Core Viewpoint - The restructuring investment of 2.6 billion yuan is not a direct replacement for debt repayment but part of a systematic rebirth through risk investment pricing, asset credit release, and business model reconstruction [2][4]. Financial Performance - In 2024, the company's operating revenue was 27.555 billion yuan, a year-on-year decrease of 56.43%; the net profit attributable to shareholders was -31.970 billion yuan, a year-on-year decrease of 266.11% [3]. - The decline in performance was attributed to several factors, including a decrease in real estate sales and turnover scale, prudent inventory impairment provisions, significant increases in financial expenses, and losses from passive asset disposals [3]. Restructuring Plan - The Chongqing No. 5 Intermediate People's Court approved the restructuring plan for the company on May 10 and 11, 2024, and has entered the execution phase [2]. - The restructuring investors have already paid a total of approximately 1.4 billion yuan in performance bonds for the first and second phases, with the remaining amount expected to be paid ahead of schedule [3]. Strategic Investment - The 2.6 billion yuan investment is not directly for debt repayment but represents the entry price for strategic investors, aimed at ensuring stable operations and enhancing company value [4][5]. - The strategic investors are expected to revitalize core assets and restore sustainable operational capabilities [4]. Future Development - The company will focus on three major changes post-restructuring: a shift in business model from traditional development and sales to integrated asset management; a change in core capabilities from scale and speed to quality and value-added services; and a focus on high-energy cities such as Chengdu, Chongqing, Beijing, and Shanghai [6]. - The new positioning of the company will be as a comprehensive real estate operator centered on technological innovation and operational management [5][6].

2025.05. 29 本文字数：1960，阅读时长大约3分钟 导读 ：面对2024年巨额亏损，金科称其董事长和总裁主动降薪至三万元每月。 作者 | 第一财经 马一凡 首家进行司法重整的全国性上市房企金科股份（000656.SZ，证券简称*ST金科）于5月29日下午举 行2024年业绩说明会，这也是金科股份在进入司法重整执行过程后第一次召开业绩说明会。 金科股份董事长周达，金科股份总裁杨程钧，金科股份副总裁兼董事会秘书张强，金科股份副总裁兼 财务负责人宋柯，金科司法重整的产业投资人、品器资管董事长冯仑，品器资管CEO李根等人参加 了会议。 在业绩说明会上，金科股份管理层就金科司法重整最新进展、未来的经营计划等外界关注的问题进行 了介绍。 同时，金科管理层也就"*ST金科何时能脱帽""为什么2024年经营业绩大幅度亏损""外界传言金科股份 用26.28亿偿还1000多亿债务"等问题进行了解释。 金科股份2024年年报显示，公司2024年实现营业总收入275.55亿元，同比下降56.43%；归属净利 润为-319.70亿元，同比大幅下降266.11%；扣非净利润为-284.18亿元，同比下降284.37%。 对于 ...

Core Viewpoint - Kinkor Holdings (金科股份) is undergoing judicial reorganization due to significant financial losses in 2024, with its chairman and president voluntarily reducing their salaries to 30,000 yuan per month to address the situation [1][5]. Financial Performance - In 2024, Kinkor reported total revenue of 27.555 billion yuan, a year-on-year decline of 56.43% [1]. - The net profit attributable to shareholders was -31.970 billion yuan, a substantial decrease of 266.11% compared to the previous year [1]. - The net profit after deducting non-recurring items was -28.418 billion yuan, down 284.37% year-on-year [1]. Operational Strategy - Kinkor prioritized "ensuring housing delivery and stabilizing people's livelihoods," successfully delivering approximately 72,400 residential and commercial units [2]. - The company secured a total of 4.89 billion yuan in various financing sources to support its housing delivery tasks [2]. - Kinkor signed 56 new construction management projects in 2024, adding 4.5 million square meters of managed area, ranking eighth in the new contract scale among Chinese real estate construction management companies [2]. Judicial Reorganization Progress - The chairman of Kinkor reported that the reorganization investors have paid approximately 1.4 billion yuan in performance guarantees, exceeding the agreed amount by 86 million yuan [2]. - Kinkor's management outlined three conditions necessary for the company to "remove its caps," including the completion of the reorganization plan and positive net profit in the following fiscal year [3]. Misunderstandings Regarding Debt - There were market rumors suggesting that Kinkor's reorganization involved using 2.628 billion yuan to repay over 100 billion yuan in debt, which the financial officer clarified as a misunderstanding [3]. - The 2.628 billion yuan represents the investment from investors, not direct debt repayment, and the majority of Kinkor's debt is related to project financing guarantees [3][4]. Future Outlook - Kinkor's management anticipates a transformation in the real estate sector, viewing it as an opportunity for a "new model" of development [5]. - The company aims to reposition itself as a property operator focused on technological innovation and operational management, shifting from traditional development to asset management [5]. - Future changes will include a shift in business model, core capabilities, and regional focus, concentrating on high-energy cities and a balanced approach to development and asset management [5].

