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 2025 年第一次临时会议通知于 2025 年 3 月 31 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。2025 年 4 月 1 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 9 票同意、0 票反对、0 票弃权审议通过了以下议案： 议案一、关于聘任公司总法律顾问、首席合规官的议案 证券代码：001979 证券简称：招商蛇口 公告编号：【CMSK】2025-029 招商局蛇口工业区控股股份有限公司 第四届董事会 2025 年第一次临时会议决议公告 二〇二五年四月二日 董事会同意聘任唐坚女士为总法律顾问、首席合规官，任期至第四届董事会 届满之日止，具体内容详见公司今日披露的《关于聘任公司总法律顾问、首席合 规官的公告》。 特此公告。 招商局蛇口工业区控股股份有限公司 董 事 会 ...

证券代码：001979 证券简称：招商蛇口 公告编号：【CMSK】2025-031 招商局蛇口工业区控股股份有限公司 关于回购公司股份的进展公告 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。 （1）自可能对本公司证券及其衍生品种交易价格产生重大影响的重大事项 发生之日或者在决策过程中，至依法披露之日内； （2）中国证监会和深圳证券交易所规定的其他情形。 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 202 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding the market benchmark by more than 15% over the next 6-12 months [13]. Core Insights - The company achieved a total sales revenue of 351 billion yuan in Q1 2025, reflecting a year-on-year decline of 12.7% [2]. - The company's revenue for 2024 was 1789.5 billion yuan, a stable increase of 2.3% year-on-year, primarily supported by sufficient initial contract liabilities [1]. - The net profit attributable to the parent company for 2024 was 40.4 billion yuan, a significant decrease of 36.1% year-on-year, influenced by declining gross margins and increased asset impairment losses [1][3]. Summary by Sections Sales and Land Acquisition - In 2024, the company added 2.25 million square meters of land reserves, with a total land cost of approximately 48.6 billion yuan, focusing 90% of investments in "core 10 cities" [2]. - The land acquisition to sales ratio was 22.2%, down 16.5 percentage points year-on-year, primarily due to a decline in market demand [2]. Financial Performance - The company reported a comprehensive gross margin of 14.6% in 2024, a decrease of 1.3 percentage points year-on-year, with the real estate development segment's gross margin at 15.6%, down 1.5 percentage points [1][3]. - As of the end of 2024, the company maintained a debt-to-asset ratio of 62.4% and a net debt-to-equity ratio of 55.9%, indicating a stable financial position [3]. Profit Forecast and Valuation - The net profit forecasts for 2025 and 2026 have been revised down to 42.1 billion yuan and 44.7 billion yuan, respectively, from previous estimates of 59.2 billion yuan and 68.6 billion yuan [3]. - The current stock price corresponds to a price-to-earnings (P/E) ratio of 21.1 for 2025, 19.8 for 2026, and 16.1 for 2027, reflecting the company's strong financial health and land acquisition capabilities [3].

