Core Viewpoint - Nanjing Public Utilities (000421.SZ) successfully acquired land use rights for a plot in Nanjing for RMB 1.323 billion, aiming to enhance operational efficiency and reduce risks in real estate projects through a joint development agreement with Zhongkun Real Estate [1] Group 1: Land Acquisition - Nanjing Public Utilities won the bidding for the land use rights of the NO.2025G72 plot in Jianye District, Nanjing, for RMB 1.323 billion [1] - The acquisition is part of a strategy to improve project operation efficiency and mitigate operational risks [1] Group 2: Joint Development Agreement - A cooperation development agreement was signed between Zhongbei Shengye and Zhongkun Real Estate to jointly invest in a project company for the development of the acquired land [1] - The registered capital of the project company is RMB 50 million, with Zhongbei Shengye holding 45% and Zhongkun Real Estate holding 55% of the equity [1] Group 3: Funding and Financial Support - The peak funding requirement for the project is estimated at RMB 1.8 billion, with funding provided according to the equity ownership proportions [1] - Zhongbei Shengye is responsible for a maximum of RMB 810 million in funding support, which includes a registered capital contribution of RMB 22.5 million and shareholder loans not exceeding RMB 787.5 million at an interest rate of 6% per annum [1]

Core Viewpoint - Nanjing Public Utilities has successfully acquired land use rights for the NO.2025G72 plot in Nanjing's Jianye District through its wholly-owned subsidiary, Nanjing Zhongbei Shengye Real Estate Development Co., Ltd, while it did not secure the NO.2025G71 plot [1][2] Group 1: Land Acquisition - Nanjing Zhongbei Shengye participated in the bidding for two plots on September 30 and October 11, 2025, and successfully won the NO.2025G72 plot for 1.323 billion yuan [1] - The company did not win the bidding for the NO.2025G71 plot, despite being authorized to bid within a specified amount [1][2] Group 2: Business Strategy - In 2025, Nanjing Public Utilities aims to enhance market sensitivity and increase quality land reserves, focusing on the demand for "good housing" and improving product competitiveness [2] - The real estate development business reported revenue of 807 million yuan in the first half of 2025, marking a year-on-year increase of 237.23% [2] Group 3: Market Analysis - The national land auction market is characterized by overall contraction, structural differentiation, and rising premiums for quality plots [2] - The NO.2025G72 plot is located in a well-developed area with mature educational, medical, and commercial facilities, making it suitable for high-end residential products [2] Group 4: Future Development Plans - Nanjing Zhongbei Shengye plans to collaborate with brand developers for the development of the NO.2025G72 plot, although specific partnerships have not yet been confirmed [3] - The company emphasizes the importance of accurately assessing land value and managing funds to ensure the stability of the funding chain for future developments [3]