Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of 4.09 RMB [8][9]. Core Views - The company reported a significant decline in revenue and net profit for 2024, with revenues of 2.136 billion RMB and a net profit of 620 million RMB, representing year-on-year decreases of 20.9% and 59.1% respectively. The decline in profit was primarily due to an asset impairment loss of 530 million RMB [1]. - The company is expected to benefit from accelerated urban village renovations and the development of the Greater Bay Area, which supports the "Buy" rating [1][5]. - The construction business faced pressure due to a decline in new orders, with new signed orders amounting to 13.57 billion RMB, down 31.9% year-on-year [4]. Summary by Sections Financial Performance - In 2024, the company achieved revenues of 1.152 billion RMB from construction, 1.031 billion RMB from real estate sales, and 42 million RMB from property leasing, with year-on-year changes of -40.3%, -0.3%, and +5.2% respectively. The gross margin for construction was 5.0%, for real estate was 27.2%, and for property leasing was 36.4% [2]. - The operating cash flow for 2024 was 1.14 billion RMB, a decrease of 83.9% year-on-year, primarily due to reduced pre-sales and sales collections [3]. Order and Project Updates - The company has four ongoing development projects with a total planned construction area of 875,000 square meters and 21 projects for sale, with an unrecognized construction area of 1.329 million square meters [4]. - The company is actively participating in urban village renovation projects in Shenzhen, having successfully bid for several projects, which is expected to provide ongoing benefits [4]. Profit Forecast and Valuation - The profit forecast for 2025-2027 has been adjusted downwards, with expected net profits of 690 million RMB, 760 million RMB, and 820 million RMB respectively, reflecting a reduction of 41% and 45% from previous estimates [5]. - The target market capitalization for 2025 is set at 7.7 billion RMB, with a target price of 4.09 RMB per share, based on a price-to-earnings ratio of 12x for real estate and 5x for construction and other businesses [5].

Core Insights - Tianjian Group (000090.SZ) reported a total operating revenue of 2.885 billion yuan for Q1 2025, ranking 18th among disclosed peers, with a year-on-year increase of 134 million yuan, representing a 4.86% growth compared to the same period last year [1] - The company's net profit attributable to shareholders was 40.339 million yuan, ranking 29th among peers, showing a decrease of 57.023 million yuan, which is a 58.57% decline year-on-year [1] - The net cash flow from operating activities was -1.593 billion yuan, ranking 85th among peers, with a decrease of 268 million yuan compared to the same period last year [1] Financial Ratios - The latest debt-to-asset ratio is 75.70%, ranking 65th among peers, with a decrease of 0.79 percentage points from the previous quarter and a decrease of 2.02 percentage points year-on-year [3] - The latest gross profit margin is 13.40%, ranking 60th among peers, with a decrease of 2.53 percentage points from the previous quarter and a decrease of 4.46 percentage points year-on-year [3] - The latest return on equity (ROE) is 0.28%, ranking 35th among peers, with a decrease of 0.39 percentage points year-on-year [3] Earnings Per Share and Turnover Ratios - The diluted earnings per share is 0.02 yuan, ranking 28th among peers, showing a decrease of 0.03 yuan, which is a 58.54% decline year-on-year [3] - The latest total asset turnover ratio is 0.05 times, ranking 20th among peers, with an increase of 0.01 times year-on-year, representing a 14.75% growth [3] - The latest inventory turnover ratio is 0.11 times, ranking 20th among peers, with an increase of 0.02 times year-on-year, achieving a 26.02% increase over the previous year [3] Shareholder Structure - The number of shareholders is 42,500, with the top ten shareholders holding 853 million shares, accounting for 45.67% of the total share capital [3] - The largest shareholder is Shenzhen Special Zone Construction Group Co., Ltd., holding 23.47% of the shares [3] - The second-largest shareholder is Shenzhen Capital Operation Group Co., Ltd., holding 16.10% of the shares [3]

