证券代码：002244 证券简称：滨江集团 公告编号：2025-044 杭州滨江房产集团股份有限公司 关于 2025 年半年度计提资产减值的公告 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。 根据《企业会计准则》和杭州滨江房产集团股份有限公司（以下 简称"公司"）会计政策的相关规定，公司对截至2025年6月30日存 在减值迹象的资产进行了减值测试，本着谨慎原则，对可能发生减值 损失的资产计提了减值准备。主要情况如下： 二、本次计提资产减值准备合理性的说明 （一）信用损失准备 公司按信用风险特征的相似性和相关性对应收款项进行分组，各 组合确定依据及计量预期信用损失的方法如下： 3、按单项计提预期信用损失的应收款项的认定标准 对信用风险与组合信用风险显著不同的应收账款和其他应收款， 公司按单项计提预期信用损失。 按上述原则，公司2025年上半年度信用损失准备合计变动 624,627.81 元 ， 其 中 因 应 收 账 款 收 回 而 转 回 信 用 损 失 准 备 32,341,631.50元，新增计提其他应收款信用损失准备31,717,003.69 元。 （ ...

非经营性资金占用及其他关联资金往来情况汇总表 2025年1-6月 | 编制单位：杭州滨江房产集团股份有限公司 | | | | | | | | | | 单位：人民币万元 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 非经营性资金占用 | 资金占用方名称 | 占用方与上市公司的关联 | 上市公司核算的会 | 2025年期初 | 2025年1-6月占用 累计发生金额 | 2025年1-6月占 用资金的利息 | 2025年1-6月偿还累 | 2025年6月30日 | 占用形成原因 | 占用性质 | | | | 关系 | 计科目 | 占用资金余额 | （不含利息） | （如有） | 计发生金额 | 占用资金余额 | | | | 控股股东、实际控制 | | | | | | | | | | | | 人及其附属企业 | | | | | | | | | | | | 小 计 | - | - | - | | | | | | | - | | 前控股股东、实际控 | | | | | | | | | | | | 制人及其附属企业 | | | ...

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《2025 年半年度报告及其摘要》 经审核，董事会认为公司 2025 年半年度报告及其摘要内容真实、 准确、完整地反映了上市公司的实际情况，不存在任何虚假记载、误 导性陈述或者重大遗漏。 表决结果：同意 5 票，反对 0 票，弃权 0 票。 二、审议通过《关于修订<信息披露管理制度>的议案》 为进一步规范公司及其他信息披露义务人的信息披露行为，加强 信息披露事务管理，根据最新修订的《上市公司信息披露管理办法》、 杭州滨江房产集团股份有限公司 第七届董事会第二次会议决议公告 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(以下简称"公司")第七届董事 会第二次会议通知于 2025 年 8 月 16 日以专人送达、电子邮件方式发 出，会议于 2025 年 8 月 26 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。 证券代码：002244 证券简称：滨江集团 公告编号：2025-042 《深圳证券交易所股票上 ...

