证券代码：601512 证券简称：中新集团 公告编号：2025-030 二、说明会召开的时间、地点 中新苏州工业园区开发集团股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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。 重要内容提示： http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于2025年9月17日（星期三）至9月23日（星期二）16:00前登录 上 证 路 演 中 心 网 站 首 页 点 击 " 提 问 预 征 集 " 栏 目 或 通 过 公 司 邮 箱 securities@cssd.com.cn进行提问。公司将在说明会上对投资者普遍关注的问题 进行回答。 中新苏州工业园区开发集团股份有限公司（以下简称"公司"）已于2025年8 月27日发布公司2025年半年度报告，为便于广大投资者更全面深入地了解公司 2025年半年度经营成果、财务状况，公司计划于2025年9月24日上午10:00-11:00 举行2025年半年度业绩说明会，就投资者关心的问题进行 ...

Investment Rating - The report maintains a "Recommendation" rating for the company with a target price of 9.44 yuan [2][7]. Core Views - The company has seen a recovery in land transfer income and is steadily advancing its business transformation. The significant revenue growth in the first half of 2025 is primarily driven by land development, although the corresponding costs have also increased significantly [7][8]. - The company is recognized for its strong ability in attracting investment and has a favorable location for industrial parks, which enhances business stability as it transitions into park operations and green utilities [7][8]. Financial Performance Summary - For the first half of 2025, the company achieved a revenue of 2.104 billion yuan, a year-on-year increase of 39.19%, and a net profit attributable to the parent company of 592 million yuan, up 5.32% year-on-year [7]. - The revenue from park development and operations, green utilities, and other segments reached 1.66 billion yuan, 360 million yuan, and 90 million yuan respectively, with year-on-year growth rates of 44%, 22%, and 30% [7]. - The gross profit margins for these segments were 48.8%, 24.82%, and 43.41%, reflecting changes of -26.98, +11.26, and +4.07 percentage points year-on-year [7]. Business Segment Insights - The leasing income from the company's parks showed stable growth, with a revenue of 410 million yuan in the first half of 2025, a 3.8% increase year-on-year, maintaining a gross margin of 61% [7]. - The company has cumulatively developed approximately 3 million square meters of park area, with an operational area of about 2.25 million square meters and an overall occupancy rate of around 81% [7]. - The green utilities segment reported a revenue of 360 million yuan, a 22% increase year-on-year, with a steady expansion in distributed photovoltaic power station assets [7]. Financial Projections - The company is projected to have total revenues of 2.685 billion yuan in 2024, increasing to 2.922 billion yuan in 2025, with a compound annual growth rate of 8.8% [3][8]. - The net profit attributable to the parent company is expected to rise from 637 million yuan in 2024 to 707 million yuan in 2025, reflecting an 11% year-on-year growth [3][8]. - Earnings per share (EPS) are forecasted to be 0.43 yuan in 2024, increasing to 0.47 yuan in 2025, and further to 0.52 yuan in 2026 [3][8].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a year-on-year increase in revenue and profit, with stable progress in park operations and a high occupancy rate in its district park [7][9] - The gross margin has slightly declined, but the overall business operation remains robust, supported by the industrial investment fund [7] - The company maintains its profit forecast for 2025-2027, expecting net profits of 830 million, 900 million, and 1.02 billion respectively, with corresponding EPS of 0.55, 0.60, and 0.68 [7] Financial Performance - In the first half of 2025, the company achieved operating revenue of 2.104 billion, a year-on-year increase of 39.19%, and a net profit attributable to shareholders of 592 million, up 5.32% [8] - The gross margin and net margin were reported at 44.46% and 32.63%, respectively, reflecting a decline of 17.50 percentage points and 8.59 percentage points year-on-year [8] - The increase in revenue is primarily attributed to the growth in land development business [8] Park Development and Occupancy - As of the first half of 2025, the company has developed approximately 3 million square meters of district park area, with an operational area of about 2.25 million square meters and an overall occupancy rate of approximately 81% [9] - In the Suzhou Industrial Park, the occupancy rate is notably higher at around 92%, providing strong support for the innovative development of park enterprises [9] Investment Fund Activities - By June 2025, the company has committed to 52 external market-oriented funds with a total investment of approximately 4.4 billion, facilitating 123 investment projects in parks [10] - The projects include over 300 national-level technology innovation projects and 34 listed or approved projects [10]

