值得关注的是，1月23日，华侨城宣布副总裁倪明涛因为个人原因离职，且不再担任公司任何职务。离 职原因引人猜测。 导致倪明涛离职的原因之一，疑似是公司效益太差。根据华侨城财报，公司已连续四年亏损，根据2025 年前三季度财报，华侨城总营收为170.25亿元，同比下降41.95%；归母净利润为-43.67亿元，同比上升 85.76%，亏损进一步扩大，原高管团队是有责任的。 原因之二，疑似是新掌舵人上任后，不可能允许以前的情况继续。2025年9月华侨城前任董事长张振高 因年满63岁到龄卸任，刘凤喜同步离任总经理，来自中国建筑集团的吴秉琪接任总经理，2025年11月升 任董事长。吴秉琪于1993年进入华润，2022年升任华润置地总裁，2023年转至中国建筑担任副总经理， 一直在主导地产业务。 据悉，华侨城新一届董事会7名成员均无内部任职背景，此前已有多位高管调整，倪明涛的离职，或是 这场自上而下换血的延续，也该换了。 运营商财经网 章少霞/文 近期，老牌央企华侨城传来关键人事变动：集团副总裁倪明涛正式离职，这一消息距新任董事长吴秉琪 履新仅过去2个月。作为深耕华侨城8年的核心高管，倪明涛的离任引发行业热议，是受业绩压 ...

Core Viewpoint - The majority of A-share listed real estate companies are expected to report significant losses for the year 2025, indicating a challenging market environment for the industry [1][2]. Group 1: Loss Predictions - Out of 52 listed real estate companies, 40 are expected to report losses for 2025, which means over 80% of these companies are projected to be in the red [1]. - Five companies are expected to report losses exceeding 10 billion yuan, with Vanke leading at a projected loss of 820 billion yuan, followed by China Fortune Land Development, Greenland Holdings, Overseas Chinese Town, and Gemdale [2][3]. - Vanke's cumulative losses for 2024 and 2025 are projected to be nearly 1,315 billion yuan, surpassing the total profits from 2019 to 2023 [3]. Group 2: Reasons for Losses - The losses are attributed to declining property prices and significant impairment provisions that companies have had to make over the past two years [9][10]. - Many companies had previously anticipated a market recovery and began to recognize inventory impairments, but the continued market downturn has forced them to increase these provisions [10]. Group 3: Companies Reporting Profits - Twelve companies are expected to report profits, with Jinke Real Estate projected to achieve a net profit of 300 billion to 350 billion yuan, primarily due to successful restructuring [12][13]. - Poly Developments and China Merchants Shekou are also expected to report profits, albeit with significant declines compared to 2024, primarily due to impairment provisions [16][17]. Group 4: Market Dynamics - The list of loss-making companies includes a mix of private, state-owned, and central enterprises, indicating that the nature of the company does not correlate with the likelihood of losses [7]. - State-owned platform companies, which previously supported land acquisitions, are now facing increased pressure due to the ongoing market decline [8]. Group 5: Future Outlook - The upcoming annual report season in March and April 2025 will provide more detailed insights into the operational conditions of these companies [25].

Investment Rating - The report assigns an "Overweight" rating for the commercial real estate REITs sector [6]. Core Insights - The launch of commercial real estate REITs in China is expected to significantly improve corporate cash flow and performance, optimizing financial statements and guiding the industry towards a new model of development [2][6]. - The first batch of commercial real estate REITs has entered the application stage, accelerating the development process [6]. - The report highlights several recommended companies across different categories, including development, residential-commercial, property management, and cultural tourism [6]. Summary by Relevant Sections Investment Highlights - The first batch of commercial real estate REITs covers diverse asset types such as hotels, offices, and commercial complexes, enhancing the range of underlying assets [2]. - Specific REITs mentioned include: 1. Huazhong Jinjiang Closed-end Commercial Real Estate Securities Investment Fund, with a projected fundraising scale of 1.703 billion yuan and an annualized cash distribution rate forecast of 3.44% for 2025 [6]. 2. Huitianfu Shanghai Real Estate Closed-end Commercial Real Estate Securities Investment Fund, with a projected fundraising scale of 4.002 billion yuan and an annualized cash distribution rate forecast of 4.50% for 2026 [6]. 3. CICC Vipshop Closed-end Commercial Real Estate Securities Investment Fund, with a projected fundraising scale of 7.47 billion yuan and an annualized cash distribution rate forecast of 4.57% for 2026 [6]. Company Profitability Forecast - The report provides profitability forecasts for key companies, indicating expected earnings per share (EPS) and price-to-earnings (PE) ratios for 2024 to 2026, with all listed companies receiving an "Overweight" rating [8]. - Notable companies include: - Vanke A, with a projected EPS of -4.17 yuan for 2024 and a market cap of 54.22 [8]. - China Overseas Development, with a projected EPS of 1.43 yuan for 2024 and a market cap of 8.93 [8]. - Longfor Group, with a projected EPS of 1.58 yuan for 2024 and a market cap of 5.93 [8].

新京报贝壳财经讯1月30日晚间，华侨城A发布2025年年度业绩预告，预计公司归属于上市公司股东的 净利润为亏损130亿元至155亿元，基本每股收益为-1.64元至-1.95元，经营性净现金流持续增长。 报告称，公司业绩变动主要原因一是根据市场情况动态调整经营及销售策略，地产业务收入结转金额和 毛利率下降，二是2025年初即明确"强去化、促回款"为核心策略，通过资产转让等方式全力推动存量业 务销售去化与现金流改善，并于第四季度取得了较大进展，部分交易形成亏损。 ...

