Group 1 - The company reported a revenue of 430 million yuan for 2024, a year-on-year decrease of 25%, and a net profit attributable to shareholders of 40 million yuan, down 50% year-on-year, which aligns with the performance forecast of 35-45 million yuan [1] - The decline in performance is primarily due to a significant contraction in the real estate sales business, with property sales revenue dropping to 1.143 million yuan, a year-on-year decrease of 99%, and its contribution to total revenue falling from 18.81% to 0.27% [1] - The company has adopted a rental strategy to generate income, leasing out all remaining 122 apartments in the Hualian Urban Business Center project, resulting in an additional rental area of 22,000 square meters, contributing positively to performance [1] Group 2 - The company holds two urban renewal projects in Shenzhen, with the "Yupin Luanshan" project expected to start pre-sales in October 2025, which could positively impact future performance [2] - The company is actively cultivating new growth points, with the Zhuhai Juneng production line for enriched materials having commenced production in September 2024, and the product is now in the market promotion phase [2] - The company decided to cancel 80.1153 million shares from the 97.2153 million shares repurchased between January 2024 and January 2025, amounting to approximately 250 million yuan, enhancing shareholder equity value [2] Group 3 - The company has adjusted its net profit forecasts for 2025 and 2026 to 80 million yuan and 90 million yuan, representing decreases of 22% and 18% respectively, with an expected net profit of 190 million yuan for 2027 [3] - The estimated earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 0.05, 0.06, and 0.13 yuan respectively, with a book value per share (BPS) of 3.48 yuan for 2025 [3] - Considering the recovery of the real estate market and the acceleration of urban village renovations, the company’s reasonable price-to-book ratio (PB) for 2025 is estimated at 1.1x, with a target price of 3.83 yuan [3]

3.第一季度报告是否经审计 □是 √否 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：000036 证券简称：华联控股 公告编号：2025-037 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。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、 误导性陈述或重大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息 的真实、准确、完整。 其他符合非经常性损益定义的损益项目的具体情况 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 √否 ■ （二） 非经常性损益项目和金额 √适用 □不适用 单位：元 ■ □适用 √不适用 公司不存在其他符合非经常性损益定义的损益项目的具体情况。 将《公开发行证券的公司信息披露解释性公告第1号一一非经常性损益》中列举的非经常性损益项目界 定为经常性损益项目的情况说明 □适用 √不适用 公司不存在将《公开发行证券的公司信息披露解释性公告 ...

Investment Rating - The investment rating for the company is maintained at "Buy" [8] Core Views - The company's revenue for 2024 is reported at 430 million RMB, a decrease of 25% year-on-year, with a net profit attributable to the parent company of 40 million RMB, down 50% year-on-year, aligning with the earnings forecast [1][2] - The decline in performance is primarily attributed to a significant contraction in the real estate sales business due to slow project liquidation, while the rental business has shown resilience [2][3] - The company holds two urban renewal projects in Shenzhen, which are expected to positively impact future performance as the market recovers and urban village renovations accelerate [3][4] Summary by Sections Financial Performance - The company's real estate sales revenue plummeted to 114,300 RMB, a 99% decrease year-on-year, contributing to a drop in total revenue [2] - The rental business generated 290 million RMB, a 4% increase year-on-year, while hotel revenue decreased by 15% to 140 million RMB, resulting in a total revenue decline of 3% [2] Urban Renewal Projects - The company is preparing for the pre-sale of the "Yupin Luanshan" project in October 2025, which is anticipated to enhance future earnings [3] - The "Hualian Nanshan A District" project is still in the early planning stages, and the company has access to substantial urban renewal resources through its affiliate, Hengyu Group [3] New Growth Points - The company has successfully launched a new production line for enriched materials in Zhuhai, which is expected to contribute to future revenue growth [4] - A share buyback program has been initiated, with a total of 80.12 million shares to be canceled, amounting to approximately 250 million RMB, aimed at enhancing shareholder value [4] Profit Forecast and Valuation - The forecast for net profit attributable to the parent company is adjusted to 80 million RMB for 2025 and 90 million RMB for 2026, reflecting a decrease of 22% and 18% respectively [5] - The target price is set at 3.83 RMB, based on a price-to-book ratio of 1.1x, considering the potential catalysts from market recovery and urban renewal initiatives [5][9]

清华教授马少平表示，技术发展会创造出新的岗位，即使替换了已有人力的工作岗位，也可能会带来新的休息时间和假期。 整理 ｜丁丁炒面 点击上方【36氪随声听】，一键收听大公司热门新闻。听完音频记得添加进入 【我的小程序】 中哟！ 曹操出行 36氪获悉，据港交所，曹操出行在港交所提交IPO申请。 活力集团 活力集团控股有限公司于2024年10月29日递交的港股招股书满6个月，于2025年4月29日失效，递表时招商证券（香港）有限公司、民银资本有限公司为 其联席保荐人。（界面新闻） 清华教授表示将来有望每周上三休四 4月28日，清华教授马少平 在选择与回响眼界沙龙中表示，技术发展会创造出新的岗位，即使替换了已有人力的工作岗位，也可能会带来新的休息时间和 假期。未来有望一周只上三天班，有四天休息游玩时间。所以不要畏惧技术的发展，AI的发展一定会让人们更加轻松。（腾讯新闻） 永辉超市回应标价7.96元实收8元 奈雪的茶门店通知能喝奶茶就不要喝水 近日，刘先生在重庆永辉超市金源时代店购买标价为7.96元的淡虾米，支付100元现金后找零92元。按实际金额计算应支付7.96元，但超市采用分位"四舍 五入"规则，实际收取8元。刘先 ...

