Group 1 - The core viewpoint of the news is that Shahe Co., Ltd. has experienced a significant stock price increase, with a 6.11% rise on September 23, reaching 20.32 CNY per share, and a total market capitalization of 4.918 billion CNY [1] - The company has seen a cumulative increase of 17.48% over the past three days, indicating strong market performance [1] - Shahe Co., Ltd. is primarily engaged in real estate development and management, with revenue composition of 72.68% from real estate sales, 23.77% from property leasing, and 3.55% from property management [1] Group 2 - Among the top shareholders, a fund under Southern Fund has increased its holdings in Shahe Co., Ltd. by 81,400 shares, bringing its total to 2.1637 million shares, which is 0.89% of the circulating shares [2] - The Southern CSI Real Estate ETF has generated a floating profit of approximately 2.5315 million CNY today and 6.1665 million CNY during the three-day increase [2] - The fund manager, Luo Wenjie, has a tenure of over 12 years and has managed a total fund size of 138.999 billion CNY, with the best fund return during his tenure being 145.85% [2]

Group 1 - The core viewpoint of the news is that Shahe Co., Ltd. has seen a significant increase in its stock price, rising by 5.42% to 19.45 CNY per share, with a trading volume of 270 million CNY and a turnover rate of 6.11%, resulting in a total market capitalization of 4.708 billion CNY [1] - Shahe Co., Ltd. is primarily engaged in real estate development and management, with its main business revenue composition being 72.68% from real estate sales, 23.77% from property leasing, and 3.55% from property management [1] - The company is located in Nanshan District, Shenzhen, Guangdong Province, and was established on July 27, 1987, with its listing date on June 2, 1992 [1] Group 2 - Among the top ten circulating shareholders of Shahe Co., Ltd., a fund under Southern Fund has increased its holdings in the company by 81,400 shares in the second quarter, bringing its total to 2.1637 million shares, which accounts for 0.89% of the circulating shares [2] - The Southern CSI Real Estate ETF Initiated Link A (004642) has a current scale of 173 million CNY and has achieved a year-to-date return of 8.24%, ranking 3622 out of 4222 in its category, while its one-year return is 29.75%, ranking 3250 out of 3813 [2] - The fund manager of Southern CSI Real Estate ETF Initiated Link A is Luo Wenjie, who has a total tenure of 12 years and 157 days, with the fund's total asset scale being 138.999 billion CNY [3]

Group 1 - The core viewpoint of the article highlights a significant rally in the A-share market for real estate stocks, with notable gains for companies such as Shahe Co., which hit the daily limit, and others like Binhai Group and Electronic City rising over 5% [1] - The Shanghai municipal government has announced an optimization adjustment to the pilot property tax policy, providing tax incentives for eligible high-level talents and urgently needed talents in key industries when purchasing new homes in the city [1] - The policy also extends benefits to individuals who have held a residence permit in Shanghai for over three years and are working and living in the city, aiming to stimulate the housing market [1]

9月17日，沙河股份涨5.05%，截至发稿，报17.25元/股，成交2.34亿元，换手率5.83%，总市值41.75亿 元。沙河股份股价已经连续3天上涨，区间累计涨幅8.17%。 南方中证房地产ETF发起联接A（004642）成立日期2017年8月24日，最新规模1.73亿。今年以来收益 9.38%，同类排名3596/4222；近一年收益37.7%，同类排名2983/3804；成立以来亏损39.04%。 南方中证房地产ETF发起联接A（004642）基金经理为罗文杰。 截至发稿，罗文杰累计任职时间12年152天，现任基金资产总规模1389.99亿元，任职期间最佳基金回报 146.27%， 任职期间最差基金回报-47.6%。 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 资料显示，沙河实业股份有限公司位于广东省深圳市南山区白石路2222号沙河世纪楼，成立日期1987年 7月27日，上市日期1992年6月2日，公司主营业务涉及 房地产开发与经营。主营业务 ...

证券日报网讯沙河股份9月15日在互动平台回答投资者提问时表示，公司重大信息请以公司在指定信息 披露媒体披露的公告为准。 （文章来源：证券日报） ...

