Core Viewpoint - The real estate sector in A-shares is facing significant financial challenges, with over 70% of listed companies expected to report losses for 2025, leading to a total projected loss of approximately 2,092.35 billion yuan across 60 companies, and a net profit loss exceeding 1,700 billion yuan for the entire sector [1][4]. Group 1: Financial Performance - Out of 81 listed real estate companies, only 21 are expected to be profitable in 2025, indicating a severe downturn in the industry [1][4]. - Vanke A is projected to incur the largest loss, with an estimated net profit loss of about 820 billion yuan, representing a year-on-year increase of approximately 65.7% [5]. - Other companies, including China Fortune Land Development, Greenland Holdings, Overseas Chinese Town A, and JinDi Group, are also expected to report losses exceeding 100 billion yuan [5]. Group 2: Reasons for Losses - China Fortune Land Development attributes its significant loss to a slowdown in project turnover, insufficient progress in debt restructuring, and increased financial costs due to lower interest capitalization rates [5]. - Greenland Holdings cites factors such as declining asset prices, intensified promotional efforts, extended project timelines, and reduced gross margins as contributors to its financial difficulties [5]. Group 3: Loss Distribution - The distribution of losses among real estate companies shows a clear hierarchy: 5 companies are expected to lose between 50 billion to 100 billion yuan, 8 companies between 20 billion to 50 billion yuan, 11 companies between 10 billion to 20 billion yuan, and 23 companies between 1 billion to 10 billion yuan [2][5]. - This wave of losses is affecting all tiers of the industry, from leading firms to smaller developers, highlighting widespread profitability challenges [2][5].

Core Insights - Nearly 50% of the 2957 A-share listed companies that disclosed their 2025 annual performance forecasts are expected to incur losses [2][3] - The real estate sector is identified as the most affected, with Vanke A (000002.SZ) being the largest loss-maker, projecting a net loss of approximately 82 billion yuan [6][7] Provincial Distribution of Losses - The provinces with the highest proportion of companies expecting losses are Hainan (44.44%), Jilin (41.67%), and Qinghai (40%) [4][5] - Guangdong has the highest number of companies expecting losses at 257, followed by Beijing (172), Jiangsu (160), and Zhejiang (133) [3][4] Industry Analysis - The IT services and software development sectors have the highest number of companies forecasting losses, with 60 companies each, followed by the real estate sector with 54 companies [6] - The top ten companies with the highest expected losses include five from the real estate sector, with Vanke A leading the list [6][7] Notable Loss-Makers - Vanke A is projected to incur a net loss of about 82 billion yuan due to decreased project settlement scale and increased business risks [6][7] - Other significant loss-makers in the real estate sector include China Fortune Land Development (华夏幸福) with expected losses between 16 billion to 24 billion yuan and Greenland Holdings (绿地控股) with losses of 16 billion to 19 billion yuan [7] - In the retail sector, M.K. Home (美凯龙) is expected to report a loss of 15 billion to 22.5 billion yuan, primarily due to investment property valuation losses [7][8] Sector-Specific Losses - The home appliance sector's largest loss-maker is Shenzhen Konka (深康佳A), projecting losses of 12.58 billion to 15.57 billion yuan [8] - The vaccine leader Zhifei Biological Products (智飞生物) is also expected to report a first-time loss of 10.7 billion to 13.73 billion yuan due to decreased public vaccination willingness [8] - In the photovoltaic sector, Tongwei Co. (通威股份) is projected to incur losses of 9 billion to 10 billion yuan due to industry oversupply and rising raw material costs [9]

Core Viewpoint - Nearly half of the A-share listed companies are expected to report losses for the 2025 fiscal year, with significant regional and industry disparities in the distribution of these losses [2][3]. Group 1: Regional Distribution of Losses - A total of 2,957 A-share companies disclosed their performance forecasts, with 1,442 companies expected to incur losses, representing 49% of the total [3]. - Hainan, Jilin, and Qinghai have the highest proportions of companies forecasting losses, exceeding 40%, with Hainan at 44.44% [4][5]. - Guangdong has the highest number of loss-making companies at 257, followed by Beijing (172), Jiangsu (160), and Zhejiang (133) [4]. Group 2: Industry Analysis - The real estate sector is the most affected, producing the highest number of loss-making companies, including the "loss king" Vanke A, which is expected to report a loss of approximately 82 billion yuan [7][8]. - Other industries with significant losses include IT services, semiconductors, and chemical pharmaceuticals, with 60, 50, and 40-50 companies respectively forecasting losses [7]. - The top ten companies with the highest expected losses include five from the real estate sector, with notable losses from China Fortune Land Development and Greenland Holdings [7][8]. Group 3: Specific Company Losses - Vanke A's losses are attributed to a significant decline in project settlement scale and increased business risks, leading to credit and asset impairment provisions [7]. - Other major loss-makers include China Fortune Land Development, expected to lose between 16 billion to 24 billion yuan, and Greenland Holdings, with losses projected between 16 billion to 19 billion yuan [8]. - In the retail sector, M.K. Home is expected to report losses of 15 billion to 22.5 billion yuan due to investment property valuation losses [8]. - Semiconductor company Wentech Technology anticipates losses of 9 billion to 13.5 billion yuan, primarily due to significant investment losses and asset impairments [9].

