证券代码：600748 证券简称：上实发展 公告编号：2025-24 上海实业发展股份有限公司 公司董事会同意该议案，并提请股东会授权公司经营管理层及其 授权人士办理与本次交易相关的后续具体事宜及所需的国有资产审 批或备案工作。 具体内容详见《公司关于全资子公司拟出售泉州项目部分产品的 公告》（2025-25） （一）上海实业发展股份有限公司（以下简称"公司"）第九届 董事会第二十次（临时）会议通知于 2025 年 7 月 15 日以电子邮件形 式通知各位董事，会议材料以邮件/纸质文件送达方式送至各位董事， 会议于 2025 年 7 月 18 日（星期五）以通讯方式召开，会议应参加董 事七名，实际参加董事七名，公司监事和高级管理人员列席了会议。 会议符合有关法律、法规及《公司章程》的规定。 二、董事会会议审议情况 《公司关于全资子公司拟出售泉州项目部分资产的议案》 为加快库存去化、优化资源配置，根据泉州市政府有关部门的指 导意见，公司全资子公司泉州市上实投资发展有限公司拟以协议转让 方式将其持有的泉州市丰泽区上实海上海项目部分产品分别售于泉 州市开源置业集团有限公司下属全资子公司泉州市甄源实业投资有 限公司、 ...

Group 1 - Senyuan Electric signed a strategic cooperation agreement with Xuchang Digital Supply Chain Management Co., aiming for annual business cooperation not exceeding 500 million yuan over 36 months [1] - CICC's subsidiary, CICC Wealth, reported a net profit of 987 million yuan for the first half of the year, with total assets of 193.37 billion yuan [2] - Shuangjie Electric expects a net profit of 100 million to 120 million yuan for the first half of the year, representing a year-on-year increase of 16.03% to 39.23% [3][4] - Shentong Technology reported a net profit of 64.28 million yuan for the first half of the year, a year-on-year increase of 111.09% [5] - Suqian Nongfa's net profit for the first half of the year decreased by 27.72% to 213 million yuan [6] Group 2 - Fuan Pharmaceutical expects a net profit decline of 39.95% to 53.81% for the first half of the year, estimating between 100 million to 130 million yuan [8] - Xingwang Yuda anticipates a net loss of 11 million to 21 million yuan for the first half of the year [9] - Pulaike received a new veterinary drug registration certificate for a vaccine aimed at preventing chicken diseases [10] - Yuandong Biological's ephedrine injection received a drug registration certificate for treating low blood pressure during anesthesia [11] - Suqian Liansheng's subsidiary obtained two invention patent certificates [12] Group 3 - Oke Technology signed a 176 million yuan equipment order with Jiangxi Tianhong New Materials [13] - Publishing Media announced the resignation of its chief accountant due to work changes [15] - Zhongxin Co. plans to use 40 million yuan of idle funds for cash management [16] - Huiyun Titanium plans to use up to 58 million yuan of idle convertible bond funds for cash management [18] - Haineng Technology intends to apply for a credit facility of up to 200 million yuan from a bank [20] Group 4 - Jiabiou expects a net profit increase of 57.61% for the first half of the year, estimating around 107 million yuan [21] - Nanjing Gaoke reported a 1185% year-on-year increase in contract sales area for the second quarter [22] - Shuguang Co. received approval for a specific stock issuance application [23] - Huadong Pharmaceutical's subsidiary received approval for a clinical trial of a new drug targeting advanced solid tumors [23] - Quicheng Co. plans to invest 900 million yuan in two new projects [25] Group 5 - Shenlian Biological's vaccine for avian adenovirus received a new veterinary drug registration certificate [26] - Rike Chemical signed a strategic cooperation framework agreement with Dongming Petrochemical [28] - Jincheng Pharmaceutical's subsidiary received a renewed tobacco production license [29] - Magmi Te's stock issuance application was accepted by the Shenzhen Stock Exchange [29] - Zhongyin Securities received approval to issue bonds totaling up to 14 billion yuan [29] Group 6 - Hewei Electric's executives plan to reduce their holdings by a total of 2.24% of the company's shares [44] - Guo Wang Xintong reported a net profit of 266 million yuan for the first half of the year, a decrease of 10.82% [45] - Guo Wang Xintong's subsidiary won a 966 million yuan tender from the State Grid [46] - Jicheng Electronics won contracts worth approximately 83.79 million yuan from the State Grid [48] - Helen Piano is planning a change of control, leading to a temporary stock suspension [48]

