一、 2025 年半年度土地储备情况 2025 年 1-6 月，公司无新增土地储备。截至 2025 年 6 月末，公 司土地储备情况如下表所示： 证券代码：600748 股票简称：上实发展 公告编号：2025-31 上海实业发展股份有限公司 2025 年半年度公司经营数据的公告 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。 根据上海证券交易所《上市公司行业信息披露指引第一号-房地 产》要求，现将上海实业发展股份有限公司（以下简称"公司"）2025 年半年度房地产业务经营数据披露如下： 比下降约 54.26%。 四、 2025 年半年度不动产租赁情况 2025 年 1 至 6 月，公司实现包括写字楼、商铺、车库、厂房等 业态的不动产租赁收入约为人民币 2.00 亿元，同比下降约 16.94%， 租赁面积约为 48.42 万平方米，同比上涨约 1.52%。 本公告房地产经营数据未经审计，存在一定不确定性，仅供投资 者阶段性参考。 | 序号 | | 项目名称 | 持有待开 | 经营 | 规划计容建筑 | 合作开发项目 | | - ...

根据企业会计准则及上海实业发展股份有限公司（以下简称"公 司"）所执行会计政策的相关规定，以 2025 年 6 月 30 日为基准日， 公司对各项存在减值迹象的资产，结合相关资产的预期可回收状况、 存货实际状况及可变现情况、第三方评估机构的专业报告等资料，进 行了资产减值准备测试，并根据计算结果，于 2025 年半年度： 1、计提存货跌价准备及合同履约成本减值准备约 6.39 亿元； 其中，主要系 证券代码：600748 股票简称：上实发展 公告编号：2025-30 上海实业发展股份有限公司 关于 2025 年半年度计提资产减值准备的公告 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、计提资产减值准备情况 （1）计提苏州上实海上都荟项目存货跌价准备约 5.29 亿元 截至 2025 年 6 月 30 日，公司全资子公司苏州上实置业有限公司 开发的苏州上实海上都荟项目存货成本约 35.04 亿元，项目可变现净 值约 14.70 亿元，由于该项目原累计已计提存货跌价准备约 15.46 亿 元，本期因存货出售转销存货跌价准备 ...

证券代码：600748 证券简称：上实发展 公告编号：2025-29 (3)未发现参与 2025 年半年度报告编制和审议的人员有违反保密 上海实业发展股份有限公司 第九届监事会第十二次会议决议公告 本公司监事会及全体监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、监事会会议召开情况 上海实业发展股份有限公司（以下简称"公司"）第九届监事会 第十二次会议通知于 2025 年 8 月 15 日以电子邮件形式通知各位监事， 会议材料以纸质文件送达方式送至各位监事，会议于 2025 年 8 月 25 日以通讯方式召开，会议应参加监事三名，实际参加监事三名。会议 符合有关法律、法规及《公司章程》的规定。 二、监事会会议审议情况 1、《公司2025年半年度报告及摘要的议案》 监事会对公司 2025 年半年度报告的确认意见如下： (1)公司 2025 年半年度报告的编制和审议程序符合法律、法规、 公司章程和公司内部管理制度的各项规定； (2)公司 2025 年半年度报告的内容和格式符合中国证监会和证券 交易所的各项规定，所包含的信息从各个方面客观地反映 ...

证券代码：600748 证券简称：上实发展 公告编号：2025-28 上海实业发展股份有限公司 第九届董事会第二十一次会议决议公告 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 担法律责任。 一、董事会会议召开情况 （一）上海实业发展股份有限公司（以下简称"公司"）第九届 董事会第二十一次会议通知于 2025 年 8 月 15 日以电子邮件形式通知 各位董事，会议材料以纸质文件送达方式送至各位董事，会议于 2025 年 8 月 25 日（星期一）以通讯方式召开，会议应参加董事七名，实 际参加董事七名，公司监事和高级管理人员列席了会议。会议符合有 关法律、法规及《公司章程》的规定。 该议案经公司第九届董事会审计委员会第十四次会议审议通过。 具体内容详见公司于同日披露的《公司 2025 年半年度报告》及 报告摘要。 表决结果：同意 7 票，反对 0 票，弃权 0 票。 1 2、《公司关于 2025 年半年度计提资产减值准备的议案》 该议案经公司第九届董事会审计委员会第十四次会议审议通过。 公司本次计提减值准备基于谨慎性原则，依据充分，符合《 ...

上海实业发展股份有限公司2025 年半年度报告 公司代码：600748 公司简称：上实发展 上海实业发展股份有限公司 2025 年半年度报告 1 / 142 上海实业发展股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人王政、主管会计工作负责人徐槟及会计机构负责人（会计主管人员）黄峻声明： 保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 不适用 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉的未来计划、发展战略等前瞻性描述，不构成公司对投资者的实质承诺，敬请广大 投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提 ...

