证券代码：605287 证券简称：德才股份 公告编号：2026-006 德才装饰股份有限公司 关于 2025 年第四季度主要经营数据情况的公告 本公司及董事会全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 2025 年第四季度，德才装饰股份有限公司（以下简称"公司"）及子公司新 签项目数量总计 72 个，新签项目金额为人民币 84,704 万元，新签项目数量较上 年同期减少 1.37%，新签项目金额较上年同期增加 25.20%，按业务类型细分，具 体情况如下： | 经营数据 | 装饰装修 业务 | 房屋建筑 业务 | 市政业务 | 其他 | 总计 | | --- | --- | --- | --- | --- | --- | | 2025年第四季度新签 项目数量（个） | 28 | 2 | 1 | 41 | 72 | | 2025年第四季度新签 项目总金额（万元） | 39,235 | 13,780 | 1,026 | 30,663 | 84,704 | | 2025年累计新签项目 数量（个） | 93 | 12 | 12 | 124 | ...

Investment Rating - The industry investment rating is Neutral (maintained) [1] Core Insights - The report highlights a positive shift in policies aimed at improving and stabilizing the real estate market, with expectations for further policy changes that could create investment opportunities in the sector [3][41] - The report tracks the transaction volume of new and second-hand homes across 15 cities, noting a week-on-week increase in transaction area but a year-on-year decline [4] - The report emphasizes the government's commitment to supporting urban renewal initiatives and promoting high-quality development in the real estate sector [4] Summary by Sections Market Overview - The total transaction area for new and second-hand homes in 15 cities reached 3.081 million square meters, with a week-on-week increase of 6.5% but a year-on-year decrease of 10.1% [4] - Cumulative transaction area for January shows a month-on-month decline of 11.6% and a year-on-year decline of 22.7% [4] Policy Developments - On January 20, the Ministry of Natural Resources and the Ministry of Housing and Urban-Rural Development issued measures to further support urban renewal actions [4] - The Minister of Housing and Urban-Rural Development indicated a focus on high-quality development in the real estate sector, aiming to stabilize the market and enhance housing supply [4] Company Announcements - Poly Development expects a net profit of 1.03 billion yuan for 2025, a decrease of 79.49% year-on-year [4] - China State Construction Development anticipates a net loss of between 284 million and 423 million yuan for 2025 [4] - Vanke A has withdrawn applications for three real estate investment trust fund projects [4]

(一)公司战略聚焦"城市更新"与"城市配套"领域，深度参与国家"三大工程"建设项目，订单结构持续优 化，项目质量稳步提升，毛利率改善带动整体毛利润增长。(二)上年度受行业环境与项目回款放缓影 响，公司对应收账款及抵债资产计提减值准备。本报告期内公司进一步完善应收账款管理机制，持续强 化应收款项回收力度，加快抵债资产去化进程，未发生大额减值计提情况，对当期利润产生积极影响。 (三)公司持续推进精细化管理，通过全面实施一系列降本增效举措，有效强化费用管控，显著提升整体 运营效率与财务稳健性。 格隆汇1月26日丨德才股份(605287.SH)公布，公司预计2025年度实现归属于母公司所有者的净利润为 5100万元到6100万元，与上年同期相比，将实现扭亏为盈。预计2025年度实现归属于母公司所有者的扣 除非经常性损益的净利润为4000万元到5000万元。 本期业绩盈利的主要原因： ...

2025年，公司持续开拓"城市更新"与"城市配套"两类项目，新签"城市更新"类项目金额约为16.25亿元， 新签"城市配套"类项目金额约为18.00亿元，上述两类项目约占2025年全年累计新签项目总金额的 78.15%。 格隆汇1月26日丨德才股份(605287.SH)公布，2025年第四季度，公司及子公司新签项目数量总计72个， 新签项目金额为人民币8.47亿元，新签项目数量较上年同期减少1.37%，新签项目金额较上年同期增加 25.20%。 ...

