Core Viewpoint - Jinke Property Group Co., Ltd. has successfully turned its financial performance around, projecting a net profit of 30 billion to 35 billion yuan for 2025, marking a significant recovery from previous losses [1][2] Financial Performance - The company expects its net profit attributable to shareholders to reach between 30 billion and 35 billion yuan, with total equity projected to be between 5 billion and 7 billion yuan [1] - Basic earnings per share are anticipated to be between 2.8 yuan and 3.3 yuan [1] Debt Restructuring - The turnaround is primarily attributed to the successful execution of the company's restructuring plan, which has resulted in approximately 68 billion to 70 billion yuan in debt restructuring benefits [2] - The restructuring plan was officially completed in December 2025, allowing the company to convert previously unpayable debts into reported profits [2][9] Restructuring Details - Jinke Property filed for bankruptcy restructuring in February 2024, with the court accepting the application two months later [3] - The total assessed value of the company's assets was approximately 25.2 billion yuan, while the total debt amounted to about 64.9 billion yuan [3] - The restructuring plan included various methods for debt repayment, including cash settlements and equity conversions [4][6] Employee and Tax Credit Settlements - Employee debts totaling approximately 42 million yuan will be fully settled in cash within six months after the restructuring plan is approved [4] - Tax debts amounting to about 574 million yuan will be paid in installments without late fees [4] Asset Management and Future Strategy - Jinke Property aims to transition to a "technology-driven comprehensive real estate operator," focusing on urban renewal, asset management, operational management, and technology empowerment [13] - A new executive team has been established, including experienced professionals from various sectors to support the strategic transformation [14] Industry Implications - The restructuring of Jinke Property is considered a significant case in the real estate industry, providing a reference model for other companies facing similar debt crises [15]

Group 1: Real Estate Market Performance - In January 2026, the total sales of the top 100 real estate companies amounted to 190.52 billion yuan, representing a year-on-year decline of 18.9%, with a sales area of 6.548 million square meters [1] - The average price of second-hand residential properties in 100 cities was 12,905 yuan per square meter, with a month-on-month decline of 0.85%, while new residential properties saw an average price of 17,114 yuan per square meter, increasing by 0.18% month-on-month [2] - The real estate market is transitioning from a phase of "accelerated decline" to "slow bottoming," indicated by the recovery in core city transactions and a decrease in listings [2] Group 2: Land Sales and Government Actions - Wuxi has listed seven residential land parcels for sale with a total area of 607 acres and a starting price of 6.24 billion yuan, reflecting the local government's commitment to stabilize the market and optimize structure [3] - The government is implementing strict qualification requirements for land sales to ensure market stability and safeguard public welfare [3] Group 3: Company-Specific Developments - Jinke Co., Ltd. announced that its net profit for the fiscal year 2025 is projected to be between 30 billion and 35 billion yuan, with net assets estimated at 5 billion to 7 billion yuan [4] - The company plans to apply for the removal of the delisting risk warning from the Shenzhen Stock Exchange, marking a significant case of debt restructuring in the real estate sector [4] - Jinke Co., Ltd. aims to leverage this restructuring as an opportunity to accelerate strategic transformation and improve operational efficiency [4]

