证券代码：000560 证券简称：我爱我家 公告编号：2025-020 号 我爱我家控股集团股份有限公司 关于为全资子公司提供担保的进展公告 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。 一、担保情况概述及审批情况 我爱我家控股集团股份有限公司（以下简称"公司"、"本公司"）于 2025 年 4 月 8 日和 2025 年 5 月 13 日分别召开第十一届董事会第十次会议暨 2024 年度 董事会和 2024 年年度股东大会，审议通过了《关于 2025 年度为子公司债务融资 提供担保额度的议案》,同意公司 2025 年度为子公司债务融资提供不超过 40 亿元 的担保额度，其中，为资产负债率低于 70%的子公司提供担保的预计额度不超过 30.80 亿元，为资产负债率超过 70%的子公司提供担保的预计额度不超过 9.20 亿 元。其中，公司为全资子公司昆明百货大楼（集团）家电有限公司（以下简称"昆 百大家电"）提供的担保额度为 20,000 万元。股东大会授权董事会安排经营管理 层根据各子公司主营业务经营情况按步骤实施其所需的融资担保额度，并在符合 规定的被担保 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The sales area decline has continued to narrow in the first four months of 2025, with high-energy cities showing higher transaction heat [5][14] - The new housing starts have decreased significantly, impacting construction data, while completion areas are still declining year-on-year [6][19] - The decline in real estate development investment has expanded, with weak willingness to start new projects [7][20] - Domestic loan growth has turned positive, but sales collection pressure remains significant [24] Summary by Sections Sales Performance - In the first four months of 2025, the national commodity housing sales area was 283 million square meters, down 2.8% year-on-year, with residential sales area down 2.1% [5][14] - The sales amount for commodity housing was 2.70 trillion yuan, down 3.2% year-on-year, with residential sales amount down 1.9% [5][14] - In April 2025, the sales area and amount were down 2.1% and 6.7% year-on-year, respectively, with a monthly average price decline of 4.7% [5][14] Construction and Investment - The new housing starts in the first four months of 2025 were 178 million square meters, down 23.8% year-on-year [6][19] - The completion area was 156 million square meters, down 16.9% year-on-year, indicating continued pressure on construction [6][19] - Real estate development investment in the first four months was 2.77 trillion yuan, down 10.3% year-on-year, primarily due to declining new starts [7][20] Financing and Market Outlook - The total funds available for real estate development enterprises were 3.26 trillion yuan, down 4.1% year-on-year, with domestic loans showing a positive growth of 0.8% [24] - The investment suggestion indicates a recovery trend in core cities since March 2025, with a recommendation for companies that can capture improvement-driven customer demand [30]

Investment Rating - The report maintains a cautious outlook on the real estate industry, indicating a continued divergence among companies, with a focus on those positioned in core cities and commercial operations [2][3]. Core Insights - The recent disclosure of annual and quarterly reports shows that real estate development companies are still in a performance bottoming phase for 2024 due to declining gross margins and increased impairments, with no significant improvement observed in Q1 of this year [2][3]. - Companies focusing on core city developments and property leasing have managed to achieve performance growth despite the overall industry challenges [2][3]. - The trend of deleveraging among real estate firms is expected to continue in 2024, with an optimization of debt structure and a decrease in interest-bearing debt ratios noted in Q1 [2][3]. - State-owned enterprises exhibit relatively stable debt repayment capabilities, and strong credit real estate companies are anticipated to maintain a competitive advantage in the context of declining financing costs [2][3]. - The issuance of the "Opinions on Continuing to Promote Urban Renewal Actions" by the Central Committee and the State Council is expected to accelerate the pace of urban renewal through increased funding support for eligible projects [2][3]. Summary by Sections Market Review - In the week of May 10-16, new home transaction area in 29 key cities reached 2.02 million square meters, a 39.0% increase week-on-week but a 10.8% decrease year-on-year [2]. - The transaction area for second-hand homes in 13 key cities was 1.75 million square meters, reflecting a 46.0% increase week-on-week and a 1.2% decrease year-on-year [2]. - New land supply in 100 cities decreased year-on-year by 30.5% but increased by 66.1% week-on-week, with 8.5 million square meters of new residential land supplied [2]. Industry News - The report highlights the ongoing divergence among companies and emphasizes the importance of focusing on core city layouts and commercial operations [2][3]. - The CITIC Real Estate Index fell by 0.5%, while the CSI 300 rose by 1.1%, indicating that the real estate sector underperformed the broader market [2][3]. Investment Recommendations - The report recommends focusing on developers and property management companies in core cities, as well as quality commercial real estate firms [2][3]. - Specific stock recommendations include: - A-shares: Binhai Group, Jianfa Co., Jindi Group, China Merchants Shekou, China Merchants Jinling, and Wo Ai Wo Jia - Hong Kong stocks: Beike, Jianfa International Holdings, Yuexiu Property, and Greentown Service [2][3].