Core Viewpoint - The Shanghai Financial Court and the Shanghai Securities Regulatory Bureau have released ten cases related to securities false statements, providing clear guidelines for market participants regarding responsibilities and behaviors that may violate information disclosure regulations [1][2]. Group 1: Securities False Statement Cases - The five typical cases of securities false statement responsibility disputes focus on issues such as "deceptive" share buybacks, the identification of predictive information, and the application of "safe harbor" rules [2][3]. - In the case of *ST Jintai, executives were found liable for failing to fulfill share buyback commitments, resulting in a compensation of approximately 780,000 yuan to investors [2]. - Shanghai Electric was held responsible for not timely disclosing performance losses, leading to false records in its 2020 annual report, and was denied the "safe harbor" rule exemption [2][3]. - In the financial fraud case of Zhong An Ke, three internal directors were held liable for relying excessively on intermediaries, while three independent directors were exempted from liability [2][3]. Group 2: Regulatory Enforcement Cases - The five regulatory enforcement cases focus on frequent violations such as "shell-preserving" financial fraud, performance-related financial manipulation, and abuse of control rights [3][4]. - Specific cases include *ST Jintai's executives violating buyback commitments, financial fraud in subsidiaries of Shanghai Shiji, and illegal share reductions by the controlling shareholder of Feikai Materials [4]. Group 3: Legal Responsibility Clarification - Recent judicial practices have introduced new types of disputes, including the legal applicability of different market segments and the identification of responsibilities for aiding fraudsters [5]. - The cases emphasize that information disclosure obligations cannot be evaded under the guise of predictive information and clarify the legal responsibilities of public commitments made by listed companies [5]. Group 4: Strict Enforcement and Accountability - The regulatory approach emphasizes strict enforcement and increased penalties for violations, particularly targeting key individuals responsible for financial fraud [6]. - For instance, the former chairman of Delisted Fuxin was found guilty of violating important information disclosure laws, while penalties were imposed on the controlling shareholder of Feikai Materials for illegal share reductions [6]. - The Shanghai Financial Court has received a total of 18,040 securities false statement responsibility disputes, with a total amount in dispute of 7.646 billion yuan, involving 26,956 investors [6][7].

Core Viewpoint - The article discusses the recent release of ten cases related to securities false statements by the Shanghai Financial Court and the Shanghai Securities Regulatory Bureau, providing clear guidelines for market participants regarding responsibilities and behaviors that may violate disclosure regulations [3][4]. Group 1: Case Summaries - The ten cases involve several listed companies, including *ST Jintai, Zhong An Ke, Shanghai Electric, and others, as well as delisted companies like退市富控 and *ST Ba'an [4]. - The five judicial cases focus on issues such as "deceptive" share buybacks, the identification of predictive information, and the application of "safe harbor" rules, with examples of both responsible and non-responsible parties [5]. - In the case of *ST Jintai, executives made false promises regarding share buybacks, leading to a court ruling that required them to compensate investors approximately 780,000 yuan [6]. - Shanghai Electric was found liable for failing to disclose performance losses in a timely manner, resulting in a false annual report, and was not granted exemption under the "predictive information safe harbor" rule [6]. - In the Zhong An Ke financial fraud case, three internal directors were held partially responsible for relying excessively on intermediaries, while three independent directors were exempted from liability [6]. - The case involving ST Xingyue highlighted that significant events affecting stock trading could sever the causal link for false statement claims, leading to the rejection of investor compensation requests [7]. Group 2: Regulatory Enforcement - The Shanghai Securities Regulatory Bureau's enforcement cases focus on frequent violations such as "shell protection" financial fraud, performance-related financial manipulation, and insider trading [7]. - Specific cases include violations by *ST Jintai executives regarding share buyback commitments, financial fraud by subsidiaries of Shanghai Shimao, and illegal share reductions by controlling shareholders of Feikai Materials [7]. - The regulatory approach emphasizes strict enforcement and increased penalties for key individuals involved in financial fraud, with notable penalties imposed on executives from退市富控 and *ST Ba'an [10]. Group 3: Legal and Regulatory Developments - Recent judicial practices have introduced new legal issues, including the application of laws across different market segments and the identification of predictive information [9]. - The article highlights the need for clarity in the legal responsibilities of public commitments made by company executives and the importance of not evading disclosure obligations under the guise of predictive information [10]. - The Shanghai Financial Court reported handling 18,040 securities false statement cases with a total amount of 7.646 billion yuan, indicating a significant number of investors involved [11].

