Group 1 - The core point of the article is that Tianbao Infrastructure (SZ 000965) held its 28th meeting of the 9th Board of Directors on October 23, 2025, where it reviewed the proposal for the reappointment of the annual audit institution [1] - For the first half of 2025, the revenue composition of Tianbao Infrastructure is as follows: 85.93% from real estate development and operation, 6.21% from property leasing, 6.2% from property management, 1.47% from hotel income, and 0.2% from pharmaceutical sales [1] - As of the report date, the market capitalization of Tianbao Infrastructure is 5.1 billion yuan [1] Group 2 - The article also highlights that Chinese innovative drugs have generated $80 billion in overseas licensing this year, indicating a hot secondary market in biomedicine, while the primary market is facing fundraising challenges [1]

Group 1 - Company Tianbao Infrastructure reported Q3 earnings with revenue of approximately 2.32 billion yuan, an increase of 47.99% year-on-year [1] - The net profit attributable to shareholders was about 64.61 million yuan, reflecting a significant increase of 7158.91% year-on-year [1] - Basic earnings per share reached 0.0582 yuan, up 7175% compared to the previous year [1] Group 2 - As of the report, Tianbao Infrastructure has a market capitalization of 5.1 billion yuan [2]

证券代码：000965 证券简称：天保基建 公告编号：2025-48 天津天保基建股份有限公司 4、会议时间： （1）现场会议时间：2025年11月11日14:30 （2）网络投票时间：通过深圳证券交易所系统进行网络投 票的具体时间为2025年11月11日9:15-9:25，9:30-11:30， 13:00-15:00；通过深圳证券交易所互联网投票系统投票的具体 关于召开2025年第五次临时股东会的通知 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、召开会议的基本情况 1、股东会届次：2025年第五次临时股东会 2、股东会的召集人：董事会 2025年10月23日，公司第九届董事会第二十八次会议，以7 票同意，0票反对，0票弃权，审议通过了《关于召开2025年第五 次临时股东会的议案》。 3、本次会议的召集、召开符合《中华人民共和国公司法》 《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自 律监管指引第1号——主板上市公司规范运作》等法律、行政法 规、部门规章、规范性文件及《公司章程》的有关规定。 1 时间为2025年11月11日9:15至15: ...

证券代码：000965 证券简称：天保基建 公告编号：2025-47 天津天保基建股份有限公司 本议案在提交董事会前已经董事会审计委员会全体审议通过。 本议案尚需提交股东会审议。 本公司及董事会全体成员保证信息披露内容的真实、准确和完 整，没有虚假记载、误导性陈述或重大遗漏。 天津天保基建股份有限公司（以下简称"公司"）关于召开第九 届董事会第二十八次会议的通知，于 2025 年 10 月 13 日以书面文件 方式送达全体董事，并同时送达公司全体高级管理人员。会议于 2025 年 10 月 23 日在公司会议室举行。本次董事会应出席董事 7 人， 实际出席董事 7 人。公司全体董事侯海兴先生、尹琪女士、梁辰女 士、郭力先生、严建伟女士、于海生先生、张昆先生共 7 人亲自出 席了会议。全体高级管理人员列席了会议。会议由公司董事长侯海 兴先生主持。会议符合《公司法》、《深圳证券交易所股票上市规则》 和《公司章程》的有关规定。经与会董事认真审议、逐项表决，对 会议议案形成决议如下： 一、以 7 票同意、0 票反对、0 票弃权，审议通过了《2025 年 第三季度报告》。 本议案中的财务信息在提交董事会前已经董事会审计 ...

