金科地产集团股份有限公司 关于 2025 年年度报告编制及审计进展情况的公告 经审计，截至 2024 年度末公司归属于上市公司股东的净资产为负数，同时 因公司 2022 年、2023 年及 2024 年连续三年实现的扣除非经常性损益后归属于 母公司股东的净利润为负值，存在可能导致对公司持续经营能力产生重大疑虑的 重大不确定性，天健会计师事务所（特殊普通合伙）（以下简称"天健"）对公 司 2024 年年度财务报告出具了保留意见审计报告。 2025 年，公司积极推进司法重整工作，且公司重整计划已于 2025 年末执行 完毕。公司于 2026 年 1 月 31 日披露了《2025 年度业绩预告》，预计 2025 年度 末归属于上市公司股东的净资产为 50 亿元至 70 亿元，公司持续经营能力得到提 升。 截至本公告披露日，公司年报审计工作尚在开展中，相关事项的影响能否消 除具体以审计机构最终正式出具的审计报告意见为准。 二、2025 年年度报告编制及审计进展 证券简称：*ST 金科 证券代码：000656 公告编号：2026-008 号 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 ...

金科地产集团股份有限公司 关于公司股票可能被终止上市的第四次风险提示公告 证券简称：*ST 金科 证券代码：000656 公告编号：2026-007 号 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、因金科地产集团股份有限公司（以下简称"公司"）经审计 2024 年度 期末净资产为负值，同时公司 2022 年、2023 年及 2024 年连续三年扣除非经常 性损益前后净利润均为负值，且最近一年审计报告显示公司持续经营能力存在 不确定性，根据《深圳证券交易所股票上市规则》（以下简称"《股票上市规则》"） 的相关规定，公司股票交易被实施退市风险警示并叠加其他风险警示。若公司 出现《股票上市规则》第 9.3.12 条规定的情形，公司股票存在被终止上市的风 险。 2、根据《股票上市规则》第 9.3.6 条规定："上市公司因触及本规则第 9.3.1 条第一款第一项至第三项情形，其股票交易被实施退市风险警示后，应当在其 股票交易被实施退市风险警示当年会计年度结束后一个月内，披露股票可能被 终止上市的风险提示公告，在首次风险提示公告披露后至年度报告披露前， ...

Core Viewpoint - The article discusses the imminent risk of delisting faced by several ST companies in the A-share market as they approach the annual report disclosure season, highlighting both companies that are likely to exit and those attempting to recover [3]. Group 1: Companies Facing Delisting Risks - *ST Jinglun has announced a risk of delisting due to its market capitalization falling below 500 million yuan, with a closing price of 1.01 yuan and a total market value of 497 million yuan as of March 9 [5][6]. - The company is expected to report a negative net profit for 2025, with its adjusted operating revenue projected to be 86.22 million yuan, below the 300 million yuan threshold, leading to potential delisting [9]. - *ST Haiyuan has also issued a risk warning, with projected revenues for 2025 between 350 million and 380 million yuan, but expected losses of 214 million to 178 million yuan, which may trigger delisting warnings [12]. Group 2: Companies Potentially Avoiding Delisting - *ST Dazheng has indicated that it may avoid delisting, with projected revenues for 2025 between 335 million and 350 million yuan, and an audit report suggesting that financial indicators related to delisting risks may be resolved [14][16]. - *ST Dongyi is undergoing a restructuring process, with expected net assets for 2025 between 720 million and 1.067 billion yuan, which may help it avoid delisting [17]. - *ST Jinke has projected a net profit of 30 billion to 35 billion yuan for 2025, but also anticipates a negative net profit of 29 billion to 35 billion yuan when excluding non-recurring gains, leading to uncertainty regarding its delisting status [18][19].

金科地产集团股份有限公司 证券简称：*ST 金科 证券代码：000656 公告编号：2026-006 号 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、因金科地产集团股份有限公司（以下简称"公司"）经审计 2024 年度 期末净资产为负值，同时公司 2022 年、2023 年及 2024 年连续三年扣除非经常 性损益前后净利润均为负值，且最近一年审计报告显示公司持续经营能力存在 不确定性，根据《深圳证券交易所股票上市规则》（以下简称"《股票上市规则》"） 的相关规定，公司股票交易被实施退市风险警示并叠加其他风险警示。若公司 出现《股票上市规则》第 9.3.12 条规定的情形，公司股票存在被终止上市的风 险。 2、根据《股票上市规则》第 9.3.6 条规定："上市公司因触及本规则第 9.3.1 条第一款第一项至第三项情形，其股票交易被实施退市风险警示后，应当在其 股票交易被实施退市风险警示当年会计年度结束后一个月内，披露股票可能被 终止上市的风险提示公告，在首次风险提示公告披露后至年度报告披露前，每 十个交易日披露一次风险提示公告。"公司应当披 ...

