证券代码：000402 证券简称：金融街 公告编号：2025-103 金融街控股股份有限公司 第十届董事会第四十二次会议决议公告 本公司及董事会全体成员保证信息披露的内容是真实、准确、完整的，没 有虚假记载、误导性陈述或者重大遗漏。 金融街控股股份有限公司（以下简称"公司"）第十届董事会第四十二次会 议于 2025 年 10 月 29 日上午 9:00 在北京市西城区金城坊街 7 号公司 11 层会议 室以通讯表决的方式召开（公司已经于 2025 年 10 月 27 日现场召开董事会专门 委员会暨 2025 年三季报董事会预备会），本次会议为公司 2025 年三季报董事会。 本次董事会会议通知及文件于 2025 年 10 月 22 日分别以专人送达、电话通知和 电子邮件等方式送达董事及相关高级管理人员。公司董事会成员八名，实际出席 董事八名，非独立董事候选人和相关高级管理人员列席会议，会议由董事长杨扬 先生主持。会议符合《公司法》和《公司章程》的有关规定，会议有效。本次会 议经过充分讨论，形成如下决议： 一、 以 8 票赞成、0 票反对、0 票回避表决、0 票弃权审议通过了公司 2025 年三季度财务报告； ...

Financial Performance - The company's operating revenue for Q3 2025 was ¥1,632,081,161.58, a decrease of 19.69% year-on-year, while the revenue for the first nine months was ¥6,286,809,072.60, down 46.21% compared to the same period last year [3]. - The net profit attributable to shareholders for Q3 2025 was -¥341,678,054.02, an improvement of 45.84% year-on-year, and for the first nine months, it was -¥1,349,594,563.86, a reduction in loss of 48.39% compared to the previous year [3]. - The company reported a basic earnings per share of -¥0.11 for Q3 2025, which is a 47.62% improvement year-on-year [3]. - The total operating revenue for the first nine months of 2025 was ¥6,286,809,072.60, a decrease of 46.3% compared to ¥11,686,724,512.75 in the same period last year [35]. - Operating profit for the same period was -¥1,698,111,318.45, improving from -¥2,768,224,589.86 year-over-year [35]. - The company reported a total comprehensive income of -¥1,483,082,020.83, compared to -¥2,748,610,659.98 in the same period last year [36]. - Basic and diluted earnings per share were both -¥0.45, an improvement from -¥0.87 year-over-year [36]. - The total profit (loss) for the period was -¥1,683,002,317.23, compared to -¥2,807,868,755.88 in the previous year [35]. Cash Flow - The net cash flow from operating activities for the first nine months was ¥1,983,512,182.43, a decrease of 22.66% year-on-year [13]. - The company maintained positive net cash flow from operating activities for six consecutive years, emphasizing cash flow safety as a core operational task [21]. - Operating cash flow for the period was ¥1,983,512,182.43, a decrease of 22.6% compared to ¥2,564,627,065.29 in the previous period [43]. - Total cash inflow from operating activities was ¥7,206,091,753.03, down 22.4% from ¥9,288,408,337.40 in the previous period [43]. - Cash outflow from operating activities totaled ¥5,222,579,570.60, a decrease of 22.3% from ¥6,723,781,272.11 in the previous period [43]. - Net cash flow from investment activities was ¥525,138,897.75, an increase of 84.2% compared to ¥285,338,004.33 in the previous period [44]. - Net cash flow from financing activities was -¥5,141,070,756.16, an improvement from -¥6,183,083,452.32 in the previous period [44]. - The ending balance of cash and cash equivalents was ¥9,979,940,970.13, a decrease from ¥10,207,322,722.45 in the previous period [44]. Assets and Liabilities - The total assets at the end of the reporting period were ¥113,752,568,167.68, a decrease of 6.48% from the end of the previous year [3]. - The company's total liabilities decreased by 44.25% for short-term borrowings due within one year, indicating a reduction in financial leverage [9]. - Total liabilities decreased from CNY 94.03 billion to CNY 87.72 billion, a reduction of approximately 6.5% year-over-year [32]. - Current liabilities decreased from CNY 23.94 billion to CNY 18.32 billion, a decline of about 23.5% [32]. - Non-current liabilities slightly decreased from CNY 70.09 billion to CNY 69.40 billion, a decrease of approximately 1% [32]. - Total equity decreased from CNY 27.60 billion to CNY 26.03 billion, a decline of about 5.7% year-over-year [32]. Sales and Market Performance - The total sales contract amount achieved by the company in the first three quarters of 2025 was approximately RMB 5.88 billion, with a sales area of about 404,000 square meters [20]. - Residential products accounted for RMB 5.32 billion in sales contracts (sales area of 317,000 square meters), while commercial products achieved RMB 560 million in sales contracts (sales area of 87,000 square meters) [21]. - In the first three quarters of 2025, the national sales area of commercial housing decreased by 5.5% year-on-year, and the sales amount fell by 7.9% year-on-year, according to the National Bureau of Statistics [19]. - The vacancy rate for Grade A office buildings in Beijing was 16.5%, a year-on-year decrease of 1.7 percentage points, while the rental price was RMB 215.5 per square meter per month, down 19.0% year-on-year [19]. Strategic Initiatives - The company did not report any new strategies or significant developments in product or technology during the reporting period [7]. - The company optimized its sales management model, focusing on result-oriented strategies and market-aligned sales tactics [21]. - The company actively explored financing resources to match its development needs, ensuring adequate funding [21]. - The company implemented refined cash flow management and strict budget control on project expenditures to enhance cost efficiency [21]. - The company is focusing on optimizing its management structure and enhancing operational efficiency through reforms [25]. - The company is committed to improving its organizational structure and performance evaluation systems to achieve strategic goals [25]. - The company is actively enhancing customer experience in its hotel segment and expanding revenue through inter-project collaboration [22]. Investment and Projects - Asset management business (including cultural tourism) achieved revenue of CNY 1.5 billion and EBITDA of CNY 950 million in the first three quarters of 2025 [22]. - The cultural tourism projects, including the Mutianyu Great Wall and Zunhua Ancient Spring Town, saw an increase in visitor numbers and operating income [23]. - The company is exploring a light asset operation model, with the "Jinshu Ru Yuan" apartment project in Beijing entering stable operation and new projects in Chongqing and Suzhou initiated [23]. - The company signed a financial service agreement with Beijing Financial Street Group, with a transaction limit of CNY 8.204 billion, including CNY 4 billion for deposits and CNY 4 billion for loans [29].

