证券代码：002431 证券简称：棕榈股份 公告编号：2025-102 棕榈生态城镇发展股份有限公司 第六届董事会第三十七次会议决议公告 电话：0371-53361081 传真：0371-55075666 邮箱：002431@palm-la.com 杨东平简历详见附件。 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 棕榈生态城镇发展股份有限公司（以下简称"公司"）第六届董事会第三 十七次会议，会议通知于 2025 年 11 月 14 日以书面、电话、邮件相结合的形式 发出，会议于 2025 年 11 月 17 日以通讯表决方式召开，应参会董事 11 人，实 际参会董事 11 人，会议的通知、召集、召开和表决程序符合《公司法》及《公 司章程》的规定，会议由刘江华董事长主持，经与会董事表决通过如下决议： 审议通过《关于聘任董事会秘书的议案》 表决情况：赞成 11 票，反对 0 票，弃权 0 票。 董事会同意聘任杨东平先生为公司董事会秘书，任期自本次董事会审议通 过之日起至第六届董事会任期届满之日止。 本议案已经公司提名与薪酬考核委员会事前审议通过。 《关于更换董事会秘 ...

Company Announcement - Palm Holdings (SZ 002431, closing price: 2.92 CNY) announced on November 17 that Ms. Feng Yulan has applied to resign from the position of Secretary of the Board due to job adjustment, but will continue to serve as the Deputy General Manager. The company has appointed Mr. Yang Dongping as the new Secretary of the Board [1]. Financial Performance - For the first half of 2025, Palm Holdings' revenue composition is as follows: engineering revenue accounts for 95.5%, design revenue accounts for 2.35%, urban operation accounts for 1.66%, and other businesses account for 0.49% [1]. Market Capitalization - As of the time of reporting, Palm Holdings has a market capitalization of 5.3 billion CNY [1].

Core Viewpoint - The concept of "Characteristic Towns" has seen a rise of 1.55% as of the market close on November 14, ranking fourth among concept sectors, with 27 stocks increasing in value, including Rongsheng Development and Huaxia Happiness reaching their daily limit up [1][2]. Market Performance - The "Characteristic Town" sector experienced a net outflow of 132 million yuan from main funds today, with 15 stocks receiving net inflows, and 9 stocks seeing inflows exceeding 10 million yuan. Rongsheng Development led with a net inflow of 129 million yuan, followed by Huaxia Happiness and Chengbang Co., Ltd. with net inflows of approximately 99.35 million yuan and 34.56 million yuan respectively [2][3]. Stock Performance - The top performers in the "Characteristic Town" sector included: - Rongsheng Development: +10.17% with a turnover rate of 7.14% and a net inflow of 128.77 million yuan [3]. - Huaxia Happiness: +10.04% with a turnover rate of 1.52% and a net inflow of 99.35 million yuan [3]. - Chengbang Co., Ltd.: -1.16% with a turnover rate of 12.37% and a net inflow of 34.56 million yuan [3]. - Other notable stocks include Palm Holdings (+3.53%) and Jingtou Development (+4.22%) [1][5]. Fund Flow Ratios - The fund inflow ratios for leading stocks were as follows: - Huaxia Happiness: 61.20% - *ST Zhengping: 32.77% - Rongsheng Development: 24.35% [3][4].

中原证券股份有限公司 关于棕榈生态城镇发展股份有限公司 三、部分募集资金被冻结的原因 经公司自查了解，募集资金被冻结的原因如下： 募集资金账户部分资金被冻结的核查意见 中原证券股份有限公司（以下简称"中原证券"或"保荐机构"）作为棕榈 生态城镇发展股份有限公司（以下简称"棕榈股份"或"公司"）2020 年度非公 开发行股票项目的保荐机构，根据《证券发行上市保荐业务管理办法》《深圳证 券交易所上市公司自律监管指引第 13 号—保荐业务》《深圳证券交易所股票上 市规则》《深圳证券交易所上市公司自律监管指引第 1 号—主板上市公司规范运 作》《上市公司监管指引第 2 号—上市公司募集资金管理和使用的监管要求》等 有关规定要求，对棕榈股份募集资金账户部分资金被冻结事项进行了核查，核查 情况如下： 一、2015 年度非公开发行股票募集资金基本情况 2017 年 4 月 5 日，经中国证券监督管理委员会出具的《关于核准棕榈生态城镇 发展股份有限公司非公开发行股票的批复》（证监许可[2017]464 号）核准，公司 获准向项士宋、郑仕麟、财通基金管理有限公司、银华基金管理股份有限公司、华 鑫证券有限责任公司、北信瑞丰基金管 ...

棕榈股份公告称，2017年公司向八个特定对象非公开发行股票，募集资金净额9.76亿元。近期部分募集 资金被冻结，其中公司在民生银行广州分行营业部账户被冻结84,393.20元，梅州市梅县区棕沅项目投资 管理有限公司在广州农商行黄陂支行账户被冻结2,738.98元，合计87,132.18元。冻结原因系建设工程施 工合同纠纷引发诉讼与财产保全。被冻结资金占募集资金净额0.0089%，占2024年度经审计归母净资产 的0.0053%，对公司经营和募投项目无重大影响。公司和保荐机构将密切关注进展。 ...