Core Viewpoint - Jinke Services has officially delisted from the Hong Kong Stock Exchange after over five years, marking it as the fourth property management company to do so, reflecting structural contradictions in the Hong Kong property management sector [1][4]. Group 1: Company Background and Financial Performance - Jinke Services was once regarded as a high-growth property management company with a market capitalization exceeding HKD 55 billion, but its value plummeted to approximately HKD 5.2 billion before delisting, representing a loss of over 90% from its peak [1][4]. - The company reported significant losses in recent years, with net profits of -1.819 billion, -0.951 billion, and -0.587 billion for the years 2022 to 2024, respectively [6][7]. - As of mid-2025, Jinke Services had total revenue of HKD 2.335 billion, a slight decline of 3.1% year-on-year, but maintained cash and liquid assets of HKD 2.6512 billion [6][7]. Group 2: Ownership Changes and Delisting Process - In 2021, Boyu Capital became a strategic investor in Jinke Services, acquiring approximately 22.69% of its shares for HKD 3.734 billion, with an initial share price of HKD 26 [2][3]. - Following a series of financial difficulties, Boyu Capital increased its stake to 55.91% by acquiring shares through judicial auction at a significantly reduced price of HKD 6.67 per share [3][4]. - Boyu Capital initiated a privatization process, offering a mandatory cash buyout at HKD 6.67 per share, which was later revised to include an increased offer of HKD 8.69 per share, contingent on meeting specific delisting conditions [4][5]. Group 3: Strategic Implications Post-Delisting - The delisting allows Jinke Services to pursue long-term growth strategies without the pressures of market expectations and stock price volatility, enabling a focus on core business operations [5][6]. - The company aims to reduce its reliance on its former parent company, Jinke Group, by cleaning up debt relationships and minimizing related party transactions [7]. - Future strategies will emphasize improving profitability and cash flow, with a focus on solidifying successful projects and discontinuing unprofitable ones [7].

Core Viewpoint - The A-share listed real estate companies are facing significant losses in 2025, with 74% of the 77 companies that released earnings forecasts expecting to report losses totaling approximately 208.2-209.4 billion yuan, indicating a deep industry adjustment [2][4]. Group 1: Loss Forecasts - Among the companies, Vanke is expected to incur the largest loss of 820 billion yuan, marking the highest loss in A-share real estate history, a 65.7% increase from 2024 [4]. - Other companies with substantial losses include China Fortune Land Development (160-240 billion yuan), Greenland Holdings (160-190 billion yuan), and China Overseas Land & Investment (130-155 billion yuan) [4][5]. - The overall decline in sales volume and prices is reflected in the financial metrics, with a reported 8.7% decrease in new housing sales area and a 12.6% drop in sales revenue [5]. Group 2: Common Challenges - The primary reasons for the losses include weak sales leading to reduced profit recognition, as profits from real estate sales are recognized with a lag [6]. - Despite diversification efforts, companies remain heavily reliant on real estate development, which has been underperforming during the industry downturn, limiting their ability to offset losses from core operations [6]. - Asset impairment provisions have surged due to declining real estate prices, with Vanke reporting over 50 billion yuan in impairments, significantly impacting overall losses [6]. Group 3: Notable Exceptions - Kaisa Group stands out as a positive example, projecting a net profit of 300-350 billion yuan for 2025, primarily due to debt restructuring gains of 680-700 billion yuan [7]. - The company has shifted its focus from traditional real estate development to light asset operations, including property services and commercial management, to enhance resilience against market fluctuations [7]. Group 4: Industry Outlook - The year 2025 is seen as a critical period for the real estate sector, with ongoing adjustments expected to lead to a gradual recovery starting in 2026, supported by favorable policies and market improvements [11][12]. - Regulatory measures are being implemented to stabilize the financing environment and stimulate demand, which may help quality companies regain market share while weaker firms face potential elimination [11][12].

