专题：专题|2024年度A股CFO数据报告：美的集团钟铮年薪946万，比亚迪周亚琳896万 作为上市公司核心管理层关键成员，财务总监CFO的地位与作用至关重要。新浪财经《2024年度A股 CFO数据报告》显示，2024年A股上市公司财务总监CFO群体薪酬规模合计达42.70亿元，平均年薪为 81.48万元。 分行业来看，A股市场房地产行业共有105家公司，其中104位财务总监薪酬（剔除一家无薪酬记录的公 司）均值为89.01万元，高于市场均值。 事实上，在前几年，房地产行业快速发展的同时，其高管层也享受了较高的待遇，千万年薪并不少见。 近几年房地产行业进入调整期，很多公司连续亏损，管理层薪酬虽然有所下降，仍旧处在较高的水平。 比如京投发展，连续亏损两年，去年收入减少86.69%，亏损10.55亿元，财务总监兼董秘张雨来薪酬仍 达到146.75万元。 从A股市场房地产行业财务总监总体来看，年龄分布上，50（含）岁以上人群为主力，占比接近50%； 40（含）-50岁占比为43%；30（含）-40仅占7.6%。 中国国贸的财务总监林南春年龄在最大，出生于1957年，截至2024年已经67岁。林南春从2008年起担任 ...

Core Viewpoint - The average stock price of A-shares is 12.31 yuan, with 40 stocks priced below 2 yuan, the lowest being退市锦港 at 0.63 yuan [1] Group 1: Market Overview - As of July 22, the Shanghai Composite Index closed at 3581.86 points, with the average A-share price at 12.31 yuan [1] - The distribution of high-priced and low-priced stocks is relatively small in the A-share market [1] Group 2: Low-Priced Stocks - There are 40 stocks priced below 2 yuan, with退市锦港 at 0.63 yuan, followed by*ST金科 at 1.44 yuan and荣盛发展 at 1.45 yuan [1] - Among the low-priced stocks, 13 are ST stocks, accounting for 32.50% of the total [1] Group 3: Market Performance of Low-Priced Stocks - Out of the low-priced stocks, 21 increased in price, with the highest gainers being*ST天茂 (up 5.20%), 重庆钢铁 (up 5.10%), and 金隅集团 (up 4.05%) [1] - Conversely, 13 stocks declined, with the largest drops seen in*ST苏吴 (down 5.03%), *ST阳光 (down 3.19%), and ST岭南 (down 1.68%) [1]

Core Viewpoint - The debt restructuring and reorganization process among real estate companies has significantly accelerated, with multiple firms disclosing their restructuring progress, indicating a shift towards substantial implementation of risk mitigation strategies in the industry [2][3][4]. Group 1: Debt Restructuring Progress - Companies such as *ST Jinke, Times China Holdings, and Longguang Group have reported advancements in their restructuring efforts, including approvals for overseas and domestic debt plans [2][3]. - As of June 25, over ten real estate companies, including Sunac, R&F, and Jinke, have received approval for debt restructuring or reorganization [2][4]. - The restructuring process is characterized by a diverse range of methods, standardized procedures, balanced interests, and policy coordination [5][6]. Group 2: Specific Company Updates - *ST Jinke has entered the execution phase of its restructuring plan, with a total of 2.628 billion yuan in investment funds received [3]. - Times China Holdings has received approval from the majority of its plan creditors for its debt restructuring plan, with a total of 29.05 billion USD in voting creditors [3]. - Longguang Group announced that its restructuring plan for 21 domestic bonds has been approved by relevant bondholders, with various options for principal and interest repayment [4]. Group 3: New Characteristics of Restructuring - The restructuring methods have diversified, including debt swaps, debt-to-equity conversions, and asset sales, with some companies employing combinations of repayment methods [5][6]. - The "early bird consent fee" mechanism has emerged as an innovative approach to expedite restructuring, providing incentives for creditors to agree to plans [6][7]. - The current market conditions, including stable housing prices, are favorable for enhancing asset valuations, which can facilitate the implementation of restructuring plans [7].

