Group 1 - The company Tian Di Yuan announced on the evening of September 9 that its 11th Board of Directors held its second meeting and approved the proposal to apply for financing from Shaanxi International Trust Co., Ltd [2]

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2025-049 | | --- | --- | --- | | 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 第十一届董事会第二次会议决议公告 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个别及连带责任。 一、董事会召开情况 天地源股份有限公司（以下简称公司）第十一届董事会第二次会议于 2025 年 9 月 9 日在西安市高新区科技路 33 号高新国际商务中心 20 层会议室召开。会 议应出席董事 11 名，实际出席董事 11 名。公司已于 2025 年 9 月 5 日以邮件、 短信、企业微信等方式将会议通知、会议文件发送至各位董事。本次会议的召开 符合《公司法》《公司章程》的有关规定 ...

Group 1 - The core viewpoint of the report is a cautious recommendation for Tiandi Source (600665.SH) due to significant revenue growth but worsening net profit losses [1] - Revenue has increased year-on-year, but expenses and impairment provisions have led to a deeper loss in net profit attributable to shareholders [1] - The company is focusing on deepening its market presence in the Xixian area while gradually enhancing its holding segment [1] Group 2 - The advantages of being a state-owned enterprise are highlighted, with smooth financing channels [1] - There are risks associated with the company's land expansion not meeting expectations and the market recovery being slower than anticipated [1]

Investment Rating - The investment rating for the company has been adjusted to "Cautious Recommendation" [6][7] Core Views - The company's revenue has significantly increased, achieving 2.069% year-on-year growth, but the net profit attributable to shareholders has worsened to a loss of 1.24 billion yuan due to various factors [3] - The company is focusing on revitalizing existing assets and has shown strong performance in the Xi'an and Xianyang markets, with notable rankings in residential project sales [4] - The company has established strategic partnerships to enhance its financing capabilities, ensuring a stable cash flow and funding for future projects [5] Summary by Sections Financial Performance - In the first half of 2025, the company reported operating revenue of 2.461 billion yuan, a year-on-year increase of 20.69% [3] - The net profit attributable to shareholders for the same period was a loss of 1.24 billion yuan, with a non-recurring net profit loss of 1.40 billion yuan [3] - The company has implemented measures to promote inventory sales, including discounts, which have impacted inventory valuation and led to impairment provisions [3] Development Strategy - The company is deepening its market presence in Xi'an and Xianyang, with strong performance in specific residential projects [4] - The company has successfully operated over 800 long-term rental apartments, achieving occupancy rates above 95% [4] Financing and Capital Management - The company has signed a strategic cooperation framework agreement to integrate industrial and financial resources, enhancing its ability to undertake policy-driven projects [5] - As of mid-2025, the company has released restricted funds of approximately 2.334 billion yuan and secured financing of 1.891 billion yuan [5] - The company has issued bonds totaling 1.913 billion yuan with favorable interest rates, reflecting its strong financing channels [5] Future Outlook - The company is expected to gradually improve its operations, with projected revenues of 11.045 billion yuan, 11.859 billion yuan, and 12.971 billion yuan for 2025, 2026, and 2027 respectively [6] - The forecasted net profit attributable to shareholders is expected to improve from a loss of 1.004 billion yuan in 2025 to a loss of 0.28 billion yuan in 2027 [6]

Core Viewpoint - Tian Di Yuan (600665) reported a mixed performance in its 2025 interim financial results, with a significant increase in revenue but a substantial decline in net profit, indicating underlying operational challenges [1]. Financial Performance - Total revenue for the first half of 2025 reached 2.461 billion yuan, a year-on-year increase of 20.69% [1]. - The net profit attributable to shareholders was -124 million yuan, a year-on-year decline of 333.69% [1]. - In Q2 2025, total revenue was 1.393 billion yuan, down 17.52% year-on-year [1]. - Q2 net profit attributable to shareholders was -62.53 million yuan, a decrease of 219.65% year-on-year [1]. - The gross margin improved to 17.54%, up 89.6% year-on-year, while the net margin was -2.83%, a decline of 606.78% [1]. Cost Structure - The combined expenses (selling, administrative, and financial) accounted for 14.33% of total revenue, an increase of 43.44% year-on-year, totaling 353 million yuan [1]. - The company's financial health is indicated by a significant increase in operating cash flow per share to 0.59 yuan, up 2224.93% year-on-year [1]. Asset and Debt Management - Cash and cash equivalents decreased to 3.07 billion yuan, down 38.71% year-on-year [1]. - Accounts receivable dropped to 17.98 million yuan, a decline of 65.97% [1]. - Interest-bearing liabilities decreased to 12.783 billion yuan, down 5.45% [1]. - The company has a healthy cash asset position, but the cash flow situation requires attention, with cash assets only covering 26.32% of current liabilities [2][3]. Business Model and Historical Performance - The company's business model relies heavily on marketing, which necessitates a deeper analysis of the underlying drivers [2]. - Historical performance shows a median ROIC of 1.89% over the past decade, indicating weak investment returns, with the worst year being 2024 at -4.77% [1].

Group 1 - The company Tian Di Yuan announced on August 28 that it has agreed to appoint Ms. Sun Jie as the Chief Financial Officer and will submit this matter for review at the first meeting of the 11th Board of Directors [1]

Group 1 - The company Tian Di Yuan announced the convening of a staff representative meeting on August 26, 2025 [2] - During the meeting, employee Qi Yingjun was elected as the employee representative director of the company's 11th board of directors [2]

Core Points - Tian Di Yuan announced the convening of its 11th Board of Directors' first meeting on August 26, 2025, in Xi'an High-tech Zone [1] - The meeting approved several key personnel appointments, including the appointment of Wang Tao as the company's president and Yuan Xuegong as the board secretary [1] - The board also approved the appointment of Liu Yongming, Zhang Xiaodong, Yuan Xuegong, Liu Xiangming, and Yang Bin as vice presidents, and Sun Jie as the financial director [1]

Group 1 - The company announced the convening of its 11th Board of Directors' first meeting on August 26, 2025, at a specified location in Xi'an [1] - The meeting approved the proposal to appoint a new securities affairs representative [1] - Mr. Chang Yongchao was appointed as the securities affairs representative, with a term consistent with the current Board of Directors' term [1]

| 证券代码：600665 | 证券简称：天地源 | 公告编号：临2025-043 | | --- | --- | --- | | 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 | | Tande C o. , L td. 天 地 源股 份 有 限公 司 天地源股份有限公司 第十一届董事会第一次会议决议公告 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个别及连带责任。 一、董事会召开情况 天地源股份有限公司（以下简称公司）第十一届董事会第一次会议，于 2025 年 8 月 26 日公司 2025 年第一次临时股东会选举产生第十一届董事会成员后，在 西安市高新区科技路 33 号高新国际商务中心 20 层会议室召开。会议应出席董事 11 名，实际出席董事 11 名。全体董事一致推举公司董事赵冀先生主持本次会议。 本次会议的召开符合《公司法》《公司章程》 ...