法律意见书 北京市中洲律师事务所 关于中交地产股份有限公司 2025 年第三次临时股东大会的 法律意见书 中洲律券意字[2025]第 04 号 致：中交地产股份有限公司 北京市中洲律师事务所（以下简称"本所"）受贵公司的委托，指 派本所执业律师严馨威、霍晴雯出席了贵公司 2025 年第三次临时股东 大会。根据《中华人民共和国证券法》（以下简称"证券法"）、《中华人 民共和国公司法》（以下简称"公司法"）和中国证监会《上市公司股东 大会规则》（以下简称"股东大会规则"）等法律、法规和规范性文件以 及《中交地产股份有限公司章程》（以下简称"章程"）的规定，本律师 就本次股东大会的召集、召开程序、召开方式、出席会议人员及会议召 集人资格以及表决程序和表决结果的合法有效性出具本法律意见。 为出具本法律意见书，本律师已对本次股东大会所涉及的有关事项 及文件资料进行了必要的核查和验证，且贵公司已对前述资料的真实性 和准确性向本所作了保证。 本法律意见书仅供贵公司为本次股东大会之适当目的使用，不得被 任何人用于其他任何目的。 本所同意贵公司将本法律意见书作为贵公司本次股东大会公告材 料，随其他文件一同公开披露，并对贵公司引 ...

中交地产股份有限公司 2025 年第三次临时股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 一、会议召开和出席的情况 （一）现场会议召开时间：2025 年 5 月 14 日 14：50 （二）现场会议召开地点：北京市西城区德胜门外大街 13 号院 1 号楼合生财富广场 15 层会议室 （三）召开方式：现场投票方式结合网络投票方式 （四）召集人：中交地产股份有限公司董事会 | 证券代码：000736 | 证券简称：*ST | 中地 公告编号：2025-056 | | --- | --- | --- | | 债券代码：149610 | 债券简称：21 | 中交债 | | 债券代码：148385 | 债券简称：23 | 中交 04 | | 债券代码：148551 | 债券简称：23 | 中交 06 | | 债券代码：134164 | 债券简称：25 | 中交 01 | | 债券代码：133965 | 债券简称：25 | 中交 02 | | 债券代码：134197 | 债券简称：25 | 中交 03 | 二、提案审议表决情况 本次会议提案采取现场投票 ...

Core Viewpoint - The restructuring plan of *ST Zhongdi aims to divest its real estate development assets and liabilities to its controlling shareholder, China Communications Real Estate Group, to improve financial health and focus on light asset operations [2][3][5] Group 1: Restructuring Details - *ST Zhongdi plans to transfer real estate-related assets and liabilities, including all equity in real estate development companies and receivables, to the controlling shareholder [5][6] - The total liabilities of *ST Zhongdi as of December 31, 2024, are approximately 47.977 billion yuan, which includes short-term and long-term borrowings, bonds payable, and other payables [6][7] - The restructuring is expected to significantly improve the company's financial condition by reducing the debt-to-asset ratio and enhancing profitability [2][3] Group 2: Financial Performance - The company has reported a cumulative net loss of approximately 6.852 billion yuan from 2023 to 2024, with a decline in revenue [3][4] - In 2024, the real estate sales revenue dropped to approximately 17.181 billion yuan, a decrease from 32.231 billion yuan in the previous year, while property management revenue increased to 728 million yuan, up from 1.1 million yuan [9][10] Group 3: Strategic Focus Post-Reorganization - After the restructuring, *ST Zhongdi will focus on property services, asset management, and operations, transitioning from a traditional heavy asset development model to a light asset operation model [9][10] - The company aims to enhance profitability and operational efficiency through resource collaboration within the group and plans to adopt a differentiated competitive strategy in the market [11]

