000736，上演“天地板”

Core Viewpoint - The company *ST Zhongdi has experienced significant stock price fluctuations and has recently reported a turnaround in financial performance, shifting its focus from real estate development to lighter asset management services [4][5]. Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 14.293 billion yuan, representing a year-on-year growth of 16.48% [4]. - The net profit attributable to shareholders was 4.827 billion yuan, marking a return to profitability compared to the previous year [4]. Asset Transition - In June 2025, the company announced a major asset sale, transferring its real estate development assets and liabilities to its controlling shareholder, China Communications Real Estate Group Co., Ltd. [4]. - Following the completion of this transaction, the company will no longer engage in real estate development, focusing instead on property services, asset management, and commercial operations [4]. Financial Position - As of September 30, 2025, the company reported total assets of 2.258 billion yuan and net assets attributable to shareholders of 1.248 billion yuan, indicating a turnaround from negative to positive net assets compared to the end of the previous year [5].