Financial Performance - In 2024, the company's brokerage business achieved a GTV of approximately 231.5 billion CNY, a year-on-year increase of 4.2%. In Q1 2025, GTV reached about 56.8 billion CNY, up 35.2% year-on-year [2][3] - The company reported a Q1 2025 operating revenue of 2.823 billion CNY, a year-on-year increase of 2.54%, with a gross profit margin of approximately 10.28%, up 1.75 percentage points year-on-year. However, the net profit attributable to shareholders decreased by 75.29% to 6.27 million CNY [2][3] Market Position and Strategy - The company focuses on first-tier and strong second-tier cities, including Beijing, Shanghai, and Hangzhou, where it has maintained a steady market share increase. In Shanghai, the market share rose by 0.8 percentage points year-on-year [2][3] - The average commission rate for buying and selling business slightly decreased in 2024 due to policy adjustments in core cities, but the company continues to provide competitive rates aligned with government guidelines [4] Business Expansion and Innovation - In 2024, the company made progress in business model innovation in areas such as renovation and community e-commerce, with plans for further expansion in 2025 [5] - As of Q1 2025, the company operated approximately 2,636 stores, including 2,134 direct-operated and about 500 franchised stores, with over 30,000 agents [6] Talent Development - The company is enhancing its talent development system, focusing on a tiered training approach and optimizing multi-dimensional incentive systems to improve service quality and market share [7] Digital Transformation - In 2024, the company's app MAU reached 3.47 million, a 10% year-on-year increase, while the mini-program MAU reached 2.13 million, up 1% year-on-year. The website customer entry rate reached 43.3%, an increase of 1.5 percentage points [8][9] Market Outlook - The company anticipates a recovery in the second-hand housing market in 2025, driven by the easing of housing policies and macroeconomic recovery. Key cities like Beijing, Shanghai, and Hangzhou are expected to see increased transaction activity [9][10] - The long-term growth of the housing rental market is expected to continue, with projections indicating that the overall rental market size could exceed 3 trillion CNY by 2030, with an annual compound growth rate of 5-10% [10] Cost Management - The company plans to maintain a downward trend in costs and expenses in 2025 by controlling various operational costs, including rent, renovation, and personnel expenses [9][11]

我爱我家控股集团股份有限公司 关于参加云南辖区上市公司 2024 年度投资者网上 集体接待日活动的公告 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。 证券代码：000560 证券简称：我爱我家 公告编号：2025-019 号 届时公司董事、董事会秘书邹天龙先生、财务负责人张海琼女士、投资者关 系总监黄健涛先生将在线就公司 2024 年度业绩、公司治理、发展战略、经营状 况和可持续发展等投资者关心的问题，与投资者进行沟通与交流，欢迎广大投资 者踊跃参与！ 特此公告。 我爱我家控股集团股份有限公司 董 事 会 1 为进一步加强与投资者的互动交流，我爱我家控股集团股份有限公司（以下 简称"公司"）将参加由云南证监局指导，云南省上市公司协会与深圳市全景网 络有限公司联合举办的"2024 年度云南辖区上市公司投资者网上集体接待日"， 现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （https://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演 APP, 参与本次互动交流，活动时间为 2025 年 5 月 1 ...

国浩律师（北京）事务所 关于 我爱我家控股集团股份有限公司 2024 年年度股东大会的 法律意见书 北京 上海 深圳 杭州 天津 昆明 广州 成都 宁波 福州 西安 南京 南宁 香港 巴黎 地址：北京市朝阳区东三环北路38号泰康金融大厦9层 邮编：100026 电话：010-65890699 传真：010-65176800 电子信箱：bjgrandall@grandall.com.cn 网址：http://www.grandall.com.cn 1 国浩律师（北京）事务所 关于我爱我家控股集团股份有限公司 2024 年年度股东大会的法律意见书 国浩京证字[2025]第 0407 号 致：我爱我家控股集团股份有限公司 国浩律师（北京）事务所（以下简称"本所"）在中华人民共和国具有执业 资格，可以从事与中国法律有关之业务。本所接受我爱我家控股集团股份有限公 司（以下简称"公司"）的委托，指派律师出席了公司 2024 年年度股东大会（以 下简称"本次股东大会"）。现根据《中华人民共和国公司法》（以下简称"《公 司法》"）《上市公司股东会规则》（以下简称"《股东会规则》"）《律师事 务所从事证券法律业务管理办法》《律 ...

