Core Points - The company held its 2024 annual shareholders' meeting on May 21, 2025, to discuss various proposals and reports [1][2] - The board of directors reported on their work, highlighting the appointment of a new director and the execution of shareholder resolutions [3][4] - The company faced significant challenges in real estate sales, resulting in a loss for the year, but made efforts to improve operational efficiency and risk management [5][6][7] - The company plans to focus on financial stability, inventory reduction, and asset disposal in response to market conditions [9][21] - The company proposed not to distribute dividends for 2024 due to a net loss of approximately RMB 291 million [23][24] Board of Directors Report - The board conducted 36 meetings throughout the year, addressing key issues such as financial reporting and asset impairment [3][4] - The strategic and investment committee reviewed the three-year shareholder return plan and ESG reports [3] - The board emphasized compliance with legal regulations and the protection of shareholder rights [4] Financial Performance - The company reported a total revenue of approximately RMB 7.16 billion in signed contracts, with a significant decline in real estate sales profit [6][20] - The company’s total revenue from property management services increased by 12.87% year-on-year, while rental income decreased by 4.16% [20] - The company incurred a net loss of RMB 291 million for the year, leading to a decision not to distribute dividends [23][24] Future Plans - The company aims to enhance financial management, reduce costs, and improve operational efficiency in response to market changes [9][21] - Plans include increasing asset utilization and transitioning from leasing management to asset management [10][21] - The company will focus on risk management and compliance to protect investor interests [22] Audit and Compliance - The company plans to appoint Ernst & Young Huaming as the auditor for the 2025 fiscal year, following a competitive selection process [27][31] - The audit committee confirmed that the selection process adhered to legal requirements and maintained independence [32]

公司全资子公司哈药集团三精制药有限公司（以下简称"三精制药"） 原持有哈药集团三精千鹤制药有限公司（以下简称"三精千鹤"）57.18% 的股权，董事会同意三精制药以2,344.60万元受让自然人持有的三精千鹤 将有利于优化资源配置、深化业务协同，进一步增强业务板块的市场竞争 力。公司董事会授权管理层具体办理本次对外投资相关事宜。 具体内容详见公司同日在上海证券交易所网站（www.sse.com.cn）披 露的《哈药集团股份有限公司关于公司全资子公司收购股权的公告》（公 告编号：2025-019）。 证券代码:600664 证券简称:哈药股份 编号:临 2025-018 哈药集团股份有限公司 十届十四次董事会决议公告 本公 司董事 会及全 体董 事保证 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。 哈药集团股份有限公司（以下简称"公司"）第十届董事会第十四次 会议以书面方式发出通知，于 2025 年 5 月 15 日以现场结合通讯形式召开。 会议应参加董事 9 人，实际参加董事 9 人，会议召开符合《中华人民共和 国公司法》和《公司章程》 ...

Financing Lease Overview - The company plans to engage in financing lease activities in 2025, including direct financing leases for newly purchased assets and sale-leaseback arrangements for owned assets, with a total financing limit not exceeding RMB 200 million [1][2] - Each financing transaction will have a maximum term of 10 years, and the financing limit is valid for 12 months from the board's approval date [1][3] Authorization and Management - The board has authorized the management to handle all matters related to the financing lease business within the approved limit, including signing agreements and making adjustments based on regulatory changes [3][4] - The authorization is effective for 12 months from the board's approval date [3] Purpose and Impact - The financing lease activities aim to broaden financing channels, revitalize existing assets, and optimize the financing structure, providing financial support for the company's operational development [4]

Core Viewpoint - The restructuring of debts in the real estate sector is accelerating, with significant progress in debt-to-equity swaps and asset revitalization strategies [1] Group 1: Debt Restructuring Developments - Sunac China announced that its offshore debt restructuring hearing will take place on September 15, 2025, in the Hong Kong High Court [1] - CIFI Holdings has initiated a $6.8 billion offshore debt restructuring voting process, which includes a debt-to-equity swap plan that allows creditors to benefit from equity appreciation [1] - Jinke Property's judicial reorganization case, amounting to 147 billion yuan, has been approved by the court, marking it as the largest restructuring case in the industry [1] Group 2: Industry Trends - According to CRIC data, since 2025, over 59 distressed real estate companies, including Sunac China and Oceanwide Holdings, have disclosed progress in debt restructuring, with 13 companies completing substantial restructuring [1] - Various models such as debt-to-equity swaps and asset-for-debt arrangements are emerging in the industry [1]

