证券代码：000560 证券简称：我爱我家 公告编号：2025-043 号 我爱我家控股集团股份有限公司 关于召开 2025 年第二次临时股东会的通知 本公司及除独立董事常明先生外的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。 经我爱我家控股集团股份有限公司（以下简称"公司"或"我爱我家"）2025 年9月23日召开的第十一届董事会第十三次会议审议通过，公司决定于2025年10 月16日采取现场投票和网络投票相结合的方式召开公司2025年第二次临时股东 会。会议有关事项通知如下： 一、召开会议的基本情况 1.股东会届次：2025 年第二次临时股东会 2.股东会的召集人：公司第十一届董事会 公司于 2025 年 9 月 23 日召开第十一届董事会第十三次会议，审议通过了《关 于召开公司 2025 年第二次临时股东会的议案》。 3.本次股东会的召集、召开符合有关法律、行政法规、部门规章、规范性文 件、深圳证券交易所业务规则和公司章程的相关规定。 4.会议召开的日期、时间： （1）现场会议召开时间：2025 年 10 月 16 日（星期四）14:00 开始 （2）网络投票 ...

本公司及除独立董事常明先生外的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。 一、董事会会议召开情况 我爱我家控股集团股份有限公司（以下简称"公司"或"本公司"）第十一 届董事会第十三次会议通知于2025年9月19日以电子邮件方式书面送达全体董事、 高级管理人员。会议在董事长兼总裁谢勇先生的主持下，于2025年9月23日以现 场结合通讯表决方式，在北京市朝阳区北辰东路8号院7号楼5层会议室召开。本 次会议应出席董事9人，实际出席8人（常明先生因个人原因缺席本次会议），其 中通讯方式出席6人，为代文娟女士、郑小海先生、虞金晶女士、解萍女士、陈 苏勤女士、陈立平先生。公司部分高级管理人员列席了会议。本次董事会会议的 召集和召开符合有关法律、行政法规、部门规章、规范性文件和《我爱我家控股 集团股份有限公司章程》（以下简称"《公司章程》"）的规定。 二、董事会会议审议情况 证券代码：000560 证券简称：我爱我家 公告编号：2025-038 号 我爱我家控股集团股份有限公司 第十一届董事会第十三次会议决议公告 经过与会董事充分讨论与审议，会议以记名投票表决方式审议通过相关议 ...

Investment Rating - The investment rating for the real estate industry is "Positive" (maintained) [1] Core Insights - The report indicates that new housing transaction areas have shown a month-on-month increase, while real estate development investment has decreased year-on-year from January to August 2025 [3] - The report highlights that the decline in housing prices has been consistent since 2022, with a significant drop in both new and second-hand housing prices across 70 cities, although the rate of decline has started to narrow due to supportive policies [5][16] - It emphasizes that the relationship between population growth and housing prices is not straightforward, as effective housing demand driven by economic development and income growth is crucial for influencing prices [5][25] Summary by Sections Industry Overview - The real estate market has entered a downward trend since 2022, with new and second-hand housing prices experiencing a decline for over 40 months [5][16] - As of August 2025, the new housing price index across 70 cities has decreased by 3.0% year-on-year, while the second-hand housing price index has dropped by 5.5% [16][20] Population Impact - The report concludes that population factors are long-term variables with limited mid-term impact on housing prices, as the marginal changes in housing prices are influenced more by monetary policy, supply-demand relationships, and economic expectations [25][39] - A regression analysis across several developed countries shows that housing price indices do not have a significant correlation with population growth rates [40][42] International Experience - The report draws parallels with international experiences, noting that stable fiscal and monetary policies are essential for stabilizing housing prices after declines [6][46] - It cites examples from the U.S., Japan, and South Korea, where coordinated fiscal and monetary policies have successfully supported housing market recovery after significant downturns [46][49] Investment Recommendations - The report recommends focusing on real estate companies with strong credit ratings and solid fundamentals in urban areas, such as China Overseas Development and Poly Developments [7] - It also suggests that companies excelling in both residential and commercial real estate, as well as those providing high-quality property management services, are well-positioned for growth [7]

Group 1 - The core viewpoint is that the impact of mid-term population changes on housing prices in developed countries/regions is limited, as there is no significant positive correlation between housing price indices and population growth rates or numbers [1] - From 2022, housing prices in 70 cities have entered a downward trend, with a widening decline expected in Q3 2024, although the year-on-year decline has narrowed since Q4 due to supportive policies [1] - The current adjustment cycle in the housing market has seen both new and second-hand housing price indices decline for over 40 months [1] Group 2 - Historical data shows that housing prices in developed countries/regions have experienced fluctuations since the 1980s, with price corrections often exceeding those in China, but eventually stabilizing [2] - Key factors for stabilizing and recovering housing prices include coordinated fiscal and monetary policies, such as large-scale quantitative easing, interest rate cuts, and fiscal subsidies [2] - A stable policy outlook, low interest rate environment, and improved supply-demand structure are crucial for halting the decline and stabilizing the real estate market [2] Group 3 - The stabilization of housing prices is influenced by multiple factors, including monetary policy, supply-demand relationships, and economic expectations, rather than solely by population dynamics [3] - Recommended investment targets include strong credit property companies with good urban fundamentals and leading product capabilities, as well as firms that can drive both residential and commercial real estate [3] - The increasing penetration rate of second-hand housing indicates a promising outlook for the real estate after-service sector [3]

