms, improving its market competitiveness [12]. Legal and Environmental Issues - The company is currently facing legal challenges related to the "toxic land" issue in Suzhou, which has impacted its stock price and financial performance [14][15]. - Lujiazui has stated that it is actively addressing these issues and has not made provisions for inventory impairment during the reporting period [15].

Group 1 - The company Shanghai Lujiazui Financial Trade Zone Development Co., Ltd. issued its fourth phase of medium-term notes for the year 2025, with a total issuance amount of RMB 6.1 billion [1][2] - The registered amount for the medium-term notes is RMB 50 billion, valid for two years from the date of the acceptance notice issued by the China Interbank Market Dealers Association [1] - The issued medium-term notes have a maturity of 2 years and a coupon rate of 1.78%, with each note having a face value of RMB 100 [1][2] Group 2 - The lead underwriter for this medium-term note issuance is Industrial Bank Co., Ltd., with several joint lead underwriters including China Minsheng Banking Corp., CITIC Bank, Shanghai Bank, and Shanghai Pudong Development Bank [2]

股票代码：A 股：600663 股票简称：陆家嘴 编号：临 2025-030 B 股：900932 陆家 B 股 公司于 2025 年 8 月 7 日发行了 2025 年度第四期中期票据（简称：25 陆金 开 MTN004，代码：102583317），实际发行金额为人民币 6.1 亿元，期限 2 年， 每张面值为人民币 100 元，发行票面利率为 1.78%。募集资金已于 2025 年 8 月 8 日全额到账。 兴业银行股份有限公司为本次中期票据发行的主承销商和簿记管理人，中国 民生银行股份有限公司、中信银行股份有限公司、上海银行股份有限公司、上海 浦东发展银行股份有限公司为本次中期票据发行的联席主承销商。本次中期票据 发行的有关文件详见中国货币网(www.chinamoney.com.cn)和上海清算所网站 （www.shclearing.com.cn）。 特此公告。 上海陆家嘴金融贸易区开发股份有限公司 二〇二五年八月九日 上海陆家嘴金融贸易区开发股份有限公司 关于 2025 年度第四期中期票据发行结果的公告 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 ...

Investment Rating - The investment rating for the real estate industry is "Positive" (maintained) [4][5][59] Core Viewpoints - The report emphasizes the importance of implementing the spirit of the Central Urban Work Conference and conducting high-quality urban renewal [3][47] - The report highlights that since September 2024, the central government's clear requirement has been to stabilize the real estate and stock markets, which is crucial for boosting social expectations and facilitating domestic demand circulation [5][50] Market Performance - The Shanghai Composite Index fell by 0.9%, the Shenzhen Component Index by 1.6%, the ChiNext Index by 0.7%, and the CSI 300 Index by 1.8%, while the real estate sector (Shenwan) dropped by 3.4% [5][8] - In terms of individual stocks, the top five gainers were Zhujiang Co. (+13.5%), Dazhong Electronics (+10.3%), Zhangjiang Hi-Tech (+6.8%), ST Nanzhi (+6.1%), and Quzhou Development (+5.9%), while the top five losers included Hainan Airport (-8.4%), Jindi Group (-8.1%), Lujiazui (-7.9%), China Merchants Shekou (-7.7%), and Hainan Expressway (-7.7%) [5][8] Data Tracking New Housing Transactions - For the week of July 26 to August 1, 205,000 square meters of new homes were sold across 42 key cities, a 19.9% increase from the previous week, but a 20.8% decrease year-on-year [14][18] - In July, a total of 761,000 square meters of new homes were sold, representing a 31.8% decrease month-on-month and an 18.3% decrease year-on-year [18] Second-Hand Housing Transactions - For the week of July 26 to August 1, 185,000 square meters of second-hand homes were sold across 21 key cities, a 5.4% decrease from the previous week, but a 2.5% increase year-on-year [29][35] - In July, a total of 854,000 square meters of second-hand homes were sold, reflecting a 2.1% decrease month-on-month and a 3.9% decrease year-on-year [35] Industry News - The Central Political Bureau meeting emphasized the need for high-quality urban renewal and the implementation of policies to stabilize the real estate market [47][48] - The National Taxation Administration reported that since the implementation of the housing tax refund policy, 11.1 billion yuan has been refunded, alleviating the tax burden on residents [47][48] Company Announcements - Lujiazui achieved a revenue of 6.598 billion yuan in the first half of 2025, a year-on-year increase of 33.9%, while the net profit attributable to shareholders was 815 million yuan, a year-on-year decrease of 7.9% [50][51] - Dazhong City completed a targeted issuance of 2.426 billion yuan, increasing its total share capital to 4.286 billion shares [50][51]