中金研究 中国房地产政策的框架自2022年以来已经展现了诸多变化，往前看其仍将动态应对实体市场的变化 与挑战。眼下尽管中国房地产政策工具的丰富程度已然不低，但鉴于仍需在外部经济环境不确定性 加大、行业内部压力仍待疏解、以及各地区要素条件有所分化的背景下，持续推进止跌回稳，未来 中国房地产政策可能如何施力，还可以做哪些考虑，我们在此简述我们的一些思考与建议。 点击小程序查看报告原文 Abstract 摘要 止跌回稳的前置条件究竟是什么？我们认为或许首先是促进资产盘活，恢复行业流动性。 从国际比较 的视角看，中国本轮房地产市场的调整过程具有典型性，除了销售量价下行，库存升高以外，一个主要 的挑战是市场流动性不足，这既包括资产交易的难度加大，也包括企业的货币资源和现金流条件相对紧 张。然而从一个市场修复的时序来看，可能首要的是向居民和企业部门两端通过有效渠道注入适当的流 动性，然后可以渐进的推动实体市场供需格局与资产价格预期改善。其次，在比较大幅度的市场调整 中，尤其市场还处于去杠杆前期的阶段，针对企业端的流动性改善，以形成资产负债表企稳的路径，可 能相较于对需求侧的动员，是更有针对性的举措。 对于中国房地产政策， ...

Summary of the Conference Call for China Merchants Shekou (招商蛇口) Industry and Company Overview - The conference call discusses the performance and strategies of China Merchants Shekou, a prominent player in the real estate industry in China, particularly focusing on its operations in major cities like Beijing, Shanghai, and Chengdu. Key Points and Arguments Financial Performance - In Q1 2025, the company's revenue was 20.448 billion yuan, a decrease of 13.9% year-on-year, while net profit attributable to shareholders reached 445 million yuan, an increase of 34% [4][2][3]. - The overall gross profit margin was 12%, down 2.47 percentage points year-on-year, indicating pressure on industry profit margins [2][4]. Cash Reserves and Debt Management - As of the end of Q1 2025, the company had cash reserves of 88.1 billion yuan, an increase of 4.9 billion yuan year-on-year, reflecting strong liquidity [5][2]. - The comprehensive financing cost for interest-bearing liabilities was reduced to 2.99% by the end of 2024, achieved through equity capital supplementation and debt structure adjustments [5][3]. Sales and Market Trends - The signed sales area and scale in Q1 2025 decreased by 12% year-on-year, attributed to the impact of available saleable value [6][2]. - Despite the decline, the core city real estate markets showed signs of recovery, with projects in Beijing, Hangzhou, and Chengdu performing better than expected [6][2]. Land Acquisition and Investment Strategy - In Q1 2025, the company acquired seven land parcels in major cities, totaling a construction area of 720,000 square meters and a total land price of 20 billion yuan [7][2]. - The company continues to focus on regional concentration and sales-driven investment strategies, paying close attention to land supply in core cities [7][2]. Asset Operations and Property Management - The asset operation business is expected to provide stable cash flow in the long term, although it may not contribute significantly to profits in the short term [8][2]. - The property management service segment is continuously optimizing service quality to enhance competitiveness and drive performance growth [8][2]. REITs and Capital Management - The company is leveraging long-term rental apartment REITs and the expansion plan for the Bosera Shekou Industrial REITs to enhance asset liquidity and balance cash flow [9][2]. - REITs are treated as off-balance-sheet items, allowing the company to recover funds and contribute to profits [22][2]. Market Outlook and Policy Environment - The company remains optimistic about the real estate market's recovery, supported by favorable policies aimed at stabilizing the industry [11][2]. - The government’s land storage and exchange policies are crucial for revitalizing existing resources, with ongoing communication with local governments to expedite these initiatives [19][2]. Challenges and Future Goals - The primary reason for the sales decline is insufficient available saleable value, with a significant drop from approximately 450 billion yuan at the beginning of last year to about 320 billion yuan this year [12][2]. - The company emphasizes cash flow safety and does not have a clear target for sales scale, focusing instead on adjusting investment based on market conditions [13][2]. Development of Fourth-Generation Housing - The company is actively participating in the construction of fourth-generation housing projects, enhancing residential quality through innovative design and technology [20][2]. Other Important Insights - The company is committed to improving operational efficiency and asset management strategies to ensure stable cash flow and profit contributions [9][2]. - The overall market environment is expected to improve, with the company prepared to adapt its strategies accordingly [15][2].

Core Viewpoint - The company held a meeting to discuss the recovery of debts, financing withdrawals, and asset revitalization, aiming to ensure that economic indicators meet targets halfway through the year [1][5]. Group 1: Meeting Overview - The meeting was attended by key company leaders, including the Chief Financial Officer and the General Manager, to analyze the progress of financial recovery and asset management [3][5]. - The company emphasized the importance of proactive planning and systematic layout in response to various adverse factors affecting operations [5]. Group 2: Key Emphasis - Regional self-balancing is essential for survival, and the core functions of debt recovery, financing, and asset revitalization are critical for regional management [7]. - The company urged all employees to adopt a sense of urgency and responsibility to advance financial recovery and asset management efforts [7]. Group 3: Specific Requirements - The company outlined three main tasks: 1. Clarify debt recovery strategies and ensure effective implementation, with a focus on government policy coordination to secure debt relief funds [9]. 2. Take responsibility for financing goals, emphasizing teamwork and proactive communication with banks to meet funding needs [9]. 3. Enhance asset revitalization through innovation, maximizing asset value, and ensuring cash flow generation [10].

