证券代码：000069 证券简称：华侨城 A 公告编号：2025-47 深圳华侨城股份有限公司 关于在控参股公司之间调剂担保额度的公告 本公司及董事会全体成员保证公告内容的真实、准确、完整，没 有虚假记载、误导性陈述或重大遗漏。 一、担保情况概述 深圳城更为公司控股子公司，公司累计持有该公司 51%股 份。该公司成立于 1993 年 6 月，注册地为深圳市南山区西丽街 道沙河西路鼎新大厦西座 4 楼，法定代表人为刘路，注册资本 为 10.5 亿元，主营业务为房地产开发、经营等。 2025 年 6 月末资产总额 80.14 亿元，负债总额 59.55 亿元 （流动负债总额 51.65 亿元），净资产 20.59 亿元，资产负债 率 74.31%; 2025 年 1-6 月实现营业收入 0.03 亿元，净利润-0.07 亿元。截至 2025 年 6 月末，该公司无重大或有事项（包括担保、 抵押、诉讼及仲裁事项）。 三、担保协议的主要内容 公司控股子公司深圳华侨城房地产有限公司为深圳城更与 广东华兴银行股份有限公司深圳分行开展房地产更新贷款提供 51%担保，担保对应债权本金金额不超过人民币 1.734 亿元。 四、 ...

Core Points - Shenzhen Overseas Chinese Town Holdings Limited announced a guarantee limit of up to 53.264 billion yuan for the fiscal years 2025-2026 for its subsidiaries and associated companies [1] - The company will reallocate an unused guarantee limit of 173.4 million yuan from its associated company, Shenzhen Zhaohua Exhibition Land Co., Ltd., to its wholly-owned subsidiary, Shenzhen Chenggeng [1] - After the reallocation, the guarantee limit for Shenzhen Zhaohua will be adjusted to 515.5 million yuan, while Shenzhen Chenggeng's limit will increase from 0 to 173.4 million yuan [1] - As of June 2025, Shenzhen Chenggeng had a debt-to-asset ratio of 74.31% [1] - As of the end of August, the total guarantee balance for the company and its subsidiaries was 28.822 billion yuan, with no overdue situations reported [1] - The reallocation was approved by management, complies with regulations, and does not harm shareholder interests [1]

| 债券简称：21 | 侨城 | 02 | 债券代码：149343 | | --- | --- | --- | --- | | 债券简称：21 | 侨城 | 04 | 债券代码：149354 | | 债券简称：21 | 侨城 | 06 | 债券代码：149439 | 兴业证券股份有限公司 关于深圳华侨城股份有限公司 修订《公司章程》的受托管理事务临时报告 债券受托管理人：兴业证券股份有限公司 二 〇 二 五 年 十 月 一、公司债券核准及发行情况 为进一步完善公司治理、规范公司运作，根据《中华人民共和国公司法》《上 市公司章程指引》等相关法律、法规、规范性文件的规定，并结合公司实际情况 及经营管理需要，对《深圳华侨城股份有限公司章程》进行修订。公司监事会相 关职权由董事会审计委员会行使。 本次修订事项已经公司 2025 年第一次临时股东会审议通过。 （二）本次重大事项对偿债能力的影响分析 发行人本次由董事会审计委员会行使监事会职权事项预计不会对发行人公 司治理、生产经营及偿债能力产生重大不利影响。 三、关于本次重大事项的风险提示 经中国证监会于 2019 年 1 月 14 日签发的"证监许可[2019]63 ...

Core Viewpoint - The stock price of China Overseas Chinese Town A (华侨城A) has experienced a decline, with a year-to-date drop of 9.36% and a recent 5-day drop of 7.28%, indicating potential challenges in the company's performance and market perception [1][2]. Financial Performance - For the first half of 2025, China Overseas Chinese Town A reported a revenue of 11.317 billion yuan, a significant year-on-year decrease of 50.82%. The net profit attributable to shareholders was -2.868 billion yuan, reflecting a drastic decline of 171.52% compared to the previous period [2]. - Cumulative cash dividends since the company's listing amount to 16.503 billion yuan, with no dividends paid in the last three years [3]. Shareholder Structure - As of September 30, the number of shareholders for China Overseas Chinese Town A was 105,800, a decrease of 0.59% from the previous period. The average number of circulating shares per shareholder increased by 0.59% to 65,205 shares [2]. - The top ten circulating shareholders include China Securities Finance Corporation, which holds 203 million shares (a decrease of 39.82 million shares), and Hong Kong Central Clearing Limited, which increased its holdings by 3.41 million shares to 59.04 million shares [3]. Market Activity - On October 17, the stock price fell by 2.02% to 2.42 yuan per share, with a trading volume of 143 million yuan and a turnover rate of 0.84%. The total market capitalization stood at 19.451 billion yuan [1]. - The net outflow of main funds was 15.4268 million yuan, with large orders showing a buy of 33.8921 million yuan and a sell of 48.9832 million yuan, indicating a bearish sentiment among investors [1].