根据买卖协议二，泉州上实投资同意出售而泉州歆源同意购买位于C-7地块的上实海上海格澜郡5号、7 楼、8号、9号及10号商品住宅以及配套产权车位(统称"资产二")。订约方就各住宅单位及车位将订立具 体的商品房合同。 根据买卖协议三，泉州上实投资同意出售而泉州歆源同意购买位于中国福建省泉州市丰泽区泉南路55号 的上实海上海依云轩第7号、8号、9号及10号商品住宅及产权车位(统称"资产三")。订约双方将就每个住 宅单位及车位订立具体的商品房合同。 该等出售事项将有助集团加快库存去化、优化资源配置、增加本集团的现金流入，从而满足集团经营发 展的资金要求。该等出售事项涉及出售位于福建省的若干资产，符合上实发展逐步聚焦上海及长三角地 区的整体发展策略。 格隆汇7月18日丨上海实业控股(00363.HK)公告，于2025年7月18日，公司的间接附属公司泉州上实投资 (i)与泉州甄源订立买卖协议一,据此，泉州上实投资同意出售而泉州甄源同意购买资产一，代价为人民 币96,247,262元(含税)；(ii)与泉州歆源订立买卖协议二，据此，泉州上实投资同意出售而泉州歆源同意 购买资产二，代价为人民币1,149,752,342元(含 ...

Investment Rating - The report assigns a "Buy" rating to the company, with a target price based on projected earnings growth and valuation metrics [10]. Core Insights - The company, Yuexiu Property, is a state-owned enterprise based in Guangzhou, leveraging its strong government backing and innovative business models to enhance its market position [6][15]. - The company achieved a total sales amount of 615 billion HKD in the first half of 2025, representing an 11% year-on-year increase, and ranks 8th in the industry [3][25]. - The company is expected to recover its profit margins, with projected net profits of 14 billion, 17 billion, and 18 billion HKD for 2025, 2026, and 2027, respectively, indicating significant growth [9][41]. Summary by Sections Company Overview - Yuexiu Property is a Guangzhou-based state-owned developer with a strong focus on innovation and a stable ownership structure supported by major shareholders, including Yuexiu Group and Guangzhou Metro Group [6][17]. Sales Performance - The company reported a total sales amount of 1,145 billion HKD in 2024, a decrease of 19% year-on-year, but achieved 615 billion HKD in the first half of 2025, an increase of 11% year-on-year [6][25]. - The sales ranking improved to 8th in the industry, with a notable increase in sales price driven by key projects [26][29]. Financial Performance - In 2024, the company recorded an operating revenue of approximately 864 billion HKD, a year-on-year increase of 7.7%, but faced a significant decline in net profit to about 10.4 billion HKD, down 67.3% [6][31]. - The gross profit margin fell to 10.5%, indicating pressure on profitability amid market challenges [31][37]. Investment Strategy - The company has adopted a diversified land acquisition strategy, focusing on major cities like Guangzhou, Beijing, and Hangzhou, with a land acquisition intensity maintained at around 50% [7][45]. - The investment strategy includes various models such as TOD (Transit-Oriented Development) and urban renewal, enhancing the company's land bank and operational efficiency [7][41]. Operational Efficiency - The company has shown improvements in cost control, with a sales expense ratio of 3.3% and a management expense ratio reduced to 1.8% [8][41]. - Despite a lower return on equity (ROE) of 1.9%, the company maintains a healthy financial status with a decreasing financing cost [8][41].

下半年国内经济运行中需要关注的问题与挑战 连平 刘涛 马泓 王运金（ 连平 系广开首席产业研究院院长兼首席经济学家、中国首席经济学家论坛理事 长） 2025年上半年，外部环境复杂严峻，世界经济增长动能减弱，贸易壁垒陡然增多，主要经济体经济 表现有所分化，通胀走势和美联储货币政策存在不确定性。我国经济总体上呈稳中有进态势，出口表 现超预期，消费增速明显加快，基建投资和制造业投资平稳较快增长。 下半年经济运行将面临哪些困难和挑战？如何采取针对性和有力度的措施加以应对？值得思考与讨 论。 01 尽管下半年宏观经济政策将会更加积极有为，其力度和针对性将进一步增强，但仍应实事求是地分析 国内经济运行中可能存在的不可忽视的挑战、困难和问题。 下半年，房地产市场底部徘徊将拖累内需释放与信心修复，仍是经济运行中最重要的负面影响因素。 一方面，房地产市场基本面依旧比较脆弱，相关需求持续低速。 二季度以来，房地产市场景气再度 回落，房地产销售边际放缓。截至 6月中下旬，30个大中城市商品房销售面积当月同比下跌超过 10%，连续3个月下跌。全国商品房库销比再度回升至6.5左右的相对高位，包括部分一线城市在内 房价环比转跌或跌幅扩大 ...