Core Viewpoint - The company, Overseas Chinese Town A (华侨城A), is forecasting a significant net loss for the year 2025, with expected losses ranging from 13 billion to 15.5 billion yuan, indicating a challenging financial outlook for the upcoming year [1] Financial Performance - The projected net profit for 2025 is expected to be negative, with earnings per share estimated between -1.64 yuan and -1.95 yuan [1] - Despite the anticipated losses, the company reports a continuous increase in operating cash flow [1] Strategic Adjustments - The decline in revenue recognition and gross margin in the real estate business is attributed to the company's dynamic adjustment of operational and sales strategies based on market conditions [1] - The core strategy for the year emphasizes "strong de-stocking and promoting cash collection," focusing on asset transfers to enhance sales and cash flow, with significant progress noted in the fourth quarter despite some transactions resulting in losses [1] Development Focus - For 2025, the company aims for high-quality development, focusing on optimizing new projects and revitalizing existing assets [1] - Key achievements include acquiring the Chongqing Shapingba Xiaolongkan land parcel and leading sales in Wuhan with the Huashang City Hongfang project, as well as maintaining top sales in Shunde for three consecutive years with the Swan Castle Phase II project [1] - The company has successfully secured two light-asset cultural tourism service projects in Zhejiang Quzhou and Anhui Qimen, leveraging government policy support to enhance project viability [1] - The integration of various theme parks during the "National Trend Culture Festival" has created significant cross-industry collaboration, enhancing the effectiveness of cultural tourism operations [1]

Group 1 - The company expects a negative net profit for the fiscal year 2025, indicating a challenging financial outlook [2][5] - The decline in revenue recognition and gross margin in the real estate business is attributed to the company's dynamic adjustment of operational and sales strategies [5] - The company has focused on "strong de-stocking and promoting cash flow" as its core strategy, which has led to significant progress in the fourth quarter, although some transactions resulted in losses [5] Group 2 - The company has engaged in preliminary discussions with its auditing firm regarding the performance forecast, and there are no disagreements on the forecast data [4] - The company has made efforts to enhance high-quality development, acquiring new projects and achieving significant sales in various locations, including Wuhan and Foshan [7] - The company continues to adapt to market changes, successfully obtaining light-asset cultural tourism service projects and improving operational cash flow [7]

本报告期，公司预计归属于上市公司股东的净利润为负，主要原因如下：(一)公司根据市场情况动态调 整经营及销售策略，地产业务收入结转金额和毛利率下降；(二)公司年初即明确"强去化、促回款"为核 心策略，通过资产转让等方式全力推动存量业务销售去化与现金流改善，并于第四季度取得了较大进 展，部分交易形成亏损。 格隆汇1月30日丨华侨城A(000069.SZ)发布2025年度业绩预告，报告期内，归属于上市公司股东的净利 润为亏损130亿元—155亿元，上年同期亏损86.63亿元；扣除非经常性损益后的净利润为亏损132亿元— 157亿元，上年同期亏损88.30亿元。 ...

Company Performance Forecasts - Zhongji Xuchuang expects a net profit of 9.8 billion to 11.8 billion yuan for 2025, representing a year-on-year increase of 89.50% to 128.17% due to strong demand for computing infrastructure and increased sales of high-speed optical modules [2] - Cambrian anticipates a net profit of 1.85 billion to 2.15 billion yuan for 2025, marking a turnaround from losses, driven by rising demand in the AI sector [3] - Xinye Technology forecasts a net profit of 9.4 billion to 9.9 billion yuan for 2025, reflecting a year-on-year growth of 231.24% to 248.86% due to increased investment in computing [4] - Aerospace Development expects a net loss of 1 billion to 1.65 billion yuan for 2025, although this represents an improvement from a loss of 1.673 billion yuan in the previous year [5] - Wentai Technology predicts a net loss of 9 billion to 13.5 billion yuan for 2025, impacted by significant investment losses and asset impairment [6] - China National Airlines anticipates a net loss of 1.3 billion to 1.9 billion yuan for 2025, compared to a loss of 237 million yuan in the previous year [8] - China Eastern Airlines expects a net loss of 1.3 billion to 1.8 billion yuan for 2025, despite an increase in passenger transport volume [9] - Huazhong Technology is under investigation by the China Securities Regulatory Commission for suspected information disclosure violations [10] Investment and Strategic Developments - Huayou Cobalt plans to collaborate on an integrated battery industry project in Indonesia, aiming to establish a production base for electric vehicle batteries [13] Shareholding Changes - BlueFocus Media's major shareholder plans to reduce holdings by up to 20 million shares due to personal financial needs [14] Other Company Updates - Yihualu expects a net loss of 2.176 billion to 2.791 billion yuan for 2025, with a projected negative net asset value, which may lead to a delisting risk warning [27] - Huayi Brothers anticipates a net loss of 289 million to 407 million yuan for 2025, with a potential negative net asset value that could trigger a delisting risk warning [28] - Kangtai Medical has obtained a medical device registration certificate for a non-invasive ventilator, enhancing its product line [29]

北京商报讯（记者 李晗）1月30日，华侨城A发布公告显示，预计2025年华侨城A净亏损130亿—155亿 元；扣除非经常性损益后的净亏损132亿—157亿元。 ...

每经AI快讯，华侨城A(000069)1月30日发布2025年年度业绩预告，预计2025年净利润亏损130亿元至155 亿元，上年同期亏损86.62亿元。公司根据市场情况动态调整经营及销售策略，地产业务收入结转金额 和毛利率下降；年初明确"强去化、促回款"为核心策略，通过资产转让等方式全力推动存量业务销售去 化与现金流改善，在第四季度取得了较大进展，部分交易形成亏损。 ...