深圳市天健（集团）股份有限公司 2025 年第一季度建筑业经营情况简报 特此公告。 深圳市天健（集团）股份有限公司董事会 2025 年 4 月 29 日 1 序 号 业务模式 2025 年 1-3 月 新签订单 截至 2025 年 3 月 31 日 累计已签约未完工订单 剩余金额 已中标未签约订单 数量 （个 ） 金额 （万元） 数量 （个） 金额 （万元） 数量 （个 ） 金额 （万元） 1 施工承包 25 166,135.15 171 1,937,364.51 19 42,893.16 2 工程总承包 2 40,566.66 25 403,623.83 0 0.00 3 道路日常养护 31 77,014.54 39 73,209.04 1 468.91 小计 58 283,716.35 235 2,414,197.38 20 43,362.07 一、总体情况 证券代码：000090 证券简称：天健集团 公告编号：2025-41 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 根据《深圳证券交易所上市公司自律监管指引第 3 号—行业信 息披露》的规定，现将公 ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥2,885,135,314.72, representing a 4.86% increase compared to ¥2,751,306,069.52 in the same period last year[2] - Net profit attributable to shareholders decreased by 58.57% to ¥40,339,005.05 from ¥97,362,102.09 year-on-year[2] - Basic and diluted earnings per share fell by 58.54% to ¥0.0216 from ¥0.0521 in the same period last year[2] - Net profit for the current period was ¥13,506,682.08, a significant decrease of 80.91% from ¥70,779,869.28 in the previous period[15] - The company's equity attributable to shareholders increased slightly to ¥14,616,403,740.04 from ¥14,589,498,474.27, a rise of 0.18%[12] Cash Flow - The net cash flow from operating activities was negative at -¥1,593,012,782.33, a decline of 20.26% compared to -¥1,324,636,143.52 in the previous year[2] - Operating cash flow for the current period is -1,593,012,782.33 CNY, compared to -1,324,636,143.52 CNY in the previous period, indicating a decline in cash flow from operations[17] - Total cash inflow from operating activities decreased to 4,871,623,640.06 CNY from 5,358,674,350.32 CNY, a reduction of approximately 9.1%[17] - Cash outflow from operating activities was 6,464,636,422.39 CNY, slightly down from 6,683,310,493.84 CNY, showing a decrease of about 3.3%[17] - The net cash and cash equivalents decreased by 1,807,849,621.09 CNY, compared to a decrease of 1,331,600,049.19 CNY in the previous period[18] Assets and Liabilities - Total assets decreased by 3.24% to ¥61,832,496,940.47 from ¥63,902,869,221.23 at the end of the previous year[2] - Total liabilities decreased to ¥46,807,725,034.69, down 4.25% from ¥48,878,170,258.25 in the previous period[12] - Total current assets decreased from 52,829,928,649.63 yuan to 50,800,848,354.46 yuan, a decline of approximately 3.84%[10] - Cash and cash equivalents decreased from 10,063,847,972.92 yuan to 8,367,304,456.69 yuan, a decrease of about 16.85%[10] Shareholder Information - Total number of common shareholders at the end of the reporting period is 42,458[8] - The largest shareholder, Shenzhen Special Zone Construction Group Co., Ltd., holds 23.47% of shares, totaling 438,637,781 shares[8] - The company has no preferred shareholders or significant changes in the top 10 shareholders participating in margin trading[9] - The total number of preferred shareholders is reported as not applicable[9] Government Support and Expenses - The company received government subsidies amounting to ¥269,197.03, primarily related to normal business operations[4] - The financial expenses rose by 36.47% to ¥58,441,907.33, mainly due to reduced capitalization of interest from ongoing real estate projects[5] - The company reported a 99.15% decrease in tax refunds received, totaling ¥338,000.97 compared to ¥39,871,377.79 in the previous year[5] Investment Activities - Investment cash flow net amount improved to 68,319,754.15 CNY from -55,127,234.89 CNY, indicating a positive turnaround in investment activities[18] - The company received 78,000,000.00 CNY from investment recoveries, compared to 0.00 CNY in the previous period, indicating new investment recovery efforts[17] Research and Development - Research and development expenses for the current period were ¥97,074,136.32, a decrease of 26.61% compared to ¥132,277,094.47 in the previous period[14]

