Market Performance - The Shanghai State-Owned Enterprise Reform sector rose by 1.05% compared to the previous trading day, with Shanghai Shimao Development leading the gains [1] - The Shanghai Composite Index closed at 4016.33, up 0.7%, while the Shenzhen Component Index closed at 13691.38, up 1.95% [1] Top Gainers - Shanghai Shimao Development (600748) closed at 6.88, up 10.08% with a trading volume of 908,100 shares and a turnover of 604 million yuan [1] - Yao Pi Glass (6180009) closed at 8.21, up 6.21% with a trading volume of 489,500 shares and a turnover of 402 million yuan [1] - Guojijian Detection (301289) closed at 70.01, up 4.29% with a trading volume of 72,200 shares and a turnover of 491 million yuan [1] Market Capital Flow - The Shanghai State-Owned Enterprise Reform sector experienced a net outflow of 403 million yuan from institutional investors, while retail investors saw a net inflow of 690 million yuan [2] - The top stocks in terms of net inflow from retail investors included Shanghai Shimao Development and Yao Pi Glass, while institutional investors showed significant outflows from these stocks [3] Individual Stock Performance - Huahong Semiconductor (688347) had a net inflow of 457.1 million yuan from institutional investors, but a net outflow of 203 million yuan from speculative funds [3] - Shanghai Shimao Development saw a net inflow of 91.88 million yuan from institutional investors, with significant outflows from both speculative and retail investors [3]

Group 1 - The real estate development sector increased by 0.68% compared to the previous trading day, with Shangshi Development leading the gains [1] - The Shanghai Composite Index closed at 4016.33, up by 0.7%, while the Shenzhen Component Index closed at 13691.38, up by 1.95% [1] Group 2 - In terms of capital flow, the real estate development sector experienced a net outflow of 533 million yuan from main funds, a net outflow of 425 million yuan from speculative funds, and a net inflow of 958 million yuan from retail investors [2]

Group 1 - The company, Shanghai Shimao Development, announced the convening of its 23rd temporary board meeting of the 9th session on October 28, 2025, via communication methods [1] - The meeting reviewed the "2025 Third Quarter Report" and other documents [1] - For the first half of 2025, the company's revenue composition was entirely from the real estate sector, accounting for 100.0% [1] Group 2 - The A-share market has surpassed 4000 points, marking a significant resurgence after a decade of stagnation [1] - The technology sector is reshaping the market dynamics, indicating the emergence of a "slow bull" market pattern [1]

Group 1 - The company reported a revenue of 2.12 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 32.45% [1] - The company experienced a net loss attributable to shareholders of 609 million yuan [1] - The company's non-recurring net profit also showed a loss of 645 million yuan, with a basic earnings per share of -0.33 yuan [1]

Core Viewpoint - The company reported a significant increase in total operating revenue for the first three quarters of 2025, but also experienced a larger net loss compared to the previous year [1] Financial Performance - Total operating revenue reached 2.12 billion yuan, reflecting a year-on-year growth of 32.45% [1] - The net profit attributable to shareholders of the parent company was -609 million yuan, which is a deterioration of 330 million yuan compared to the same period last year [1] - Basic earnings per share stood at -0.33 yuan [1]

证券代码：600748 股票简称：上实发展 公告编号：2025-40 上海实业发展股份有限公司 | 序号 | | 项目名称 | | 持有待开发 | 经营 | 规划计容 建筑面积 | 合作开发项目的 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 土地的区域 | 业态 | (平方米) | 权益占比(%) | | 1 | 上海市宝山区吴淞创新城 | | 15 更 | 上海 | 科研 | 105,436 | / | | | 新单元 04-02 | 地块 | | | | | | 二、 2025 年前三季度房地产项目建设进程情况 截至 2025 年 9 月 30 日，公司在建项目 4 个，均处于主体施工阶 段，合计在建面积约 37.39 万平方米。报告期内竣工项目 1 个，竣工 面积约 1.89 万平方米。 三、 2025 年前三季度房地产项目销售情况 2025年1至9月，公司累计实现合约销售金额约合人民币110,658 万元，同比增加约 90.79%；实现合约销售面积约合 5.31 万平方米， 2025 年前三季度公司经营数据的公告 本公司董 ...

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 董事会第二十三次（临时）会议通知于 2025 年 10 月 23 日以电子邮 件形式通知各位董事，会议材料以电子邮件/纸质文件送达方式送至 各位董事，会议于 2025 年 10 月 28 日（星期二）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。 二、董事会会议审议情况 （一）审议议案 1、《公司 2025 年第三季度报告》 证券代码：600748 证券简称：上实发展 公告编号：2025-39 上海实业发展股份有限公司 第九届董事会第二十三次会议决议公告 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。 特此公告。 上海实业发展股份有限公司董事会 二〇二五年十月二十九日 2 该议案经公司第九届董事会审计委员会第十六次会议审议通过。 具体内容详见公司于同日披露的《公司 2025 年第三季度报告》。 表决结果：同意 7 票，反对 0 票，弃权 0 票。 1 ...

