Core Viewpoint - *ST Zhongdi reported significant financial improvements in Q3 2025, driven by a major asset restructuring that divested its real estate business, leading to a substantial increase in net profit and a positive shift in net assets [1][2] Financial Performance - For the first three quarters of 2025, the company achieved operating revenue of 14.293 billion, a year-on-year increase of 16.48% [1] - The net profit attributable to shareholders reached 4.827 billion, marking a significant turnaround from losses in the previous year [1] - Earnings per share stood at 6.46 yuan [1] - In Q3 alone, the company reported operating revenue of 1.048 billion, a decrease of 63.84% year-on-year, but net profit soared to 6.006 billion, indicating a strong recovery [1] Asset Restructuring - On August 31, the company completed a major asset restructuring, transferring its real estate-related assets to its controlling shareholder, China Communications Real Estate Group [1] - This restructuring allowed the company to recognize investment income according to accounting standards, which was a key factor in the significant increase in net profit [1] - Post-restructuring, the company no longer includes the real estate business in its consolidated financial statements [1] Strategic Focus - Following the restructuring, the company has shifted its focus to "full urban services" and "full transportation services," aiming to establish a dual-driven model of "property management + asset management and operation" [1] - The company plans to deepen collaboration with China Communications Group, leveraging its resources in infrastructure, urban renewal, and commercial operations to implement a new growth model characterized by "light assets + brand" [1] Business Operations - The company's property management business is experiencing steady growth, with competitive advantages emerging in various segments such as residential, transportation, and public services [2] - The company has secured high-end projects, including services for China Mobile in Shantou and the Zhongjiao Zhishu Valley service park [2] - Value-added services are becoming more stable and efficient through refinement and digitization, contributing to brand value [2] - The asset management and operation segment focuses on industrial parks, office buildings, and hotels, maintaining high occupancy rates and steadily improving profit margins [2] - The company's main business segments are working synergistically, enhancing its full-cycle service capabilities and laying a solid foundation for sustainable high-quality growth [2]

1 一、以 7 票同意、0 票反对、0 票弃权的表决结果审议通过《关 于<2025 年第三季度报告>的议案》 公司《2025 年第三季度报告》于 2025 年 10 月 31 日在《中国 证券报》、《证券时报》、《上海证券报》、《证券日报》和巨潮资 讯网上披露，公告编号 2025-111。 特此公告。 中交地产股份有限公司董事会 2025 年 10 月 30 日 证券代码：000736 证券简称：*ST 中地 公告编号：2025-110 中交地产股份有限公司第十届董事会 第十次会议决议公告 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。 中交地产股份有限公司（以下简称"公司"）于 2025 年 10 月 21 日以书面方式发出了召开第十届董事会第十次会议的通知，2025 年 10 月 30 日，公司第十届董事会第十次会议以现场结合通讯方式召 开，会议应到董事 7 人，实到董事 7 人。本次会议由董事长王尧先生 主持。会议符合《公司法》和公司《章程》的有关规定。经与会全体 董事审议，形成了如下决议： ...

