Investment Rating - The report does not explicitly state an investment rating for the industry or specific companies [4]. Core Insights - Key monitored enterprises acquired 32 plots of land with a total transaction amount of 375.3 billion yuan [5][6]. - Brand real estate companies completed 4 financing transactions, totaling 45 billion yuan [5][6]. Land Reserves - Recent land acquisition details include: - Yuexiu Property acquired a residential land in Guangzhou for 1.194 billion yuan, with a premium of 8.2% [8]. - In Changsha, 3 residential plots were sold for a total of 1.89 billion yuan, with a maximum premium of 18% [9]. - China Green Development secured land in Sanya for 1.36 billion yuan at the base price [10]. - China Resources Land won a plot in Dongguan for 1.91 billion yuan, with a saleable floor price of 21,606 yuan/m² [11]. Investment Financing - Recent financing activities include: - Tiandi Source issued 200 million yuan in medium-term notes with an interest rate of 3.60% [12][14]. - Fuzhou Urban Investment Group successfully issued 580 million yuan in short-term financing bonds [15]. - China Communications Construction Company received approval for a 300 million yuan corporate bond [16]. - Hangzhou Anju Group's 2 billion yuan corporate bond was approved by the Shanghai Stock Exchange [17]. Corporate Dynamics - China State Construction Group signed a strategic cooperation framework agreement with the Chongqing government [18]. - Greentown Management and Chongqing Green Development signed a cooperation development agreement to enhance high-quality real estate projects [19].

重要内容提示： （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 11 日（星期二）至 11 月 17 日（星期一）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 （irm@tande.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。 Tande C o . , L td 天 地 源股 份 有 限公 司 | 证券代码：600665 | 证券简称：天地源 | 公告编号：临2025-059 | | --- | --- | --- | | 债券代码：242114 | 债券简称：24天地一 | | | 债券代码：242304 | 债券简称：25天地一 | | | 债券代码：259269 | 债券简称：25天地二 | | | 债券代码：259414 | 债券简称：25天地三 | | 天地源股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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。 天地 ...

Core Insights - The company reported a total operating revenue of 2.877 billion yuan for Q3 2025, an increase of 283 million yuan or 10.92% year-on-year [1] - The net profit attributable to shareholders was -220 million yuan, a decrease of 320 million yuan or 318.72% compared to the same period last year [1] - The net cash inflow from operating activities was 715 million yuan, an increase of 1.277 billion yuan, marking two consecutive years of growth [1] Financial Ratios - The latest debt-to-asset ratio is 85.82%, which is an increase of 0.01 percentage points from the previous quarter but a decrease of 1.11 percentage points year-on-year [3] - The latest gross profit margin is 15.52%, down by 2.01 percentage points from the previous quarter and down by 0.57 percentage points year-on-year [3] - The latest return on equity (ROE) is -8.26%, a decrease of 10.78 percentage points compared to the same period last year [3] Earnings Per Share and Turnover Ratios - The diluted earnings per share is -0.25 yuan, a decrease of 0.37 yuan or 318.78% year-on-year [3] - The latest total asset turnover ratio is 0.11 times, an increase of 0.04 times or 49.93% year-on-year [3] - The latest inventory turnover ratio is 0.12 times, an increase of 0.04 times or 52.94% year-on-year [3] Shareholder Information - The number of shareholders is 29,000, with the top ten shareholders holding 582 million shares, accounting for 67.37% of the total share capital [3] - The largest shareholder is Xi'an High-tech Industrial Development Zone Real Estate Development Co., Ltd., holding 57.5 million shares [3]

Core Viewpoint - The company has released its quarterly report, ensuring the accuracy and completeness of the financial information presented, and has taken legal responsibility for any misrepresentation or omissions [2][3]. Financial Data Summary - The financial statements for the third quarter have not been audited, and there are no non-standard opinions from auditors [3][7]. - The company reported significant non-recurring gains and losses, which are detailed in the financial statements [4][5]. - The company has provided a summary of major accounting data and financial indicators, indicating changes and reasons for these changes [6]. Shareholder Information - The total number of ordinary shareholders and the status of major shareholders have been disclosed, with no changes reported in the lending of shares for margin trading [6]. - The company has highlighted the acquisition of land use rights for a specific plot in Xi'an, valued at 201.5 million yuan, which may impact future operations [6]. Financial Statements - The company has prepared consolidated financial statements, including the balance sheet, income statement, and cash flow statement for the period ending September 30, 2025, all of which are unaudited [7][8].

