China Enterprise 中华企业
3 significant filings since 30 May 2026: 1 on dividend, 1 on earnings pre-announcement and 1 on management change. The latest, on 4 Sep 2026: 中华企业股份有限公司关于高级管理人员变动的公告.
自 30 May 2026 起有 3 份重大公告：dividend 1 份、earnings pre-announcement 1 份、management change 1 份。最新一份（4 Sep 2026）：中华企业股份有限公司关于高级管理人员变动的公告。
As of 25 Sep 2026 截至2026年9月25日
China Enterprise is a property developer listed on the Shanghai Stock Exchange since 1993. The company reported a turnaround in attributable net profit in 2025, moving from a loss of -RMB316.8m in 2024 to a profit of RMB118.6m, with revenue rising 51.7% to RMB10.56bn. However, operating cash flow per share was -RMB0.20 in 2025, significantly below net profit, indicating weak cash conversion. The company's financial position at mid-2026 shows a healthy current ratio of 3.21 and a liabilities to assets ratio of 65.2%. But the first half of 2026 reversed prior gains, with revenue down 42.9% and a net loss of -RMB299.1m, compared to a profit in the same period a year earlier. Shareholding is concentrated, with Shanghai Real Estate (Group) Co., Ltd. holding 65.21%. The stock has declined 14.0% over one year, and the P/E ratio is not meaningful due to past losses.
中华企业是一家房地产开发企业，1993年9月24日在上交所上市。2025年归母净利润由2024年-3.17亿元扭亏为盈至1.19亿元，营业收入同比上升51.7%至105.57亿元。但2025年每股经营现金流为-0.20元，显著低于净利润，显示盈利变现能力弱。截至2026年6月30日，流动比率为3.21，资产负债率为65.2%，短期偿债能力尚可。然而2026年上半年营业收入同比下降42.9%至38.21亿元，归母净利润由盈转亏至-2.99亿元。股权集中，上海地产(集团)有限公司持股65.21%。过去一年股价下跌14.0%，市盈率因亏损不适用。
| Flag 标记 | Risk 风险 | Mechanism 影响机制 |
|---|---|---|
| Operating cash outflow 经营现金净流出 | The company generated an operating cash outflow in 2025. 公司2025年经营现金流为净流出。 | An operating cash outflow despite reporting net profit suggests the company is not converting earnings into cash, which could strain liquidity and limit its ability to fund operations or repay debt. This weak cash flow quality increases financial risk, especially if the trend persists. 尽管实现净利润，但经营现金流为净流出，表明盈利未能转化为现金，可能影响流动性，限制运营或偿债能力。若该趋势持续，将加大财务风险。 |
- Whether the attributable net profit for the full year 2026 returns to profitability after the first-half loss.
2026全年归母净利润能否在上半年亏损后重回盈利。 - The operating cash flow per share in the 2026 full-year report, to see if the outflow trend reverses.
2026全年每股经营现金流是否扭转流出趋势。 - Revenue performance in the second half of 2026, following a 42.9% decline in the first half.
在上半年收入下降42.9%后，2026年下半年的营收表现。 - Changes in inventory days, which stood at 1,473 days at mid-2026, indicating slow property turnover.
截至2026年中存货周转天数达1,473天，关注其后续变化，反映去化速度。 - Any change in the controlling shareholder's pledge or freeze status of shares, given the concentrated ownership.
鉴于股权集中，关注控股股东所持股份质押或冻结状态的变化。 - The company's net profit excluding non-recurring items for 2026, to assess core earnings sustainability.
2026年扣非净利润表现，以评估核心盈利的可持续性。
- Company: China Enterprise 中华企业, Shanghai Stock Exchange 600675; industry Property Development; listed 24 Sep 1993.
公司：中华企业，上海证券交易所 600675；行业：房地产开发；上市日期：1993年9月24日。 - Close on 24 Sep 2026 RMB2.47; close on 24 Sep 2025 RMB2.88, RMB2.87 in today's terms; one-year change, adjusted for distributions and share changes -14.0%.
