一、董事会会议召开情况 西藏城市发展投资股份有限公司（以下简称"公司"）第十届董事会第九次 （临时）会议于 2025 年 10 月 16 日上午 9：00 以通讯会议的方式召开。 证券代码：600773 证券简称：西藏城投 公告编号：2025-033 西藏城市发展投资股份有限公司 第十届董事会第九次（临时）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。 1 本次会议应出席董事 9 名，实际出席董事 9 名，由董事长陈卫东先生召集并 主持，公司部分监事及高级管理人员列席会议。本次会议的召开符合有关法律、 行政法规、部门规章、规范性文件和公司章程的规定。 二、董事会会议审议情况 （一）审议通过《关于申请发行商业地产抵押资产证券化（CMBS）产品的 议案》 具体内容详见公司同日在上海证券交易所网站（www.sse.com.cn）披露的《关 于申请发行商业地产抵押资产证券化（CMBS）产品的公告》（公告编号：2025-034）。 本议案尚需提交股东大会审议。 表决结果：有效表决票数为 9 票，其中同意 9 票，反对 ...

Group 1 - The core point of the article is that Tibet City Investment (SH 600773) announced a temporary board meeting on October 16, 2025, to discuss the proposal for issuing Commercial Mortgage-Backed Securities (CMBS) [1] - The company's revenue composition for the year 2024 is as follows: Real estate accounts for 85.03%, merchandise sales for 6.19%, other businesses for 3.83%, sales agency services for 3.58%, and room and dining income for 1.38% [1] - As of the report, Tibet City Investment has a market capitalization of 10.4 billion yuan [1]

Core Viewpoint - The company plans to issue commercial real estate mortgage-backed securities (CMBS) to revitalize existing assets, unlock the value of commercial real estate, and reduce funding costs [1] Group 1: Financial Strategy - The company intends to provide a shareholder loan of up to 1.401 billion yuan to its subsidiary, using the debt rights it holds against the borrower as the underlying asset [1] - The fundraising scale of the special plan will not exceed 1.401 billion yuan, with a term of no more than 18 years [1] - The company's controlling shareholder, Shanghai Beifang Enterprise Co., Ltd., will provide credit enhancement for this CMBS [1] Group 2: Regulatory Considerations - The matter is subject to approval by the company's shareholders' meeting and requires review by the Shanghai Stock Exchange, indicating a degree of uncertainty [1]

Core Viewpoint - The stock price of Tibet City Investment has experienced fluctuations, with a recent decline of 2.02% on September 18, 2023, and a total market capitalization of 10.15 billion yuan [1]. Group 1: Stock Performance - Year-to-date, Tibet City Investment's stock price has decreased by 0.93%, with a 5-day decline of 2.56% and a 20-day decline of 4.39%, while showing a 60-day increase of 7.13% [2]. - The company has appeared on the trading leaderboard twice this year, with the most recent occurrence on July 22 [2]. Group 2: Financial Performance - For the first half of 2025, Tibet City Investment reported revenue of 743 million yuan, representing a year-on-year increase of 393.66%, while the net profit attributable to shareholders was -64.12 million yuan, reflecting a year-on-year growth of 37.34% [2]. Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders for Tibet City Investment was 55,500, an increase of 1.95% from the previous period, with an average of 17,155 circulating shares per shareholder, a decrease of 1.92% [2]. - The company has distributed a total of 176 million yuan in dividends since its A-share listing, with 32.15 million yuan distributed over the past three years [3]. Group 4: Institutional Holdings - As of June 30, 2025, the top ten circulating shareholders included Southern CSI Real Estate ETF, which increased its holdings by 1.42 million shares to 7.29 million shares, while Hong Kong Central Clearing Limited reduced its holdings by 0.30 million shares to 6.02 million shares [3]. - New entrants among the top ten shareholders include CSI Shanghai State-owned Enterprise ETF, holding 5.27 million shares, and Southern CSI 1000 ETF, holding 5.26 million shares [3].