Financial Performance - The company's operating revenue for the first half of 2025 reached ¥45.45 billion, an increase of 87.80% compared to ¥24.20 billion in the same period last year[18]. - Net profit attributable to shareholders was ¥1.85 billion, up 58.87% from ¥1.17 billion year-on-year[18]. - The net profit after deducting non-recurring gains and losses was ¥1.84 billion, reflecting a 62.35% increase from ¥1.13 billion in the previous year[18]. - The basic earnings per share rose to ¥0.60, a 62.16% increase compared to ¥0.37 in the same period last year[18]. - The gross profit margin for the first half of 2025 was 12.24%, an increase of 2.67 percentage points compared to the same period last year[27]. - The company reported operating revenue of CNY 45.449 billion, an increase of 87.8% year-on-year, and a net profit of CNY 2.692 billion, up 120% year-on-year[27]. - Operating profit for the first half of 2025 was ¥4.08 billion, up from ¥1.86 billion in the same period last year, representing a growth of 119%[170]. - The company reported a basic earnings per share of ¥0.60 for the first half of 2025, compared to ¥0.37 in the first half of 2024, an increase of 62%[171]. Assets and Liabilities - The total assets at the end of the reporting period were ¥240.64 billion, a decrease of 7.12% from ¥259.08 billion at the end of the previous year[18]. - The net assets attributable to shareholders increased by 6.90% to ¥29.43 billion from ¥27.53 billion at the end of the previous year[18]. - The company's total financial assets at the end of the period amounted to 1,298,758,000.00 CNY, reflecting a decrease from the beginning balance of 1,394,921,000.00 CNY, with a change of -6.88%[75]. - The total liabilities decreased from CNY 207.53 billion to CNY 185.79 billion, a decline of about 10.4%[163]. - Total equity increased from CNY 51.55 billion to CNY 54.86 billion, an increase of about 6.5%[163]. - The company's total interest-bearing liabilities stand at 33.35 billion CNY, with a net debt ratio of 7.03% and a cash-to-short-term debt ratio of 3.14 times[59]. Cash Flow - The company reported a net cash flow from operating activities of -¥8.96 billion, a decline of 95.52% compared to -¥4.58 billion in the same period last year[18]. - Cash flow from operating activities shows a net outflow of approximately ¥8.96 billion in the first half of 2025, compared to a net outflow of ¥4.58 billion in the same period of 2024[176]. - Cash flow from investing activities resulted in a net outflow of approximately ¥3.89 billion in the first half of 2025, contrasting with a net inflow of ¥40.48 million in the same period of 2024[176]. - Cash flow from financing activities generated a net inflow of approximately ¥5.21 billion in the first half of 2025, compared to a net outflow of approximately ¥1.72 billion in the first half of 2024[176]. Project Development - The company added 16 new land reserve projects, with a total planned construction area of 1,006,708 square meters and total land costs of CNY 33.272 billion[29][34]. - The company has multiple ongoing residential projects in Hangzhou, with completion rates ranging from 3% to 100% across various developments[35]. - The company is actively expanding its project pipeline, with several new developments planned for completion in 2024 and 2025[35]. - The company has completed several residential and commercial projects in Hangzhou, with a total of 67,293 square meters completed for the "Wangcui Lanting" project and 86,975 square meters for the "Chaoguan Lan Yue Xuan" project, both at 100% completion[37]. Market Strategy - The company aims for a sales target of approximately CNY 100 billion, with a goal to rank within the top 15 in the industry and capture over 1% of the national market share[51]. - The company is focusing on high-quality land reserves, prioritizing premium cities and locations, and aims to control investment amounts to around 50% of equity sales receipts[51]. - The company is actively pursuing market expansion in Shanghai and Jiangsu while maintaining and increasing its presence in Hangzhou[51]. Corporate Governance and Compliance - The company has not distributed cash dividends or bonus shares for the semi-annual period[94]. - The company reported no significant non-compliance issues or penalties during the reporting period[106]. - There were no major related party transactions during the reporting period[108]. - The company did not engage in any significant litigation or arbitration matters during the reporting period[104]. Financing and Debt Management - The average financing cost has been reduced to 3.1%, with a target to keep interest-bearing liabilities below CNY 30 billion[51]. - The total financing balance stands at CNY 33.35 billion, with bank loans constituting the largest portion at CNY 27.98 billion[49]. - The company has a strong focus on maintaining a direct financing ratio below 20% to optimize its capital structure[51]. Social Responsibility and Community Engagement - The company has initiated a rural revitalization strategy, focusing on transforming 15 administrative villages and nearly 100 natural villages in Wangfu Township[97]. - The company has received several honors for its contributions to rural revitalization, including the "First Hangzhou Charity Award" for rural revitalization[97].

滨江集团公告，2025年上半年营业收入454.49亿元，同比增长87.80%。净利润18.53亿元，同比增长 58.87%。公司计划不派发现金红利，不送红股，不以公积金转增股本。 ...

