文 | 时代财经App 钟黛

编辑 | 韩迅

yiyibi19yiyuan、yijia18beideshougousharuwenhuayanyiyehou，shanghailaopaifangqisanxiangyinxiang（000863.sz）dezhuanxingzhilubushenshunli，xiangshanghuanghuiyiyutaoxianrangchugongsikongzhiquan。

11yue17riwan，sanxiangyinxiangfabu“guanyuchouhuakongzhiquanbiangengjifupaidegonggao”cheng，gongsikonggugudongshanghaisanxiangtouzikongguyouxiangongsi（yixiajiancheng“sanxiangkonggu”）jishikongrenhuanghuijiangchiyoude29517.489wangusanxiangyinxiangliutonggu，xieyizhuanrangjiwuhanliantouzhiyeyouxiangongsi（yixiajiancheng“wuhanliantouzhiye”）。biaodegufenzhanshangshigongsizonggubende25%，zhuanrangjiakuanzongjiwei17.325yiyuan，zhehezhuanrangjiageyuewei5.87yuan/gu。

ziliaoxianshi，sanxiangkongguyouhuanghuichigubiliwei90%，qipeiouwanchunxiangchigubiliwei10%。

tongri，sanxiangyinxianghaigonggaocheng，nixiangwuhanliantouzhiyedekonggugudonghubeishenglianhefazhantouzijituanyouxiangongsi（yixiajiancheng“hubeilianfatou”）faxingbuchaoguo3.54yiguagugupiao，zhangongsidingzengqianzonggubende30%，mujizijinzongebuchaoguo10.2yiyuan，yongyubuchongliudongzijinjichanghaiyinxingjiekuan。

shangshujiaoyiwanchenghou，hubeilianfatoujiangzhijiejijianjiekongzhisanxiangyinxiangheji6.49yigugufen，zhangongsizonggubende42.31%，chengweigongsixindekonggugudong。sanxiangyinxiangdeshijikongzhirenbiangengweihubeishengguoziwei。

sanxiangyinxiangyouhuanghuichuangli。huanghui1962nianchushengzaihunanzhuzhou，cengyudonglijixiegongsigongzuo12nian。1993nian，shoupudongxinqukaifadejiyuxiyin，huanghuiyuanfushanghaitoushenyufangdichanxingye，chenglisanxianggufen。

bansuizhedichanxingyejizhongdutigao，bushaozhongxiaofangqitashangzhuanxingzhilu。sanxianggufenyejueyifazhan“wenhuayanyi+fangdichan”shuangzhuye，2016nianyi19yiyuanshougouguanyinxiangyishufazhanyouxiangongsi（yixiajiancheng“guanyinxiang”）100%deguquan，binggengmingweisanxiangyinxiang。beishougouqian，guanyinxiangdegudonghezhuyaochuangzuotuanduibaokuozhangyimou。

raner，shougouwanchenghou，guanyinxiangbujinmeinengwanchengduiduxieyi，erqieyinglishuipingyuanburushougouqian。2022nian，guanyinxiangdejinglirunwei-1427.7wanyuan。

11yue18ri，jingjianzhikuchuangshirenzhoumingqijieshoushidaicaijingcaifangshibiaoshi，guanyinxiangzuidadejiazhiweizhangyimoudengdaoyande“mingrenxiaoying”，yidanmingdaodefuwuqixianjieshu，zishenchuangzuonenglimeiyoupeiyuqilai，gedizhengfukehubingbumaizhang，gongsidechuangzuoshouruyedafuxiajiang。

2020nianzhi2022nian，sanxiangyinxiangdeyingyeshourufenbiewei48.89yiyuan、30.06yiyuan、13.49yiyuan；jinglirunfenbiewei3yiyuan、1.13yiyuan、0.30yiyuan，koufeijinglirunfenbiewei1.84yiyuan、-0.46yiyuan、0.14yiyuan。jinnianqiansanjidu，qiyingyeshouru、jinglirunfenbiewei8.89yiyuan、0.33yiyuan。

tonghuashunifindxianshi，2016nianzhi2023nianzhuanxingjinbaniandeshijianli，sanxiangyinxianghejishixian12.73yiyuandeguimujinglirun，xianjinfenhongzongezewei17.54yiyuan。qizhong，2020ji2021nian，sanxiangyinxiangfenbiefenhong9.45yiyuanhe1.18yiyuan，gulizhifulvgaoda315.2%he104.05%。

曾拿下前滩单价地王

sanxiangyinxiangcengzaishanghaikaifajiansheshugeloupan，qiduiqiantandiwangdezhengduo，kanchengzuiweinongmozhongcaideyibi。

