国新证券股份有限公司 关于中交地产股份有限公司发生超过上年末净资产百分之十的重 大损失的临时受托管理事务报告 债券代码：149610 债券简称：21 中交债 债券代码：148385 债券简称：23 中交 04 债券代码：148551 债券简称：23 中交 06 债券代码：134164 债券简称：25 中交 01 债券代码：133965 债券简称：25 中交 02 债券代码：134197 债券简称：25 中交 03 1、因发行人房地产开发业务交付排期不同，本期达到集中交付条件的项目 较上年同期有所减少，同时在行业持续调整、市场竞争日趋激烈的背景下，为加 速库存去化和资金回笼，发行人调整销售策略，导致报告期内交付项目的毛利率 同比有所下降。 2、报告期内发行人部分房地产项目存在减值迹象，发行人按照会计准则对 存货减值进行初步测试，基于谨慎性原则，对存在减值迹象的房地产项目计提资 产减值损失，从而使未弥补亏损金额进一步扩大。 国新证券股份有限公司（以下简称"国新证券"）编制本报告的内容及 信息均来源于中交地产股份有限公司（以下简称"中交地产"或"发行人"） 对外披露的相关公开信息披露文件、第三方中介机构出具的专业意 ...

Core Viewpoint - The real estate market is experiencing a downturn, affecting both state-owned and private enterprises, leading to significant financial losses and a reconsideration of investment strategies in the sector [1][3]. Group 1: Financial Performance of State-Owned Enterprises - China Communications Construction Company (CCCC) subsidiary, China Communications Real Estate, is projected to see a revenue decline of 44.59% in 2024, with a net profit loss of 5.179 billion yuan and a net asset reduction of 3.579 billion yuan [1]. - Another state-owned enterprise has announced plans to exit the real estate sector after incurring losses totaling 7 billion yuan over two years [1]. Group 2: Market Conditions and Risks - The overall real estate market is facing significant uncertainty, with national new housing sales area and sales revenue expected to decline by 12.9% and 17.1% respectively in 2024, indicating a decrease in market demand [4]. - There are concerns about potential price depreciation in the housing market, particularly in third and fourth-tier cities, where the risk of value loss remains high despite short-term policy measures aimed at stabilizing prices [4]. Group 3: Cost Increases and Investment Returns - Rising living costs, including property management fees and the impending implementation of property taxes, are expected to increase the financial burden on homeowners, potentially reducing investment returns in the real estate sector [6]. - The anticipated introduction of property taxes by 2030 could significantly raise the cost of holding real estate, impacting both investors and first-time homebuyers [6]. Group 4: Quality and Maintenance Concerns - The competitive pressure in the declining real estate market may lead to compromised construction quality, with developers potentially using inferior materials, resulting in safety hazards and maintenance issues for homeowners [8]. - Ongoing maintenance costs for properties, including repairs and community facility upkeep, are projected to add financial strain to homeowners, especially if property management services are inadequate [8]. Group 5: Strategic Recommendations - Given the current market conditions, it is advisable for potential buyers to prioritize cash liquidity and carefully evaluate housing options that align with their financial capabilities [10]. - The traditional approach of focusing on quantity in real estate development is becoming less viable; instead, companies should focus on quality and building a strong reputation to succeed in the evolving market landscape [10].

关于股票交易异常波动的公告 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。 | 证券代码：000736 | 证券简称：*ST | 中地 公告编号：2025-040 | | --- | --- | --- | | 债券代码：149610 | 债券简称：21 | 中交债 | | 债券代码：148385 | 债券简称：23 | 中交 04 | | 债券代码：148551 | 债券简称：23 | 中交 06 | | 债券代码：134164 | 债券简称：25 | 中交 01 | | 债券代码：133965 | 债券简称：25 | 中交 02 | 中交地产股份有限公司 截至本公告披露日，上述重大资产出售暨关联交易事项正在积 极推进中。 一、股票交易异常波动的具体情况 中交地产股份有限公司（证券名称：*ST 中地，证券代码： 000736，以下简称"公司"）股票连续三个交易日（2025 年 4 月 16 日、4 月 17 日、4 月 18 日）日收盘价格涨跌幅偏离值累计达 12％ 以上。根据《深圳证券交易所交易规则》有关规定，公司股票交易 属于异常波动情况。 二、公司关注 ...

