一、担保情况概述 （一）基本情况 证券代码：002244 证券简称：滨江集团 公告编号：2025—012 杭州滨江房产集团股份有限公司 关于为控股子公司提供担保的公告 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。 特别风险提示 截止本公告日，公司及控股子公司对外担保总额为 832,027.22 万 元，占公司最近一期经审计净资产的 32.88%。 为满足项目建设需要，公司控股子公司杭州滨裕房地产开发有限 公司（以下简称"滨裕公司"）拟向兴业银行股份有限公司、上海浦 东发展银行股份有限公司、中信银行股份有限公司和中国农业银行股 份有限公司组成的银团申请人民币不超过24亿元的融资，为切实提高 项目融资效率，保障项目的良好运作，公司拟按股权比例为滨裕公司 本次融资提供连带责任保证担保，保证范围为滨裕公司本次未清偿债 务的80.002%（最高本金限额为5.49亿元），合作方股东将按出资比例 对其提供同等担保。 （二）审议程序 公司于 2024 年 4 月 25 日、6 月 17 日召开了第六届董事会第三十 四次会议及 2023 年年度股东大会，审议通过了《关于为控股 ...

特此公告。 杭州滨江房产集团股份有限公司 董事会 二○二五年四月二日 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。 2025 年 4 月 1 日，公司竞得下述地块的国有建设用地使用权： | 序 | 地块编号 | | 规划用途 | 建设用地面 | 容积率 | 土地总价 | 土地权益 | | --- | --- | --- | --- | --- | --- | --- | --- | | 号 | | | | 积(㎡) | | (万元) | | | 1 | 杭政储出[2025]30 | 号 | 住宅 | 26148 | 2.5 | 171814 | 100% | 公司在上述项目中所占权益比例可能发生变化，上述比例仅供投 资者作阶段性参考。 证券代码：002244 证券简称：滨江集团 公告编号：2025-011 杭州滨江房产集团股份有限公司 关于竞得土地使用权的公告 ...

Core Viewpoint - The recent high-priced land transactions in Hangzhou indicate a strong confidence among developers in the local real estate market, with significant implications for future housing prices. Group 1: Land Auction Market Analysis - The Hangzhou land auction market has seen a surge in high-priced land parcels, with the recent record-breaking transaction in the Xihu District where a plot was sold for 343,463 million yuan, translating to a floor price of 88,000 yuan per square meter and a premium rate of 115.39% [1][2][3] - The competitive bidding involved several prominent real estate companies, including Binjiang Group and Greentown, highlighting the intense competition in the market [4] Group 2: Future Housing Price Trends - Short-term pressure on housing prices is expected due to high land prices, with projections indicating that new housing prices could reach between 120,000 to 150,000 yuan per square meter [5] - The inventory levels in Hangzhou's core districts are tight, with varying months of inventory depletion, further contributing to upward pressure on housing prices [5] - Strong market demand, particularly for high-end properties, is evident as the transaction volume for second-hand homes has significantly increased year-on-year [5] Group 3: Long-term Trends and Influencing Factors - The potential for government policy adjustments, such as price controls or purchase restrictions, could significantly impact future housing price trends [6][7] - Economic conditions, including growth rates and income levels, will also play a crucial role in shaping the long-term trajectory of the real estate market [7] - An increase in land supply by the government could alleviate some of the upward pressure on housing prices [8] Group 4: Data Support - Historical data shows a consistent increase in land transaction prices in Hangzhou, with the average floor price rising from 1,954.73 yuan per square meter in 2008 to 4,647.23 yuan per square meter in 2024, indicating a strong correlation between land prices and housing prices [12][17] - The total land transaction value in Hangzhou has fluctuated significantly over the years, with a notable peak in 2021 at approximately 30,050 million yuan [10][17] Group 5: Impact of High-Priced Land Auctions - High-priced land auctions are expected to push housing prices higher through cost-push effects, as increased land costs directly influence new housing prices [12] - Market expectations regarding future price increases can lead to accelerated demand, further driving up housing prices [12][16] - The sentiment in the market can be positively influenced by high land prices, enhancing confidence among buyers and investors [15][16]

