| 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董事长、总裁发生变动的 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 九 月 一、公司债券核准及发行情况 经中国证监会于 2019 年 1 月 14 日签发的"证监许可[2019]63 号"文核准，深 圳华侨城股份有限公司（以下简称"发行人"）获准面向合格投资者公开发行面值 总额不超过人民币 88 亿元（含 88 亿元）的公司债券（以下简称"本次债券"）。 截至本报告出具之日，本次债券存续债券分别为发行人于 2021 年 1 月发行的深 圳华侨城股份有限公司 2021 年面向合格投资者公开发行公司债券（第一期）（以 下简称"21 侨城 01"、"21 侨城 02"），发行规模为 25 亿元；于 2021 年 1 月发行 的深圳华侨城股份有限公司 2021 年面向合 ...

联合〔2025〕9735 号 联合资信评估股份有限公司关于深圳华侨城股份有限公司 公司 2025 年 9 月 20 日发布的《深圳华侨城股份有限公司关于董事长、副董事长及总裁离任的 公告》显示，董事会于近日收到公司董事长张振高先生和副董事长、总裁刘凤喜先生递交的书面辞 职报告，张振高先生已达法定退休年龄，即日起不再担任公司董事长、执行委员会主任委员、战略 委员会主任委员等职务，离任后将不再担任公司任何职务；刘凤喜先生因工作调动，即日起不再担 任公司副董事长、总裁、执行委员会委员、战略委员会委员、薪酬与考核委员会委员、提名委员会 委员等职务，离任后将不再担任公司任何职务。上述人员离任未导致公司董事会成员低于法定最低 人数，不会对公司董事会运作及正常生产经营活动产生重大影响。 针对上述事项，联合资信已与公司取得联系并了解相关情况。联合资信认为上述事项暂未对公 司信用水平造成重大不利影响。综合评估，联合资信决定维持上次评级结果不变，公司个体信用状 况为 a，外部支持提升 5 个子级，主体长期信用等级为 AAA，上述债项信用等级为 AAA，评级展 债券代码 债券简称 上次主体评级结果 上次债项评级结果 上次评级时间 ...

Core Viewpoint - Under ongoing operational pressure, Overseas Chinese Town (OCT) has initiated a series of self-rescue and external rescue measures, including a leadership change with Wu Bingqi appointed as the new chairman, which is seen as a critical turning point for the company [1][3][4]. Leadership Change - Wu Bingqi has been elected as the new chairman of OCT, taking over from Zhang Zhenggao, who has resigned along with the vice chairman and president Liu Fengxi [1][3]. - Wu Bingqi's previous experience at China Resources Land is expected to bring new strategic insights and operational models to OCT [4][5]. Financial Performance - OCT has faced continuous net profit losses, with cumulative losses reaching 260.59 billion yuan over three years from 2022 to 2024 [6][10]. - In the first half of 2025, OCT reported a significant revenue drop of 50.82% year-on-year, with revenue at 113.17 billion yuan and a net loss of 28.68 billion yuan, which is an increase in loss of 171.52% compared to the previous year [4][10]. Strategic Adjustments - The company is returning to a "dual-driven" development strategy, focusing on both real estate and cultural tourism, in response to its declining performance [1][10]. - OCT's real estate sales have plummeted from 553 billion yuan in 2022 to 263 billion yuan in 2024, indicating a severe downturn in its core business [6][10]. Cost Management and Asset Sales - To manage costs, OCT has reduced land acquisitions significantly, with new land reserves dropping to zero in 2024 [8][9]. - The company has also engaged in asset sales, including the transfer of several properties and stakes, totaling over 30 billion yuan in the last two months of 2024 [9][10]. Future Outlook - The company aims to enhance its tourism business's core competitiveness and stabilize its real estate operations through resource optimization and product enhancement [10]. - Key tasks for OCT include accelerating sales collection, expanding financing channels, and optimizing commercial operations to improve revenue sources [10].

（文章来源：证券日报） 证券日报网讯华侨城A9月23日在互动平台回答投资者提问时表示，截至9月19日，公司股东总户数为 106425户。 ...

Group 1 - The tourism concept stocks in the A-share market experienced a collective decline, with notable drops in stocks such as Guilin Tourism down over 9% and Xi'an Tourism down over 8% [1] - Other companies also faced significant declines, including Caesar Travel down over 6%, Overseas Chinese Town A down over 6%, and several others down over 5% [1] - The overall market sentiment for tourism stocks appears negative, reflecting broader challenges in the sector [1] Group 2 - Specific stock performance data shows Guilin Tourism at a decline of 9.31% with a market capitalization of 3.193 billion, while Xi'an Tourism fell by 8.27% with a market cap of 3.206 billion [2] - Caesar Travel reported a decline of 6.75% with a market cap of 9.976 billion, and Overseas Chinese Town A decreased by 6.30% with a market cap of 20.3 billion [2] - Other notable declines include Nanjing Commercial Travel down 5.73% and Lingnan Holdings down 5.49%, indicating a widespread downturn across various tourism-related companies [2]