Core Viewpoint - Major state-owned banks in China, including Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, and Bank of Communications, along with two joint-stock banks, China Merchants Bank and Huaxia Bank, announced the decision to abolish their supervisory boards, transitioning oversight responsibilities to the audit committees of their boards of directors [1][4][7][10][13][15]. Group 1: Announcement Details - The boards of directors of the major banks have approved the proposals to abolish the supervisory boards and will submit these proposals to the shareholders' meetings for approval [1][4][7][10][13]. - China Merchants Bank will not establish a supervisory board and will have its audit committee assume the supervisory responsibilities, with the current supervisory board not being re-elected after its term ends [13][15]. - Huaxia Bank's board has also approved the proposal to abolish its supervisory board, and related governance structures will be terminated following the official dissolution of the supervisory board [15][16]. Group 2: Regulatory Context - The new revised Company Law of the People's Republic of China, effective July 2024, allows companies to set up audit committees within their boards to perform the functions of supervisory boards, eliminating the need for a supervisory board [17]. - The National Financial Regulatory Administration issued a notice to align governance regulations with the new Company Law, promoting the optimization of governance structures in financial institutions [17][18]. - The notice emphasizes the importance of communication with stakeholders during the transition and aims to enhance governance efficiency and effectiveness [17][18].

Core Viewpoint - Seven banks in China, including five state-owned banks and two joint-stock banks, announced on the same day that they will no longer establish supervisory boards, aligning with the new Company Law that allows for the establishment of audit committees within the board of directors to perform the functions of supervisory boards [2][15]. Group 1: State-Owned Banks - Industrial and Commercial Bank of China approved the amendment to its articles of association to abolish the supervisory board [3]. - Agricultural Bank of China also passed the resolution to no longer establish a supervisory board [5]. - Bank of China submitted a proposal to the shareholders' meeting to abolish its supervisory board [7]. - China Construction Bank approved the resolution regarding the abolition of the supervisory board and its office [8]. - Bank of Communications passed the proposal to no longer establish a supervisory board [11]. - The proposals from these five banks will be submitted for shareholder approval and subsequently reported to the financial regulatory authority for approval [12]. Group 2: Joint-Stock Banks - China Merchants Bank approved the resolution to abolish the supervisory board, transferring its functions to the audit committee of the board of directors, and will not re-elect the supervisory board after the current term ends [13]. - Huaxia Bank's board approved the resolution to abolish its supervisory board, and related governance systems will be terminated after the supervisory board is officially dissolved [14]. Group 3: Regulatory Context - The revised Company Law, effective July 2024, allows companies to set up audit committees within the board to perform the functions of supervisory boards, thus eliminating the need for supervisory boards [15]. - The financial regulatory authority issued a notice in December 2024, clarifying that financial institutions can choose to maintain supervisory boards or transfer their functions to audit committees based on their actual circumstances [15]. - The changes are expected to reduce management costs and enhance governance flexibility and effectiveness [15].

今天傍晚，四大行和招行，都陆续公布了一季报，从各个维度看，坦率来说，这应该都是四大行史上最差的一季报了：工行和建行一季度净利润 增速都是-3.99%，历史最低；中行是-2.9%，和去年一季度并列史低；农行一季度净利润倒是增长了2.2%，但后面会讲到，其实都是非常规业务 导致的。 今天港股的四大行，早上冲高后，纷纷跳水，工行和建行日内跌幅都在2个点附近。 下图 ，我自己做了一个表，把五家银行的一季报，喂给了Deepseek，让它整理了一下，部分数据如果有误，都是deepseek的锅。 | 银行名称 | 营收同比 | 李度净利 | 净利润同 | 净利息收入 | 非利息收入 | 非利息收入中: | 非利息收入中:公分 价值变动绝对值(债 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 润(亿) | 比 | 同比 | 合计同比 | 净手续费及佣金 收入同比 | 券和基金投资收益 | | | | | | | | | 等) | | 工商银行 | -3.22% | 847.09 | -3.99% | -2.86% | -4.20% | -1.18% | - ...