Core Viewpoint - The Shanghai Financial Court and the Shanghai Securities Regulatory Bureau have released ten cases related to securities false statements, providing clear guidelines for market participants regarding responsibilities and behaviors that may violate information disclosure regulations [1][2]. Group 1: Key Cases and Responsibilities - The five typical cases of securities false statement responsibility disputes focus on issues such as "deceptive" share buybacks, the identification of predictive information, and the application of "safe harbor" rules [2][5]. - In the case of *ST Jintai, executives were found liable for false statements due to unfulfilled share buyback commitments, resulting in compensation of approximately 780,000 yuan to investors [2][4]. - Shanghai Electric was held responsible for failing to timely disclose performance losses and inaccurately measuring expected credit losses, leading to a false record in its 2020 annual report [2][3]. Group 2: Regulatory Enforcement and Penalties - The Shanghai Securities Regulatory Bureau has emphasized strict enforcement and increased penalties for frequent violations such as financial fraud and misuse of control rights [3][6]. - Notable penalties include a fine of 7.67 million yuan for the controlling shareholder of Feikai Materials for illegal share reductions and a 4 million yuan fine for the chairman of a subsidiary of Shanghai Shihua for financial fraud [6][4]. - The report indicates that as of December 2024, the Shanghai Financial Court has accepted 18,040 cases of securities false statement disputes, with a total amount in dispute of 7.646 billion yuan and 26,956 investors involved [6][7]. Group 3: Legal and Judicial Developments - New types of disputes have emerged in judicial practice, including the legal applicability of different market segments and the identification of responsibilities for predictive information [5][6]. - The report highlights the challenges in civil compensation cases related to false statements, particularly in the context of ongoing administrative investigations or criminal investigations [7]. - The need for improved coordination between civil lawsuits, administrative penalties, and criminal accountability is emphasized to enhance the effectiveness of investor protection [7].

金融界消息 截至2025年8月13日收盘，上实发展（600748）报收于3.82元，下跌1.8%，换手率1.38%， 成交量25.44万手，成交金额9723.19万元。 资金流向方面，今日主力资金净流出1240.30万元，占比成交额12.76%。其中，超大单净流出1027.00万 元、占成交额10.56%，大单净流出213.30万元、占成交额2.19%，中单净流出流入666.31万元、占成交 额6.85%，小单净流入573.98万元、占成交额5.9%。 上实发展最新一期业绩显示，截至2025一季报，公司营业总收入6.34亿元、同比增长17.44%，归属净利 润8165.42万元，同比增长44.98%，扣非净利润9233.70万元，同比增长39.35%，流动比率4.168、速动比 率0.948、资产负债率56.34%。 天眼查商业履历信息显示，上海实业发展股份有限公司，成立于1996年，位于上海市，是一家以从事电 气机械和器材制造业为主的企业。企业注册资本184456.2892万人民币，实缴资本184456.2892万人民 币。公司法定代表人为王政。 通过天眼查大数据分析，上海实业发展股份有限公司共对外投资了4 ...

Investment Rating - The industry rating is optimistic, expecting overall returns to exceed the CSI 300 index by more than 5% in the next six months [11]. Core Insights - The report highlights that the real estate sector is experiencing a positive market trend, with the Shanghai Composite Index and Shenzhen Composite Index rising by 0.34% and 1.42% respectively on August 11, 2025. The Shenwan Real Estate Index increased by 1.24% [3]. - Specific developments include the planning adjustments in Shenzhen's Guangming District, which involve four residential land plots with varying land areas and floor area ratios [5]. - Guangzhou's state-owned enterprise, Zhujiang Real Estate, has initiated a price guarantee action for seven projects, promising to compensate buyers for price differences until the end of the year [6]. Market Performance - The top five performing stocks in the real estate sector include Shen Property A, Wantong Development, Tianbao Construction, Fuxing Shares, and Jintou City Development, with respective increases of 10.01%, 9.96%, 6.65%, 6.41%, and 6.01%. Conversely, the largest declines were seen in Rongfeng Holdings, Yatong Shares, Huali Family, Guangming Real Estate, and Shangshi Development, with decreases of -4.81%, -2.92%, -1.70%, -1.11%, and -1.04% [4]. Company Announcements - Huazhong City Holdings announced a suspension of trading due to a court-ordered liquidation [9]. - Zhuhai Huafa Industrial Co., Ltd. adjusted the coupon rate of its corporate bonds from 3.90% to 2.30%, with a total issuance of 2 billion yuan and a maturity of five years [9]. Industry News - The Shenzhen Intermediate People's Court announced the auction of the Shenzhen Huangting Plaza, with an estimated value of 4.361 billion yuan and a starting price of approximately 3.053 billion yuan [8].