Group 1: Economic Outlook - The macroeconomic environment in 2024 faces multiple downward pressures, but recent policies have stabilized the economy, with GDP growth targets expected to be met [1] - The government plans to implement more proactive macro policies in 2025 to stabilize the real estate and stock markets [2] - High-quality economic growth in 2025 will be driven by breakthroughs in frontier technologies [2] Group 2: Real Estate Policy - The government has introduced policies to stabilize the real estate market, including measures to control new construction and optimize existing stock [2] - The emphasis on "good housing" construction and the release of market potential are key focuses for 2025 [2] - Recent policies have sent strong signals for stabilizing the real estate market, with expectations for more supportive measures to be implemented [2] Group 3: Market Performance - In Q1 2025, new housing sales volume and prices in 100 cities showed a slight year-on-year decline, but the rate of decline has narrowed significantly [3] - Major cities like Beijing, Shanghai, and Shenzhen have seen significant price increases, with a 20% year-on-year rise in second-hand home transactions in 30 key cities [3] - The land market has shown signs of recovery, with significant land price increases in cities like Hangzhou and Shanghai, indicating a positive trend ahead of residential sales [3] Group 4: Company Strategy - The company will maintain its strategic focus on core cities and sectors, ensuring cash flow safety while pursuing high-quality development [4] - The real estate sector is expected to stabilize at an industry scale of 8-10 trillion yuan, with the company committed to enhancing product quality and operational capabilities [4] - The company aims to strengthen its asset management capabilities, focusing on commercial, industrial, and residential properties, with a significant number of projects entering operation [4] Group 5: Financial Strategy - The company plans to develop a new financing model tailored to the characteristics of different business segments, ensuring a robust capital structure [5] - Continuous cost reduction and efficiency improvements are prioritized to maintain industry-leading capital structure and optimal funding costs [5]

经相关部门批准后方可开展经营活动）（同意登记机关调整规范经营范围表述， 以登记机关登记为准）；许可经营项目：房地产开发经营；建设工程设计；建设 工程施工。（同意登记机关调整规范经营范围表述，以登记机关登记为准） 招商建管主要财务指标：截至2024年12月31日，资产总额12,752.36万元， 负债总额2,710.97万元，净资产10,041.39万元；2024年，营业收入3,425.07万 元，净利润41.39万元；截至2025年3月31日，资产总额11,016.23万元，负债总 额1,156.16万元，净资产9,860.07万元；2025年1-3月，营业收入0.00万元，净 利润-510.93万元。该公司不存在对外担保的事项，不属于失信被执行人。 证券代码：001979 证券简称：招商蛇口 公告编号：【CMSK】2025-040 招商局蛇口工业区控股股份有限公司 关于子公司为招商建管提供担保的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、误导性 陈述或重大遗漏。 一、担保情况概述 为满足项目建设需要，招商局蛇口工业区控股股份有限公司（以下简称"公 司"或"本公司"）之控股子公司深 ...

证券代码：001979 证券简称：招商蛇口 公告编号：【CMSK】2025-039 招商局蛇口工业区控股股份有限公司 关于子公司为苏州招序提供担保的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、误导性 陈述或重大遗漏。 一、担保情况概述 为满足项目建设需要，招商局蛇口工业区控股股份有限公司（以下简称"公 司"或"本公司"）之控股子公司苏州招序房地产开发有限公司（以下简称"苏 州招序"）向中国工商银行股份有限公司苏州工业园区支行申请开发贷款人民币 6亿元，贷款期限为3年。本公司之全资子公司招商局地产（苏州）有限公司（以 下简称"招商苏州"）拟按70%的股权比例为上述开发贷款业务提供连带责任保 证，担保本金金额不超过人民币4.2亿元，保证期间为借款合同生效之日起至主 合同项下的借款期限届满之次日后三年。 公司于2024年3月15日、2024年6月26日分别召开了第三届董事会第十次会 议及2023年年度股东大会，审议通过了《关于审议为控股子公司提供担保额度的 议案》，同意公司为公司控股子公司的银行等金融机构信贷业务以及其它业务提 供不超过人民币467亿元的担保额度，其中公司为资产负债率70 ...

