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 | | ...

本表已于2025年8月29日获董事会批准。 控股股东及其他关联方非经营性资金占用及其他关联资金往来情况汇总表 截至 2025 年 6 月 30 日止半年度 1 单位： 人民币元 非经营性资金占用 资金占用方 名称 占用方与上市公司 关联关系 上市公司核算 会计科目 2025 年期初 占用资金余额 2025 年半年度占用 累计发生金额(不含 利息) 2025 年半年度占 用资金的利息(如 有) 2025 年半年度 偿还累计发生 金额 2025 年 6 月 30 日 占用资金余额 占用形 成原因 占用性质 控股股东、实际控制 人及其附属企业 无 不适用 不适用 - - - - - 不适用 不适用 小计 - - - - 前控股股东、实际控 制人及其附属企业 无 不适用 不适用 - - - - - 不适用 不适用 小计 - - - - 其他关联方及其附属 企业 无 不适用 不适用 - - - - - 不适用 不适用 小计 - - - - 总计 - - - - 沙河实业股份有限公司 控股股东及其他关联方非经营性资金占用及其他关联资金往来情况汇总表(续) 截至 2025 年 6 月 30 日止半年度 | 其它关联资金往来 ...

证券代码：000014 证券简称：沙河股份 公告编号：2025-19 沙河实业股份有限公司 第十一届董事会第十三次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 沙河实业股份有限公司(以下简称"公司"）第十一届董事会第十 三次会议通知于 2025 年 8 月 19 日分别以专人送达、电子邮件或传真 等方式发出,会议于 2025 年 8 月 29 日以通讯表决方式召开。应参加表 决董事 8 人,实际参与表决董事 8 人。经过半数董事共同推举,会议由董 事、总经理杨岭先生主持。 会议的召集、召开符合有关法律、行政法规、部门规章和《公司 章程》的规定。 二、董事会会议审议情况 1.以8票同意、0票反对、0票弃权，审议并通过了《关于公司2025 年半年度报告全文及摘要的议案》 本报告具体内容详见公司同日在巨潮资讯网上披露的《沙河实业 股份有限公司2025年半年度报告全文》（公告编号：2025-21），以及在 巨潮资讯网和《证券时报》上披露的《沙河实业股份有限公司2025年 半年度报告摘要》（公告编号：2025-20）。 本议案已经 ...

Core Viewpoint - Shahe Co., Ltd. (000014.SZ) reported a significant decline in performance for the first half of 2025, transitioning from profit to a net loss of 18.96 million yuan [1] Financial Performance - The company's operating revenue for the first half of 2025 was 14.29 million yuan, representing a year-on-year decrease of 94.74% [1] - The net loss attributable to shareholders of the listed company was 18.96 million yuan [1] - The net loss attributable to shareholders, excluding non-recurring gains and losses, was 18.95 million yuan [1] - Basic loss per share was 0.08 yuan [1]

2025 年 8 月 第一章 总 则 第一条 为进一步规范总经理办公会的议事范围和议事程序，根据 《沙河实业股份有限公司章程》《沙河实业股份有限公司党委会议事 规则》《沙河实业股份有限公司所属企业"三重一大"决策事项实施 细则（试行）》等文件，制定本议事规则。 沙河实业股份有限公司总办会 议事规则 （2025 年制订） 第二条 本规则适用于沙河实业股份有限公司总经理办公会。 第二章 总办会议事范围 第四条 公司实行总经理办公会议制度，总经理办公会实行总经 理负责制，在董事会的授权范围内行使职权，对董事会负责。 第五条 总经理办公会由总经理主持，审议有关公司经营、管理、 发展的重大事项。须经总经理办公会讨论并做出决议的事项如下： （一）年度经营计划、工作报告、财务计划等日常经营管理事项。 （二）公司日常经营管理制度办法及重要工作流程的制定、修改。 （三）公司年度招标采购计划。 （四）未列入公司年度预算，金额超过 10 万元的资金使用。 （五）所属项目需求变更：工程建设类项目需求变更≥100 万元； 非工程建设类项目需求变更，物资类需求变更金额≥100 万元，服务类 需求变更金额≥100 万元。 （六）所属项目结 ...

