2月20日16时，金科服务历时5年多的港股上市历程正式落幕，其也是港股第四家退市的物企。 作为曾经的"西南物业第一股"，金科服务一度被视为高成长性物企代表，是资本市场热捧的明星物企， 市值更是突破550亿港元。但此后随着母公司金科股份陷入流动性危机、自身业绩连续亏损及行业估值 逻辑剧变，公司股价一路下挫：其退市前市值约52亿港元，较历史高点蒸发超90%，停牌前市盈率不足 6倍，远低于A股物企平均12倍的估值水平。 值得注意的是，此次退市是博裕资本在债务、股权与行业周期合力下的被动接盘与主动自救，折射出港 股物管板块结构性矛盾。 历时5年掌控金科服务 谁也未曾想到，2021年作为战略投资者，只是想给金科股份"输一管血"的博裕资本会在5年后成为金科 服务的全资掌控者，并一手推动其从港股退市。 真正的转折发生在2025年初：随着金科股份债务重组推进，其质押给博裕资本的1.08亿股金科服务股份 在阿里司法拍卖平台上被反复挂拍，三次流拍之后，最终还是由博裕资本以6.67亿元接盘，相当于每股 6.67港元——相较当年26港元的入场价，已是"腰斩再腰斩"。 而完成股权拍卖后，博裕资本持股比例已提升至55.91%，正式成为金 ...

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].

公司重整计划已于2025年12月执行完毕，形成约680亿元至700亿元的重整收益，计入非经常性损益。同 时，新任董事长郭伟及专家顾问团队(如马蔚华、冯仑等)已上任，重点推动资产盘活和业务转型。后续 关注点包括新战略(如投资管理、不动产运营)的落地效果。 公司基本面 尽管净利润扭亏，但2025年扣非净利润预计亏损290亿元至350亿元，反映主营业务仍承压。资金流向显 示，2026年1月主力资金净流出频繁，例如1月9日净流出1238.1万元，与大盘走势分化，表明市场对ST 个股持谨慎态度。长期表现需观察现金流改善及行业政策影响。 以上内容基于公开资料整理，不构成投资建议。 经济观察网根据最新公告和市场信息，ST金科(000656)有以下值得关注的事件： 业绩经营情况 公司于2026年1月30日发布业绩预告，预计2025年净利润为300亿元至350亿元，实现扭亏为盈；年末净 资产预计为50亿元至70亿元，由负转正。若经审计后符合条件，公司计划向深交所申请撤销退市风险警 示(即"摘帽")，最终结果取决于年报审计意见。2025年年度报告预计在近期披露，这将决定公司是否消 除退市风险。 重组进展 ...

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 ...

*ST金科公告称，因2024年末净资产为负，2022 - 2024年连续三年扣非前后净利润均为负，公司股票被 实施退市风险警示并叠加其他风险警示。若2025年年报披露后出现特定情形，股票将面临终止上市风 险。公司预计2025年净利润300亿 - 350亿元，扣非后净利润 -350亿 - -290亿元，营收60亿 - 75亿元，年 末净资产50亿 - 70亿元。该数据未经审计，最终以年报为准。撤销风险警示仍存不确定性，提醒投资者 注意风险。 ...

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].

Core Insights - The article discusses the performance of ST stocks in the Chinese capital market, highlighting a significant number of companies facing delisting risks due to poor financial results [2][3]. Group 1: Performance of ST Stocks - As of February 2, 178 ST stocks were under risk warnings, with 176 having released earnings forecasts, indicating a trend of companies struggling to meet performance expectations [2][3]. - Only 24% of ST stocks reported improved performance, with 118 continuing to incur losses, while 93 stocks under delisting risk showed that 58 were expected to continue losing money [3][4]. Group 2: Major Losses and Financial Indicators - ST晨鸣 (000488.SZ) is projected to incur the largest loss, estimated between 8.2 billion to 8.8 billion yuan, marking its third consecutive year of losses totaling 16.9 billion yuan [3][4]. - ST柯利达 (603828.SH) anticipates a net loss of 160 million to 200 million yuan, a drastic decline of 1964.13% to 2430.16% compared to the previous year [4]. Group 3: Delisting Risks - Companies like *ST岩石 and *ST精伦 are at risk of delisting due to failing to meet financial criteria, with *ST岩石 expected to have an operating income below 300 million yuan [5][6]. - Several ST stocks are likely to receive non-standard audit opinions, which could further jeopardize their listing status, such as *ST观典 and *ST太和 [5][6]. Group 4: Recovery Efforts - Some ST stocks are attempting to turn around their fortunes through restructuring and asset sales, with *ST金科 (000656.SZ) projecting a net profit of 30 billion to 35 billion yuan for 2025 after a significant debt restructuring [7][8]. - *ST松发 is also expected to achieve a net profit of 2.4 billion to 2.7 billion yuan, following a major asset restructuring that shifted its business focus [8][9].

