法律意见书 中国 深圳 福田区 益田路6001号太平金融大厦11、12层 邮政编码：518038 11&12/F., TaiPing Finance Tower, NO. Yitian Road 6001, Futian District，ShenZhen, P.R. CHINA 电话(Tel.)：(0755) 88265064, 88265288 传真(Fax.)：(0755)83243108 网址（Website）：http:// www.sundiallawfirm.com 广东信达律师事务所 关于招商局蛇口工业区控股股份有限公司 二〇二四年第四次临时股东大会的法律意见书 信达会字(2024)第321号 致：招商局蛇口工业区控股股份有限公司 根据《中华人民共和国公司法》（下称"《公司法》"）、《上市公司股东大 会规则》（下称"《规则》"）等法律、法规、规范性文件以及现行有效的《招商 局蛇口工业区控股股份有限公司章程》（下称"《公司章程》"）的规定，广东信 达律师事务所（下称"信达"）接受招商局蛇口工业区控股股份有限公司（下称"贵 公司"）的委托，指派张森林律师、金川律师（下称"信达律师"）参加贵公司20 ...

证券代码：001979 证券简称：招商蛇口 公告编号：【CMSK】2024-122 招商局蛇口工业区控股股份有限公司 第四届董事会 2024 年第一次临时会议决议公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、误导性 陈述或重大遗漏。 招商局蛇口工业区控股股份有限公司（以下简称"公司"）第四届董事会 2024 年第一次临时会议通知于 2024 年 11 月 19 日以专人送达、电子邮件等方式 送达全体董事、监事及高级管理人员。2024 年 11 月 20 日，会议以通讯方式举 行。会议应到董事 9 人，实到董事 9 人。会议的召集、召开符合有关法律、法规 和《公司章程》的规定。会议以记名投票的方式审议并通过了以下议案： 一、关于选举第四届董事会董事长的议案 董事会选举蒋铁峰为公司董事长。 二、关于选举第四届董事会战略与可持续发展委员会委员的议案 董事会选举蒋铁峰（召集人）、张军立、聂黎明、朱文凯、余志良、叶建芳 （独立董事）、孔英（独立董事）为战略与可持续发展委员会委员，公司董事长 蒋铁峰担任召集人。 三、关于选举第四届董事会审计委员会委员的议案 董事会选举叶建芳（独立董事）、陶武、秦 ...

证券代码：001979 证券简称：招商蛇口 公告编号：【CMSK】2024-119 招商局蛇口工业区控股股份有限公司 关于子公司为招商润德提供担保的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、误导性 陈述或重大遗漏。 一、担保情况概述 为满足项目建设需要，招商局蛇口工业区控股股份有限公司（以下简称"公 司"或"本公司"）之控股子公司深圳招商润德房地产有限公司（以下简称"招 商润德"）向平安银行股份有限公司深圳分行申请其他类项目贷款2.4亿元和房 地产开发贷6.1亿元，业务期限为5年。本公司之全资子公司深圳招商房地产有限 公司（以下简称"深圳地产"）拟按51.00%的股权比例为上述贷款业务提供连带 责任保证，担保本金金额不超过人民币4.335亿元，保证期间为从保证合同生效 之日起，至授信合同项下的债务履行期限届满之日后三年。 公司于2024年3月15日、2024年6月26日分别召开了第三届董事会第十次会 议及2023年年度股东大会，审议通过了《关于审议为控股子公司提供担保额度的 议案》，同意公司为公司控股子公司的银行等金融机构信贷业务以及其它业务提 供不超过人民币467亿元的担保额度 ...

证券代码：001979 证券简称：招商蛇口 公告编号：【CMSK】2024-120 招商局蛇口工业区控股股份有限公司 关于首次回购公司股份的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、误导性 陈述或重大遗漏。 招商局蛇口工业区控股股份有限公司（以下简称"公司"或"招商蛇口"） 于 2024 年 10 月 16 日召开第三届董事会 2024 年第十二次临时会议，于 2024 年 11 月 1 日召开 2024 年第三次临时股东大会，审议通过了《关于以集中竞价交易 方式回购公司股份方案的议案》，同意公司以自有资金或自筹资金通过深圳证券 交易所以集中竞价交易方式回购公司股份，回购的股份全部用于注销并减少注册 资本，回购价格不超过 15.68 元/股。回购的资金总额不低于人民币 3.51 亿元且 不超过人民币 7.02 亿元，回购实施期限为自公司股东大会审议通过本次回购股 份方案之日起 12 个月内。 上述内容详见公司于 2024 年 10 月 17 日、2024 年 11 月 2 日在巨潮资讯网 分别披露的《关于以集中竞价交易方式回购公司股份方案的公告》（公告编号： 【CMSK】2024 ...

