锦和商管分析师会议-20250912

Group 1: Research Basic Information - The research object is Jinhe Commercial Management, belonging to the real estate service industry. The reception time was September 12, 2025, and the listed company's reception staff included the chairman and general manager, Yu Minjun; independent director, Lu Kaiwei; director, deputy general manager, and board secretary, WANG LI (Wang Li); and the chief financial officer, Shi Jun [16] Group 2: Detailed Research Institutions - The reception objects were all investors at Jinhe Commercial Management's 2025 semi - annual performance briefing, and the reception object type was "other" [19] Group 3: Main Content Information Dividend Policy - Since its listing on the main board of the Shanghai Stock Exchange in April 2020, the company has cumulatively distributed about 700 million yuan in cash dividends (excluding the current interim report profit distribution). For the current semi - annual report, the company plans to distribute a cash dividend of 1.10 yuan per 10 shares (tax included) to all shareholders based on the total share capital recorded on the record date of the equity distribution. As of June 30, 2025, the company's total share capital was 472,500,000 shares, so the total planned cash dividend was 51,975,000 yuan (tax included) [23] Business Expansion Plan - The company focuses on the urban renewal field and is committed to the re - positioning, design, renovation, investment promotion, operation, and service improvement of old urban properties. While focusing on first - tier cities such as Shanghai and Beijing, it also actively seeks business expansion opportunities in core second - tier cities [24] Measures to Boost Stock Price and Investor Confidence - The company's management closely monitors stock price fluctuations and focuses on the development of the urban renewal main business. In the first half of 2025, the company actively expanded its property business, adding a commissioned operation project in the core area of Huangpu District, Shanghai, and renewing a commissioned operation project in the core area of Changning District. It also adjusted its portfolio of managed projects, focusing on high - profit projects and exiting some projects to improve management efficiency and control costs. As of the end of the first half of 2025, the company had 69 managed projects with a managed area of about 1.35 million square meters. In addition, the semi - annual profit distribution plan was submitted to the company's third extraordinary general meeting of shareholders on September 10, 2025, and approved [24][25] Impact of Urban Renewal Policies - The company has accumulated many successful cases of cultural and creative park and commercial and office property renewal and transformation. Its management formats include cultural and creative parks, office buildings, community commerce, apartments, etc. Through urban renewal, it can achieve brand, industrial, and commercial operation upgrades in the areas of its projects. The company's operation models include leased operation, entrusted operation, and equity - participation operation. In the future, it will continue to seize policy dividends, improve building renovation and operation capabilities, and promote regional economic development [25][26] Response to Macroeconomic Fluctuations - The company focuses on its core business of urban renewal. To address the impact of the external environment on project rental rates, the company's management team takes various measures, such as maintaining existing tenants, improving service levels, forming professional investment promotion teams, and adjusting business conditions according to market demand. In the first half of 2025, the company's property service satisfaction rate was higher than 95%, remaining stable compared with the same period and the whole year of 2024 [26] Integration of Community Services - The company has formed core competitiveness in the urban renewal field, including a full - value - chain integrated management system, brand, and regional scale advantages. It manages various types of properties and is moderately interested in cooperation opportunities in the fields of childcare services and elderly care. It aims to achieve a win - win situation for property owners, customers, society, and the company [27] 2025 First - Half Performance - As of the end of the first half of 2025, the company had 69 managed projects with a managed area of about 1.35 million square meters. During the reporting period, the company achieved an operating income of 490.7263 million yuan, a year - on - year decrease of 5.18%; the net profit attributable to shareholders of the listed company was 75.4524 million yuan, a year - on - year increase of 224.95%; and the net cash flow from operating activities was 317.6303 million yuan, a year - on - year decrease of 6.55%. The reasons for the changes were: the decline in operating income was due to weak tenant demand and the company's adjustment of its project portfolio; the increase in net profit was due to a transaction with Tongchangshengye and cost control; the decrease in net cash flow from operating activities was due to the extension of the payment period for some entrusted operation projects [28][30]