Another state-owned enterprise announced the "liquidation" of its real estate business, and its stock price hit the daily limit after issuing the announcement.
On the evening of March 15, Jingtou Development Co., Ltd. (Stock Code: 600683) issued a prompt announcement on major asset sales, announcing that it plans to transfer all assets and liabilities related to its real estate development business to its controlling shareholder, Beijing Infrastructure Investment Co., Ltd. (hereinafter referred to as "Jingtou Company"). After the transaction is completed, the company will completely withdraw from the real estate development field.
After the announcement was released, Jingtou Development's stock price hit the daily limit at the opening on March 16. Previously, within three trading days on March 11, March 12, and March 13, Jingtou Development's stock price had risen significantly. From the opening on March 11 to date, Jingtou Development's stock price has increased by more than 30.4%.
Equity structure of Jingtou Development, Source: Tianyancha
As a pioneer and leader in the TOD (Transit-Oriented Development) model in China, Jingtou Development has long relied on the resource advantages of its controlling shareholder, Jingtou Company, and has been deeply involved in the "rail + property" development field. Since the development of its first TOD project in 2011, the cumulative development scale has exceeded 5 million square meters, and it has created many landmark projects such as Beijing Xihuafu, Park Yuefu, and Kunyufu, occupying a leading position in the TOD rail property field in Beijing.
Previously, Jingtou Development had a more well - known name, "Jingtou Yintai". In 2009, Yintai Holdings completed a private placement. Beijing Infrastructure Investment Co., Ltd. (hereinafter referred to as "Jingtou Company") and China Yintai became the first and second largest shareholders of the company respectively. The company's headquarters was moved from Ningbo, Zhejiang to Beijing, officially starting the cooperation model of "Jingtou + Yintai". In July of the same year, after the industrial and commercial registration change and the approval of the Shanghai Stock Exchange, the company's full name was changed to "Jingtou Yintai Co., Ltd.", and the stock abbreviation was changed to "Jingtou Yintai".
After that, the real estate industry entered a golden period. Relying on Jingtou Company's resource advantages in the rail transit field, Jingtou Yintai was deeply involved in the TOD (Transit - Oriented Development) field. Coupled with the advantages of the major shareholder in rail property, Jingtou Yintai achieved nearly 10 billion yuan in sales for two consecutive years from 2014 to 2015, ranking among the top 100 real estate enterprises in the country in terms of sales.
In April 2016, in order to accurately reflect the actual situation of the shareholder structure at that time and better fit the company's development strategy focusing on rail property, Jingtou Yintai convened a board of directors to review and approve the name - change proposal, changing "Jingtou Yintai Co., Ltd." to "Jingtou Development Co., Ltd.", and the stock abbreviation was also changed to "Jingtou Development" accordingly.
The decision to completely withdraw from the real estate business this time stems from the multiple pressures faced by the company's operations against the backdrop of the in - depth adjustment of the industry. The announcement and performance data show that Jingtou Development has been in the red for three consecutive years. The net profit attributable to the parent company in 2023 and 2024 was about 1.055 billion yuan in losses each year, and the expected loss in 2025 is between 1.025 billion yuan and 1.23 billion yuan. The cumulative loss in three years exceeds 3 billion yuan.
Jingtou Development admitted that the losses are mainly due to two core factors: First, the interest expenses of real estate projects have continued to increase, and the slowdown of project sales due to the industry downturn has led to high capital occupation costs. Second, the company conducted impairment tests on some project assets in accordance with corporate accounting standards. Based on the principle of prudence, it is expected to make impairment provisions for some project assets, further exacerbating the loss situation.
The continuous shrinkage of revenue has worsened the operating difficulties. In the first three quarters of 2025, Jingtou Development achieved an operating revenue of only 555 million yuan, a year - on - year plunge of 50.74%. The single - quarter revenue in the third quarter decreased by 74.78% year - on - year to 141 million yuan.
At the same time, the company's real estate business has continued to shrink. In 2025, the contracted sales amount was 2.998 billion yuan, a year - on - year decrease of 44.48%. The newly started construction area was only 24,200 square meters, a year - on - year decrease of 86.73%. No new real estate reserve projects have been added in the past two years. The business focus has shifted to the delivery and sales of existing projects, and the profitability of the core business has been completely lost. The real estate business no longer has the foundation for sustainable development.
Performance forecast data of Jingtou Development
It is worth noting that the transferee of this transaction, Jingtou Company, as a large - scale state - owned sole - proprietorship platform in Beijing, has strong financial strength. As of now, Jingtou Company holds 40% of the shares of Jingtou Development. The company's main business scope includes: manufacturing subway vehicles and subway equipment; operating and managing state - owned assets within the authorized scope, making investments and investment management, planning and constructing new subway lines; and operating and managing the existing subway lines.
It is reported that this transaction will be paid in cash, does not involve the issuance of shares, will not affect the company's equity structure, and will not lead to a change in the controlling shareholder. After preliminary calculations, this matter is expected to constitute a major asset restructuring and related - party transaction. It is still in the planning stage. The core elements such as the specific transaction scope, pricing, and payment arrangements have not been finally determined. The two parties to the transaction have not signed any formal agreements yet. The transaction plan still needs further demonstration, communication, and negotiation, and the necessary decision - making and approval procedures need to be carried out.
If the transaction is successfully completed, although Jingtou Development's operating revenue and total asset scale will decline to some extent, the asset - liability ratio is expected to be significantly improved, the asset structure will be further optimized, effectively cutting off the continuous "blood loss" of the real estate business, helping the company get rid of the operating difficulties of heavy assets, high leverage, and slow turnover, and enabling it to operate more nimbly.