Financial Performance - The company's operating revenue for the third quarter was ¥2,672,450,056.5, a decrease of 63.84% compared to the same period last year[4] - Net profit attributable to shareholders was ¥6,006,362,216.82, representing a significant increase of 1270.46% year-on-year[4] - The basic earnings per share reached ¥8.04, compared to a loss of ¥0.74 in the same period last year, marking a 1270.46% increase[5] - The total equity attributable to shareholders increased by 134.86% compared to the previous year, reaching ¥1,247,603,383.34[5] - Net profit attributable to shareholders reached CNY 4.83 billion for the first nine months of 2025, an increase of 424.13% year-over-year[15] - The company achieved operating revenue of CNY 14.29 billion from January to September 2025, representing a year-over-year increase of 16.48%[15] - Net profit for the current period was ¥4,586,256,765.20, a significant recovery from a net loss of ¥1,408,035,032.64 in the previous period[23] - Basic and diluted earnings per share improved to ¥6.46, compared to a loss of ¥2.13 per share in the prior period[23] - The total comprehensive income for the current period was ¥4,586,256,765.20, recovering from a loss of ¥1,408,035,032.64 in the previous period[23] Asset and Liability Changes - The total assets at the end of the reporting period were ¥2,258,460,220.57, a decrease of 97.90% compared to the end of the previous year[5] - The company's total assets decreased significantly, with prepaid accounts dropping by 69.23% to ¥14,416,265.54, primarily due to the restructuring completion on August 31, 2025[11] - The total liabilities amounted to CNY 986.27 million as of September 30, 2025, significantly reduced from CNY 96.66 billion at the beginning of the year[20] - The company’s net assets attributable to shareholders were CNY 1.25 billion, a substantial recovery from a negative net asset position of CNY 3.58 billion at the beginning of the year[21] - The company experienced a 100% decrease in long-term receivables, indicating a complete write-off or restructuring of these assets[11] Cash Flow Analysis - The net cash flow from operating activities was ¥96,882,0, a decline of 110.61% compared to the previous year[5] - Cash flow from operating activities showed a net outflow of ¥96,882,099.78, a decline from a net inflow of ¥912,882,586.01 in the previous period[26] - Cash flow from investing activities resulted in a net outflow of ¥7,687,442,357.48, compared to a smaller outflow of ¥69,298,149.41 in the prior period[26] - Cash flow from financing activities generated a net inflow of ¥1,306,015,940.51, contrasting with a net outflow of ¥4,139,922,607.38 in the previous period[26] - The company’s cash and cash equivalents decreased to CNY 1.08 billion from CNY 8.65 billion at the beginning of the period[19] - The company’s cash and cash equivalents at the end of the period were ¥1,072,481,962.33, down from ¥6,858,264,858.98 at the end of the previous period[26] Investment and Restructuring - Investment income surged by 51,810.02% to ¥6,650,603,994.42, attributed to the recognition of investment income following the asset restructuring[12] - The company reported a significant non-recurring gain of ¥6,486,856,391.27 from the restructuring completion on August 31, 2025[8] - The company completed a major asset restructuring on August 31, 2025, transferring real estate development operations to its controlling shareholder[17] - Non-recurring gains and losses included a government subsidy of ¥13,038.39 and a gain from the disposal of non-current assets of ¥144,984.23[7] - The company reported a significant increase in investment income, amounting to ¥6,650,603,994.42, compared to a loss of ¥12,861,344.42 in the previous period[22] Operational Metrics - The company’s operating expenses decreased significantly, with tax and additional charges dropping by 82.45% to ¥47,521,591.30, reflecting overall cost reductions[12] - Operating cash inflow decreased by 57.13% to ¥6,469,149,734.09, mainly due to reduced sales receipts from property sales[12] - Total operating costs increased to ¥16,075,189,314.27, up 20.67% from ¥13,299,112,474.58 in the prior period[22] - The real estate business recorded a total contracted sales amount of CNY 8.08 billion from January to August 2025, a decrease of 31.12% compared to the same period last year[16] - The company’s property management business showed steady growth, with a focus on high-end projects such as China Mobile Shantou, enhancing competitive advantages in various segments[16]

Core Insights - The article highlights a trend of decreasing shareholder accounts among 784 companies, with 120 companies experiencing a decline for more than three consecutive periods, indicating a concentration of shares [1][2]. Shareholder Account Trends - The company *ST Zhongdi has seen its shareholder accounts decrease for 16 consecutive periods, with a total decline of 26.41%, while Fengshang Culture has decreased for 10 periods with a total decline of 44.86% [1]. - Other companies with significant declines in shareholder accounts include Xinyuan Electronics, ST Emergency, and Qinglong Pipe Industry [1]. Market Performance - Among the companies with decreasing shareholder accounts, 44 have seen their stock prices rise, while 75 have experienced declines. Notable gainers include Jingquanhua, Zhaoshang Shipping, and Changshan Pharmaceutical, with increases of 62.76%, 33.30%, and 30.39% respectively [2]. - 18 companies outperformed the Shanghai Composite Index during this period, with Jingquanhua, Zhaoshang Shipping, and Changshan Pharmaceutical showing relative returns of 57.62%, 29.20%, and 25.26% [2]. Industry Distribution - The industries with the highest concentration of companies experiencing declining shareholder accounts include machinery, basic chemicals, and electronics, with 17, 13, and 11 companies respectively [2]. Institutional Activity - In the past month, 11 companies with decreasing shareholder accounts have been subject to institutional research, with Minbao Optoelectronics and Feilong Co., Ltd. being the most frequently researched, each receiving two visits [2]. - The companies with the highest number of institutional participants in research include Meihua Medical, Jingbeifang, and Minbao Optoelectronics, with 72, 56, and 23 institutions respectively [2]. Financial Performance - Among the 82 companies that have released their third-quarter reports, Xinyuan Electronics reported the highest year-on-year net profit growth of 421.43% [2].