Group 1: New Stock Offerings - ST Xinchao (600777) has a tender offer period from April 23, 2025, to May 22, 2025[1] - Puli Tui (300630) has 7 trading days remaining until the last trading day[1] - ST Zhongcheng (300208) reported severe abnormal fluctuations[1] Group 2: Trading Alerts - Jintai (300225) and other stocks are under observation for trading alerts due to abnormal fluctuations[1] - ST Yida (600608) and ST Huke (600608) are also flagged for trading alerts[1] - Multiple stocks including ST Shengda (002259) and ST Yushun (002289) are under scrutiny for trading activities[1] Group 3: Recent Announcements - Guofang Group (601086) and other companies have made recent announcements regarding their stock activities[1] - A total of 7 trading days remain for several stocks approaching their last trading day[1] - Various companies including ST Huada (603580) and ST Aiai (603580) have made recent disclosures[1]

Group 1 - The acquisition attempt by Ningbo Fuda, which began in January, was seen as a typical case of real estate companies transitioning into the new energy sector, but it has been halted after four months of due diligence and negotiations [1][3] - Ningbo Fuda planned to acquire at least 45% of Jingxin Materials' equity in cash and aimed to gain control through voting rights arrangements, but differences in valuation and resource integration led to the rational termination of the cooperation [3][4] - The company emphasized that the termination of this acquisition will not affect its existing business and committed to not initiating any restructuring within a month [3] Group 2 - Ningbo Fuda has faced continuous performance pressure, with its revenue declining from 45.6 billion yuan in 2019 to an estimated 17 billion yuan in 2024, and net profit dropping from 4.3 billion yuan to 2.1 billion yuan [4] - In the first quarter of this year, excluding the impact of the previous year's fuel oil business divestiture, revenue growth rebounded to 9.75%, but concerns remain regarding the cement business due to a slowdown in infrastructure [6] - The trend of real estate companies transitioning into new energy and semiconductor sectors has been observed, with over 10 A-share real estate firms announcing business transformations in 2023, reflecting a shift from previous diversification into finance and entertainment [7] Group 3 - Capital market reactions to such transformations are complex, as evidenced by Ningbo Fuda's stock price, which initially surged after the acquisition announcement but subsequently fell by 25% over four months [7] - The current silver paste industry is undergoing a technological transformation, with new battery technologies reducing silver consumption, posing challenges for companies to adapt and innovate [9] - The case of Ningbo Fuda illustrates the boundaries of rational transformation, highlighting the importance of prudent risk assessment during the due diligence process and the need for companies to build genuine value creation capabilities [9]

Core Viewpoint - Company is undergoing a major asset restructuring to divest its real estate development business, aiming for strategic transformation and enhanced profitability in the property management sector [3][16]. Group 1: Company Restructuring - The company plans to transfer its real estate development assets and liabilities to its controlling shareholder, the real estate group, as part of its restructuring efforts [16]. - Successful completion of the restructuring by 2025 could lead to the company applying for the removal of its "ST" designation if its net assets turn positive [13][14]. - The company is focused on improving its financial situation and maintaining communication with investors to stabilize its market value [2][12]. Group 2: Industry Context - The real estate industry is facing significant adjustment pressures, with many companies announcing exits from real estate development to enhance profitability [3][19]. - The property management sector is experiencing intensified competition, with a trend towards consolidation among leading firms due to scale advantages [6][23]. - The company aims to leverage its unique competitive advantages in property management and urban services to differentiate itself in a crowded market [6][22]. Group 3: Financial Performance - In the first quarter of 2025, the company reported a main revenue of 11.77 billion, a year-on-year increase of 224.19%, but a net loss of 493 million, a decline of 127.73% [23]. - The company's debt ratio stands at 89.42%, indicating a high level of financial leverage [23]. - The company is actively working on improving its operational efficiency and profitability through various measures, including cost reduction and management enhancements [2][18].