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [3][36]. Core Views - The report indicates that the broad housing demand in China has reached a bottom, but it will take approximately two years for residents' balance sheets to recover, leading to a continued downward trend in volume and price [3][36]. - It is expected that the real estate market in core cities is at a turning point and will lead the recovery, driven by improved supply-demand dynamics and residents' financial health [3][36]. - The introduction of new policies for housing will create new development tracks, enhancing the market in core cities with lower penetration rates [3][36]. Industry Data - New home transaction volume in 34 cities increased by 17.3% week-on-week, with first and second-tier cities up by 18.3% and third and fourth-tier cities up by 2.7% [4][7]. - In July, the transaction volume for new homes in 34 cities decreased by 20.2% year-on-year, with first and second-tier cities down by 15.3% and third and fourth-tier cities down by 56.2% [7][8]. - The inventory of new homes in 15 cities decreased by 0.4% week-on-week, with a current available residential area of 89.088 million square meters [20][21]. Policy and News Tracking - The Political Bureau of the Central Committee emphasized high-quality urban renewal and the implementation of urban renewal actions to promote the healthy development of the real estate market [29][32]. - The Ministry of Finance supports the construction of a new model for real estate development and the implementation of urban renewal actions [29][32]. - Local governments are implementing measures to stabilize the real estate market, including policies for public rental housing and adjustments to housing provident fund policies [29][33]. Company Dynamics - The report notes that Joy City Real Estate plans to privatize, intending to cancel 4.73 billion shares, which accounts for 33.24% of its total shares [3][36]. - Lujiazui reported a 33.91% increase in revenue for the first half of 2025, reaching 6.598 billion yuan, while net profit decreased by 7.87% to 815 million yuan [36]. - New City Holdings issued 1 billion yuan in medium-term notes at a record low interest rate of 2.68% for five years [36].

Core Viewpoint - Lujiazui Guotai Life Insurance Co., Ltd. announced the appointment of Wang Gang as the new chairman of the board, replacing Li Zuoqiang, pending regulatory approval [1] Group 1 - Wang Gang's appointment was proposed by the shareholders and approved during the company's third extraordinary general meeting and the seventh extraordinary board meeting held on May 29, 2025 [1] - Li Zuoqiang will continue to fulfill the duties of chairman until Wang Gang's appointment takes effect following regulatory approval and official company announcement [1]

早在今年3月，陆家嘴曾发布公告称，决定聘任王岗担任公司副总经理。王岗出生于1982年6月，曾任上 海国盛（集团）有限公司资本运营部副总经理，海通证券股份有限公司风险管理部总经理，上海海通证 券资产管理有限公司党总支书记、总经理等。 今年5月，据证券时报报道，陆家嘴副总经理王岗有望出任陆家嘴信托董事长，但此次人事调整尚需完 成相关公司治理程序和监管流程。在此之前，陆家嘴信托的董事长即黎作强。 时隔八年，陆家嘴国泰人寿董事长调整。 近日，陆家嘴国泰人寿保险有限责任公司（下称陆家嘴国泰人寿）披露的2025年第二季度偿付能力报告 显示，经股东方提名，并经公司股东会、董事会于5月29日召开的相关会议选举，王岗拟接替黎作强担 任公司第六届董事会董事、董事长，该任命自王岗相关任职资格获得监管核准且公司发文任命之日起生 效。在王岗正式履职前，黎作强继续履行公司董事长职责。 出生于1966年的黎作强即将年满60周岁，他曾任上海陆家嘴（集团）有限公司党委委员、副总经理，陆 家嘴董事，上海陆家嘴金融发展有限公司董事长、陆家嘴国际信托有限公司董事长等职务。 就在陆家嘴国泰人寿召开股东会和董事会宣布人事调整之后，5月31日，上海陆家嘴 ...

