免责声明：本文内容与数据由观点根据公开信息整理，不构成投资建议，使用前请核实。 根据公告内容，该债券本年度计息期限为2025年3月17日至2026年3月16日，票面年利率为3.10%。每手 债券面值1000元，派发含税利息31.00元。债权登记日为2026年3月16日，当日收市后托管账户持有该债 券的投资者将享有本年度利息。 观点网讯：2月25日，中交房地产集团有限公司发布2022年面向专业投资者公开发行公司债券（第一 期）2026年付息公告。本期债券简称"22交房01"，代码185562，将于2026年3月17日进行付息。 ...

证券代码：000736 证券简称：*ST 中地 公告编号：2026-010 中交地产股份有限公司 关于公司股票可能被终止上市的风险提示公告 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、中交地产股份有限公司（以下简称"公司"）于2025年04月 15日披露了《关于公司股票交易被实施退市风险警示暨停牌的公告》， 公司股票于 2025年04月16日开市起被实施退市风险警示。若公司出 现《深圳证券交易所股票上市规则》（以下简称"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。"敬请广大投资者理性投资，注意风险。 3、截至本公告披露日，公司审计工作正在进行，2025年度财务 信息未最终确定，公司判断可 ...

Group 1 - ST Zhongdi (000736.SZ) has undergone a significant asset restructuring, transferring real estate-related assets and liabilities to China Communications Real Estate Group [1] - By the end of 2025, the net assets of ST Zhongdi are projected to improve from -3.579 billion yuan to 1.25 billion yuan [1] - The transaction amount involved in the asset transfer has not been disclosed, but the announcement confirms that the conditions for lifting the delisting risk warning have been met [1] Group 2 - Concurrently, ST Nanzhi sold a loss-making real estate company for 1 yuan, while *ST Lvkang transferred its solar subsidiary for zero yuan, both achieving a return to positive net assets through similar operations [1]

Group 1 - China Jinmao has announced a significant personnel change with the appointment of Yan Long as the Deputy General Manager of the Headquarters Resource Expansion Center [1][3] - Yan Long, born in 1985 and a graduate of Peking University, has a strong background in real estate, starting his career at Longfor Group and later holding key positions at Sunshine City Group and China Communications Construction Company [3] - Since 2025, China Jinmao has increased its investment expansion efforts, with a total land acquisition amount reaching 33.9 billion yuan, ranking eighth in the industry, and focusing on core first- and second-tier cities [3] Group 2 - In the fourth quarter of 2025, China Jinmao successfully acquired two quality residential land parcels in Baoshan District, Shanghai, enhancing its core land reserves for the "Golden Abundance" product line [3] - The company has multiple key projects laid out in core cities across the country, indicating a strategic focus on urban investment opportunities [3]

Core Viewpoint - The A-share market is experiencing a critical phase where companies are engaging in various actions to avoid delisting due to financial indicators, particularly focusing on achieving revenue above 300 million yuan or turning losses into profits, as well as correcting negative net assets [1][2]. Group 1: Financial Indicators and Delisting Risks - The new "National Nine Articles" implemented in January 2025 raised the revenue threshold for delisting from 100 million yuan to 300 million yuan, allowing companies that can exceed this revenue to avoid delisting risks [5]. - Companies like *ST Jinglun and *ST Dongjing are attempting to cross the delisting threshold through various strategies, including revenue boosts, mergers, and asset disposals [2][6]. Group 2: Company Strategies for Survival - *ST Jinglun is trying to incorporate new business lines into its main revenue streams, but faced challenges with revenue recognition for its new server business, leading to a significant reduction in reported revenue [7][8]. - *ST Dongjing reported an expected revenue increase to between 340 million and 370 million yuan, aided by new business ventures, although it still anticipates losses [9][10]. Group 3: Mergers and Acquisitions - Mergers and acquisitions are being utilized by companies like *ST Huazhong and *ST Huike to surpass financial thresholds, with *ST Huazhong projecting a turnaround in profitability due to its acquisition of a controlling stake in Zhejiang Zhuangchen [12][13]. - *ST Huike's acquisition of a 51% stake in Nanjing Yizhengtong is also noted as a strategy to meet revenue requirements, despite market skepticism regarding its financial health [13]. Group 4: Asset Restructuring and Debt Relief - Several companies are opting for asset disposals to improve their financial standings, with *ST Zhongdi successfully turning its net assets positive through significant asset restructuring [16][17]. - Companies like *ST Nanzhi and *ST Lvkang have also engaged in asset sales to achieve similar outcomes, with *ST Nanzhi transferring real estate assets to improve its equity position [17]. Group 5: Bankruptcy and Debt Waivers - Bankruptcy restructuring has emerged as a key strategy for survival, with companies like *ST Dongyi successfully completing their restructuring plans and improving their financial positions [18]. - Debt waivers from major shareholders or creditors have been reported by several companies, allowing them to quickly enhance their net asset status [18].