证券代码：000560 证券简称：我爱我家 公告编号：2025-018 号 我爱我家控股集团股份有限公司 2024 年年度股东大会决议公告 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。 特别提示： 1.本次股东大会未出现否决提案的情形。 2.本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 （一）会议召开情况 1.召开时间： （1）现场会议召开时间：2025 年 5 月 13 日（星期二）14:00 开始。 （2）网络投票时间：2025 年 5 月 13 日（星期二） 其中，通过深圳证券交易所交易系统进行网络投票的时间为：2025 年 5 月 13 日 9:15—9:25，9:30—11:30，13:00—15:00；通过深圳证券交易所互联网投 票系统投票的时间为：2025 年 5 月 13 日 9:15 至 15:00 期间的任意时间。 2.现场会议召开地点：北京市朝阳区北辰东路 8 号院 7 号楼 5 层我爱我家会 议室。 3.会议召开方式：现场投票与网络投票相结合的方式。本次股东大会通过深 圳证券交易所交易系统和互联网投票系统提 ...

Group 1 - The core viewpoint of the articles highlights the continued growth in the second-hand housing market in Nanjing and Suzhou during April, following a strong performance in March, indicating a robust real estate market during the "golden three silver four" period [1][2] - In Nanjing, the second-hand housing transaction volume reached a new monthly high in April with 9,738 units sold, representing a 4.2% month-on-month increase, while the average transaction price decreased by 4.5% to 23,325 yuan per square meter [1] - The number of new listings in Nanjing fell by 13.4% to 7,132 units, with the average listing price dropping by 2.3% to 26,823 yuan per square meter, indicating a decline in seller expectations despite the active transaction volume [1] Group 2 - In Suzhou, the second-hand housing market also showed positive trends with a total of 7,531 units sold in April, reflecting a 4.22% month-on-month increase and a 4.79% year-on-year increase, while the average price slightly decreased by 0.17% to 24,050 yuan per square meter [2] - The new housing market in Nanjing experienced a surge in activity during the recent "May Day" holiday, with significant foot traffic and sales, indicating a strong demand for new properties [2]

Core Viewpoint - The real estate "de-inventory" strategy is primarily driven by the reversal of supply-demand dynamics and declining sales data, leading to an oversupply of commercial housing and an extended inventory digestion cycle [1][4]. Group 1: Market Dynamics - The current real estate cycle has seen a significant change in supply-demand relationships, officially entering a de-inventory phase as of July 2023, with over 30 months of continuous decline in sales volume and price [2][4]. - The scale of housing and inventory in this cycle is larger compared to previous downturns, with substantial monetary and fiscal policy support already in place since 2024 [2][4]. Group 2: Policy and Quality Improvement - The focus of housing development has shifted from mere availability to quality, with government initiatives aimed at increasing the supply of "good houses" and enhancing construction standards [2][3]. - New national standards for residential projects, effective from March 31, 2025, will enforce stricter requirements on various aspects of housing construction, leading to improved quality in new residential buildings [2][3]. Group 3: Investment Recommendations - Recommended companies include those with strong credit and a good grasp of improvement-oriented customer demand, such as Greentown China and China Merchants Shekou [1][4]. - Companies benefiting from both residential and commercial real estate recovery, like China Resources Land and New City Holdings, are also highlighted [1][4]. - The second-hand housing market is expected to grow, with companies like Beike-W and I Love My Home positioned to capitalize on this trend [1][4].

Group 1 - The supply-demand relationship has changed, leading to a prolonged decline in both volume and price in the current real estate cycle. The central government has officially entered a destocking cycle as of July 2023, with significant policy support and a longer duration of declining sales data compared to previous cycles [2][7][26] - The concept of "good houses" has emerged, shifting the focus from mere availability to quality. The government has emphasized increasing the supply of quality housing, with new standards set to enhance residential construction requirements [2][31][35] Group 2 - The real estate market is transitioning from "having" to "quality," with increasing demand for improved housing conditions. Data from the 2020 census shows an average of 3.18 rooms per household and 37.76 square meters per person, indicating progress in housing quality [3][45] - The aging of existing housing stock, primarily built between 1990 and 2014, is expected to drive ongoing replacement and upgrading demand as homeowners seek better living conditions [3][46] Group 3 - Investment recommendations suggest focusing on companies with strong credit ratings that can cater to improving customer needs, such as Greentown China, China Merchants Shekou, and China Overseas Development. Additionally, firms benefiting from both residential and commercial real estate recovery are highlighted [4][60][61]