证券日报网讯 2月4日，华侨城A在互动平台回答投资者提问时表示，公司对自有线上销售渠道建设保持 持续投入，致力于打造一站式文旅数字化运营平台，自有渠道销售占比高于行业平均水平。同时，公司 与相关行业头部平台实现互联互通，开展交叉引流、联动营销等合作，构建生态体系。未来，公司将进 一步聚焦主责主业，积极服务国家战略，推进旅游强国建设，并致力于通过文旅产品和模式创新，提供 更多优质产品服务，进一步提升公司核心竞争力，谱写高质量发展新篇章。 （文章来源：证券日报） （文章来源：证券日报） 证券日报网讯 2月4日，华侨城A在互动平台回答投资者提问时表示，公司对自有线上销售渠道建设保持 持续投入，致力于打造一站式文旅数字化运营平台，自有渠道销售占比高于行业平均水平。同时，公司 与相关行业头部平台实现互联互通，开展交叉引流、联动营销等合作，构建生态体系。未来，公司将进 一步聚焦主责主业，积极服务国家战略，推进旅游强国建设，并致力于通过文旅产品和模式创新，提供 更多优质产品服务，进一步提升公司核心竞争力，谱写高质量发展新篇章。 ...

Group 1 - The core point of the article is that as of January 30, 2026, the total number of shareholders for the company is 97,153 [1]

证券代码：000069 证券简称：华侨城 A 公告编号：2026-11 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。 7.4125 亿元，为深圳城更提供担保的额度由 3.628 亿元调整为 5.3835 亿元。 二、被担保人基本情况 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 12 月末资产总额 78.02 亿元，负债总额 57.57 亿元 （流动负债总额 46.62 亿元），净资产 20.46 亿元，资产负债 率 73.78%; 2025 年 1-12 月实现营业收入 0.06 亿元，净利润-0.2 亿元。截至 2025 年 12 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）。 一、担保情况概述 深圳华侨城股份有限公司（以下简称"公司"）于 2025 年 4 月 25 日召开 ...

华侨城A公告称，公司管理层将全资子公司重庆华侨城1.7555亿元未使用担保额度，调剂至控股子公司 深圳城更，调剂金额占最近一期经审计净资产的0.33%。调剂后，为重庆华侨城担保额度由9.168亿元调 至7.4125亿元，为深圳城更由3.628亿元调至5.3835亿元。深圳城更由华侨城A持股51%，2025年营收 0.06亿元，净利润-0.2亿元。截至2026年1月末，公司及控股子公司担保余额264.26亿元，占净资产 49.68%，无逾期担保。 ...

Performance Highlights - New Yi Sheng (300502.SZ) expects net profit between 9.4 billion and 9.9 billion CNY, a year-on-year increase of 231.24% to 248.86% due to rising demand for high-speed optical modules driven by global computing power investments[4] - Han's Chip (688256.SH) anticipates net profit between 1.85 billion and 2.15 billion CNY, turning from a loss of 450 million CNY last year, benefiting from the growing demand for AI computing power[5] - Zhongji Xuchuang (300308.SZ) projects net profit between 9.8 billion and 11.8 billion CNY, a year-on-year growth of 89.50% to 128.17%, driven by strong customer investment in computing infrastructure[6] - Runze Technology (300442.SZ) expects net profit between 5 billion and 5.3 billion CNY, a year-on-year increase of 179.28% to 196.03%, largely due to non-recurring gains from public REITs issuance[10] Underperformance Highlights - Great Wall Motors (601633.SH) forecasts net profit of 9.912 billion CNY, a year-on-year decline of 21.71% due to increased marketing expenses and competitive pressures[36] - GAC Group (601238.SH) expects a net loss between 8 billion and 9 billion CNY, turning from a profit of 824 million CNY last year, impacted by fierce competition and increased asset impairment provisions[39] - Xiexin Integrated (002506.SZ) anticipates a net loss between 890 million and 1.29 billion CNY, shifting from a profit of 68 million CNY last year due to structural supply-demand issues in the photovoltaic industry[41] - Baile Tianheng (688506.SH) projects a net loss of around 1.1 billion CNY, down from a profit of 3.708 billion CNY last year, primarily due to increased R&D expenses[42] Industry Trends - Technology-driven sectors like AI and innovative pharmaceuticals are leading growth, with companies like New Yi Sheng and Han's Chip benefiting from strong demand and technological advancements[69] - Cost control is becoming a critical competitive advantage, particularly in the energy and manufacturing sectors, as seen with companies like Datang Power (601991.SH) benefiting from lower coal prices[70] - Traditional cyclical industries such as real estate and agriculture are facing significant downward pressure, with companies like Vanke (000002.SZ) and Tianbang Foods (002124.SZ) experiencing substantial losses due to market adjustments[72]