Core Viewpoint - The A-share market is witnessing a critical "survival race" as companies face delisting risks due to financial indicators set by the new "National Nine Articles," which include negative profit totals, net profits, and insufficient revenue [2][4]. Group 1: Companies Facing Delisting Risks - *ST Jinglun is experiencing a severe decline, with nine consecutive trading days of limit-down, and a significant drop in trading volume to less than 5 million yuan, as it faces delisting expectations [2]. - Other companies like *ST Dongjing and *ST Huarong are attempting various strategies such as asset restructuring and debt waivers to avoid delisting, focusing on key financial indicators like revenue exceeding 300 million yuan or turning net assets positive [2][4]. Group 2: Financial Performance and Strategies - The new regulations increased the revenue threshold for delisting from 100 million yuan to 300 million yuan, prompting companies to strive for this new target to avoid delisting risks [4]. - *ST Jinglun is attempting to incorporate new business lines into its main revenue stream, while *ST Dongjing is projecting a revenue increase to between 340 million and 370 million yuan, surpassing the 300 million yuan threshold [6][8]. Group 3: Specific Company Actions - *ST Jinglun's revenue forecast for 2025 is approximately 338 million yuan, but after excluding non-core business income, the adjusted revenue is only about 86.22 million yuan, indicating a failure to turn a profit [6][7]. - *ST Huarong expects to achieve a net profit of between 6.5 million and 8 million yuan for 2025, aided by a 30% increase in revenue from its subsidiary, which it acquired a larger stake in [10]. Group 4: Market Reactions and Future Outlook - The market is closely monitoring companies that have narrowly met the revenue thresholds, with concerns about the sustainability of these figures and the potential for revenue adjustments post-audit [11][12]. - Companies are increasingly resorting to mergers and acquisitions as a strategy to enhance their financial performance and meet the new revenue requirements [10][15].

Core Viewpoint - *ST Zhongdi has made significant progress in mitigating delisting risks by restructuring its assets and turning its net assets from negative to positive, allowing it to meet the core financial conditions for potential delisting risk removal [1][2][3] Financial Performance - As of the end of 2025, the company's equity attributable to shareholders is expected to be approximately 1.25 billion yuan, a turnaround from a negative 3.579 billion yuan at the end of 2024 [2] - The improvement in net assets is primarily due to the completion of a major asset sale and related transactions, which involved divesting real estate-related heavy assets and liabilities [2] - The company anticipates a net loss of approximately 1.7 billion yuan for 2025, a significant reduction from a loss of 5.179 billion yuan in 2024, representing a decrease of over 67% [4] Strategic Shift - Following the asset divestiture, the company has shifted its focus towards light asset businesses such as property services, asset management, and operations, marking a strategic pivot towards sustainable business models [1][5] - This transition is seen as a proactive measure to align with industry trends and reduce financial pressure while enhancing operational efficiency [5][6] Regulatory Considerations - The removal of the delisting risk warning is not automatic and requires the approval of the Shenzhen Stock Exchange based on the audited annual report for 2025 [3] - The company has indicated that if the 2025 annual report reveals any conditions that could lead to termination of listing, the stock may still face delisting risks [3] Market Outlook - Industry experts suggest that the shift to a light asset strategy is crucial for real estate companies to mitigate risks and achieve sustainable development, with future prospects depending on the execution capabilities of the light asset business [6]