Financial Performance - The company's operating revenue for the first half of 2025 was ¥14,287,171.97, a decrease of 94.74% compared to ¥271,742,649.90 in the same period last year[17]. - The net profit attributable to shareholders was a loss of ¥18,960,076.56, representing a decline of 135.04% from a profit of ¥54,107,589.97 in the previous year[17]. - The company achieved operating revenue of CNY 14.2872 million, with a net profit attributable to shareholders of CNY -18.9601 million[27]. - The net profit for the first half of 2025 was a loss of RMB 19,143,110.54, a significant decline from a profit of RMB 54,194,058.00 in the same period of 2024, reflecting a decrease of approximately 135.3%[108]. - The company reported a basic and diluted earnings per share of RMB -0.08 for the first half of 2025, compared to RMB 0.22 in the same period of 2024[108]. - The total comprehensive loss for the first half of 2025 was RMB 12,418,232.09, compared to a comprehensive income of RMB 9,012,484.28 in the first half of 2024[110]. Cash Flow and Liquidity - The net cash flow from operating activities was ¥56,682,064.06, an increase of 188.93% compared to a negative cash flow of ¥63,737,390.40 in the same period last year[17]. - Cash and cash equivalents increased to ¥502.43 million, representing 21.60% of total assets, up from 17.24% last year, a growth of 4.36% due to real estate sales receipts[50]. - The company reported cash and cash equivalents at the end of the first half of 2025 amounting to RMB 419,817,576.53, a decrease from RMB 446,628,058.90 at the end of the first half of 2024[112]. - The company received RMB 180,029,134.04 from sales of goods and services in the first half of 2025, an increase of 83.5% compared to RMB 98,112,610.98 in the first half of 2024[112]. Assets and Liabilities - The total assets at the end of the reporting period were ¥2,326,176,150.54, reflecting a growth of 6.16% from ¥2,191,149,488.72 at the end of the previous year[17]. - Total liabilities increased to RMB 669,926,920.88 as of June 30, 2025, compared to RMB 515,757,148.52 at the end of 2024, representing an increase of approximately 29.9%[105]. - The total equity attributable to shareholders decreased to RMB 1,604,587,091.45 from RMB 1,623,547,168.01, a decline of approximately 1.3%[105]. - The company's retained earnings decreased from RMB 1,082,870,265.41 at the beginning of the year to RMB 1,063,910,188.85 by June 30, 2025, a reduction of approximately 1.6%[116]. Inventory and Sales - Inventory decreased slightly to ¥1.42 billion, accounting for 60.92% of total assets, down from 64.46% last year, a reduction of 3.54% attributed to inventory turnover[50]. - The company has no new land reserves added during the reporting period[28]. - The total planned sales area for 2025 is 61,340.54 square meters, with a target sales area of 24,892.82 square meters, achieving a sales ratio of 40.58%[41]. - The gross profit margin for real estate sales was 40.60%, a decrease of 9.97% compared to the previous year[48]. Market and Operational Challenges - The company faces challenges in inventory digestion and investment contraction in the real estate sector, despite some policy support in key cities[23]. - The company faces significant risks due to the ongoing pressure in the real estate industry, with a shift from incremental to stock market dynamics, leading to increased competition and demand for higher quality[60]. - To address these risks, the company is focusing on "deleveraging, improving efficiency, and transforming models," shifting its strategy from traditional scale expansion to quality enhancement and stable cash flow management[61]. Project Development and Investments - The main project, Changsha Shahe City, has a total investment of CNY 298.94 million, with cumulative investment amounting to CNY 168.99 million as of June 2025[30]. - The company plans to invest CNY 130.44 million in 2025, with CNY 128.90 million allocated to the Changsha company and CNY 1.54 million to the Xinxiang company[38]. - The cumulative pre-sale area for the Changsha Shahe City Phase III residential project is 125,063.05 square meters, with no new pre-sales recorded in the current period[31]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 19,507[94]. - The largest shareholder, Shenye Shahe (Group) Co., Ltd., holds 34.02% of the shares, totaling 82,336,070 shares[94]. - Sun Shanshan, an individual shareholder, increased her holdings by 346,800 shares, now holding 4,119,820 shares, which is 1.70% of the total[94]. Compliance and Governance - The financial report for the first half of the year was not audited[103]. - The financial statements are reported in yuan[104]. - The company did not engage in any entrusted financial management during the reporting period[88]. - There were no significant legal disputes or penalties reported during the period[75][76]. Accounting Policies - The financial statements have been prepared in accordance with the relevant accounting standards, ensuring compliance and accuracy in reporting[124][126]. - The company’s accounting policies include specific methods for inventory valuation and impairment provisions, which are critical for financial reporting[123]. - The group recognizes revenue from real estate sales when the buyer receives the written notice of property delivery and the property is delivered within the agreed timeframe[182].

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].