Core Viewpoint - The company Huazhu A has shown a slight increase in stock price and has a market capitalization of 20.175 billion yuan, indicating a stable performance in the market [1] Group 1: Business Overview - As of the end of 2022, the company managed a total of 316 property projects, covering an area of 46.8 million square meters across 56 cities in China [2] - The company holds a 60% stake in Huazhou Cultural Tourism Development Co., which focuses on cultural tourism and real estate development [2] - Huazhu A has a 9.14% stake in Bohai Securities, making it the third-largest shareholder [2][3] - The company operates indoor ice and snow venues in some of its theme parks, such as the "Alpine Snow World" in Shenzhen, which was upgraded in 2020 [3] Group 2: Financial Performance - As of September 30, the number of shareholders for Huazhu A was 105,800, a decrease of 0.59% from the previous period, while the average number of circulating shares per person increased by 0.59% to 65,205 shares [8] - For the first half of 2025, the company reported a revenue of 11.317 billion yuan, a year-on-year decrease of 50.82%, and a net profit attributable to shareholders of -2.868 billion yuan, a decrease of 171.52% [8] Group 3: Shareholder Information - The total cash distribution by Huazhu A since its listing amounts to 16.503 billion yuan, with no cash distribution in the last three years [9] - As of June 30, 2025, China Securities Finance Corporation is the third-largest circulating shareholder, holding 203 million shares, a decrease of 39.8223 million shares from the previous period [9] - Hong Kong Central Clearing Limited is the sixth-largest circulating shareholder, holding 59.0445 million shares, an increase of 3.4062 million shares from the previous period [9]

证券日报网讯 10月22日晚间，华侨城A发布公告称，近日，公司收到控股股东华侨城集团有限公司（以 下简称"华侨城集团"）发来的中国证券监督管理委员会上市公司监管司作出的《关于同意豁免华侨城集 团有限公司高级管理人员兼职限制的函》，同意豁免华侨城集团总经理吴秉琪代行公司总裁职责的限 制。 （编辑 楚丽君） ...

Core Viewpoint - Shenzhen Overseas Chinese Town Co., Ltd. received approval from the China Securities Regulatory Commission to exempt the restriction on the concurrent positions of senior management personnel from its controlling shareholder, Overseas Chinese Town Group Co., Ltd. [1] Group 1 - The approval allows Wu Bingqi, the general manager of Overseas Chinese Town Group, to act as the president of the company without restrictions [1]

深圳华侨城股份有限公司 关于豁免公司高管兼职限制的公告 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。 近日，深圳华侨城股份有限公司（以下简称"公司"）收到控股 股东华侨城集团有限公司（以下简称"华侨城集团"）发来的中国证 券监督管理委员会（以下简称"中国证监会"）上市公司监管司作出 的《关于同意豁免华侨城集团有限公司高级管理人员兼职限制的函》， 同意豁免华侨城集团总经理吴秉琪代行公司总裁职责的限制。 证券代码：000069 证券简称：华侨城 A 公告编号：2025-48 董 事 会 特此公告。 第 1 页 共 2 页 深圳华侨城股份有限公司 华侨城集团承诺，按照《公司法》《证券法》《关于推动国有股 东与所控股上市公司解决同业竞争规范关联交易的指导意见》（国资 发产权〔2013〕202 号）及相关法律法规要求，严格履行已作出的关 于避免同业竞争、规范关联交易的各项承诺，保证公司的独立性，并 依法履行信息披露义务；保证吴秉琪先生优先履行公司总裁职责，充 分维护公司及中小股东合法权益。 吴秉琪先生承诺，在代行公司总裁职责并兼任控股股东华侨城集 团总经理职务期间，保证勤 ...

Investment Rating - The report assigns an "Overweight" rating for the real estate sector [4]. Core Insights - The real estate industry is currently in a downward trend, with significant declines in front-end investments and ongoing price pressures in the traditional cycle [2]. - The cumulative year-on-year decline in real estate investment for the first nine months of 2025 is 13.9%, indicating a potential two-digit decrease for the year if the trend continues [61]. - The widening price gap between new and second-hand homes suggests diminishing marginal returns from new projects [62]. Summary by Sections Investment Situation - In the first nine months of 2025, real estate development investment reached 67,706 billion yuan, down 13.9% year-on-year, with residential investment also declining by 12.9% [12][9]. - New construction area decreased by 18.9% year-on-year, while completed area fell by 15.3% [18][9]. Sales Performance - The total sales area of commercial housing in the first nine months of 2025 was 6.58 million square meters, reflecting a 5.5% year-on-year decline [27]. - The sales amount for commercial housing was 63,040 billion yuan, down 7.9% year-on-year [10]. Funding Sources - Total funding sources for real estate reached 72,299 billion yuan, with an 8.4% year-on-year decline [46]. - Domestic loans accounted for 15.62% of funding sources, with a 1.4% decrease year-on-year [48]. Investment Recommendations - The report recommends several companies for investment, including Vanke A, Poly Development, and China Overseas Development in the development category, and China Resources Land and Longfor Group in the commercial and residential category [61].

