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]

Core Insights - The 2025 China International Service Trade Fair, focusing on engineering consulting and construction services, showcased 90 domestic and international companies, with 74% being Fortune 500 or industry-leading firms [1] - The theme "Technology Empowers 'Good Houses' Quality Builds 'Good Services'" emphasizes innovation in construction standards and practices [1] Group 1: Quality and Innovation - Beijing has been recognized for its innovative practices in six areas, including upgrading old houses and optimizing property services, providing a replicable model for the nation [2] - The concept of "Good Houses" is multidimensional, incorporating comfort measurement systems and adaptable designs to meet diverse family needs [2] - The exhibition featured immersive experiences of future living spaces, showcasing modular and technologically advanced housing solutions [2] Group 2: Urban Renewal - The fair explored new paradigms for urban renewal, aligning with national policies to create livable, resilient, and smart cities [3] - Innovative cases in community renovation, elderly-friendly modifications, and industrial park upgrades were highlighted, including a project that converts waste into energy [3] - Beijing Construction Group presented a comprehensive solution integrating "Good Houses, Good Communities, Good Cities," focusing on safety, comfort, and sustainability [3] Group 3: Smart Construction - As a pilot city for smart construction, Beijing showcased advanced technologies that drive the transformation of the construction industry [4] - Various smart construction technologies, including emergency response systems and robotic applications, were demonstrated to enhance efficiency and precision [4] - The establishment of the Beijing Smart Construction Development Alliance and related forums indicates a commitment to integrating digital technologies into construction [4] Group 4: Industry Collaboration - The fair aimed to create a global development platform for the construction industry, facilitating international cooperation and knowledge sharing [7] - High-level international exchange activities were held, focusing on regional collaboration and exploring opportunities in construction services [7] - The event emphasized the importance of practical applications and results transformation, enhancing Beijing's reputation in the service sector [7] Group 5: High-Quality Development - The construction industry is urged to shift towards high-quality development, with "Good Houses" as a central mission [8] - The construction system should integrate Chinese manufacturing, creation, and construction, focusing on green, industrial, smart, and international development [8] - The goal is to improve energy efficiency, quality, and safety in the construction process through innovative building practices [8]

Core Viewpoint - The article emphasizes the importance of preserving urban cultural heritage and integrating it into modern urban development, highlighting the need for tailored strategies that reflect local history and culture [1][17]. Group 1: Urban Cultural Heritage Preservation - The Central Urban Work Conference has identified the continuation of urban cultural heritage as a key task, advocating for strategies that allow residents to connect with nature and their cultural roots [1][17]. - In Shandong's Zibo, the transformation of the old ceramic factory site into a cultural experience center showcases the city's rich ceramic heritage, which was once a significant procurement area for ceramics [3][5]. Group 2: Community Involvement and Development - Local authorities in Zibo have engaged experts and artisans to determine the best approach for preserving industrial relics, opting for a strategy that retains historical sites rather than demolishing them for short-term gains [5][9]. - The redevelopment project has attracted over 70 businesses and transformed old buildings into practice bases for universities and entrepreneurial spaces, fostering innovation in traditional crafts [9][11]. Group 3: Innovative Urban Renewal - The preservation of industrial heritage has led to the revitalization of traditional techniques, with local artisans and tourists contributing to product development, shifting the focus from everyday items to high-end art pieces [11][15]. - The transformation of the Liyuan River in Beijing into a vibrant waterfront area illustrates the successful integration of ecological restoration and urban renewal, enhancing the city's appeal and economic activity [21][25]. Group 4: Cultural and Historical Integration - The article highlights the need for a balance between tradition and modernity, advocating for a creative transformation of cultural heritage that aligns with contemporary lifestyles and future development [19][27]. - The preservation of historical sites and the promotion of local culture are seen as essential for creating cities that resonate with their unique identities and histories, ultimately contributing to a modern urban landscape that retains its cultural essence [28].