Core Viewpoint - The article discusses the performance of risk warning stocks in the market, highlighting that a significant number of these stocks are facing delisting risks due to poor financial results and the implementation of stricter delisting regulations [3][5]. Group 1: Performance of Risk Warning Stocks - As of February 2, 2026, out of 178 risk warning stocks, 176 have released performance forecasts, with only 24% of ST stocks showing positive performance [4][7]. - Among the 93 stocks under delisting risk, 58 are expected to continue losing money, accounting for 69% of the group [7]. - ST晨鸣 (000488.SZ) is projected to incur a loss of between 8.2 billion to 8.8 billion yuan, marking its third consecutive year of losses totaling 16.9 billion yuan [7][8]. Group 2: Companies Facing Delisting Risks - Companies like *ST岩石 and *ST精伦 are expected to report negative net profits and insufficient revenue, leading to potential delisting [10]. - Some companies are already facing non-standard audit opinions, indicating further risks of delisting, such as *ST观典 and *ST太和 [11]. Group 3: Companies on the Path to Recovery - Certain ST stocks are attempting to turn around their fortunes through restructuring and asset sales, such as *ST金科, which is expected to report a net profit of 30 billion to 35 billion yuan after a successful restructuring [13]. - *ST松发 is projected to achieve a net profit of 2.4 billion to 2.7 billion yuan, following a significant asset restructuring that shifted its business focus [14].

Core Insights - The article highlights the significant number of companies facing delisting risks due to poor financial performance, with only 24% of ST stocks showing positive results [1][2] - A total of 178 ST stocks were analyzed, with 118 continuing to incur losses, indicating a concerning trend in the market [2][3] Group 1: Financial Performance of ST Stocks - Among the 178 ST stocks, 118 reported continued losses, while only 33 managed to turn a profit, and 12 reported first-time losses [2] - The largest projected loss comes from ST Chenming, with an estimated loss of 8.2 billion to 8.8 billion yuan, marking its third consecutive year of losses totaling 16.9 billion yuan [2][3] - ST Keli Da expects a net loss of 160 million to 200 million yuan for 2025, a drastic decline of 1964.13% to 2430.16% compared to the previous year [3] Group 2: Delisting Risks - Several companies, including ST Yanshi and ST Jinglun, have triggered financial delisting indicators, with ST Yanshi expected to have an operating income below 300 million yuan for 2025 [4] - ST Jinglun anticipates a negative net profit for 2025, with its stock facing potential delisting risks due to financial performance [4][5] - Audit firms have indicated that some ST stocks may receive non-standard audit opinions, further increasing delisting risks [4] Group 3: Recovery Efforts - Some ST stocks are attempting to recover through restructuring and asset sales, with ST Jinke projecting a turnaround with a net profit of 30 billion to 35 billion yuan for 2025 after completing a restructuring plan [6] - ST Songfa expects a net profit of 2.4 billion to 2.7 billion yuan for 2025, following a significant asset restructuring that shifted its business focus [6][7] - ST Weir has also seen positive impacts on its performance through strategic asset acquisitions and divestitures, projecting a net profit of 19 million to 22 million yuan [7]

Core Viewpoint - Jinke Co., Ltd. (ST Jinke, SZ000656) has successfully completed its restructuring and is projected to achieve a significant turnaround in profitability for the year 2025, with an expected net profit of 30 billion to 35 billion yuan, marking a shift from losses to substantial profits [1][2] Group 1: Financial Performance - The company anticipates a net profit attributable to shareholders of 30 billion to 35 billion yuan for 2025, with total equity expected to turn positive, estimated between 5 billion to 7 billion yuan [1] - Jinke Co. reported cumulative net losses of over 60 billion yuan from 2022 to 2024, with losses of 21.39 billion yuan in 2022, 8.73 billion yuan in 2023, and 31.97 billion yuan in 2024 [1][2] - The restructuring plan involved over 8,400 creditors and a total debt of 147 billion yuan, with expected debt restructuring gains of approximately 68 billion to 70 billion yuan [2] Group 2: Restructuring and Corporate Changes - The restructuring plan was executed successfully by December 2025, making Jinke the first "trillion-yuan real estate company" in A-shares to complete judicial restructuring [1][2] - The company has optimized its organizational structure by establishing new divisions such as urban renewal, asset management, and digital technology, aiming to enhance risk control and strategic execution [4][5] - The leadership transition includes new appointments, with Guo Wei as Chairman and President, indicating a strategic shift towards becoming a comprehensive real estate operator [5][6] Group 3: Strategic Transformation - Jinke Co. is transitioning from traditional real estate operations to focus on high-profitability and high-return investment management, with a clear strategy to engage in special asset investment and operation [5][6] - The company aims to leverage existing assets to generate cash flow and address previous liquidity challenges, marking a significant shift in its business focus [5][6] - The ongoing industry trend indicates a movement from heavy asset models to lighter asset strategies, which is crucial for real estate companies to navigate current market challenges [6]