（文章来源：证券日报） 证券日报网讯沙河股份9月11日在互动平台回答投资者提问时表示，关于公司重大信息请以公司在指定 信息披露媒体披露的公告为准。 ...

9月9日，沙河股份涨5.13%，截至发稿，报15.38元/股，成交2.12亿元，换手率5.84%，总市值37.23亿 元。 资料显示，沙河实业股份有限公司位于广东省深圳市南山区白石路2222号沙河世纪楼，成立日期1987年 7月27日，上市日期1992年6月2日，公司主营业务涉及 房地产开发与经营。主营业务收入构成为：房地 产销售72.68%，物业租赁23.77%，物业管理3.55%。 从沙河股份十大流通股东角度 数据显示，南方基金旗下1只基金位居沙河股份十大流通股东。南方中证房地产ETF发起联接A （004642）二季度增持8.14万股，持有股数216.37万股，占流通股的比例为0.89%。根据测算，今日浮 盈赚取约162.28万元。 南方中证房地产ETF发起联接A（004642）成立日期2017年8月24日，最新规模1.73亿。今年以来收益 2.67%，同类排名4076/4222；近一年收益28.67%，同类排名3264/3798；成立以来亏损42.78%。 南方中证房地产ETF发起联接A（004642）基金经理为罗文杰。 截至发稿，罗文杰累计任职时间12年144天，现任基金资产总规模1389.99亿元， ...

Core Insights - The company, Shahe Co., Ltd., reported a significant decline in financial performance for the first half of 2025, with total revenue dropping by 94.74% year-on-year to 14.2872 million yuan and a net loss of 18.9601 million yuan, a decrease of 135.04% compared to the previous year [1] Financial Performance Summary - Total revenue for the first half of 2025 was 14.2872 million yuan, down from 272 million yuan in 2024, reflecting a 94.74% decrease [1] - The net profit attributable to shareholders was -18.9601 million yuan, compared to a profit of 54.1076 million yuan in 2024, marking a 135.04% decline [1] - The gross margin fell to 28.58%, a decrease of 43.12% year-on-year, while the net margin turned negative at -133.99%, down 771.85% [1] - The total of selling, administrative, and financial expenses reached 24.9388 million yuan, accounting for 174.55% of total revenue, an increase of 1559.09% year-on-year [1] - Earnings per share were -0.08 yuan, a decrease of 136.36% from 0.22 yuan in 2024 [1] Operational Metrics - The company's cash assets remained healthy, with cash and cash equivalents increasing by 9.42% to 50.2 million yuan [2] - Accounts receivable rose by 96.93% to 5.735 million yuan, indicating potential issues with cash flow management [1][2] - The company’s debt levels increased, with interest-bearing liabilities rising by 50.08% to 3.9803 million yuan [1] Business Model and Market Position - The company's return on invested capital (ROIC) was reported at 1.3%, indicating weak capital returns, with a historical median ROIC of 3.42% over the past decade [2] - The business model relies heavily on marketing-driven strategies, necessitating further investigation into the underlying drivers of performance [2] - The inventory-to-revenue ratio reached 395.94%, suggesting potential overstocking issues that could impact liquidity [2]

Group 1 - The company announced the approval of multiple proposals during the 13th meeting of the 11th Board of Directors, including the full text and summary of the 2025 semi-annual report [2]

沙河实业股份有限公司 2025 年半年度财务报告 2025 年 6 月 30 日合并资产负债表 沙河实业股份有限公司 2025 年半年度财务报告 沙河实业股份有限公司 2025 年半年度财务报告 | . | | | --- | --- | | | | | > | | | œ | . | | 净资产收益率及每股收益 84 | | --- | (除特别注明外，金额单位为人民币元) | 资产 | 附注 | 2025年6月30日 | 2024年12月31日 | | --- | --- | --- | --- | | 流动资产 | | | | | 货币资金 | 四(1) | 502,433,922.85 | 377,785,747.19 | | 应收账款 | 四(2) | 5,735,045.56 | 4,616,473.37 | | 预付款项 | 四(3) | 3,737,183.48 | 4,141,989.22 | | 其他应收款 | 四(4) | 7,329,318.65 | 7,307,204.30 | | 存货 | 四(5) | 1,417,089,543.55 | 1,412,407,064.73 | | ...