本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 一、召开会议的基本情况 1、股东大会届次：2025年第二次临时股东大会 2、股东大会的召集人：本公司董事会 证券代码：001914 证券简称：招商积余 公告编号：2025-36 招商局积余产业运营服务股份有限公司 关于召开 2025 年第二次临时股东大会的通知 3、会议召开的合法、合规性：2025年4月24日，公司第十届董事会第三十五次 会议审议通过了《关于召开2025年第二次临时股东大会的议案》。本次股东大会会 议召开符合有关法律、行政法规、部门规章、规范性文件和公司章程的规定。 4、会议召开的日期、时间： （1）现场会议时间：2025年5月15日14:30 （2）网络投票时间：2025年5月15日 其中，通过深圳证券交易所交易系统进行网络投票的时间为2025年5月15 日9:15-9:25，9:30-11:30和13:00-15:00；通过互联网投票系统投票的时间为2025 年5月15日9:15-15:00期间的任意时间。 5、会议的召开方式：本次股东大会采用现场表决与网络投票相结合的方式 召开。 （1）现场投票 ...

证券代码：001914 证券简称：招商积余 公告编号：2025-34 招商局积余产业运营服务股份有限公司 第十届董事会第三十五次会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 一、董事会会议召开情况 招商局积余产业运营服务股份有限公司（以下简称"公司"）董事会 2025 年 4 月 21 日以电子邮件等方式发出召开第十届董事会第三十五次会议的通知。 会议于 2025 年 4 月 24 日以通讯表决的方式召开，应出席会议董事 10 人，实际 出席会议董事 10 人，分别为吕斌、刘晔、陈智恒、赵肖、李朝晖、章松新、许 遵武、林洪、KAREN LAI（黎明儿）、邹平学。本次会议的召集、召开符合《公 司法》及《公司章程》的有关规定，表决形成的决议合法、有效。 二、董事会会议审议情况 会议经审议做出了如下决议： （一）审议通过了《关于变更经营范围并修订<公司章程>的议案》（10 票 同意、0 票反对、0 票弃权）。 董事会同意就公司经营范围进行变更，减少"房地产开发、经营"，并对《公 司章程》中经营范围条款相应进行修订。除上述条款修订外，《公司章程》的其 他条 ...

招商局积余产业运营服务股份有限公司 章 程 （修订稿） | | | | 第一章 总 则 1 | | | --- | --- | | 第二章 公司宗旨和经营范围 2 | | | 第三章 公司股份 2 | | | 第一节 股份发行 | 2 | | 第二节 股份增减和回购 | 3 | | 第三节 股份转让 | 4 | | 第四章 股东和股东大会 4 | | | 第一节 股东 | 4 | | 第二节 股东大会的一般规定 | 6 | | 第三节 股东大会的召集 | 9 | | 第四节 股东大会的通知 | 10 | | 第五节 股东大会提案 | 11 | | 第六节 股东大会的召开 | 11 | | 第七节 股东大会的表决及决议 | 13 | | 第五章 党委 16 | | | 第六章 董事和董事会 16 | | | 第一节 董事 | 16 | | 第二节 董事会 | 19 | | 第三节 董事会议事规则 | 23 | | 第七章 总经理及其他高级管理人员 24 | | | 第八章 监事和监事会 26 | | | 第一节 监事 | 26 | | 第二节 监事会 | 26 | | 第三节 监事会决议 | 27 | | 第四 ...

21世纪经济报道记者 黄子潇 深圳报道 1978年，年逾花甲的袁庚先生开始起草在广东设立工业区的方案，这被视为招商局的"第二次创业"以 及"蛇口模式"的奠基时刻。 2025年，这家拥有150多年历史的大型央企——招商局集团正处于加速推进"第三次创业"的关键时期。 该集团曾表示，"第三次创业"的历史意义、实施难度，不亚于洋务运动时期的"第一次创业"和改革开放 初期 "第二次创业"，都是事关前途命运的关键之举。为此，需要打造"两条曲线"——微笑曲线、马利 克曲线。 "微笑曲线强调价值链高端环节的布局，推动传统产业向高附加值服务转型；马利克曲线则聚焦效率与 创新，实现从规模扩张到质量提升的跨越。"4月23日，招商局集团副总经理宋嵘在深交所公开阐述 了"两条曲线"的含义。 4家招商系深市上市公司（招商蛇口、招商港口、招商公路、招商积余）参加了这次集体业绩说明会。 它们属于地产园区、交通物流行业，既是该集团的核心主营业务，也是大众认知中的传统产业。 不过，宋嵘强调，传统产业也可以成为创新的先锋。该集团正在通过科技赋能为传统领域注入活力，这 体现在智慧港口、地产园区、智能交通、物业服务的数字化转型上。 另一方面，面对复杂 ...