Core Viewpoint - The majority of A-share listed real estate companies are expected to report significant losses for the year 2025, indicating a challenging market environment for the industry [1][2]. Group 1: Loss Predictions - Out of 52 listed real estate companies, 40 are expected to report losses for 2025, which means over 80% of these companies are projected to be in the red [1]. - Five companies are expected to report losses exceeding 10 billion yuan, with Vanke leading at a projected loss of 820 billion yuan, followed by China Fortune Land Development, Greenland Holdings, Overseas Chinese Town, and Gemdale [2][3]. - Vanke's cumulative losses for 2024 and 2025 are projected to be nearly 1,315 billion yuan, surpassing the total profits from 2019 to 2023 [3]. Group 2: Reasons for Losses - The losses are attributed to declining property prices and significant impairment provisions that companies have had to make over the past two years [9][10]. - Many companies had previously anticipated a market recovery and began to recognize inventory impairments, but the continued market downturn has forced them to increase these provisions [10]. Group 3: Companies Reporting Profits - Twelve companies are expected to report profits, with Jinke Real Estate projected to achieve a net profit of 300 billion to 350 billion yuan, primarily due to successful restructuring [12][13]. - Poly Developments and China Merchants Shekou are also expected to report profits, albeit with significant declines compared to 2024, primarily due to impairment provisions [16][17]. Group 4: Market Dynamics - The list of loss-making companies includes a mix of private, state-owned, and central enterprises, indicating that the nature of the company does not correlate with the likelihood of losses [7]. - State-owned platform companies, which previously supported land acquisitions, are now facing increased pressure due to the ongoing market decline [8]. Group 5: Future Outlook - The upcoming annual report season in March and April 2025 will provide more detailed insights into the operational conditions of these companies [25].

Core Viewpoint - Jinke Property Group Co., Ltd. expects a net profit attributable to shareholders of 30 billion to 35 billion yuan for the year 2025, while the net profit after deducting non-recurring gains and losses is projected to be a loss of 29 billion to 35 billion yuan due to various factors including reduced revenue and increased impairment losses [2][5][13]. Group 1: Performance Forecast - The performance forecast period is from January 1, 2025, to December 31, 2025, with the first accounting year after the implementation of financial delisting risk warning [3]. - The company anticipates a positive net profit, indicating a turnaround from previous losses [3]. - The company plans to increase its share capital to 10,634,081,632 shares following the execution of its restructuring plan [3]. Group 2: Reasons for Performance Changes - The main reason for the expected turnaround in net profit is the completion of the restructuring plan, resulting in a restructuring gain estimated at 68 billion to 70 billion yuan, which will be included in non-recurring gains and losses [5]. - The projected loss after deducting non-recurring gains and losses is attributed to several factors, including a significant decrease in project sales, reduced revenue from projects reaching delivery conditions, and increased interest expenses due to overdue financing [7][6]. - The company has identified impairment indicators for some real estate development projects, leading to asset and credit impairment losses [7]. Group 3: Risk of Delisting - The company’s net assets were negative at the end of 2024, triggering a financial delisting risk warning under the stock listing rules [10][12]. - If the company’s audited financial report for 2025 reveals conditions specified in the stock listing rules, there is a risk of termination of stock listing [10][12]. - The company is required to disclose the risk of potential delisting due to the negative net assets and continuous losses over the past three years [10][14].

Core Viewpoint - *ST Jinke is expected to achieve a net profit of 30 billion to 35 billion yuan in 2025, with a projected revenue of 6 billion to 7.5 billion yuan, indicating a potential turnaround from losses to profits [1][2]. Group 1: Financial Performance - The company anticipates a net profit of 300 billion to 350 billion yuan for 2025, marking a significant recovery [1]. - The expected revenue for 2025 is projected to be between 60 billion and 75 billion yuan [1]. - After completing its restructuring plan, *ST Jinke expects to realize a debt restructuring gain of approximately 68 billion to 70 billion yuan [2]. Group 2: Restructuring and Corporate Changes - The restructuring plan has been executed, leading to a significant impact on the financial statements, including the need to include the profit and loss of subsidiaries until the end of November 2025 [3]. - The total share capital of *ST Jinke has increased from 5.34 billion shares to 10.634 billion shares following the restructuring [3]. - A new board of directors was elected on October 16, 2025, with Guo Wei appointed as the new chairman and CEO [3]. Group 3: Future Outlook - The company expects to turn its net assets from negative to a range of 5 billion to 7 billion yuan by the end of 2025 [4]. - If the audited financial report for 2025 shows positive net assets and receives an unqualified opinion from the auditor, *ST Jinke plans to apply for the removal of the delisting risk warning [4].