以科创板为代表的资本市场，已成为金融支持集成电路产业自立自强发展的主阵地，正逐步构建起"头部引领、链条完整、协同创新"的良性发展格局。 集成电路产业被誉为现代工业的"粮食"，是物联网、大数据、云计算等新一代信息产业的基石。攀登科技创新的高峰，不仅需要技术研发的硬实力，更离不 开资本的长期浇灌与坚定陪伴。以科创板为代表的资本市场，已成为金融支持集成电路产业自立自强发展的主阵地，正逐步构建起"头部引领、链条完整、 协同创新"的良性发展格局。如何让资本更精准、更持久地赋能集成电路产业，实现其高质量发展？ 陆家嘴金融沙龙第22期活动将于8月2日举行，会议以《智核驱动，智汇未来：资本赋能先导产业》为主题，特邀科创基金、产业资本和领军企业等领域专 家，探讨耐心资本如何支持这一战略性、基础性和先导性产业的高质量发展，助力其更好地强链、补链、延链。 上海科创中心股权投资基金管理有限公司总裁杨斌将担任本场沙龙的主嘉宾，并发表主旨演讲。 杨斌深耕公司金融与金融科技领域30年，在集成电路产业投资布局上有着精准的判断和丰富的实战经验。上海科创基金也扶持了一批优质企业成长，为集成 电路产业的创新发展注入了强劲动能。 陈 理论证司▷週刊 ...

据证券之星公开数据整理，近期陆家嘴（600663）发布2025年中报。根据财报显示，陆家嘴增收不增 利。截至本报告期末，公司营业总收入65.98亿元，同比上升33.91%，归母净利润8.15亿元，同比下降 7.87%。按单季度数据看，第二季度营业总收入23.8亿元，同比上升23.37%，第二季度归母净利润1.85 亿元，同比下降30.1%。 本次财报公布的各项数据指标表现一般。其中，毛利率50.8%，同比减15.94%，净利率17.76%，同比减 15.81%，销售费用、管理费用、财务费用总计10.7亿元，三费占营收比16.22%，同比减20.07%，每股净 资产4.95元，同比增0.59%，每股经营性现金流0.94元，同比增96.98%，每股收益0.16元，同比减11.96% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 49.27 乙 | 65.98 Z | 33.91% | | 归母净利润(元) | 8.85 Z | 8.15 Z | -7.87% | | 扣非净利润(元) | 8.87亿 | 8.28 ...

截至二季度末，公司总资产1676.67亿元，较上年度末增长4.4%；归母净资产249.15亿元，较上年度末 增长1.2%。 2025年上半年，公司积极推进多项业务，尤其是区域开发运营和金融服务板块。公司坚持"稳中求进"的 工作总基调，专注服务浦东产业资源配置与能级提升，优化业务布局以适应市场变化。区域开发运营领 域，继续推动科技与产业创新的深度融合，提升客户全周期发展能力。 来源：上海证券报·中国证券网 上证报中国证券网讯 7月30日，陆家嘴公布2025年半年报。2025年上半年，公司营业收入为66.0亿元， 同比上升33.91%；归母净利润为8.15亿元，同比下降7.87%；扣非归母净利润为8.28亿元，同比下降 6.67%；经营现金流净额为47.35亿元，同比增长96.98%；每股收益（全面摊薄）为0.1619元。 其中第二季度，公司营业收入23.8亿元，同比上升31.7%；归母净利润1.85亿元，同比上升30.0%；扣非 归母净利润2.08亿元，同比上升42.6%；每股收益0.0367元。 公司金融服务板块继续落实"稳经营、促转型、控风险"的战略，致力于构建新的业务模式与盈利增长 点，确保高质量发展。同 ...