Core Viewpoint - The stock of Palm Eco-Town Development Co., Ltd. experienced a decline of 1.03% on November 11, with a trading volume of 370 million yuan, indicating a challenging market environment for the company [1]. Financing Summary - On November 11, Palm Eco-Town had a financing buy-in amount of 22.67 million yuan and a financing repayment of 30.85 million yuan, resulting in a net financing outflow of 8.18 million yuan [1]. - The total financing and securities balance for Palm Eco-Town reached 202 million yuan, accounting for 3.87% of its market capitalization, which is above the 90th percentile of the past year, indicating a high level of financing activity [1]. - The company had no short-selling activity on November 11, with both short-selling repayment and selling amounts recorded at zero, reflecting a lack of bearish sentiment in the market [1]. Company Overview - Palm Eco-Town Development Co., Ltd. was established on September 21, 1993, and listed on June 10, 2010. The company is based in Guangzhou, Guangdong Province, and its main business includes urbanization investment, infrastructure planning and construction, ecological environment management, and tourism project development [2]. - The revenue composition of the company is heavily weighted towards engineering construction at 95.50%, with design services at 2.35%, urban operations at 1.66%, and other services at 0.49% [2]. - As of October 31, the number of shareholders increased to 74,000, a rise of 5.71%, while the average circulating shares per person decreased by 5.41% to 24,497 shares [2]. Financial Performance - For the period from January to September 2025, Palm Eco-Town reported a revenue of 1.945 billion yuan, representing a year-on-year decrease of 18.01%. The net profit attributable to the parent company was -515 million yuan, showing a year-on-year increase of 12.27% [2]. - Since its A-share listing, the company has distributed a total of 276 million yuan in dividends, with no dividends paid in the last three years [3].

Investment Rating - The report maintains a "Positive" investment rating for the construction and engineering sector [9] Core Views - The construction sector exhibits characteristics such as low valuation, low institutional holdings, large market capitalization, and stable outlook for quality targets. The report identifies four key investment directions within the construction industry: 1) Companies with strong Q3 performance and short-term earnings certainty 2) High dividend yield stocks providing a safety cushion 3) Strong long-term growth potential 4) Large-cap stocks with low absolute valuations [5][6][7] Summary by Sections Valuation Metrics - As of the latest closing, the Jiangsu Construction Index has a PE ratio of 12.83, ranking 28th across all industries, with a 10-year percentile of 68.5%. The PB ratio stands at 0.84, ranking 31st, with a 10-year percentile of 16.22%. Notably, the construction sector and the banking sector are the only indices within the Jiangsu framework that are trading below book value [5][6] Institutional Holdings - The construction sector has historically low institutional holdings, which may reflect a weak outlook for the industry and a lack of attention from investors. This could lead to undervaluation of high-quality construction stocks [6] Market Capitalization - The construction sector has a limited number of listed companies, with eight major state-owned enterprises collectively valued at 941.19 billion, accounting for 47% of the Jiangsu Construction Index's market capitalization. These enterprises play a crucial role in stabilizing economic growth and are likely to be favored in a market shift towards undervalued sectors [6][7] Investment Directions - **Direction One**: Focus on companies with strong Q3 earnings, such as Sichuan Road and Bridge, China Chemical, and others, which show robust growth and sufficient order backlogs [7] - **Direction Two**: Invest in high dividend yield stocks like Jianghe Group (6.2%), Sichuan Road and Bridge (5.6%), and others, which provide a strong holding safety net [7] - **Direction Three**: Target companies with strong long-term growth potential, such as Honglu Steel Structure and others benefiting from semiconductor capital expenditure [7] - **Direction Four**: Invest in large-cap stocks with low absolute valuations, including eight major state-owned enterprises that are all trading below book value [7]

Core Viewpoint - The company announced that a portion of the funds in the special account for fundraising has been frozen, totaling 87,100 yuan, due to legal disputes related to construction contracts [1] Summary by Relevant Sections Financial Impact - The frozen amount includes 84,400 yuan from China Minsheng Bank and 2,700 yuan from Guangzhou Rural Commercial Bank [1] - The frozen funds represent a small proportion of the total fundraising and are not expected to significantly impact the company's operations or investment projects [1] Legal Issues - The freezing of funds is a result of litigation related to construction contract disputes with Sichuan Shanjing Construction Engineering Co., Ltd. and Guangdong Kangdie Technology Co., Ltd. [1]

| 开户人 | 开户行 | 账户性质 | 银行账号 | 被冻结金额 | | --- | --- | --- | --- | --- | | | | | | （元） | | 棕榈生态城镇 发展股份有限 | 中国民生银行股份有限 | 募集资金 | 699965679 | 84,393.20 | | 公司 | 公司广州分行营业部 | 专项账户 | | | | 梅州市梅县区 棕沅项目投资 | 广州农村商业银行股份 有限公司黄陂支行 | 募集资金 专项账户 | 04801740000000232 | 2,738.98 | | 管理有限公司 | | | | | | 合计 | - | - | - | 87,132.18 | 一、部分募集资金被冻结的基本情况 二、部分募集资金被冻结的原因 公司与四川山旌建筑工程有限公司因建设工程施工合同纠纷，四川山旌建 筑工程有限公司向昆明市官渡区人民法院提起诉讼与财产保全。昆明市官渡区 人民法院已冻结公司在中国民生银行股份有限公司广州分行营业部的募集资金 账户资金 84,393.20 元。 证券代码：002431 证券简称：棕榈股份 公告编号：2025-098 棕榈生态城镇发展股份有限公司 ...

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