Market Overview - The Shanghai Composite Index rose by 0.22% on September 22, with 11 sectors experiencing gains, led by the electronics and computer sectors, which increased by 3.71% and 1.70% respectively [2] - The real estate sector also saw a slight increase of 0.19% [2] - In contrast, the social services and beauty care sectors faced declines of 2.04% and 1.36% respectively [2] Capital Flow Analysis - The main capital flow showed a net outflow of 18.892 billion yuan across the two markets, with only four sectors experiencing net inflows [2] - The electronics sector led the net inflow with 9.357 billion yuan, corresponding to its 3.71% increase, followed by the computer sector with a net inflow of 2.081 billion yuan and a daily increase of 1.70% [2] Real Estate Sector Performance - The real estate sector had a net inflow of 725 million yuan, with 100 stocks in the sector, of which 17 rose and 76 fell [3] - The top stock in terms of net inflow was Zhangjiang Hi-Tech, with an inflow of 929 million yuan, followed by China Overseas Land & Investment and Vanke A with inflows of 271 million yuan and 124 million yuan respectively [3] - The stocks with the highest net outflows included Shoukai Co., Poly Developments, and Quzhou Development, with outflows of 232 million yuan, 151 million yuan, and 62 million yuan respectively [5] Top Gainers and Losers in Real Estate - The top gainers in the real estate sector included: - Zhangjiang Hi-Tech: +8.48% with a turnover rate of 11.29% and a net inflow of 929.42 million yuan [4] - China Overseas Land & Investment: +8.00% with a turnover rate of 6.46% and a net inflow of 271.42 million yuan [4] - Vanke A: +0.29% with a turnover rate of 2.33% and a net inflow of 123.76 million yuan [4] - The top losers included: - Shoukai Co.: -10.06% with a turnover rate of 17.52% and a net outflow of 232.18 million yuan [5] - Poly Developments: -1.39% with a net outflow of 151.31 million yuan [5] - Quzhou Development: +0.22% with a net outflow of 62.04 million yuan [5]

Core Viewpoint - The stock of Overseas Chinese Town A experienced a significant increase, reaching a peak of 2.7 yuan per share, up 8%, with a trading volume of nearly 1.2 billion yuan, attributed to rumors of a potential company restructuring [1] Summary by Categories Stock Performance - The stock price of Overseas Chinese Town A surged to 2.7 yuan per share, marking an 8% increase [1] - The trading volume approached 1.2 billion yuan, indicating strong market interest [1] Company Response - A representative from Overseas Chinese Town expressed surprise at the stock's performance and stated that any significant developments, such as a restructuring, would be announced officially [1] - The company has not received any information regarding the rumored restructuring, emphasizing the need for formal announcements for major events [1]

Core Viewpoint - The recent leadership changes at Overseas Chinese Town A (华侨城A) and rumors of a potential company restructuring have led to a significant stock price increase, despite ongoing financial struggles and substantial losses over the past few years [2][3]. Group 1: Leadership Changes - On September 19, Overseas Chinese Town A announced the departure of Chairman Zhang Zhenggao and Vice Chairman/President Liu Fengxi, with Wu Bingqi elected as the new Chairman of the Board [2]. - Wu Bingqi has over 30 years of experience in the real estate industry, having held senior positions at China Resources Land and China State Construction [2]. Group 2: Financial Performance - For the first half of 2025, Overseas Chinese Town A reported a 50.8% year-on-year decline in revenue to 11.32 billion yuan, with a net loss attributable to shareholders soaring to 2.87 billion yuan, an increase in loss of 1.81 billion yuan year-on-year [3]. - The company has faced net profit losses for three consecutive years, accumulating over 26 billion yuan in losses from 2022 to 2024, placing significant pressure on its operations [3]. Group 3: Market Reaction - On September 22, the stock price of Overseas Chinese Town A hit the daily limit up, closing at 2.7 yuan per share, an increase of 8%, with a trading volume of nearly 1.2 billion yuan [2]. - Market rumors regarding a potential company restructuring may have contributed to the rapid stock price increase, although company representatives expressed surprise at the stock's performance and stated that no official information regarding restructuring had been received [3].

Core Viewpoint - The recent leadership changes at Overseas Chinese Town A (华侨城A) and rumors of a potential company restructuring have led to a significant increase in the stock price, despite ongoing financial struggles and substantial losses over the past few years [1][2]. Group 1: Leadership Changes - On September 19, Overseas Chinese Town A announced the departure of Chairman Zhang Zhenggao and Vice Chairman/President Liu Fengxi, with Wu Bingqi elected as the new Chairman of the Board [1]. - Wu Bingqi has over 30 years of experience in the real estate industry, having held senior positions at China Resources Land and China State Construction [1]. Group 2: Financial Performance - In the first half of 2025, Overseas Chinese Town A reported a 50.8% year-on-year decline in revenue to 11.32 billion yuan, with a net loss attributable to shareholders soaring to 2.87 billion yuan, an increase in loss of 1.81 billion yuan year-on-year [2]. - The company has faced net profit losses for three consecutive years, accumulating over 26 billion yuan in losses from 2022 to 2024, which has put significant pressure on its operations [2]. Group 3: Market Reaction - On September 22, the stock price of Overseas Chinese Town A reached a limit-up of 8%, closing at 2.7 yuan per share, with a trading volume of nearly 1.2 billion yuan [1]. - Market rumors regarding a potential company restructuring may have contributed to the rapid increase in stock price, although the company has not confirmed any such plans [2].

Core Viewpoint - The stock of Overseas Chinese Town A experienced a significant increase, reaching a peak of 2.7 yuan per share, up 8%, with a trading volume of nearly 1.2 billion yuan, attributed to rumors of a potential company restructuring [1] Summary by Categories - **Stock Performance** - Overseas Chinese Town A's stock hit a limit up, closing at 2.7 yuan per share, representing an 8% increase [1] - The trading volume approached 1.2 billion yuan, indicating strong market interest [1] - **Market Rumors** - There are market rumors suggesting that Overseas Chinese Town may undergo a company restructuring, which likely triggered the stock's rapid increase [1] - **Company Response** - Company representatives expressed surprise at the stock's performance and clarified that any significant restructuring would be announced officially, stating that they have not received any related information [1]