Investment Rating - The report maintains an "Accumulate" rating for the company, indicating a positive outlook for its stock performance in the near term [1][50]. Core Views - The company, Binjiang Group, has established itself as a leading private enterprise in Hangzhou, consistently ranking first in sales for seven consecutive years. The easing of housing purchase restrictions and the cancellation of new home price limits in Hangzhou have stimulated the local real estate market, supported by the growth of the digital economy and high-tech industries, which attract a significant number of skilled talents, ensuring robust long-term demand for real estate [4][48]. Summary by Sections Company Overview - Binjiang Group focuses on high-quality residential projects and has a strong reputation in the industry. The company was founded in 1992 and has been recognized as one of the top 500 private enterprises in China and one of the top 20 real estate companies [9][10]. Sales Ranking Improvement - The company has shown resilience in sales despite the overall downturn in the real estate market. In 2024, it achieved a sales amount of 1116.3 billion yuan, entering the top 10 of national real estate companies for the first time, ranking 9th and being the only private company in that group. The company has maintained its leading position in the Hangzhou market, achieving significant sales figures [11][12][49]. Active Land Acquisition - Binjiang Group has been actively acquiring land, focusing on high-quality land reserves in Hangzhou. In 2024, the company's land acquisition amount reached 219 billion yuan, ranking 7th in the industry. The company’s land acquisition intensity was high, with 40.26% of its equity sales amount being reinvested into land purchases [13][15]. Financial Stability and Decreasing Financing Costs - The company has maintained a healthy financial status with a decreasing debt ratio. As of mid-2024, the company's total liabilities were 398.68 billion yuan, with a debt ratio of 78.98%. The average financing cost has decreased significantly from 5.6% in 2019 to a historical low of 3.4% in 2024, reflecting strong market confidence in the company's asset value and operational capabilities [16][18][21]. Revenue Growth and Profit Recovery Potential - Despite a decline in revenue due to the industry downturn, the company has remained profitable. The report forecasts that the company’s earnings per share (EPS) will increase from 0.87 yuan in 2024 to 1.06 yuan in 2026, indicating a potential recovery in performance as low-margin projects are completed and impairment provisions decrease [23][50]. Real Estate Market Recovery - The report highlights that the real estate market is gradually stabilizing, with policies aimed at boosting market confidence and demand. Hangzhou's real estate market is showing signs of recovery, with significant sales activity and competitive land auctions, positioning the company favorably for future growth [28][35][48].

Group 1 - Ningbo Housing Provident Fund can be used for down payment on second-hand homes, allowing individuals and their family members to withdraw funds to lower the financial barrier for purchasing homes, potentially boosting the local housing market's liquidity and improving transaction volumes [1] - This policy reflects local government efforts to activate existing assets and may lead to expectations of further policy tools being opened in core cities, catalyzing valuation recovery in the real estate industry [1] Group 2 - Binjiang Group won two plots of land in Hangzhou for a total of 5.203 billion yuan, setting a new record for floor price at 72,915 yuan per square meter, with a premium rate of 69.86%, indicating a strategic focus on high-quality urban assets [2] - The phenomenon suggests that larger real estate companies are consolidating their positions in core urban areas, potentially increasing pressure on smaller firms and accelerating market differentiation [2] Group 3 - Kaisa Group's offshore debt restructuring plan was approved by the Hong Kong High Court, marking a significant step in alleviating debt risks and optimizing the company's liability structure, although it may dilute the founder's control [3] - This restructuring could serve as a model for other distressed real estate companies, but overall industry credit recovery will depend on policy coordination and market confidence [3] Group 4 - Yincheng International Holdings is set to have its listing status canceled due to failure to meet resumption guidelines, reflecting the survival challenges faced by small real estate firms during industry adjustments [4][5] - The delisting may lead to increased scrutiny of governance and financial transparency among similar companies, further differentiating the credit landscape in the industry [5] Group 5 - Beijing Urban Construction Development plans to apply for a loan of up to 1.5 billion yuan to support specific projects, which will help optimize project funding structures and ensure development progress [6] - This move indicates a stable risk preference from financial institutions towards quality real estate projects, especially those with collateral, potentially serving as a reference for financing in the sector [6]

证券代码：002244 证券简称：滨江集团 公告编号：2025-010 杭州滨江房产集团股份有限公司 | 序 | 地块编号 | | 规划用途 | 建设用地面 | 容积率 | 土地总价 | 土地权益 | | --- | --- | --- | --- | --- | --- | --- | --- | | 号 | | | | 积(㎡) | | (万元) | | | 1 | 杭政储出[2025]16 | 号 | 住宅 | 24272 | 2.5 | 253812 | 100% | | 2 | 杭政储出[2025]18 | 号 | 住宅 | 23145 | 2.9 | 520340 | 100% | 杭州滨江房产集团股份有限公司 董事会 关于竞得土地使用权的公告 公司在上述项目中所占权益比例可能发生变化，上述比例仅供投 资者作阶段性参考。 特此公告。 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。 2025 年 3 月 25 日，公司竞得下述地块的国有建设用地使用权： 二○二五年三月二十六日 ...

