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].

锦和商管公告称，预计2025年年度归属于上市公司股东的净利润为-12,500.00万元到-7,500.00万元，扣 非净利润为-22,500.00万元到-17,500.00万元；上年同期净利润为1,475.32万元，扣非净利润为-9,580.64万 元。业绩变动主因是商办市场需求承压、租金下行，主营业务毛利率下滑，且拟对部分资产及商誉计提 减值准备。不过，与同昌盛业的交易确认公允价值变动收益，对净利润有正面影响。 ...

锦和商管公告，预计2025年年度实现归属于上市公司股东净利润为-1.25亿元到-7500万元；预计2025年 年度实现归属于上市公司股东的扣除非经常性损益的净利润为-2.25亿元到-1.75亿元。 ...

Group 1 - The core viewpoint of the articles highlights the performance and financial metrics of Jinhe Commercial Management, indicating a mixed stock performance and significant growth in net profit despite a decline in revenue [1][2]. Group 2 - As of January 8, Jinhe Commercial Management's stock price increased by 2.00% to 6.62 CNY per share, with a total market capitalization of 3.128 billion CNY [1]. - The company experienced a net inflow of main funds amounting to 1.7557 million CNY, with large orders accounting for 16.93% of purchases [1]. - Year-to-date, the stock price has risen by 0.46%, with a 1.53% increase over the last five trading days, while it has decreased by 1.93% over the last 20 days and increased by 14.53% over the last 60 days [1]. Group 3 - For the period from January to September 2025, Jinhe Commercial Management reported operating revenue of 729 million CNY, a year-on-year decrease of 5.89%, while net profit attributable to shareholders increased by 127.98% to 85.8688 million CNY [2]. - The company has distributed a total of 751 million CNY in dividends since its A-share listing, with 364 million CNY distributed over the past three years [3]. Group 4 - As of September 30, 2025, the number of shareholders for Jinhe Commercial Management was 18,200, a decrease of 18.99% from the previous period, while the average circulating shares per person increased by 23.44% to 25,938 shares [2]. - Notably, new institutional shareholders include Noan Multi-Strategy Mixed A, holding 2.6133 million shares, and Guangfa Quantitative Multi-Factor Mixed A, holding 1.6941 million shares [3].

Market Overview - The general retail sector experienced a decline of 0.36% on January 7, with Cuiwei Co. leading the drop [1] - The Shanghai Composite Index closed at 4085.77, up 0.05%, while the Shenzhen Component Index closed at 14030.56, up 0.06% [1] Stock Performance - Notable gainers in the general retail sector included: - Youa Co. (002277) with a closing price of 7.85, up 9.94% and a trading volume of 899,900 shares, totaling 6.91 billion yuan [1] - Shanghai Jiubai (600838) closed at 12.60, up 7.05% with a trading volume of 1,061,900 shares, totaling 13.37 billion yuan [1] - New World (600628) closed at 8.45, up 5.23% with a trading volume of 546,400 shares, totaling 4.55 billion yuan [1] Fund Flow Analysis - The general retail sector saw a net outflow of 346 million yuan from institutional investors, while retail investors contributed a net inflow of 145 million yuan [2] - The top stocks by net inflow from retail investors included: - Youa Co. with a net outflow of 91.06 million yuan from retail investors [3] - Shanghai Jiubai with a net outflow of 5.84 million yuan from retail investors [3] - New World with a net outflow of 3.12 million yuan from retail investors [3]