Core Viewpoint - The company expects to achieve a net profit attributable to shareholders of the parent company between 51 million to 61 million yuan for the fiscal year 2025, marking a turnaround from losses in the previous year [1] Financial Performance - The projected net profit for 2025 represents a significant improvement compared to the previous year, with a forecasted net profit excluding non-recurring gains and losses between 40 million to 50 million yuan [1] Strategic Focus - The company is strategically focusing on "urban renewal" and "urban supporting" sectors, actively participating in national "three major projects," leading to an optimized order structure and improved project quality, which in turn enhances gross profit margins [1] Accounts Management - In the previous year, the company faced challenges due to industry conditions and slow project payments, leading to provisions for impairment on accounts receivable and debt assets. However, during the current reporting period, the company has improved its accounts receivable management and intensified collection efforts, resulting in no significant impairment provisions, positively impacting current profits [1] Operational Efficiency - The company continues to implement refined management practices, executing a series of cost reduction and efficiency enhancement measures, which effectively strengthen expense control and significantly improve overall operational efficiency and financial stability [1]

Group 1 - The core viewpoint of the article emphasizes that Guangdong Province will focus on stabilizing the real estate market by implementing targeted policies to control supply, reduce inventory, and improve housing quality [1] - The government will promote the revitalization of idle commercial properties and enhance the convenience of existing housing transactions [1] - There will be an emphasis on the construction and procurement of affordable housing, encouraging the acquisition of existing properties for this purpose [1] Group 2 - Guangdong aims to systematically advance the construction of quality houses, communities, and urban areas to better meet diverse housing needs [1] - The province will encourage the adoption of smart construction, prefabricated buildings, and modular architecture to promote industrialization, digitization, and green development in the construction sector [1] - The government plans to address real estate risks in a prudent manner and support the healthy development of real estate enterprises through a coordinated financing mechanism [1] Group 3 - The report outlines plans for high-quality urban renewal, including the renovation of 600 old communities and the construction of various parks and ecological corridors [1] - A comprehensive safety management system for buildings throughout their lifecycle will be established to enhance fire prevention and response capabilities [1] - The construction and renovation of 9,000 kilometers of underground pipelines and corridors are also part of the development strategy [1]

冬日的安徽合肥，逍遥津公园里，游人漫步于张辽塑像旁，遥想三国风云；淮河路步行街上，老字 号与新店铺比邻而居，传统技艺与现代创意共生；工业遗产内，老厂房和新业态错落交融。一幅既饱含 历史厚度，又充满当代活力的城市人文画卷，正在这里徐徐铺展。 "5公里长的主干道，5万常住人口，5家铁匠铺……"这曾是老一辈合肥人口中"江淮小邑"最为形象 的素描。如今，翻开合肥的新名片：市域面积1.14万平方公里，常住人口逾千万，经济规模突破万亿 元，科技企业云集……数字的巨变，勾勒出这座城市数十年来惊人的发展轨迹与成长速度。 在"长大"的过程中，合肥以保护性更新的"细腻针法"，让历史的厚重感与未来的探索性在这座城市 的肌理中交织。 焕新步行街区，激活百年风华 "百年淮河路，半部合肥史。"这句流传甚广的话，道出了庐阳区淮河路步行街在合肥人心中的分 量。 合肥自秦代置县，古为庐州府治所，其核心区域位于今天的庐阳老城区。而这条长约千米、宽约 200米的街区，不仅是商业繁华之地，更是一条流动的历史长廊。 昔日破旧黯淡的背街小巷，一跃成为吸引无数游人拍照打卡的"网红"地标，历史在创意中鲜活起 来。 明清的遗韵、近代的风云、当代的潮流在此层层 ...