Core Viewpoint - The article highlights the performance forecast of various A-share listed companies, indicating a significant divergence in earnings growth across different sectors, driven by technological advancements, cost control, and industry cycles [4][62]. Group 1: Companies with Strong Earnings Growth - **New Yisheng (300502.SZ)**: Expected net profit of 9.4 billion to 9.9 billion, a year-on-year increase of 231.24% to 248.86%, driven by rising demand for high-speed optical modules due to global computing power investments [6]. - **Han's Laser (688256.SH)**: Expected net profit of 1.85 billion to 2.15 billion, turning from a loss of 0.452 billion in the previous year, benefiting from the increasing demand for AI computing power [8]. - **Zhongji Xuchuang (300308.SZ)**: Expected net profit of 9.8 billion to 11.8 billion, a year-on-year increase of 89.50% to 128.17%, supported by strong investment in computing infrastructure [10]. - **Runze Technology (300442.SZ)**: Expected net profit of 5 billion to 5.3 billion, a year-on-year increase of 179.28% to 196.03%, primarily due to non-recurring gains from public REITs issuance [12]. - **CITIC Securities (601995.SH)**: Expected net profit of 8.542 billion to 10.535 billion, a year-on-year increase of 50% to 85%, driven by steady growth in core business segments [15]. Group 2: Companies with Earnings Below Expectations - **Great Wall Motors (601633.SH)**: Expected net profit of 9.912 billion, a year-on-year decrease of 21.71%, impacted by increased marketing expenses and intense competition [34]. - **GAC Group (601238.SH)**: Expected net profit of -8 billion to -9 billion, turning from a profit of 0.824 billion in the previous year, due to fierce competition and adjustments in product structure [36]. - **GCL-Poly Energy (002506.SZ)**: Expected net profit of -0.89 billion to -1.29 billion, turning from a profit of 0.068 billion, affected by structural supply-demand issues in the photovoltaic industry [38]. - **Boli Tianheng (688506.SH)**: Expected net profit of -1.1 billion, turning from a profit of 3.708 billion, due to increased R&D expenses [39]. - **Daiyue City (000031.SZ)**: Expected net profit of -2.7 billion to -2.1 billion, continuing losses from the previous year, influenced by asset impairment provisions [42]. Group 3: Industry Trends - **Technological Breakthroughs**: Industries driven by technology, such as AI and innovative pharmaceuticals, are showing strong growth, with companies like New Yisheng and Rongchang Bio leading the way [62][63]. - **Cost Control**: The energy and manufacturing sectors are experiencing a clear divide, with companies like Datang Power benefiting from lower coal prices and effective cost management [64]. - **Downward Pressure from Industry Cycles**: The real estate, agriculture, and photovoltaic sectors are under significant pressure, with companies like Vanke and Tianbang Food facing substantial earnings declines [65][66].

2022年、2023年、2024年，公司营业收入分别为767.67亿元、557.44亿元、544.07亿元，归属于 上市公司股东的净利润分别为-109.05亿元、-64.92亿元、-86.62亿元，归属于上市公司股东的扣除非 经常性损益的净利润分别为-116.44亿元、-64.56亿元、-88.30亿元，经营活动产生的现金流量净额 为-5.75万元、34.23亿元、53.62亿元。 (责任编辑：徐自立) 经公司财务部门初步测算，预计2025年年度实现归属于母公司所有者的净利润为亏损130亿元到 155亿元，上年同期为86.62亿元。预计2025年年度实现归属于母公司所有者的扣除非经常性损益的净 利润为亏损132亿元到157亿元，上年同期为88.30亿元。 | 项目 | 本报告期 | 上年同期 | | --- | --- | --- | | 归属于上市公司 股东的净利润 | 亏损:1,300,000万元-1,550,000万元 | 亏损:866,229.96万元 | | 扣除非经常性损 益后的净利润 | 亏损:1,320,000万元-1,570,000万元 | 亏损:883,036.31万元 | | 基本每股收 ...