Core Insights - The real estate market in September showed signs of stabilization and recovery, driven primarily by the demand for improved housing options [1][9] - A total of 24 real estate companies reported sales data, with 15 companies, accounting for 62.5%, experiencing a month-on-month increase in sales [1] - Differentiated pricing strategies have played a crucial role, with smaller units attracting buyers through competitive pricing, while improved housing options achieved premium pricing [1][9] Sales Performance - Among the 24 companies, Poly Developments and China Overseas Development led with sales exceeding 200 billion yuan in September, at 205.31 billion yuan and 201.73 billion yuan respectively [3] - Other notable companies include China Resources Land and China Merchants Shekou, with sales of 176 billion yuan and 166.98 billion yuan [3] - The sales growth for Poly Developments and China Overseas has been consistent, with both companies reporting month-on-month increases for three consecutive months [3] Market Dynamics - Different tiers of companies are experiencing varied recovery rates, with top-tier firms benefiting from scale advantages and mid-tier firms leveraging popular projects to boost sales [3][4] - Companies like R&F Properties saw a significant month-on-month increase of 132.31% in September due to a low sales base in August [4] - The overall market recovery is supported by strong land acquisition strategies focused on first- and second-tier cities, with a reported 13% year-on-year increase in land sales revenue across 300 cities [5] Land Acquisition Trends - Real estate companies are increasingly concentrating their land acquisitions in core cities, with top 20 cities accounting for 61% of the total land sales revenue [5] - China Resources Land acquired 18 new projects in the first half of 2025, with a total investment of 32.28 billion yuan, primarily in first- and second-tier cities [5] - The supply of quality land has increased, providing more options for developers, as seen in Beijing's recent addition of 22 new real estate projects [6] Product Quality and Market Appeal - The introduction of high-quality housing standards has enhanced market attractiveness, with improved housing options meeting the needs of buyers [7] - Recent policy adjustments in major cities have further stimulated demand, allowing for greater flexibility in purchasing [7] - The sales of improved housing options have surged, with a notable increase in the proportion of larger units sold in major cities [8][9]

