此次地块入市将有效填补区域改善型住房缺口，也会为居民提供更高品质的好房子项目。 众所周知，因年初支付压力较小、拿地后年内即可开盘贡献业绩等原因，因此，每年的3-5月都是房地 产企业拿地的集中窗口期。 通州八里桥地块在挂牌期间，引来了招商蛇口、中国金茂+东亚新华、绿城中国、中海地产等五家房 企。 除了土地市场的一些"老面孔"，久未露面的东亚新华也参与了进来。公开资料显示，东亚新华成立于 2006年，注册资本20亿元。企查查官网显示，该公司由北京红杉世纪投资有限公司全资持股，红杉世纪 由北京明天投资持股100%；而明天投资的背后由张志铭、红杉世纪投资各持股99%、1%。东亚新华热 衷与旭辉、绿地等知名房企合作，此次拿地也是与金茂以联合体的形式出现。 解除"双限"政策7个月后，通州土地市场上演了一场久违的抢地热战。 4月8日，北京进行本月首场土拍。尽管本次出让地块仅有一宗，却丝毫未减开发商的热情。现场5家房 企悉数参与竞拍，竞争火热。 在近1个半小时、159轮的厮杀后，北京市通州区八里桥棚户区改造项目FZX-0401-6044、6049地块花落 招商蛇口（001979），总价27.082亿元，成交楼面价31192元 ...

基于对公司未来持续发展的信心和对公司价值的认可，公司将加快实施回购 公司股份，以维护广大投资者的利益，增强投资者对公司的投资信心，稳定及提 升公司价值。 公司将严格按照《上市公司股份回购规则》《深圳证券交易所上市公司自律 监管指引第 9 号——回购股份》等相关规定，在回购期限内根据市场情况择机做 出回购决策并予以实施，并根据回购股份事项进展情况及时履行信息披露义务， 敬请广大投资者注意投资风险。 证券代码：001979 证券简称：招商蛇口 公告编号：【CMSK】2025-032 招商局蛇口工业区控股股份有限公司 关于加快回购公司股份的公告 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。 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"） 于 2024 年 10 月 17 日在巨潮资讯网披露了《关于以集中竞价交易方式回购公司 股份方案的公告》（公告编号：【CMSK】2024-098），公司拟以自有资金或自筹 资金通过深圳证券交易所以集中竞价交易方式回购公司股份，回购的股份全部用 于注销并减少注册资本。 公司自股东大会审议通过本次回购股份方案以来，积极实 ...

证券代码：001979 证券简称：招商蛇口 公告编号：【CMSK】2025-030 招商局蛇口工业区控股股份有限公司 招商局蛇口工业区控股股份有限公司 董 事 会 二〇二五年四月二日 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、关于聘任公司总法律顾问、首席合规官的情况 招商局蛇口工业区控股股份有限公司（以下简称"公司"）董事会近日收到 副总经理、总法律顾问、首席合规官刘晔先生的书面辞任报告，刘晔先生因工作 安排原因申请辞去总法律顾问、首席合规官职务，辞任后仍在公司担任副总经理 职务。根据《公司法》《公司章程》规定，刘晔先生的辞任申请自送达董事会之 日起生效。 截至本公告日，刘晔先生持有公司股份 89,000 股，将继续按照相关法律法 规、规范性文件的规定管理其所持公司股份。 刘晔先生在担任公司总法律顾问、首席合规官期间恪尽职守、勤勉尽责，忠 实履行了岗位职责，公司及董事会对刘晔先生任职期间为公司做出的贡献表示衷 心感谢！ 经公司总经理提名，董事会提名委员会资格审查，公司于 2025 年 4 月 1 日 召开第四届董事会 2025 年第一次临时会议，审议并通过 ...

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 2025 年第一次临时会议通知于 2025 年 3 月 31 日以专人送达、电子邮件等方式送达全 体董事、监事及高级管理人员。2025 年 4 月 1 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 票弃权审议通过了以下议案： 议案一、关于聘任公司总法律顾问、首席合规官的议案 证券代码：001979 证券简称：招商蛇口 公告编号：【CMSK】2025-029 招商局蛇口工业区控股股份有限公司 第四届董事会 2025 年第一次临时会议决议公告 二〇二五年四月二日 董事会同意聘任唐坚女士为总法律顾问、首席合规官，任期至第四届董事会 届满之日止，具体内容详见公司今日披露的《关于聘任公司总法律顾问、首席合 规官的公告》。 特此公告。 招商局蛇口工业区控股股份有限公司 董 事 会 ...

