华侨城A公告，预计2025年1月1日至2025年6月30日归属于上市公司股东的净利润亏损23亿元–29亿元， 比上年同期增亏117.77%-174.58%。扣除非经常性损益后的净利润亏损23.5亿元–29.5亿元，比上年同期 增亏99.10%-149.94%。基本每股收益亏损0.2861元/股–0.3608元/股。业绩变动主要原因是公司结转项目 收入及毛利率同比下降。 ...

华侨城A公告，控股股东华侨城集团计划自公告披露之日起6个月内，以自有资金或自筹资金通过集中 竞价或大宗交易方式增持公司股份，增持金额不低于1.11亿元人民币且不超过2.2亿元人民币。华侨城集 团目前持有公司39.21亿股A股股份，占公司已发行总股本的48.78%。本次增持计划未设定价格区间， 增持主体将基于对公司股票价值的合理判断，并结合公司股票价格波动情况及资本市场整体趋势，择机 逐步实施增持。 ...

证券代码：000069 证券简称：华侨城 A 公告编号：2025-27 深圳华侨城股份有限公司 关于公司控股股东增持公司股份计划公告 华侨城集团有限公司保证向本公司提供的信息内容真实、准确、 完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供 的信息一致。 深圳华侨城股份有限公司（以下简称"公司"）近日收到控股股 东华侨城集团有限公司（以下简称"华侨城集团"）出具的《关于股 份增持计划的告知函》（以下简称"告知函"），基于对公司长期投 资价值的认可及对未来持续稳定发展的信心，为切实维护广大投资者 权益和资本市场稳定，华侨城集团计划以自有资金或自筹资金自本公 告披露之日起 6 个月内通过集中竞价或大宗交易的方式增持公司股 份，本次增持金额不低于1.11亿元人民币且不超过2.20亿元人民币。 现将相关情况公告如下： 2024 年 6 月 24 日至 12 月 24 日，华侨城集团通过深圳证券交易所集 中竞价交易方式累计增持公司股份 64,877,064 股，占公司总股本的 比例约为 0.81%，该增持计划已实施完毕。 （三）上述计划增持主体在本次公告前 6 个月不存 ...

Group 1 - The transportation industry is defined as a production sector that utilizes various transportation tools to facilitate the movement of passengers and goods along specific routes [1] - The main transportation tools include air transport, railways, highways, waterways, and pipelines [1] Group 2 - From 2015 to 2022, the passenger transport volume by road in China showed a declining trend, with a significant drop to 5.587 billion passengers in 2022. However, it is expected to rise to 11.781 billion passengers by 2024, reflecting a year-on-year growth of 7.0% [2] - The railway passenger transport volume in China experienced a steady increase from 2009 to 2019, but fell sharply to 2.2 billion passengers in 2020 due to the pandemic, a decrease of 39.9%. It is projected to recover to 4.31 billion passengers by 2024, with a year-on-year increase of 11.9% [6] - The civil aviation passenger transport turnover in China grew annually from 2015 to 2019, reaching 11,705.1 billion passenger-kilometers in 2019, an increase of 9.3%. However, it plummeted to 3,913.9 billion passenger-kilometers in 2022, a decline of 66.6% compared to 2019. By 2024, it is expected to reach 12,915.0 billion passenger-kilometers, showing a year-on-year growth of 25.3% [8] - The waterway passenger transport volume in China has shown fluctuations in recent years, with a significant decline following the COVID-19 pandemic. In 2021, the volume was 16 million passengers, dropping to 11.6 million passengers in 2022. It is anticipated to recover to 25.8 million passengers in 2023, with stability expected in 2024 [9]

Group 1: A-Level Tourist Attractions - The number of A-level tourist attractions in China is projected to increase annually, reaching 16,541 by the end of 2024, an increase of 820 from 2023 [1] - The number of directly employed personnel in A-level tourist attractions is expected to rise to 1.653 million by the end of 2024, an increase of 46,000 from 2023 [2] - The total number of visitors to A-level tourist attractions is anticipated to reach 6.76 billion in 2024, an increase of 1.01 billion from 2023 [4] - The total revenue generated by A-level tourist attractions is projected to be 481.42 billion yuan in 2024, an increase of 74.55 billion yuan from 2023 [5] Group 2: National Night Culture and Tourism Consumption Aggregation Areas - From 2021 to 2024, the Ministry of Culture and Tourism has announced three batches of national-level night culture and tourism consumption aggregation areas, totaling 345 [8] - The provinces with the highest number of selected areas include Shanghai, Jiangsu, Shandong, and Sichuan, each with 16 [10] - Other notable provinces include Zhejiang, Fujian, Guangdong, and Guangxi with 15 each, and Beijing, Jiangxi, Hunan, and Yunnan with 14 each [10]