Core Viewpoint - Tian Di Yuan (600665.SH) reported a decline in net profit for the first three quarters of 2025 despite a revenue increase, indicating potential challenges in profitability [1] Financial Performance - The company achieved total operating revenue of 2.877 billion yuan, representing a year-on-year growth of 10.92% [1] - The net profit attributable to shareholders was -220 million yuan, compared to a net profit of 100 million yuan in the same period last year [1] - Basic earnings per share were -0.254 yuan [1]

Financial Performance - The company's operating revenue for the third quarter was CNY 416,035,339.50, a decrease of 25.00% compared to the same period last year[5]. - The total profit for the quarter was a loss of CNY 102,766,707.29, representing a decline of 157.06% year-on-year[5]. - The net profit attributable to shareholders was a loss of CNY 95,164,280.90, down 173.75% from the previous year[5]. - The basic earnings per share for the quarter was -CNY 0.1101, a decrease of 173.74% compared to the same period last year[6]. - The net profit for the first three quarters of 2025 was a loss of CNY 167,531,558.77, compared to a profit of CNY 120,414,634.88 in the same period of 2024[20]. - The basic earnings per share for the first three quarters of 2025 was -CNY 0.2540, compared to CNY 0.1161 in the same period of 2024[20]. - The company reported an operating loss of CNY 161,501,333.87 for the first three quarters of 2025, compared to an operating profit of CNY 149,578,634.86 in the same period of 2024[20]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 25,346,091,878.81, a decrease of 10.55% from the end of the previous year[6]. - The company's total liabilities decreased to CNY 21,751,838,591.84 from CNY 24,563,689,305.18, reflecting a reduction of 11.06%[18]. - The total equity attributable to shareholders decreased to CNY 2,655,974,258.16 from CNY 2,875,503,227.95, a decline of 7.66%[18]. - The company's total assets as of September 30, 2025, are ¥25,346,091,878.81, compared to ¥28,335,517,502.42 at the end of 2024[16]. Cash Flow and Financial Activities - The cash flow statement for the first three quarters of 2025 indicates a need for further analysis to assess liquidity and operational efficiency[21]. - In the first three quarters of 2025, the net cash flow from operating activities was ¥714,792,069.31, a significant decline compared to a net cash outflow of ¥562,581,036.67 in the same period of 2024[22]. - The net cash flow from financing activities for the first three quarters of 2025 was -¥2,235,064,893.92, compared to -¥399,595,873.46 in 2024, reflecting a worsening financing situation[23]. - The total cash and cash equivalents at the end of the first three quarters of 2025 stood at ¥2,155,186,699.34, down from ¥3,916,034,707.18 at the end of the same period in 2024[23]. Operational Efficiency and Future Plans - The company reported a significant increase in interest expenses and sales costs, impacting net profit and earnings per share negatively[10]. - The weighted average return on net assets decreased by 6.8 percentage points to -3.52% for the quarter[6]. - The company plans to focus on improving operational efficiency and exploring new market opportunities to enhance future performance[10]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 28,971[13]. - The largest shareholder, Xi'an High-tech Zone Real Estate Development Co., Ltd., holds 497,000,938 shares, accounting for 57.52% of the total shares[13]. Inventory and Current Assets - The company's inventory as of September 30, 2025, is ¥18,256,766,747.91, down from ¥20,695,094,959.11[16]. - Total current assets decreased to ¥23,593,959,753.90 from ¥27,302,127,441.25 year-over-year[16]. - The company has a total of 1,120,561,413.21 in other receivables, down from ¥1,306,285,911.98[16]. Financial Expenses - Financial expenses rose significantly to CNY 259,501,594.75, compared to CNY 118,244,789.40 in the previous year, marking an increase of 119.73%[19]. - The company reported a significant increase in cash paid to employees, which rose to ¥134,766,769.77 in 2025 from ¥246,881,901.40 in 2024[22].

Core Viewpoint - The real estate industry is accelerating financing through various channels such as credit bonds, overseas bonds, and asset securitization to address year-end debt maturity pressures and prepare for future development amid increased supply of quality land parcels [1][3][10]. Financing Trends - In September, the total bond financing in the real estate sector reached 561 billion yuan, marking a year-on-year increase of 31%, with credit bond financing alone amounting to 322 billion yuan, a significant year-on-year growth of 89.5% [3][9]. - The average issuance term for credit bonds in September was 3.65 years, indicating a trend towards longer financing terms, which helps optimize debt structure and alleviate short-term repayment pressures [7]. Company Financing Activities - Several companies are actively issuing bonds, including China Merchants Shekou with a planned issuance of 40 billion yuan at a coupon rate of 1.90%, and China Vanke with a bond issuance of up to 24 billion yuan [6][8]. - Notable issuances include Beijing Urban Construction Group's successful issuance of 18 billion yuan in medium-term notes and Poly Developments' 150 billion yuan bond application accepted by the Shanghai Stock Exchange [6][8]. Challenges in Sales and Cash Flow - Despite the positive financing trends, real estate companies face significant challenges in sales, with a reported 8.4% year-on-year decline in funds received by real estate developers from January to September, particularly in deposits and pre-sales [9][10]. - The ongoing sluggish sales market continues to exert pressure on the overall cash flow of real estate companies, making it crucial for them to balance external financing with internal cash generation [10]. Debt Restructuring Progress - Some distressed real estate companies have made substantial progress in debt restructuring, with over 75% of creditors approving restructuring plans for companies like Longfor Group and Sunac China [8].