上实发展：拟出售泉州项目部分产品 预计收入约20.53亿元 金十数据7月18日讯，上实发展公告，全资子公司泉州市上实投资发展有限公司拟通过协议转让出售福 建省泉州市丰泽区上实海上海项目部分产品，包括住宅、配套产权车位及在建工程项目。交易买方为泉 州市开源置业集团有限公司下属全资子公司泉州市甄源实业投资有限公司和泉州市歆源实业投资有限公 司，交易总价约为人民币20.53亿元。本次交易预计产生的收入约占公司2024年度经审计营业收入的 75.51%。 ...

华发股份在"好房子"领域的实践已形成系统化体系，叠加充足的资金保障，将为企业抓住此轮市场机会 提供有力的支撑。 ◎ 文 / 房玲、陈家凤 7月14日晚，华发股份发布公告称，公司向特定对象发行可转换公司债券的申请已获得上海证券交易所审核通 过，上交所将在收到公司申请文件后提交中国证监会履行注册程序。根据此前公告，华发股份拟向不超过35名 特定对象发行可转债， 募集资金总额不超过48亿元。 此次48亿元定向可转债成功通过上交所审核，不仅彰显 了华发股份在融资环境趋紧背景下的信用优势，也将进一步优化其财务结构，为后续业务发展提供有力支撑。 融资畅通 为企业持续高质量发展提供资金保障 01 5月以来，华发股份接连推出多项融资计划，先是提出拟开展200亿元供应链资产专项计划，通过应收账款证券 化盘活存量资产，再是78.2亿元公司债获中国证监会同意注册，若再叠加本次48亿元定向可转债通过审核， 短 期内华发股份计划融资规模已超300亿元。 通过供应链金融、公司债券、可转债等融资工具，华发股份构建了 多元且高效的融资渠道，为其下一步稳健发展提供资金保障。 | 最新公告日期 | 计划融资总额度 | 融资方式 | 最新进展 | ...

金十数据7月18日讯，据广东统计信息网，上半年，全省房地产开发投资4975.03亿元，同比下降 16.3%。其中，商品住宅投资3777.44亿元，下降11.9%。分区域看，珠三角地区房地产开发投资4359.86 亿元，同比下降15.7%；粤东粤西粤北地区房地产投资615.17亿元，下降20.7%。上半年，全省房屋施工 面积63749.28万平方米，同比下降11.3%，其中新开工面积2136.40万平方米，下降21.1%；全省房屋竣 工面积2053.27万平方米，下降20.0%。 广东：上半年全省房地产开发投资同比下降16.3% ...

五矿地产(00230.HK)：2025年上半年录得合约销售额约22.9亿元人民币，相应合约总楼面面积约13.8万 平方米，分别按年下降约28.4%及约16.9%。 ...

Core Viewpoint - The article discusses the challenges faced by Shimao Group regarding the recovery of 12 land parcels in Longgang, Shenzhen, with a compensation plan of 6.8 billion yuan, significantly lower than the original acquisition cost of approximately 23.9 billion yuan, raising concerns among investors about the project's viability and future returns [1][9][12]. Summary by Sections Land Recovery and Compensation Plan - Shimao Group's 12 land parcels, originally acquired for about 23.9 billion yuan, are set to be recovered by the Longgang district at a compensation price of 6.8 billion yuan, which is about 30% of the original cost [1][9]. - The compensation plan will be voted on by investors starting July 18, with a beneficiary meeting scheduled for the end of the month [1][2]. Investor Concerns and Voting Process - Investors have been informed that if the compensation plan is approved, they may receive approximately 85% of their principal by January 2027, but the repayment will be staggered [2][4]. - There is a possibility for investors holding over 10% of trust shares to propose a motion to suspend the voting on the compensation plan [2][3]. Project Background and Financial Status - The project was initially expected to mature in August 2022 but has faced liquidity issues since early 2022, leading to payment delays [3][4]. - As of June 2023, the trust principal balance for the project was 5.679 billion yuan, with around 800 individual investors involved [6][7]. Legal and Regulatory Challenges - Shimao Group has faced difficulties in obtaining necessary construction permits due to strict height regulations, which has stalled the development of the Shenzhen-Hong Kong International Center project [13][14]. - The group has initiated legal proceedings against the local government regarding the land transfer contract, which is still under review [14][15]. Future Implications - The outcome of the beneficiary meeting and the approval of the compensation plan will significantly impact the project's risk mitigation strategies and the potential recovery of investor funds [15][16]. - The trust has been exploring various options for asset recovery, including debt restructuring and judicial auctions, but has faced challenges due to the current real estate market conditions [15].