Market Performance - On September 10, the real estate development sector rose by 0.44% compared to the previous trading day, with Shouke Co. leading the gains [1] - The Shanghai Composite Index closed at 3812.22, up 0.13%, while the Shenzhen Component Index closed at 12557.68, up 0.38% [1] Top Gainers in Real Estate Sector - Shouke Co. (600376) closed at 4.68, with a gain of 10.12% and a trading volume of 1.9874 million shares, amounting to a transaction value of 909 million yuan [1] - Suning Universal (000718) closed at 2.74, up 10.04%, with a trading volume of 1.5715 million shares [1] - Hezhan Energy (000809) closed at 3.64, gaining 9.97%, with a trading volume of 1.3357 million shares [1] - Wolong New Energy (600173) closed at 8.39, up 9.96%, with a trading volume of 1.4224 million shares [1] Other Notable Stocks - ST Rongkong (000668) closed at 9.77, with a gain of 5.05% [1] - ST Zhongdi (000609) closed at 4.82, up 4.56% [1] - Fuxing Co. (000926) closed at 3.32, gaining 3.75% [1] Market Capital Flow - The real estate development sector experienced a net outflow of 1.213 billion yuan from major funds, while retail investors saw a net inflow of 1.149 billion yuan [2] - Speculative funds had a net inflow of 64.198 million yuan [2]

Financing Transactions - Meikaman's recent financing round raised nearly 500 million yuan, with investments from various funds including Xiong'an Fund and Ocean Electric, aimed at advancing its embodied intelligence technology and expanding product lines and applications [3] - Ruizheng Gene secured $75 million in Series A funding, with a significant investment from Tibet Nodi Kang Pharmaceutical, to develop in vivo gene editing products [4][6] - Weijian Intelligent completed over 100 million yuan in Series B funding, focusing on R&D for advanced packaging equipment for AI applications [4][5] - Wuxi Xinxiang Technology announced several billion yuan in B+ round financing, showcasing strong recognition from state-owned capital for its technological capabilities [6] - Haojise Food received strategic investments totaling several billion yuan from the Bubugao Group, aimed at enhancing product development and supply chain systems [6] - Yingmou Technology completed a new round of financing worth tens of millions of dollars, with plans to launch a new model on its 3D generation platform [7] - Lingyu Intelligent raised millions in seed+ round financing, focusing on high-quality remote operation technology for service and industrial applications [8] - Wugen, a US-based T-cell cancer treatment provider, raised $115 million to advance its cell therapy for T-cell acute lymphoblastic leukemia [8] - Prologis GLP received a $1.5 billion investment from Abu Dhabi Investment Authority to support its growth in logistics infrastructure [9] - Blue Water, an autonomous vessel developer, secured $50 million in Series A funding led by Google Ventures [10]

Core Viewpoint - Tibet City Investment (600773) reported significant revenue growth and a reduction in losses for the first half of 2025, indicating a potential recovery in its financial performance despite ongoing challenges in profitability [1]. Financial Performance - The company's total revenue reached 743 million yuan, a year-on-year increase of 393.66% [1]. - The net profit attributable to shareholders was -64.12 million yuan, showing a 37.34% improvement compared to the previous year [1]. - In Q2 2025, total revenue was 208 million yuan, up 180.71% year-on-year, while the net profit attributable to shareholders was -29.73 million yuan, an increase of 43.84% [1]. - Gross margin stood at 14.84%, down 74.8% year-on-year, while net margin improved to -13.31%, an increase of 84.47% [1]. - Total expenses (selling, administrative, and financial) amounted to 187 million yuan, accounting for 25.12% of revenue, a decrease of 78.85% year-on-year [1]. Asset and Liability Management - Cash and cash equivalents decreased by 40.92% to 946 million yuan [1]. - Accounts receivable dropped by 57.08% to 4.55 million yuan [1]. - Interest-bearing liabilities decreased by 31% to 3.396 billion yuan [1]. - The company’s debt ratio for interest-bearing liabilities reached 29.15% [5]. Operational Efficiency - The company’s return on invested capital (ROIC) was 1% last year, indicating weak capital returns [3]. - The historical median ROIC over the past decade was 1.71%, reflecting a generally weak investment return profile [3]. - The company has reported losses in three of the 28 annual reports since its listing, suggesting a fragile business model [3]. Cash Flow and Financial Health - The cash flow situation is concerning, with cash assets only covering 26.28% of current liabilities [5]. - The average operating cash flow over the past three years is only 0.94% of current liabilities [5]. - Financial expenses are significantly high, with financial costs reaching 339.66% of the average operating cash flow over the past three years [5]. Inventory and Market Position - The inventory level is notably high, with inventory accounting for 554.81% of revenue [6]. - The largest fund holding in Tibet City Investment is the Huaxia Panrui One-Year Open Mixed A Fund, which has reduced its holdings [6].

