Financial Performance - The company's operating revenue for the third quarter was ¥238,430,987.02, a decrease of 7.31% compared to the same period last year[4] - The total profit for the quarter was ¥11,141,078.83, down 6.96% year-on-year, while the net profit attributable to shareholders was ¥10,416,420.75, a decline of 27.89%[4] - Basic earnings per share for the quarter were ¥0.02, a decrease of 33.33% compared to the same period last year, while diluted earnings per share also stood at ¥0.02[5] - The weighted average return on equity was 1.05%, a decrease of 0.24 percentage points compared to the previous year[5] - The net profit attributable to shareholders for the year-to-date period increased by 127.98% due to performance commitments related to the acquisition of Tongchang Shengye[9] - The total profit for the year-to-date period saw a significant increase of 204.92%, attributed to adjustments in the acquisition consideration[9] - The net profit for Q3 2025 was CNY 77,090,695.06, a significant increase from CNY 24,791,389.76 in Q3 2024, representing a growth of approximately 210%[27] - The net profit attributable to shareholders of the parent company was CNY 85,868,818.88, up from CNY 37,665,847.80 in the same period last year, indicating a growth of about 128%[27] - The basic and diluted earnings per share for Q3 2025 were both CNY 0.18, compared to CNY 0.08 in Q3 2024, reflecting a 125% increase[27] Cash Flow and Assets - The net cash flow from operating activities for the year-to-date period was ¥457,204,065.36, representing a decrease of 14.78% compared to the previous year[4] - Cash flow from operating activities for the first three quarters of 2025 was CNY 457,204,065.36, down from CNY 536,498,347.24 in the same period of 2024, a decrease of approximately 15%[29] - Total cash inflow from investment activities was CNY 491,861,819.80, compared to CNY 832,422,948.00 in the previous year, showing a decline of about 41%[30] - Cash flow from financing activities resulted in a net outflow of CNY 579,713,556.49, compared to a net outflow of CNY 475,661,061.06 in the same period last year, indicating an increase in cash outflow[30] - Cash and cash equivalents decreased to CNY 154,737,948.30 as of September 30, 2025, from CNY 244,805,784.33 at the end of 2024, representing a decline of 36.8%[21] - Total current assets amounted to CNY 450,581,085.80 as of September 30, 2025, down 15.2% from CNY 531,091,158.58 at the end of 2024[21] - Non-current assets totaled CNY 4,401,453,535.07 as of September 30, 2025, a decrease of 11.2% from CNY 4,959,642,968.78 at the end of 2024[22] Shareholder Information - The controlling shareholder, Shanghai Jinhui Investment Group, pledged 16.42% of its shares, totaling 45 million shares, as of April 9, 2025[18] - The total number of common shareholders at the end of the reporting period was 18,216[12] - The top ten shareholders held a combined 58.00% of the shares, with Shanghai Jinhui Investment Group alone holding 274,050,000 shares[12] Operational Focus and Strategy - The company is focusing on cost control and efficiency improvements to enhance profitability in the upcoming periods[10] - The company plans to focus on high-efficiency projects and exit less profitable ones in response to increasing external uncertainties[15] - The company adjusted its internal supervision structure, abolishing the supervisory board and transferring its responsibilities to the audit committee of the board[16] Other Financial Metrics - Total operating revenue for the first three quarters of 2025 was CNY 729,157,288.30, a decrease of 5.9% compared to CNY 774,764,397.33 in the same period of 2024[26] - Total operating costs for the first three quarters of 2025 were CNY 752,050,677.97, down 5.5% from CNY 795,946,923.22 in the previous year[26] - Operating profit for the first three quarters of 2025 was CNY 66,017,328.45, compared to a loss of CNY 6,269,206.13 in the same period of 2024[26] - Total profit for the first three quarters of 2025 reached CNY 105,939,175.48, significantly up from CNY 34,743,418.46 in 2024[26] - Accounts receivable increased to CNY 188,477,418.74 as of September 30, 2025, up 43.7% from CNY 131,118,769.32 at the end of 2024[21] - Total liabilities decreased to CNY 3,878,098,286.06 as of September 30, 2025, down 12.6% from CNY 4,437,974,587.45 at the end of 2024[23] - Shareholders' equity decreased to CNY 973,936,334.81 as of September 30, 2025, from CNY 1,052,759,539.91 at the end of 2024, reflecting a decline of 7.5%[23] Non-Recurring Items - Non-recurring gains and losses for the quarter included government subsidies amounting to ¥1,842,955.68 and other non-operating income of ¥13,057,974.04[7] - The company reported a net profit of 176,000 RMB after deducting non-recurring gains and losses, a turnaround from a loss in the same period last year, attributed to effective cost control and focus on high-efficiency projects[15] - The company did not report any net profit from subsidiaries prior to the merger, indicating no contribution from merged entities in the current period[28] Accounting Standards - The company has not adopted new accounting standards or interpretations that would affect the financial statements for the current year[31]

