证券代码：002431 证券简称：棕榈股份 公告编号：2025-078 棕榈生态城镇发展股份有限公司 棕榈生态城镇发展股份有限公司（以下简称"公司"）于2025年5月29日对 外披露《关于公司提起诉讼的公告》（公告编号：2025-049），公告中披露了2025 年2月20日至2025年5月23日期间，公司及合并报表范围内控股子公司累计新增小 额诉讼、仲裁情况，具体内容详见公司于2025年5月29日在《中国证券报》《证 券时报》及巨潮资讯网（www.cninfo.com.cn）上披露的公告。 2025年5月24日至2025年9月2日期间，公司新增了部分诉讼、仲裁案件，具 体情况如下： 一、累计新增诉讼、仲裁事项基本情况 2025年5月24日至2025年9月2日期间，公司及合并报表范围内控股子公司累 计新增诉讼、仲裁的涉案金额合计为15,994.80万元，占公司2024年度经审计净 资产的9.64%。其中，公司及合并报表范围内控股子公司作为原告的涉案金额合 计为14,139.57万元，占总金额的88.40%；作为被告的涉案金额合计为1,855.23 万元，占总金额的11.60%，具体情况详见附件一。 公司及合并报 ...

Group 1 - The company Palm Eco-Town Development Co., Ltd. has made new progress in its share repurchase plan [1] - On August 5, 2024, the company held its second extraordinary general meeting of shareholders, approving a share repurchase plan with a total fund of no less than 50 million yuan (inclusive) and no more than 100 million yuan (inclusive), with a repurchase price not exceeding 2.37 yuan per share [2] - The repurchase period is set for 12 months from the date of the meeting, and the repurchased shares will be used for capital reduction and potential future equity incentives [2] Group 2 - On July 21, 2025, the company extended the implementation period of the second phase of the share repurchase plan by three months, now ending on November 4, 2025 [3] - The extension aims to ensure the smooth execution of the repurchase and to fulfill commitments to the capital market, enhancing investor confidence [3] Group 3 - As of August 31, 2025, the company has repurchased 2.1415 million shares, accounting for 0.12% of the total share capital, with a total repurchase amount of approximately 4.979524 million yuan [4] - The highest transaction price was 2.35 yuan per share, and the lowest was 2.31 yuan per share, all within the predetermined price limit [4] - The company has complied with legal regulations regarding the timing, quantity, and price of the repurchase, ensuring that no significant events affecting stock prices occurred during the disclosure period [4]

Group 1 - The company, Palm Shares (002431.SZ), announced a share buyback program, repurchasing 2,141,500 shares as of August 31, 2025, which represents 0.12% of the total share capital [1] - The highest transaction price during the buyback was 2.35 CNY per share, while the lowest was 2.31 CNY per share [1] - The total amount spent on the buyback was 4.9795 million CNY, excluding transaction fees [1]

证券代码：002431 证券简称：棕榈股份 公告编号：2025-077 棕榈生态城镇发展股份有限公司 关于股份回购的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、股份回购基本情况 棕榈生态城镇发展股份有限公司（以下简称"公司"）于 2024 年 8 月 5 日召 开 2024 年第二次临时股东大会，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通过集中竞价交易方式回购公司股份， 回购资金总额不低于人民币 5,000 万元（含）且不超过人民币 10,000 万元（含）， 回购价格不超过 2.37 元/股，回购股份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，本次回购的股份用于依法注销以减少公司注册 资本，及未来适宜时机用于实施股权激励。并同意授权公司经营管理层具体实施 本次回购股份方案。 具 体 内 容 详 见 公 司 在 《 中 国 证 券 报 》《 证 券 时 报 》 及 巨 潮 资 讯 网 （www.cninfo.com.cn）上披露的《关于以集中竞价交易方式回购公司股份方案 的公 ...

