DongGuan Winnerway Industrial Zone 粤宏远A
2 significant filings since 30 May 2026: 1 on earnings pre-announcement and 1 on dividend. The latest, on 14 Jul 2026: 2026年半年度业绩预告.
自 30 May 2026 起有 2 份重大公告：earnings pre-announcement 1 份、dividend 1 份。最新一份（14 Jul 2026）：2026年半年度业绩预告。
As of 25 Sep 2026 截至2026年9月25日
DongGuan Winnerway Industrial Zone 粤宏远A, listed in 1994, operates in property development. The company turned profitable in 2025 with attributable net profit of RMB68.6m, up from a loss of RMB47.7m in 2024. Revenue rose to RMB548.4m, a +12.0% increase. However, operating cash flow per share was -RMB0.05 in 2025, worse than -RMB0.02 in 2024, and the operating cash flow to net profit ratio was -0.46x, indicating cash outflows despite profit. At 30 Jun 2026, the company had a strong balance sheet with liabilities to assets at 22.7% and a current ratio of 6.65. The first half of 2026 showed revenue growth at RMB319.0m (+32.2%), but profit fell by 55.3% to RMB45.2m, with continued cash outflows. Shareholders include 广东宏远集团有限公司, the controlling and largest holder.
粤宏远A于1994年上市，从事房地产开发。2025年公司扭亏为盈，归母净利润6,861.3万元，较2024年-4,769.8万元明显改善。营业收入达5.48亿元，同比增长12.0%。但2025年每股经营现金流为-0.05元，较2024年-0.02元进一步恶化，经营现金流与净利润之比为-0.46倍，显示盈利未转化为现金。截至2026年6月30日，公司资产负债率为22.7%，流动比率6.65，短期偿债能力较强。2026年上半年营业收入3.19亿元，同比增长32.2%，但归母净利润同比下降55.3%至4,523.6万元，经营现金流仍为负。控股股东及第一大股东为广东宏远集团有限公司，持股19.95%。
| Flag 标记 | Risk 风险 | Mechanism 影响机制 |
|---|---|---|
| Operating cash outflow 经营现金净流出 | The company faces operating cash outflow risk. 公司面临经营现金流为负的风险。 | Operating cash flow per share was -RMB0.05 in 2025 and -RMB0.02 in 2024, indicating persistent cash outflows from operations. This weakens liquidity despite reported profit. 2025年每股经营现金流为-0.05元，2024年为-0.02元，显示经营活动持续现金流出。尽管账面盈利，但流动性承压。 |
- Change in attributable net profit for the full year 2026 compared to 2025
2026全年归母净利润较2025年的变动 - Operating cash flow per share in the 2026 annual report
2026年年报中的每股经营现金流 - Revenue growth in the second half of 2026 compared to the first half
2026年下半年收入较上半年的增长情况 - Net profit excluding non-recurring items for 2026
2026年扣除非经常性损益后的净利润 - Liabilities to assets ratio at year-end 2026
2026年末资产负债率 - Inventory days at year-end 2026
2026年末存货周转天数
- Company: DongGuan Winnerway Industrial Zone 粤宏远A, Shenzhen Stock Exchange 000573; industry Property Development; listed 15 Aug 1994.
公司：粤宏远A，深圳证券交易所 000573；行业：房地产开发；上市日期：1994年8月15日。 - Close on 24 Sep 2026 RMB3.78; close on 24 Sep 2025 RMB4.16, RMB4.11 in today's terms; one-year change, adjusted for distributions and share changes -8.0%.
2026年9月24日收盘价3.78元；2025年9月24日收盘价4.16元（前复权4.11元）；一年涨跌幅（复权）-8.0%。 - 52-week range in today's terms, adjusted for distributions and share changes RMB3.35 to RMB4.97.
52周区间（前复权）3.35元至4.97元。 - In the last 12 months 2 trading days closed 9% or more above or below the day before (all days, not only this year). The 2 most recent of them: 28 Jan 2026 +10.0%; 10 Jul 2026 +10.1%. No two of the 2 fell on consecutive trading days.
近12个月共有2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2个：2026年1月28日 +10.0%；2026年7月10日 +10.1%。其中任意两个交易日均不相邻。 - Market capitalisation RMB2.41bn; P/E TTM 191.4; price to book 1.50x.
总市值24.13亿元；市盈率（TTM）191.4；市净率1.50倍。 - Revenue 2025 RMB548.4m; 2024 RMB489.6m; change +12.0%.
营业收入2025年5.48亿元；2024年4.90亿元；同比+12.0%。 - Attributable net profit 2025 RMB68.6m; 2024 -RMB47.7m; change +243.8% (from a loss to a profit).
归属于母公司股东的净利润2025年6,861.3万元；2024年-4,769.8万元；同比+243.8%（扭亏为盈）。 - Net profit excluding non-recurring items, 2025 change +3.3%.
2025年扣除非经常性损益后的净利润同比+3.3%。 - Basic EPS 2025 RMB0.11; 2024 -RMB0.07.
基本每股收益2025年0.11元；2024年-0.07元。 - Operating cash flow per share 2025 -RMB0.05; 2024 -RMB0.02; operating cash flow to net profit -0.46x.
每股经营现金流2025年-0.05元；2024年-0.02元；经营现金流与净利润之比-0.46倍。 - 2025 gross margin 5.9%; net margin 12.4%; ROE 4.3%.
2025年毛利率5.9%；净利率12.4%；净资产收益率4.3%。 - At 30 Jun 2026: liabilities to assets 22.7%; current ratio 6.65; quick ratio 2.61; receivable days 10; inventory days 540.
截至2026年6月30日：资产负债率22.7%；流动比率6.65；速动比率2.61；应收账款周转天数10；存货周转天数540。 - Period to 30 Jun 2026 (six months, not comparable with the full years above): revenue RMB319.0m, change +32.2%; attributable net profit RMB45.2m, change -55.3%; operating cash flow per share -RMB0.02.
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3.19亿元，同比+32.2%；归母净利润4,523.6万元，同比-55.3%；每股经营现金流-0.02元。 - Ownership: actual controller 陈海涛; controlling shareholder 广东宏远集团有限公司; largest holder at 30 Jun 2026: 广东宏远集团有限公司, 19.95%.
股权：实际控制人：陈海涛；控股股东：广东宏远集团有限公司；2026年6月30日第一大股东：广东宏远集团有限公司，持股19.95%。 - Latest distribution: ex-date 15 Jun 2026, cash RMB0.05 per share.
最近一次分配：除权除息日2026年6月15日，每股现金0.05元。 - Aurelian Grade C, score 66.5 of 100, graded within a peer group of 80 companies in its industry; no rank among peers is given.
金源评级C，得分66.5（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。