Core Viewpoint - Jinke Co., Ltd. has successfully completed its restructuring and is projected to achieve a significant turnaround in profitability, with expected net profits of 30 billion to 35 billion yuan for 2025, marking a shift from losses to substantial gains [1][4]. Group 1: Financial Performance - In 2020, Jinke Co., Ltd. reported sales of 223.2 billion yuan and an operating income of 87.704 billion yuan, reflecting a year-on-year increase of 29.41% [2]. - The company faced severe financial difficulties from 2022 to 2024, with cumulative net losses exceeding 60 billion yuan, including losses of 21.392 billion yuan in 2022, 8.732 billion yuan in 2023, and 31.97 billion yuan in 2024 [2][3]. - 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 [4]. Group 2: Restructuring and Recovery - The restructuring application was accepted by the Chongqing Fifth Intermediate People's Court on April 22, 2024, and the plan was executed successfully by December 2025 [4]. - Following the restructuring, Jinke Co., Ltd. anticipates a net profit of 30 billion to 35 billion yuan for 2025, with basic earnings per share projected between 2.8 yuan and 3.3 yuan [4]. Group 3: Strategic Shift - Jinke Co., Ltd. is transitioning from traditional real estate development to a lighter asset model, establishing new divisions such as urban renewal, asset management, and digital technology [8][9]. - The company aims to focus on high-efficiency operations, lean management, and technological innovation, with a strategic shift towards special asset investment and operation [9][10]. - The new leadership team, including Chairman Guo Wei, is expected to guide the company through this transformation, leveraging experience in asset management and restructuring [10].

2026.01.30 本文字数：1109，阅读时长大约2分钟 1月30日晚间，重庆房企金科股份（证券简称：*ST金科，000656.SZ）突然连发两条重磅公告。 在此之前，金科股份已经连续巨亏三年，其2022年-2024年这三年的归属于上市公司股东的净利润分别 为-214亿元、-87亿元、-320亿元。 第一财经持续追踪财经热点。若您掌握公司动态、行业趋势、金融事件等有价值的线索，欢迎提供。专 用邮箱：bianjibu@yicai.com （注：我们会对线索进行核实。您的隐私将严格保密。） 2025年12月，金科股份司法重整计划正式宣告执行完毕。该公司称，由于重整计划执行完毕，重整完成 后形成债务重整收益，预计该重整收益约680亿-700亿元，上述重整收益计入当期非经常性损益。 金科股份方面30日晚对第一财经表示，金科是A股上市公司中首家通过司法重整成功卸下包袱的全国性 房企，面对涉及1470亿元债务、超过8400家债权人的复杂局面，重整计划最终在债权人会议上获得通 过，公司预计将实现从亏损到巨额盈利的根本性扭转，归属于上市公司股东的所有者权益已由负转正， 预计在50亿元至70亿元之间。 不过，除了重整计划成 ...

作者 | 第一财经 马一凡 1月30日晚间，重庆房企金科股份（证券简称：*ST金科，000656.SZ）突然连发两条重磅公告。 其中一条为2025年业绩预告，该公告显示，金科股份预计2025年度归属于上市公司股东的净利润为 300亿元-350亿元，基本每股收益预计在2.8元至3.3元之间。 在此之前，金科股份已经连续巨亏三年，其2022年-2024年这三年的归属于上市公司股东的净利润 分别为-214亿元、-87亿元、-320亿元。 2025年12月，金科股份司法重整计划正式宣告执行完毕。该公司称，由于重整计划执行完毕，重整 完成后形成债务重整收益，预计该重整收益约680亿-700亿元，上述重整收益计入当期非经常性损 益。 金科股份方面30日晚对第一财经表示，金科是A股上市公司中首家通过司法重整成功卸下包袱的全国 性房企，面对涉及1470亿元债务、超过8400家债权人的复杂局面，重整计划最终在债权人会议上获 得通过，公司预计将实现从亏损到巨额盈利的根本性扭转，归属于上市公司股东的所有者权益已由负 转正，预计在50亿元至70亿元之间。 2026.01. 30 本文字数：1109，阅读时长大约2分钟 在另一条"关于 ...

