杭州滨江房产集团股份有限公司全体股东： 一、内部控制审计报告………………………………………………第 1—2 页 内部控制审计报告 天健审〔2025〕8199 号 目 录 第 1 页 共 2 页 范》和相关规定在所有重大方面保持了有效的财务报告内部控制。 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我 们审计了杭州滨江房产集团股份有限公司（以下简称滨江集团公司）2024 年 12 月 31 日的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》《企业内部控制应用指引》以及《企业内部 控制评价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是滨江 集团公司董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表 审计意见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于 情况的变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低， 根据内部控制审计结果推测未来内部控制的有效性具有一定风险。 四、财务报 ...

目 录 一、非经营性资金占用及其他关联资金往来情况的专项 审计说明…………………………………………………………第 1—2 页 二、非经营性资金占用及其他关联资金往来情况汇总表…………第 3—13 页 非经营性资金占用及其他关联资金往来情况的 专项审计说明 天健审〔2025〕8200 号 杭州滨江房产集团股份有限公司全体股东： 我们接受委托，审计了杭州滨江房产集团股份有限公司（以下简称滨江集团 公司）2024 年度财务报表，包括 2024 年 12 月 31 日的合并及母公司资产负债表， 2024 年度的合并及母公司利润表、合并及母公司现金流量表、合并及母公司所 有者权益变动表，以及财务报表附注，并出具了审计报告。在此基础上，我们审 计了后附的滨江集团公司管理层编制的 2024 年度《非经营性资金占用及其他关 联资金往来情况汇总表》（以下简称汇总表）。 一、对报告使用者和使用目的的限定 本报告仅供滨江集团公司年度报告披露时使用，不得用作任何其他目的。我 们同意将本报告作为滨江集团公司年度报告的必备文件，随同其他文件一起报送 并对外披露。 为了更好地理解滨江集团公司 2024 年度非经营性资金占用及其他关联资金 ...

目 录 | | | 审 计 报 告 天健审〔2025〕8198 号 杭州滨江房产集团股份有限公司全体股东： 一、审计意见 我们审计了杭州滨江房产集团股份有限公司（以下简称滨江集团公司）财务 报表，包括 2024 年 12 月 31 日的合并及母公司资产负债表，2024 年度的合并及 母公司利润表、合并及母公司现金流量表、合并及母公司所有者权益变动表，以 及相关财务报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的规定编制， 公允反映了滨江集团公司2024年12月 31日的合并及母公司财务状况，以及2024 年度的合并及母公司经营成果和现金流量。 二、形成审计意见的基础 我们按照中国注册会计师审计准则的规定执行了审计工作。审计报告的"注 册会计师对财务报表审计的责任"部分进一步阐述了我们在这些准则下的责任。 按照中国注册会计师职业道德守则，我们独立于滨江集团公司，并履行了职业道 德方面的其他责任。我们相信，我们获取的审计证据是充分、适当的，为发表审 计意见提供了基础。 | 一、审计报告……………………………………………………… 第 1—6 | | 页 | | --- | --- | --- | ...

