Group 1 - The company has established a shareholder dividend return plan for the next three years (2026-2028), committing to an annual cash dividend of no less than 40% of the net profit attributable to shareholders of the listed company, provided certain conditions are met [1] - The conditions for the cash dividend include positive undistributed profits, positive distributable profits after covering losses and extracting reserves, an unqualified audit report, and no significant investment plans or cash expenditures [1] - The company aims to ensure that its profitability and cash flow can support sustainable operations and long-term development [1] Group 2 - The company's stock has been trading below the audited net asset value per share for 12 consecutive months as of January 1, 2025, with the net asset value per share reported at 10.89 CNY and 10.92 CNY for different periods in 2025 [2] - The trading price of the company's stock ranged from 9.30 CNY to 10.22 CNY and from 8.51 CNY to 10.27 CNY during the specified periods in 2025 [2]

公告提及，2025年1月1日至2025年12月31日，公司股票已连续12个月内每个交易日收盘价低于最近一个 会计年度经审计的每股归属于公司普通股股东的净资产。其中2025年1月1日至2025年3月17日，经审计 每股归属于公司普通股股东的净资产为10.89元/股，公司股票在交易日的收盘价区间为9.30元/股至10.22 元/股;2025年3月18日至2025年12月31日，经审计每股归属于公司普通股股东的净资产为10.92元/股，公 司股票在交易日的收盘价区间为8.51元/股至10.27元/股。 招商蛇口（001979）(001979.SZ)公告，公司制定了《未来三年(2026年-2028年)股东分红回报规划》， 在公司未分配利润为正，当期实现的可分配利润(即公司弥补亏损、提取公积金后所余的税后利润)为正 值，审计机构对公司的该年度财务报告出具标准无保留意见的审计报告，公司无重大投资计划或重大现 金支出等事项发生(募集资金项目除外)，公司盈利水平和现金流量能够满足公司的持续经营和长远发展 的情况下，公司原则上每年进行一次现金分红，2026年度至2028年度现金分红占当年归属于上市公司股 东净利润的比例均不低于 ...

证券代码：001979 证券简称：招商蛇口 公告编号：【CMSK】2026-006 1 招商局蛇口工业区控股股份有限公司（以下简称"公司"）于2025年10月29 日召开的第四届董事会第四次会议审议通过《关于使用部分闲置募集资金暂时补 充流动资金的议案》，同意公司使用不超过10.00亿元（含10.00亿元）闲置募集 资金暂时补充流动资金，使用期限不超过12个月（自公司董事会审议批准之日起 计算），具体内容详见公司于2025年10月31日披露的《招商局蛇口工业区控股股 份有限公司关于归还募集资金及继续使用部分闲置募集资金暂时补充流动资金 的公告》（公告编号：【CMSK】2025-110）。 根据资金安排，公司已于2026年2月6日提前归还人民币10,000万元至募集资 金专用账户，并将上述募集资金的归还情况通知了独立财务顾问中信证券股份有 限公司及主办人。剩余暂时补充流动资金的闲置募集资金将在到期前足额归还， 届时公司将及时履行信息披露义务。 特此公告。 招商局蛇口工业区控股股份有限公司 董 事 会 二〇二六年二月七日 招商局蛇口工业区控股股份有限公司 关于归还部分暂时补充流动资金的闲置募集资金的公告 本公司及 ...

证券代码：001979 证券简称：招商蛇口 公告编号：【CMSK】2026-005 招商局蛇口工业区控股股份有限公司 关于估值提升计划的公告 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。 为切实推动上市公司投资价值提升，增强投资者回报，维护公司、投资者 及其他利益相关者的合法权益，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"）积极响应并落实监管要求，结合公司情况，经公司 董事会审议制定本估值提升计划，公司将着力深化业务聚焦，提升发展质量， 做好风险防控，强化价值释放，增厚投资者回报，推动公司投资价值提升。 一、估值计划披露触及情形及审议程序 坚持分类管理，逐步去粗存精、加强内容运营、打造品牌标杆；通过产业 生态、特色体验和优质服务的打造，不断提升客户黏性、锻造管理能力；细化 过程管理，聚焦成本合理投入与压降，稳定现金流贡献。以中国内地、香港多 REITs平台协同发展，打通持有物业投、融、管、退全周期产融模式，实现核心 持有类业态产融退出通道全覆盖，助力公司持有物业高质量发展。 3.做大轻资产业务，物业服务做大做强、发展优势赛道 （一）触发情形 ...