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。 证券代码：002244 证券简称：滨江集团 公告编号：2025-009 杭州滨江房产集团股份有限公司 第六届董事会第四十六次会议决议公告 杭州滨江房产集团股份有限公司(以下简称"公司")第六届董事 会第四十六次会议通知于 2025 年 3 月 6 日以专人送达、传真形式发 出，会议于 2025 年 3 月 11 日以通讯方式召开，应出席董事 5 人，实 际出席董事 5 人。本次会议召开程序符合《公司法》和《公司章程》 的规定。 会议以通讯表决的方式，审议并表决了以下议案： 一、审议通过《关于将杭政储出[2025]9 号地块土地出让合同的 受让人调整为项目公司的议案》 杭州滨江房产集团股份有限公司 董事会 二○二五年三月十三日 同意将公司竞拍获得的杭政储出[2025]9 号地块土地出让合同的 受让人调整至项目公司杭州滨华房地产开发有限公司名下，相应的权 利义务 100%调整至项目公司。 表决结果：同意 5 票，反对 0 票，弃权 0 票。 特此公告。 ...

证券代码：002244 证券简称：滨江集团 公告编号：2025-008 杭州滨江房产集团股份有限公司 第六届董事会第四十五次会议决议公告 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。 杭州滨江房产集团股份有限公司 董事会 二○二五年三月八日 杭州滨江房产集团股份有限公司(以下简称"公司")第六届董事 会第四十五次会议通知于 2025 年 3 月 1 日以专人送达、传真形式发 出，会议于 2025 年 3 月 6 日以通讯方式召开，应出席董事 5 人，实 际出席董事 5 人。本次会议召开程序符合《公司法》和《公司章程》 的规定。 会议以通讯表决的方式，审议并表决了以下议案： 一、审议通过《关于将杭政储出[2024]158 号地块土地出让合同 的受让人调整为项目公司的议案》 同意将公司竞拍获得的杭政储出[2024]158 号地块土地出让合同 的受让人调整至项目公司杭州缤景房地产开发有限公司名下，相应的 权利义务 100%调整至项目公司。 表决结果：同意 5 票，反对 0 票，弃权 0 票。 特此公告。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company is positioned as a benchmark enterprise in the "Good Housing Era," benefiting from technological breakthroughs in Hangzhou [8] - The company aims for a sales target of approximately 100 billion yuan in 2025, with a focus on maintaining its ranking within the top 15 nationally [8] - The company has shown strong performance in land acquisition, with a significant focus on the Hangzhou market, and has reduced its interest-bearing debt while lowering financing costs [8] Financial Data and Profit Forecast - Total revenue for 2023 is projected at 70,443 million yuan, with a year-on-year growth rate of 69.7% [6] - The net profit attributable to the parent company is expected to be 2,529 million yuan in 2023, reflecting a year-on-year decline of 32.4% [6] - The company anticipates a gradual recovery in profits, with net profits projected to reach 2,924 million yuan in 2025 and 3,227 million yuan in 2026 [6][9] - The average financing cost has decreased to 3.4%, down from 4.2% at the end of 2023 [8] Sales and Market Position - In the first two months of 2025, the company achieved sales of 12.8 billion yuan, with a sales area of 290,000 square meters [8] - The average sales price per square meter was 43,800 yuan, significantly higher than the industry average of 22,000 yuan [8] - The company has increased its market share in the Hangzhou land market from 25% in 2023 to 38% in 2024 [8]

2025 年 2 月 28 日，公司竞得下述地块的国有建设用地使用权： | 序 | 地块编号 | 规划用途 | 建设用地面 | 容积率 | 土地总价 | 土地权益 | | --- | --- | --- | --- | --- | --- | --- | | 号 | | | 积(㎡) | | (万元) | | | 1 | 杭政储出[2025]9 | 号 住宅 | 27934 | 2.2 | 106607 | 100% | 公司在上述项目中所占权益比例可能发生变化，上述比例仅供投 资者作阶段性参考。 关于竞得土地使用权的公告 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。 特此公告。 证券代码：002244 证券简称：滨江集团 公告编号：2025-007 杭州滨江房产集团股份有限公司 二○二五年三月一日 杭州滨江房产集团股份有限公司 董事会 ...