Group 1 - The company announced the resignation of its securities affairs representative, Wang Ting, effective immediately, and expressed gratitude for her contributions during her tenure [1][2] - Liu Xiaowei has been appointed as the new securities affairs representative, with a term lasting until the end of the current board's tenure, and he possesses the necessary qualifications and experience [1][2] Group 2 - The company held its 14th meeting of the 10th board on January 30, 2026, where several resolutions were passed, including the approval of expected daily related transactions for 2026, correction of prior accounting errors, and the change of the securities affairs representative [4][8][9] - The expected daily related transactions for 2026 are estimated to amount to approximately 86 million yuan, representing 24.03% of the net assets attributable to shareholders as of the end of 2024 [32][33] Group 3 - The company disclosed that it would correct prior accounting errors affecting its third-quarter report for 2025, which will not change the company's operational results but will adjust the presentation of financial statement items [10][12] - The correction will reflect a net profit of -16.60 billion yuan for the first nine months of 2025, a decrease of 11.50% compared to the same period last year [30][76] Group 4 - The company is facing a risk of being delisted due to its negative net assets as of the end of 2024, which triggered a warning for delisting risk in April 2025 [17][18] - The company has communicated that if the audited financial report for 2025 indicates any conditions that lead to delisting, it will face termination of its stock listing [19][26]

Core Viewpoint - *ST Zhongdi (000736.SZ) forecasts a net loss of 1.7 billion yuan for the fiscal year 2025, a decrease from a loss of 5.179 billion yuan in the previous year [1] Financial Performance - The net profit attributable to shareholders, excluding non-recurring gains and losses, is also projected to be a loss of 1.7 billion yuan, compared to a loss of 5.322 billion yuan in the same period last year [1] - The company's equity attributable to shareholders has turned positive during this reporting period, primarily due to the completion of a significant asset sale and related party transaction [1] Asset Transaction Details - The asset sale and related party transaction were finalized, with the asset delivery confirmation signed on August 31, 2025, marking the completion of the restructuring [1] - From the date of delivery, all rights and risks associated with the transaction will be assumed by the counterparty [1] Impairment and Accounting Corrections - The decrease in net loss is attributed to a reduction in significant asset impairment losses recognized in the previous year for real estate projects showing signs of impairment [1] - The company has also disclosed corrections of prior accounting errors, as detailed in a separate announcement [1]

证券代码：000736 证券简称：*ST 中地 公告编号：2026-003 中交地产股份有限公司 关于公司股票可能被终止上市的风险提示公告 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。 | 具体情形 | 是否适用 | | --- | --- | | | （对可能触及的打勾） | | 经审计的利润总额、净利润、扣除非经常性损益后 | | --- | | 的净利润三者孰低为负值，且扣除后的营业收入低 | | 于 3 亿元。 | | √ 经审计的期末净资产为负值。 | | 财务会计报告被出具保留意见、无法表示意见或者 | | 否定意见的审计报告。 | | 追溯重述后利润总额、净利润、扣除非经常性损益 | | 后的净利润三者孰低为负值，且扣除后的营业收入 | | 低于 3 亿元；或者追溯重述后期末净资产为负值。 | | 财务报告内部控制被出具无法表示意见或者否定意 | | 见的审计报告。 | | 未按照规定披露内部控制审计报告，因实施完成破 | | 产重整、重组上市或者重大资产重组按照有关规定 | | 无法披露的除外。 | | 未在法定期限内披露过半数董事保证真实、 ...