重要提示： ● 公司股票于 2025 年 10 月 29 日、10 月 30 日连续两个交易日内日收盘价 格涨幅偏离值累计超过 20%，根据《上海证券交易所交易规则》的有关规定，属 于股票交易异常波动。 ● 经公司自查，并向公司控股股东北京市基础设施投资有限公司（以下简 称"京投公司"）书面核实，截至本公告披露日，公司控股股东不存在与公司有 关的应披露而未披露的重大信息。 ● 公司敬请广大投资者注意二级市场交易风险，理性决策，审慎投资。 证券代码：600683 证券简称：京投发展 公告编号：临2025-078 京投发展股份有限公司 关于股票交易异常波动的公告 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。 一、股票交易异常波动的具体情况 公司股票于 2025 年 10 月 29 日、10 月 30 日连续两个交易日内日收盘价格 涨幅偏离值累计超过 20%，根据《上海证券交易所交易规则》的有关规定，属于 股票交易异常波动。 二、公司关注并核实的相关情况 针对本次股票交易异常波动情况，公司对有关事项进行核实，现将核实情况 说明如下 ...

Financial Performance - The company's operating revenue for the third quarter was ¥141,400,118.57, a decrease of 74.78% compared to the same period last year[5] - The total profit for the third quarter was a loss of ¥163,395,492.54, with a year-to-date total profit loss of ¥538,793,325.53[5] - The net profit attributable to shareholders for the third quarter was a loss of ¥109,945,536.85, with a year-to-date net profit loss of ¥373,760,414.88[5] - The basic and diluted earnings per share for the third quarter were both -¥0.23, with a year-to-date figure of -¥0.74[6] - Total operating revenue for the first three quarters of 2025 was CNY 554.81 million, a decrease of 50.8% compared to CNY 1,126.27 million in the same period of 2024[22] - Net profit for the first three quarters of 2025 was a loss of CNY 502.89 million, an improvement from a loss of CNY 1,148.50 million in the same period of 2024[23] - Total comprehensive income for the first three quarters of 2025 was a loss of CNY 505.50 million, compared to a loss of CNY 1,176.75 million in 2024[23] - The net profit for the first three quarters of 2025 was a loss of ¥87,979,616.62, compared to a net profit of ¥71,851,113.71 in the same period of 2024, indicating a decline in profitability[33] Assets and Liabilities - The total assets at the end of the reporting period were ¥60,371,533,224.34, reflecting a slight increase of 0.17% from the previous year-end[6] - The company's current assets decreased to RMB 48.91 billion from RMB 54.54 billion year-over-year, primarily due to a reduction in cash and cash equivalents[17] - The company's total liabilities increased to RMB 55.02 billion from RMB 52.92 billion, representing a growth of approximately 4.2%[19] - Total assets decreased to $14,834,844,150.52 from $15,374,041,291.39 year-over-year[31] - Total liabilities increased to $9,126,918,530.99 from $8,113,515,185.09, indicating a rise in financial obligations[31] Shareholder Equity - The equity attributable to shareholders decreased by 28.64% to ¥4,580,694,798.87 compared to the previous year-end[6] - The equity attributable to shareholders decreased to RMB 4.58 billion from RMB 6.42 billion, a decline of about 28.3%[19] - Shareholders' equity decreased to $5,707,925,619.53 from $7,260,526,106.30, reflecting a decline in the company's net worth[31] Cash Flow - The net cash flow from operating activities for the year-to-date period was ¥259,093,511.76[5] - The net cash flow from operating activities for the first three quarters of 2025 was CNY 259.09 million, a significant recovery from a negative cash flow of CNY 7,666.26 million in 2024[26] - The net cash flow from investment activities was $6,528,293.06, a significant improvement from a negative cash flow of $216,762,779.74 in the previous period[27] - The net cash flow from financing activities was negative at -$1,547,484,109.06, worsening from -$353,419,345.70 in the previous period[27] Operational Insights - The decline in operating revenue was primarily due to a decrease in the scale of real estate project deliveries[11] - The company plans to release its Q3 2025 operational data on October 16, 2025, which will provide further insights into its performance[16] - The company reported a decrease in sales revenue from CNY 3,144.73 million in 2024 to CNY 1,994.08 million in 2025, reflecting a decline of 36.5%[26] Other Financial Metrics - Non-recurring gains and losses for the year-to-date period totaled ¥5,475,597.00, with significant contributions from government subsidies and investment income[10] - The company incurred financial expenses of CNY 283.43 million in 2025, an increase of 32.5% from CNY 214.05 million in 2024[22] - The company reported a decrease in tax expenses from CNY 180.99 million in 2024 to a tax benefit of CNY 35.90 million in 2025[23] - The company incurred financial expenses of ¥27,980,595.32 in the first three quarters of 2025, compared to a financial income of ¥59,297,142.29 in the same period of 2024, indicating a significant shift in financial performance[33]

京投发展公告，第三季度营收为1.41亿元，同比下降74.78%；净利润亏损1.1亿元。前三季度营收为5.55 亿元，同比下降50.74%；净利润亏损3.74亿元。 ...