Core Viewpoint - The recent land auction in Tongzhou, Beijing, saw China Merchants Shekou win a residential plot with a total price of 2.7082 billion yuan, reflecting a floor price of 31,192 yuan per square meter and a premium rate of 16.28% [1][5][6]. Group 1: Auction Details - The auction took place on April 8, marking the first land sale in Beijing for the month, with five developers participating [1][5]. - The land plot, located in the northern section of Tongzhou, covers an area of 34,700 square meters with a total construction area of 86,800 square meters and a plot ratio of 2.5 [3][5]. - The bidding process involved 159 rounds of competition, culminating in China Merchants Shekou's successful bid [5][6]. Group 2: Developer Insights - China Merchants Shekou has been actively acquiring land in Tongzhou over the past two years, indicating a strong commitment to the area [6]. - The company was involved in the first new housing project launched in Tongzhou following the implementation of Beijing's "good housing" standards in March [6]. Group 3: Competitors and Market Context - Other participants in the auction included China Overseas, Greentown, Jinmao, and the East Asia Xinhua consortium, highlighting competitive interest in the Tongzhou market [5][8]. - East Asia Xinhua, a lesser-known player in the Beijing land market, is led by Zhang Zhiming, who has connections to the prominent businessman Huang Guangyu [8][10]. Group 4: East Asia Xinhua Background - East Asia Xinhua was established in 2005 and has diversified operations across real estate development, property management, and other sectors, with a total investment exceeding 63 billion yuan [10][20]. - The company has developed over 70 projects across major urban areas in China, including Beijing, Shanghai, and Guangzhou, with a total development area exceeding 14.7 million square meters [20][22]. Group 5: Zhang Zhiming's Profile - Zhang Zhiming, the founder of East Asia Xinhua, transitioned from being a driver for Huang Guangyu to becoming a successful real estate entrepreneur, showcasing a remarkable career trajectory [12][15]. - Under Zhang's leadership, East Asia Xinhua has made significant strides in the real estate sector, with a notable presence in the market despite a recent absence from high-stakes land auctions in Beijing [23].

Core Viewpoint - The bidding for the FZX-0303-6007 land plot in Tongzhou District, Beijing, has attracted significant interest from major developers, including China Railway Construction Real Estate and China Merchants Shekou, indicating a competitive landscape in the local real estate market [2][5][12]. Group 1: Bidding Plans and Land Details - China Railway Construction Real Estate and China Merchants Shekou have publicly announced their bidding plans for the FZX-0303-6007 land plot, with estimated investments of 223 million yuan and 226 million yuan respectively [2]. - The land plot covers an area of 12,700 square meters, with a total construction area of approximately 36,500 square meters and a low plot ratio of 1.7, which is a recent low for Tongzhou [3][11]. - The bidding results for the land plot are expected to be announced on April 29 [3]. Group 2: Market Dynamics and Developer Strategies - China Railway Construction Real Estate has been largely absent from the Beijing market, with its last acquisition three years ago, indicating a strategic return to the competitive landscape [5]. - The recent success of China Merchants Shekou's project, which sold 230 units for a total of 1.146 billion yuan at an average price of 58,900 yuan per square meter, demonstrates the potential profitability of the area [6]. - The competitive bidding for the land plot suggests a fierce contest between developers, with implications for pricing and market dynamics in the region [6][12]. Group 3: Financial Health of Developers - China Railway Construction Real Estate has a high debt ratio of 80.37% and significant short-term liabilities, indicating financial pressure as it re-enters the market [9]. - The company reported a negative operating cash flow of 2.37 billion yuan for the first nine months of 2024, compared to a positive cash flow of 374 million yuan in the same period the previous year [10].