（原标题：房地产行业资金流入榜：我爱我家等9股净流入资金超5000万元） 沪指4月18日下跌0.11%，申万所属行业中，今日上涨的有13个，涨幅居前的行业为通信、房地产，涨 幅分别为1.59%、1.53%。房地产行业位居今日涨幅榜第二。跌幅居前的行业为美容护理、社会服务， 跌幅分别为2.46%、2.45%。 房地产行业今日上涨1.53%，全天主力资金净流入10.15亿元，该行业所属的个股共102只，今日上涨的 有83只，涨停的有7只；下跌的有13只，跌停的有1只。以资金流向数据进行统计，该行业资金净流入的 个股有64只，其中，净流入资金超5000万元的有9只，净流入资金居首的是我爱我家，今日净流入资金 2.49亿元，紧随其后的是万科A、*ST中地，净流入资金分别为1.24亿元、8476.84万元。房地产行业资 金净流出个股中，资金净流出超千万元的有13只，净流出资金居前的有招商蛇口、保利发展、*ST金 科，净流出资金分别为4300.55万元、3959.92万元、3361.72万元。（数据宝） 房地产行业资金流入榜 房地产行业资金流出榜 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资 ...

Core Viewpoint - China Communications Real Estate has been placed under "ST" (Special Treatment) status due to negative net assets, indicating a significant risk of delisting [2][3]. Financial Performance - As of the end of 2024, the company's total assets were approximately 107.7 billion, a decrease of 12.63% year-on-year, with a net asset value of -3.579 billion [3]. - The company's revenue for 2024 was 18.302 billion, a decline of 44.59% year-on-year, and the net profit attributable to shareholders was -5.179 billion [9]. - The cash flow from operating activities was 3.175 billion, down 55.6% compared to the previous year [9]. Business Strategy - To maintain its listing status, the company plans to divest its core real estate development business to its controlling shareholder, China Communications Real Estate Group, which will significantly reduce its primary revenue source [2][6]. - The company aims to shift focus towards light asset businesses such as property services and asset management, intending to improve its asset quality and profitability [7][10]. Market Position - The company's sales performance has been underwhelming, with a signed sales amount of only 15.643 billion in 2024, a decrease of 58.13% year-on-year, and a signed sales area of 853,200 square meters, down 52.51% [7]. - The ambitious sales targets set in previous years have not been met, with actual sales figures falling significantly short of the projected goals [8][9]. Regulatory Environment - The company is subject to delisting risks as per the Shenzhen Stock Exchange regulations, which stipulate that companies with negative net assets for two consecutive years may face termination of their stock listing [4].

Core Viewpoint - China Communications Real Estate Company Limited (中交地产) reported a significant decline in performance for 2024, with a revenue of 18.302 billion yuan, a year-on-year decrease of 44.59%, and a net loss of 5.179 billion yuan, marking a substantial increase in losses by 221.44% [2][3] Financial Performance - The company experienced a continuous decline in performance over the past two years, accumulating losses of 6.8 billion yuan [2][4] - In 2023, the company reported a revenue of 32.468 billion yuan, down 15.60% year-on-year, and a net loss of 1.673 billion yuan [4][6] - Real estate sales revenue for the previous year was 17.181 billion yuan, a decrease of 46.69% [4][6] - The total sales amount for the company was 15.643 billion yuan, down 58.13% year-on-year, with a signed sales area of 853,200 square meters, a decrease of 52.51% [4][5] Business Strategy and Transition - In January 2024, the company announced its exit from the real estate business, focusing on light asset businesses such as property services and asset management [2][6] - The company plans to transfer its real estate development assets and liabilities to its controlling shareholder, China Communications Real Estate Group [6][7] - The company has restructured its real estate operations, reducing the number of city companies from 16 to 9 and simplifying management layers [4][6] Asset Management and Property Services - As of the end of 2024, the company held 117 real estate projects, primarily cooperative projects, with a total land area reduced to 10.45 million square meters [7] - The company reported a revenue of 172 million yuan from property leasing and 728 million yuan from property management, with the latter showing a year-on-year increase of 56.82% [7][8] - The company acquired 100% equity of a property company from its parent company, which contributed to the expansion of its property management business [8] Stock Market and Risk Warning - The company was placed under delisting risk warning and its stock name changed to "*ST中地" after a one-day suspension [2][8] - As of the end of 2024, the company's total assets were 107.698 billion yuan, with a net asset value of -3.579 billion yuan, leading to the delisting risk [8]