Market Overview - On September 1, the infrastructure sector rose by 0.25% compared to the previous trading day, with Palm Holdings leading the gains [1] - The Shanghai Composite Index closed at 3875.53, up 0.46%, while the Shenzhen Component Index closed at 12828.95, up 1.05% [1] Top Gainers in Infrastructure Sector - Palm Holdings (002431) closed at 2.52, up 10.04% with a trading volume of 1.4393 million shares and a transaction value of 347 million [1] - Huylv Ecological (001267) closed at 15.90, up 10.03% with a trading volume of 522,800 shares and a transaction value of 813 million [1] - Hongrun Construction (002062) closed at 8.56, up 10.03% with a trading volume of 1.2061 million shares and a transaction value of 1.012 billion [1] Top Losers in Infrastructure Sector - Daqian Ecological (603955) closed at 37.93, down 2.77% with a trading volume of 45,400 shares and a transaction value of 173 million [2] - Anhui Construction (600502) closed at 4.63, down 2.73% with a trading volume of 451,900 shares and a transaction value of 210 million [2] - China Communications Construction (601800) closed at 9.03, down 1.42% with a trading volume of 696,800 shares and a transaction value of 632 million [2] Capital Flow Analysis - The infrastructure sector experienced a net outflow of 653 million from institutional investors, while retail investors saw a net inflow of 515 million [2] - The top stocks with significant net inflows from retail investors include Huylv Ecological (001267) with 92.08 million and Palm Holdings (002431) with 75.98 million [3] Individual Stock Performance - Huylv Ecological (001267) had a net inflow of 92.08 million from institutional investors, representing 11.33% of its total trading [3] - Palm Holdings (002431) saw a net outflow of 31.18 million from retail investors, indicating a shift in investor sentiment [3] - Energy-saving Iron Han (300197) had a net inflow of 64.83 million from institutional investors, showing strong institutional interest [3]

Summary of Key Points Core Viewpoint - On August 29, Palm Eco-Town Development Co., Ltd. experienced a decline of 0.87% in stock price, with a trading volume of 73.13 million yuan, indicating a challenging market environment for the company [1]. Financing and Trading Data - On the same day, the company had a financing buy-in amount of 4.44 million yuan and a financing repayment of 8.63 million yuan, resulting in a net financing outflow of 4.19 million yuan [1]. - As of August 29, the total balance of margin trading for Palm shares was 148 million yuan, which represents 3.56% of the circulating market value, indicating a low financing balance compared to the past year [1]. - In terms of securities lending, there were no shares sold or repaid on August 29, with the lending balance also at zero, suggesting a high level of inactivity in this area [1]. Company Profile and Business Operations - Palm Eco-Town Development Co., Ltd. was established on September 21, 1993, and listed on June 10, 2010. The company is primarily engaged in urbanization construction investment, infrastructure planning and design, ecological environment governance, and tourism project management [2]. - The revenue composition of the company shows that construction engineering accounts for 95.50%, design services 2.35%, urban operations 1.66%, and other services 0.49% [2]. - As of July 31, the number of shareholders was 74,000, a decrease of 1.33%, while the average circulating shares per person increased by 1.35% to 24,497 shares [2]. Financial Performance - For the first half of 2025, the company reported a revenue of 1.625 billion yuan, reflecting a year-on-year growth of 2.77%. However, the net profit attributable to shareholders was a loss of 273 million yuan, although this represented a 24.73% improvement compared to the previous year [2]. - Since its A-share listing, the company has distributed a total of 276 million yuan in dividends, with no dividends paid in the last three years [3].

Core Viewpoint - The recent financial report of Palm Co. (002431) indicates a slight increase in revenue but a continued negative net profit, highlighting ongoing financial challenges despite some improvements in margins and cost management [1][3]. Financial Performance - The total revenue for the first half of 2025 reached 1.625 billion yuan, representing a year-on-year increase of 2.77% [1]. - The net profit attributable to shareholders was -273 million yuan, showing a year-on-year improvement of 24.73% [1]. - In Q2 2025, the revenue was 877 million yuan, up 36.83% year-on-year, while the net profit attributable to shareholders was -112 million yuan, an increase of 57.15% year-on-year [1]. Profitability Metrics - The gross margin improved to 9.6%, a year-on-year increase of 46.75% [1]. - The net margin was -16.97%, reflecting a year-on-year improvement of 26.41% [1]. - The total of selling, administrative, and financial expenses was 261 million yuan, accounting for 16.08% of revenue, down 8.92% year-on-year [1]. Balance Sheet and Cash Flow - The current ratio increased to 0.75, indicating rising short-term debt pressure [1]. - Cash and cash equivalents decreased to 612 million yuan, down 12.59% year-on-year [1]. - Accounts receivable rose to 2.198 billion yuan, an increase of 10.61% year-on-year [1]. - Interest-bearing debt decreased to 2.117 billion yuan, down 22.42% year-on-year [1]. Shareholder Metrics - The net asset per share was 0.76 yuan, a decrease of 51.76% year-on-year [1]. - Earnings per share improved to -0.15 yuan, reflecting a year-on-year increase of 25% [1]. - Operating cash flow per share was -0.09 yuan, a significant decline of 176.81% year-on-year [1]. Investment Considerations - The company's historical return on invested capital (ROIC) has been poor, with a median of -2.86% over the past decade and a worst year in 2024 at -25.89% [3]. - The business model relies heavily on research and development, necessitating a thorough examination of the underlying drivers [3]. - Cash flow and debt levels are concerning, with cash as a percentage of total assets at only 3.32% and a current ratio of 0.75 [3].

