Core Viewpoint - The company plans to apply for a revolving loan facility of 6 billion yuan from its controlling shareholder, which is set to be effective until December 31, 2027, with a maximum loan term of 5 years and an interest rate not exceeding 4.8% [1] Group 1 - The controlling shareholder, Shouke Group, and its wholly-owned subsidiaries hold a combined stake of 52.6561% in the company [1] - This transaction is classified as a related party transaction and does not constitute a major asset reorganization [1] - The proposal has been approved by the board of directors, with related directors abstaining from voting, and it still requires approval from the shareholders' meeting, where related shareholders will also abstain from voting [1]

1月30日，首开股份涨5.9%，截至发稿，报5.74元/股，成交3.67亿元，换手率2.61%，总市值148.07亿 元。 资料显示，北京首都开发股份有限公司位于北京市朝阳区望京阜荣街10号首开广场四层，成立日期1993 年12月29日，上市日期2001年3月12日，公司主营业务涉及房地产开发、物业经营与物业服务、旧城区 更新改造业务、房地产金融业务等。主营业务收入构成为：房产销售97.44%，酒店物业经营等2.19%， 其他(补充)0.36%。 南方中证房地产ETF发起联接A（004642）成立日期2017年8月24日，最新规模1.79亿。今年以来收益 6.05%，同类排名2723/5557；近一年收益14.3%，同类排名3701/4285；成立以来亏损39.74%。 南方中证房地产ETF发起联接A（004642）基金经理为罗文杰。 截至发稿，罗文杰累计任职时间12年287天，现任基金资产总规模1713.58亿元，任职期间最佳基金回报 192.55%， 任职期间最差基金回报-47.6%。 声明：市场有风险，投资需谨慎。 本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本 文出现的信息均只作为参考，不 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：石头侃房 作为曾经的北京房企"一哥"，首开股份（维权）曾连续多年稳坐北京销售冠军宝座，如今却陷入连年亏 损的窘境。 近日，首开股份亮出2025年业绩预告，归母净利润预计亏损55亿至69亿元，扣非后亏损55.8亿至69.8亿 元。 数字依旧为负，但对比2024年81.41亿元的亏损额，减亏幅度明显。 这不是首开股份第一次亏损。2022年，这家老牌房企迎来上市后的首次亏损，归母净利润亏了4.61亿 元。 2023年亏损扩大至63.39亿元，2024年更是创下81.41亿元的亏损纪录。 2022到2024年，首开股份三年累计亏损近150亿元，盈利状况一路走低。加上2025年，其累计亏损将超 过200亿元。 业绩滑坡的同时，减值计提在不断加码。 2022年，首开股份计提资产减值准备0.5亿元，2023年增至17.05亿元，2024年直接飙到35.7亿元，其中 仅房地产项目存货跌价准备就计提了30.81亿元。计提的增加，进一步啃噬了公司利润。 2025年的亏损，依旧是老问题叠加。行业大环境下毛利率偏低，税金及附加和期间费用居高不下，部分 地 ...

Investment Rating - The report rates the real estate industry as "Outperform" compared to the market [2] Core Insights - New home sales in December showed a month-on-month increase of 33.6%, with a year-on-year decline of 32.1%, indicating a narrowing of the decline compared to previous months [5] - The second-hand home sales saw a year-on-year decline of 30.7% in December, with a month-on-month increase of 12.7%, reflecting a worsening trend in the second-hand market [5] - The overall inventory of new homes decreased by 0.1% month-on-month and 8.3% year-on-year, with an average de-stocking period of 17.8 months [5] Summary by Sections New Home Sales - December new home sales area increased by 33.6% month-on-month, but decreased by 32.1% year-on-year, with the decline narrowing by 6.6 percentage points [5] - For the entire year of 2025, new home sales decreased by 14%, with a year-on-year decline of 13.7% across 40 cities [5] - First-tier cities experienced a year-on-year decline of 15.8%, while second-tier and third-fourth tier cities saw declines of 12.6% and 13.6% respectively [5] Second-Hand Home Sales - December saw a year-on-year decline in second-hand home sales of 30.7%, with a month-on-month increase of 12.7% [5] - The overall second-hand home sales for 2025 decreased by 4%, with first-tier cities still showing positive growth [5] Inventory and De-stocking - The inventory of new homes decreased by 0.1% month-on-month and 8.3% year-on-year, with a de-stocking period of 17.8 months [5] - Major cities like Shanghai and Hangzhou have de-stocking periods within 12 months [5] Land Market - The land market in December showed a month-on-month increase of 126.7%, but a year-on-year decline of 8.9% [5] - The average land price was 1392 RMB per square meter, with a year-on-year decrease of 10.3% [5] Real Estate Companies - The top 100 real estate companies saw a year-on-year sales decline of 20% in 2025, with December sales showing a narrowing decline of 26.7% [5] - The land acquisition amount for December decreased by 58.1% year-on-year, while the total acquisition amount for 2025 increased by 2.6% [5] Financing - The financing scale for the real estate industry decreased in December, but showed a year-on-year increase for the entire year [5] - The total issuance of domestic and foreign bonds and ABS in 2025 was 596.7 billion RMB, a 6% increase year-on-year [5] Policy - The central government emphasized stabilizing the real estate market and reducing the value-added tax on personal home sales to 3% [5] - Local policies have been adjusted to optimize purchase restrictions and loan policies in cities like Beijing [5] Sector Performance - The real estate sector underperformed compared to the Shanghai and Shenzhen 300 index in December, with an absolute return of -4.0% [5] Investment Recommendations - The report suggests focusing on companies with stable fundamentals in core cities, smaller firms showing significant breakthroughs, and commercial real estate companies exploring new consumption scenarios [5]