Core Viewpoint - The announcement reveals that the controlling shareholder, Jinhua Group, has pledged 20 million shares to Chang'an International Trust Co., Ltd. for debt repayment purposes, indicating a strategic financial maneuver by the company [1] Group 1: Shareholding and Pledge Details - Jinhua Group holds 274 million shares, representing 58.00% of the total share capital [1] - After the recent pledge, Jinhua Group has a total of 52 million shares pledged, which accounts for 18.97% of its holdings and 11.01% of the company's total share capital [1] - The pledge period is set from October 29, 2025, to April 29, 2026 [1] Group 2: Purpose and Conditions of the Pledge - The financing from the pledged shares is specifically intended for debt repayment [1] - There are no guarantees or collateral arrangements related to major asset restructuring or performance compensation associated with this pledge [1]

Group 1 - The core point of the article is that Jinhe Business Management announced the release of a portion of its shares from pledge by its controlling shareholder, Shanghai Jinhe Investment Group Co., Ltd. [1] - The number of shares being released from pledge is 13,000,000 shares [1]

证券代码：603682 证券简称：锦和商管 公告编号：2025-045 上海锦和商业经营管理（集团）股份有限公司 关于控股股东股份解除质押的公告 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： 上海锦和商业经营管理（集团）股份有限公司（下称"公司"）控股股东 上海锦和投资集团有限公司（下称"锦和集团"）持有公司股份数量 274,050,000 股，占公司总股本比例 58.00%。 本次锦和集团解除质押股份数 13,000,000 股，本次解除质押后，锦和集 团累计质押数量 32,000,000 股，占其持股数量 11.68%，占公司总股本的 6.77%。 公司于近日收到锦和集团通知，获悉其将所持有公司的部分股份办理了解除 质押业务，具体事项如下： | 股东名称 | 锦和集团 | | --- | --- | | 本次解除质押股份 | 13,000,000 | | 占其所持股份比例 | 4.74% | | 占公司总股本比例 | 2.75% | | 解除质押时间 | 2025 年 10 月 13 日 | | 持股数量 ...

Group 1 - The core point of the announcement is that Jinhe Business Management has pledged a total of 32 million shares, which accounts for 11.68% of its total holdings [1] - For the fiscal year 2024, the revenue composition of Jinhe Business Management is projected to be 74.26% from leasing and 25.74% from property services and other sources [1] - As of the latest update, the market capitalization of Jinhe Business Management is 2.7 billion yuan [2]

Core Insights - The increasing urban population density and accelerated industrial restructuring have highlighted the contradiction of limited land resources, making the revitalization of inefficient land and existing assets a key driver for high-quality urban development [1][2] Group 1: Shanghai's Strategy - Shanghai has introduced a strategy called "Two Evaluations, One List, One Revitalization" to address the challenge of revitalizing inefficient industrial land, which will officially launch in April 2024 [2] - The strategy involves comprehensive performance and value assessments of industrial land, creating a categorized list to guide revitalization efforts based on different support levels [2] - As of now, Shanghai has revitalized 45 square kilometers of inefficient industrial land, with an additional 30 square kilometers planned for renewal by 2025, focusing on key areas like "Greater Hongqiao" and "Greater Wusong" [2] Group 2: Systematic Revitalization Strategies - A white paper by Savills outlines systematic revitalization strategies that include industry-oriented design and spatial restructuring to upgrade industries towards higher added value [3] - The approach emphasizes the need for collaboration among government, market, and society to create a comprehensive solution covering planning, industry, ecology, and capital for sustainable land value regeneration [3] Group 3: Industrial Land Transformation - The transformation of industrial land is shifting from "point renovation" to "systematic renewal," with industrial cluster planning seen as a core strategy to attract quality enterprises and enhance tax revenue [4] - Successful examples, such as the Zhangjiang Hi-Tech Park, demonstrate how industrial clusters can lead to significant economic growth and operational efficiency [4][5] - The new design philosophy integrates industrial functional needs into spatial design, moving away from traditional models of construction followed by leasing [4] Group 4: 15-Minute Industrial Living Circle - The "15-minute industrial living circle" concept promotes a new spatial organization model that balances production, research, and living services within a 1-kilometer radius [6] - This model enhances operational efficiency and reduces commuting costs while fostering a social ecosystem that encourages industry collaboration and talent retention [6] Group 5: Investment and ESG Considerations - The "industrial building up" model increases space efficiency but also raises project costs, necessitating a balanced investment approach using policy tools and financial innovations [7] - ESG factors are increasingly influencing the long-term value of inefficient industrial land, with ecological improvements potentially leading to higher rental and asset valuations [7][8] - Future upgrades of inefficient industrial land should focus on innovative space utilization, environmental restoration, and the integration of economic performance with environmental responsibility [8]