Investment Rating - The report assigns an "Outperform the Market" rating to the company for the first time [5][36][37] Core Views - The company is a leading state-owned enterprise with a strong market position, focusing on development, asset operation, and property services, with a stable shareholding structure [1][8][10] - The company has faced short-term pressure on performance, with a significant decline in net profit due to increased impairment provisions and a decrease in gross profit margin [1][15] - Despite a challenging market environment, the company is expected to stabilize and recover as high land cost, low margin projects are completed [3][36] Summary by Sections Financial Performance - In 2024, the company achieved operating revenue of 178.9 billion yuan, a year-on-year increase of 2%, but net profit fell by 36% to 4 billion yuan due to 6 billion yuan in impairment provisions [1][15] - The gross profit margin for the company was 15.6%, down 1.5 percentage points year-on-year [1][15] - The company plans to distribute a dividend of 0.19 yuan per share, corresponding to a payout ratio of approximately 43% [1][15] Sales and Development - The company maintained a sales amount of 219.3 billion yuan in 2024, a decrease of 25% year-on-year, while the sales area dropped by 24% [2][20] - The company acquired 26 land parcels in 2024, with a total planned construction area of approximately 2.25 million square meters and a total land cost of about 48.6 billion yuan [2][20] Financial Health - As of the end of 2024, the company had a debt-to-asset ratio of 62% and a net debt ratio of 56%, maintaining a healthy financial position [22] - The company's comprehensive financing cost was 2.99%, reduced by 48 basis points from the beginning of the year, indicating a strong financing advantage [22] Profit Forecast - The company is projected to achieve revenues of 161.8 billion yuan, 153 billion yuan, and 156.9 billion yuan in 2025, 2026, and 2027, respectively, with net profits of 4.1 billion yuan for each of those years [3][24][28] - The report anticipates a gradual recovery in performance as the company completes its low-margin projects and stabilizes its financials [3][36] Valuation - The absolute valuation estimates the company's per-share value at 11.38 yuan, indicating a potential upside of 20% from the current share price [31][35] - Relative valuation shows that the company's 2025 dynamic PE is 17.2, which is at a premium compared to comparable companies with an average PE of 12.5 [36]

Investment Rating - The report assigns an "Outperform the Market" rating to the company, indicating an expected performance that exceeds the market index by more than 10% [5][36][37]. Core Views - The company is a leading state-owned enterprise with a strong market position, focusing on development, asset operation, and property services, with a stable shareholding structure [1][8][10]. - Despite a 36% decline in net profit year-on-year for 2024, the company has adequately provisioned for asset and credit impairments, which totaled approximately 6 billion yuan, reflecting a 150% increase from the previous year [1][15]. - The company maintains a healthy financial status with a debt-to-asset ratio of 62% and a net debt ratio of 56%, consistently staying within the green zone of the "three red lines" policy [22]. Summary by Sections Financial Performance - In 2024, the company achieved an operating revenue of 178.9 billion yuan, a 2% increase year-on-year, while net profit was 4 billion yuan, down 36% [1][4][15]. - The gross profit margin for the company was reported at 15.6%, a decrease of 1.5 percentage points compared to the previous year [1][15]. Sales and Development - The company recorded a sales amount of 219.3 billion yuan in 2024, a 25% decrease year-on-year, while the sales area fell by 24% [2][20]. - The company acquired 26 land parcels in 2024, with a total planned construction area of approximately 2.25 million square meters and a total land cost of about 48.6 billion yuan [2][20]. Financial Health and Cost of Capital - The company has a comprehensive financing cost of 2.99%, which is 48 basis points lower than the beginning of the year, maintaining an industry-leading level [22]. - The company successfully secured 9.2 billion yuan in operational property loans and raised 15.5 billion yuan in public market financing, with the lowest coupon rates in the industry [22]. Profit Forecast - The company is expected to generate revenues of 161.8 billion yuan, 153 billion yuan, and 156.9 billion yuan for the years 2025, 2026, and 2027, respectively, with net profits projected at 4.1 billion yuan for each of those years [3][28][31]. - The report anticipates a gradual recovery in performance as high land cost, low margin projects are completed, leading to a stabilization in earnings [3][36]. Valuation - The absolute valuation estimates the company's per-share value at 11.38 yuan, indicating a potential upside of 20% from the current share price [31][35]. - Relative valuation suggests that the company's valuation is comparable to peer companies, with a 2025 dynamic PE ratio of 17.2, which reflects a premium due to the quality of land and strong financing background [36].