Performance Overview - The company reported a total of 600 billion in sales contribution from urban renewal projects over the next three years, with approximately 8 projects expected to be completed [2] - The company has around 20 urban renewal projects in incubation, covering a total construction area of about 7 million square meters [2] Economic and Market Outlook - The national economy grew by 5% last year, with expectations for stable growth in 2025 despite external uncertainties [3][4] - The real estate market experienced significant fluctuations in 2024, with a 45% year-on-year decline in Q1, followed by a 19% increase in Q4 [5] - In January and February, the transaction volume of second-hand housing in 30 monitored cities increased by 25% [5] Policy and Strategic Response - The government has emphasized the need for proactive macroeconomic policies, including more aggressive fiscal and moderately loose monetary policies [4] - The company plans to focus on core cities for urban renewal projects, particularly in the Greater Bay Area, including Shenzhen and Shanghai [2] Financing and Cost Management - The company has a total debt of 222.6 billion, with an average funding cost of 2.99% [8] - The company aims to maintain a stable leverage ratio while ensuring cash flow and asset quality [8] Land Acquisition Strategy - The company is optimistic about the land market in 2025, despite competitive pressures in core cities [10] - The company has successfully acquired several high-yield land parcels, with expected higher profit margins compared to previous years [10] Business Development and Diversification - The company has added 77 new construction projects, managing a total area of over 20 million square meters in its construction business [13] - The asset management segment generated revenue of 4.389 billion, with an EBITDA of 2.181 billion, reflecting a 15% year-on-year increase [15] REITs and Asset Management - The company has issued multiple REITs, including a public rental housing REIT, which is expected to enhance asset turnover and support the new real estate development model [18] - The company aims to leverage its REITs to create a new financing model that aligns with its asset management strategy [18]

Core Viewpoint - In the first full fiscal year under Chairman Jiang Tiefeng, China Merchants Shekou delivered a report card of "increased revenue but decreased profit," with a slight revenue increase of 2.25% to approximately 178.9 billion yuan, while net profit plummeted by 36% to about 4.04 billion yuan [1][3]. Financial Performance - In 2024, China Merchants Shekou reported operating revenue of 178.95 billion yuan, a year-on-year increase of 2.25%, but the net profit attributable to shareholders fell by 36.09% to 4.04 billion yuan [3][4]. - The company's gross profit margin decreased to 14.61% from 15.89% in the previous year, with significant asset impairment provisions totaling 6.03 billion yuan, far exceeding the net profit [6][7]. - Key profitability indicators declined, with net profit margin dropping from 5.20% at the end of 2023 to 2.34%, and the weighted average return on equity falling from 6.04% to 3.36% [4][5]. Strategic Adjustments - In response to the changing real estate market, China Merchants Shekou has adjusted its land acquisition strategy, reducing the number of land parcels acquired from 55 in 2023 to only 26 in 2024, a decrease of 52.7% [9][10]. - The company has shifted its investment focus from 70 cities to 30 cities, and further narrowed down to 10 core first- and second-tier cities, with 90% of investment in these key areas [10][11]. Land Acquisition and Market Position - Despite the reduction in land acquisition, China Merchants Shekou has been aggressively competing for high-value land parcels, often at high premiums, indicating a strategy of "conservative yet aggressive" [2][11]. - In March 2024, the company acquired a land parcel in Shanghai for 2.66 billion yuan, with a floor price of approximately 31,900 yuan per square meter, reflecting a 30% premium [12]. - The company also secured a land parcel in Chengdu for 2.7 billion yuan, with a premium rate of 70.4%, setting a new record for floor prices in the city [12][13]. Future Outlook - The company anticipates a total saleable value of 325 billion yuan for 2025, with 79% of this being residential projects, primarily located in strong urban areas [19]. - Chairman Jiang Tiefeng emphasized the importance of maintaining cash flow and strategic land acquisition to ensure the company's survival and growth amid market challenges [20]. - The focus on core cities aligns with industry trends, but profit recovery will depend on sustained sales performance, with potential risks from high land acquisition costs and market conditions [20].