关于公司控股子公司重大诉讼事项进展的公告 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：2025-100 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。 案件一：公司近日收到重庆市高级人民法院（以下简称"重庆高院"）送达 的（2025）渝民终 88 号《民事判决书》，获悉上诉人公司控股子公司重庆金科 大酒店有限公司（以下简称"上诉人"）不服成渝金融法院对（2024）渝 87 民 初 349 号金融借款合同纠纷案作出的一审判决结果提起上诉，现本案二审已经 重庆高院审理完毕，判决驳回上诉人上诉请求，维持一审判决。本案基本案情 及一审判决情况具体详见公司于 2024 年 7 月 27 日、2025 年 3 月 22 日分别披 露了《重大诉讼事项的公告》（公告编号 2024-097 号）《公司控股子公司重大 诉讼事项进展的公告》（公告编号 2025-043 号）。 案件二：公司近日收到江苏省苏州市中级人民法院（以下简称"苏州中院"） 的（2024）苏 05 民初 747 号《民事判决书》，获悉原告苏州平泰置业有限公司 起诉公司 ...

Group 1 - The core point of the news is that Jinke Group has officially entered the restructuring execution phase after nearly two years of planning, with a total of 2.628 billion yuan in restructuring investment funds received, marking a significant step in its debt restructuring process [1][2][3] - Jinke Group's total debt scale amounts to 147 billion yuan, with over 8,400 creditors, making it the largest restructuring case in the real estate industry to date and setting a historical record in Chongqing [1][2] - The restructuring plan includes the establishment of four major business segments: investment management, development services, operation management, and special assets, aiming to transform into a comprehensive real estate operator focused on technological innovation and operational management [6][7] Group 2 - In 2024, Jinke Group reported an operating income of 27.555 billion yuan, a year-on-year decrease of 56.43%, and a net profit of -31.970 billion yuan, a year-on-year decrease of 266.11% [3] - The company anticipates a net profit loss of between 3 billion and 4.5 billion yuan for the first half of 2025, primarily due to reduced project delivery volumes, declining revenue and gross margins, increased interest expenses, and losses from subsidiary bankruptcies [4][5] - Jinke Group aims to focus on improving residential projects and plans to increase the proportion of income from operation management and service-related businesses to 60%-70% within 3-5 years [7]

重整投资款支付是重整计划执行的核心工作之一。金科地产表示，全部重整投资款的按时支付为保障债 权人利益提供坚实基础，有助于提升公司持续经营能力。公司将有序推进包括信托计划设立、偿债资源 兑付、股份转增登记等事宜，切实做好各项与债权人、投资人及中小股东利益息息相关的各项重整计划 执行工作。 金科地产强调，后续，公司将在法院及管理人的监督及重整投资人的带领下，加快推动新业务发展和战 略转型升级，持续做好各项经营工作，着力提升债权清偿率和持续经营能力，回报投资者及债权人的信 任和支持。 上海易居房地产研究院副院长严跃进指出，金科作为房地产行业内具有一定影响力的大型全国性上市房 企，近年来受行业环境变化、市场波动等因素影响，面临严峻的债务挑战和经营困境。公司债务规模较 大，偿债压力集中，资金流动性紧张。而其也是目前行业中首个全面进行重组的房企，相比传统的化债 工作要有更大的力度和魄力。 "这个工作为后续完成重整计划、改善财务状况和经营业务转型创造了非常好的基础。"严跃进分析，此 次资金到账后，金科还要做一个扫尾工作，包括：完成股票转增并预留至管理人证券账户、清偿职工及 普通债权人现金债权、支付或预留破产费用、签署破产服 ...

