宁波联合集团2025年年报问询函回复：贸易及房地产业务大幅波动、应收账款与财务资助详解

宁波联合集团股份有限公司2025年年报问询函回复公告详解

【要点提炼】

公司三大主营业务均面临明显变化： 批发业务收入大幅下滑（同比下降76.22%），电力、热力业务营收下降（同比下降12.23%），但房地产业务营业收入同比增长45.09%。
批发业务（进口煤炭贸易）大幅萎缩、毛利率持续为负： 2025年自营进口煤炭营业收入下降77.45%，毛利率为-4.98%。公司主动大幅缩减煤炭贸易规模以应对市场下行和价格倒挂风险。
房地产板块销售结构变化影响盈利能力： 商品房销售收入下降49.34%，但整体房地产收入增长主要因投资性房地产大额出售。商品房毛利率下滑至10.81%，投资性房地产毛利率也降至12.09%。
应收账款风险上升： 期末应收账款账龄结构显著恶化，一年以上应收账款占比从0.02%骤升至40.92%，主要是政府待结算房款回款延迟。
投资性房地产减值计提大幅上升： 2025年计提减值准备2,547.66万元，较上年大幅增加，主要针对温德姆酒店等资产。
合营公司项目开发款展期及降息： 对温州和欣置地有限公司财务资助展期至2026年底，利率从8.5%降至4%。
第四季度利润承压，扣非归母净利润由盈转亏： 虽营业收入环比增长，但受管理费用、投资损失和减值影响，第四季度扣非归母净利润亏损1,565万元。
前五大客户结构变化明显，新增大客户增多： 非贸易业务前十大客户中两家为新客户，房地产大宗交易带动大客户结构变化。

一、批发业务大幅下滑，煤炭贸易风险与调整

025年度公司批发业务（主要为进口煤炭贸易）营业收入仅1.97亿元，同比下降76.22%。煤炭贸易市场受国内外价格倒挂、需求疲软影响极大，公司主动大幅减少自营煤炭业务，2025年仅临时采购少量煤炭以应对市场波动。自营进口煤炭业务毛利率连续两年为负（2024年-4.31%，2025年-4.98%），反映出行业整体承压和公司业务调整的合理性。
同行业公司如山煤国际、瑞茂通等煤炭贸易板块收入和毛利率也出现大幅下滑，且毛利率普遍极低，行业前景充满挑战。

二、房地产业务结构变化与风险

商品房销售下滑： 主要项目龙港天和景园2025年销售量下滑，剩余库存多为大户型、顶层等难以销售房源，导致让利促销、毛利率下降至12.01%。
投资性房地产大额处置： 2025年公司出售半山半岛公寓楼、华美达酒店等资产，推动房地产板块整体营收同比大幅增长，但因整体打包出售需折让，毛利率同比下降至12.09%。
存货及投资性房地产减值压力： 2025年公司对温德姆酒店、龙眼礁别墅等投资性房地产计提减值准备2,547.66万元（上年仅101.84万元），显示相关资产预期收益不及预期，存在价值下跌风险。存货跌价准备计提为-11.34万元，主要因部分项目可变现净值略高于账面价值，整体减值风险可控。

三、应收账款显著恶化，政府回款慢成主因

025年末应收账款余额4.50亿元，占营业收入比重上升至35.48%，账龄一年以上占比激增至40.92%。主要原因为政府房票结算回款周期拉长（龙港市房票安置政策），以及部分大额房地产销售项目回款尚未到位。虽然公司主要欠款方为政府单位，回款风险可控，但回款周期延长可能影响公司现金流，需密切关注。

四、财务资助展期及降息，资金安全总体可控

公司对子公司与合营企业温州和欣置地有限公司的项目开发款展期至2026年底，年利率下调至4%。该合营公司项目开发及销售进展基本符合计划，已累计销售率超过67%。双方股东按股权同比例同步提供资助，已归还大部分款项，坏账准备计提5%，未到期款项不存在逾期风险。

五、四季度业绩承压，利润波动加剧

尽管2025年第四季度营业收入环比增长24.77%，但扣非归母净利润由盈转亏，亏损1,565万元。主要因为管理费用显著上升（集中计提绩效奖金）、投资收益和公允价值变动损失减少，以及减值损失大幅增加（主要为投资性房地产减值）。此外，非经常性损益如政府回购土地收益、碳排放权转让收益显著，拉高单季收入但对主营盈利提升有限。

六、客户结构变化与大宗交易驱动

报告期内非贸易业务前十大客户中，两家为新客户（苍南县山海旅游产业发展有限公司、温州和兴酒店投资有限公司），均为房地产大额处置交易所致。大客户集中度提升，房地产板块大额销售交易推动了客户结构变化。前五大客户销售额占比37.1%，其中关联方交易占比3.7%。新增大客户主要为地方政府平台企业及大型酒店集团，均资信良好，回款情况正常。