证券研究报告 房地产 行业定期报告 hyzqdatemark 2026 年 01 月 27 日 证券分析师 邓力 SAC：S1350525070006 dengli@jzsec.com 陈颖 SAC：S1350525110002 chenying02@huayuanstock.com 唐志玮 tangzhiwei@huayuanstock.com 二手房成交回暖，《求是》发文提及城市更新 投资评级： 看好（维持） ——房地产行业周报（26/1/17-26/1/23） 投资要点： 风险提示：房地产量价超预期下行、房地产融资资金趋紧、房地产政策不及预期。 请务必仔细阅读正文之后的评级说明和重要声明 板块行情：本周上证指数上升 0.8%、深证成指上升 1.1%、创业板指下跌 0.3%、沪深 300 下 跌 0.6%、房地产（申万）上升 5.2%。个股方面，涨跌幅前五的分别为：*ST 荣控(+15.8%)、 顺发恒能(+15.7%)、城投控股(+14.9%)、大悦城(+14.4%)、珠免集团(+12.6%)，涨跌幅后五 的分别为：城建发展(-6.0%)、中洲控股(-2.8%)、电子城(-2.1%)、特发服务(-1.9 ...

证券日报网讯1月26日，首开股份（600376）在互动平台回答投资者提问时表示，公司始终坚持稳健融 资策略，将根据经营发展需要及市场环境变化，合理规划融资安排。公司将严格按照监管要求，在定期 报告及相关公告中披露公司的相关情况，敬请关注。此外，公司管理层始终坚持提升管理效能、实现降 本增效，后续将持续深化相关工作。 ...

Group 1 - The core focus of the company is on urban renewal and related business areas, which are considered key directions for development [1] - The company actively responds to policy calls and leverages its resources and advantages to participate in relevant fields [1]

Market Overview - The real estate development sector experienced a decline of 2.03% on January 26, with Hualian Holdings leading the drop [1] - The Shanghai Composite Index closed at 4132.61, down 0.09%, while the Shenzhen Component Index closed at 14316.64, down 0.85% [1] Stock Performance - Notable gainers included Suzhou Gaoxin, which rose by 10.06% to a closing price of 7.88, and Wolong New Energy, which increased by 9.97% to 8.71 [1] - Hualian Holdings saw a significant drop of 10.01%, closing at 6.29, with a trading volume of 156.48 million shares [2] Trading Volume and Capital Flow - The real estate development sector saw a net outflow of 1.837 billion yuan from institutional investors, while retail investors contributed a net inflow of 1.08 billion yuan [2] - The trading volume for Suzhou Gaoxin was 528,200 shares, with a transaction value of 414 million yuan [1] Individual Stock Capital Flow - Suzhou Gaoxin had a net inflow of 1.18 billion yuan from institutional investors, representing 28.48% of its total trading volume [3] - Hualian Holdings faced a net outflow of 614.58 million yuan from retail investors, indicating a negative sentiment towards the stock [3]

证券日报网讯1月23日，首开股份（600376）发布2025年业绩预告称，公司预计2025年归属于母公司所 有者的净利润为-550，000万元至-690，000万元。 ...

Core Viewpoint - The company, Shouka Co., Ltd. (stock code: 600376), is forecasting a significant net loss for 2025, estimated between 5.5 billion to 6.9 billion yuan, primarily due to low gross margins and high operational costs [1] Financial Performance - The projected net loss attributable to shareholders of the parent company for 2025 is between 5.5 billion to 6.9 billion yuan [1] - The expected net loss after deducting non-recurring gains and losses is estimated to be between 5.58 billion to 6.98 billion yuan [1] Operational Challenges - The main reasons for the negative net profit include low gross margins, substantial tax and additional expenses, and high period costs [1] - Certain real estate development projects are showing signs of impairment, leading to the need for inventory write-down provisions [1]