Core Viewpoint - The stock of China Overseas Chinese Town A (华侨城A) has shown fluctuations in trading, with a recent increase of 2.02% and a total market value of 20.255 billion yuan, despite a year-to-date decline of 5.62% [1] 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%, and a net profit attributable to shareholders of -2.868 billion yuan, reflecting a year-on-year decline of 171.52% [2] - Cumulative cash dividends since the listing amount to 16.503 billion yuan, with no dividends distributed in the past three years [3] Shareholder Information - As of September 30, the number of shareholders for China Overseas Chinese Town A is 105,800, a decrease of 0.59% from the previous period, while the average circulating shares per person 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 39.8223 million shares), and Hong Kong Central Clearing Limited, which increased its holdings by 3.4062 million shares to 59.0445 million shares [3] Stock Trading Activity - The stock experienced a trading volume of 77.9442 million yuan with a turnover rate of 0.45%, indicating moderate trading activity [1] - The net inflow of main funds was 205,100 yuan, with significant buying and selling activities recorded [1] Business Segments - The main business segments of China Overseas Chinese Town A include tourism (72.15% of revenue), real estate (27.18%), and other businesses (0.67%) [1] - The company operates within the real estate development sector, specifically focusing on commercial real estate [1] Market Position - The company is categorized under several concepts, including mid-cap stocks, margin financing, share buybacks, DeepSeek concept, and new urbanization [1]

Core Viewpoint - The stock of China Overseas Chinese Town A (华侨城A) has shown fluctuations in trading, with a current price of 2.46 CNY per share, reflecting a year-to-date decline of 7.87% and a recent five-day drop of 3.15% [1] Financial Performance - For the first half of 2025, China Overseas Chinese Town A reported a revenue of 11.317 billion CNY, a significant year-on-year decrease of 50.82%, and a net profit attributable to shareholders of -2.868 billion CNY, marking a 171.52% decline compared to the previous period [2] - Cumulative cash dividends since the company's listing amount to 16.503 billion CNY, with no dividends distributed in the past three years [3] Shareholder Structure - As of September 30, the number of shareholders for China Overseas Chinese Town A is 105,800, a decrease of 0.59% from the previous period, while the average circulating shares per person 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]

Group 1: Government Policies and Initiatives - The Minister of Housing and Urban-Rural Development, Ni Hong, emphasizes the need to construct safe, comfortable, green, and smart houses, while also renovating old ones [1] - Nine departments, including the Ministry of Housing, have issued an action plan to develop and implement intelligent municipal infrastructure construction and renovation plans [2] - Beijing has introduced a new tax policy for housing rental enterprises, reducing the VAT rate from 5% to 1.5% starting January 1, 2026, and lowering the property tax rate from 12% to 4% [3] Group 2: Real Estate Transactions and Market Activity - In Chengdu, a new policy has been released that removes local deposit restrictions for housing provident fund loans, allowing eligible non-local contributors to apply for conversion loans [4] - Two low-density residential land parcels in Suzhou's Xiangcheng district were sold at a total price of 661 million yuan, with floor prices of 7,500 yuan and 7,000 yuan per square meter [5] - A residential land parcel in Hangzhou's Binjiang district was sold for 1.264 billion yuan, reflecting a nearly 20% premium over the starting price [6] Group 3: Land Supply and Development - Beijing has announced the eighth round of proposed residential land supply for 2025, covering 9 plots with a total area of approximately 44 hectares and a planned construction scale of about 1.03 million square meters [7] - Shanghai is set to auction 6 land parcels in its eighth batch of land sales, with a total starting price of 18.495 billion yuan [8] Group 4: Company Performance and Leadership Changes - China State Construction's project, Yunhe Jiuyuan, achieved sales of 448 units in September, leading in sales volume, area, and amount in Beijing [9] - Beijing Urban Construction's Xi Yuan project opened its humanistic demonstration area, showcasing high-end residential values [10] - Sunac China’s debt restructuring plan received approval from 98.5% of creditors, marking a significant step towards resolving its offshore debt issues [12] Group 5: Sales Performance of Real Estate Companies - China Resources Land reported a cumulative contract sales amount of approximately 154.4 billion yuan for the first nine months, a year-on-year decline of 10.4% [13] - China Jinmao's contract sales for the same period reached 80.685 billion yuan, with a total area of 3.6745 million square meters sold [14] - Longfor Group's total contract sales amounted to 50.75 billion yuan, with a sales area of 3.943 million square meters [15]

Core Points - The company announced the adjustment of unused guarantee quotas for its subsidiary to support business development needs [2] - The adjustment involves transferring a guarantee amount of 173.4 million yuan to Shenzhen Huachao City Renewal Investment Co., Ltd. [2] - After the adjustment, the guarantee quota for Shenzhen Zhaohua Convention and Exhibition Land Co., Ltd. will decrease from 688.9 million yuan to 515.5 million yuan [2] Financial Impact - The adjusted guarantee amount represents 0.33% of the company's most recent audited net assets [2] - The guarantee quota for Shenzhen Huachao City Renewal Investment Co., Ltd. will increase from 0.00 yuan to 173.4 million yuan [2]

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、 ...