Investment Rating - The report maintains an "Overweight" rating for the real estate sector, indicating a positive outlook for the industry [5]. Core Insights - The recent policy adjustments in Beijing and Shanghai signal a shift away from pessimistic expectations in the real estate market, with a focus on stabilizing prices and promoting recovery [5]. - The Shanghai policy changes are more significant than those in Beijing, aimed at improving the housing market structure and facilitating the housing replacement chain [5]. - The report anticipates further policy relaxations in other cities like Shenzhen, following the trend set by Beijing and Shanghai [5]. Summary by Sections Policy Changes - On August 25, 2025, Shanghai announced the relaxation of housing purchase limits, allowing families to buy unlimited properties outside the outer ring, and increasing the maximum housing provident fund loan amount to 2.16 million yuan from 1.92 million yuan [5][6]. - The new policies also include a reduction in commercial loan interest rates for second homes and the removal of the interest rate floor [5][6]. Market Analysis - The report notes a "dumbbell" structure in the Shanghai housing market, with improving prices for new homes and a rebound in second-hand homes priced below 3 million yuan [5]. - It predicts that the core cities' real estate markets are at a bottoming point and will lead the recovery [5]. Investment Recommendations - The report recommends investing in companies with strong product capabilities such as China Resources Land, Longfor Group, and China Jinmao, as well as undervalued firms like New Town Holdings and China Overseas Development [5][7]. - It also highlights opportunities in the second-hand housing brokerage sector and property management companies [5][8].

Investment Rating - The report maintains a "Neutral" investment rating for the real estate industry, indicating a balanced outlook for future performance [1]. Core Insights - The recent Central Urban Work Conference marks a significant turning point for the real estate industry, emphasizing urban renewal as a key focus for future development [10][39]. - The industry is transitioning from an "incremental expansion" model to a "stock quality improvement" model, driven by urbanization trends and demographic changes [12][24]. - The report suggests that the real estate market is entering a "second half," where the focus will shift to urban renewal and the transformation of business models among real estate companies [10][39]. Summary by Sections 1. Significance of the Central Urban Work Conference - The conference, held for the first time in ten years, provides a new direction for urban development, indicating a shift from rapid urbanization to stable development [7][10]. - It highlights the need for urban renewal and the transformation of the real estate industry to adapt to changing market conditions [8][10]. 2. Transition from "Incremental Expansion" to "Stock Quality Improvement" - The report identifies the end of the "incremental expansion" era, as urbanization approaches its peak [12][14]. - Population structure changes, including declining birth rates and an aging population, are negatively impacting housing demand [16][19]. - Market supply and demand are in a continuous decline, with significant drops in real estate sales and investment [20][21]. 3. Urban Renewal as a Core Focus - Urban renewal is positioned as a critical strategy for high-quality urban development and economic growth [25][30]. - Recent government policies emphasize the importance of urban renewal and the renovation of old residential areas [26][28]. 4. Accelerated Industry Cleansing in the New Model - The overall profitability of the real estate industry is declining, with many listed companies reporting losses for the first time [32][33]. - The market is experiencing a structural shift, with a growing divide between high-demand urban areas and oversupplied lower-tier cities [38]. - The dual-track development model of "commercial housing + affordable housing" is emerging, addressing the needs of different income groups [38][39]. 5. Overall Perspective and Investment Recommendations - The report suggests that the real estate industry is entering a new phase characterized by urban renewal and quality improvement [39]. - It recommends focusing on stable, leading state-owned enterprises and regional leaders in first- and second-tier cities, such as Poly Developments, Binjiang Group, and China Merchants Shekou [39][41].

