广西国联土地资产房地产评估有限公司 评估说明 钦州市明阳街南面、民乐路西面、建安街东北面 商务金融、娱乐、其他商业服务业用地 土地估价结果 一、估价对象 估价对象为钦州市明阳街南面、民乐路西面、建安街东北面26862.91 平方米（40.29亩）城镇住宅、商业、商务金融、娱乐、其他商业服务业 用地国有出让土地使用权市场价格评估。 本估价结果仅指土地使用权价格,不包含其地上建筑物及附着物之价格。 二、估价目的 钦州市自然资源局拟收回估价对象的土地使用权，委托我公司对收回土地 使用权涉及的国有土地使用权市场价格进行评估，为委托方通过集体决策确 定被收回土地使用权市场价格提供价格参考依据。本次估价仅用于该目的用 途，不作为其他用途使用。 三、估价期日 二O二五年三月二十日 四、地价定义 根据本次估价目的、委托方提供的资料及待估宗地的实际情况，估 价对象地价定义内涵如下: 日的市场价格。 平 方 米 （ 其 中 登 记 发 证 面 积 16322.17 平 方 米 ， 规 划 市 政 道 路 面 积 价设定估价对象的用地面积 26862.91 平方米。 记载，登记发证的土地用途为城镇住宅、零售商业、其他商服、旅馆、 ...

证券代码：000002 证券简称：万科 A 万科企业股份有限公司投资者关系活动记录表 | 编号：2025-002 | | --- | | 投 | 资 者 | 关 系 | □特定对象调研 | | √分析师会议 | | --- | --- | --- | --- | --- | --- | | 活动类别 | | | □媒体采访 | | □业绩说明会 | | | | | □新闻发布会 | | □路演活动 | | | | | □现场参观 | | | | | | | □其他 | | （请文字说明其他活动内容） | | 活 | 动 参 | 与 人 | 调研机构： | | | | 员 | | | 广发证券 | 郭镇 | 花旗证券 陈俊玮 | | | | | 华泰证券 | 陈慎 | 中信证券 张全国 | | | | | 中金公司 | 宋志达 | 招商证券 李盛天 | | | | | 公司人员： | | | | | | | 财务负责人：韩慧华 | | 董事会秘书：田钧 | | 时间 | | | 2025 年 8 | 月 22 日 | | | 地点 | | | 公司会议室 | | | | 形式 | | | 现场会议 | | | ...

| 证券代码：601588 | 证券简称：北辰实业 | | | 公告编号：临 | 2025-033 | | --- | --- | --- | --- | --- | --- | | 债券代码：188461 | 债券简称：21 | 北辰 | G1 | | | | 债券代码：185114 | 债券简称：21 | 北辰 | G2 | | | | 债券代码：185738 | 债券简称：22 | 北辰 | G1 | | | | 债券代码：254174 | 债券简称：24 | 北辰 | F1 | | | | 债券代码：258224 | 债券简称：25 | 北辰 | F1 | | | | 债券代码：258483 | 债券简称：25 | 北辰 | F2 | | | 北京北辰实业股份有限公司 2025 年上半年房地产业务主要经营数据公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、误导 性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 根据上海证券交易所《上市公司行业信息披露指引第二号 — 房地产》的要求， 本公司 2025 年上半年主要经营数据如下： 1、持有待开发土地面积为 ...