Core Viewpoint - The recent release of the "Opinions on Supporting Mergers and Acquisitions to Promote High-Quality Development of Listed Companies" aims to enhance the merger and acquisition (M&A) market in Beijing, aligning with national strategies and focusing on key industries for economic transformation and development [1][3]. Group 1: Policy and Market Dynamics - The M&A market has seen significant growth since the introduction of the "Six M&A Guidelines" in 2024, with increased market scale and activity [3]. - The "Opinions" consist of six parts and 19 articles, emphasizing the importance of aligning M&A activities with Beijing's industrial development goals and national strategies [4][5]. - Key considerations in the formulation of the "Opinions" include a focus on market-driven approaches, effective government involvement, and risk prevention measures [3][4]. Group 2: Implementation and Support Mechanisms - The "Opinions" encourage resource allocation towards new productive forces and support cross-industry and cross-regional M&A activities [4]. - A new service platform for M&A and development has been established to connect listed companies, innovative enterprises, and financial institutions, providing comprehensive support for M&A activities [5]. - The platform aims to facilitate information sharing, training, and transaction matching to promote high-quality development in the M&A market [5]. Group 3: Market Activity and Trends - In the first nine months of 2024, 106 M&A transactions were completed by A-share listed companies in Beijing, with a total transaction value of 842 billion yuan, marking a year-on-year increase [6]. - The semiconductor industry is currently a hot target for M&A, with companies like Time Space Technology and Yingxin Development actively pursuing acquisitions in this sector [6][7]. - Following the announcement of M&A plans, both Time Space Technology and Yingxin Development experienced significant stock price increases, reflecting strong investor interest [6][7].

Core Insights - The report titled "Global FinTech Hub Report 2025" reveals that Beijing retains its position as the top global fintech city, with significant advancements in various Chinese cities [1][3]. Trend Summaries Trend 1: Intensifying Global Competition - The competition in the global fintech sector is intensifying, with the top 10 cities showing a reduced gap in rankings over the past six years. The index gap between the first and tenth ranked cities is now 22.8, down from 29.7 in 2020, indicating a narrowing disparity in fintech capabilities [4]. - Notable movements include Hong Kong rising one position and Paris entering the top 10 for the first time, replacing Sydney [4]. Trend 2: Asia's Leading Position - Asia continues to dominate the global fintech landscape, with 60% of the top 10 cities located in the region. China has five cities in the top 10, contributing to a total of 25 Asian cities in the top 50, significantly outpacing other regions [5][6]. Trend 3: Emergence of New Centers - New fintech centers are rapidly emerging, with 14 cities in the top 50 showing consistent upward movement over the past three years. This growth is driven by "industry/technology-driven" and "ecosystem/regulatory-driven" models [7][8]. Trend 4: Breakthroughs in Ecosystem and Industry Rankings - In the ecosystem rankings, China has made significant strides, with four cities in the top 10. Hong Kong's financial institutions saw a market value increase from $216.9 billion to $363.9 billion, a growth rate of 67.8% [9]. - The industry rankings remain led by China and the U.S., with Chinese cities collectively housing 121 fintech listed companies valued at $375.4 billion [10]. Trend 5: Enhanced Index System - The report introduces an upgraded Financial Development Index (FDI) that evaluates fintech development through over 50 indicators, aiming to foster international collaboration and a robust global fintech ecosystem [11][12].

