作者 | 第一财经 安卓 以非法手段进行金融活动，不仅损害他人财产权益，还严重扰乱金融秩序。 6月13日，广州市中级人民法院发布了两件依法惩治非法金融活动的典型案例，提醒公众提高风险防 范意识和识别能力，远离金融诈骗陷阱，守护"钱袋子"的安全。 在"以不具备合法手续的公寓项目非法集资"的案情中，被告人张某清以其实际控制的某公司名义承 租某大厦部分楼层。随后，张某清在不具备吸收公众存款资格且未获得改建公寓的合法手续情况下， 与其他两名被告人合谋，通过打造复式公寓样板间、拨打电话、发宣传资料等方式公开宣传上址项 目，并采用与投资人签订租赁及合作经营合同等方式出售上址公寓使用权，承诺售后包租、保证固定 收益的方式，吸引社会公众参与投资，造成112名投资人实际损失2750余万元。 广州市白云区人民法院生效判决认为，被告人张某清等人结伙非法吸收公众存款，扰乱金融秩序，数 额巨大，其行为均已构成非法吸收公众存款罪，判处张某清等三人有期徒刑八年至四年不等，并处罚 金四十万元至二十五万元不等，并追缴张某清等人的违法所得发还各集资参与人。 随着我国城市化进程的加快，公寓项目逐渐吸引公众的关注和投资。公寓项目主要有选择自住或委托 ...

本报讯 （记者昌校宇）5月10日，中金基金发布公告称，中金厦门安居REIT已正式向中国证监会提交基金变更注册请示， 向上交所提交基金产品变更暨扩募份额上市申请，并获得受理。 本次扩募是中金厦门安居REIT对基金"首发+扩募"双轮驱动的有益实践，扩募有望助力基金在持续稳健经营的同时实现资 产的不断增值。公开资料显示，中金厦门安居REIT历史经营业绩凸显韧性，上市以来的10个季度末出租率均保持在99%以上。 2024年全年实现总收入7930万元，同比增长3.16%；实现EBITDA6141万元，同比增长4.46%；实现可供分配金额5815万元，同 比增长1.27%。2025年一季度末，基金延续稳健表现，实现收入2011万元，同比增长2.91%；实现EBITDA1594万元，同比增长 3.26%；实现可供分配金额1475万元，同比增长3.55%。 根据申报材料，中金厦门安居REIT本次拟购入基础设施项目均位于厦门市岛内，分别是位于厦门市思明区的保障性租赁住 房林边公寓项目，以及位于厦门市湖里区的公共租赁住房仁和公寓项目。拟购入基础设施项目建筑面积合计89917.98平方米， 共2689套租赁住房。本次购入基础设施项 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company's revenue decreased by 11.90% year-on-year to 1.108 billion yuan, primarily due to the contraction of its real estate business, while net profit attributable to shareholders increased by 106.99% year-on-year to 112 million yuan, driven by the pig farming business [2] - The company has optimized breeding costs and is steadily expanding its scale, with the total cost of pig farming decreasing to 14.38 yuan/kg in 2024, down by 2.8 yuan/kg from 2023 [3] - The company plans to sell approximately 2.5 million pigs in 2025, with a significant increase in the number of breeding sows and a focus on cost reduction strategies [3] Summary by Sections Financial Performance - In Q1 2025, the company achieved operating revenue of 1.108 billion yuan, a decrease of 11.90% year-on-year, while net profit reached 112 million yuan, an increase of 106.99% year-on-year [2] - The company’s total revenue for 2024 is projected to be 5.96 billion yuan, with a year-on-year decrease of 52.0%, followed by a recovery to 8.81 billion yuan in 2025, representing a 47.7% increase [6][8] Cost Management and Expansion - The company has implemented a refined management approach and smart systems in pig farming, leading to industry-leading cost control [3] - The breeding cost for pigs is expected to continue decreasing, with a target of 250 million pigs to be sold in 2025, reflecting a 16% increase from 2024 [4] Real Estate Business - The real estate business is currently in a phase of inventory reduction, with only a few projects remaining for sale [3] - The financial structure of the company is improving, with a decrease in the debt-to-asset ratio from 60.25% at the beginning of the year to 58.96% by the end of Q1 2025 [3] Investment Recommendations - The company is expected to continue benefiting from its pig farming business, with projected net profits of 8.19 billion yuan for 2025 and 9.14 billion yuan for 2026 [4] - The stock price as of April 25, 2025, is 15.73 yuan, corresponding to a price-to-earnings ratio of 10/9/7 for 2025/2026/2027, maintaining a "Buy" rating [4]

Core Viewpoint - The company is currently focusing on the development and operation of existing land assets in the real estate sector, with only the Shanhai Pavilion apartment project and some commercial properties remaining for sale [1] Group 1 - The company has stated that it will only develop and operate existing land assets in accordance with its strategic planning [1] - The remaining products for sale include the Shanhai Pavilion apartment project and a portion of commercial properties [1]