ST股走到了命运的分叉口 又是一年财报季，ST股也走到了命运的分岔口，有的即将"披星戴帽"，而有些则有望化解危机，实 现"摘星脱帽"。 4月16日，去年巨亏近52亿的中交地产（000736.SZ）"披星戴帽"，股票简称变更为*ST中地。4月17日， 号称"山水旅游第一股"的张家界（000430.SZ），股票简称将变更为"ST张家界"，该公司近年亏损累 累，三年累计亏损超10亿元。 只隔了一天，同样亏损连连的张家界，也加入ST股行列。从4月17日起，该股被实施其他风险警示，简 称变更为"ST张家界"。 张家界被ST的原因，是连续三年净利润为负，且2024年的年审报告显示公司持续经营能力存在不确定 性。2020年至2024年，该公司净利润分别亏损0.92亿元、1.35亿元、2.6亿元、2.39亿元和5.82亿元，累 计亏损金额超过13亿元。 已经"披星戴帽"近一年的*ST银江，又遇风波。据该公司最新披露，因多份财报存在虚假记载，公司及 实控人王辉等共计10人，被浙江证监局合计罚款超2500万元。受此影响，公司股票自4月16日起被叠加 实施其他风险警示。 在上述ST股陷入泥潭之际，另一些ST股则有望打赢"翻身仗"。 ...

| 证券代码：000736 | 证券简称：中交地产 | | 公告编号：2025-039 | | --- | --- | --- | --- | | 债券代码：149610 | 债券简称：21 | 中交债 | | | 债券代码：148385 | 债券简称：23 | 中交 04 | | | 债券代码：148551 | 债券简称：23 | 中交 06 | | | 债券代码：134164 | 债券简称：25 | 中交 01 | | | 债券代码：133965 | 债券简称：25 | 中交 02 | | 中交地产股份有限公司 关于选举产生职工代表监事的公告 1 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。 中交地产股份有限公司（以下简称"公司"）于近期召开职工代 表大会，选举叶瑞佳女士担任公司第十届监事会职工代表监事，与公 司于 2025 年 4 月 16 日召开的 2025 年第二次临时股东大会选举产生 的股东代表监事任期一致。 特此公告。 2025 年 4 月 16 日 中交地产股份有限公司董事会 附件：职工代表监事简历 叶瑞佳，女，1980 年 6 月生，中共党 ...

法律意见书 北京市中洲律师事务所 关于中交地产股份有限公司 2025 年第二次临时股东大会的 法律意见书 中洲律券意字[2025]第 03 号 致：中交地产股份有限公司 北京市中洲律师事务所（以下简称"本所"）受贵公司的委托，指 派本所执业律师陈思佳、霍晴雯出席了贵公司 2025 年第二次临时股东 大会。根据《中华人民共和国证券法》（以下简称"证券法"）、《中华人 民共和国公司法》（以下简称"公司法"）和中国证监会《上市公司股东 大会规则》（以下简称"股东大会规则"）等法律、法规和规范性文件以 及《中交地产股份有限公司章程》（以下简称"章程"）的规定，本律师 就本次股东大会的召集、召开程序、召开方式、出席会议人员及会议召 集人资格以及表决程序和表决结果的合法有效性出具本法律意见。 为出具本法律意见书，本律师已对本次股东大会所涉及的有关事项 及文件资料进行了必要的核查和验证，且贵公司已对前述资料的真实性 和准确性向本所作了保证。 本法律意见书仅供贵公司为本次股东大会之适当目的使用，不得被 任何人用于其他任何目的。 本所同意贵公司将本法律意见书作为贵公司本次股东大会公告材 料，随其他文件一同公开披露，并对贵公司引 ...

| 证券代码：000736 | 证券简称：中交地产 | | 公告编号：2025-038 | | --- | --- | --- | --- | | 债券代码：149610 | 债券简称：21 | 中交债 | | | 债券代码：148385 | 债券简称：23 | 中交 | 04 | | 债券代码：148551 | 债券简称：23 | 中交 | 06 | | 债券代码：134164 | 债券简称：25 | 中交 | 01 | | 债券代码：133965 | 债券简称：25 | 中交 | 02 | （二）现场会议召开地点：北京市西城区德胜门外大街 13 号院 1 号楼合生财富广场 15 层会议室 （三）召开方式：现场投票方式结合网络投票方式 （四）召集人：中交地产股份有限公司董事会 （五）主持人：董事长郭主龙先生 中交地产股份有限公司 2025 年第二次临时股东大会决议公告 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。 一、会议召开和出席的情况 （一）现场会议召开时间：2025 年 4 月 16 日 14：50 （六）会议的召开符合《公司法》、《股票上市规则》及 ...