Financial Performance - The company's operating revenue for 2024 was ¥69,151,820,970.03, a decrease of 1.83% compared to ¥70,442,587,508.90 in 2023[18]. - Net profit attributable to shareholders for 2024 was ¥2,545,764,974.90, reflecting a slight increase of 0.66% from ¥2,529,138,720.52 in 2023[18]. - The net profit after deducting non-recurring gains and losses was ¥2,429,850,723.94, up by 1.19% from ¥2,401,269,567.37 in the previous year[18]. - Basic earnings per share for 2024 were ¥0.82, a 1.23% increase from ¥0.81 in 2023[18]. - The company reported a total revenue of 69.152 billion CNY and a net profit of 3.791 billion CNY, representing a year-on-year increase of 32.94%[31]. - The company reported a total revenue of 1,200,000 million CNY for the year, reflecting a year-on-year growth of 15%[54]. - The residential segment accounted for 75% of total sales, with significant contributions from projects in Hangzhou and Ningbo[54]. - The company reported a net profit margin of 18%, indicating strong operational efficiency and cost management[54]. Cash Flow and Liquidity - The net cash flow from operating activities significantly decreased by 76.52% to ¥7,667,594,549.72 from ¥32,650,002,223.85 in 2023[18]. - The company reported a significant decline in cash flow from operating activities, indicating potential liquidity challenges[18]. - The company generated a net cash flow from operating activities of 7.668 billion CNY, indicating strong liquidity[34]. - Cash and cash equivalents increased by 4.41 billion, a decrease of 47.27% year-on-year, mainly due to the significant decline in net cash flow from operating activities[88]. - The company maintains a cash-to-short-term debt ratio of 3.58 times, effectively covering its short-term liabilities[68]. Assets and Liabilities - Total assets at the end of 2024 were ¥259,082,993,730.65, down 10.67% from ¥290,031,735,564.93 at the end of 2023[18]. - The net assets attributable to shareholders increased by 8.80% to ¥27,527,700,825.06 from ¥25,302,261,949.00 in 2023[18]. - The company has a net debt ratio of 0.57% and a debt-to-asset ratio of 57.88% as of the reporting period[68]. - The financing balance at the end of the period was approximately ¥37.43 billion, with an average financing cost of 3.40%[58]. Market Position and Strategy - In 2024, the company achieved a sales revenue of 111.63 billion CNY, ranking 9th in the industry and entering the top 10 for the first time, being the only private enterprise in this group[30]. - The company plans to expand its market presence by launching 10 new projects in the next fiscal year[49]. - The company is actively pursuing market expansion in Shanghai and Jiangsu while maintaining its position in Hangzhou[60]. - The company has a development strategy of "1+5," focusing on its core real estate business while expanding into five other sectors: services, leasing, hotels, elderly care, and industrial investment[59]. Project Development and Investments - The company acquired 23 land parcels during the reporting period, with a total land payment of 22.44 billion CNY, maintaining a 37% market share in the Hangzhou land market[35]. - The total land acquisition cost for the new projects listed amounts to approximately 4.485 billion yuan, with an equity consideration of about 2.244 billion yuan[39]. - The company has multiple ongoing projects in Hangzhou, with a completion rate of 65% for the "Lü Cui Fang Ying Xuan" project, which covers an area of 17,831 square meters and has a total investment of 638.29 million CNY[41]. - The company has a significant number of projects in the pipeline, including the planned project in Hangzhou with a land area of 58,193 square meters and a planned construction area of 93,109 square meters[43]. Corporate Governance and Management - The company maintains a strict governance structure, ensuring clear responsibilities and effective checks and balances among the shareholders, board of directors, and supervisory board[114]. - The company has established a dedicated financial department with an independent accounting system, allowing for autonomous financial decision-making[120]. - The company has a performance evaluation and incentive mechanism linking the compensation of directors and senior management to overall company performance[117]. - The company has a total of 342.42 million square meters of planned construction area across various residential and commercial projects[62]. Social Responsibility and Sustainability - The company has completed the public welfare renovation of Hujia Ping Village, which has become a model for rural revitalization[164]. - The company plans to extend its rural revitalization efforts to 15 administrative villages and nearly 100 natural villages by 2024[166]. - The company has received multiple awards for its contributions to rural revitalization and social responsibility, including the "Hangzhou Charity Award" for rural revitalization[166]. - The company does not belong to the list of key pollutant discharge units published by environmental protection authorities, demonstrating commitment to sustainable development and environmental protection[158].

