证券日报网讯 华联控股（000036）9月1日在互动平台回答投资者提问时表示，根据《深交所股票上市 规则》第5.1.2条规定，上一年半年度每股收益绝对值低于或等于0.03元，可免于披露半年度业绩预告。 ...

Group 1 - The company, Hualian Holdings, is committed to improving its operational management and enhancing its performance and intrinsic value [1] - The company is focusing on investment opportunities in emerging industries to actively create a second growth curve [1]

Group 1 - The company, Hualian Holdings, has acknowledged insufficient land reserves and is facing urgent demands for business adjustment and industrial transformation [1] - The company plans to venture into new industries and businesses, which will require a certain period for investment and cultivation [1] - There are risks associated with the progress and effectiveness of the industrial transformation not meeting expectations [1]

Group 1 - The company, Hualian Holdings, announced on September 1 that it is focusing its investment in the Zhongbao Qingyuan Huihai Industrial Fund on areas such as new energy technology, carbon neutrality technology, and digital technology [2]

Core Viewpoint - Hualian Holdings disclosed its 2025 semi-annual report on September 1, responding to investor inquiries on the interactive platform [2] Group 1 - The company confirmed the release of its 2025 semi-annual report [2]

Market Performance - On September 1, the real estate development sector rose by 0.72% compared to the previous trading day, with Wantong Development leading the gains [1] - The Shanghai Composite Index closed at 3875.53, up 0.46%, while the Shenzhen Component Index closed at 12828.95, up 1.05% [1] Top Gainers in Real Estate Sector - Wantong Development (600246) closed at 13.39, up 10.02% with a trading volume of 382.53 thousand shares [1] - Hualian Holdings (000036) closed at 4.46, up 7.21% with a trading volume of 46.03 thousand shares [1] - Shangshi Development (600748) closed at 4.11, up 5.66% with a trading volume of 45.22 thousand shares [1] Capital Flow Analysis - The real estate development sector saw a net inflow of 500 million yuan from institutional investors, while retail investors experienced a net outflow of approximately 90.87 million yuan [2] - The main capital inflow and outflow for specific stocks were detailed, with Wantong Development receiving a net inflow of 9.67 billion yuan from institutional investors [3] Individual Stock Performance - For Wantong Development, institutional investors accounted for 19.14% of the net inflow, while retail investors had a net outflow of 4.01 billion yuan [3] - Other notable stocks included China Merchants Shekou (001979) with a net inflow of 81.05 million yuan from institutional investors [3]

Group 1 - The company, Hualian Holdings, stated on September 1 that it will strive to enhance its core value and continuously boost market confidence [1]

Core Viewpoint - The company is navigating a differentiated path of "real estate bottoming out + new energy transformation" amidst a deep adjustment in the real estate industry and slow recovery in sales demand [1] Financial Performance - In the first half of 2025, the company achieved an operating income of 214 million yuan and a net profit of 6.48 million yuan, with total assets of 7.582 billion yuan and net assets of 5.056 billion yuan [1] - The company maintains a low debt advantage, with a debt-to-asset ratio significantly lower than the industry average, providing a solid financial cushion for its "cross-cycle" strategy [1] Real Estate Development - The "Yupin Luanshan" project in Shenzhen, with a planned construction area of approximately 79,600 square meters, is expected to generate a saleable value exceeding 3 billion yuan, covering the company's total operating income over the past three years [2][3] - The project is anticipated to become a core performance contributor to the company's real estate development business over the next 2-3 years [4] - The company has a stable cash flow from 227,200 square meters of self-owned properties and 4,715 parking spaces, with rental income from properties in Shenzhen, Shanghai, and Hangzhou totaling 213 million yuan, a year-on-year increase of 10.36% [4] Urban Renewal and Policy Adaptation - The company views the latest "guaranteed rental housing" policy in Shenzhen as a potential cash flow "ballast" for future projects, rather than a traditional quick turnover profit source [5] - The urban renewal projects have shifted from "high premium" to "long cycle, low leverage," making self-owned cash flow essential for survival in the current market [6] New Energy Strategy - The company has invested 430 million yuan through the Zhongbao Qingyuan Huihai Industrial Fund, holding 24% and 36% stakes in Shenzhen Juneng and Zhuhai Juneng, respectively, while also entering carbon management and zero-carbon agriculture [7] - The focus on lithium extraction from salt lakes is positioned as a "growth option," with the company emphasizing the high technical barriers and long verification cycles associated with the adsorption agent segment [7] - The company has maintained financial flexibility by adopting a "fund + direct investment" approach, allowing it to avoid heavy asset investments while retaining options for future capital increases [8] Market Response and Future Outlook - The company's stock price has risen over 10% since the completion of share buybacks on July 26, outperforming the industry index despite a significant decline in real estate development profits [8] - The demand for lithium is expected to grow at a compound annual growth rate of over 20% in the next five years, with the company positioned to benefit from the commercialization of low-cost lithium extraction technologies [8]

