1月22日，锦和商管涨5.1%，截至发稿，报7.42元/股，成交5631.09万元，换手率1.65%，总市值35.06亿 元。 截至发稿，孔宪政累计任职时间5年58天，现任基金资产总规模56.08亿元，任职期间最佳基金回报 101.07%， 任职期间最差基金回报-16.74%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 数据显示，诺安基金旗下1只基金位居锦和商管十大流通股东。诺安多策略混合A（320016）三季度新 进十大流通股东，持有股数261.33万股，占流通股的比例为0.55%。根据测算，今日浮盈赚取约94.08万 元。 诺安多策略混合A（320016）成立日期2011年8月9日，最新规模18.55亿。今年以来收益9.24%，同类排 名1804/8843；近一年收益83.55%，同类排名332/8096；成立以来收益260.5%。 诺安多策略混合A（320016）基金经理为孔宪政。 资料显示，上海锦和商业经营管理(集团)股份有限公司位于上海 ...

证券代码：603682 证券简称：锦和商管 公告编号：2026-002 上海锦和商业经营管理（集团）股份 有限公司关于2025年度拟计提资产 减值准备的提示性公告 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： 1、本着谨慎性原则，上海锦和商业经营管理（集团）股份有限公司（以下简称"公司"）拟对其中可能 存在减值迹象的相关资产计提减值准备，预计2025年度计提各类资产减值损失合计22,562.96万元，其中 拟计提资产减值准备21,669.85万元，拟计提信用减值准备893.11万元。 三、本次拟计提资产减值损失对公司的影响 2、本次拟计提减值准备的相关财务数据未经审计，最终会计处理以年度审计确认后的结果为准。 一、本次拟计提资产减值准备的概况 根据《企业会计准则》及上海锦和商业经营管理（集团）股份有限公司（以下简称"公司"）会计政策相 关规定，为了真实、客观反映公司财务状况、经营成果，对截至2025年12月31日的各项需要计提减值的 资产进行了减值测试。本着谨慎性原则，公司拟对其中可能存在减值迹象的相关资产计 ...

Core Viewpoint - The company Jinhe Business Management has announced a significant expected loss in net profit for the year 2025, indicating potential financial challenges ahead [2] Financial Performance - The company expects to achieve a net profit attributable to shareholders of between -125 million yuan and -75 million yuan for the year 2025 [2] - The expected net profit after deducting non-recurring gains and losses is projected to be between -225 million yuan and -175 million yuan for the same period [2]

Core Viewpoint - Jinhe Business Management (603682.SH) forecasts a net profit attributable to shareholders of the listed company for 2025 to be between -125 million yuan and -75 million yuan, indicating a significant decline compared to the previous year [1] Group 1: Financial Performance - The expected net profit attributable to shareholders, excluding non-recurring gains and losses, is projected to be between -225 million yuan and -175 million yuan for 2025 [1] - The decline in net profit and net profit excluding non-recurring gains and losses is primarily due to overall pressure on the commercial office market, intensified competition, and declining market rents [1] Group 2: Market Conditions - Despite implementing a strategy of increasing volume through price reductions, the marginal rental transaction prices have decreased, leading to a decline in the company's main business gross profit margin [1] - The rental occupancy rate has slightly increased by the end of 2025 compared to the beginning of the year, but the downward trend in rental prices continues to exert pressure on net profit [1] Group 3: Asset Management - The company plans to conduct year-end impairment testing on certain assets and goodwill due to signs of impairment, following the principles of prudence and relevant accounting policies [1] - Based on expected credit losses, the company will also perform impairment tests and make provisions for credit impairment on accounts receivable and other receivables [1]