Core Insights - The 2025 Financial Street Forum highlighted the dual nature of digital intelligence in finance, presenting both opportunities for innovation and new risks that require a legal and collaborative governance framework [1][2] Group 1: Governance and Risk Management - The Deputy Mayor of Beijing, Sun Shuo, emphasized the historical intersection of breakthrough digital technology applications and high-level financial openness, which creates new productive forces but also poses challenges such as algorithmic opacity and new fraud risks [1] - The Beijing government is focusing on enhancing regulatory collaboration and establishing a comprehensive risk prevention system while ensuring a stable and transparent financial environment [1][2] Group 2: Recommendations for Financial Risk Governance - Sun Shuo proposed three key recommendations for building a collaborative governance system in the digital era: leading with the rule of law, embracing technology for security, and promoting openness for shared benefits [2] - The Beijing People's Procuratorate is integrating the creation of a financial prosecution brand with the implementation of a digital prosecution strategy, emphasizing legal supervision as a core element of risk prevention and governance [2] Group 3: Initiatives and Publications - A joint initiative to combat financial black and gray industries was launched by the Beijing People's Procuratorate, the Beijing Regulatory Bureau of the National Financial Supervision Administration, and China University of Political Science and Law [2] - The Beijing People's Procuratorate released the "Beijing Procuratorial Financial White Paper (2024-2025)" along with typical case studies [2]

Group 1 - The 2025 Financial Street Forum Youth Forum was held in Beijing, focusing on the theme of "Building a Financial Power and the Mission of Youth in the New Era" [1] - The First Secretary of the Central Committee of the Communist Youth League emphasized the importance of financial youth in contributing to the construction of a financial power and promoting Chinese financial culture [1] - The Deputy Secretary of the Beijing Municipal Committee highlighted the role of youth as the future of the nation and the importance of finance as a core component of national competitiveness [1] Group 2 - The Chairman of the Industrial and Commercial Bank of China discussed the challenges posed by global trade, monetary systems, and the need for financial work to meet diverse economic demands [2] - Key speakers, including representatives from various sectors, addressed topics related to building a financial power and the role of youth in this process [2] - A roundtable discussion featured young representatives discussing high-quality financial development, technological innovation, and topics of interest such as artificial intelligence and new materials [2][3]

Core Viewpoint - The collaboration among Li Auto, PICC Beijing Branch, Yuanbao Technology, and Shanghai Vehicle Inspection aims to innovate insurance solutions for high-level intelligent assisted driving, responding to the strategic deployment of financial technology and the evolving policies in the automotive industry [1][2]. Group 1: Industry Context - Intelligent driving is identified as a core engine for the transformation and upgrading of the automotive industry, significantly contributing to the integration of artificial intelligence and automotive innovation for high-quality development [1]. - Since 2025, China's intelligent assisted driving technology has accelerated, with the government actively promoting the development of the intelligent connected vehicle industry through various policies [1]. Group 2: White Paper Characteristics - The white paper is the first systematic research focusing on high-level intelligent assisted driving insurance, addressing the current immaturity of insurance products and lack of systematic solutions in this field [2]. - It features foresight and originality, filling a research gap in risk protection and product innovation for high-level intelligent assisted driving insurance, and aims to influence the formulation of related standards and policies [2]. - The white paper is comprehensive, covering industry trends, legal regulations, consumer rights, insurance development paths, risk management technologies, and pricing models, establishing a solid foundation for future financial product optimization [2]. Group 3: Practicality and Collaboration - The white paper's compilation involved collaboration among automakers, insurance companies, and third-party technology platforms, integrating practical experiences and expertise from various sectors [3]. - The proposed solutions are based on industry practices and aim to promote cross-industry collaboration, enhancing the operational feasibility and industry guidance value of the insurance products [3]. - The release of the white paper is expected to fill the gap in high-level intelligent assisted driving insurance policies and product development in China, supporting the implementation of industry policies and responding to the requirements of "financial technology" [3].