Core Insights - The article highlights a trend of decreasing shareholder accounts among 666 companies, indicating a concentration of shares, with 107 companies experiencing a decline for more than three consecutive periods [1][2]. Group 1: Shareholder Account Trends - 107 companies have seen their shareholder accounts decrease for more than three consecutive periods, with some like *ST Zhongdi experiencing a decline for 16 periods, totaling a 26.41% drop [1]. - Other notable companies with significant declines include Fengshang Culture, which has seen a 44.86% drop over 10 periods, and Xinlian Electronics, Yungli Co., and ST Emergency also showing similar trends [1][2]. Group 2: Market Performance - Among the companies with decreasing shareholder accounts, 41 have seen their stock prices rise, while 65 have experienced declines, with notable gainers including Jingquanhua (up 56.63%), Xinbang Intelligent (up 31.44%), and Changshan Pharmaceutical (up 29.43%) [2]. - 12 companies outperformed the Shanghai Composite Index, with Jingquanhua, Xinbang Intelligent, and China Merchants Energy showing relative returns of 52.00%, 27.83%, and 25.35% respectively [2]. Group 3: Institutional Interest - In the past month, 7 companies with decreasing shareholder accounts have been subject to institutional research, with Meihua Medical, Jingbeifang, and Feilong Co. receiving the most attention from 72, 56, and 16 institutions respectively [2]. Group 4: Financial Performance - 34 companies have released their Q3 reports, with Xinlian Electronics reporting the highest year-on-year net profit growth of 421.43% [2].

Investment Rating - The report does not explicitly state an investment rating for the industry, but it provides insights into the ESG performance of central enterprises in the real estate sector, indicating a mixed performance across various metrics [3][4]. Core Insights - The report evaluates the ESG performance of 10 central enterprises in the real estate sector, revealing that over half of the companies scored above 60 points, with social responsibility and governance aspects performing relatively well, while climate and environmental disclosures need improvement [10][23]. - The overall scores show significant variation, with three companies scoring below 60, three between 80-89 (including China Merchants Shekou, Poly Developments, and Joy City), and one company, China Merchants Jinling, scoring above 90 [10][23]. Summary by Sections 1. Overall Scores and Climate Disclosure - More than half of the companies scored above 60 points, indicating a need for improvement in climate disclosures [10]. - Companies with scores below 60: 3; scores between 80-89: 3; scores above 90: 1 [10]. 2. Environmental Performance - The environmental indicators scored relatively high, with most companies showing strong awareness of environmental protection [16]. - Five companies scored between 17-20 points, and four scored between 14-16 points, reflecting a commitment to resource utilization and emission reduction [16]. 3. Climate Performance - The climate indicators scored lower, with over half of the companies needing to enhance their climate disclosures [23]. - Three companies scored between 14-19 points, while five scored between 0-6 points, indicating a lack of emphasis on climate disclosures [23]. 4. Social Responsibility - The social indicators scored high, with five companies scoring between 23-29 points, demonstrating a strong commitment to social responsibility [29]. - Companies actively engaged in rural revitalization and public welfare initiatives, with detailed disclosures on consumer rights protection [29]. 5. Governance - The governance indicators scored high, with most companies having well-structured governance frameworks [41]. - Six companies scored between 17-22 points, indicating robust internal control and compliance management systems [41].

Investment Rating - The report gives a positive outlook on the central state-owned real estate industry, rating it as "Look Favorably" [3] Core Insights - The report evaluates the ESG performance of 10 central state-owned enterprises in the real estate sector, highlighting that over half of the companies scored above 60 points, with strong performance in social responsibility and governance, but needing improvement in climate and environmental disclosures [4][12] - The scoring results show a significant disparity, with three companies scoring below 60, three between 80-89 (including China Merchants Shekou, Poly Developments, and Dayuecheng), and one company, China Merchants Jinling, scoring above 90 [12] - The report emphasizes the importance of enhancing climate disclosures, as over half of the companies still need to improve in this area [27] Summary by Sections Overall Score Distribution - More than half of the companies scored above 60 points, indicating a relatively good performance in social responsibility and environmental aspects, while climate disclosures require further enhancement [12][27] Environmental Performance - Most central state-owned real estate companies show strong awareness of environmental protection, with five companies scoring between 17-20 points and four companies scoring between 14-16 points [18][22] - Companies have disclosed resource utilization and emission reduction measures, with high scores in "green low-carbon measures," "green buildings," and "green construction" [18][22] Climate Performance - The climate indicators received lower scores, with three companies scoring between 14-19 points and five companies scoring between 0-6 points, indicating a need for improved climate disclosures [27][32] - Only one company, China Merchants Jinling, fully disclosed its climate governance measures, while eight companies disclosed their climate response strategies, but only one did so completely [29][33] Social Responsibility - The social indicators scored relatively high, with five companies scoring between 23-29 points, demonstrating good performance in fulfilling social responsibilities, including rural revitalization and consumer rights protection [35][39] - Nine companies disclosed rural revitalization cases, and five companies reported measures for constructing affordable housing [39] Governance - The governance indicators also scored high, with most companies having well-structured governance frameworks. Six companies scored between 17-22 points, while four scored between 14-16 points [47][52] - All ten companies disclosed their governance structures, indicating a commitment to transparency and compliance [52][56]