Investment Rating - The report maintains a "Buy" rating for the company, with expectations of a relative increase in stock price over the next six months [1][19]. Core Insights - The company reported a slight increase in revenue for 2024, achieving 178.95 billion yuan, a year-on-year growth of 2.25%. However, the net profit attributable to shareholders decreased by 36.09% to 4.04 billion yuan, primarily due to a decline in gross margin and increased impairment losses [3][4]. - The company remains among the top five in the industry in terms of sales scale, with a total contracted sales area of 9.36 million square meters, down 23.5% year-on-year. The total sales amount reached 219.3 billion yuan, a decrease of 25.3% [5]. - The company focuses on acquiring land in core cities, with 90% of its investment in the "Core 10 Cities," and 59% of the investment in first-tier cities [6]. Financial Performance - The company reported a gross margin of 15.58% for its development projects, which is a decline of 1.53 percentage points compared to the previous year. The total impairment losses and credit impairment losses for 2024 amounted to 6.03 billion yuan, an increase of 3.62 billion yuan year-on-year [4]. - The financial management remains robust, with a debt-to-asset ratio of 62.37% and a net debt ratio of 55.85% as of the end of 2024. The comprehensive funding cost decreased to 2.99%, down 0.48 percentage points from 2023 [7]. - The asset operation and property service segments are growing rapidly, with property service revenue reaching 7.47 billion yuan, a year-on-year increase of 9.89% [11]. Future Projections - The company is expected to achieve net profits of 4.56 billion yuan, 5.56 billion yuan, and 5.00 billion yuan for the years 2025, 2026, and 2027, respectively. The corresponding price-to-earnings ratios are projected to be 18.85X, 15.44X, and 17.17X [12][17].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - The company is projected to achieve operating revenue of 178.9 billion yuan in 2024, representing a 2.3% increase, while the net profit attributable to shareholders is expected to decline by 36.1% to 4.04 billion yuan. The net profit excluding non-recurring items is forecasted to be 2.45 billion yuan, down 57.3% [2][4]. - The decline in net profit is primarily attributed to increased impairment losses and a decrease in gross profit margin. Despite facing downward pressure on revenue in 2025, the overall performance outlook remains stable [2][9]. - The company maintains its position as the fifth largest in the industry in terms of sales scale, with a sales revenue of 219.3 billion yuan in 2024, a decrease of 25.3% year-on-year. The sales performance in the fourth quarter showed a positive growth of 10.1% year-on-year [9]. Summary by Sections Financial Performance - In 2024, the company reported an operating revenue of 178.9 billion yuan, with a gross profit margin of 14.6%, down 1.3 percentage points year-on-year. The impairment losses increased by 3.62 billion yuan to 6.03 billion yuan, with credit impairment and asset impairment accounting for 1.55 billion yuan and 4.48 billion yuan, respectively [9][10]. - The company plans to maintain a dividend payout ratio of over 40%, with cash dividends of 1.75 billion yuan in 2024, corresponding to a payout ratio of 43% [9]. Market Position and Strategy - The company’s land acquisition amount in 2024 was 48.6 billion yuan, a decrease of 57.1% year-on-year, with a land acquisition to sales ratio of 22%. The quality of land acquired remains high, with 90% of investments concentrated in "core 10 cities" and 59% in first-tier cities [9]. - The average financing cost at the end of 2024 was 2.99%, a decrease of 48 basis points from the previous year, indicating a strong credit advantage [9]. Future Outlook - The projected net profits for 2025, 2026, and 2027 are 4.2 billion yuan, 4.5 billion yuan, and 4.9 billion yuan, respectively, with corresponding price-to-earnings ratios of 20.8X, 19.4X, and 17.7X. The current valuation does not reflect the long-term value, suggesting significant upside potential [9].

Investment Rating - The report maintains a "Recommendation" rating for the company, with a target price of 11 yuan for 2025 [2][9]. Core Insights - The company is experiencing temporary profit pressure, with a projected revenue of approximately 178.95 billion yuan in 2024, representing a year-on-year growth of 2.25%. However, the net profit attributable to shareholders is expected to decline by 36.09% to around 4.04 billion yuan [2][9]. - The company's balance sheet shows significant improvement, with cash and cash equivalents increasing by 12.1 billion yuan to a historical high, despite an increase in interest-bearing liabilities by 14.3 billion yuan [9][10]. - The company has focused its land acquisition strategy on core cities, with 90% of its investment in 2024 concentrated in the top 10 cities, and a notable 52% of land acquisition in Shanghai alone [9][10]. Financial Summary - **Revenue and Profit Forecasts**: - Total revenue for 2024 is projected at 178.95 billion yuan, with a decline expected in subsequent years [5]. - Net profit for 2024 is estimated at 4.04 billion yuan, with a recovery anticipated in 2025 and beyond, reaching 4.83 billion yuan in 2025 and 5.70 billion yuan in 2026 [5][10]. - **Earnings Per Share (EPS)**: - EPS is forecasted to be 0.45 yuan in 2024, increasing to 0.53 yuan in 2025 and 0.63 yuan in 2026 [5][10]. - **Valuation Ratios**: - The price-to-earnings (P/E) ratio is projected to be 21 for 2024, decreasing to 18 in 2025 and further to 15 in 2026 [5][10]. - The price-to-book (P/B) ratio is expected to remain stable at around 0.8 for 2025 and 2026 [5][10]. Market Performance - The company's sales amount is expected to decline by 25% in 2024, with a total sales revenue of 219.3 billion yuan [9][10]. - The overall investment intensity is projected to decrease to 22% in 2024 from 39% in 2023, indicating a more cautious approach to new investments [9][10].