Group 1 - China Communications Construction Company plans to transfer its real estate development assets and liabilities to its controlling shareholder, aiming to focus on property management and asset management to enhance profitability and asset quality [1] - Poly Developments has received approval from the China Securities Regulatory Commission to issue convertible bonds, with the approval valid for 12 months from the date of registration [2] - In Hangzhou, two residential land parcels were sold for approximately 4.473 billion, with an average premium rate of 63.7%, indicating strong demand in the real estate market [3] Group 2 - The Central Political Bureau of the Communist Party of China emphasized the need to stabilize the real estate market and implement policies to address local government debt and enhance housing supply [4] - The Ministry of Housing and Urban-Rural Development is advancing urban dilapidated housing renovations and enhancing safety management for urban and rural housing [5]

Investment Rating - The industry is rated as "Overweight" [6] Core Insights - In Q1 2025, the land auction heat in key cities continues to rise, with the average transaction price of residential land in the core 30 cities increasing by 24% year-on-year [4][93] - The total area of residential land transactions in the core 30 cities reached 2,134 million square meters in Q1 2025, a year-on-year increase of 16.1%, with a total transaction value of 279.1 billion yuan, up 44.1% year-on-year [93][100] - The overall premium rate for land transactions in the core 30 cities was 18.7% in Q1 2025, an increase of 11.3 percentage points year-on-year [93][95] Summary by Sections 1. Supply and Demand of Land/Residential Land in 100 Cities - In Q1 2025, the total area of land transactions in 100 cities decreased by 14.8% year-on-year, while the area of residential land transactions increased by 0.1% year-on-year [11][20] - The total supply of residential land in 100 cities was 43.72 million square meters, with a year-on-year decrease of 18.4% [20] 2. Transaction Prices of Land/Residential Land - The average transaction price of residential land in 100 cities was 7,373 yuan per square meter in Q1 2025, reflecting a year-on-year increase of 15.1% [54] - The average transaction price of residential land in the core 30 cities was 13,080 yuan per square meter in Q1 2025, up 24.1% year-on-year [95] 3. Land Acquisition by Top 50 Real Estate Companies - The top 50 real estate companies added land reserves valued at 281.1 billion yuan in Q1 2025, a year-on-year increase of 47.7% [2][79] - The top three companies in terms of land reserve value were China Resources Land (32.9 billion yuan), China Overseas Land (29.8 billion yuan), and Greentown China (28.7 billion yuan) [2][86] 4. Transaction Situation of Residential Land in Core 30 Cities - In March 2025, the total area of residential land transactions in the core 30 cities was 888 million square meters, with a total transaction value of 112.6 billion yuan, reflecting a year-on-year increase of 30.7% [93][94] - The overall premium rate for land transactions in March 2025 was 23%, an increase of 15.7 percentage points year-on-year [93][94] 5. Investment Recommendations - The report suggests focusing on leading real estate companies with strong comprehensive development capabilities and those actively participating in urban renewal and village renovation projects [4][105] - It also recommends attention to commercial public REITs with rich existing commercial real estate resources and strong brand competitiveness [4][105]

东新58号地块实景 市北37号地块实景 商报讯(记者周坚洪)4月22日，萧山市北和闻堰各出让1宗优质宝地，双双高溢价成交，并且同时创下板 块地价新高，延续了杭州土地市场开年以来的高热度。 4月28日，杭州还将出让6宗宅地，包括了奥体、市北、云城等板块的核心区宝地，总起价102.7亿元。 与此同时，新的供应仍然在增加。上周五，杭州再次挂牌3宗主城区宅地，分别位于东新、白马湖和三 墩，将在5月20日出让。 38号地块出让面积64021平方米，可建面积70423平方米，容积率1.1，起价77959万元，楼面起价11070 元/平方米。 最终，在经过115轮的漫长竞争后，滨江以135959万元的总价拿下38号地块，折合楼面价19306元/平方 米，溢价率74.4%。这是闻堰地价首次接近2万元大关，创下了板块新纪录，直追湘湖核心区。这也是 继东方海岸、叠潮雅庭等大盘项目后，滨江继续大手笔补仓闻堰。 主城又有3宗宝地挂牌 绿城滨江双双补仓 4月22日推出的杭政储出[2025]37号地块，位于金鸡路与恒枫路的交界处，是整个市北板块中距离奥体 最近的1宗地，与世纪城南单元仅隔一条小河，北面1公里就是奥体印象城，到奥体博览城只 ...