[Current Period Performance Forecast](index=1&type=section&id=%E4%B8%80%E3%80%81%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E9%A2%84%E8%AE%A1%E6%83%85%E5%86%B5) The company anticipates a net loss for the first half of 2025, with net profit attributable to shareholders projected to be a loss of RMB 3 billion to 4.5 billion, compared to a loss of RMB 3.8 billion in the prior year, and basic EPS estimated at -0.57 to -0.85 yuan 2025 Semi-Annual Performance Forecast | Item | Current Period (2025H1) | Prior Year Period (2024H1) | | :--- | :--- | :--- | | **Net Profit Attributable to Shareholders** | Loss: 3.0 - 4.5 billion RMB | Loss: 3.801 billion RMB | | **Net Profit After Non-Recurring Items** | Loss: 2.6 - 4.2 billion RMB | Loss: 2.916 billion RMB | | **Basic Earnings Per Share** | Loss: 0.57 - 0.85 RMB/share | Loss: 0.72 RMB/share | [Pre-Audit Status of Performance Forecast](index=1&type=section&id=%E4%BA%8C%E3%80%81%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%91%8A%E9%A2%84%E5%AE%A1%E8%AE%A1%E6%83%85%E5%86%B5) The financial data in this performance forecast represents preliminary estimates by the company's finance department and has not been audited by a certified public accountant - The financial data in this performance forecast has not been audited by a certified public accountant[4](index=4&type=chunk) [Explanation of Performance Change](index=1&type=section&id=%E4%B8%89%E3%80%81%E4%B8%9A%E7%BB%A9%E5%8F%98%E5%8A%A8%E5%8E%9F%E5%9B%A0%E8%AF%B4%E6%98%8E) The company's net loss is primarily attributed to reduced real estate deliveries impacting revenue and gross margin, increased interest expense due to existing projects, work stoppages, and debt defaults, additional penalties and liquidated damages from overdue debts, and losses from subsidiary bankruptcies or asset auctions, while the company actively pursues judicial restructuring and cost-cutting measures - Key operational factors contributing to the loss include reduced real estate project deliveries, leading to a decline in both recognized revenue and gross profit margin[5](index=5&type=chunk) - Deterioration in financial condition is evident from increased interest capitalization due to project suspensions and debt defaults, along with the need to accrue significant overdue interest, penalties, and liquidated damages[5](index=5&type=chunk)[6](index=6&type=chunk) - Some subsidiaries, unable to repay debts, have had their assets auctioned or entered bankruptcy proceedings, resulting in additional losses[6](index=6&type=chunk) - Mitigation measures include the company being in the execution phase of judicial restructuring, with management committed to "ensuring housing delivery and stability," and implementing cost-cutting measures such as reducing administrative and selling expenses and lowering management compensation[6](index=6&type=chunk) [Other Relevant Information](index=2&type=section&id=%E5%9B%9B%E3%80%81%E5%85%B6%E4%BB%96%E7%9B%B8%E5%85%B3%E8%AF%B4%E6%98%8E) The company emphasizes that this performance forecast is a preliminary estimate, with final figures subject to the upcoming 2025 semi-annual report, and advises investors to be aware of associated investment risks - This performance forecast is a preliminary estimate by the finance department, with final accurate data to be disclosed in the 2025 semi-annual report[7](index=7&type=chunk) - The company reminds investors to be aware of investment risks[7](index=7&type=chunk)

Group 1: Market Performance - The iBoxx China USD bond investment-grade index rose by 0.12% while the speculative-grade index increased by 0.48% last week [2] - The investment-grade yield remained stable compared to the previous week, while the speculative-grade yield rose by 0.03% [2] - The offshore bond issuance scale decreased in the primary market, while the secondary market saw slight increases in both investment-grade and high-yield bond indices [3] Group 2: Macroeconomic Indicators - In June, the Consumer Price Index (CPI) rose by 0.1% year-on-year, reversing the previous month's decline, while the core CPI increased by 0.7% [3] - The Producer Price Index (PPI) fell by 3.6% year-on-year, with a month-on-month decrease of 0.4% [3] - As of June 2025, China's foreign exchange reserves reached $33,174 billion, an increase of $322 billion from May [3] Group 3: Corporate News - Kaisa Group has completed 76% of the cash repayments for its Jin Heng Wealth products, providing new solutions for outstanding amounts [25] - Longfor Group announced that the restructuring plan for its 21 domestic bonds and asset-backed securities has been approved by bondholders [25] - Times China Holdings reported that over 85.67% of its plan creditors have agreed to the proposed restructuring plan [25] Group 4: Regulatory Developments - The Ministry of Finance issued a notice to guide insurance funds for long-term stable investments, adjusting the assessment method for net asset return rates [2] - The Hong Kong Securities and Futures Commission announced measures to optimize and expand the Bond Connect program, enhancing Hong Kong's competitiveness as an offshore RMB business center [2] Group 5: Debt Issuance - Last week, 18 companies issued 21 offshore bonds totaling approximately $3.3 billion, with city investment bonds accounting for about $1.6 billion [8] - Changjiang Industrial issued over HKD 2 billion in medium-term notes, with competitive interest rates [8] - Tianchang Agricultural Development issued $90 million in bonds with a coupon rate of 6.45%, achieving a subscription rate of over four times [9]