证券代码：001979 证券简称：招商蛇口 公告编号：【CMSK】2025-028 招商局蛇口工业区控股股份有限公司 关于为盐城师山招海提供担保的公告 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"）之控股子公司盐城师山招海置业有限公司（以下简称"盐城 师山招海"）向招商银行股份有限公司盐城分行申请开发贷款人民币1.7亿元， 贷款期限为2年。本公司拟按51%的股权比例为上述开发贷款业务提供连带责任 保证，担保本金金额不超过人民币0.867亿元，保证期间为借款合同生效之日起 至最后一期债务履行期限届满之日后三年。 盐城师山招海因项目建设需要，通过借款补充资金，有利于促进其经营发展。 盐城师山招海为公司控股子公司，担保风险可控，不会对本公司的正常运作和业 务发展造成影响。 五、累计对外担保数量及逾期担保的数量 截至公告日，本公司及控股子公司的对外担保总额（不包括子公司为客户提 供的销售按揭担保）为393.76亿元，占本公司最近一期经审计归属于母公司股东 净资产的35. ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - The company's 2024 revenue is projected to be 178.9 billion yuan, an increase of 2.3%, while the net profit attributable to shareholders is expected to decline by 36.1% to 4.04 billion yuan, and the net profit excluding non-recurring items is forecasted to drop by 57.3% to 2.45 billion yuan. The decline in net profit is primarily due to increased impairment losses and a decrease in gross margin [6][11]. - The company maintains its position as the fifth largest in sales scale within the industry, with a sales revenue of 219.3 billion yuan in 2024, reflecting a year-on-year decrease of 25.3%. Despite a decline in land acquisition amounting to 48.6 billion yuan (down 57.1%), the quality of land acquired remains high, with 90% of investments in core cities [11][11]. - The average financing cost at the end of 2024 is 2.99%, a decrease of 48 basis points from the previous year, indicating a sustained credit advantage. The company emphasizes shareholder returns, maintaining a dividend payout ratio above 40%, with a cash dividend of 1.75 billion yuan in 2024, corresponding to a payout ratio of 43% [11][11]. Summary by Sections Financial Performance - In 2024, the company is expected to achieve total revenue of 178.9 billion yuan, with a gross profit margin of 14.6%, down 1.3 percentage points year-on-year. The net profit attributable to shareholders is projected at 4.04 billion yuan, a significant decline from the previous year [6][11]. - The company anticipates revenue pressures in 2025, with projected net profits of 4.2 billion yuan, 4.5 billion yuan, and 4.9 billion yuan for 2025, 2026, and 2027 respectively, corresponding to price-earnings ratios of 20.8X, 19.4X, and 17.7X [11]. Sales and Market Position - The company’s sales revenue for 2024 is expected to be 219.3 billion yuan, with a notable decline in sales across the quarters, but a positive growth of 10.1% in the fourth quarter [11]. - The land acquisition amount has decreased significantly, but the company continues to focus on high-quality land in key cities, with 59% of investments in first-tier cities [11]. Credit and Financial Health - The company’s financial metrics indicate a strong safety margin, with a net debt ratio of 55.85% and a cash-to-short-term debt ratio of 1.59. The average financing cost has decreased, reinforcing its credit advantage in the industry [11][11]. - The company has also expanded its management area in construction services, achieving significant growth in this segment [11].