Group 1 - The real estate sector has become active again, with Yingxin Development achieving three consecutive trading limits [1] - Guangming Real Estate has seen an increase of over 9% [1] - Other companies such as Hefei Urban Construction, Caixin Development, Shahe Co., and Tiandi Source have also experienced upward movement [1]

Core Viewpoint - Tian Di Yuan (600665) reported a mixed performance in its contract sales for the period from July to September 2025, with significant growth in sales area but a decline in sales revenue [1] Group 1: Sales Performance - The company achieved a contract sales area of 60,700 square meters, representing a year-on-year increase of 34.89% [1] - The rights contract sales area reached 54,600 square meters, showing a substantial year-on-year growth of 59.65% [1] Group 2: Sales Revenue - The total contract sales amount was 874.49 million yuan, which reflects a year-on-year decrease of 9.79% [1] - The rights contract sales amount was 805.41 million yuan, indicating a slight year-on-year decline of 2.05% [1]

Group 1 - Dingjide's subsidiary has successfully launched the industrial production of POE materials, achieving stable production of qualified products [1] - Xinhua Insurance reported a 19% year-on-year increase in original insurance premium income for the first three quarters, totaling 172.705 billion yuan [1] - Chunfeng Power achieved a 30.89% year-on-year increase in net profit for the first three quarters, with total revenue reaching 14.15 billion yuan [1][2] Group 2 - Guangsheng Nonferrous expects a net profit of 100 million to 130 million yuan for the first three quarters, marking a turnaround from losses [1] - Aobi Zhongguang anticipates a net profit of approximately 108 million yuan for the first three quarters, with revenue growth of 103.5% [1] - Guobang Pharmaceutical reported a 15.78% year-on-year increase in net profit for the first three quarters, totaling 6.7 billion yuan [1] Group 3 - Zhujiang Co. manages 428 projects with a signed construction area of approximately 50.9853 million square meters as of September 2025 [1] - Kecuan Technology has terminated its application for issuing convertible bonds, considering its development plan and actual situation [1] - Guoxin Securities has received approval to register 15 billion yuan in short-term corporate bonds [1] Group 4 - Aihua Pharmaceutical's clinical trial for a pediatric cough syrup has been approved by the National Medical Products Administration [1] - Xinjiang Jiaojian signed new construction contracts worth 1.413 billion yuan in the third quarter [1] - Sichuan Shuangma's subsidiary has received approval for the listing of a raw material drug used in treating various diseases [1] Group 5 - Gansu Energy's 1,000 MW coal-fired unit has officially commenced commercial operation [1] - Zhejiang Energy reported a 4.68% year-on-year increase in power generation for the first three quarters, totaling 135.234 billion kWh [1] - Tiandi Source's contract sales amount for the first nine months decreased by 16.18% to 3.085 billion yuan [1] Group 6 - Biological Shares' subsidiary has obtained a new veterinary drug registration certificate for a vaccine [1] - Jintong Co. reported a 4.03% year-on-year increase in net profit for the first three quarters, totaling 2.283 billion yuan [1] - Rihua Technology plans to invest 800 million yuan in a new project for industrial ray detection equipment [1] Group 7 - Zhongtian Technology has won multiple marine project bids totaling approximately 1.788 billion yuan [1] - Qingsong Co. has completed the disposal of a 148-acre industrial park project, transferring it for 163 million yuan [1] - Tongyuan Petroleum has successfully bid for a $126 million oil and gas service project in Algeria [1] Group 8 - Hengmingda's chairman proposed a share buyback plan of 200 million to 400 million yuan [1] - Deyi Cultural plans to reduce its holdings by up to 1% of the company's shares [1] - Feirongda's major shareholder plans to reduce its holdings by up to 2.36% of the company's shares [1] Group 9 - Mankun Technology plans to issue convertible bonds to raise no more than 760 million yuan for high-end PCB production and digital upgrades [1] - Sanlian Forging's shareholder plans to reduce its holdings by up to 3% of the company's shares [1] - Huagong Technology intends to jointly establish a venture capital fund with a target size of 500 million yuan [1] Group 10 - Shida Shenghua expects a net loss of 49 million to 75 million yuan for the first three quarters [1] - Huichuangda's major shareholder plans to reduce its holdings by up to 0.65% of the company's shares [1] - Yuxin Electronics reported a 60.21% year-on-year increase in net profit for the first three quarters, totaling 73.3941 million yuan [1] Group 11 - Yiwei Communication expects a 50% to 55% decline in net profit for the first three quarters [1] - Lio Co. plans to reduce its repurchased shares by up to 135 million shares [1] - Sichuan Shuangma's subsidiary has received approval for a new drug registration [1]