Revenue and Profitability - The company's revenue for Q3 2025 reached ¥1,833,998,740.15, representing a 76.75% increase compared to the same period last year[4] - The net profit attributable to shareholders was -¥53,472,550.03, a significant decrease of 1,098.58% year-on-year[4] - The net profit after deducting non-recurring gains and losses was -¥59,328,164.39, down 1,103.19% from the previous year[4] - The basic earnings per share were -¥0.0482, a decrease of 1,105.00% compared to the same period last year[4] - Net profit for the current period was ¥111,417,237.92, compared to a net loss of ¥5,469,708.02 in the previous period, marking a turnaround in profitability[17] - Basic earnings per share (EPS) for the period is 0.0582, compared to 0.0008 in the previous period[18] Cash Flow - The net cash flow from operating activities was -¥946,338,928.29, reflecting a decline of 1,068.80% year-on-year[4] - Net cash flow from operating activities is -946,338,928.29 yuan, a decrease from 97,681,555.69 yuan in the previous period[18] - Cash inflow from operating activities totaled 3,441,990,281.27 yuan, up from 2,657,401,759.57 yuan year-over-year[18] - Cash outflow from operating activities increased to 4,388,329,209.56 yuan from 2,559,720,203.88 yuan in the previous period[19] - Net cash flow from investing activities is 41,670,053.58 yuan, compared to 9,251,214.49 yuan in the previous period[19] - Cash inflow from financing activities is 2,516,029,339.63 yuan, slightly down from 2,353,104,971.74 yuan in the previous period[19] - Net cash flow from financing activities increased to 1,181,328,573.64 yuan from 583,050,920.52 yuan in the previous period[19] - The ending balance of cash and cash equivalents is 1,557,521,864.26 yuan, up from 1,113,139,887.40 yuan in the previous period[19] Assets and Liabilities - The total assets at the end of the reporting period amounted to ¥15,494,199,471.02, an increase of 5.75% from the end of the previous year[4] - The company's total assets increased to ¥15,494,199,471.02 from ¥14,651,468,814.28, reflecting a growth of approximately 5.8%[15] - Total liabilities rose to ¥8,824,361,233.94, compared to ¥8,081,949,506.17, an increase of about 9.2%[15] - The company’s total liabilities increased, with long-term borrowings rising by 86.35% to ¥2,950,315,346.99, primarily due to new borrowings[7] - The company’s long-term borrowings increased to ¥2,950,315,346.99 from ¥1,583,223,692.05, reflecting a growth of approximately 86.3%[15] Shareholder Information - The total number of common shareholders at the end of the reporting period is 54,637[10] - Tianjin Tianbao Holdings Co., Ltd. holds 51.45% of shares, totaling 570,995,896 shares, with 236,198,000 shares pledged[10] - The company has not reported any changes in the top 10 shareholders due to share lending or borrowing activities[12] Investment and Assets Growth - The company recorded a substantial increase in investment cash flow, which reached ¥41,670,053.58, a 350.43% increase compared to the previous year[8] - Accounts receivable increased to ¥118,476,131.34 from ¥31,888,742.29, indicating a significant rise in receivables[13] - Other receivables rose to ¥247,936,468.15 from ¥89,539,196.26, reflecting improved collection efforts[13] - Total current assets at the end of the period are ¥13,083,340,185.99, compared to ¥12,343,812,973.47 at the beginning[13] - Long-term equity investments increased to ¥371,215,300.51 from ¥357,895,981.27, showing growth in investment holdings[13] - Investment properties are valued at ¥814,933,127.59, up from ¥758,770,652.97, indicating expansion in real estate investments[13] - Fixed assets increased to ¥364,136,023.33 from ¥279,096,931.52, suggesting capital investment growth[13] Operational Performance - Total operating revenue for the current period reached ¥2,320,043,451.03, a significant increase from ¥1,567,701,442.00 in the previous period, representing a growth of approximately 47.9%[16] - Total operating costs amounted to ¥2,189,204,360.64, up from ¥1,466,493,697.81, indicating an increase of about 49.4%[16] - The operating profit for the current period was ¥108,036,428.73, up from ¥38,553,082.08, indicating a substantial improvement in operational efficiency[17] Audit and Compliance - The company has not undergone an audit for the third quarter financial report[20] - The financial report for the third quarter is not applicable for the new accounting standards effective from 2025[20]

证券代码：000965 证券简称：天保基建 公告编号：2025-49 天津天保基建股份有限公司 关于拟续聘会计师事务所的公告 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。 特别提示： 本次续聘会计师事务所符合财政部、国务院国资委、证监会 印发的《国有企业、上市公司选聘会计师事务所管理办法》（财 会〔2023〕4号）的规定。 天津天保基建股份有限公司（以下简称"公司"）于2025 年10月23日召开公司第九届董事会第二十八次会议，以7票同意、 0票反对、0票弃权，审议通过了《关于续聘年度审计机构的议案》。 本议案尚需提交公司股东会审议，现就相关事项公告如下： 一、拟续聘会计师事务所的基本情况 （一）机构信息 1、基本信息 （5）首席合伙人：王增明 （6）人员信息：2024 年末合伙人 93 人，注册会计师 482 人，其中：签署过证券服务业务审计报告的注册会计师 180 余人。 （7）审计收入：2024 年度经审计的收入总额 7.04 亿元， 审计业务收入 6.82 亿元，证券业务收入 3.01 亿元。 （8）业务情况：2024 年度上市公司审计客户 40 家 ...