证券代码：001979 证券简称：招商蛇口 公告编号：【CMSK】2026-004 招商局蛇口工业区控股股份有限公司 第四届董事会 2026 年第一次临时会议决议公告 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。 招商局蛇口工业区控股股份有限公司（以下简称"公司"）第四届董事会 2026 年第一次临时会议通知于 2026 年 2 月 4 日以专人送达、电子邮件等方式送 达全体董事及高级管理人员。2026 年 2 月 6 日，会议以通讯方式举行。会议应 到董事 9 人，实到董事 9 人。会议的召集、召开符合有关法律、法规和《公司章 程》的规定。会议以 9 票同意，0 票反对，0 票弃权的表决结果审议通过了《关 于制定<估值提升计划>的议案》。 具体内容详见公司今日披露的《关于估值提升计划的公告》。 特此公告。 招商局蛇口工业区控股股份有限公司 董 事 会 二〇二六年二月七日 ...

丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨招商蛇口（001979.SZ） [Table_Title] 周期压力集中释放，经营表现边际改善 ——招商蛇口 2025 年业绩预告点评 报告要点 [Table_Summary] 业绩方面，公司 2025 年周期压力集中释放，但仍实现盈利，若后续迎来景气拐点，业绩或有 较大弹性。经营方面，公司 2025 年销售规模排名提升至行业第四，拿地强度保持相对积极， 且公司发行优先股方案有序推进，资产负债表持续优化，综合竞争力有望保持行业前列。公司 表观 PE 偏高，但实际 PB 相对较低，估值修复潜力较大，维持"买入"评级。 [Table_Author] 刘义 宋子逸 SAC：S0490520040001 SAC：S0490522080002 SFC：BUV416 分析师及联系人 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 招商蛇口（001979.SZ） cjzqdt11111 风险提示 请阅读最后评级说明和重要声明 丨证券研究报告丨 2026-02-05 公 ...

Core Viewpoint - The company forecasts a significant decline in net profit for 2025, with expected net profit attributable to shareholders ranging from 1.005 to 1.254 billion yuan, representing a year-on-year decrease of 69% to 75% [1] Group 1: Financial Performance - The company's net profit for 2025 is projected to be between 1.005 and 1.254 billion yuan, with a non-recurring net profit of 154 to 231 million yuan, reflecting a year-on-year decline of 91% to 94% [1] - The decline in net profit is attributed to impairment provisions for real estate projects, reduced delivery scale of projects, and decreased investment income from joint ventures [2] - The company expects continued pressure on revenue performance in the short to medium term, with gross margins at a low point [2] Group 2: Sales and Market Position - The company achieved sales of 196 billion yuan in 2025, a decrease of 10.6%, but improved its ranking to 4th in the industry [3] - The average selling price increased by 16.8% to 27,371 yuan per square meter, while land acquisition amounted to 93.8 billion yuan, up 92.8% [3] - The land acquisition intensity improved significantly to 48%, with 89% of land purchases concentrated in core first and second-tier cities [3] Group 3: Financial Health and Strategy - The company maintains a low leverage level, with a debt-to-asset ratio of 61.0% and a net debt ratio of 55.3% as of Q3 2025 [3] - The average financing cost was 2.84%, the lowest in the industry, indicating a strong credit position [3] - The company plans to issue up to 78.405 billion yuan in preferred shares to optimize its balance sheet, with funds allocated to 11 real estate projects in major cities [4] Group 4: Future Outlook - The company anticipates a gradual recovery in performance if the market conditions improve, with projected net profits of 1.06 billion, 1.29 billion, and 1.93 billion yuan for 2025-2027 [4] - The potential for valuation recovery is significant if the industry experiences a turnaround, despite current high apparent PE ratios due to impairment pressures [4]

Group 1: Sales Performance of Real Estate Companies - In January 2026, the top three real estate companies in Shenzhen by sales were China Overseas Land & Investment with 22.2 billion yuan, China Resources Land with 16.0 billion yuan, and Excellence Group with 9.6 billion yuan [2][5][18] - The sales threshold for the top 5 companies reached 6.1 billion yuan, while the top 10 and top 20 thresholds were 3.2 billion yuan and 1.2 billion yuan, respectively [5][18] Group 2: Policy Dynamics - Shenzhen introduced a management method for allocated affordable housing, effective from March 1, 2026, which prohibits any conversion of allocated affordable housing into commercial housing [5][19] - The application conditions for allocated affordable housing include having Shenzhen household registration, no self-owned housing in Shenzhen, and at least five years of social insurance contributions [6][23] Group 3: Market Performance - In January 2026, the number of new residential units signed in Shenzhen was 2,579, a decrease of 10.7% month-on-month and 49.3% year-on-year, attributed to a slowdown in new project launches [9][24] - The second-hand residential transactions saw an increase, with 5,281 units transferred, marking a year-on-year growth of 15.96% and a month-on-month increase of 6.88% [11][26] - As of the end of January, the inventory of new residential units in Shenzhen was 29,950, a decrease of 380 units from the previous month, due to a reduction in new launches and some inventory being converted to sales [13][28] Group 4: Market Outlook - The Shenzhen real estate market continued to show signs of recovery in January, with strong sales performance from quality projects indicating a gradual increase in market confidence [15][30] - The market is expected to maintain a "steady progress with quality first" trend as the traditional peak season for property transactions approaches after the Spring Festival [30]