Investment Rating - The report rates the real estate sector as "Outperform the Market" [5] Core Insights - New home transaction area has turned positive on a month-on-month basis, with a year-on-year increase expanding. The transaction area for new homes reached 1.87 million square meters, up 11.8% month-on-month and 25.8% year-on-year, with a significant increase in year-on-year growth by 20.6 percentage points [5][15][24] - The Shanghai government has optimized the property tax policy for non-resident buyers, allowing for a tax exemption on 60 square meters per person for families purchasing second or more homes, effective from January 1, 2025 [1] Summary by Sections 1. Key City New Home Market, Second-Hand Home Market, and Inventory Tracking - In the week of September 13 to September 19, 2025, the new home transaction area increased month-on-month, while the second-hand home transaction area decreased month-on-month. The inventory area for new homes increased month-on-month, and the de-stocking cycle rose [15] - New home transaction volume in 40 cities was 19,000 units, up 12.8% month-on-month and 37.8% year-on-year. The new home transaction area was 1.87 million square meters, with similar increases [16][24] - The inventory of new homes in 12 cities was 1.404 million units, with a month-on-month increase of 0.5% and a year-on-year decrease of 15.0% [27][39] 2. Land Market Tracking - The total land transaction area across 100 cities was 1.115 million square meters, down 10.9% month-on-month and 39.5% year-on-year. The total land transaction price was 14.33 billion yuan, down 49.1% month-on-month and 73.1% year-on-year [60][64] - The average land price per square meter was 1,289.5 yuan, with a month-on-month decrease of 42.9% and a year-on-year decrease of 55.5% [61][66] 3. Company Announcements and Bond Issuance - The total bond issuance in the real estate sector was 8.71 billion yuan, up 18.9% month-on-month and 2.1% year-on-year. The total repayment amount was 15.8 billion yuan, up 43.5% month-on-month and 102.6% year-on-year [54][56] - The report highlights key companies such as Binjiang Group, China Resources Land, and Yuexiu Property as potential investment opportunities based on their market positioning and performance [5][13]

Core Viewpoint - I Love My Home's stock price has shown fluctuations with a recent increase of 2.03%, while the company has experienced a year-to-date decline of 1.18% in stock price [1] Financial Performance - For the first half of 2025, I Love My Home reported operating revenue of 5.658 billion yuan, a year-on-year decrease of 2.69%, while net profit attributable to shareholders increased by 30.80% to 38.40 million yuan [2] - Cumulative cash dividends since the A-share listing amount to 530 million yuan, with 10.12 million yuan distributed over the past three years [3] Shareholder Information - As of July 31, 2025, the number of shareholders for I Love My Home is 90,600, a decrease of 1.00% from the previous period, with an average of 24,888 shares held per shareholder, an increase of 1.01% [2] - The top ten circulating shareholders include significant entities such as Hong Kong Central Clearing Limited and new entrants like Jiashi Strategy Mixed Fund [3] Market Activity - The stock has seen a trading volume of 97.06 million yuan with a turnover rate of 1.45%, and a total market capitalization of 7.09 billion yuan [1] - The company has appeared on the trading leaderboard twice this year, with the most recent instance showing a net buy of -22.99 million yuan on April 28 [1]

Group 1 - The stock price of I Love My Home fell by 5.19% to 2.92 CNY per share, with a trading volume of 296 million CNY and a turnover rate of 4.40%, resulting in a total market capitalization of 6.878 billion CNY [1] - I Love My Home Holdings Group Co., Ltd. was established on November 30, 1992, and listed on February 2, 1994. The company operates in various sectors including commercial retail, real estate, hotel tourism services, and property management [1] - The revenue composition of I Love My Home includes asset management at 47.76%, brokerage services at 35.90%, new housing business at 8.28%, other services at 4.97%, and commercial leasing and services at 3.08% [1] Group 2 - According to data, one fund under Shanzheng Asset Management has heavily invested in I Love My Home. The Shanzheng Asset Management Selected Industry Mixed Initiation A Fund (018750) increased its holdings by 600 shares in the second quarter, totaling 179,500 shares, which represents 4.71% of the fund's net value, making it the second-largest holding [2] - The Shanzheng Asset Management Selected Industry Mixed Initiation A Fund was established on December 26, 2023, with a latest scale of 10.9956 million CNY. Year-to-date returns are 6.18%, ranking 6430 out of 8172 in its category; the one-year return is 31.52%, ranking 4970 out of 7995; and since inception, the return is 19.37% [2] Group 3 - The fund manager of the Shanzheng Asset Management Selected Industry Mixed Initiation A Fund is Zhuang Bo, who has a cumulative tenure of 10 years and 191 days. The total asset size of the fund is 11.3079 million CNY, with the best fund return during his tenure being 24.93% and the worst being -3% [3]