Investment Rating - The report maintains a "Neutral" investment rating for the real estate industry, indicating a balanced outlook for future performance [1]. Core Insights - The recent Central Urban Work Conference marks a significant turning point for the real estate industry, emphasizing urban renewal as a key focus for future development [7][10]. - The industry is transitioning from an "incremental expansion" model to a "stock quality improvement" model, driven by urbanization trends and demographic changes [12][23]. - The report suggests that the real estate market is entering a "second half" phase, where the focus will shift to enhancing existing urban areas rather than expanding new developments [24][29]. Summary by Sections 1. Significance of the Central Urban Work Conference - The conference, held for the first time in ten years, provides a new direction for urban development, indicating a shift from rapid growth to stable development [7][8]. - It highlights the need for urban renewal and the transformation of development strategies to improve urban quality [10][11]. 2. Transition from "Incremental Expansion" to "Stock Quality Improvement" - The report identifies the end of the "incremental expansion" era, as urbanization approaches its peak [12][14]. - Population structure changes, including declining birth rates and an aging population, are negatively impacting housing demand [16][18]. - Market supply and demand are in a continuous decline, with significant drops in real estate sales and investment [19][20][23]. 3. Urban Renewal as a Core Strategy - Urban renewal is positioned as a critical strategy for high-quality urban development and economic growth [24][25]. - Government policies are increasingly focused on urban renewal, with substantial financial support for related projects [27][28]. 4. Accelerated Industry Cleansing in the New Model - The overall profitability of the real estate industry is declining, with many listed companies reporting losses for the first time [31][32]. - The market is experiencing a structural shift, with a growing divide between high-demand urban areas and oversupplied lower-tier cities [35][36]. - The dual-track development model of "commercial housing + affordable housing" is emerging, addressing different market needs [36]. 5. Overall Perspective and Investment Recommendations - The report emphasizes the importance of urban renewal in the future of the real estate market, suggesting a gradual shift towards a dual-track development model [37]. - It recommends focusing on financially stable leading companies and regional leaders in first and second-tier cities, such as Poly Developments, Binjiang Group, and China Merchants Shekou [39].

金融界消息 截至2025年8月25日收盘，滨江集团（002244）报收于10.66元，上涨4.51%，换手率 2.22%，成交量59.67万手，成交金额6.35亿元。 天眼查商业履历信息显示，杭州滨江房产集团股份有限公司，成立于1996年，位于杭州市，是一家以从 事房地产业为主的企业。企业注册资本311144.389万人民币，实缴资本270400万人民币。公司法定代表 人为张洪力。 通过天眼查大数据分析，杭州滨江房产集团股份有限公司共对外投资了400家企业，参与招投标项目240 次，知识产权方面有商标信息49条，专利信息18条，此外企业还拥有行政许可6个。 来源：金融界 资金流向方面，今日主力资金净流入1903.00万元，占比成交额3.0%。其中，超大单净流出138.06万 元、占成交额0.22%，大单净流入2041.06万元、占成交额3.22%，中单净流出流出5083.61万元、占成交 额8.01%，小单净流入3180.61万元、占成交额5.01%。 滨江集团最新一期业绩显示，截至2025一季报，公司营业总收入225.08亿元、同比增长64.27%，归属净 利润9.76亿元，同比增长47.88%，扣非净利润 ...

Core Viewpoint - The Chinese real estate stocks have shown significant gains following the State Council's meeting, which emphasized strong measures to stabilize the real estate market [1] Group 1: Stock Performance - Vanke Enterprises (02202) increased by 8.9%, trading at HKD 5.63 [1] - Oceanwide Holdings (03377) rose by 7.63%, trading at HKD 0.127 [1] - Sunac China (01918) saw a rise of 5.92%, trading at HKD 1.61 [1] - Longfor Group (00960) increased by 5.88%, trading at HKD 11.35 [1] Group 2: Policy and Market Outlook - The State Council's meeting on August 18 highlighted the need for strong measures to consolidate the stabilization of the real estate market [1] - Ping An Securities noted that there is still potential policy space in the real estate sector [1] - The market is expected to continue its short-term momentum due to the focus on cost-effectiveness in the second-hand housing market and limited supply of "good houses" [1] Group 3: Company Performance Insights - Some real estate companies have shown signs of improvement in their financial reports, such as Binhai and Jianfa, with year-on-year growth in mid-year reports [1] - CITIC Securities indicated a clear performance divergence among real estate companies in the first half of the year, with those operating in core cities performing well [1] - Companies like Binhai Group (002244), Jianfa International, Greentown Service, and Binhai Service reported double-digit profit growth [1]