证券代码：001979 证券简称：招商蛇口 公告编号：【CMSK】2025-031 招商局蛇口工业区控股股份有限公司 关于回购公司股份的进展公告 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。 （1）自可能对本公司证券及其衍生品种交易价格产生重大影响的重大事项 发生之日或者在决策过程中，至依法披露之日内； （2）中国证监会和深圳证券交易所规定的其他情形。 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"） 于 2024 年 10 月 16 日召开第三届董事会 2024 年第十二次临时会议，于 2024 年 11 月 1 日召开 2024 年第三次临时股东大会，审议通过了《关于以集中竞价交易 方式回购公司股份方案的议案》，同意公司以自有资金或自筹资金通过深圳证券 交易所以集中竞价交易方式回购公司股份，回购的股份全部用于注销并减少注册 资本，回购价格不超过 15.68 元/股。回购的资金总额不低于人民币 3.51 亿元且 不超过人民币 7.02 亿元，回购实施期限为自公司股东大会审议通过本次回购股 份方案之日起 12 个月内。 上述内容详见公司于 202 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding the market benchmark by more than 15% over the next 6-12 months [13]. Core Insights - The company achieved a total sales revenue of 351 billion yuan in Q1 2025, reflecting a year-on-year decline of 12.7% [2]. - The company's revenue for 2024 was 1789.5 billion yuan, a stable increase of 2.3% year-on-year, primarily supported by sufficient initial contract liabilities [1]. - The net profit attributable to the parent company for 2024 was 40.4 billion yuan, a significant decrease of 36.1% year-on-year, influenced by declining gross margins and increased asset impairment losses [1][3]. Summary by Sections Sales and Land Acquisition - In 2024, the company added 2.25 million square meters of land reserves, with a total land cost of approximately 48.6 billion yuan, focusing 90% of investments in "core 10 cities" [2]. - The land acquisition to sales ratio was 22.2%, down 16.5 percentage points year-on-year, primarily due to a decline in market demand [2]. Financial Performance - The company reported a comprehensive gross margin of 14.6% in 2024, a decrease of 1.3 percentage points year-on-year, with the real estate development segment's gross margin at 15.6%, down 1.5 percentage points [1][3]. - As of the end of 2024, the company maintained a debt-to-asset ratio of 62.4% and a net debt-to-equity ratio of 55.9%, indicating a stable financial position [3]. Profit Forecast and Valuation - The net profit forecasts for 2025 and 2026 have been revised down to 42.1 billion yuan and 44.7 billion yuan, respectively, from previous estimates of 59.2 billion yuan and 68.6 billion yuan [3]. - The current stock price corresponds to a price-to-earnings (P/E) ratio of 21.1 for 2025, 19.8 for 2026, and 16.1 for 2027, reflecting the company's strong financial health and land acquisition capabilities [3].

Performance Overview - The company reported a total of 600 billion in sales contribution from urban renewal projects over the next three years, with approximately 8 projects expected to be completed [2] - The company has around 20 urban renewal projects in incubation, covering a total construction area of about 7 million square meters [2] Economic and Market Outlook - The national economy grew by 5% last year, with expectations for stable growth in 2025 despite external uncertainties [3][4] - The real estate market experienced significant fluctuations in 2024, with a 45% year-on-year decline in Q1, followed by a 19% increase in Q4 [5] - In January and February, the transaction volume of second-hand housing in 30 monitored cities increased by 25% [5] Policy and Strategic Response - The government has emphasized the need for proactive macroeconomic policies, including more aggressive fiscal and moderately loose monetary policies [4] - The company plans to focus on core cities for urban renewal projects, particularly in the Greater Bay Area, including Shenzhen and Shanghai [2] Financing and Cost Management - The company has a total debt of 222.6 billion, with an average funding cost of 2.99% [8] - The company aims to maintain a stable leverage ratio while ensuring cash flow and asset quality [8] Land Acquisition Strategy - The company is optimistic about the land market in 2025, despite competitive pressures in core cities [10] - The company has successfully acquired several high-yield land parcels, with expected higher profit margins compared to previous years [10] Business Development and Diversification - The company has added 77 new construction projects, managing a total area of over 20 million square meters in its construction business [13] - The asset management segment generated revenue of 4.389 billion, with an EBITDA of 2.181 billion, reflecting a 15% year-on-year increase [15] REITs and Asset Management - The company has issued multiple REITs, including a public rental housing REIT, which is expected to enhance asset turnover and support the new real estate development model [18] - The company aims to leverage its REITs to create a new financing model that aligns with its asset management strategy [18]