Group 1 - Huayi Technology's shareholder plans to reduce holdings by up to 3% of the company's shares, totaling no more than 2.5433 million shares, from November 5, 2025, to February 4, 2026 [1] - Huayi Technology specializes in intelligent testing equipment for automotive powertrains, testing services for new energy vehicles, and intelligent driving-related businesses [1] - China Overseas Land & Investment reported a contract sales amount of 1.08 billion yuan in September, a year-on-year decrease of 59% [1] Group 2 - Degute announced it does not participate in nuclear energy or nuclear pollution control equipment manufacturing, focusing instead on energy-saving and environmental protection equipment [2] - Degute's main business targets chemical, energy, metallurgy, and solid waste treatment sectors [2][3] Group 3 - Zhongke Sanhuan expects a net profit of 80 million to 100 million yuan for the first three quarters of 2025, compared to a loss of 42.053 million yuan in the same period last year [4] - The company specializes in rare earth permanent magnet materials and new magnetic materials [4] Group 4 - Jieshun Technology anticipates a net profit of 68 million to 80 million yuan for the first three quarters of 2025, representing a year-on-year increase of 58.11% to 86.01% [5] - The company focuses on intelligent parking management systems and related services [5] Group 5 - Shengtun Mining plans to acquire Canadian Loncor's gold mine assets for approximately 1.35 billion yuan (190 million USD) [6] - The acquisition targets the Adumbi gold mine project in the Democratic Republic of the Congo, which has significant resource potential [6][7] Group 6 - Xizi Clean Energy reported new orders of 1.27 billion yuan in the third quarter, with total new orders of 4.054 billion yuan for 2025 [7] - The company specializes in waste heat boilers and clean energy generation equipment [7] Group 7 - Xiangsha Precision plans to invest 49% in a new investment fund focused on humanoid robots and industrial robots, with a total subscription amount of 49 million yuan [8] - The fund aims to invest in key components for humanoid robots and industrial service robots [8] Group 8 - Huangting International announced the termination of major asset sales and debt restructuring due to failure to reach consensus on core terms [10] - The company faces potential financial risks as its main assets have been judicially determined to be used for debt repayment [10] Group 9 - Jinlang Technology reported a net profit growth of 29.39% year-on-year for the first three quarters of 2025, with a total revenue of 5.663 billion yuan [12][13] - The company specializes in the research, production, and sales of string inverters for solar power generation [12] Group 10 - Guoen Co. signed a cooperation agreement for a photovoltaic production increase and seawater lithium extraction project, with a total funding of 26.7 million HKD from both parties [14] - The project focuses on enhancing photovoltaic cooling efficiency and developing lithium extraction systems [14] Group 11 - Aerospace Intelligent Manufacturing expects a net profit of 600 million to 664 million yuan for the first three quarters of 2025, representing a year-on-year increase of 12% to 24% [15] - The company operates in the automotive parts, oil and gas equipment, and high-performance functional materials sectors [15] Group 12 - Fuxin Technology's shareholder plans to transfer 3% of the company's shares, totaling 2.6472 million shares, due to personal funding needs [16] - The company specializes in the research, production, and sales of conductive silver paste for photovoltaic cells [16] Group 13 - Dike Co. plans to acquire 62.5% of Jiangsu Jingkai Semiconductor Technology Co. for 300 million yuan, focusing on storage chip packaging and testing services [17] - The acquisition will make Dike Co. the controlling shareholder of Jiangsu Jingkai [17] Group 14 - Phoenix Shipping plans to purchase dry bulk carriers for up to 60 million USD to expand its capacity and optimize fleet structure [18] - The funding will come from self-owned and raised funds [18] Group 15 - Ru Yi Group is under investigation by the China Securities Regulatory Commission for suspected information disclosure violations [21] - The company continues normal production and operational activities during the investigation [21] Group 16 - Kuntai Co. signed a cooperation letter of intent with French company Trèves to establish a carpet production line in Morocco [23] - The agreement ensures a long-term supply of automotive carpets to Trèves for five years [23] Group 17 - Huason Pharmaceutical's shareholders plan to reduce their holdings by up to 3% of the company's shares, totaling 12.5278 million shares [25] - The reduction is due to personal and fund funding needs [25] Group 18 - Zhongshe Co. plans to acquire 51% of Wuxi Jiaojian New Materials for 68.85 million yuan, focusing on asphalt and stabilized mixture production [27] - The acquisition will enhance Zhongshe's capabilities in the transportation and construction sectors [27] Group 19 - Tai Jia Co. plans to transfer its 2.5% stake in a venture capital fund for 14.3827 million yuan [28] - The transaction will result in Tai Jia no longer holding any shares in the fund [28] Group 20 - Weilan Lithium Core plans to invest 20 million USD in the Green Beauty Indonesia project to enhance its market competitiveness [30] - The investment will result in a 5.95% stake in the target company, which produces high-nickel ternary precursors [30] Group 21 - Guosheng Technology's subsidiary plans to invest 230 million yuan in Tieling Global for a solid-state battery project [32] - The investment will result in a 51.11% stake in Tieling Global, integrating the solid-state battery supply chain [32]

Core Insights - The company reported a significant decline in contract sales area and amount for September 2023, with a year-on-year decrease of 67% in sales area and 59% in sales amount, although there was a month-on-month increase of 9% for both metrics compared to August 2023 [1] Sales Performance - In September, the company achieved a contract sales area of 79,000 square meters and a contract sales amount of 1.08 billion yuan [1] - From January to September, the cumulative contract sales area was 893,000 square meters, representing a year-on-year decrease of 19%, while the contract sales amount totaled 13.25 billion yuan, down 22% year-on-year [1] Tourism Business - The company is focusing on value innovation through festivals and themed experiences to enhance visitor engagement, launching the "Surprise Play Festival" in mid-September with various activities [1] - In September, the company's tourism enterprises received 4.51 million visitors, a year-on-year decrease of 12%, primarily due to adverse weather conditions from typhoons in South China [1] - From January to September, the total number of visitors to the company's tourism enterprises was 59.56 million, reflecting a slight year-on-year decrease of 1% [1]

