CECL(SH:600675) Xin Lang Cai Jing·2025-10-30 13:08Core Viewpoint - China Enterprises, a state-controlled listed company under Shanghai Real Estate Group, has a strong foundation and rich experience in the real estate development sector, focusing on various real estate services and related businesses [1] Group 1: Business Performance - For Q3 2025, China Enterprises reported revenue of 7.316 billion yuan, ranking 14th in the industry, significantly lower than the top competitors Poly Developments (173.722 billion yuan) and Vanke A (161.388 billion yuan), but above the industry average of 11.727 billion yuan [2] - The main business composition includes real estate at 6.099 billion yuan (91.31%), property management at 412 million yuan (6.17%), and commercial operations at 151 million yuan (2.26%) [2] - The net profit for the same period was 742 million yuan, ranking 7th in the industry, again lower than the leaders Poly Developments (6.515 billion yuan) and *ST Zhongdi (4.586 billion yuan), but higher than the industry average of -707 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, the asset-liability ratio for China Enterprises was 66.03%, down from 71.04% year-on-year, which is higher than the industry average of 60.51%, indicating a certain gap in debt repayment capability [3] - The gross profit margin for the same period was 31.64%, an increase from 24.00% year-on-year, surpassing the industry average of 19.19%, reflecting strong profitability [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 4.45% to 59,400, with an average holding of 101,800 circulating A-shares, a decrease of 4.26% [5] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited ranked seventh with 26.431 million shares, down by 4.8579 million shares from the previous period [5] - The Southern CSI Real Estate ETF ranked eighth with 22.9375 million shares, down by 200,900 shares, while the Southern CSI 1000 ETF entered as the tenth largest shareholder with 16.5781 million shares [5]