Core Viewpoint - The financial sector is facing challenges from emerging black and gray industries, prompting a collaborative initiative to combat these issues and enhance financial risk prevention and governance [1][3]. Group 1: Financial Black and Gray Industries - Financial black and gray industries refer to illegal or borderline legal activities in the financial sector that generate improper benefits, including improper debt collection, illegal loan mediation, malicious debt evasion, and fraudulent credit repair [1]. - These industries are expanding rapidly, leveraging media platforms for marketing and exhibiting characteristics such as chain-like operations, cross-regional activities, bulk operations, and concealment [1][3]. Group 2: Challenges in Governance - Current governance efforts face challenges such as a lack of collaborative mechanisms, ambiguous legal standards, and insufficient punitive measures [3]. - The initiative aims to address these challenges by fostering a comprehensive prevention and control system to mitigate systemic financial risks [4]. Group 3: Joint Initiative Proposals - The initiative includes several proposals: 1. **Information Sharing**: Enhance collaboration in financial risk prevention through information sharing for pre-warning, rapid response, and precise post-event actions [4]. 2. **Mechanism Improvement**: Establish a risk monitoring mechanism and encourage financial institutions to report high-risk information proactively [4]. 3. **Rights Protection**: Develop standards for handling complaints and ensure quick resolution of legitimate claims while preventing malicious complaints [4]. 4. **Accountability**: Clarify the responsibilities of platforms regarding the verification of entities, information dissemination, and risk event management [4][5]. 5. **Multi-Party Interaction**: Create regular interaction mechanisms among regulatory bodies, judicial authorities, and academic institutions to conduct joint legal research on emerging black and gray industries [5].

Core Insights - Ant Group's AI business is actively supporting city commercial banks in adopting financial large models and intelligent agent technologies to enhance performance amidst challenges like narrowing net interest margins and intensified competition [1][2] - The shift from AI being a trial to a necessity is emphasized, with AI transforming from a cost center to a core element of service, marketing, and value creation [1] Group 1: AI Adoption in Banking - Many city commercial banks are leveraging AI as a key strategy for performance improvement, with significant growth in employee efficiency, marketing conversion rates, and revenue scale reported in regions like Jiangsu, Zhejiang, and Shanghai [1] - The implementation of AI applications has expanded from basic functions like intelligent customer service to comprehensive systems covering marketing, risk control, investment advisory, and claims processing [1] Group 2: Case Studies and Results - For instance, Shanghai Bank's AI mobile banking service allows users to perform over ten high-frequency tasks through natural language interaction, resulting in a 10% increase in business conversion rates and higher satisfaction among elderly customers [2] - A leading city commercial bank in Zhejiang has developed a full-stack AI capability with over 30 intelligent agent scenarios, enhancing both customer service and internal operations [2] Group 3: Strategic Approaches to AI Implementation - Different financial institutions are advised to choose AI evolution paths that suit their resources and development stages, with options ranging from starting with application scenarios to upgrading existing mobile apps into AI-driven platforms [2] - Some banks are establishing dedicated teams to create comprehensive knowledge bases and datasets, utilizing Ant Group's financial reasoning models to build autonomous "financial brains" for end-to-end business process reengineering [2] Group 4: Market Coverage - Ant Group's financial digitalization services have reached 100% of state-owned joint-stock banks, over 60% of local commercial banks, and hundreds of financial institutions [2]

作为2025金融街论坛年会的重磅活动，"金融街发布"专场活动集中发布了一批金融领域最新的研究和重磅实践成果。 活动发布的《金融街发展报告(2025)》，对2024年以及"十四五"期间金融街发展情况多维度、系统性分析。报告指出，"十四五"期 间，作为国家金融管理中心，金融街在决策监管、标准制定、资产管理、支付结算、信息交流、国际合作六大功能定位日益彰显， 国际影响力显著提升。金融街全球资管高地建设步伐加快，资管机构管理的资产规模超过21万亿元，驻区金融机构资产规模达156万 亿元，占全国三分之一左右。 中国社科院国家金融与发展实验室发布的《金融业大模型应用指南》，明确了大模型在金融领域的应用边界、落地路径和合规要 求，为银行、证券、保险等机构提供"懂行又守规"的数智化转型参考。 国家金融与发展实验室副主任杨涛表示，人工智能大模型的应用在金融领域已经是大势所趋，在金融业寻求高质量发展的过程中， 人工智能大模型是成为重要的助力。我们强调金融要更好服务实体经济，要支持新质生产力，要支持科技强国，大模型本身就可以 助力这样的目标实现起到重要的价值。 此外，来自工商银行、邮政储蓄银行、中国人保、北京金融资产交易所等机构的 ...