Core Insights - The 2025 China International Service Trade Fair is being held in Beijing, focusing on engineering consulting and construction services, with a theme of "Technology Empowering 'Good Houses' and Quality Building 'Good Services'" [1] - The event features 90 domestic and international exhibitors, with 74% being Fortune 500 and industry-leading companies [1] Group 1: Quality and Innovation - The "Good House" national standard has been released, and Beijing is implementing innovative practices in six areas, including upgrading old houses and optimizing property services, serving as a replicable model for the nation [4] - The concept of "Good House" is multidimensional, incorporating a quantitative comfort measurement system and designs that cater to all family life stages, including elderly-friendly and child-friendly spaces [4][5] - The exhibition showcases outdoor "Good House" model rooms, highlighting industrialized construction methods and advanced living space technologies [4] Group 2: Urban Renewal - The exhibition explores new paradigms for revitalizing existing urban spaces, aligning with national policies for creating livable, resilient, and smart cities [5] - Innovative cases in urban renewal, such as the Shanghai Baoshan Renewable Energy Utilization Center, demonstrate effective waste management and energy generation [5] - Beijing Construction Group presents a comprehensive solution for "Good Houses, Good Communities, and Good Cities," emphasizing safety, comfort, and sustainability [5] Group 3: Smart Construction - Beijing is a pilot city for smart construction, showcasing advanced technologies that enhance the construction industry's transformation [9] - Various smart construction technologies, including emergency response systems and robotic applications, are presented to improve efficiency and precision in construction processes [9] - The establishment of the Beijing Smart Construction Development Alliance and related forums emphasizes the importance of quality materials in building "Good Houses" [9] Group 4: Global Collaboration - The fair emphasizes international cooperation, hosting high-level discussions to foster collaboration in the construction industry across regions [11] - Events such as the Beijing-Hong Kong-Macau construction seminar aim to bridge cooperation among the construction sectors of these regions [11] - The fair aims to enhance the global presence of Chinese construction technology and services while facilitating the integration of international advanced technologies into the Chinese market [11] Group 5: High-Quality Development - The construction industry is urged to shift towards high-quality development, with "Good Houses" as a core mission for transformation [12] - The construction system for "Good Houses" should integrate Chinese manufacturing, creation, and construction, focusing on green, industrialized, smart, and international approaches [12]

（原标题：住建部部长倪虹：希望国资央企深入实施城市更新行动 推动构建房地产发展新模式） 人民财讯9月12日电，9月11日，国务院国资委党委和中央企业党委（党组）开展理论学习中心组联学。 国务院国资委党委书记、主任张玉卓主持联学。住房城乡建设部党组书记、部长倪虹应邀作专题辅导报 告。 倪虹在辅导报告中分析了当前城市工作面临的新形势新挑战新机遇，介绍了贯彻落实中央城市工作会议 精神的重点举措。他表示，中央企业有力支撑了城镇化建设、城市民生福祉改善、城市科技水平提升和 人居领域对外开放合作，在助力城市发展方面成效显著，希望国资央企牢固树立和践行人民城市理念， 准确把握当前和今后一个时期城市工作的总体要求，主动适应城市发展阶段新变化，认真落实党中央关 于城市工作的新部署，深入实施城市更新行动，推动构建房地产发展新模式，打造"中国建造"升级版， 走出一条中国特色城市现代化新路子。 ...

Core Viewpoint - The recent rumors regarding the investment by CITIC Urban Development in the Longjing Baishizhou urban renewal project have been denied, leading to uncertainty about the project's future and potential changes in its strategic partnerships [1][12][13]. Group 1: Project Background - The Baishizhou urban renewal project is recognized as Shenzhen's largest urban renewal initiative, with a history dating back to 2005 when the local government began research on the project [5][6]. - The project is strategically located in the Nanshan core area, benefiting from proximity to major transportation and commercial hubs, which enhances its appeal [6][8]. - The project aims to develop approximately 5 million square meters of mixed-use space, including commercial, residential, and public facilities [6][8]. Group 2: Recent Developments - Recent rumors suggested that CITIC Urban Development would invest 12 billion yuan for a stake in the project, while there were also claims about Vanke Group potentially exiting the project [4][11]. - CITIC Urban Development issued a statement clarifying that the reports about their involvement were false, emphasizing the need for accurate information to avoid misleading stakeholders [12][13]. - Vanke's potential exit is seen as likely due to ongoing financial pressures and the project's slow progress, with a critical window for exit approaching in 2025 [15][20]. Group 3: Financial Context - Vanke's financial situation is under strain, with a reported cash balance of 14.16 billion yuan against short-term debts of 155.37 billion yuan, indicating significant liquidity challenges [20][21]. - Green Scene China, the parent company of the project, reported a loss of 2.03 billion yuan in the first half of 2025, with total liabilities reaching 81.01 billion yuan, reflecting severe financial pressure [21]. - The project's progress has been hindered by delays in construction and financing, leading to tensions with local residents over compensation issues [21].

Group 1 - The Shanghai Cooperation Organization (SCO) summit will be held in Tianjin from August 31 to September 1, 2025, marking a new starting point for collaboration among SCO member states [4] - Tianjin is leveraging the SCO summit to showcase its commitment to high-quality development and regional cooperation as part of the "14th Five-Year Plan" [4][5] - The integration of the Beijing-Tianjin-Hebei region is being emphasized, with a focus on enhancing transportation, logistics, and social networks to stimulate new development momentum [5][6] Group 2 - Tianjin is actively improving its ecological environment through collaborative legislation and pollution control measures with Beijing and Hebei, resulting in clearer skies and cleaner water [6] - The city is accelerating the formation of an industrial layout characterized by "six chains and five clusters," positioning itself as a key platform for the relocation of non-capital functions from Beijing [6][7] - A series of reforms aimed at integrating education, technology, and talent are being implemented to foster innovation and facilitate the transformation of research outcomes into practical applications [7] Group 3 - Tianjin is enhancing its urban landscape through the "Haihe Night" project, which includes lighting upgrades for 217 buildings and 14 bridges along the Haihe River, attracting more visitors [10] - The city is focusing on urban renewal by revitalizing old factories and improving living conditions, with 985 old residential communities renovated, benefiting nearly 500,000 households [10][11] - New educational facilities and public parks are being developed, with 173,000 new school places and 270 pocket parks created to enhance the quality of life for residents [10][11]

