黑牡丹（集团）股份有限公司 2025年第四季度房地产经营情况简报

Core Viewpoint - The company, Heimu Dan (Group) Co., Ltd., reported significant declines in real estate sales and project developments for the fourth quarter of 2025, indicating challenges in the real estate market [1][2]. Group 1: Real Estate Operations - In December 2025, the company acquired approximately 56,400 square meters of state-owned land use rights through its wholly-owned subsidiary [1]. - As of the end of Q4 2025, the company had 225,200 square meters of undeveloped land, with a maximum construction area of 500,600 square meters [1]. - No new projects were started in Q4 2025, and there was no new completed area reported [2]. Group 2: Sales Performance - The company achieved a contracted sales area of 32,400 square meters in Q4 2025, a year-on-year decrease of 82.17%, with the equity contracted sales area at 25,000 square meters, down 77.11% [2]. - The total contracted sales amount was approximately RMB 417.74 million, reflecting a year-on-year decline of 71.05%, with the equity contracted sales amount at RMB 327.36 million, down 61.13% [2]. Group 3: Rental Operations - As of December 31, 2025, the company had a rental area of 246,500 square meters, with an equity rental area of 241,300 square meters [2]. - The rental income for Q4 2025 was approximately RMB 14.26 million, with the equity rental income at RMB 13.90 million [2]. Group 4: Guarantee and Financing - In December 2025, the company signed external guarantee contracts totaling RMB 346 million, primarily for its subsidiaries seeking bank loans [6]. - The company provided a joint liability guarantee of up to RMB 306 million for its subsidiary, Green Capital Real Estate, and a maximum guarantee of RMB 40 million for another subsidiary, Dahui Construction [6][10]. - The total amount of external guarantees by the company and its subsidiaries reached approximately RMB 4.01 billion, accounting for 38.66% of the latest audited net assets [13].