2014nian12yue24ri，shanghaiqiantanbankuai，yirizhineipaichulelianggeshanghaidanjiadiwang。

dangrishangwu，qiantanz000801bianzhidanyuan32-01dikuaixiyinle14jiakaifashangdejiliejingjia，jiajiafuduyiducongzuichude200wanchongdao2000wan。zaijingguojin1gexiaoshidezhengduohou，zhishengxiasanxiangyugelidichanduilei。

zuizhong，jingguo124lunjingzheng，gelidichanyi16.14yiyuanduodegaidikuai，yijialv127%，loubanjia6.58wanyuan/pingfangmi，shuaxinshanghaipudongdanjiadiwangjilu。erzheiyijilujinjinsigexiaoshihoubianbeidapo。

xiawu，qiantanz000801bianzhidanyuan36-01zhaidichurang，sanxiangyu13jiafangqizhongshachuzhongwei，yi18.61yiyuannaxiagaizongdikuai，loubanjiawei6.66wanyuan/pingfangmi，yijialvwei114%。

sanxiangdechujiakeweishengmeng。ciqian，qiantanbankuaijinchurangguoyifushangwubangongjizhuzhaiyongdi40-01dikuai，zheheloubanjia2.89wanyuan/pingfangmi。pilinqiantandeyangsibankuai，yu2014nianchuchurangguoyifuzhuzhaiyongdi，loubanjiawei3.37wanyuan/pingfangmi。

2016nian，shanghaibianchutaileyangedexinfangxianjiazhengce。gaojianadidesanxiangyaomepeibenrushi，yaomeyishijianhuankongjian，jingdaifangjiashangyang。

zuizhong，jiyu36-01dikuaidazaodesanxiangyinxiangmingdiyu2020niankaiqiyushou，xiaoshoujunjiawei12.18wanyuan/pingfangmi，renchoulvgaoda672.54%。cuotuoliunian，gaixiangmuweisanxiangyinxianggongxianle1.28yiyuandejinglirun。

cicinadiyizheshechuzhongxiaofangqideshengcunyali。2016nian，tudishichanghuobao、diwangpinchu，erxinfangxianjiazhengcechutaihou，yasuolexinfangxiangmudeyinglikongjian。

shidaicaijingshulicaibaofaxian，sanxiangyinxiangzuihouyicibuchongtuchu，wei2017nianzaihangzhounadi。

土储建面剩下41万方

youyuwenhuayanyiyewuyezaizouruo，fangdichanyewurengshisanxiangyinxiangdeyingshou“daliang”，shanghai、hangzhouyijihebeiyanjiaodexiangmuchengqilegongsijinjiniandeyeji。

2017nian，sanxiangyinxiangfangdichanxiaoshouyingshouwei19.46yiyuan，zhanbiwei78.66%；wenhuayanyiyingshouwei3.49yiyuan，zhanbiwei14.11%。2022nian，sanxiangyinxiangfangdichanxiaoshouyingshouwei11.89yiyuan，zhanbiwei88.18%；wenhuayanyideyingshouwei3373.54wanyuan，zhanbiwei2.50%。

tongshi，youyusanxiangyinxiangdedichanyewubujujizhong、xiangmujiaoshao，gongsinianduyejishoudangedichanxiangmuyingxiangjiaoda。

sanxiangyinxiangcengzaigonggaozhongbiaoshi：“gongsi2020nianhe2021nianzhuyaojiezhuanhangzhouheshanghaixiangmu，nadijiagejiaogao，danfangtudichengbenzhandanfangfangwuxiaoshoujiagedebilijiaoda，qiecunzaixinfangxianjiadeqingxing，congershide2020nianhe2021niandefangdichanyewumaolilvjiaodi。gongsi2022nianzhuyaojiezhuanyanjiaoxiangmu，yanjiaoxiangmunadishijianzao、nadichengbenjidanfangtudichengbenjiaodi，daozhidangnianfangdichanyewuxiaoshoumaolilvjiaogao。”

2020nian、2021nianhe2022nian，sanxiangyinxiangdefangdichanyewumaolirunfenbiewei5.92yiyuan、5.18yiyuan、6.13yiyuan，maolilvfenbiewei12.91%、18.41%he51.60%。

jiezhi2023nian6yuedi，sanxiangyinxiangdetuchujinshengxiahebeiyanjiaoxiangmudebufendikuai，jihaishangyuan17haodikuaihe19haodikuai，zhandimianji14.07wanpingfangmi，zongjianzhumianji41.48wanpingfangmi，shengyukekaifamianjijinwei41.48wanpingfangmi。

hebeiyanjiaoxiangmuweisanxiangyinxiang2011niannaxia，xuwanchengchaiqianhoufangkekaifajianshe。gaixiangmuzongyongdimianjiwei542mu，zongguihuajianzhumianjichao100wanpingfangmi。

sanxiangyinxiang2023nianzhongbaoxianshi，haishangyuanxiangmu14haodi（shangfu）、15haodi（zhuzhai）、16haodi（zhuzhai）yushoubilifenbiewei10.3%、75.04%he37.96%；18haodiweixianshiyushoubili；17haodi、19haodirengweikaigong，fenbiexuyao16.42yiyuanhe15.42yiyuantouzi。

sanxiangyinxiangrenwei，gongsizichanfuzhaijiegoujiaoweiwenjian，xianjinliuchuyujinpinghengzhuangtai，zaijianhenijianxiangmu“haishangyuanzhuzhaixiangmu”kezaiweilai3-5nianneibaozhanggongsifangdichanyewudewenjianfazhan。