Core Viewpoint - The Beijing Municipal Political Consultative Conference is focusing on the implementation of the "14th Five-Year Plan," emphasizing contributions to urban development, education, technology, and cultural integration [2][11]. Group 1: Urban Development and Environmental Initiatives - The "14th Five-Year Plan" aims to advance the construction of a beautiful Beijing, promoting a green, low-carbon, and livable environment, exemplified by the new garden corridor over one kilometer long near the Guomao area [2][11]. - A task force has been established to study international best practices and domestic case studies, resulting in 25 key recommendations that have led to tangible benefits for residents, such as the development of greenways along major roads [3][12]. Group 2: Technology and Talent Integration - Beijing is positioned as a core engine for national technological advancement, facing challenges in integrating education, technology, and talent. The focus is on deepening the collaboration among these three areas [4][13]. - Recommendations include forming innovation alliances between universities, research institutions, and leading enterprises, along with establishing shared platforms for research resources and reforming talent evaluation systems [4][13]. Group 3: Urban Renewal Strategies - Urban renewal in Beijing is not merely about physical space updates but involves comprehensive strategies that align with national objectives, addressing various building types and public infrastructure [5][15]. - The approach emphasizes principles such as sustainable development, ecological priority, cultural heritage, and public welfare, while managing population and ecological limits [6][15]. Group 4: Sports and Cultural Integration - The "14th Five-Year Plan" highlights the importance of integrating cultural, sports, and tourism sectors, leveraging Beijing's status as a dual Olympic city to enhance its global appeal [7][16]. - There is a push for developing a robust sports event ecosystem, supported by policies that encourage cross-sector collaboration and the creation of new cultural and sporting IPs [7][16]. Group 5: Agricultural and Rural Development - Agricultural development is crucial for achieving modern socialist goals, with a focus on enhancing rural living conditions and promoting resilience against disasters [8][17]. - Strategies include developing smart agriculture, promoting health-oriented agricultural practices, and creating diverse consumption scenarios that blend rural charm with urban experiences [8][17].

市长庄建球近日主持召开全市城市更新工作推进会，强调要深入贯彻习近平总书记关于城市工作的 重要论述和在河南考察时重要讲话精神，认真落实中央、省委城市工作会议精神，坚持以推进城市更新 为重要抓手，走好城市内涵式发展新路子，为高质量发展和高效能治理提供坚实支撑。 会议分析研究城市更新工作面临的形势，安排部署下一步重点任务，市城建局、市资源规划局、工 商银行郑州分行和高新区、管城区、巩义市先后发言。 庄建球指出，实施城市更新行动，是党中央立足城市发展规律作出的重大战略部署。要认真践行人 民城市理念，坚持把城市作为有机生命体系统谋划，全面落实城市更新专项规划，加力实施城市更新三 年行动，以更高标准、更实举措加快推进城市更新提质增效，推动城市功能、品质、环境全面提升，加 快打造创新、宜居、美丽、韧性、文明、智慧的现代化人民城市。 庄建球强调，要做深做细城市体检，坚持问题导向，加快梳理问题清单，强化体检结果运用，让城 市体检成为城市更新"指挥棒"。要抓好片区综合提升，摒弃"碎片化"改造模式，落实各项提升措施，加 快形成"一片一特色、一区一亮点"发展格局。要突出产业更新导向，盘活闲置资产、激活生产经营、聚 合优势产业，为新兴 ...

Core Viewpoint - The article discusses the recent development of the historical city wall trail in Guiyang, which aims to enhance urban aesthetics and cultural heritage while improving local residents' quality of life through the creation of new public spaces and amenities [4][8]. Group 1: Historical and Cultural Significance - The historical city wall trail, set to open in early 2025, connects significant historical sites in Guiyang, including the Guanyuan Cultural Square, which commemorates 219 local scholars from the Ming and Qing dynasties [4][5]. - The Guanyuan Cultural Square features a design inspired by Confucian educational traditions and showcases the names and achievements of local scholars, reinforcing Guiyang's rich cultural heritage [5][6]. Group 2: Urban Renewal and Community Impact - The project is part of Guiyang's urban renewal initiative, aligning with national goals for sustainable and livable city development, emphasizing the integration of historical elements into modern urban life [4][8]. - The transformation of previously unused land into four pocket parks, including the Guanyuan Cultural Square and children's playgrounds, addresses community needs and enhances local recreational opportunities [7][9]. Group 3: Infrastructure and Accessibility - The construction of the historical city wall trail includes a key segment that improves connectivity between major roads, significantly reducing travel time for local residents [8][9]. - The project also incorporates an eco-friendly parking facility with 75 car spaces and 59 bike spaces, aimed at alleviating parking issues during peak tourist seasons [9].