研报掘金丨民生证券：维持城建发展“推荐”评级，土地拓展促进稳健经营

Group 1 - The core point of the article highlights that Chengjian Development achieved a net profit attributable to shareholders of 765 million yuan in Q1-Q3 2025, representing a year-on-year increase of 40.24% [1] - In Q3 2025, the company's net profit excluding non-recurring items was -251 million yuan, a significant decline of 632.72% compared to Q3 2024 [1] - The substantial improvement in revenue and net profit is attributed to land expansion efforts [1]