Core Viewpoint - The company *ST Jinke is expected to achieve a significant turnaround in its financial performance for the year 2025, with projected revenues and net profits showing substantial improvement compared to previous years [1][2]. Financial Performance Summary - The projected operating revenue for 2025 is estimated to be between 6 billion to 7.5 billion yuan, a decrease from 27.555 billion yuan in the previous year [2]. - The net profit attributable to shareholders is forecasted to be between 30 billion to 35 billion yuan, a significant recovery from a loss of 31.97 billion yuan in the previous year [2]. - The net profit after deducting non-recurring gains and losses is expected to be a loss of 29 billion to 35 billion yuan, compared to a loss of 28.418 billion yuan in the previous year [2]. - Basic earnings per share are projected to be between 2.8 yuan to 3.3 yuan, recovering from a loss of 3.01 yuan per share in the previous year [2]. - The equity attributable to shareholders is expected to be between 5 billion to 7 billion yuan, a significant improvement from a negative equity of 28.683 billion yuan at the end of the previous year [2]. Reasons for Financial Changes - The primary reason for the expected turnaround in net profit is the completion of the company's restructuring plan, which is anticipated to yield a debt restructuring gain of approximately 68 billion to 70 billion yuan [2][3]. - The restructuring gains include debt forgiveness and the reversal of excess losses related to equity disposals, which will be accounted for as non-recurring gains in the current period [2]. - The expected loss in net profit after deducting non-recurring items is attributed to reduced revenue and profit recognition, increased interest expenses on debt, and asset impairment losses [3]. Risk and Compliance - The company has faced continuous negative net profits for three consecutive years, leading to a warning of delisting risk from the Shenzhen Stock Exchange [3]. - If the company achieves a positive net asset value and receives an unqualified audit opinion for the 2025 financial report, it plans to apply for the removal of the delisting risk warning [3].

Core Viewpoint - *ST Jinke is expected to achieve a net profit of 30 billion to 35 billion yuan in 2025, with the year-end net assets projected to turn positive, indicating a potential "shell protection" [1][7]. Financial Performance - The company forecasts an operating income of 6 billion to 7.5 billion yuan for 2025, compared to a previous year's income of 27.555 billion yuan [2][8]. - The net profit attributable to shareholders is projected to be 30 billion to 35 billion yuan, a significant recovery from a loss of 31.97 billion yuan in the previous year [2][8]. - Basic earnings per share are expected to be between 2.8 yuan and 3.3 yuan, recovering from a loss of 3.01 yuan per share in the previous year [2][8]. - The net profit after deducting non-recurring gains and losses is anticipated to be a loss of 29 billion to 35 billion yuan, compared to a loss of 28.418 billion yuan in the previous year [2][9]. Asset and Equity Status - The company's equity attributable to shareholders is expected to be between 5 billion and 7 billion yuan at the end of 2025, recovering from a negative equity of -28.683 billion yuan in the previous year [2][8]. - The company has completed its restructuring plan, resulting in a debt restructuring gain estimated at 68 billion to 70 billion yuan [2][8]. Restructuring and Management Changes - The restructuring plan includes debt waiver gains and the reversal of excess losses from equity disposals, which will impact the financial results [3][9]. - As of July 9, 2025, the company received all restructuring investment funds, and by September 11, 2025, it increased its total share capital from 5.34 billion shares to 10.634 billion shares [10]. - A new management team was established following a shareholder meeting on October 16, 2025, with Guo Wei appointed as the new chairman and CEO [10]. Future Outlook - The company is currently undergoing an audit for its 2025 annual report, and the preliminary financial data is subject to final confirmation [5][10]. - If the audited net assets for 2025 are positive and the audit report is unqualified, the company plans to apply for the removal of the delisting risk warning [6][11].