Group 1 - Iwojia (000560) is a leading real estate agency in China, established in 2000, focusing on property leasing, second-hand housing transactions, new house agency, and home services, benefiting from the rental and sales rights policy [1][33] - The company has over 3,000 offline stores and has served more than 10 million families, with its "Xiangyu" brand managing over 400,000 rental units [1][33] - Future prospects include market share expansion due to the deepening of rental and sales rights policies and enhanced service experience through digital tools [1][33] Group 2 - Huafa Group (600325) is a well-established real estate company under the Zhuhai State-owned Assets Supervision and Administration Commission, focusing on real estate development and property services, primarily in the Guangdong-Hong Kong-Macao Greater Bay Area [2][34] - The company actively participates in the rental and sales rights sector with its "Huafa Youjia" rental brand and is involved in urban renewal and industrial support projects [2][34] - Future outlook includes value reassessment of land reserves and profit growth from the expansion of rental business [2][34] Group 3 - Caixin Development (000838) is a listed platform under Chongqing Caixin Group, focusing on real estate development and urban renewal, primarily in the Chengdu-Chongqing economic circle [3][35] - The company integrates into the regional housing rental system through self-owned apartment projects and affordable housing cooperation [3][35] - Future prospects include long-term value release from land reserves and urban renewal projects, with rental business expansion opening new growth opportunities [3][35] Group 4 - China Merchants Shekou (001979) is a flagship real estate platform under China Merchants Group, focusing on real estate development and commercial operations, primarily in key urban clusters [4][36] - The company has over 20,000 rental units under its "Yijian" brand and is deeply involved in the construction of affordable rental housing [4][36] - Future outlook includes profit growth from the expansion of rental business and asset revitalization through REITs pilot projects [4][36] Group 5 - Chengdu Investment Holdings (600649) is a city construction and operation platform under the Shanghai State-owned Assets Supervision and Administration Commission, focusing on real estate development and water operations [5][37] - The company actively responds to policy directions through affordable housing projects and long-term rental operations [5][37] - Future prospects include expansion of rental business scale and long-term value release from urban renewal projects [5][37] Group 6 - Binjiang Group (002244) is a leading real estate company in Hangzhou, focusing on high-quality residential development and commercial operations [6][39] - The company actively participates in the housing rental market through self-owned commercial properties and long-term rental projects [6][39] - Future outlook includes value reassessment of land reserves and profit growth from rental business expansion [6][39] Group 7 - Sealand (002285) is a leading comprehensive real estate service provider in China, focusing on property agency, rental services, and asset operation [7][40] - The company has served over one million families and manages over 100,000 rental units under its "Hongpu Apartment" brand [7][40] - Future prospects include market share expansion and service experience enhancement through digital tools [7][40] Group 8 - Poly Developments (600048) is a flagship real estate platform under Poly Group, focusing on real estate development and property services [8][41] - The company has over 50,000 rental units under its "Poly Apartment" brand and is involved in affordable rental housing construction [8][41] - Future outlook includes profit growth from rental business expansion and financing advantages under state-owned enterprise background [8][41] Group 9 - Huangting International (000056) is a commercial real estate operator based in Shenzhen, focusing on commercial property operations and financial services [9][42] - The company actively participates in the housing rental market through self-owned commercial property transformation and long-term rental operations [9][42] - Future prospects include further opening of rental space through commercial property transformation and value release from urban renewal projects [9][42] Group 10 - Jinhe Commercial Management (603682) is a leading cultural and creative park operator, focusing on urban renewal and cultural park operations [10][43] - The company integrates into the regional housing rental system through park-affiliated apartment operations and affordable housing cooperation [10][43] - Future outlook includes growth in park-affiliated rental business and consolidation of industry position through ongoing urban renewal projects [10][43] Group 11 - Vanke A (000002) is a leading real estate company in China, focusing on real estate development and rental operations [11][44] - The company has over 200,000 rental units under its "Boyu" brand, making it one of the largest long-term rental apartment operators in China [11][44] - Future prospects include profit growth from rental business expansion and asset revitalization through REITs pilot projects [11][44] Group 12 - Tianjian Group (000090) is a city construction and operation platform under the Shenzhen State-owned Assets Supervision and Administration Commission, focusing on real estate development and urban construction [12][45] - The company actively responds to policy directions through affordable housing projects and long-term rental operations [12][45] - Future outlook includes expansion of rental business scale and long-term value release from urban renewal projects [12][45] Group 13 - ST Sunshine (000608) is an established glass manufacturing company transitioning into the new energy and real estate sectors [13][46] - The company attempts to enter the housing rental market through self-owned property transformation and affordable housing cooperation [13][46] - Future prospects include growth in rental business and recovery of overall performance through the expansion of photovoltaic glass business [13][46] Group 14 - 365 Network (300295) is a leading real estate internet service platform, focusing on property information and transaction services [14][47] - The company integrates rental housing information through its online platform, benefiting from the rental and sales rights policy [14][47] - Future outlook includes growth in online rental platform traffic and improved profitability through financial technology business expansion [14][47] Group 15 - Debi Group (300947) is a leading cultural and creative park operator, focusing on urban renewal and cultural park operations [15][48] - The company integrates into the regional housing rental system through park-affiliated apartment operations and affordable housing cooperation [15][48] - Future prospects include growth in park-affiliated rental business and consolidation of industry position through ongoing urban renewal projects [15][48] Group 16 - Changjiang Investment (600119) is a logistics and real estate platform under the Shanghai State-owned Assets Supervision and Administration Commission, focusing on logistics operations and real estate development [16][49] - The company attempts to enter the housing rental market through self-owned property transformation and affordable housing cooperation [16][49] - Future outlook includes growth in rental business and performance improvement through logistics real estate appreciation [16][49] Group 17 - New Huangpu (600638) is a real estate platform under the Shanghai State-owned Assets Supervision and Administration Commission, focusing on real estate development and financial services [17][50] - The company actively participates in the housing rental market through affordable housing projects and long-term rental operations [17][50] - Future prospects include expansion of rental business scale and long-term value release from urban renewal projects [17][50] Group 18 - Yueshin Health (002162) is a health real estate and elderly care service provider, focusing on health real estate development and elderly care services [18][51] - The company integrates into the regional housing rental system through health community-affiliated apartment operations and affordable housing cooperation [18][51] - Future outlook includes growth in health rental business and improved profitability through the expansion of elderly care services [18][51]