证券代码：001914 证券简称：招商积余 招商局积余产业运营服务股份有限公司 招商局集团上市公司集体业绩说明会活动记录表 | 投资者关系活动 | 业绩说明会 | | --- | --- | | 类别 | | | 参与单位名称及 | 现场及网络直播，面向所有投资者 | | 人员姓名 | | | 时间 | 年 月 日 2025 4 23 14:30-16:40 | | 地点 | 深圳证券交易所上市大厅；线上直播平台：互动易、全景网 | | 上市公司接待人 员姓名 | 招商蛇口副总经理、招商积余董事长吕斌，招商积余董事总经理 | | | 陈智恒、独立董事邹平学、财务总监江霞、董事会秘书陈江 | | | 一、业绩介绍 | | | 公司董事长吕斌对招商积余主要财务指标、2024 年经营情 | | | 况和 年发展展望进行了介绍。 2025 | | | 二、互动交流 | | | 【问题 1】公司非住宅业态里具体哪个业态具备领先优势以 | | | 及未来如何保持领先优势？住宅这个领域公司去年取得了一定 | | | 突破，未来到 年是否会持续增长？ 2025 | | 投资者关系活动 | 【回答】首先回答第一个问题。2024 ...

证券代码：001914 证券简称：招商积余 公告编号：2025-33 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 重要内容提示： 会议召开时间：2025年4月23日（星期三）14:30-17:00 会议召开地点：深圳证券交易所上市大厅 网络直播地址： （1）"互动易"平台"云访谈"栏目（https://irm.cninfo.com.cn/） （2）全景路演（https://rs.p5w.net/html/145820.shtml） 会议召开方式：现场交流、视频直播、网络文字互动 招商局积余产业运营服务股份有限公司 关于参加招商局集团有限公司上市公司集体业绩 说明会的公告 本次业绩说明会以现场交流、视频直播、网络文字互动等形式召开，公司将 针对2024年度的经营成果和对未来的展望与投资者进行坦诚互动、交流和沟通， 在信息披露允许的范围内就投资者普遍关注的问题进行解答。 二、说明会召开的时间、地点 1 1、会议召开时间：2025年4月23日（星期三）14:30-17:00 2、会议召开地点：深圳证券交易所上市大厅 3、网络直播地址： （1）"互动易"平台"云访谈" ...

Investment Rating - The investment rating for the company is "Buy" (maintained) with a target price of 14.04 CNY [1][6]. Core Views - The company reported a revenue of 17.17 billion CNY for 2024, representing a year-on-year increase of 9.9%. The net profit attributable to the parent company was 840 million CNY, up 14.2% year-on-year, while the net profit excluding non-recurring items was 800 million CNY, reflecting a 21.1% increase [5][9]. - The company has shown strong performance in property management, with a revenue of 16.49 billion CNY, an increase of 11.7%. The gross profit margin for basic property management improved by nearly 2 percentage points to 10.7%, contributing to an overall gross margin increase [9]. - The company achieved a new annual contract amount of 4.03 billion CNY, with third-party contracts accounting for 92% of the total, indicating a solid market expansion strategy [9]. Financial Performance Summary - Revenue for 2023 was 15.63 billion CNY, with a projected increase to 19.05 billion CNY in 2025, reflecting a compound annual growth rate (CAGR) of 10.9% [7]. - The net profit attributable to the parent company is expected to grow from 736 million CNY in 2023 to 1.15 billion CNY in 2025, indicating a growth rate of 36.3% [7]. - The company's gross margin is projected to improve from 11.6% in 2023 to 12.7% in 2025, while the net margin is expected to rise from 4.7% to 6.0% over the same period [7][11]. Valuation Metrics - The company is currently trading at a price-to-earnings (P/E) ratio of 15.4 for 2024, with an expected P/E of 11.3 for 2025 [10]. - The price-to-book (P/B) ratio is projected to decrease from 1.2 in 2024 to 1.1 in 2025, indicating a favorable valuation trend [11]. - The estimated earnings per share (EPS) is expected to increase from 0.79 CNY in 2024 to 1.08 CNY in 2025, reflecting strong earnings growth potential [7][10].