Core Viewpoint - The company reported a solid mid-year performance with a revenue of 4.655 billion yuan and a positive operating cash flow of 1.606 billion yuan, laying a strong foundation for future transformation and new business development [1] Group 1: Cash Flow Management - The company implemented a collaborative strategy focusing on "sales efficiency, stable asset management income, and cost reduction" to ensure positive operating cash flow, which is crucial for navigating industry cycles [2] - The sales strategy emphasized "early and multiple payments," achieving a sales contract amount of 4.76 billion yuan and a sales area of 325,000 square meters, with residential products contributing 4.27 billion yuan [2] - The company maintained a strict budget management for project expenditures, resulting in a 19.46% year-on-year decrease in cash outflow, optimizing both revenue generation and cost control [2] Group 2: Asset Management Performance - The asset management business acted as a "cash flow stabilizer," enhancing the value of existing assets through refined operations, with core projects maintaining occupancy rates above 89% [3] - The asset management segment generated 990 million yuan in revenue and 600 million yuan in EBIT, showcasing its contribution to overall financial stability [3] - Future strategies include enhancing sales management, adjusting leasing strategies based on market conditions, and continuing to refine cash flow monitoring mechanisms [3] Group 3: Capital Structure Optimization - The company focused on "precise financing and scientific debt control" to maintain a healthy balance sheet, reducing financing balance by 2.367 billion yuan to 67.491 billion yuan [4] - Financing costs were kept low, ranging from 1.00% to 3.80%, with over 84% of long-term financing exceeding three years, effectively alleviating short-term repayment pressure [4] - The company held 10.637 billion yuan in cash reserves, providing ample financial space for future business expansion [4] Group 4: New Business Development - The company plans to accelerate the implementation of new business initiatives in response to favorable real estate policies, focusing on urban renewal and cultural tourism [5] - It aims to enhance project operational efficiency through resource integration and innovation while ensuring alignment with policy directions and market profitability [5] - The company will continue to leverage its "four-wheel drive" strategy to expand into cultural tourism and urban renewal, fostering new growth momentum [5] Group 5: Industry Outlook - As the effects of industry policies gradually materialize, the real estate market is expected to stabilize, providing a solid foundation for companies like Financial Street to convert financial advantages into operational strengths during this critical transformation period [6]

每经记者｜刘颂辉 每经编辑｜陈梦妤 8月18日下午，金融街（SZ000402，股价3.04元，市值90.86亿元）披露上半年业绩报告，报告期内，公 司实现营业收入46.55亿元，同比下降51.79%；归属于上市公司股东的净利润亏损10.08亿元，同比减亏 49.20%。 由于收到天津瑞吉酒店、惠州喜来登酒店的转让款，上半年，公司投资活动产生的现金流量净额为5.19 亿元，上年同期为1.51亿元。 两年亏损已超140亿元 两处核心酒店资产完成转让 中报显示，上半年，金融街销售签约额约47.6亿元，销售签约面积约32.5万平方米。从产品类型看，住 宅产品销售签约额42.7亿元，销售面积24.9万平方米。 报告期内，金融街的房产开发业务实现营业收入36.2亿元，同比下降57.42%，其中，住宅产品实现收入 34.6亿元，商务产品收入1.6亿元。 金融街在重点城市持有写字楼、商业、酒店等物业。从城市分布看，持有项目主要集中于北京、上海、 天津和重庆等城市，持有项目主要是写字楼和商业业态。 上半年，金融街完成了对天津瑞吉酒店、惠州喜来登酒店的转让，收到交易价款。 其中，出售金融街津门（天津）置业有限公司100%股权及公 ...

Group 1 - As of August 15, 2025, Vanke A's stock price closed at 6.53 yuan, up 1.56% from the previous trading day, with a trading volume of 1.041 billion yuan [1] - The opening price on the same day was 6.43 yuan, reaching a high of 6.59 yuan and a low of 6.42 yuan, with a fluctuation of 2.64% [1] - Vanke A's main business includes real estate development and operation, covering residential, commercial, and logistics sectors, and is headquartered in Shenzhen [1] Group 2 - On August 15, Vanke A announced that there are no overdue guarantee matters [1] - The company’s subsidiary, Dongguan Wanwei Supply Chain Co., Ltd., applied for a loan of 95.5 million yuan from Dongguan Rural Commercial Bank, with a term of 15 years and secured by equity pledge from an affiliated company [1] - Following this guarantee, the total external guarantees by the company and its subsidiaries amount to 85.476 billion yuan, which is 42.18% of the net assets as of the end of 2024 [1] Group 3 - On August 15, the net inflow of main funds was 98.296 million yuan, with a cumulative net inflow of 57.0845 million yuan over the past five days [1]

Group 1 - The stock price of the company is 4.78 yuan, down 0.02 yuan or 0.42% from the previous trading day, with a trading volume of 381,354 hands and a transaction amount of 182 million yuan [1] - The company's main business includes real estate development and operation, covering various sectors such as residential, commercial, and office buildings, with multiple development projects in Beijing and participation in urban infrastructure construction [1] - The company announced a cash dividend distribution plan for 2024, proposing a cash dividend of 0.05 yuan per share, totaling approximately 104 million yuan, with the record date on August 21, 2025, and the ex-dividend date on August 22 [1] - The company achieved a revenue of 25.442 billion yuan in 2024, representing a year-on-year growth of 24.94% [1] Group 2 - Data shows that the company's main funds had a net outflow of 15.3126 million yuan on the day, with a cumulative net outflow of 31.1826 million yuan over the past five days [2]