本报讯 （记者王镜茹 见习记者刘晓一） 4月24日晚间，深圳市建艺装饰集团股份有限公司（以下简称"建艺集团"）发布2024年年报。公司全年 实现营业收入62.49亿元。 2024年，公司经营性现金流净额实现转正，达8293.3万元，持续释放流动性改善信号，货币资金余额较 年初增长81%至12.27亿元，体现了公司以现金安全管理为核心的经营策略。同时公司应付账款规模压 缩至44.4亿元，同比减少5.5%，有效释放无息负债压力。 业务拓展上，建艺集团主动优化订单结构，降低客户风险，成效显著。2024年第一季度到第四季度，建 艺集团新签订单金额分别为3.5亿元、3.4亿元、2.1亿元、7.17亿元，整体保持良性的增长态势。 控股股东层面，自2021年底入主以来，珠海正方集团有限公司（以下简称"正方集团"）始终以战略投资 者的角色为建艺集团注入发展动能。2024年，在正方集团的支持下，建艺集团加大资产盘活力度，加速 非核心资产变现。今年1月份，建艺集团与正方集团签署《房屋买卖意向协议》，将交易价格预估在 7000万元至1亿元的物业资产出售给控股股东正方集团或其关联方。4月初，建艺集团拟将持有的建艺矿 业77%的股权转 ...

近日，云南建投集团所属基投公司已运营高速——呈澄高速项目获得再融资18亿元，实现了降低贷款利率、延长贷款期限、盘活沉淀资产的"一箭三雕"成 效。这是集团首笔通过再融资创新模式盘活高速公路资产的业务，为集团资产盘活工作开辟了新路径。 呈澄高速是建投集团自主投资、建设和运营的首条高速公路，起点位于昆明市呈贡马金铺乡小营村，终点与龙街互通连接，全长15.316公里，采用双向六 车道高速公路标准建设，于2016年6月全线通车运营。自通车以来，凭借卓越服务质量，呈澄高速荣获全国青年文明号、全国高速公路优质服务项目和昆 明市优质工程"春城杯"特等奖，路况服务质量考核成绩多次领跑全省。其建成通车，为澄江市融入滇中城市群"1小时经济圈"提供了强大助力，极大地优 化了区域交通格局，成功带动沿线城镇的经济发展，有效促进文旅产业和乡村振兴，成为连通昆明与澄江两地的幸福路、致富路。 基投公司精心制定方案，积极主动向银行推介，争取邮储银行18亿元再融资，成功置换了项目存量高息债务，将贷款期限延长7年，利率大幅下降60个基 点，有效优化了项目债务结构，为公司节省利息约6000万元。同时，还为公司融入增量资金，实现沉淀资产激活转化，改善集 ...

Core Viewpoint - Sunac China has made significant progress in debt restructuring, but its financial performance for 2024 shows a substantial loss despite an increase in gross profit from property management and cultural tourism segments [1][3][7]. Financial Performance - In 2024, Sunac China reported a revenue of 74.02 billion yuan, a decrease of 52% year-on-year, with property sales accounting for approximately 82.8% of total revenue [3][5]. - The company recorded a loss attributable to shareholders of about 25.7 billion yuan, widening from a loss of approximately 7.97 billion yuan in 2023 [1][3]. - Gross profit reached approximately 2.89 billion yuan, an increase of about 5.39 billion yuan compared to the previous year, resulting in a gross margin of 3.9%, up from -1.6% in 2023 [3][5]. Debt Restructuring - Sunac China successfully completed a domestic debt restructuring in November 2024, reducing its interest-bearing debt by 18.16 billion yuan to 259.67 billion yuan, with an expected 70% reduction in domestic corporate debt [7][8]. - The company is actively seeking comprehensive solutions for its overseas debt issues, having appointed financial and legal advisors for this purpose [7]. Asset Management and Project Delivery - The company has a total land reserve of 12,776 million square meters, with 8,756.5 million square meters of equity land reserves, including approximately 9,342 million square meters of unsold land, primarily located in major cities [5][11]. - In 2024, Sunac delivered approximately 170,000 housing units across 84 cities, with a cumulative delivery of about 668,000 units over the past three years [12]. Revenue from Non-Core Segments - The "Property Management + Cultural Tourism" segments generated over 12 billion yuan in revenue, increasing their contribution to total revenue from 8.1% in 2023 to 16.3% in 2024 [1][8]. - The cultural tourism segment alone achieved revenue of approximately 5.21 billion yuan, with a 7% increase in visitor numbers to 167 million [8][11].