| 股票简称：招商蛇口 | | | 股票代码：001979.SZ | | --- | --- | --- | --- | | 债券简称：24 | 蛇口 | 04 | 债券代码：148901.SZ | | 债券简称：24 | 蛇口 | 03 | 债券代码：148900.SZ | | 债券简称：24 | 蛇口 | 02 | 债券代码：148860.SZ | | 债券简称：24 | 蛇口 | 01 | 债券代码：148859.SZ | | 债券简称：23 | 蛇口 | 05 | 债券代码：148525.SZ | | 债券简称：23 | 蛇口 | 04 | 债券代码：148428.SZ | | 债券简称：23 | 蛇口 | 03 | 债券代码：148427.SZ | | 债券简称：23 | 蛇口 | 02 | 债券代码：148383.SZ | | 债券简称：23 | 蛇口 | 01 | 债券代码：148382.SZ | | 债券简称：22 | 蛇口 | 10 | 债券代码：148155.SZ | | 债券简称：22 | 蛇口 | 09 | 债券代码：148154.SZ | | 债券简称：22 | 蛇口 | 07 | ...

2024 年第一次债券持有人会议的 法律意见书 中国 广东 深圳 福田区益田路 6001 号太平金融大厦 11、12 楼 邮编：518038 电话（Tel）：（0755）88265288 传真（Fax）：（0755）88265537 法律意见书 关于招商局蛇口工业区控股股份有限公司 "22 蛇口 06"、"22 蛇口 05" "24 蛇口 04"、"24 蛇口 03"、"24 蛇口 02"、 "24 蛇口 01"、"23 蛇口 05"、"23 蛇口 04"、 "23 蛇口 03"、"23 蛇口 02"、"23 蛇口 01"、 "22 蛇口 10"、"22 蛇口 09"、"22 蛇口 07"、 法律意见书 广东信达律师事务所 关于招商局蛇口工业区控股股份有限公司"24 蛇口 04"、"24 蛇 口 03"、"24 蛇口 02"、 "24 蛇口 01"、"23 蛇口 05"、 "23 蛇口 04"、"23 蛇口 03"、"23 蛇口 02"、"23 蛇口 01"、"22 蛇口 10"、"22 蛇口 09"、"22 蛇口 07"、"22 蛇 口 06"、"22 蛇口 05"2024 年第一次债券持有人会议的 法律意 ...

Summary of the Conference Call on China Merchants Shekou (招商蛇口) Company Overview - The conference call focuses on China Merchants Shekou, a leading real estate company in China, particularly in core first and second-tier cities. Key Points and Arguments Industry and Market Trends - The real estate sector has stabilized after an overcorrection since October, with expectations of continued recovery in the beta market for real estate [2][3] - The National People's Congress meeting on November 8 did not specify amounts for land and existing housing storage, but the Ministry of Finance is developing policy details for storage funds, indicating a gradual policy rollout [2][3] - The overall direction for the real estate sector is confirmed, with increasing policy support expected to be released from the end of this year into next year [2][7] Company Strategy and Performance - China Merchants Shekou has focused on core cities, with land reserves concentrated in 6+10 cities, accounting for 88% of its investment [2][4] - In the first nine months of the year, all land acquisitions were in core first and second-tier cities, which are likely to see price stabilization first [2][4] - The company has utilized new financing tools such as stock buybacks and increased loans, providing it with a valuation premium [4] Sales and Financial Outlook - Sales data for October, November, and December are expected to be positive, supporting the effectiveness of policies rather than disproving them [5] - Signs of price stabilization are emerging, including a decrease in second-hand housing listings and stable housing prices, which may positively influence buyer sentiment for new homes [5] - China Merchants Shekou's sales performance remains among the top five in the industry, with October sales growth exceeding the average of the top 100 real estate companies [6] Valuation and Future Expectations - The company has recognized substantial impairments totaling 10.7 billion yuan over three years, which is 20% of total profits, laying a solid foundation for future profit recovery [6] - The current book valuation is over one times the price-to-book ratio (Pb), which appears high but is misleading due to significant undervaluation of land reserves in Shenzhen [8] - After re-evaluating unsold inventory, the actual net asset value per share is estimated to increase by approximately 0.25 yuan, suggesting a more realistic valuation of around 0.75 times the price-to-book ratio [8] Overall Market Sentiment - The expectation is for a gradual release of real estate policies from small to large, with a confirmed direction towards recovery [7] - Despite potential short-term corrections due to mismatches in market expectations, the overall trend remains positive, leading to a bullish outlook for the real estate sector in the coming months and into next year [7][9] - Leading real estate companies like China Merchants Shekou are expected to benefit from new policy tools and the recovery of fundamentals in core cities, indicating a higher potential for valuation recovery [9] Additional Important Insights - The company’s significant land reserves in prime locations are a critical asset that may not be fully reflected in current valuations, suggesting potential upside as market conditions improve [8] - The focus on core cities and strategic land acquisitions positions China Merchants Shekou favorably for future growth and recovery in the real estate market [4][6]

Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The company achieved a year-on-year revenue growth of 2.88% in the first three quarters of 2024, with total revenue reaching 78.009 billion yuan. However, the net profit attributable to shareholders decreased by 31.00% to 2.601 billion yuan, primarily due to a decline in gross margin from development projects [6][10] - The company has maintained its leading position in the industry despite a decline in sales performance, ranking sixth nationally in both signed sales area and sales amount [7] - The company has initiated a stock repurchase program with a loan commitment of up to 702 million yuan from China Merchants Bank, aimed at supporting market stability [7] - The company successfully launched a rental housing REIT, raising approximately 1.3687 billion yuan, which will help to activate assets and broaden funding channels [8] - The forecasted earnings per share (EPS) for 2024 and 2025 are 0.67 yuan and 0.72 yuan, respectively, with a reasonable valuation range of 12.04 to 13.38 yuan based on a price-to-earnings ratio of 18-20 times [8][13] Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported total revenue of 78.009 billion yuan, a 2.88% increase year-on-year. The net profit was 2.601 billion yuan, down 31.00% from the previous year, with a basic earnings per share of 0.22 yuan, a decrease of 43.59% [6][10] - The gross margin for the company was 9.95%, down 8.30 percentage points year-on-year, while the net margin was 4.38%, down 2.90 percentage points [11] Sales Performance - The company recorded a signed sales area of 6.4244 million square meters, a decrease of 29.99% year-on-year, and a signed sales amount of 145.171 billion yuan, down 35.85% [7] Cash Flow and Debt - As of September 30, 2024, the net cash flow from operating activities was 12.971 billion yuan, a decline of 49.58% year-on-year, primarily due to reduced sales receipts from real estate projects [11] Future Outlook - The company is expected to maintain a competitive advantage in sales, supported by a strong financing background amid market supply-side reforms [8][13]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's sales scale has turned positive year-on-year, aided by the National Day holiday, indicating a recovery in sales [4] - The company maintains a leading position in the industry, with a focus on acquiring land in core cities and a sufficient supply of quality land reserves [4] - The company is expected to see a continuous increase in market share, with a forecasted net profit for 2024-2026 of 6.39 billion, 7.03 billion, and 7.44 billion yuan respectively [4] Sales Performance - In October 2024, the company achieved a signed sales amount of 22.3 billion yuan, a year-on-year increase of 6.42%, and a signed sales area of 917,700 square meters, up 5.18% year-on-year [5] - For the first ten months of 2024, the cumulative signed sales amount was 167.471 billion yuan, a decrease of 32.27% year-on-year, with a cumulative signed sales area of 7.3421 million square meters, down 26.94% year-on-year [5][10] - The average sales price in October 2024 was 24,299.88 yuan per square meter, an increase of 1.18% year-on-year [5] Land Acquisition Strategy - In October 2024, the company acquired two plots of land, focusing on core cities, with a total land area of 30,400 square meters and a total acquisition cost of 1.762 billion yuan [6] - The first plot is located in the Tongzhou District of Beijing, with a land area of 16,000 square meters and a total acquisition cost of 999.2 million yuan [13] - The second plot is in the New Territories of Hong Kong, with a land area of 14,400 square meters and a total acquisition cost of 770 million yuan [13] Financial Forecast - The company forecasts revenue for 2024-2026 to be 190.022 billion, 200.235 billion, and 207.165 billion yuan respectively, with a year-on-year growth of 8.6%, 5.4%, and 3.5% [7] - The projected earnings per share (EPS) for 2024-2026 are 0.71, 0.78, and 0.82 yuan, with corresponding price-to-earnings (P/E) ratios of 17.0, 15.5, and 14.6 [4][7]

二〇二四年十一月九日 证券代码：001979 证券简称：招商蛇口 公告编号：【CMSK】2024-116 | 序 | 项目名称 | | 项目 | 土地 | 土地面积 | | 计容建筑 面积 | 权益 | 公司需支 付价款 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 号 | | | 区域 | 用途 | （万平米） | | （万平米） | 比例 | （万元） | | 1 | 北 京 市 通 州 区 梨 园 | | 北京市 | 住宅 | | 1.60 | 3.47 | 100% | 99,200 | | | 〔2024〕040 号地块 | | 通州区 | | | | | | | | 2 | 香 港 新 界 Sheung Shui Town Lot | Fanling | 香港新 | 住宅 | | 1.44 | 10.39 | 40% | 76,966 | | | No.297 | | 界区 | | | | | | | 上述新增项目情况统计口径包含公司参与投资的全部房地产项目。鉴于未来 公司可能就部分项目引入合作者，影响招商蛇口在 ...