保利发展控股集团关于与关联合营、联营企业及其他关联方开展日常关联交易的公告——投资者详细解读

一、公告要点概述

• 公司名称：保利发展控股集团股份有限公司（600048）
• 公告主题：与关联合营、联营企业及其他关联方开展日常关联交易
• 公告编号：2026-029
• 涵盖时间：2023-2028年
• 涉及金额：2023-2025年度每年不超过50亿元，2026-2028年度每年不超过20亿元

二、核心内容详解

1. 关联交易的基本情况

公司根据市场化原则，与一批关联企业在租赁、物业管理、销售代理等业务方面产生日常关联交易。此类交易有助于公司经营并属于日常业务范畴。

2. 2023-2025年度关联交易情况回顾

• 2023-2025年度，经股东大会授权，每年关联交易额度上限为50亿元。
• 2023年实际发生金额为5.01亿元，2024年为3.95亿元，2025年为3.15亿元，均远低于额度上限。
• 主要交易类别包括租赁、物业管理、销售代理、商品采购及劳务等。
• 关联方主要为由公司董事/高管兼任的合营、联营企业，及公司/联营企业控制的合伙企业、其他受中国保利集团有限公司控制的关联方。

3. 2026-2028年度关联交易计划

• 2026年4月16日董事会通过2026-2028年日常关联交易议案，三年内每年交易额度调整为不超过20亿元。
• 主要交易类别为：租赁、物业管理、销售代理、资产管理、商品采购及劳务等。
• 各类别预计金额分配为：由公司董事/高管兼任企业5亿元，公司及联营企业相关主体5亿元，其他受保利集团控制关联方10亿元。
• 交易定价始终遵循市场化原则，参考市场公允价格签订合同。
• 涉及的关联董事（刘平、陈关中、潘志华、彭祎、童云翔、张方斌）均已回避表决。

4. 主要关联方及财务状况

5. 交易目的与影响

• 上述关联交易主要围绕公司正常经营所需，涉及场所租赁、物业管理及销售代理等领域。
• 交易定价遵循市场化原则，公平合理，有效防范利益输送。
• 独立董事已专门会议审议并同意该议案，认为交易有助于公司经营和业务发展，不存在损害公司及中小股东利益情形。

三、对投资者和股东的影响及关注要点

• 额度显著下调：日常关联交易额度由2023-2025年每年50亿元，下调至2026-2028年每年20亿元，显示公司对关联交易的管控趋于严格，或反映出公司业务调整、成本控制或对关联交易依赖度降低。
• 公司与关联方交易主要为经营所需，且规模有限，2023-2025年实际发生额远低于上限，未见异常大额流向关联方。
• 主要关联方部分盈利表现不佳：如国铁保利设计院出现较大亏损，投资者需关注其对公司未来合作和潜在风险的影响。
• 定价公允、决策合规：关联董事回避表决、独立董事认可，表明公司治理结构规范，有助于维护中小股东利益。

四、结论及潜在股价影响

本次公告显示保利发展控股集团对关联交易的额度大幅下调，显示公司治理趋严，有利于提升公司规范运作形象，或有助于提升投资者信心。相关交易金额对公司整体营收和利润影响有限，且不存在利益输送风险，短期对股价影响中性偏正面。但需关注主要关联方的经营状况，部分企业亏损可能带来一定经营风险。

免责声明：本解读仅供投资者参考，不构成任何投资建议。投资者需结合自身风险偏好和市场情况，审慎决策。

English Version

Poly Developments Holdings Detailed Announcement on Routine Connected Transactions—Investor Analysis

I. Key Highlights

• Company: Poly Developments Holdings Group Co., Ltd. (600048)
• Announcement: Routine connected transactions with joint ventures, associated companies, and other related parties
• Announcement No.: 2026-029
• Time Covered: 2023-2028
• Transaction Caps: RMB 5 billion per year (2023-2025); RMB 2 billion per year (2026-2028)

II. Detailed Content

1. Basic Situation of Connected Transactions

The company, based on market principles, conducts routine connected transactions with various related parties in leasing, property management, sales agency, etc. These transactions are necessary for business operations and fall within normal business scope.

2. Review of 2023-2025 Transaction Execution

• Annual cap for transactions was RMB 5 billion, as approved by the general meeting.
• Actual transaction amounts: RMB 501 million (2023), RMB 395 million (2024), RMB 315 million (2025)—all well below the cap.
• Main transaction types: leasing, property management, sales agency, procurement, and labor services.
• Related parties include joint ventures/associates where directors/executives hold posts, partnerships controlled by the company, and other entities under Poly Group.

3. 2026-2028 Transaction Plan

• On April 16, 2026, the board resolved to reduce the annual cap to RMB 2 billion for 2026-2028.
• Main categories: leasing, property management, sales agency, asset management, procurement, and labor services.
• Planned split: Joint ventures/associates (RMB 500 million), company-controlled partnerships (RMB 500 million), other Poly Group affiliates (RMB 1 billion).
• Pricing follows market fairness; contracts are negotiated at arm’s length.
• Connected directors abstained from voting; independent directors endorsed the plan.

4. Key Related Parties and Financials

5. Purpose and Impact

• These transactions are for operational needs (leasing, property management, sales agency, etc.).
• Pricing is fair and market-based, with no unfair benefit transfer.
• Independent directors have approved the proposal, indicating compliance and protection of minority interests.

III. Investor Takeaways and Price-Sensitive Points

• Significant reduction in transaction cap: From RMB 5 billion/year (2023-2025) to RMB 2 billion/year (2026-2028), showing stricter control and possibly less dependency on related parties, or reflecting business adjustments/cost controls.
• Actual transaction volume is low relative to cap, with no evidence of abnormal outflows.
• Some main related parties are loss-making, e.g., China Railway Poly Design Institute, which may pose operational risks.
• Pricing and governance are compliant, connected directors abstained, independent directors approved, indicating sound corporate governance.

IV. Conclusion & Potential Market Impact

This announcement demonstrates Poly Developments’ tighter control over connected transactions, which improves governance and could boost investor confidence. The transaction volumes are modest and present no evidence of benefit tunneling, so the direct impact on earnings or share price should be neutral to slightly positive. However, investors should monitor the performance of key related parties as some are loss-making, which may have future implications.

Disclaimer: This analysis is for reference only and does not constitute investment advice. Investors should make decisions based on their own risk appetite and market conditions.

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