2025年下半年，北京市属国企——北京城建集团忽然多了大量"被执行"案件。这些案件金额从42万到2900万不等，合计约1.2亿元，平均每月要"被执行"4 次。 作为年销售额几百亿的大型企业，北京城建过去也有很多法律案件和纠纷，但都被诉前调解，或者及时解决，极少进入强制执行阶段。从2025年开始，情 况好像不一样了。 | 对比维度 | 被执行人 | 失信被执行人 | | --- | --- | --- | | 基本定义 | 在诉讼(或仲裁等)中败诉,法律文书生效后,未履行判决/裁定所确定义 | 在被执行基础上,因具有履行能力而拒不履行、逃避执行、违 | | | 务,被对方当事人向法院申请强制执行的自然人、法人或其他组织。 | 令等法定严重失信情形，被法院依法进行信用惩戒的被执行人 | | 法律状态 | 处于强制执行程序中。法院正在采取措施(如查控财产)促使其履行义 | 在强制执行基础上,已被正式认定为"失信",并受到法律规定 | | | 务。 | 惩戒。 | | 核心区别 | "该还钱,但可能真没钱还"。法律上仍推定其可能因客观原因(如无财 | "有钱（或有能力）但就是不还"或"用恶劣手段逃避、抗拒执 | | ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 7.42 [1]. Core Views - The company reported a revenue of RMB 19.31 billion for the first three quarters, a year-on-year increase of 64%, and a net profit attributable to shareholders of RMB 760 million, up 40% year-on-year. Despite significant stock gains in Q3, inventory impairment offset these gains, primarily due to price adjustments on long-cycle projects, which also led to positive sales growth in Q3 [1][2]. - The company is expected to benefit from improved sales and performance recognition in 2025, alongside favorable real estate policies in key cities and ongoing urban renewal projects [1]. Summary by Sections Financial Performance - In Q3, the company achieved a net profit of RMB 160 million, a decrease of 77% year-on-year, mainly due to an inventory impairment of RMB 860 million that offset stock gains from investments in Guoxin Securities and Nanwei Medical, which saw price increases of 17% and 49%, respectively [2][3]. - Cumulatively, for the first three quarters, the company’s net profit grew significantly due to a 44% increase in completed real estate area and improved stock gains, totaling RMB 1.01 billion, an increase of RMB 350 million year-on-year [3]. Sales and Land Acquisition - The company’s sales amount for the first three quarters decreased by 8% to RMB 14.1 billion, but Q3 saw a 3% increase in sales amount and a 103% increase in sales area, attributed to inventory clearance and price adjustments [4]. - The company acquired two land parcels in Beijing for a total price of RMB 5.3 billion, with a land acquisition intensity of 38% and an equity ratio of 40%. A new acquisition in Changping District for RMB 2.8 billion further expands its land reserves [4]. Profit Forecast and Valuation - The profit forecast for the company remains at RMB 835 million, RMB 840 million, and RMB 857 million for 2025-2027, respectively. The estimated BPS for 2026 is RMB 11.42. The average P/B ratio for comparable companies is 0.74, while the company’s reasonable P/B is set at 0.65, maintaining the target price of RMB 7.42 [5].