Summary of Key Points Core Viewpoint - Shenzhen Overseas Chinese Town Co., Ltd. has approved a guarantee limit of up to RMB 53.264 billion for its subsidiaries for the years 2025-2026, allowing for adjustments based on operational needs [1] Group 1: Guarantee Overview - The company will provide a total guarantee limit of RMB 53.264 billion for its subsidiaries during 2025-2026, with management authorized to adjust the amounts as necessary [1] - The company has transferred an unused guarantee limit of RMB 850 million from its wholly-owned subsidiary Wuxi Overseas Chinese Town Industrial Development Co., Ltd. to another wholly-owned subsidiary, Ningbo Overseas Chinese Town Investment Development Co., Ltd. [2] Group 2: Financial Status of the Guaranteed Company - Ningbo Overseas Chinese Town Investment Development Co., Ltd. has total assets of RMB 5.009 billion and total liabilities of RMB 3.609 billion as of the end of 2024, resulting in a debt-to-asset ratio of 72.04% [3] - The company reported a net profit of -RMB 41 million for the first five months of 2025, with total liabilities including bank loans of RMB 850 million [3] Group 3: Guarantee Agreement Details - The company provides a 100% guarantee for Ningbo Overseas Chinese Town Investment Development Co., Ltd. for a property mortgage loan with China Bank, with a maximum principal amount of RMB 850 million [3] Group 4: Management's Opinion - The adjustment of the guarantee limit is within the authorization of the shareholders' meeting and supports the normal business development of Ningbo Overseas Chinese Town Investment Development Co., Ltd. [4] Group 5: Total Guarantee and Legal Status - As of the end of May 2025, the total guarantee balance of the company and its subsidiaries is RMB 29.334 billion, representing 55.15% of the latest audited net assets, with no overdue guarantees or litigation-related amounts [4]

证券代码：000069 证券简称：华侨城 A 公告编号：2025-25 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 为满足子公司业务发展需要，公司将全资子公司无锡华侨 城实业发展有限公司未使用的担保额度 8.50 亿元调剂至全资子 公司宁波华侨城投资发展有限公司。本次调剂的金额占公司最 近一期经审计净资产的 1.60%。调剂后，公司 2025-2026 年度为 无锡华侨城实业发展有限公司提供担保额度由 10.00 亿元调整 为 1.50 亿元，为宁波华侨城投资发展有限公司提供担保的额度 由 0.00 亿元调整为 8.50 亿元。 1 上述调剂担保事项已经公司管理层审批同意。 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 深圳华侨城股份有限公司（以下简称"公司"）于 2025 年 4 月 25 日召开 2024 年年度股东大会，审议通过了《关于公司及控 股子公司 2025-2026 年度对控参股公司提供担保额度的提案》， 同意公司及控股子公司于 2025-2026 年度为控参股公司合计提供 额度不超过人民币 532.64 亿元 ...

债券简称：21 侨城 01 债券代码：149342 债券简称：21 侨城 02 债券代码：149343 债券简称：21 侨城 03 债券代码：149353 债券简称：21 侨城 04 债券代码：149354 债券简称：21 侨城 05 债券代码：149438 债券简称：21 侨城 06 债券代码：149439 深圳华侨城股份有限公司 公司债券受托管理事务报告 （2024 年度） 债券受托管理人：兴业证券股份有限公司 （住所：福州市湖东路 268 号） 二〇二五年六月 深圳华侨城股份有限公司公司债券受托管理事务报告（2024 年度） 重要提示 兴业证券股份有限公司（以下简称"兴业证券"）编制本报告的内容及信息 均来源于深圳华侨城股份有限公司（以下简称"公司"、"发行人"）对外公布 的《深圳华侨城股份有限公司 2024 年年度报告》等相关公开信息披露文件、第 三方中介机构出具的专业意见以及发行人出具的相关说明文件等。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做出独立判断，而不应将本报告中的任何内容据以作为兴业证券所作的承诺 或声明。在任何情况下，未经兴业证券书面许可，不得用作其他任 ...