Core Viewpoint - The company reported a revenue of 214 million yuan for the first half of 2025, a year-on-year decrease of 1.92%, and a net profit attributable to shareholders of 2 million yuan, down 93.84% year-on-year. The company faces significant pressure in product sales but may see acceleration in core urban renewal projects as their importance increases [1][2]. Group 1: Financial Performance - The company's revenue for the first half of 2025 remained stable year-on-year, with operational business serving as a crucial stabilizing factor. The company did not generate real estate sales revenue in the first half due to the industry's ongoing stabilization, but rental income from real estate reached 146 million yuan, up 5% year-on-year, and hotel revenue was 68 million yuan, up 1% year-on-year, collectively accounting for 99.6% of total revenue [1][2]. - The decline in profit was primarily due to reduced interest income and losses from fair value changes [1]. Group 2: Project Development and Growth Strategy - The core project "Yupin Luanshan" has made progress, completing the zero-level target in May and reaching eight floors by the end of August, with plans to open a marketing showroom and model room in September, aiming for a launch within the year [2]. - The "Hualian Nanshan A District" project is still in the preliminary stages, but recent political meetings have highlighted urban renewal, which may benefit the project's advancement [2]. - The company is actively cultivating a second growth curve through investments in strategic emerging industries such as new energy, new materials, and new technologies, with ongoing projects like Shenzhen Juneng and Zhuhai Juneng [2]. Group 3: Shareholder Value and Valuation - The company completed a share repurchase plan, buying back 0.57% of its shares for approximately 30 million yuan, enhancing shareholder equity. The remaining shares will be used for employee stock ownership plans to promote sustainable development [2]. - The company maintains profit forecasts for 2025, 2026, and 2027 at 80 million, 90 million, and 190 million yuan respectively, with corresponding EPS of 0.06, 0.07, and 0.13 yuan. The estimated BPS for 2025 is 3.67 yuan [2]. - The target price has been adjusted to 4.53 yuan based on a 1.1x price-to-book ratio, reflecting an increase in comparable company valuations [2].

存量项目去化较慢，经营性业务贡献全部收入 公司25H1 营收同比基本持平，经营性业务发挥重要压舱石作用。25H1 由于行业仍在筑底企稳之中以及 公司销售产品的特殊性，上半年未产生房地产销售收入。但房地产出租业务实现收入1.46 亿元，同比 +5%，酒店收入0.68亿元，同比+1%；合计同比+4%，占总收入达到比例99.6%，对冲了销售收入的下 降并提供了稳定的现金流，经营性业务成为业绩的坚固基石。利润有所下降主要由公司利息收入减少、 公允价值变动确认损失所致。 核心项目预售在即，重要会议均提及城市更新或利好公司项目推进上半年公司核心项目开发亦取得一定 进展，其中"御品峦山"项目已在5 月完成正负零节点目标，截至8 月末，主体工程已出地面八层，计划9 月对外开放营销展示厅与样板房，今年内开盘预售，符合年初预期。"华联南山A区"项目则仍尚处前期 工作阶段，但上半年4 月政治局会议与7 月中央城市工作会议均提及城市更新，或一定程度有益于该城 市更新项目的推进。 公司8 月26 日发布25 中报：营收2.14 亿元，同比-1.92%；归母净利润0.02 亿元，同比-93.84%。公司在 售产品仍面临较大的去化压力，但 ...