Core Viewpoint - The announcement details the progress of guarantees provided by the controlling subsidiary of Jinke Property Group Co., Ltd. for financing extensions, highlighting the significant amount of guarantees relative to the company's net assets and the associated risks [2][3]. Group 1: Guarantee Overview - The controlling subsidiary, Chongqing Houkang Real Estate Development Co., Ltd., has accepted a loan of 166.8 million yuan from China Everbright Bank, with a repayment extension of 24 months [3]. - Chongqing Houkang and another subsidiary, Chongqing Pengde Enterprise Management Co., Ltd., will provide real estate collateral for the loan, while Chongqing Jinke Industrial Group Kerun Real Estate Development Co., Ltd. will pledge 34% of its shares in Chongqing Houkang as collateral [3][5]. - The board of directors approved the increase in guarantee limits for the financing extension at the annual shareholders' meeting [3]. Group 2: Financial Status of the Guaranteed Entity - As of the end of 2024, Chongqing Houkang had total assets of 755.17 million yuan, total liabilities of 432.47 million yuan, and net assets of 322.70 million yuan [5]. - For the first quarter of 2025, the unaudited total assets were 886.67 million yuan, with total liabilities of 565.68 million yuan and net assets of 320.99 million yuan [5]. - The subsidiary reported a net profit of -17.15 million yuan for the first quarter of 2025, indicating ongoing financial challenges [5]. Group 3: Guarantee Amount and Terms - The total guarantee amount is 166.8 million yuan, with a main debt performance period of 24 months [5]. - The guarantees include real estate mortgage and share pledge as collateral [5]. Group 4: Board of Directors' Opinion - The board believes that the guarantees provided for the financing extension will not increase the company's consolidated liabilities and are in line with national policies for reasonable financing extensions [6]. - The funds raised through these guarantees will be used for operational purposes, ensuring no conflict with regulatory requirements [6]. Group 5: Cumulative Guarantee Amounts - As of the end of May 2025, the company has provided guarantees totaling 71.55 billion yuan, which is 249.47% of the latest audited net assets [6]. - The overdue guarantee amount stands at 32.98 billion yuan, with risks associated with potential claims from creditors due to bankruptcy applications against some subsidiaries [6].

金科地产集团股份有限公司 关于控股子公司对控股子公司提供担保的进展公告 证券简称：*ST 金科 证券代码：000656 公告编号：2025-098 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。 特别提示: 1、金科地产集团股份有限公司（以下简称"金科股份"或"公司"）及 合并报表范围内控股子公司（以下简称"控股子公司"）对外担保总额超过最 近一期净资产 100%、对资产负债率超过 70%的控股子公司担保的金额超过公 司最近一期净资产 50%，以及对合并报表外参股公司审批的担保金额超过最近 一期净资产 30%，提请投资者充分关注担保风险。 2、鉴于公司与重庆金科房地产开发有限公司（以下简称"重庆金科"） 的破产重整计划尚在执行过程中，公司及重庆金科不再因控股项目公司融资或 展期协议签订事宜而新增担保，如该笔贷款存在公司及重庆金科原有担保责任 的，应通过债权申报并经管理人确认后，在破产程序中予以清偿。同时，因控 股房地产项目公司融资展期业务需要，经与金融机构协商一致，由除重庆金科 外的其他公司控股子公司按公司持股比例对控股房地产项目公司继续提供担保。 如根据 ...