18倍溢价收购观印象

fangqidezhuanxingduoyishougouqieru，sanxiangyebuliwai。2015nian，sanxianggufenduiguanyinxiangfaqishougou，cengbagongsituixiangshizhidianfeng。

guanyinxiangdechanpinbaokuoshanshuishijingyanchuheqingjingtiyanju，zhuyaoshourulaiyuanweiwenhuayanyichuangzuoshouru、menpiaofenchengdeng。gongsihexinchuangzuotuanduibaokuozhangyimou、wangchaogehefanyue。

bishishougoufanganpilu，guanyinxiang100%guquansuoyouzhequanyiwei9675.58wanyuan，pingguzhiwei16.67yiyuan，pingguzengzhilv1622.71%。ersanxianggufenzuizhongjichudeshougouduijiawei19yiyuan，jiaopingguzhiyijia13.99%，jiaojingzichanyijia1863.71%。

guanyinxiangyuangudongcengzuochu2015nianzhi2018nianguanyinxiangguimujinglirunfenbiebudiyu1yiyuan、1.3yiyuan、1.6yiyuan、1.63yiyuandeyejichengnuo。erguanyinxiangjinzai2015nianganghaowanchengyejichengnuo，2015zhi2018nian，qijinglirunfenbiewei1.02yiyuan、1.25yiyuan、1.3yiyuan、2761.17wanyuan。

shishishang，zaigaibishougouwanchengdediernian，ji2017nian，sanxiangyinxiangjiduigaibishougoujitile11.54yiyuandeshangyujianzhi。anzhaoshougouyueding，zhangyimouzishougouzhongzuwanchengzhiriqi，zaiguanyinxiangdefuwuqixianbushaoyusannian。sannianqixianzhi，zhangyimouweixuyue。

2020nianzhi2022nian，guanyinxiangdejinglirunjinyibuxiahuazhi8266.5wanyuan、1522.5wanyuan、-1427.7wanyuan。

shenjiaosuocengduisanxiangyinxiang2021niannianbaofachuwenxunhan，sanxiangyinxiangzaihuifuzhongbiaoshi，“guanyinxiangzai2018niandujiyihouniandudeyingyeshouru、jinglirunyushougouguanyinxiangshideyuceqingkuangcunzaizhongdachayi”。

jutieryan，sanxiangyinxiangzhichu，guanyinxiang2018nianbufenchuyuchuangzuoqidexiangmuyinxuanzhiweiqueding、changdijianshezhouqiyanzhang、shigongjinduyanqidengyuanyinjindutuichi；

2018nianyihou，hongguanjingjizengsufanghuan、difangzhengfutouziyiyuanjiangdi、wenlvxingyedizhihuajingzhengjiaju，duiguanyinxiangdeyewutuozhanzaochenglebuliyingxiang；tongshi，guanyinxiangyuanhexindaoyantuanduichengyuanfuwuchengnuodaoqihou，shuangfangdehezuozhujianzhuanbianweixiangmuhezuozhi，xintuanduidechengzhanghemohexuyaoshijian，zhongduanqineiduiguanyinxiangwenlvyanyixiangmutuozhanzaochengleyidingyingxiang，daozhiguanyinxiangweinenganyuanjihuawanchengchuangzuo，zhizuoshouruxiajiangjiaoduo。

“sanxiangyinxiangquefawenlvjiyin，zaixuanzetouzibiaodehetouhouguanlishang，junyouzhidetigaodedifang。”jingjianzhikuchuangshirenzhoumingqigaosushidaicaijing，guanyinxiangbenshenjiubushijiaohaodetouzibiaode，gongsizuidadejiazhiweisanweidaoyan，zheigejiazhishiwuxingde、suishikeyibeidaizoude。“huaqianshougouyouzhizichanhuoip，ranhoupeiyuzishenzhuanyedazaonengli，shigenghaodexuanze。”