Financial Performance - The company's operating revenue for the third quarter reached ¥887,503,682.81, an increase of 55.36% compared to the same period last year[4] - The total profit for the third quarter was ¥158,331,890.98, while the net profit attributable to shareholders was ¥144,940,848.65, marking a significant recovery from previous losses[4] - The basic and diluted earnings per share for the third quarter were both ¥0.08, a notable improvement from a loss of ¥0.33 in the same period last year[5] - Total operating revenue for the first three quarters of 2025 reached ¥2,119,923,208.23, an increase of 32.4% compared to ¥1,600,579,847.51 in the same period of 2024[20] - The net loss for the first three quarters of 2025 was ¥562,700,855.02, compared to a net loss of ¥313,516,934.02 in the same period of 2024, indicating a deterioration in performance[21] - The basic and diluted earnings per share for the first three quarters of 2025 were both -¥0.33, compared to -¥0.15 in the same period of 2024[22] Assets and Liabilities - The total assets at the end of the reporting period were ¥29,741,516,402.20, reflecting a decrease of 2.34% from the end of the previous year[5] - Total liabilities amounted to ¥17,350,565,368.73, slightly down from ¥17,500,551,833.17 in the previous year[18] - Total assets decreased to ¥29,741,516,402.20 from ¥30,452,873,927.47 year-over-year[18] - The company's long-term borrowings decreased to ¥10,720,822,822.13 from ¥12,065,640,665.58, reflecting a strategic shift in financing[18] - The total equity attributable to shareholders decreased to ¥10,442,746,561.87 from ¥11,052,246,134.50, indicating a decline in shareholder value[18] Cash Flow - Cash flow from operating activities showed significant improvement due to a substantial increase in sales collections compared to the same period last year[10] - The company's cash flow from operating activities showed a significant decline, impacting liquidity and operational flexibility[23] - In the first three quarters of 2025, the cash inflow from operating activities reached ¥3,397,355,458.32, a significant increase of 44.6% compared to ¥2,351,225,400.03 in the same period of 2024[24] - The net cash flow from operating activities was -¥499,044,744.56, an improvement from -¥1,689,574,225.32 in the previous year, indicating a reduction in cash outflow[24] - Cash inflow from financing activities totaled ¥2,162,562,156.55, a decline of 62.3% from ¥5,741,775,488.75 in the same period last year[25] - The ending cash and cash equivalents balance was ¥3,704,609,225.49, an increase from ¥2,748,694,395.29 at the end of the same period last year[25] Shareholder Information - The company reported a total of 31,637 common shareholders at the end of the reporting period[12] - The largest shareholder, Shanghai Real Estate Development Co., Ltd., holds 48.60% of the shares, totaling 896,435,864 shares[12] Other Financial Metrics - Non-recurring gains and losses for the current period amounted to ¥10,265,582.02, contributing to the overall financial performance[8] - The increase in operating revenue was primarily driven by higher real estate sales and the recognition of construction income[9] - The company's inventory was reported at RMB 13,537,726,340.15, a slight decrease from RMB 13,799,805,306.71, indicating a reduction of approximately 1.9%[16] - The company’s other receivables decreased to RMB 175,170,276.59 from RMB 245,806,674.54, showing a decline of about 28.7%[16] - The company has not engaged in any share lending activities through margin trading or stock borrowing as of the third quarter of 2025[14] - The company completed the necessary business registration changes related to the amendments to its articles of association and the cancellation of the supervisory board as of September 2025[15] - The company has received RMB 1.6 billion in project management service fees from Shanghai Shisen Real Estate Co., Ltd. as part of a total expected payment of RMB 2 billion for services rendered between 2025 and 2026[15] - The company's long-term equity investments stood at RMB 5,047,903,732.34 as of September 30, 2025, slightly down from RMB 5,079,129,669.34 at the end of 2024[16] - The company did not apply new accounting standards for the current reporting period[26]

Market Overview - The Shanghai Composite Index rose by 1.18% on October 27, with 28 out of 31 sectors experiencing gains, led by the communication and electronics sectors, which increased by 3.22% and 2.96% respectively [1] - The real estate sector ranked third in terms of decline, falling by 0.11% [1] Capital Flow Analysis - The main capital flow showed a net outflow of 136 million yuan across the two markets, with 12 sectors seeing net inflows [1] - The electronics sector had the highest net inflow, amounting to 6.112 billion yuan, while the non-ferrous metals sector followed with a net inflow of 2.529 billion yuan [1] Real Estate Sector Performance - Within the real estate sector, there were 100 stocks, with 32 rising and 60 declining; three stocks hit the daily limit up while two hit the limit down [2] - The top three stocks with the highest net inflow in the real estate sector were Shoukai Co. (3.69 billion yuan), Wantong Development (970.39 million yuan), and China Wuyi (463.11 million yuan) [2] - The stocks with the highest net outflow included Vanke A (-1.5842 billion yuan), Shen Zhen Yi A (-969.58 million yuan), and Shangshi Development (-872.74 million yuan) [3]

Core Insights - The stock of Shangshi Development (600748) experienced a limit down today, with a turnover rate of 9.20% and a trading volume of 1.289 billion yuan, reflecting a volatility of 17.82% [2] - Institutional investors net sold 37.137 million yuan, while the Shanghai-Hong Kong Stock Connect saw a net sell of 239.35 thousand yuan [2] - The stock has been on the龙虎榜 (Dragon and Tiger List) eight times in the past six months, with an average price increase of 4.18% the day after being listed and an average increase of 10.40% over the following five days [2] Trading Data - The top five trading departments accounted for a total transaction of 222 million yuan, with a net sell of 4.173 million yuan [2] - The largest buying department was Guotai Junan Securities, which bought 33.3207 million yuan, while the largest selling department was an institutional special seat, net selling 37.137 million yuan [3][4] - The stock's main funds saw a net outflow of 86.6694 million yuan today, with large orders contributing to a significant outflow of 52.8995 million yuan [2] Financing and Earnings - As of October 22, the margin trading balance for the stock was 337 million yuan, with a financing balance of 337 million yuan and a securities lending balance of 371 thousand yuan [3] - In the last five days, the financing balance increased by 89.0076 million yuan, a rise of 35.89%, while the securities lending balance increased by 12.01 thousand yuan, a rise of 47.85% [3] - The company reported a revenue of 1.232 billion yuan for the first half of the year, a year-on-year increase of 19.73%, but recorded a net loss of 754 million yuan [3]