深圳市天健（集团）股份有限公司 2025 年度第一期超短期融资券发行情况公告 证券代码：000090 证券简称：天健集团 公告编号：2025-39 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 深圳市天健（集团）股份有限公司（以下简称"公司"）发 行不超过 80 亿元（含 80 亿元）的超短期融资券已获中国银行间 市场交易商协会注册（《接受注册通知书》编号：中市协注 [2025]SCP90 号）。内容详见公司对外披露的《关于超短期融资 券获准注册的公告》（公告编号：2025-12）。 根据公司资金计划安排和银行间市场情况，公司于 2025 年 4 月 22 日发行了 2025 年度第一期超短期融资券。发行情况如下 表： | 债券名称 | 深圳市天健（集团）股份有限公司 2025 | | | | | | 年度第一期超短期融资券 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 债券简称 | 25 天健集 SCP001 | | | | | | | | | | 债券代码 | ...

Investment Rating - The report maintains a "Recommendation" rating for the company [1][8]. Core Views - The company reported a total revenue of 21.36 billion yuan for 2024, a year-on-year decrease of 20.9%, and a net profit attributable to shareholders of 620 million yuan, down 59.1% year-on-year [4][7]. - The company plans to distribute a cash dividend of 1 yuan per 10 shares to all shareholders [4]. - The city construction segment saw a revenue decline of 40.3%, while the urban service segment experienced a revenue increase of 6.1% [7]. - The company successfully secured financing exceeding 14.6 billion yuan, with a debt ratio decreasing by 1.77 percentage points from the beginning of the year [7][8]. Financial Summary - Revenue and Profit Forecasts: - 2024 revenue is projected at 21.36 billion yuan, with a 2% growth expected in 2025 and 1% in 2026 [6][11]. - Net profit for 2024 is estimated at 620 million yuan, with a recovery to 690 million yuan in 2025 and 750 million yuan in 2026 [6][11]. - Profitability Metrics: - Gross margin for 2024 is 15.9%, an increase of 1.3 percentage points year-on-year [7]. - Net margin is projected to improve gradually from 2.9% in 2024 to 3.6% by 2027 [11]. - Valuation Ratios: - The price-to-earnings (P/E) ratio is expected to be 11.5 in 2024, decreasing to 8.7 by 2027 [11]. - The price-to-book (P/B) ratio remains stable at around 0.6 for the next few years [11]. Market Expansion and Financial Health - The company achieved a sales area of 215,000 square meters and a sales amount of 7.2 billion yuan in 2024, exceeding its annual target [7]. - The company is actively involved in urban village renovation projects and has won bids for significant projects, indicating a strong market position [7][8]. - The average financing cost has reached a historical low of 2.82%, reflecting improved financial health [7].

Investment Rating - The investment rating for the company is "Recommended" [1][8] Core Views - The company reported a total revenue of 21.36 billion yuan for 2024, a year-on-year decrease of 20.9%, and a net profit attributable to shareholders of 620 million yuan, down 59.1% year-on-year [4][7] - The company plans to distribute a cash dividend of 1 yuan per 10 shares to all shareholders [4] - The company has maintained a healthy financial position with a debt ratio of 76.5% and has successfully secured financing of over 14.6 billion yuan [7][10] Financial Performance Summary - **Revenue and Profit**: The company's revenue for 2024 was 21.36 billion yuan, with a projected revenue growth of 2.0% in 2025 and 1.0% in 2026. The net profit is expected to recover to 690 million yuan in 2025 and 750 million yuan in 2026 [6][10] - **Gross Margin**: The gross margin improved to 15.9% in 2024, an increase of 1.3 percentage points year-on-year [7] - **Earnings Per Share (EPS)**: The diluted EPS for 2024 is projected at 0.33 yuan, with expectations of 0.37 yuan in 2025 and 0.40 yuan in 2026 [6][10] Market Expansion and Financial Stability - The company achieved sales of 215,000 square meters and sales revenue of 7.2 billion yuan in 2024, with significant sales in Shenzhen projects [7] - The company successfully acquired land in the Qianhai Cooperation Zone, enhancing its strategic positioning [7] - The average financing cost for the company is at a historical low of 2.82%, indicating strong financial management [7][10] Valuation Metrics - The current price-to-earnings (P/E) ratio is projected at 10.3 times for 2025, decreasing to 8.7 times by 2027 [6][10] - The price-to-book (P/B) ratio remains stable at 0.6 for 2024 and is expected to decrease to 0.5 by 2027 [6][10]