住房城乡建设部部长倪虹近日指出，我国将下功夫建设好小区，持续推进城镇老旧小区改造，下 大力气解决加装电梯、停车、充电等难题，抓好生活垃圾分类，稳步推进城中村和危旧房改造，改善群 众居住条件和生活环境。 对于推进城镇老旧小区改造，中国中建设计研究院有限公司总建筑师薛峰认为，城镇老旧小区改 造要通过统筹片区整体资源，编制社区更新规划，规划先行、策划先行，制定老旧小区改造整体解决方 案。薛峰建议，要建立多方协同的"1+3+N"一体化改造模式，其中"1"是指针对片区更新的一体谋 划，"3"是指"设计建造、社区运营、社区服务"3项统筹，"N"是指安全、舒适、绿色、智慧、全龄友好 等品质提升。 2025年，全国计划新开工改造城镇老旧小区2.5万个。住房城乡建设部的最新数据显示，根据各地 统计上报数据，1月份至7月份，全国新开工改造城镇老旧小区1.98万个。分地区看，河北、辽宁、重 庆、安徽、江苏、上海6个地区开工率超过90%。上述数据表明，我国正持续推进城镇老旧小区改造， 今年以来开工改造进展顺利。 我国城镇化正从快速增长期转向稳定发展期、城市发展正从大规模增量扩张阶段转向存量提质增 效为主的阶段。我国城市发展所处的这一 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [9][8] Core Viewpoints - The company is positioned for growth under the support of its major shareholder, the Jianfa Group, which enhances its operational platform and opportunities for development [8][9] - The company is actively seeking transformation opportunities in urban renewal and business extension, aligning with national policies promoting urban development [49][8] - The construction business is expected to grow significantly, with projected revenues and profits increasing over the next few years, reflecting resilience in a challenging market [9][7] Summary by Sections Company Overview - Jianfa Hecheng, established in 1995, specializes in engineering supervision, design consulting, and project management, and was listed on the Shanghai Stock Exchange in 2016 [18] - The company became controlled by the Xiamen State-owned Assets Supervision and Administration Commission after Jianfa Group acquired a 29.01% stake in 2021 [18] Business Expansion - The company has rapidly expanded its construction business, with revenues from this segment reaching 57 billion yuan in 2024, accounting for 86.2% of total revenue [24][22] - The construction business has seen a significant increase in revenue share from 30.2% in 2022 to 86.2% in 2024, indicating a strategic shift towards this area [24][22] Financial Data and Profit Forecast - Projected total revenue for 2025 is 9.371 billion yuan, with a year-on-year growth rate of 41.8% [7] - Expected net profit for 2025 is 122 million yuan, reflecting a growth rate of 27.4% [7] - The company’s earnings per share are projected to be 0.47 yuan in 2025, with a corresponding price-to-earnings ratio of 23X [9][7] Market Opportunities - The urban renewal initiative is anticipated to become a new growth engine for the construction industry, as the market transitions from new construction to renovation and maintenance of existing structures [49][8] - The company is actively pursuing mergers and acquisitions to expand its capabilities in new materials and technologies, enhancing its competitive edge in the evolving market landscape [48][8] Investment Analysis - The report estimates a market value of approximately 40 billion yuan for the company based on a conservative price-to-earnings multiple of 25.0X for 2027, indicating a potential upside of 34% from the current market capitalization of 28.3 billion yuan [9][8]

Core Insights - The article discusses the ongoing transformation of old residential communities in Xi'an, focusing on the installation of elevators and community enhancements to improve residents' quality of life [5][6][10]. Group 1: Elevator Installation - The installation of elevators in the Xi'an Gaodeng Electric Power College community has significantly improved accessibility for elderly residents, with 32% of the 650 households being over 60 years old [6][7]. - Since 2021, the community has successfully installed 10 out of 18 requested elevators, with 4 more under construction, addressing the previous challenges of mobility for elderly residents [7][8]. Group 2: Community Upgrades - The transformation of old houses into "good houses" includes not only physical upgrades but also enhanced services and facilities for both the elderly and children [8][10]. - The Electric Construction Community has focused on improving details such as adding accessible ramps and handrails, which have made it easier for residents with mobility issues to navigate the area [8][9]. - New community spaces have been created, including cultural and fitness squares equipped with various exercise machines, fostering social interaction among residents [9][10]. Group 3: Community Engagement and Sustainability - The community has initiated the "Yimu Tongxinfang" volunteer service brand, utilizing shared spaces for educational and agricultural projects, allowing residents to engage in gardening and learning activities [9][10]. - Future plans include achieving full photovoltaic coverage in the community, promoting an environmentally friendly living space [10].