Group 1: Company Restructuring and Financial Health - The company plans to complete its restructuring by 2025, aiming for a positive net asset value to apply for "delisting risk removal" [2][4] - The company has seen a significant decline in stock value, dropping over 60% since last year, prompting a focus on maintaining market value through improved operational performance and governance [2][4] - The restructuring involves transferring real estate-related debts to a more creditworthy real estate group, ensuring better protection for creditors [3][4] Group 2: Business Strategy and Market Position - Post-restructuring, the company will focus on property services and asset management, transitioning from traditional heavy asset development to light asset operations [5][6] - The company aims to leverage its unique competitive advantages in the property management sector, emphasizing differentiated competition strategies and expanding its service scale [2][5] - The property management industry is expected to face increased competition, with a focus on high-quality services and sustainable business models [6] Group 3: Market Outlook and Industry Trends - The real estate market is showing signs of stabilization, with a projected recovery in 2025, supported by government policies aimed at maintaining market stability [5][6] - Recent data indicates a mixed performance in the housing market, with sales area changes of -3.04%, +28.50%, and +8.63% in the first quarter of 2025, alongside a price decline of 5.15% [5][6] - The property management sector is expected to evolve, with a shift towards high-quality service offerings and the integration of smart technology [6]

Group 1 - The company disclosed that the cumulative amount of litigation and arbitration cases in the past 12 months is RMB 362.75 million, accounting for 10.14% of the company's latest audited net assets [2][3] - The company is actively negotiating or involved in litigation regarding these cases, leading to uncertainty about their impact on current and future profits [2][4] - The company will follow relevant accounting standards and adjust its financial statements based on the progress of the cases, with final profit impacts confirmed by auditing [4] Group 2 - The company has selected multiple media outlets for information disclosure, including "China Securities Journal" and "Securities Times," ensuring that all information is based on disclosures made in these media [5] - The company will closely monitor the progress of the related cases and fulfill its information disclosure obligations as required [5]

| 证券代码：000736 | 证券简称：*ST | 中地 公告编号：2025-055 | | --- | --- | --- | | 债券代码：149610 | 债券简称：21 | 中交债 | | 债券代码：148385 | 债券简称：23 | 中交 04 | | 债券代码：148551 | 债券简称：23 | 中交 06 | | 债券代码：134164 | 债券简称：25 | 中交 01 | | 债券代码：133965 | 债券简称：25 | 中交 02 | | 债券代码：134197 | 债券简称：25 | 中交 03 | 中交地产股份有限公司 关于累计诉讼、仲裁事项的公告 一、累计诉讼、仲裁的基本情况 根据《深圳证券交易所股票上市规则》有关规定，截至本公告披 露日，除已披露的诉讼事项外，公司及下属子公司连续 12 个月内新 增累计诉讼、仲裁事项金额合计 36,274.92 万元，占公司最近一期经 审计归母净资产（绝对值）的 10.14%。 二、诉讼对公司本期利润或期后利润的可能影响 本次披露涉及的诉讼、仲裁案件，公司正在协商和解或诉讼、仲 2 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， ...

登录新浪财经APP 搜索【信披】查看更多考评等级 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 一、会议召开和出席的情况 （一）现场会议召开时间：2025年5月6日14：50 （二）现场会议召开地点：北京市西城区德胜门外大街13号院1号楼合生财富广场15层会议室 （三）召开方式：现场投票方式结合网络投票方式 （四）召集人：中交地产股份有限公司董事会 （五）主持人：董事长郭主龙先生 （六）会议的召开符合《公司法》、《股票上市规则》及公司《章程》的规定。 （七）本公司股份总数为747,098,401股，本次股东大会议案有表决权的股份总数为747,098,401股。 出席本次股东大会的股东（代理人）共355人，代表股份428,139,681股，占公司有表决权股份总数的 57.3070%。具体情况如下： 1、出席现场会议的股东及股东代表1人，代表股份389,679,305股,占公司有表决权股份总数的 52.1590%。 2、参加网络投票的股东354人，代表股份38,460,376股，占公司有表决权股份总数的5.1480%。 3、参与表决的中小投资者（持有公司总股份5 ...