招商局蛇口工业区控股股份有限公司（以下简称"公司"或"招商蛇口"） 之控股股东招商局集团有限公司（以下简称"招商局集团"）将举办"'创新驱 动，创建一流'招商局集团上市公司集体业绩说明会"，旨在加强与投资者沟通， 推进上市公司高质量发展。公司、公司控股子公司招商局积余产业运营服务股份 有限公司将与招商局集团的其他两家深市上市公司于2025年4月23日下午共同参 加集体业绩说明会。 证券代码：001979 证券简称：招商蛇口 公告编号：【CMSK】2025-038 招商局蛇口工业区控股股份有限公司 关于参加招商局集团有限公司上市公司集体业绩说明会的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 重要内容提示： （2） 全景路演（https://rs.p5w.net/html/145820.shtml） 会议召开方式：现场交流、视频直播、网络文字互动 投资者可于 2025 年 4 月 22 日 （ 星期二 ） 18:00 前 通 过 公 司 邮 箱 cmskir@cmhk.com进行提问。公司将在说明会上对投资者普遍关注的问题进 行回答。 一、说明会类型 本次业绩 ...

证券代码：001979 证券简称：招商蛇口 公告编号：【CMSK】2025-037 招商局蛇口工业区控股股份有限公司 关于筹划博时蛇口产园 REIT 第二次新购入基础设施项目 的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 一、本次筹划事项的背景情况 招商局蛇口工业区控股股份有限公司（以下称"公司"）作为发起人及原始权益人 发起设立的博时招商蛇口产业园封闭式基础设施证券投资基金（以下称"基础设施基金"、 "基金"或"博时蛇口产园REIT"，基金代码：180101.SZ）已于2021年6月21日在深圳 证券交易所上市。2022年5月31日，深圳证券交易所发布《深圳证券交易所公开募集基础 设施证券投资基金业务指引第3号—新购入基础设施项目（试行）》（深证上〔2022〕530 号）。2022年7月7日，国家发展和改革委员会发布《国家发展改革委办公厅关于做好基 础设施领域不动产投资信托基金（REITs）新购入项目申报推荐有关工作的通知》（发改 办投资〔2022〕617号）。2023年6月16日，博时蛇口产园REIT已完成第一次新购入基础 设施项目及对应扩 ...

中信证券股份有限公司关于招商局蛇口工业区控股股份有 限公司发行股份购买资产并募集配套资金暨关联交易之部 分限售股份上市流通的核查意见 中信证券股份有限公司（以下简称"中信证券"或"独立财务顾问"）作为 招商局蛇口工业区控股股份有限公司（以下简称"招商蛇口"、"公司"）发行股 份购买资产并募集配套资金暨关联交易（以下简称"本次交易"）的独立财务顾 问，根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司重大资 产重组管理办法》《上市公司证券发行注册管理办法》及《深圳证券交易所股票 上市规则》等相关法律法规及规范性文件的规定，对招商蛇口本次交易所涉及限 售股份解禁并上市流通事项进行了审查，并发表如下核查意见： 一、本次解除限售股份的基本情况 2023年6月16日，招商局蛇口工业区控股股份有限公司（以下简称"公司" 或"招商蛇口"）收到中国证监会出具的《关于同意招商局蛇口工业区控股股份 有限公司发行股份购买资产并募集配套资金注册的批复》（证监许可〔2023〕1280 号），同意公司发行股份募集配套资金不超过85亿元。 2023年10月11日，中国证券登记结算有限责任公司深圳分公司出具了《股份 登记申请受理 ...