Market Performance - On September 22, 2025, the equity markets saw most sectors rise, with the Shanghai Composite Index and Shenzhen Composite Index increasing by 0.22% and 0.56% respectively, while the CSI 300 and CSI 500 rose by 0.46% and 0.76% respectively [1] Stock Performance - The top five gainers in the real estate sector were Shoukai Co., Zhangjiang Hi-Tech, Overseas Chinese Town A, Hualian Holdings, and Binjiang Group, with increases of 10.06%, 8.48%, 8.00%, 7.24%, and 6.87% respectively [2] - The largest decliners included Dalong Real Estate, Suning Universal, Xiangjiang Holdings, Jintou City Development, and Nanguo Real Estate, with declines of -10.06%, -9.93%, -9.70%, -5.82%, and -5.11% respectively [2] Industry News - On September 22, 2025, two residential land parcels were listed for sale in Huzhou Wuxing District with a total starting price of 870 million yuan. The total area for sale is 117 acres, with a total construction area of 106,000 square meters [3] - The key parcel, TH-10-02-06A, has a sale area of 62,100 square meters and a starting price of 692 million yuan, corresponding to a floor price of 7,961 yuan per square meter [3] - The People's Bank of China announced that the new housing loan policy during the 14th Five-Year Plan will reduce interest payments by approximately 300 billion yuan annually for over 50 million households [3] Company Announcements - Shanghai Jinmao Investment announced that the "22 Jinmao 04" bond will start paying interest on September 29, 2025, with a total issuance of 2 billion yuan and a coupon rate of 3.60% [4] - China Communications Real Estate Co., Ltd. held its 9th board meeting on September 22, 2025, where Wang Yao was elected as chairman, with all resolutions passed unanimously [4]

Group 1: Core Trends in Real Estate Companies - Several real estate companies are accelerating the divestiture of their development businesses to transition towards light-asset operations [1][2] - Companies like Nanguo Real Estate and China Communications Real Estate are transferring their development assets for a nominal price of 1 yuan to focus on more stable light-asset businesses such as property services and asset management [2][3] - The trend of divesting development businesses is not isolated, as Midea Real Estate reported a revenue of 2 billion yuan in the first half of the year, marking a 41% year-on-year increase, indicating a successful business restructuring [2] Group 2: Mergers and Acquisitions for Growth - Some small and medium-sized real estate companies are pursuing mergers and acquisitions to expand their business scope, such as New Dazheng Property Group planning to acquire at least 51% of Jiaxin Liheng Facility Management [4] - Cross-industry mergers are gaining attention, with companies like Quzhou Xinan Development and Beijing Wantong New Development entering the technology sector through acquisitions [4] - The real estate industry is entering a stock era, with a slowdown in development activities prompting companies to exit development businesses, which may help accelerate industry clearing and enhance concentration [4]

Group 1 - The company held its seventh extraordinary general meeting of shareholders on September 22, 2025, with a total of 747,098,401 shares and 193 shareholders (or their representatives) present, representing 58.6896% of the voting shares [3][4][22] - The meeting adopted a combination of on-site and online voting methods for the proposals [5][7] - The election of non-independent directors Ye Chaofeng and Zeng Yiming was approved with 96.5490% and 96.5452% of the votes respectively [5][8][46] Group 2 - The proposal to amend the company's articles of association was approved with 99.3276% of the votes in favor [10][47] - The proposal to revise the rules of the shareholders' meeting and other four basic systems was also approved with similar high support [12][49] - The legal opinion provided by Beijing Zhongzhou Law Firm confirmed the legality and validity of the meeting's procedures and resolutions [22][58] Group 3 - The company announced a change of office address and investor contact information following a major asset restructuring [30] - The company emphasized the importance of maintaining effective communication channels with investors [30] - Other contact details, such as the registered address and email, remain unchanged [30]