Investment Rating - The report indicates a positive outlook for the real estate industry, particularly for leading companies in core cities, with expectations of increased land supply in the second half of 2025 [9][22]. Core Insights - The top 30 real estate companies acquired land worth a total of 52.9 billion yuan in July 2025, reflecting a year-on-year increase of over 50%, despite a month-on-month decrease of 16% [19][22]. - The average premium rate for land transactions reached 9.9% in July 2025, marking a new high since the second quarter of 2025, driven by the sale of multiple high-quality residential plots in major cities [10][22]. - The threshold for the top 100 companies in terms of new land value decreased by 10% year-on-year, while the thresholds for total price and area increased by 16% and 11%, respectively [14][15]. Summary by Sections New Land Value Rankings - The top three companies in terms of new land value are China Overseas Land & Investment (131.55 billion yuan), Greentown China (111.6 billion yuan), and Poly Developments (104.3 billion yuan) [1][5]. New Land Area Rankings - The leading companies in terms of new land area acquired are also led by China Overseas Land & Investment (30.31 million square meters), followed by Greentown China (27.7 million square meters) and Poly Developments (23.05 million square meters) [5][6]. Market Trends - The land market is experiencing a seasonal decline in transaction volume, but there is localized heating in core cities, with a focus on high-quality land parcels [9][10]. - The concentration of land acquisition among the top 10 companies remains high, accounting for 70% of the total new land value among the top 100 companies [18][20]. Future Outlook - The report anticipates a continued focus on core city investments, with central state-owned enterprises leading the market due to their financial strength and risk management capabilities [22].

Core Insights - Shenzhen successfully auctioned a residential land parcel, with Greentown South China Investment Development Co., Ltd. winning the bid at a total price of 1.215 billion yuan, reflecting a premium rate of 11.47% and a floor price of approximately 20,363 yuan per square meter [1][2] Group 1: Land Auction Details - The land parcel A319-1225 in Bao'an District has a total area of 19,246.94 square meters and is designated for "Type II residential use," with a starting price of 1.09 billion yuan and a maximum floor area ratio of 3.1 [2] - The planned construction includes a total building area of 59,665 square meters, comprising 53,595 square meters for residential use, 1,500 square meters for commercial use, and additional facilities such as a kindergarten and community service rooms [2] Group 2: Market Context and Developer Strategy - The location of the land is advantageous, being only 300 meters from the ShaJing Station on Line 11, and there are no competing new properties in the vicinity, providing Greentown with ample design and planning opportunities for high-quality residential development [3] - The auction reflects a trend in Shenzhen's land market characterized by "individual case heat and overall calm," with premium developers focusing on core cities and prime locations, indicating a shift towards fewer but more prominent new developments [3] Group 3: Company Performance and Future Outlook - Greentown's total contract sales amount for the first half of 2025 was approximately 122.2 billion yuan, a decrease of 3.4% year-on-year, indicating challenges in the broader market despite successful land acquisitions [5] - The company has established itself as a leader in high-quality residential development, with a brand value of 118.8 billion yuan and a total asset scale exceeding 500 billion yuan, positioning it well for future growth in the competitive Shenzhen market [5]

Core Viewpoint - Financial Street's stock price remained stable at 2.94 yuan as of August 4, 2025, with a trading volume of 213,509 hands and a transaction amount of 0.63 billion yuan, indicating a lack of significant market movement [1] Company Overview - Financial Street primarily engages in real estate development and management, owning multiple commercial real estate projects in Beijing. The company is listed on the Shenzhen Stock Exchange and operates in various sectors including office buildings, commercial spaces, and hotels [1] Shareholder Information - The number of shareholders for Financial Street has decreased for three consecutive periods, with 74,500 shareholders as of July 31, 2025, reflecting a decline of 1,585 shareholders or 2.08%. The average shareholding per shareholder increased from 39,300 shares to 40,100 shares, with an average market value of 117,400 yuan per shareholder [1] Capital Flow - On August 4, 2025, the net outflow of main funds for Financial Street was 9.78 million yuan, with a cumulative net outflow of 7.38 million yuan over the past five trading days. The number of shares held by the Shenzhen Stock Connect remained at 21.30 million shares, accounting for 0.71% of the circulating share capital [1]