Core Viewpoint - In the first full fiscal year under Chairman Jiang Tiefeng, China Merchants Shekou delivered a report card of "increased revenue but decreased profit," with a slight revenue increase of 2.25% to approximately 178.9 billion yuan, while net profit plummeted by 36% to about 4.04 billion yuan [1][3]. Financial Performance - In 2024, China Merchants Shekou reported operating revenue of 178.95 billion yuan, a year-on-year increase of 2.25%, but the net profit attributable to shareholders fell by 36.09% to 4.04 billion yuan [3][4]. - The company's gross profit margin decreased to 14.61% from 15.89% in the previous year, with significant asset impairment provisions totaling 6.03 billion yuan, far exceeding the net profit [6][7]. - Key profitability indicators declined, with net profit margin dropping from 5.20% at the end of 2023 to 2.34%, and the weighted average return on equity falling from 6.04% to 3.36% [4][5]. Strategic Adjustments - In response to the changing real estate market, China Merchants Shekou has adjusted its land acquisition strategy, reducing the number of land parcels acquired from 55 in 2023 to only 26 in 2024, a decrease of 52.7% [9][10]. - The company has shifted its investment focus from 70 cities to 30 cities, and further narrowed down to 10 core first- and second-tier cities, with 90% of investment in these key areas [10][11]. Land Acquisition and Market Position - Despite the reduction in land acquisition, China Merchants Shekou has been aggressively competing for high-value land parcels, often at high premiums, indicating a strategy of "conservative yet aggressive" [2][11]. - In March 2024, the company acquired a land parcel in Shanghai for 2.66 billion yuan, with a floor price of approximately 31,900 yuan per square meter, reflecting a 30% premium [12]. - The company also secured a land parcel in Chengdu for 2.7 billion yuan, with a premium rate of 70.4%, setting a new record for floor prices in the city [12][13]. Future Outlook - The company anticipates a total saleable value of 325 billion yuan for 2025, with 79% of this being residential projects, primarily located in strong urban areas [19]. - Chairman Jiang Tiefeng emphasized the importance of maintaining cash flow and strategic land acquisition to ensure the company's survival and growth amid market challenges [20]. - The focus on core cities aligns with industry trends, but profit recovery will depend on sustained sales performance, with potential risks from high land acquisition costs and market conditions [20].

Investment Rating - The report maintains a "Buy" rating for the company, with expectations of a relative increase in stock price over the next six months [1][19]. Core Insights - The company reported a slight increase in revenue for 2024, achieving 178.95 billion yuan, a year-on-year growth of 2.25%. However, the net profit attributable to shareholders decreased by 36.09% to 4.04 billion yuan, primarily due to a decline in gross margin and increased impairment losses [3][4]. - The company remains among the top five in the industry in terms of sales scale, with a total contracted sales area of 9.36 million square meters, down 23.5% year-on-year. The total sales amount reached 219.3 billion yuan, a decrease of 25.3% [5]. - The company focuses on acquiring land in core cities, with 90% of its investment in the "Core 10 Cities," and 59% of the investment in first-tier cities [6]. Financial Performance - The company reported a gross margin of 15.58% for its development projects, which is a decline of 1.53 percentage points compared to the previous year. The total impairment losses and credit impairment losses for 2024 amounted to 6.03 billion yuan, an increase of 3.62 billion yuan year-on-year [4]. - The financial management remains robust, with a debt-to-asset ratio of 62.37% and a net debt ratio of 55.85% as of the end of 2024. The comprehensive funding cost decreased to 2.99%, down 0.48 percentage points from 2023 [7]. - The asset operation and property service segments are growing rapidly, with property service revenue reaching 7.47 billion yuan, a year-on-year increase of 9.89% [11]. Future Projections - The company is expected to achieve net profits of 4.56 billion yuan, 5.56 billion yuan, and 5.00 billion yuan for the years 2025, 2026, and 2027, respectively. The corresponding price-to-earnings ratios are projected to be 18.85X, 15.44X, and 17.17X [12][17].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - The company is projected to achieve operating revenue of 178.9 billion yuan in 2024, representing a 2.3% increase, while the net profit attributable to shareholders is expected to decline by 36.1% to 4.04 billion yuan. The net profit excluding non-recurring items is forecasted to be 2.45 billion yuan, down 57.3% [2][4]. - The decline in net profit is primarily attributed to increased impairment losses and a decrease in gross profit margin. Despite facing downward pressure on revenue in 2025, the overall performance outlook remains stable [2][9]. - The company maintains its position as the fifth largest in the industry in terms of sales scale, with a sales revenue of 219.3 billion yuan in 2024, a decrease of 25.3% year-on-year. The sales performance in the fourth quarter showed a positive growth of 10.1% year-on-year [9]. Summary by Sections Financial Performance - In 2024, the company reported an operating revenue of 178.9 billion yuan, with a gross profit margin of 14.6%, down 1.3 percentage points year-on-year. The impairment losses increased by 3.62 billion yuan to 6.03 billion yuan, with credit impairment and asset impairment accounting for 1.55 billion yuan and 4.48 billion yuan, respectively [9][10]. - The company plans to maintain a dividend payout ratio of over 40%, with cash dividends of 1.75 billion yuan in 2024, corresponding to a payout ratio of 43% [9]. Market Position and Strategy - The company’s land acquisition amount in 2024 was 48.6 billion yuan, a decrease of 57.1% year-on-year, with a land acquisition to sales ratio of 22%. The quality of land acquired remains high, with 90% of investments concentrated in "core 10 cities" and 59% in first-tier cities [9]. - The average financing cost at the end of 2024 was 2.99%, a decrease of 48 basis points from the previous year, indicating a strong credit advantage [9]. Future Outlook - The projected net profits for 2025, 2026, and 2027 are 4.2 billion yuan, 4.5 billion yuan, and 4.9 billion yuan, respectively, with corresponding price-to-earnings ratios of 20.8X, 19.4X, and 17.7X. The current valuation does not reflect the long-term value, suggesting significant upside potential [9].