Group 1: Company Overview and Financial Performance - Kinko Real Estate Group is undergoing judicial reorganization, marking a significant milestone in risk mitigation [3] - In 2024, the company reported a substantial loss due to multiple factors, including a 53% decrease in settlement area to approximately 4.05 million square meters and a drop in revenue to 27.6 billion [11] - Financial expenses surged to 7.9 billion, an increase of 4.2 billion compared to 2023, due to overdue debts and litigation penalties [12] Group 2: Restructuring and Debt Management - The reorganization plan includes a timeline of 8 months for execution, with a total debt repayment target of 26.28 billion [3] - The company has received 14 billion in performance bonds from investors, exceeding initial expectations [5] - The restructuring aims to maintain creditor rights, ensuring project collateral and first repayment sources remain unchanged [15] Group 3: Strategic Partnerships and Future Plans - Three strategic investors, including Shanghai Pinqi Union, China Great Wall Asset, and Chuanfa Securities Investment Fund, will provide resources and management expertise to support the company's transformation [20] - The company plans to shift from a high-leverage development model to a comprehensive real estate operator focused on technology innovation and operational management [24] - Future strategies include enhancing asset management efficiency and exploring opportunities in special assets through partnerships [25] Group 4: Operational Improvements and Cost Management - The company has implemented measures to stabilize operations, including a 40% reduction in management and marketing expenses [13] - A decision-making mechanism will be established to ensure stable daily operations during the trust plan [10] - The company aims to improve project value through asset revitalization and cost-saving measures [10]

此前金科股份公告称，重庆金科第二次债权人会议表决通过重整计划，且重庆市五中院分别于5月10日及11日裁定批准金科股份及重庆金科的重整 计划并终止重整程序。 本次重整，金科股份及重庆金科重整涉及的债务规模达1470亿元，债权人数量超8400家。 金科股份称，目前，公司重整相关工作继续稳步开展，全力推进重整投资协议履行及推动重整计划执行等工作。 资料显示，海南陆和私募基金管理有限公司成立于2021年8月26日，法定代表人为邬斌斌，注册资本1000万元。公司股东分别为邬斌斌、新余收音 头企业管理合伙企业（有限合伙）、来毅峰，持股比例分别为49%、30%和21%。邬斌斌为公司实际控制人。海南陆和私募本次重整投资的资金来 源为依法向合格投资者募集的资金。 金科股份称，为进一步优化重整投资人组合，提高重整投资人履约能力，产业投资人上海品器联合体对其中一家财务投资人进行了更换，分别由海 南陆和私募基金管理有限公司（代表"陆和寰升2号私募证券投资基金"，以下简称"海南陆和私募"）、单小飞承接上海神投越高企业管理合伙企业 （有限合伙）（以下简称"上海神投越高"）原有投资额度。 1月3日，金科股份、重庆金科、管理人、上海品器联合 ...

关于更换部分财务投资人及签署重整投资协议的公告 证券简称：*ST 金科 证券代码：000656 公告编号：2025-087 号 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 重要内容提示： 1、2024年12月13日，金科地产集团股份有限公司（以下简称"金科股份" 或"公司"）、重庆金科房地产开发有限公司（以下简称"重庆金科"）、管理 人与重整产业投资人上海品器管理咨询有限公司、北京天娇绿苑房地产开发有 限公司联合体（以下统称"上海品器联合体"）签署了《金科地产集团股份有限 公司及重庆金科房地产开发有限公司重整投资之产业投资协议》；2025年5月10 日及11日，公司及重庆金科分别收到重庆市第五中级人民法院（以下简称"五中 院"）送达的《民事裁定书》。五中院裁定批准《金科地产集团股份有限公司重 整计划》《重庆金科房地产开发有限公司重整计划》，并终止公司及重庆金科重 整程序。后续，公司及重庆金科将进入重整计划执行阶段。 金科地产集团股份有限公司 7、因公司 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 ...