证券代码：603682 证券简称：锦和商管 公告编号：2025- 044 上海锦和商业经营管理（集团）股份有限公司 关于完成工商变更登记并换发营业执照的公告 近日，公司完成取消监事会、变更经营范围、变更公司名称等事项的工商变更 登记手续并领取了新《营业执照》，相关登记信息如下： 统一社会信用代码：91310000660797414T 名称：上海锦和商业经营管理（集团）股份有限公司 类型：其他股份有限公司（上市） 法定代表人：郁敏珺 注册资本：人民币 47,250 万元 住所：上海市徐汇区虹漕路 68 号 43 幢 18 楼 成立日期：2007 年 5 月 9 日 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。 上海锦和商业经营管理（集团）股份有限公司（以下简称"公司"）于 2025 年 6 月 13 日和 2025 年 7 月 1 日召开第五届董事会第十次会议及2025年第二次 临时股东大会审议通过了《关于取消监事会并修订<公司章程>的议案》，随后于 2025 年 7 月 2 日和 2025 年 9 月 10 日召开第五届董事 ...

Core Viewpoint - Jinhe Commercial Management has experienced a significant decline in stock price, with a year-to-date drop of 20.94% and a recent 5-day decline of 8.45% [1] Group 1: Stock Performance - As of September 23, Jinhe Commercial Management's stock price is 5.74 CNY per share, with a market capitalization of 2.712 billion CNY [1] - The company has appeared on the trading leaderboard six times this year, with the most recent occurrence on February 17 [1] - The stock has seen a 10.17% decline over the past 20 days and a 0.17% decline over the past 60 days [1] Group 2: Company Overview - Jinhe Commercial Management, established on May 9, 2007, and listed on April 21, 2020, is located in Shanghai and focuses on the management and operation of urban old properties and inefficient commercial properties [1] - The company's main revenue sources are leasing (74.83%) and property services and others (25.17%) [1] - The company belongs to the Shenwan industry classification of retail trade - general retail - commercial property management [1] Group 3: Financial Performance - For the first half of 2025, Jinhe Commercial Management reported operating revenue of 491 million CNY, a year-on-year decrease of 5.18%, while net profit attributable to shareholders increased by 224.95% to 75.4524 million CNY [1] - As of June 30, 2025, the number of shareholders decreased by 16.82% to 22,500, while the average circulating shares per person increased by 20.22% to 21,013 shares [1] Group 4: Dividend and Shareholding - Since its A-share listing, Jinhe Commercial Management has distributed a total of 751 million CNY in dividends, with 364 million CNY distributed over the past three years [2] - As of June 30, 2025, the top ten circulating shareholders saw a change, with Huaxia CSI 500 Index Enhanced A (007994) exiting the list [2]

Group 1 - The company announced a profit distribution plan for the first half of 2025, with a cash dividend of 0.11 yuan per share (tax included) for A-shares [2] - The record date for the dividend is set for September 25, 2025, with the ex-dividend date and payment date both on September 26, 2025 [2]

证券代码：603682 证券简称：锦和商管 公告编号：2025-043 上海锦和商业经营管理（集团）股份有限公司 2025年半年度权益分派实施公告 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： 每股分配比例 A 股每股现金红利0.11元 相关日期 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 本次利润分配以方案实施前的公司总股本472,500,000.00股为基数，每股派发现金红利 0.11元（含税），共计派发现金红利51,975,000.00元。 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/9/25 | － | 2025/9/26 | 2025/9/26 | 差异化分红送转： 否 一、 通过分配方案的股东会届次和日期 本次利润分配方案经公司2025 ...