Core Insights - 中新集团 reported a significant increase in both revenue and net profit for the first half of 2025, with total revenue reaching 2.104 billion yuan, up 39.19% year-on-year, and net profit attributable to shareholders at 592 million yuan, up 5.32% year-on-year [1] Financial Performance - The second quarter of 2025 saw total revenue of 1.246 billion yuan, a remarkable increase of 160.75% year-on-year, and net profit of 333 million yuan, up 269.04% year-on-year [1] - Gross margin decreased to 44.46%, down 28.24% year-on-year, while net margin fell to 32.63%, down 20.83% year-on-year [1] - Total operating expenses (sales, management, and financial expenses) amounted to 227 million yuan, accounting for 10.79% of revenue, a decrease of 28.87% year-on-year [1] Key Financial Metrics - Earnings per share (EPS) increased to 0.39 yuan, up 5.41% year-on-year, while operating cash flow per share rose to 0.5 yuan, up 34.52% year-on-year [1] - The company's net assets per share stood at 9.9 yuan, reflecting a 3.3% increase year-on-year [1] Changes in Financial Position - Significant changes in financial items include a 48.52% increase in construction in progress due to higher investment in engineering projects [1] - A 41.1% increase in right-of-use assets was attributed to the acquisition of photovoltaic assets through financing leases [1] - Accounts receivable rose by 26.38% to 2.531 billion yuan, while cash and cash equivalents decreased by 2.31% to 3.37 billion yuan [1] Cash Flow Analysis - Net cash flow from operating activities increased by 34.52%, primarily due to reduced tax payments compared to the previous year [3] - Net cash flow from investing activities surged by 96.46%, driven by cash received from the disposal of subsidiaries [3] - Net cash flow from financing activities decreased significantly by 333.78%, reflecting a net reduction in borrowings [3] Investment Outlook - Analysts project that the company's performance for 2025 will reach 690 million yuan, with an average EPS forecast of 0.46 yuan [2]

Market Overview - The equity market experienced a decline on August 27, 2025, with the Shanghai Composite Index and Shenzhen Composite Index falling by 1.76% and 1.91% respectively. The CSI 300 and CSI 500 also decreased by 1.49% and 1.46%. The Shenwan Real Estate Index dropped by 3.51% [1]. Individual Stock Performance - The top five gainers in the real estate sector were: - China New Group: +10.00% - Shanghai Shendi Development: +1.28% - Huangting B: +1.22% - Lujia B: +0.45% - Waigao B: +0.26% - The top five losers were: - Wantong Development: -10.03% - Shenzhen Deep A: -10.01% - Shenzhen Deep B: -9.94% - Shahe Shares: -8.59% - Daming City: -7.07% [2]. Industry News - The Shanghai Municipal Government is accelerating the renovation of urban villages, prioritizing those with urgent community needs and significant safety and governance issues. The renovation will focus on areas surrounding the city center and will involve various methods such as comprehensive renovation and improvement [3]. Land Transactions - In Nantong, two residential land parcels were sold at a total transaction value of 8.03 billion RMB. The first parcel, with an area of 51,333 square meters, was sold for 3.81 billion RMB, resulting in a floor price of 3,370 RMB per square meter. The second parcel, covering 57,333 square meters, was sold for 4.23 billion RMB, with a floor price of 3,350 RMB per square meter, both with a premium rate of 0% [4]. - In Fuzhou, a land parcel was sold for 54 million RMB by Shiyi Transportation Construction Investment Co., with a floor price of 21,022.87 RMB per square meter. The land area is 5,137.26 square meters, designated for a gas station [5]. Company Announcements - China Overseas Land & Investment announced that its controlling shareholder, China Overseas Group, plans to increase its stake in the company by no less than 1.11 billion RMB and no more than 2.20 billion RMB within six months, reflecting confidence in the company's future [6]. - Shanghai Jinmao Investment announced the buyback registration period for its bond "22 Jinmao 04" from September 1 to September 3, with a repayment date on September 29. The bond has a total balance of 2 billion RMB and an interest rate of 3.60% [7].