Core Viewpoint - The company has released its 2025 semi-annual report, highlighting its operational performance, financial status, and future development plans, emphasizing a focus on quality improvement and return on investment amidst regulatory challenges in the real estate sector [1][4][17]. Company Overview - The company is engaged in real estate development and has faced ongoing regulatory adjustments in the industry, prompting a shift towards high-quality development and innovative operational strategies [18][19]. - As of the end of the reporting period, the company had no new real estate land reserves and no new construction projects initiated [11][12]. Financial Data - The company reported a total of 29 contract sales with an area of 0.31 million square meters and a sales amount of approximately 57.96 million yuan during the second quarter of 2025 [13]. - The company achieved a rental income of approximately 9.70 million yuan from its leased properties during the same period [15]. Significant Events - The company held its 10th Supervisory Board's 7th meeting on August 28, 2025, where the semi-annual report and the special report on the use of raised funds were approved [3][4][6]. - The company has established a "Quality Improvement and Return on Investment" action plan for 2025, focusing on enhancing operational efficiency and asset management [17][20]. Fundraising and Usage - The company raised approximately 999.99 million yuan through a stock issuance in March 2024, with a net amount of about 986.48 million yuan available for use [29][30]. - As of June 30, 2025, the company had utilized approximately 661.86 million yuan of the raised funds, with a remaining balance of about 333.66 million yuan [30][32]. Governance and Compliance - The company has revised its governance structure to align with regulatory requirements, ensuring clear responsibilities among its governance bodies [21][22]. - The company emphasizes the importance of shareholder returns, maintaining a cash dividend policy that has seen an average payout ratio of 50.28% over the past three years [23][24]. Information Disclosure - The company is committed to transparent information disclosure and investor relations management, adhering to relevant regulations and enhancing communication channels with investors [25].

Group 1 - The meeting of the 10th Supervisory Board of Tibet Urban Development Investment Co., Ltd. was held on August 28, 2025, with all three supervisors present, confirming compliance with relevant laws and regulations [1] - The Supervisory Board approved the 2025 semi-annual report and its summary, with all votes in favor [1][2] - The Supervisory Board also approved a special report on the storage and actual use of raised funds for the first half of 2025, confirming compliance with regulatory requirements and proper management of the funds [1]

Group 1 - The company's total operating revenue for the first half of 2025 was 743 million yuan, an increase of 593 million yuan compared to the same period last year, representing a year-on-year increase of 393.66% [1] - The net profit attributable to the parent company was -64.12 million yuan, an increase of 38.21 million yuan compared to the same period last year [1] - The net cash flow from operating activities was -320 million yuan, an increase of 236 million yuan compared to the same period last year, marking two consecutive years of growth [1] Group 2 - The company's latest debt-to-asset ratio is 58.88%, ranking 22nd among disclosed peers, a decrease of 0.57 percentage points from the previous quarter and a decrease of 10.89 percentage points from the same period last year [3] - The latest gross profit margin is 14.84%, an increase of 5.86 percentage points from the previous quarter [3] - The latest return on equity (ROE) is -1.34%, an increase of 0.83 percentage points compared to the same period last year [3] - The diluted earnings per share are -0.07 yuan, an increase of 0.05 yuan compared to the same period last year [3] - The latest total asset turnover ratio is 0.06 times, ranking 26th among disclosed peers, an increase of 0.05 times compared to the same period last year, representing a year-on-year increase of 512.26% [3] - The latest inventory turnover ratio is 0.09 times, an increase of 0.09 times compared to the same period last year, representing a year-on-year increase of 1212.68% [3]