Market Overview - On September 19, the real estate service sector rose by 0.34% compared to the previous trading day, with TeFa Service leading the gains [1] - The Shanghai Composite Index closed at 3820.09, down 0.3%, while the Shenzhen Component Index closed at 13070.86, down 0.04% [1] Stock Performance - TeFa Service (300917) closed at 47.35, up 3.02% with a trading volume of 117,800 shares and a transaction value of 5.47 billion [1] - Other notable stocks include: - China Merchants Jin Yu (001914) closed at 11.90, up 1.71% [1] - Pearl River Shares (600684) closed at 6.28, up 0.80% [1] - I Love My Home (000560) closed at 3.10, up 0.32% [1] - NanDu Property (603506) closed at 14.24, down 0.21% [1] - Ningbo Fuda (600724) closed at 4.94, down 0.60% [1] - World Union (002285) closed at 2.55, down 1.16% [1] - Zhongtian Service (002188) closed at 5.62, down 1.40% [1] - ST Ming Cheng (600136) closed at 1.87, down 1.58% [1] - Huangting International (000056) closed at 2.88, down 4.64% [1] Capital Flow - The real estate service sector experienced a net outflow of 70.44 million from institutional investors and 19.52 million from retail investors, while retail investors saw a net inflow of 89.96 million [1] - Detailed capital flow for selected stocks includes: - I Love My Home (000560) saw a net inflow of 8.13 million from institutional investors [2] - World Union (002285) had a net inflow of 3.23 million from retail investors [2] - ST Ming Cheng (600136) experienced a significant net outflow of 6.51 million from institutional investors [2] - Huangting International (000056) had a net inflow of 29.70 million from retail investors despite a net outflow from institutional and speculative investors [2]

Core Viewpoint - The company "I Love My Home" has experienced a decline in stock price and trading activity, with a notable drop in net outflow of funds, while its revenue and net profit show mixed results in recent financial reports [1][2]. Group 1: Stock Performance - On September 19, "I Love My Home" saw a stock price decrease of 2.27%, trading at 3.02 CNY per share, with a total market capitalization of 7.114 billion CNY [1]. - Year-to-date, the stock price has decreased by 0.85%, with a 4.43% drop over the last five trading days [1]. - The company has appeared on the "Dragon and Tiger List" twice this year, with the most recent instance on April 28, where it recorded a net buy of -22.99 million CNY [1]. Group 2: Financial Performance - For the first half of 2025, "I Love My Home" reported a revenue of 5.658 billion CNY, a year-on-year decrease of 2.69%, while the net profit attributable to shareholders was 38.4002 million CNY, reflecting a year-on-year increase of 30.80% [2]. - Cumulative cash dividends since the company's A-share listing amount to 530 million CNY, with 10.1287 million CNY distributed over the past three years [3]. Group 3: Shareholder Information - As of July 31, the number of shareholders for "I Love My Home" was 90,600, a decrease of 1.00% from the previous period [2]. - The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited holding 24.9567 million shares, a decrease of 7.9016 million shares from the previous period [3].

Market Overview - On September 17, the real estate service sector declined by 0.61%, with Nandu Property leading the decline [1] - The Shanghai Composite Index closed at 3876.34, up 0.37%, while the Shenzhen Component Index closed at 13215.46, up 1.16% [1] Individual Stock Performance - The top-performing stock was Huangting International, which rose by 4.98% to a closing price of 3.16 [1] - Nandu Property experienced the largest drop, falling by 5.07% to a closing price of 14.98 [1] - Other notable declines included Zhongtian Service (-1.83% to 5.90), Zhujiang Shares (-1.55% to 6.37), and Wo Ai Wo Jia (-1.54% to 3.20) [1] Trading Volume and Capital Flow - The total trading volume for the real estate service sector was significant, with Huangting International achieving a transaction value of 9.16 billion [1] - The sector saw a net inflow of 148.25 million from institutional investors, while retail investors contributed a net inflow of 5706.27 million [1] - However, there was a notable net outflow of 5854.53 million from speculative funds [1] Capital Flow by Stock - Huangting International had a net inflow of 114 million from institutional investors, but a net outflow of 519.7 million from speculative funds [2] - Nandu Property recorded a net inflow of 192.87 million from institutional investors, with a net outflow of 359.25 million from speculative funds [2] - Zhongtian Service experienced a significant net outflow of 1003.71 million from institutional investors, while retail investors contributed a net inflow of 1399.73 million [2]