Core Insights - Shenzhen Overseas Chinese Town Holdings Limited reported a significant decline in contract sales and tourist reception in September 2025 compared to the previous year [1] Sales Performance - The contract sales area in September 2025 was 79,000 square meters, representing a 67% year-on-year decrease, but a 9% increase compared to August [1] - The contract sales amount for September 2025 was 1.08 billion yuan, down 59% year-on-year, yet also a 9% increase from August [1] - Cumulatively from January to September 2025, the total contract sales area was 893,000 square meters, a 19% year-on-year decrease [1] - The cumulative contract sales amount for the same period was 13.25 billion yuan, reflecting a 22% year-on-year decline [1] - No new land acquisitions were reported in September [1] Tourism Business - The tourism segment of the company received 4.51 million visitors in September 2025, a 12% year-on-year decrease [1] - From January to September 2025, the total number of visitors was 59.56 million, which is a 1% year-on-year decrease [1]

Group 1 - The Tianjin government has announced a policy allowing homeowners to withdraw housing provident fund for the installation of elevators in existing residential buildings and for the renovation of old elevators [1] - Homeowners and their immediate family members can apply for the withdrawal after the completion of the elevator installation or renovation, within two years [1] - The total amount withdrawn cannot exceed the homeowner's direct investment in the elevator installation or renovation [1] Group 2 - China Metallurgical Group Corporation (China MCC) reported a new contract amount of 760.67 billion yuan for the first nine months of 2023, a decrease of 14.7% year-on-year [2] - The overseas contract amount reached 66.9 billion yuan, showing a year-on-year increase of 10.1% [2] Group 3 - China Overseas Land and Investment Limited (COLI) disclosed a contract sales amount of 1.08 billion yuan for September 2023, representing a year-on-year decrease of 59% but a month-on-month increase of 9% [3] - The contract sales area was 79,000 square meters, down 67% year-on-year but up 9% month-on-month [3] Group 4 - China Resources Land reported a total contract sales amount of approximately 17.6 billion yuan for September 2023, with a year-on-year increase of 4.2% [4] - The total contract sales area was about 610,000 square meters, reflecting a year-on-year decrease of 30.2% [4] Group 5 - Sunac China announced that its offshore debt restructuring plan was approved by a majority of creditors, with 98.5% of the 1,492 voting creditors in favor [5] - The company will seek court approval for the restructuring plan, with a hearing scheduled for November 5 [5]

Investment Rating - The report maintains an "Overweight" rating for the industry [4][5]. Core Insights - In Q3 2025, new land storage planning decreased, but actual funding has accelerated, indicating a positive outlook for future funding [2]. - The cumulative proposed storage amount has exceeded 610 billion yuan, with a notable decrease in new proposed storage amount by 58.4% quarter-on-quarter [5]. - The report emphasizes the importance of monitoring the implementation of urban renewal and storage policies [5]. Summary by Sections Investment Recommendations - The report suggests maintaining an "Overweight" rating, highlighting the need to focus on the implementation of policies related to urban renewal and land storage [5]. - Recommended stocks include: 1. Development: Vanke A, Poly Developments, China Overseas Development, and others [5]. 2. Commercial and residential: China Resources Land, Longfor Group [5]. 3. Property management: Wanwu Cloud, China Resources Vientiane Life, and others [5]. 4. Cultural tourism: Overseas Chinese Town A [5]. Land Storage Data - As of Q3 2025, there are 4,687 proposed land storage projects covering an area of 25 million square meters, with a total proposed storage amount of approximately 614.5 billion yuan [5][15]. - The top three provinces in terms of cumulative storage scale are Zhejiang (84.3 billion yuan), Guangdong (74 billion yuan), and Chongqing (50.5 billion yuan) [5][15]. Special Debt Issuance - The issuance of special debts has accelerated, with actual funding exceeding 90 billion yuan in Q3 2025 [5]. - A total of 1,950 billion yuan in special debts has been issued, covering 32% of the proposed storage amount, an increase of 12 percentage points from the previous half [5][15].