（一）经营管理情况 2024 年是实现"十四五"规划目标任务的关键一年，也是 天健集团上市 25 周年。2024 年，天健集团大力实施高质量发展 十大计划，经营发展稳中提质，三度蝉联《财富》中国 500 强榜 单，获得 2024 年湾区上市公司董事会治理 TOP20。 1 （二）改革发展情况 深圳市天健（集团）股份有限公司 2024 年度监事会工作报告 证券代码：000090 证券简称：天健集团 公告编号：2025-30 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 2024 年，深圳市天健（集团）股份有限公司（以下简称"公 司""天健集团"）监事会严格遵守《中华人民共和国公司法》 （以下简称《公司法》）、《中华人民共和国证券法》（以下简 称《证券法》）等法律法规和《公司章程》《监事会议事规则》 等相关规定，认真履行职责，对公司的主要经营活动、财务状况、 内部控制制度的建立与执行以及董事、高级管理人员的履职情况 进行监督，保障企业规范运营和有序发展。 一、公司经营管理和改革发展情况总体评价 行业地位明显提升。天健地产集团、天健城市服务公司双双 入选全国同行业 ...

深圳市天健（集团）股份有限公司 独立董事提名人声明与承诺 一、被提名人已经通过深圳市天健（集团）股份有限 公司第九届董事会提名委员会或者独立董事专门会议资格 审查，提名人与被提名人不存在利害关系或者其他可能影 响独立履职情形的密切关系。 ☑是 □ 否 如否，请详细说明：___________________________ 1 二、被提名人不存在《中华人民共和国公司法》第一 百四十六条等规定不得担任公司董事的情形。 ☑是 □ 否 证券代码：000090 证券简称：天健集团 公告编号：2025-38 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 提名人深圳市天健（集团）股份有限公司董事会现就 提名刘恒为深圳市天健（集团）股份有限公司第九届董事 会独立董事候选人发表公开声明。被提名人已书面同意作 为深圳市天健（集团）股份有限公司第九届董事会独立董 事候选人（参见该独立董事候选人声明）。本次提名是在 充分了解被提名人职业、学历、职称、详细的工作经历、 全部兼职、有无重大失信等不良记录等情况后作出的，本 提名人认为被提名人符合相关法律、行政法规、部门规章、 规范性文 ...

深圳市天健（集团）股份有限公司 2024 年度内部控制自我评价报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 深圳市天健（集团）股份有限公司各位股东： 根据《企业内部控制基本规范》及其配套指引的规定和其他 内部控制监管要求（以下简称"企业内部控制规范体系"），结合 深圳市天健（集团）股份有限公司（以下简称"公司"）内部控制 制度和评价办法，在内部控制日常监督和专项监督的基础上，我 们对公司截至2024年12月31日（内部控制评价报告基准日）的内 部控制有效性进行了自我评价。 一、董事会声明 公司董事会及全体董事保证本报告内容不存在任何虚假记 载、误导性陈述或重大遗漏，并对报告内容的真实性、准确性和 完整性承担个别及连带责任。 建立健全内部控制体系并有效实施内部控制是公司董事会 的责任；监事会对董事会建立与实施内部控制进行监督；经营班 子负责组织公司内部控制的日常运行。 1 证券代码：000090 证券简称：天健集团 公告编号：2025-21 公司依规组织实施了内部控制评价工作，并聘请了致同会计 师事务所对公司内部控制有效性进行了独立审计。根据公司财务 报 ...