Performance Overview - The company announced a profit forecast on January 30, 2026, expecting a net profit of 30 billion to 35 billion yuan for 2025, indicating a turnaround from losses [1] - The estimated net assets at year-end are projected to be between 5 billion to 7 billion yuan, also reflecting a recovery [1] - If the audited results meet the criteria, the company plans to apply to the Shenzhen Stock Exchange to lift the delisting risk warning, with the final outcome dependent on the annual audit opinion [1] Restructuring Progress - The company's restructuring plan was completed in December 2025, resulting in approximately 68 billion to 70 billion yuan in restructuring gains, which will be included in non-recurring profits [2] - The new chairman, Guo Wei, along with an expert advisory team, has taken office, focusing on asset revitalization and business transformation [2] - Future attention will be on the implementation effects of new strategies, such as investment management and real estate operations [2] Company Fundamentals - Despite the profit turnaround, the expected non-recurring net profit for 2025 is projected to be a loss of 29 billion to 35 billion yuan, indicating ongoing pressure on core business operations [3] - Capital flow data shows frequent net outflows of main funds in January 2026, with a notable outflow of 12.381 million yuan on January 9, diverging from market trends and reflecting cautious market sentiment towards ST stocks [3] - Long-term performance will need to be monitored for improvements in cash flow and the impact of industry policies [3]

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： 关于公司股票可能被终止上市的第二次风险提示公告 证券简称：*ST 金科 证券代码：000656 公告编号：2026-005 号 金科地产集团股份有限公司 根据《股票上市规则》第 9.3.12 规定："上市公司因触及本规则第 9.3.1 条 第一款情形，其股票交易被实施退市风险警示后，实际触及退市风险警示情形相 应年度次一年度出现下列情形之一的，本所决定终止其股票上市交易： 1、因金科地产集团股份有限公司（以下简称"公司"）经审计 2024 年度 期末净资产为负值，同时公司 2022 年、2023 年及 2024 年连续三年扣除非经常 性损益前后净利润均为负值，且最近一年审计报告显示公司持续经营能力存在 不确定性，根据《深圳证券交易所股票上市规则》（以下简称"《股票上市规 则》"）的相关规定，公司股票交易被实施退市风险警示并叠加其他风险警示。 若公司出现《股票上市规则》第 9.3.12 条规定的情形，公司股票存在被终止上 市的风险。 2、根据《股票上市规则》第 9.3.6 条规定："上市公司因触及本规则 ...

Core Viewpoint - *ST Jinke announced that due to negative net assets at the end of 2024 and negative net profits for three consecutive years from 2022 to 2024, the company's stock is subject to delisting risk warnings along with other risk warnings [1] Financial Performance - The company expects a net profit of 30 billion to 35 billion yuan for 2025, with a non-deducted net profit ranging from -35 billion to -29 billion yuan, and revenue projected between 6 billion to 7.5 billion yuan [1] - The year-end net assets are anticipated to be between 5 billion to 7 billion yuan [1] Risk Warnings - The data provided is unaudited and the final figures will be confirmed in the annual report, indicating uncertainty regarding the removal of risk warnings [1] - If specific conditions are met after the disclosure of the 2025 annual report, the stock may face termination of listing risk [1]

Core Insights - The issue of "delivery difficulties" in the real estate sector, which once caused market panic, is gradually becoming a thing of the past as many real estate companies report their housing delivery data for 2025, indicating that the delivery work is nearing completion [1][3][4]. Group 1: Delivery Progress - By the end of the "14th Five-Year Plan," approximately 7.5 million units of "sold but undelivered" housing have been delivered nationwide, with Country Garden delivering about 1.85 million units [1][4]. - Greenland Holdings announced that it expects to deliver over 8 million square meters of residential projects in 2025, translating to around 80,000 units, following previous deliveries of 260,000, 280,000, and 140,000 units from 2022 to 2024 [3]. - Sunac Group reported cumulative deliveries of over 720,000 units from 2022 to 2025, with the delivery work nearing completion [3]. Group 2: Industry Recovery - With the pressure of delivery alleviated, the real estate sector is entering a new phase of industry recovery [2]. - The national housing and urban-rural development meeting confirmed that the delivery tasks for 2025 have been fully completed, with a delivery rate of 99% for the 3.96 million units targeted in the "guaranteed delivery" campaign [4]. - The financial support for projects has exceeded 7 trillion yuan, facilitating smooth construction and delivery [4]. Group 3: Risk Mitigation - The past three years have seen a systematic risk mitigation effort, with collaboration among national, provincial, and municipal work teams to ensure accountability among local governments, real estate companies, and financial institutions [5]. - The implementation of targeted policies has significantly reduced concerns about project delays, with many previously troubled projects now successfully delivered [5][8]. - Experts indicate that real estate risks have notably subsided, with a shift in focus for many companies towards debt resolution, asset management, and revitalizing land holdings [6][7]. Group 4: Market Stability - There are signs of stabilization in housing prices, particularly in first-tier cities, which lays a solid foundation for market recovery and rebuilds confidence in the industry [8]. - The reduction in project suspensions and the increase in timely and high-standard deliveries have effectively safeguarded buyers' rights, contributing to a more stable market environment [8].