| 和运营 | | | --- | --- | | 房 地 产 开 发 房地产服务 | 无评级 无评级 | 2026 年 02 月 24 日 行业日报 中性/维持 房地产 房地产 太平洋房地产日报（20260224）：义乌节后首场土拍成交一宗地块 走势比较 (20%) (10%) 0% 10% 20% 25/2/12 25/4/26 25/7/8 25/9/19 25/12/1 子行业评级 推荐公司及评级 相关研究报告 <<商业不动产 REITs 获受理，助力房 企盘活存量资产>>--2026-02-11 <<太平洋房地产日报（20260210）：南 通海门北部新城 3 宗宅地以底价成 交>>--2026-02-11 <<太平洋房地产日报（20260209）：重 庆实施首次购房补贴和人才购房补 贴>>--2026-02-10 证券分析师：徐超 电话：18311057693 E-MAIL：xuchao@tpyzq.com 分析师登记编号：S1190521050001 证券分析师：戴梓涵 电话：18217681683 E-MAIL：daizh@tpyzq.com 分析师登记编号：S1190524110003 报告 ...

Market Overview - The real estate development sector experienced a decline of 0.9% compared to the previous trading day, with Shanghai Shimao Development leading the drop [1] - The Shanghai Composite Index closed at 4139.9, up 0.18%, while the Shenzhen Component Index closed at 14329.91, up 0.09% [1] Stock Performance - Notable gainers in the real estate sector included: - Shunfa Hengneng (000631) with a closing price of 4.25, up 7.59% on a trading volume of 1.21 million shares and a turnover of 513 million yuan [1] - Jingneng Yandi (600791) closed at 6.24, up 4.52% with a trading volume of 446,200 shares and a turnover of 279 million yuan [1] - Guangming Real Estate (600708) closed at 4.20, up 4.22% with a trading volume of 687,800 shares and a turnover of 282 million yuan [1] - Major decliners included: - Shanghai Shimao Development (600748) closed at 5.71, down 4.83% with a trading volume of 308,800 shares and a turnover of 176 million yuan [2] - ST Rongkong (000668) closed at 13.40, down 4.76% with a trading volume of 43,700 shares and a turnover of 5.94 million yuan [2] - Chizhou High-tech (600736) closed at 7.53, down 4.44% with a trading volume of 1.15 million shares and a turnover of 874 million yuan [2] Capital Flow - The real estate development sector saw a net outflow of 852 million yuan from institutional investors, while retail investors contributed a net inflow of 679 million yuan [2][3] - The capital flow for specific stocks showed: - Wantong Development (600246) had a net outflow of 90.59 million yuan from institutional investors [3] - Guangming Real Estate (600708) experienced a net inflow of 42.72 million yuan from institutional investors [3] - Shunfa Hengneng (000631) had a net inflow of 41.92 million yuan from institutional investors [3]

Core Viewpoint - The real estate sector continues to face widespread losses, with most listed companies in the A-share market reporting varying degrees of deficit for 2025, except for the leading company, Poly Developments [2][3]. Group 1: Company Performance - Among the 27 listed real estate companies that have released performance forecasts, only Poly Developments reported a positive net profit of approximately 1.03 billion yuan, while the total losses of the other companies ranged from 47.546 billion to 62.464 billion yuan [3]. - Poly Developments experienced a revenue decline of 1.09% year-on-year, with a net profit drop of 79.49% due to decreased gross profit margins and anticipated asset impairment losses of about 6.9 billion yuan [3]. - Other companies, such as China Fortune Land Development, are projected to incur losses of 16 billion to 24 billion yuan for 2025, with net assets expected to decline by 10 billion to 15 billion yuan [4]. Group 2: Industry Challenges - The real estate sector has been struggling with significant losses since 2022, attributed to factors such as low-profit project settlements, increased impairment provisions, and rising interest expenses [6]. - The sales volume of commercial housing is expected to decline by 12.6% year-on-year in 2025, indicating ongoing market challenges [7]. - The real estate development prosperity index has been on a downward trend, reaching 91.45 by December 2025, reflecting a sluggish economic activity in the sector [7]. Group 3: Future Outlook - Analysts suggest that the adjustment cycle in the real estate market may be nearing its end by 2026, with potential growth in the high-quality residential market driven by policy support and demand structure upgrades [8]. - Companies facing significant losses must manage their market value and ensure compliance with financial reporting to avoid delisting risks, which could arise from continuous losses or failure to meet revenue thresholds [9].