2026年9月24日收盘价2.47元；2025年9月24日收盘价2.88元（前复权2.87元）；一年涨跌幅（复权）-14.0%。 - 52-week range in today's terms, adjusted for distributions and share changes RMB2.05 to RMB3.18.
52周区间（前复权）2.05元至3.18元。 - In the last 12 months 1 trading days closed 9% or more above or below the day before (all days, not only this year). The 1 most recent of them: 20 Jan 2026 +10.1%.
近12个月共有1个交易日收盘涨跌幅达9%及以上（为全部交易日，不限于今年）。其中最近1个：2026年1月20日 +10.1%。 - Market capitalisation RMB14.93bn; P/E TTM not meaningful (loss-making); price to book 1.06x.
总市值149.34亿元；市盈率（TTM）不适用（亏损）；市净率1.06倍。 - Revenue 2025 RMB10.56bn; 2024 RMB6.96bn; change +51.7%.
营业收入2025年105.57亿元；2024年69.59亿元；同比+51.7%。 - Attributable net profit 2025 RMB118.6m; 2024 -RMB316.8m; change +137.5% (from a loss to a profit).
归属于母公司股东的净利润2025年1.19亿元；2024年-3.17亿元；同比+137.5%（扭亏为盈）。 - Net profit excluding non-recurring items, 2025 change +116.9%.
2025年扣除非经常性损益后的净利润同比+116.9%。 - Basic EPS 2025 RMB0.02; 2024 -RMB0.05.
基本每股收益2025年0.02元；2024年-0.05元。 - Operating cash flow per share 2025 -RMB0.20; 2024 RMB0.39; operating cash flow to net profit -2.77x.
每股经营现金流2025年-0.20元；2024年0.39元；经营现金流与净利润之比-2.77倍。 - 2025 gross margin 28.1%; net margin 4.1%; ROE 0.8%.
2025年毛利率28.1%；净利率4.1%；净资产收益率0.8%。 - At 30 Jun 2026: liabilities to assets 65.2%; current ratio 3.21; quick ratio 1.08; receivable days 19; inventory days 1,473.
截至2026年6月30日：资产负债率65.2%；流动比率3.21；速动比率1.08；应收账款周转天数19；存货周转天数1,473。 - Period to 30 Jun 2026 (six months, not comparable with the full years above): revenue RMB3.82bn, change -42.9%; attributable net profit -RMB299.1m, change -157.4% (from a profit to a loss); operating cash flow per share -RMB0.15.
截至2026年6月30日的报告期（六个月，不可与上述全年数据直接比较）：营业收入38.21亿元，同比-42.9%；归母净利润-2.99亿元，同比-157.4%（由盈转亏）；每股经营现金流-0.15元。 - Ownership: actual controller 上海市国有资产监督管理委员会; controlling shareholder 上海地产(集团)有限公司; largest holder at 30 Jun 2026: 上海地产(集团)有限公司, 65.21%.
股权：实际控制人：上海市国有资产监督管理委员会；控股股东：上海地产(集团)有限公司；2026年6月30日第一大股东：上海地产(集团)有限公司，持股65.21%。 - Latest distribution: ex-date 4 Aug 2026, cash RMB0.01 per share.
最近一次分配：除权除息日2026年8月4日，每股现金0.01元。 - Aurelian Grade D, score 41.2 of 100, graded within a peer group of 80 companies in its industry; no rank among peers is given.
金源评级D，得分41.2（满分100），于行业同业80家中评定；未提供其在同业中的排名。 - Not held for this report: receivable ageing, litigation case amounts, the order book, the auditor's opinion and key audit matters, segment revenue.
本报告未掌握：应收账款账龄、诉讼案件金额、在手订单、审计意见及关键审计事项、分部收入。