Core Viewpoint - On October 30, 2025, Jingtou Development (sh600683) hit the daily limit with a price of 4.99 yuan, marking a 10.02% increase, and a total market capitalization of 4.067 billion yuan, driven by factors such as stable commercial property leasing, successful issuance of medium-term notes, and improved cash flow [1] Group 1: Company Performance - Jingtou Development maintains a competitive advantage in the TOD (Transit-Oriented Development) sector, with stable leasing rates for commercial properties, including 84.72% for Hualian No. 2 Building and Zhongnongxin Commercial Building, providing stable cash flow [1] - The company successfully issued 860 million yuan in medium-term notes at a low interest rate of 2.00%, indicating strong financing capabilities that help alleviate financial pressure [1] - The company's operating cash flow improved significantly, turning from -7.945 billion yuan in the same period last year to +353 million yuan, indicating a better financial condition [1] Group 2: Market Context - Recent favorable policies in the real estate market have restored confidence among market participants, contributing to a positive sentiment in the sector [1] - The performance of several companies within the real estate development sector has led to a collective upward movement in stock prices, creating a sector-wide effect [1] - Technical analysis suggests that there may have been signs of capital inflow before and after the stock hit the daily limit, indicating that major investors are paying attention to the company's future development [1]

Core Viewpoint - The A-share venture capital concept stocks experienced a significant surge towards the end of trading, with notable stocks hitting the daily limit up [1] Company Summary - Jiuding Investment and Jingtou Development both reached the daily limit up, indicating strong investor interest and confidence in these stocks [1] - Other companies such as Chuangye Heima, Zhaofeng Co., and China Baoan also saw increases, reflecting a broader positive trend in the venture capital sector [1]

Core Viewpoint - The A-share venture capital concept stocks experienced a significant surge towards the end of trading, with notable stocks hitting the daily limit up [1]. Group 1: Stock Performance - Jiuding Investment (600053) and Jingtou Development (600683) both reached the daily limit up [1]. - Chuangye Heima (300688), Zhaofeng Co., Ltd. (300695), and China Baowu Steel Group (000009) also saw increases in their stock prices [1].

Group 1 - The urban village renovation index experienced a decline of 1.95% during the trading session [1] - Among the constituent stocks, Hefei Urban Construction fell by 8.90%, Yunnan Urban Investment decreased by 6.35%, Youan Design dropped by 4.87%, Tianbao Infrastructure declined by 4.36%, and Jingtou Development fell by 4.21% [1]

Group 1 - The concept of "Characteristic Towns" saw an increase of 1.95%, ranking fourth among concept sectors, with 27 stocks rising, including Zhonghua Rock and Bright Real Estate reaching the daily limit [1][2] - Leading stocks in the "Characteristic Towns" sector included "Good Idea You" with a rise of 3.53%, "Rongsheng Development" at 3.01%, and "Financial Street" at 2.88% [1][2] - The sector experienced a net outflow of 0.35 billion yuan in main funds, with 16 stocks receiving net inflows, and 7 stocks seeing inflows exceeding 10 million yuan [2][3] Group 2 - The top net inflow stock was "Jingtou Development" with 31.53 million yuan, followed by "ST Lingnan" at 31.14 million yuan and "Greenland Holdings" at 28.47 million yuan [2][3] - The net inflow ratios for leading stocks were 22.85% for "Jingtou Development", 16.33% for "*ST Zhengping", and 11.08% for "ST Lingnan" [3][4] - The "Characteristic Towns" sector had a notable performance with several stocks showing significant gains, while others like "Guai Bao Pet" and "Fujian Jinsen" faced declines of 3.98% and 2.56% respectively [1][5]

Group 1 - The real estate sector experienced a counter-trend rally on October 22, with notable stocks such as Jingtou Development and Guangming Real Estate hitting the daily limit up [1] - Yinxin Development achieved a third consecutive limit up, indicating strong market interest [1] - Other companies like Shangshi Development, Hefei Urban Construction, and Yunnan Urban Investment also saw their stock prices rise, reflecting a broader positive sentiment in the sector [1]

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [1] Core Views - The Ministry of Housing and Urban-Rural Development is promoting new urban renewal initiatives, leading to a significant increase in sales on a month-over-month basis despite a year-over-year decline [6] - The report highlights that while sales remain down year-over-year, the recent policies are expected to stabilize the market and improve the performance of financially sound real estate companies [6] Summary by Sections Weekly Market Review - The Shenwan Real Estate Index fell by 2.35%, while the CSI 300 Index decreased by 2.22%, indicating underperformance of the sector compared to the broader market [3][11] Industry Fundamentals - For the week of October 10-16, 38 tracked cities saw a total of 27,488 new homes sold, a year-over-year decline of 19.1% but a month-over-month increase of 257.2% [4][20] - The total transaction area for new homes was 2.804 million square meters, with a year-over-year decrease of 23.3% and a month-over-month increase of 281.4% [4][20] - In the same week, 16 tracked cities recorded 20,896 second-hand homes sold, down 16% year-over-year but up 459.8% month-over-month [35][38] Land Market Supply and Transactions - Land supply for the week was 1,426.4 million square meters, a year-over-year decrease of 70.1%, with an average price of 1,659 yuan per square meter, down 3.9% year-over-year [5] - Land transactions totaled 1,707 million square meters, with a year-over-year increase of 19.4% and a transaction value of 25.88 billion yuan, down 36.3% year-over-year [5] Financing Analysis - Real estate companies issued a total of 5.49 billion yuan in credit bonds, reflecting a year-over-year decrease of 35.64% but a month-over-month increase of 1,272.5% [5] Investment Recommendations - The report suggests focusing on financially stable leading real estate companies such as Yuexiu Property, China Merchants Shekou, Poly Developments, and others, which are expected to effectively navigate market fluctuations [6] - Property management companies are also anticipated to benefit from performance and valuation recovery as market demand rebounds [6]