金科地产集团股份有限公司 关于公司重整事项进展的公告 证券简称：*ST 金科 证券代码：000656 公告编号：2025-088 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。 重要提示： 1、2024 年 4 月 22 日，金科地产集团股份有限公司（以下简称"公司"或 "金科股份"）及全资子公司重庆金科房地产开发有限公司（以下简称"重庆金 科"）分别收到重庆市第五中级人民法院（以下简称"五中院"或"法院"）送 达的《民事裁定书》，五中院正式裁定受理公司及重庆金科的重整申请。 2、公司稳步推进重整工作，2025 年 5 月 10 日及 11 日，公司及重庆金科分 别收到五中院送达的《民事裁定书》。五中院裁定批准《金科股份重整计划《重 庆金科重整计划》，并终止公司及重庆金科重整程序。后续，公司及重庆金科将 进入重整计划执行阶段。 如公司顺利实施重整并执行完毕重整计划，将有利于优化公司资产负债结 构，扭转公司经营颓势，恢复持续盈利能力；如重整失败，公司存在被宣告破产 的风险。如公司被宣告破产，根据《深圳证券交易所股票上市规则（2025 版）》 （以下简称"《上 ...

*ST金科（000656）公告，公司及全资子公司重庆金科收到重庆市第五中级人民法院送达的《民事裁定 书》，法院裁定批准《金科股份重整计划》和《重庆金科重整计划》，并终止重整程序。重整计划执行 阶段，公司将优化资产负债结构，恢复持续盈利能力。若重整失败，公司存在破产风险，股票将面临退 市风险。重整投资协议中，产业投资人和财务投资人已支付第二期履约保证金合计5.52亿元。公司2024 年度期末净资产为负，股票已被实施退市风险警示。 ...

关于召开线上投资者交流会暨 2024 年度业绩说明会的公告 证券简称：*ST 金科 证券代码：000656 公告编号：2025-085 号 金科地产集团股份有限公司 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。 金科地产集团股份有限公司（以下简称"公司"）已于 2025 年 4 月 28 日晚 在信息披露媒体发布公司 2024 年年度报告。公司及重庆金科房地产开发有限公 司的重整计划已分别于 2025 年 5 月 10 日及 11 日获重庆市第五中级人民法院裁 定批准。 为加强投资者关系管理，方便投资者了解公司经营及重整情况，公司定于 2025 年 5 月 29 日（星期四）16:00-17:00 以线上直播的形式举办投资者交流会 暨 2024 年度业绩说明会。届时，公司管理人员及产业投资人代表将就投资者关 心的问题进行互动沟通，欢迎广大投资者参与。本次投资者交流会暨业绩说明会 将通过"全景网"平台采用网络视频直播方式举行。会议有关安排如下： 1、通过"全景网"参与方式 如对参与本次业绩说明会有任何不明事宜，请及时向公司证券事务部咨询： 电话：023-630 ...

北京市中伦（重庆）律师事务所 关于金科地产集团股份有限公司 2024 年年度股东大会的 法律意见书 二〇二五年五月 法律意见书 致：金科地产集团股份有限公司 北京市中伦（重庆）律师事务所（以下简称"本所"）接受金科地产集团股份 有限公司（以下简称"贵公司"）委托，指派律师出席贵公司于2025年5月21日召 开的2024年年度股东大会（以下简称"本次股东大会"），并就贵公司本次股东大 会的召集和召开程序、召集人资格、出席会议人员资格、本次股东大会的表决程 序、表决结果等相关问题出具本法律意见书。 本法律意见书根据已发生或存在的事实，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》等法律、法规、规范性文件以及 《深圳证券交易所上市公司股东会网络投票实施细则》（以下简称"《股东会网 络投票实施细则》"）《金科地产集团股份有限公司章程》（以下简称"《公司章 程》"）的相关规定出具。 本法律意见书仅供贵公司本次股东大会之目的使用，不得被其他任何人用于 其他任何目的。本所律师同意将本法律意见书随贵公司本次股东大会其他信息披 露资料予以公告。 - 1 - 北京市中伦（重庆）律师事务所 关于金科 ...