Group 1: Major Announcements - China Energy Engineering Corporation's subsidiary won an EPC project worth approximately 5.118 billion yuan for the construction of a thermal power project [1] - Aladdin plans to invest 41.17 million yuan to acquire a 25% stake in Yamei Biological, a company focused on life science research tools [3] - ST Mingcheng intends to sell a 45% stake in its subsidiary, Time Media, which will positively impact the company's capital efficiency [4] - Chengdi Xiangjiang's subsidiary is a candidate for a 1.632 billion yuan EPC project with China Mobile [5] - YTO Express's controlling shareholder plans to increase its stake in the company by 100 million to 200 million yuan [6] Group 2: Financial Performance - Baofeng Energy reported a net profit of 2.437 billion yuan for Q1 2025, a year-on-year increase of 71.49% [7] - Chunzhong Technology's net profit for 2024 is expected to grow by 390.75%, with a proposed cash dividend of 2.5 yuan per 10 shares [8] - Ruixin Microelectronics anticipates a net profit increase of 341.01% for 2024, proposing a cash dividend of 6.5 yuan per 10 shares [9] - Hunan Gold's Q1 2025 net profit increased by 104.63% to 332 million yuan [14] - Zhejiang Shibao's Q1 2025 net profit grew by 123.77% to 48.735 million yuan [15] - ZTE Corporation reported a net profit decline of 10.5% for Q1 2025, totaling 2.453 billion yuan [16] Group 3: Shareholder Actions - Double Tower Foods plans to repurchase shares worth 200 million to 300 million yuan for employee stock ownership plans [11] - BYD announced a profit distribution plan involving a cash dividend of 39.74 yuan per 10 shares and a stock dividend of 8 shares for every 10 shares held [12] - Yuanxin Industrial expects a net profit increase of 164.1% for 2024, proposing a cash dividend of 3 yuan per 10 shares [17]

| 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]38 | 号 | 住宅 | 64021 | 1.1 | 135959 | 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：2025-013 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 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 22 日，公司竞得下述地块的国有建设用地使用权： 特此公告。 杭州滨江房产集团股份有限公司 董事会 二○二五年四月二十三日 ...

Investment Rating - The report maintains a recommendation for the real estate sector, indicating a cautious optimism regarding potential recovery in the market [3]. Core Insights - The real estate market is showing signs of stabilization, with new construction and completion rates experiencing a phase of recovery compared to previous periods [2][40]. - The report highlights a potential narrowing of the decline in new construction starts, suggesting a gradual improvement in the first half of 2025 [41]. - The overall sales market is witnessing a rebound in activity, driven by improved demand and supply dynamics [12][38]. Summary by Sections Sales and Market Activity - In March, the adjusted year-on-year growth rate for sales area was -0.9%, reflecting a significant improvement of 4.2 percentage points from the previous month [12]. - The total sales area for the first three months of 2025 was 218.69 million square meters, with a year-on-year decline of 3.0% [8]. - The sales amount for the same period reached 2.1 trillion yuan, showing a year-on-year decrease of 2.1% [8]. Construction and Investment - The new construction area in March saw an adjusted year-on-year decline of 18.1%, but this was an improvement of 11.5 percentage points from the previous month [41]. - The total development investment for the first three months was 2.0 trillion yuan, with a year-on-year decrease of 9.9% [8]. - The report anticipates a tight balance in new construction due to limited land supply in high-demand cities [2][41]. Price Trends - The report notes a narrowing decline in new home prices, with a month-on-month decrease of 0.08% in March, indicating a reduction in the number of cities experiencing price drops [9][10]. - The average price of new homes in March was 9,510 yuan per square meter, reflecting a year-on-year increase of 0.9% [11]. Investment Recommendations - The report suggests focusing on companies with stable cash flow and dividend protection, such as Poly Developments and China Overseas Development, as potential investment opportunities [39]. - It emphasizes the importance of monitoring policy implementation and potential interest rate cuts, which could positively impact housing demand and supply dynamics [38].