证券代码：000965 证券简称：天保基建 公告编号：2025-50 天津天保基建股份有限公司 关于计提资产减值准备的公告 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。 天津天保基建股份有限公司（以下简称"公司"）第九届董 事会第二十八次会议，审议通过了《2025年第三季度报告》。根 据《深圳证券交易所股票上市规则》及《深圳证券交易所上市公 司自律监管指南第1号——业务办理》有关规定，公司对本次计 提资产减值准备具体情况公告如下： | 资产名称 | 减值期末余额 | 资产可收回 | 本期计提减 | 本期转销减值 | 期末账面价值 | | --- | --- | --- | --- | --- | --- | | | | 净额 | 值金额 | 金额 | | | 开发产品 | | | | | | | 天津南开区 天拖二期地 | 327,639,180. | 839,124,246. | 21,568,778. | 116,727,585. | 839,124,246. | | 块项目 | 71 | 56 | 94 | 04 | 56 | | 合计 | 327,6 ...

Group 1 - The urban village renovation index experienced a decline of 1.95% during the trading session [1] - Among the constituent stocks, Hefei Urban Construction fell by 8.90%, Yunnan Urban Investment decreased by 6.35%, Youan Design dropped by 4.87%, Tianbao Infrastructure declined by 4.36%, and Jingtou Development fell by 4.21% [1]

Group 1 - Tianbao Infrastructure experienced a decline of 5.19%, trading at 4.57 CNY per share, with a total transaction volume of 485 million CNY and a turnover rate of 9.31%, resulting in a total market capitalization of 5.072 billion CNY [1] - The company, established on September 30, 1998, and listed on April 6, 2000, is primarily engaged in real estate development, property leasing, and property management, with revenue composition as follows: 85.93% from real estate sales, 6.21% from property leasing, 6.20% from property management, 1.47% from hotel income, and 0.20% from pharmaceutical sales [1] Group 2 - Among the top ten circulating shareholders of Tianbao Infrastructure, a fund under Southern Fund holds a position. The Southern CSI Real Estate ETF Initiated Link A (004642) increased its holdings by 52,100 shares in the second quarter, totaling 7.0786 million shares, which accounts for 0.64% of the circulating shares [2] - The Southern CSI Real Estate ETF Initiated Link A (004642) was established on August 24, 2017, with a current scale of 173 million CNY. Year-to-date returns are 12.04%, ranking 3417 out of 4218 in its category, while the one-year return is 8.2%, ranking 3340 out of 3875. Since inception, it has incurred a loss of 37.56% [2]

Core Viewpoint - The Chinese stock market experienced slight declines, with the Shanghai Composite Index down by 0.07% and the Shenzhen Component Index down by 0.62%, indicating a mixed market sentiment amid varying sector performances [1]. Market Performance - The Shanghai Composite Index closed at 3913.76 points with a trading volume of 741.525 billion [1]. - The Shenzhen Component Index closed at 12996.61 points with a trading volume of 926.332 billion [1]. - The ChiNext Index closed at 3059.32 points with a trading volume of 412.990 billion [1]. Sector Highlights - The oil and gas extraction sector saw significant gains, with companies like Beiken Energy, Sinopec Oilfield Service, and Zhun Oil Co. hitting the daily limit [1]. - The real estate sector also performed strongly, with firms such as Yingxin Development, Guangming Real Estate, and Tianbao Infrastructure reaching the daily limit [1]. - The gold sector faced weakness throughout the day, with Western Gold and Hunan Gold dropping over 4% [1]. Other Notable Concepts - Concepts such as combustible ice, Tianjin Free Trade Zone, lab-grown meat, wind power equipment, and engineering machinery showed strong performance [1]. - Conversely, sectors like coal mining and processing, gas, and port shipping experienced notable declines [1].