Core Viewpoint - The A-share real estate sector has seen significant gains, particularly driven by the launch of a program in Shanghai to acquire second-hand housing for affordable rental housing projects, targeting new citizens, young people, and graduates [1] Group 1: Market Performance - Real estate stocks in the A-share market experienced substantial afternoon gains, with notable performers including I Love My Home and Huafa Co., which hit the daily limit [1] - Other companies such as Rong'an Real Estate, Jingtou Development, and Caixin Development also reached their daily limit previously, while China Merchants Shekou and City Investment Holdings rose over 7% [1] - The following companies showed significant increases: Jindi Group and Tefa Service over 6%, and Zhongzhou Holdings, Jingneng Real Estate, Binjiang Group, and Shilianhang over 5% [1] Group 2: Company Data - Rong'an Real Estate: 10.27% increase, market cap of 6.495 billion [2] - Jingtou Development: 10.09% increase, market cap of 4.445 billion [2] - I Love My Home: 10.06% increase, market cap of 8.503 billion [2] - Huafa Co.: 9.95% increase, market cap of 12.2 billion [2] - Caixin Development: 9.92% increase, market cap of 2.927 billion [2] - China Merchants Shekou: 7.50% increase, market cap of 98.2 billion [2] - City Investment Holdings: 7.13% increase, market cap of 1.39 billion [2] - Jindi Group: 6.69% increase, market cap of 15.1 billion [2] - Tefa Service: 6.52% increase, market cap of 7.183 billion [2] - New Town Holdings: 6.19% increase, market cap of 40.2 billion [2] - Zhongzhou Holdings: 5.88% increase, market cap of 5.87 billion [2] - Jingneng Real Estate: 5.79% increase, market cap of 2.898 billion [2] - Binjiang Group: 5.74% increase, market cap of 37.8 billion [2] - Shilianhang: 5.54% increase, market cap of 5.699 billion [2]