Core Viewpoint - The company Jinhe Commercial Management (603682.SH) forecasts a significant decline in net profit for the year 2025, projecting a loss between 125 million to 75 million yuan, primarily due to market pressures and declining rental prices [1] Group 1: Financial Performance - The expected net profit attributable to shareholders is projected to be between -125 million to -75 million yuan for 2025 [1] - The net profit after deducting non-recurring gains and losses is anticipated to be between -225 million to -175 million yuan [1] - The decline in net profit compared to the previous year is attributed to overall market demand pressure, intensified competition, and falling rental prices [1] Group 2: Market Conditions - The commercial office market is experiencing overall demand pressure and increased competition, leading to a downward trend in market rental prices [1] - Despite implementing a strategy to increase occupancy through price adjustments, the marginal rental transaction prices have decreased, resulting in a decline in the company's gross profit margin [1] Group 3: Asset Management - The company has adopted a price-for-volume strategy, which has led to a slight increase in occupancy rates by the end of 2025 compared to the beginning of the year [1] - Due to the decline in marginal rental transaction prices, the company plans to conduct impairment tests on certain assets and goodwill, and will recognize impairment provisions based on cautious principles [1] - The company will also perform impairment tests on accounts receivable and other receivables, and will recognize credit impairment provisions based on expected credit losses [1]

证券代码：603682 证券简称：锦和商管 公告编号：2026-002 上海锦和商业经营管理（集团）股份有限公司 关于 2025 年度拟计提资产减值准备的提示性公告 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： 1、本着谨慎性原则，上海锦和商业经营管理（集团）股份有限公司（以下简 称"公司"）拟对其中可能存在减值迹象的相关资产计提减值准备，预计 2025 年 度计提各类资产减值损失合计 22,562.96 万元，其中拟计提资产减值准备 21,669.85 万元，拟计提信用减值准备 893.11 万元。 2、本次拟计提减值准备的相关财务数据未经审计，最终会计处理以年度审计 确认后的结果为准。 一、本次拟计提资产减值准备的概况 报告期内，公司采取以价换量政策，公司根据《企业会计准则第 8 号—资产减 值》及相关会计政策规定，考虑到报告期内部分项目边际租金成交单价下行，基 于谨慎性原则，对相关资产进行年末减值测试，具体情况如下： 1 （一）资产减值损失 公司对相关资产进行年末减值测试，经分析评估并初步测算，拟对部分 ...

Group 1 - The company, Jinhe Commercial Management (603682.SH), expects a net profit attributable to shareholders of the listed company for the year 2025 to be between -125 million yuan and -75 million yuan [1] - The company anticipates a net profit attributable to shareholders of the listed company, excluding non-recurring gains and losses, to be between -225 million yuan and -175 million yuan for the year 2025 [1]

Core Viewpoint - Jinhe Commercial Management (603682.SH) plans to recognize impairment losses on assets due to potential impairment signs, with a total expected impairment loss of 225.63 million yuan for the fiscal year 2025 [1] Group 1 - The company intends to recognize an asset impairment provision of 216.70 million yuan [1] - The company also plans to recognize a credit impairment provision of 8.93 million yuan [1]

Core Viewpoint - Jinhe Commercial Management (603682.SH) plans to recognize impairment losses on assets due to potential impairment signs, with a total expected impairment loss of 225.63 million yuan for the fiscal year 2025 [1] Group 1: Impairment Preparation - The company intends to recognize an asset impairment provision of 216.70 million yuan [1] - The company also plans to recognize a credit impairment provision of 8.93 million yuan [1]

Financial Projections - The company expects a net profit attributable to shareholders for 2025 to be between -125 million yuan and -75 million yuan[3]. - The expected net profit attributable to shareholders after deducting non-recurring gains and losses for 2025 is projected to be between -225 million yuan and -175 million yuan[3]. - The previous year's net profit attributable to shareholders was 14.75 million yuan, with a net profit after deducting non-recurring gains and losses of -95.81 million yuan[6]. Market Conditions - The decline in net profit is primarily due to overall market demand pressure, intensified competition, and a decrease in rental prices, leading to a decline in gross profit margin[7]. - The company has implemented a price-for-volume strategy, resulting in a slight increase in occupancy rates by the end of 2025 compared to the beginning of the year[7]. Asset Management - The company is currently conducting impairment tests on certain assets and goodwill due to declining rental prices, with the final impairment amounts pending audit[7]. - The company is monitoring the operational status of proposed impairment projects, which are currently stable[10]. Performance Commitments - A supplementary agreement regarding performance commitments related to the acquisition of Tongchang Shengye has been signed, which may positively impact the net profit attributable to shareholders[8]. Investment Risks - The company emphasizes that the performance forecast is based on preliminary calculations and has not been audited by registered accountants, highlighting investment risks[9]. - The final financial data will be disclosed in the official 2025 annual report, and investors are advised to pay attention to investment risks[10].