来源丨凤凰网财经《公司研究院》 过去提起电信诈骗，大家的第一反应多半是"专骗老年人的小把戏"。 谁也没料到，如今连市值超300亿的上市公司都能沦为诈骗分子的"提款机"，还稀里糊涂地把1200多万真金白银转了出去。 01 上市公司也遭电诈，海外项目付款遭遇邮箱入侵 2025年12月23号晚上 ，市值超322亿的防水建材龙头东方雨虹发了个公告。 内容直白明了，其美国全资子公司OYH建材公司，疑似遭遇了电信诈骗。 涉案金额不算小，约171.83万美元，换算成人民币差不多1211.8万元。 具体怎么被骗的呢？ 公告里说，OYH建材公司本来要给工程总包方付建设进度款，结果犯罪分子入侵了他们的邮箱，还冒充总包方的身份申请付款，就这么把钱骗走了。 来源：东方雨虹公告 发现不对劲后，子公司立马就报案了，不仅找了美国当地的哈里斯县治安官办公室、伍德斯托克警察局，还向休斯顿的FBI报了案。 还有人满脸疑惑："这么大的公司，怎么会犯这种低级错误？" 尽管公告未明确此次涉诈付款对应的具体项目，但凤凰网财经《公司研究院》了解到，2024年8月，OYH建材公司在休斯顿Prairie View工业园区举 行了新生产、研发及物流基地的奠基仪 ...

Core Insights - The real estate industry is entering a "stock era" after over 20 years of rapid development, requiring companies to adapt their strategies to navigate through cycles [1] - China Jinmao has developed a unique strategy during the real estate adjustment period, focusing on incremental development to drive stock digestion, enhancing cash flow through rapid turnover, and upgrading products to solidify market position [1][4] - The company has shown significant financial performance in the first half of the year, with a net profit of 1.09 billion yuan, an 8% year-on-year increase, and a gross profit margin of 16% [1][3] Financial Performance - In the first half of 2025, China Jinmao achieved a 14% year-on-year increase in revenue and an 8% increase in net profit [3][4] - The gross profit margin increased by 14% during the same period, indicating effective cost management and operational efficiency [4] - The company reported a signed sales amount of 53.4 billion yuan, a 20% increase year-on-year, marking its entry into the top ten in industry rankings [5] Strategic Initiatives - China Jinmao's strategy includes three key components: optimizing incremental growth, stringent cost control, and enhancing the second growth curve through quality service and building technology [4][12] - The company has actively participated in land auctions, acquiring 16 quality projects in core cities with a total land cost of 49.2 billion yuan, focusing on first and second-tier cities [9][10] - The average opening cycle for new projects has been reduced to 4.8 months, with a high average sell-through rate of 81% [10][12] Market Positioning - The average contract price for residential properties has reached 26,000 yuan per square meter, reflecting an 18.2% and 24% increase compared to 2024 and 2023, respectively [7] - China Jinmao's product lines have received positive market feedback, with several projects selling out quickly upon launch [5][7] - The company aims to address stock issues by targeting a 35% disposal rate of existing resources this year, utilizing strategies such as planning adjustments and large asset disposals [12] Future Outlook - The company has a clear six-year development plan, aiming to complete a significant portion of its stock issues and enhance its financial statements by 2027 [13][15] - The management believes that the opportunities for quality enterprises will outweigh challenges in the future, as the market stabilizes and competition intensifies [14][15] - China Jinmao is committed to maintaining its focus on high-quality development and enhancing its core competitiveness through innovative product strategies [14][15]

Core Viewpoint - The article discusses the evolution of the real estate sector, focusing on its past, present, and future, highlighting the recovery potential and investment opportunities within the industry [1][2]. Group 1: Past Overview - The article emphasizes the importance of reviewing past trends in real estate, particularly through international comparisons, to understand the current landscape [3]. - It mentions a session on comparing the real estate credit recovery capabilities of China with those of the US and Japan, indicating a positive outlook for China's real estate sector [3]. Group 2: Current Focus - The article outlines a series of deep-dive sessions into specific companies within the real estate sector, such as China Merchants Shekou and China Resources Land, showcasing their resilience and strategic positioning [3]. - It highlights the significance of understanding the financial cycles affecting real estate, which is crucial for assessing current market conditions [3]. Group 3: Future Outlook - The article introduces frameworks for various types of Real Estate Investment Trusts (REITs), including rental housing and commercial REITs, indicating a trend towards diversification and innovation in the sector [3]. - It discusses the role of real estate as a pillar industry and its impact on upstream and downstream industries, suggesting a robust interconnectedness that supports future growth [3].