Core Viewpoint - 中新集团's financial report for the first half of 2025 shows significant growth in both revenue and net profit, indicating a strong performance despite some declines in profit margins [1]. Financial Performance - The total operating revenue reached 2.104 billion yuan, a year-on-year increase of 39.19% [1]. - The net profit attributable to shareholders was 592 million yuan, up 5.32% year-on-year [1]. - In Q2 alone, the operating revenue was 1.246 billion yuan, reflecting a substantial increase of 160.75% year-on-year [1]. - The net profit for Q2 was 333 million yuan, marking a remarkable rise of 269.04% year-on-year [1]. Profitability Metrics - Gross margin stood at 44.46%, down 28.24% year-on-year [1]. - Net margin was recorded at 32.63%, a decrease of 20.83% year-on-year [1]. - Total selling, administrative, and financial expenses amounted to 227 million yuan, accounting for 10.79% of revenue, which is a decrease of 28.87% year-on-year [1]. Cash Flow and Earnings - Earnings per share (EPS) increased to 0.39 yuan, a rise of 5.41% year-on-year [1]. - Operating cash flow per share was 0.5 yuan, up 34.52% year-on-year [1]. - The net cash flow from operating activities increased by 34.52%, attributed to reduced tax payments compared to the previous year [5]. Asset and Liability Changes - Cash and cash equivalents decreased by 2.31% to 3.37 billion yuan [1]. - Accounts receivable rose by 26.38% to 2.531 billion yuan [1]. - Interest-bearing liabilities increased by 6.45% to 9.523 billion yuan [1]. Investment and Other Financial Metrics - The return on invested capital (ROIC) for the previous year was 2.95%, indicating a relatively weak capital return [7]. - The company has a healthy cash asset position, but the cash flow situation warrants attention, with cash assets covering only 42.73% of current liabilities [9]. - The company’s debt situation is concerning, with interest-bearing asset liability ratio reaching 26.69% [9].

Market Overview - The Shanghai Composite Index fell by 1.76% on August 27, with only one industry, telecommunications, showing an increase of 1.66%. The real estate and beauty care sectors experienced significant declines of 3.51% and 3.86%, respectively [1] Capital Flow Analysis - The main capital flow in the two markets showed a net outflow of 129.75 billion yuan, with all industries under Shenwan experiencing net outflows. The computer industry had the largest net outflow of 16.31 billion yuan, followed by the pharmaceutical and biological sector with a net outflow of 12.32 billion yuan [1] Real Estate Sector Performance - The real estate sector saw a decline of 3.51%, with a total net outflow of 2.696 billion yuan. Out of 100 stocks in this sector, only 4 rose, and 1 hit the daily limit, while 96 fell, with 2 hitting the daily limit down [2] - Among the stocks with net inflows, the top performer was China New Group, with a net inflow of 78.12 million yuan, followed by Huafa Group and Wanye Enterprises with net inflows of 31.61 million yuan and 21.28 million yuan, respectively [2] - The stocks with the largest net outflows included Wantong Development, Poly Development, and Zhangjiang Hi-Tech, with net outflows of 522.48 million yuan, 241.02 million yuan, and 220.43 million yuan, respectively [3]

Company Performance - China News Group (SH 601512) reported a revenue of approximately 2.104 billion yuan for the first half of 2025, representing a year-on-year increase of 39.19% [1] - The net profit attributable to shareholders was around 592 million yuan, reflecting a year-on-year growth of 5.32% [1] - Basic earnings per share stood at 0.39 yuan, which is a 5.41% increase compared to the previous year [1] - As of the report date, the market capitalization of China News Group was 12.1 billion yuan [1] Industry Insights - The pet industry is experiencing significant growth, with a market size of 300 billion yuan, leading to a surge in stock prices for related companies [1]

Core Insights - The company reported a revenue of 2.104 billion yuan for the first half of 2025, representing a year-on-year growth of 39.19% [1] - The net profit attributable to shareholders of the listed company was 592 million yuan, showing a year-on-year increase of 5.32% [1] - The net profit attributable to shareholders, excluding non-recurring gains and losses, was 547 million yuan, which reflects a year-on-year decrease of 1.11% [1] - The basic earnings per share were 0.39 yuan [1]

Group 1 - The company reported a revenue of 2.104 billion yuan for the first half of the year, representing a year-on-year growth of 39.19% [1] - The net profit attributable to shareholders of the listed company was 592 million yuan, showing a year-on-year increase of 5.32% [1] - The basic earnings per share were 0.39 yuan [1]