Group 1 - The core viewpoint of the news is that Palm Holdings (棕榈股份) has focused on its main business development, achieving stable revenue while narrowing its losses in the first half of 2025 [1][2] - In the first half of 2025, the company reported revenue of 1.625 billion yuan, a year-on-year increase of 2.77%, while the net profit attributable to shareholders was a loss of 273 million yuan, a reduction of 24.73% compared to the same period last year [1][3] Group 2 - The company is making progress in its key project, the "Two Institutes and One Center" project, which has reached the main structure completion stage in July, providing strong momentum for its operational development [2] - Palm Holdings is expected to open up new growth opportunities in the urban renewal sector as major national projects accelerate [2] - The company is still managing multiple existing PPP projects and is enhancing project quality and efficiency through standardized operations, laying a solid foundation for deeper participation in national strategies like urban renewal [2] Group 3 - The company has achieved significant results in cost reduction and efficiency improvement, with management expenses decreasing by 27.03% in the reporting period [3] - Palm Holdings is optimizing its financing structure, leading to a reduction in the comprehensive financing cost rate [3] - The company is also actively working on debt optimization and asset adjustment, planning to use 71 properties valued at approximately 102.7385 million yuan for debt settlement with suppliers, which will alleviate financial pressure and improve asset allocation [3] - These measures reflect the company's proactive approach to industry cycle fluctuations and create a healthier financial environment for expanding its main business and undertaking major infrastructure projects in the second half of the year [3]

Group 1 - The company, Palm Holdings, announced its plan to continue hiring Daixin Accounting Firm (Special General Partnership) as its auditing institution for the fiscal year 2025 [2]

Core Viewpoint - The report highlights that Palm Holdings has focused on its core business development, achieving stable revenue while narrowing losses in the first half of 2025, with a revenue of 1.625 billion yuan and a net loss of 273 million yuan, a 24.73% improvement compared to the previous year [1] Group 1: Financial Performance - In the first half of 2025, Palm Holdings achieved an operating income of 1.625 billion yuan, representing a year-on-year growth of 2.77% [1] - The net profit attributable to shareholders was a loss of 273 million yuan, which is a 24.73% reduction compared to the same period last year [1] Group 2: Policy and Market Environment - The urban renewal strategy in China is experiencing a period of intensive policy support, with significant investment in urban renewal projects maintaining a high level, estimated in the trillions of yuan [2] - As of May 2025, over 19,000 key engineering project plans have been released across 24 provinces and cities, with a total investment of 57.5 trillion yuan [2] Group 3: Project Development - Palm Holdings is steadily implementing its key project, the "Two Institutes and One Center" project, which has reached a significant construction milestone with the main structure completed in July [3] - The acceleration of major projects nationwide is expected to create new growth opportunities for Palm Holdings in the urban renewal sector [3] Group 4: Operational Efficiency and Debt Management - In the first half of 2025, Palm Holdings successfully reduced management expenses by 27.03% and optimized its financing structure, leading to a decrease in overall financing costs [5] - The company plans to use 71 properties, valued at approximately 102.74 million yuan, to settle engineering payments, which will alleviate financial pressure and improve asset allocation [5] - These measures reflect the company's proactive approach to industry fluctuations and aim to create a healthier financial environment for future business expansion [5]