Core Viewpoint - The tourism industry, once expected to thrive, is now facing significant challenges, highlighted by the bankruptcy of Qinghai Tourism Investment Group and the struggles of various tourism companies despite an increase in domestic travel and spending [2][3][4][8]. Group 1: Industry Challenges - Qinghai Tourism Investment Group and its subsidiaries have filed for bankruptcy, shocking the tourism sector [3]. - The company, which aimed for significant growth and public listing, mismanaged its resources, leading to a loss of 4.8 billion in registered capital [4]. - 44 listed companies in the tourism sector reported their Q1 earnings, with 25 experiencing negative revenue growth, accounting for 56.8% of the total [4]. Group 2: Financial Performance - Major airlines like China Southern Airlines, China Eastern Airlines, and Air China reported substantial losses in Q1, with losses of 747 million, 995 million, and 2.044 billion respectively [7]. - Despite a 26.4% increase in domestic travel and an 18.6% rise in spending, the tourism industry is struggling financially [8][9]. Group 3: Market Dynamics - The tourism market is saturated, with an increase in A-level scenic spots and travel agencies, yet average income has dropped by nearly 40% [31]. - Online travel platforms like Ctrip and Tongcheng are thriving, with Ctrip reporting a net profit of approximately 4.3 billion in Q1, showcasing the "shovel effect" where service providers profit while actual tourism businesses struggle [28][30]. Group 4: Shifts in Consumer Behavior - The tourism industry is transitioning to a 2.0 era, where experiential value is prioritized over mere scarcity of resources [46][50]. - Successful attractions like Jiuhua Mountain and Disney have capitalized on immersive experiences, contrasting with traditional scenic spots that fail to adapt [39][41]. Group 5: Future Outlook - Many tourism platforms are likely to face severe financial difficulties or bankruptcy if they cannot adapt to the changing market dynamics and consumer preferences [55][56]. - The current environment suggests a need for a significant restructuring within the tourism sector to eliminate ineffective players and allow successful entities to thrive [58][59].

Investment Rating - The report assigns an "Overweight" rating to the real estate sector [1] Core Insights - The real estate market in May continued to show stability, aligning with the government's efforts to stabilize the market and prevent further declines [3][60] - Key indicators such as sales area and sales amount showed narrow fluctuations compared to April, with sales area declining by 4.6% year-on-year and sales amount decreasing by 7.1% [5][60] - The report anticipates that urban renewal will be a significant focus, with an emphasis on "building good houses" as a consensus in the industry [61][62] Summary by Sections 1. Industry Performance - In May, the real estate market maintained a steady state, with most data showing narrow fluctuations compared to April [5][60] - Year-on-year sales area decreased by 4.6%, while sales amount fell by 7.1% [5][60] - The report notes that the overall trend is expected to continue, with a focus on stabilizing the market [3][60] 2. Investment Trends - The cumulative real estate development investment from January to May 2025 was 36,234 billion yuan, a year-on-year decrease of 10.7% [12] - New construction area saw a year-on-year decline of 22.8%, while completed area decreased by 17.3% [18][26] - The report suggests that the focus should shift from year-on-year growth rates to absolute levels, with a projected total real estate development investment of 10 trillion yuan for 2024 [61][62] 3. Sales Performance - From January to May 2025, the total sales area of commercial housing was 35.3 million square meters, with a year-on-year decline of 2.9% [26][28] - The sales amount for commercial housing was 34,091 billion yuan, reflecting a year-on-year decrease of 3.8% [10][26] - The report highlights a mismatch in supply and demand in first-tier cities, with sales showing significant strength [33] 4. Funding Sources - Total funding sources for real estate reached 40,232 billion yuan from January to May 2025, down 5.3% year-on-year [45][47] - Domestic loans accounted for 16.6% of funding sources, with a year-on-year decrease of 1.7% [47][49] - The report indicates that self-raised funds decreased by 7.2%, while foreign investment saw a significant increase of 49% [47][56] 5. Investment Recommendations - The report recommends several companies for investment, including Vanke A, Poly Development, and China Overseas Development in the development category [62] - For commercial and residential sectors, companies like China Resources Land and Longfor Group are highlighted [62] - The report emphasizes that companies with lower burdens will have a more significant advantage in the current structural market [62]