招商积余 001914.SZ 公司研究 | 年报点评 | | 买入 （维持） | | --- | --- | | 股价（2025年04月14日） | 12.26 元 | | 目标价格 | 14.04 元 | | 52 周最高价/最低价 | 13.33/8.16 元 | | 总股本/流通 A 股（万股） | 106,035/106,034 | | A 股市值（百万元） | 13,000 | | 国家/地区 | 中国 | | 行业 | 房地产 | | 报告发布日期 | 2025 年 04 月 15 日 | 1 周 1 月 3 月 12 月 绝对表现% 8.88 13.1 24.21 29.93 相对表现% 4.15 19.28 25.82 21.78 沪深 300% 4.73 -6.18 -1.61 8.15 赵旭翔 zhaoxuxiang@orientsec.com.cn 执业证书编号：S0860521070001 | sunyixuan@orientsec.com.cn | | --- | | 孙怡萱 | 业绩稳健，非住业态优势显著 2024-03-21 营收业绩双增，基础物管毛利率改善 核心观点 事件：公司 ...

Core Viewpoint - The article highlights a significant increase in stock repurchase and shareholder buyback activities among A-share listed companies in response to market volatility caused by U.S. tariffs, indicating strong confidence in the Chinese market and the financial strength of these companies [1][5][10]. Summary by Sections Stock Buybacks and Shareholder Actions - Since April, numerous A-share companies have announced stock buybacks and shareholder increases, reflecting a proactive approach to market conditions [3][4]. - In 2024, over 2,100 A-share companies executed stock buybacks totaling more than 160 billion yuan, marking a historical high with a year-on-year increase of 71.1% [5][10]. - As of April 9, 2025, 684 companies had already implemented stock buybacks exceeding 30 billion yuan [5]. Confidence from State-Owned Enterprises - Major state-owned enterprises like Sinopec, China Three Gorges, and Chalco have committed to increasing their stakes in listed companies, demonstrating confidence in the long-term prospects of the Chinese economy [4]. - The China Merchants Group announced collective buyback plans for seven listed companies, emphasizing their commitment to enhancing shareholder value and market confidence [4]. Leading Companies' Initiatives - Leading firms such as CATL, Midea Group, and Kweichow Moutai have initiated new rounds of stock buybacks, with CATL planning to use 4 to 8 billion yuan for share repurchases [4]. - Midea Group intends to repurchase shares worth 1.5 to 3 billion yuan, while Kweichow Moutai aims to complete a remaining buyback of approximately 4.05 billion yuan [4]. Market Implications - The increase in buybacks and shareholder actions is seen as a positive sign for the long-term health of the capital market, enhancing liquidity and improving investor sentiment [9][10]. - The establishment of a stock buyback loan policy by the central bank in October 2024 has encouraged companies to pursue buybacks, with 430 companies disclosing plans to apply for loans totaling over 90 billion yuan [9]. Strengthening Corporate Fundamentals - The rising trend in buybacks reflects the growing financial strength of Chinese companies, as evidenced by increased cash flow and improved overall capabilities [10]. - The innovation capacity of Chinese listed companies has significantly improved, with total R&D spending rising from 585.6 billion yuan in 2018 to 1.5593 trillion yuan in 2023, indicating a strong correlation with profitability and financial strength [11].

Core Viewpoint - The article highlights a significant increase in stock buybacks and shareholder repurchases among A-share listed companies in response to market volatility, indicating strong confidence in the Chinese market and the financial strength of these companies [2][6][7]. Group 1: Stock Buyback and Shareholder Repurchase Trends - Over 2,100 A-share listed companies implemented stock buybacks in 2024, with a total buyback amount exceeding 160 billion yuan, marking a historical high and a year-on-year increase of 71.1% [5]. - As of April 9, 2025, 684 companies had executed stock buybacks totaling over 30 billion yuan [5]. - Major state-owned enterprises, including Sinopec and China Three Gorges, announced plans for shareholder repurchases based on their confidence in the long-term prospects of the Chinese economy [4]. Group 2: Corporate Actions and Market Confidence - Companies like CATL, Midea Group, and Kweichow Moutai initiated new rounds of stock buybacks, with CATL planning to use 4 to 8 billion yuan for repurchasing shares [4]. - The collective actions of companies signal a commitment to enhancing shareholder value and maintaining market confidence [4][6]. - The increase in buybacks and repurchases is seen as a positive indicator for the long-term health of the capital market, improving investor sentiment and market liquidity [6][7]. Group 3: Economic and Competitive Landscape - The growing scale of buybacks reflects the robust financial health of Chinese companies, supported by a comprehensive industrial system and significant market advantages [7]. - China's large consumer market, with over 1.4 billion people and a per capita GDP exceeding 13,000 USD, presents vast demand potential, further bolstered by proactive macroeconomic policies [7]. - The innovation capabilities of Chinese listed companies have significantly improved, contributing to overall profitability and financial strength [8].