Core Viewpoint - Shanghai Industrial Development Co., Ltd. is expected to report a significant net loss for the year 2025, continuing the trend of financial difficulties faced in the previous year [2][3]. Group 1: Performance Forecast - The company anticipates a net profit attributable to shareholders of approximately -670 million RMB for the year 2025 [2][3]. - The net profit, excluding non-recurring gains and losses, is projected to be around -717 million RMB [4]. - This forecast period covers January 1, 2025, to December 31, 2025 [2]. Group 2: Previous Year Comparison - In the previous year (2024), the company reported a total profit of -158.67 million RMB, with a net profit attributable to shareholders of -291.29 million RMB [6]. - The net profit, after excluding non-recurring gains and losses, was -372.76 million RMB [6]. - The basic earnings per share for the previous year were -0.16 RMB per share [7]. Group 3: Reasons for Expected Loss - The anticipated losses for 2025 are primarily due to the real estate industry still being in a phase of stabilization, with significant impairment signs on some project inventories [8]. - Additionally, the revenue and profit from real estate sales recognized during the period are expected to be relatively low [8].

Financial Performance Expectations - The company expects a net profit attributable to shareholders of approximately -670 million RMB for the year 2025, indicating continued losses compared to the previous year[3]. - The net profit attributable to shareholders after deducting non-recurring gains and losses is estimated to be around -717 million RMB for 2025[4]. - In the previous year (2024), the audited net profit attributable to shareholders was -291.29 million RMB, with a total profit of -158.67 million RMB[6]. - The basic earnings per share for the previous year was -0.16 RMB per share[6]. Industry and Market Conditions - The primary reason for the expected losses in 2025 is the ongoing stabilization phase of the real estate industry, with significant impairment signs on some project inventories[7]. - The revenue and profit from real estate sales recognized in 2025 are expected to be relatively low[7]. Forecast and Audit Considerations - The performance forecast is based on preliminary calculations by the company's finance department and has not been audited by registered accountants[5]. - The forecast data is preliminary and the accurate financial data will be disclosed in the formal 2025 annual report[8]. - There is an ongoing legal case that may impact the financial data, but the company will communicate with its annual audit accountants regarding any potential effects[7]. - Investors are advised to pay attention to investment risks associated with the preliminary nature of the forecast[8].

Core Viewpoint - The company expects a significant net loss for the year 2025, primarily due to the ongoing challenges in the real estate industry and substantial impairment of inventory in certain projects [1] Financial Performance - The company forecasts a net loss attributable to shareholders of 670 million yuan for the year 2025 [1] - The net loss, excluding non-recurring items, is projected to be 717 million yuan [1] - Revenue and profit from real estate sales recognized during the period are expected to be relatively low [1] Industry Context - The real estate industry is still in a phase of stabilization after a downturn, impacting the company's financial performance [1] - The company is facing challenges with inventory impairment, indicating potential issues with asset valuation and market demand [1]

Group 1 - The company, Shanghai Shimao Development (600748), announced on January 19 that it expects to report a net loss of approximately 670 million yuan attributable to the parent company for the year 2025 [1] - The anticipated loss in 2025 is primarily due to the real estate industry still being in a phase of stabilization, with significant impairment signs in some of the company's project inventories [1] - Additionally, the revenue and profit amounts from the company's real estate sales recognized during the current period are relatively low [1]

Group 1 - The company expects to achieve a net profit attributable to the parent company of approximately -670 million RMB for the year 2025 [1] - The net profit attributable to the parent company, after deducting non-recurring gains and losses, is estimated to be around -717 million RMB [1]

Group 1 - The board of directors of Shanghai Industrial Development Co., Ltd. held its 24th (temporary) meeting on January 12, 2026, with all seven directors present, complying with legal and regulatory requirements [1][4]. - The board approved the appointment of Ms. Gao Xin as the vice president and board secretary, effective from the date of the board's approval until the end of the current board's term [1][2]. - Ms. Gao Xin has extensive legal expertise and relevant work experience, meeting the qualifications for the vice president position, and is not disqualified by the China Securities Regulatory Commission [2][3]. Group 2 - The voting results for the appointment were unanimous, with 7 votes in favor, 0 against, and 0 abstentions [4]. - The announcement was made by the board of directors on January 13, 2026 [6].

Group 1 - The company held its 24th meeting of the 9th Board of Directors on January 12, 2026, with all seven directors participating, confirming compliance with legal and regulatory requirements [2] - The Board approved the appointment of Ms. Gao Xin as Vice President and Secretary of the Board, effective immediately, with her term lasting until the end of the current Board's tenure [3] - Ms. Gao Xin has a strong legal background and relevant work experience, meeting the qualifications for the Vice President role, and currently holds no shares in the company [3][4] Group 2 - The voting results for the appointment were unanimous, with all seven votes in favor and no votes against or abstentions [5] - The announcement was made by the Board of Directors on January 13, 2026 [6][7]