“zaiwenhuayanyiye，bingfeimeiyouchenggongdeanli。”zhoumingqitidao，songchengyanyijinnianfazhanxunmeng，yuanyuqishangyemoshiyaoyuanyouyuguanyinxiang。“shouxian，songchengyanyiyanchudechengbenyaoyuanyuangengdi，yichangyanchuyibanjinyouyue40geyanyuan，zuoweiyousanqianzhisiqiange，eryinxiangxilieyanchuwangwangyouliangsanbaigeyanyuan。qici，songchengyanyidechanpinduoweishineiyanchu，bushoujijie、tianqiheriyeyingxiang，kejingyingshijianzhang，changciduo。youyunengyouxiaoyasuochengben，lirunkongjianda，songchengyanyijidaoqudaoshangdefenchengyegengduo，jiazhiqiangdadequanguoxingyingxiaotixi，henrongyidakaibingzhanlingshichang。”

维康金杖运营不及预期

sanxiangyinxiangduiweikangjinzhang（shanghai）wenhuachuanmeiyouxiangongsi（yixiajiancheng“weikangjinzhang”）detouzi，yilianxusannianshoudaoshenjiaosuodewenxun。2018nian，sanxiangyinxiangruguxuhongdanrenfadingdaibiaorendeweikangjinzhang，touzijinewei3yiyuan，chigubiliwei16%。

sanxiangyinxiangcenggonggaocheng，touziyongyouquanqiuzhimingipshouquandeweikangjinzhang，shinandedeshangyetouzijihui。weikangjinzhangdexiangmuluodi，huijigongsidailaidaliangdejianzhu、zhuangshidengzengliangyewujihui，daidonggongsifangdichanbankuaichanyelianshanggeyewudanyuandezonghefazhan。

jutieryan，weikangjinzhangzai2017nian8yuequdemeiguoweiyakangmuzaijiangzhehuquyuneifazhanyiwenchuangchanyeweihexinguojilvyoudujiaquhexiangguanchanyeweiyishouquan。weiyakangmujituanyongyouzhimingpinpainikeledun，nikeledunpindaoyongyoubaokuohaimianbaobao、renzheshengui、duoladengyuanchuangdonghuawenyuhecgneirongip。

naxiaipshouquanhou，weikangjinzhangzhongdiantuozhandezhutileyuanxiangmubaokuojiangsunanjingxiangmu、zhejiangshaoxingxiangmu、zhejianghangzhouxiangmu、zhejianghuzhouxiangmu。

jiezhi2019niandi，weikangjinzhangdezhutileyuanxiangmujunweiluodiyunying，meiyouyunying、shouyiqingkuangbaogao。

youyu3yiyuandetouzijineweidadaosanxiangyinxiangjingzichande10%，gaibitouzimeiyoutijiaogongsidongshihuishenyi，yougongsiguanlicenglvxingtouzijuecechengxu。nadaotouzikuanhou，weikangjinzhangjiangqizhongde2.58yiyuanyongyuzhifuipshouquanfei。

danhouxu，weikangjinzhangdeyunyingqingkuangbujiyuqi。anyuanyueding，shanghaijinzhangtouziguanlihehuoqiye（youxianhehuo）renjiaoweikangjinzhang66.67%deguquan，yingyu2020nian2yue15riwanchengquanbuchuzi，jiezhi2020nian5yue，qiyichuzibiliwei18.52%，weiwanquanchuzidaowei。zhejiangshaoxing、jiangsunanjingdengxiangmuyeweinenganzhaoyujijiediantuijin。

“jianyuweikangjinzhangyuanyouxiangmuweiyoushizhixingjinzhan，gongsirenweijishituichuxiangmu、shouhuitouzikuanshizuinengbaohushangshigongsiquanyidefangan。”sanxiangyinxianggonggaocheng，zaiyuxuhongfanfuxieshangzhihou，yuedingxuhongyi3yiyuanhuigousanxiangyinxiangchiyoudeweikangjinzhang16%guquan，shuangfangyu2020nian10yue30riqiandingguquanhuigouxieyi。

danzheibiguquanhuigoukuanyeweinengwanquanshouhui。jiezhi2021nian9yue29ri，sanxiangyinxiangshangyou2.19yiyuanguquanzhuanrangkuanweishouhui。zuizhongsanxiangyinxiangweicijitizhangqiguquantouzijianzhizhunbei1.78yiyuan。

ciwai，shenjiaosuoduisanxiangyinxiang2021niancaibaodewenxunhanxianshi，gaigongsizhangqiguquantouzibeitouzidanweishejishiyujialianyingqiye，baogaoqimoyuewei5.03yiyuan，qizhong4jialianyingqiyecunzaichaoekuisun，zhangqiguquantouzizhangmianjiazhiyijianjiwei0。

jiuchurangkongzhiquanjigongsijinnianshuangzhuyedefazhan，shidaicaijingduocizhidianbingzhihansanxiangyinxiangdongmijizhengdai，danshijiezhifagaoshangweihuodeduifanghuifu。