Group 1 - The core viewpoint is that seven major banks in China have decided to abolish their supervisory boards, reflecting a significant transformation in the banking sector in response to regulatory changes [1][2] - The banks involved include Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, Bank of Communications, China Merchants Bank, and Huaxia Bank, all of which have passed resolutions to eliminate their supervisory boards [1] - The decision aligns with the revised Company Law of the People's Republic of China, effective July 2024, which allows companies to establish an audit committee within the board of directors to perform the functions of a supervisory board [2] Group 2 - The National Financial Regulatory Administration issued a notice in December 2024, indicating that financial institutions can set up an audit committee within the board to exercise the powers of a supervisory board, thereby eliminating the need for a supervisory board [2] - This regulatory change is expected to reduce management costs and enhance the flexibility and effectiveness of corporate governance in the banking sector [2]

证券代码：000036 证券简称：华联控股 公告编号：2025-038 华联控股股份有限公司 关于"华联A区城市更新单元规划（草案）"公示情况的 自愿性信息披露公告 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。 华联控股股份有限公司（以下简称"公司"或"本公司"）申报的"华联 A 区城市更新单元"已列入《2023 年深圳市南山区城市更新单元计划第二批计划》， 现该更新单元规划（草案）已通过深圳市南山区城市更新和土地整备工作专题会 议审议。有关情况如下： 一、"华联 A 区城市更新单元"基本情况 "华联 A 区城市更新单元"于 2017 年 2 月被列入《2016 年南山区城市更新 单元计划第一批计划》，本项目更新方向拟为"工改工"。 2023 年 4 月 21 日，深圳市南山区城市更新和土地整备局（以下简称"南山 区城市更新局"）发出《关于南山区南山街道华联 A 区城市更新单元计划调整（草 案）的公示》，拟将"华联 A 区城市更新单元"项目的更新方向调整为"工改保"。 2023 年 6 月 9 日，南山区城市更新局发布了《关于<2023 年深圳市南山区城 市 ...

Revenue and Profit - The company's revenue for Q1 2025 was ¥109,346,028.64, representing a 4.27% increase compared to ¥104,871,644.97 in the same period last year[4]. - Net profit attributable to shareholders decreased by 71.93% to ¥5,734,396.34 from ¥20,432,428.16 year-on-year[4]. - The net profit after deducting non-recurring gains and losses surged by 406.91% to ¥3,869,602.04 from ¥763,369.78 in the previous year[4]. - The company's net profit for the current period is 9,344,183.93, a decrease of 59.3% compared to 23,004,939.58 in the previous period[20]. - Operating profit for the current period is 13,327,893.31, down 56.3% from 30,499,294.23 in the previous period[20]. - Basic and diluted earnings per share are both 0.0039, down from 0.0138 in the previous period[21]. Cash Flow and Operating Activities - The net cash flow from operating activities improved significantly, showing a reduction in outflow to -¥25,014,598.05 from -¥328,596,872.87, a 92.39% improvement[4]. - The net cash flow from operating activities is -25,014,598.05, an improvement from -328,596,872.87 in the previous period[23]. - The company experienced a net cash outflow from investing activities of -144,737,147.70, compared to a net inflow of 820,535,605.58 in the previous period[23]. Assets and Liabilities - Total assets at the end of the reporting period were ¥7,590,405,257.63, a slight decrease of 0.38% from ¥7,619,455,969.49 at the end of the previous year[4]. - The total liabilities decreased to RMB 1,632,311,559.62 from RMB 1,667,811,723.02, indicating a reduction of about 2.1%[17]. - The total assets as of March 31, 2025, are RMB 7,590,405,257.63, slightly down from RMB 7,619,455,969.49[16]. - The retained earnings increased to RMB 3,063,847,963.50 from RMB 3,058,113,567.16, showing a growth of approximately 0.2%[17]. Operating Costs and Expenses - The total operating cost for the current period is RMB 96,798,750.46, slightly up from RMB 96,395,563.30 in the previous period[19]. - The operating cost decreased to RMB 56,177,314.78 from RMB 60,956,766.98 in the previous period, reflecting a reduction of approximately 7.5%[19]. - Management expenses increased to 26,068,540.68 from 21,391,706.24, reflecting a rise of 21.5%[20]. - The company's financial expenses increased by 94.03% to ¥4,264,330.97, primarily due to a decrease in interest income[8]. Investment Income - Investment income dropped by 84.57% to ¥1,555,022.08 from ¥10,074,703.98, mainly due to reduced returns from financial products and stock sales[8]. - The company reported a significant decrease in investment income, with a loss of 1,555,022.08 compared to a gain of 10,074,703.98 in the previous period[20]. Shareholder Information and Capital Changes - The number of ordinary shareholders at the end of the reporting period was 42,210, with the largest shareholder holding 28.21% of the shares[10]. - The company repurchased a total of 97,215,300 shares, accounting for 6.55% of the current total share capital, with a total transaction amount of RMB 299,968,802.71[12]. - The company plans to change the use of 80,115,300 shares from employee stock ownership plans to cancellation, reducing registered capital from 1,483,934,025 shares to 1,403,818,725 shares[13]. - The company is actively promoting a new share repurchase plan with a total amount between RMB 30 million and RMB 60 million[15]. Government Subsidies - The company received government subsidies amounting to ¥121,849.59 during the reporting period, which are closely related to its regular business operations[5]. Audit Status - The company has not yet audited the first quarter report[24].