七、主业承压下公司应对措施

电力、热力业务将加快设备升级、优化用热规划、拓展新能源项目，提升经营效益。
房地产板块着力提升产品力、降本增效、优化资产结构，并积极拓展新项目和合作模式，增强后劲。
批发业务将严格风险控制，优化外贸服务，吸引更多客户，保持业务稳健运行。
公司整体财务结构稳健，资产负债率低，为后续业务调整与创新提供保障。

【对投资者影响与风险提示】

公司主营业务板块受行业周期与政策调整影响显著，特别是批发业务大幅收缩、房地产大宗资产处置带来业绩波动，投资性房地产减值大幅增加，均可能对未来盈利能力与现金流产生实质影响。
应收账款账龄恶化、政府回款周期拉长需持续关注，如后续回款不及预期将影响公司现金流与资产质量。
合营企业财务资助展期及降息虽整体风险可控，但房地产行业整体下行风险仍未解除。
公司已采取多项举措应对主业承压，但短期内业绩波动较大，需密切关注后续经营调整及行业政策走向。

免责声明：本文基于公司公告和财报内容整理，相关信息仅供投资者参考，不构成投资建议。投资有风险，决策需谨慎。

English Version

Key Financial and Operational Highlights from Ningbo United Group Co., Ltd. 2025 Annual Report Inquiry Response

Sharp contraction in wholesale (coal trading) business: Revenue down 76.22% YoY, with coal imports falling 77.45%. Gross margins remain negative as the company proactively cut trade volume to mitigate price inversion risks.
Real estate segment sees structure shift and margin pressure: Property sales revenue down 49.34%, but total real estate income up 45% due to large-scale investment property disposals. Gross margin on property sales dropped to 10.81%, investment property margin down to 12.09%.
Receivables risk rises: Receivables over one year surged from 0.02% to 40.92% of total. Government-related delayed payments (home voucher settlements) are the main reason.
Investment property impairment spikes: Impairment provision reached RMB 25.48 million in 2025, mainly for Wyndham Hotel and other assets.
Joint venture financing extended and rate cut: Financial aid to Wenzhou Hexin extended to end-2026, rate reduced from 8.5% to 4%.
Q4 profit pressure, net profit swings to loss: Despite sequentially higher revenue, Q4 non-recurring net profit turned to a loss of RMB 15.65 million on higher management costs, investment losses, and impairments.
Top clients shift, large transactions drive changes: Two of the top 10 non-trade clients are new, mainly due to bulk real estate sales to government platform and hotel groups.

1. Coal Trading Downturn and Risk Control

Coal import business saw a 77.45% drop in revenue and continued negative gross margin. The company actively shrank this business in response to adverse market conditions and price inversion, aligning with industry trends of peers like Shanxi Coal International and Ruimaotong.

2. Real Estate Business Structural Changes

Property sales fell, inventory harder to sell: Main project sales slowed, remaining units are mostly large or less marketable, leading to discounts and lower margins.
Major investment property disposals: 2025 saw sales of major assets like Wyndham Hotel and apartments, boosting segment revenue but at the cost of lower margins.
Impairment provisions surge: RMB 25.48 million in 2025 vs. RMB 1.02 million last year, reflecting weaker asset values.

3. Receivables Age Structure Deteriorates

Accounts receivable over one year old jumped to 40.92%, mainly due to delayed government payment for property sales via home voucher system. While credit risk is low due to government counterparty, cash flow pressure may mount if delays persist.

4. Joint Venture Financing Extended, Rate Lowered

Funding to JV Hexin was extended and rate cut. The JV’s project progresses as planned, substantial repayments made, and both shareholders contribute equally. Default risk is assessed as low.

5. Fourth Quarter Profit Pressure

Q4 revenue up sequentially, but non-recurring net profit turned negative due to higher management expenses (year-end bonuses), lower investment gains, and major impairments. Non-operating income (land buy-back, carbon credit sales) boosted revenue but not core profit.

6. Major Client Changes Driven by Bulk Real Estate Sales

Top 10 non-trade clients include two new large buyers (local gov’t platform and hotel group), reflecting real estate asset sales. Client concentration increased, but counterparties are financially sound and payments progressing well.

7. Response to Core Business Pressure

Power/Heat: Upgrade equipment, optimize planning, expand new energy, and improve efficiency.
Real Estate: Focus on product quality, cost control, asset optimization, and pursue new project opportunities.
Wholesale: Tighten risk management, optimize trade model, and attract new clients.
Overall financial position remains stable, low debt level supports business transformation.

Investor Risk Alert

Core business faces industry and policy headwinds, especially in wholesale and real estate segments.
Receivables aging and delayed government payments warrant close monitoring for cash flow impact.
Real estate sector risks remain despite JV project stability.
Performance volatility may persist in the short term. Investors should monitor management’s response and industry trends closely.

Disclaimer: This article is based on company announcements and financial reports, and is for informational purposes only. It does not constitute investment advice. Please make investment decisions prudently and at your own risk.