Core Insights - The company reported a revenue of 143.77 billion yuan for Q1 2025, a year-on-year increase of 9.47%, while the net profit attributable to shareholders was 584 million yuan, a decrease of 3.29% [1] - The supply chain business showed robust growth with revenues of 129.34 billion yuan, up 5.47% year-on-year, and a net profit of 848 million yuan, an increase of 9.72% [1] - The real estate segment demonstrated resilience with revenues of 12.81 billion yuan, a significant increase of 94.40% year-on-year, although net profit was negative at -91 million yuan due to the absence of asset sale gains [2] Supply Chain Business - The supply chain business achieved a revenue of 129.34 billion yuan, reflecting a year-on-year growth of 5.47% [1] - The net profit for the supply chain segment was 848 million yuan, which is an increase of 9.72% compared to the previous year [1] - The growth in this segment was primarily driven by increased profits from pulp and paper as well as certain mineral operations [1] Real Estate Business - The real estate business generated revenues of 12.81 billion yuan, marking a year-on-year increase of 94.40% [2] - The net profit for the real estate segment was -91 million yuan, a decrease of 34 million yuan year-on-year, largely due to the lack of asset sale investment gains in the current period [2] - The subsidiary, Jianfa Real Estate, reported sales of 32 billion yuan, a 2% increase year-on-year, while the land acquisition amount was 20.7 billion yuan, ranking fourth in the industry [2] Home Furnishing Business - The home furnishing segment faced challenges, with revenues of 1.62 billion yuan, a decline of 23.49% year-on-year [2] - The net profit for this segment was -172 million yuan, a decrease of 61 million yuan compared to the previous year, impacted by external factors and increased losses from fair value changes in investment properties [2] Investment Outlook - The company forecasts revenues of 715.75 billion yuan, 728.70 billion yuan, and 743.93 billion yuan for 2025-2027, with year-on-year growth rates of 2.06%, 1.81%, and 2.09% respectively [3] - Expected net profits for the same period are projected to be 3.447 billion yuan, 3.976 billion yuan, and 4.400 billion yuan, with growth rates of 17.01%, 15.34%, and 10.68% [3] - The company maintains a strong risk control capability in its supply chain and a proactive approach in real estate sales, anticipating continued growth in non-recurring earnings [3]

| 股票代码：600153 | 股票简称：建发股份 | | | 公告编号：临2025-020 | | --- | --- | --- | --- | --- | | 债券代码：185929 | 债券简称：22 | 建发 | Y3 | | | 债券代码：137601 | 债券简称：22 | 建发 | Y4 | | | 债券代码：115755 | 债券简称：23 | 建发 | Y1 | | | 债券代码：240217 | 债券简称：23 | 建发 | Y2 | | | 债券代码：240650 | 债券简称：24 | 建发 | Y1 | | | 债券代码：241016 | 债券简称：24 | 建发 | Y2 | | | 债券代码：241137 | 债券简称：24 | 建发 | Y3 | | | 债券代码：241265 | 债券简称：24 | 建发 | Y4 | | | 债券代码：241266 | 债券简称：24 | 建发 | Y5 | | 厦门建发股份有限公司 2024年年度股东大会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律 ...

关于厦门建发股份有限公司 2024 年年度股东大会的 法律意见书 中国·厦门 厦禾路 666 号海翼大厦 A 幢 16-18 楼 厦门 · 上海 · 福州 · 泉州 · 龙岩 http://www.tenetlaw.com 中国 · 厦门 厦禾路 666 号海翼大厦 A 幢 16- 电话:86 · 592 · 5883666 · 传真:86 · 592 · 58 厦门 · 泉州 · 福州 · 龙岩 · 上海 www.tene 关于厦门建发股份有限公司 2024 年年度股东大会的法律意见书 (2025) 天衡(意)字第 083 号 致:厦门建发股份有限公司 厦门建发股份有限公司(以下简称"公司")2024年年度股东大会(以下简 称"本次股东大会")于2025年5月6日召开。福建天衡联合律师事务所(以 下简称"本所")接受公司的委托,指派曾招文律师,廖明骐律师(以下简称"本 所律师")出席本次股东大会,根据《中华人民共和国公司法》(以下简称"《公 司法》"）、《上市公司股东会规则》(以下简称"《股东会规则》")和《厦 门建发股份有限公司章程》(以下简称"《公司章程》")的规定,对本次股东 大会的召集和召开程序、出 ...

厦门建发股份有限公司 第十届董事会 2025 年第一次临时会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 厦门建发股份有限公司（以下简称"公司"）于2025年4月30日以通讯方式 向各位董事发出了召开第十届董事会2025年第一次临时会议的通知。会议于 2025年5月6日以现场的方式在厦门市思明区环岛东路1699号建发国际大厦附楼 6层3号会议室召开。本次会议由董事长林茂先生主持，应出席董事7人，实际出 席董事7人。本次会议的通知、召开及审议程序符合有关法律、法规和《公司章 程》的规定，所作决议合法有效。 | 股票代码：600153 | 股票简称：建发股份 | | | 公告编号：临 | 2025—021 | | --- | --- | --- | --- | --- | --- | | 债券代码：185929 | 债券简称：22 | 建发 | Y3 | | | | 债券代码：137601 | 债券简称：22 | 建发 | Y4 | | | | 债券代码：115755 | 债券简称：23 | 建发 | Y1 | | ...

Investment Rating - The report maintains an "Overweight" rating for the real estate sector, indicating a positive outlook for the industry compared to the overall market performance [4]. Core Insights - In April 2025, the sales data from real estate companies showed a significant decline, with a year-on-year decrease of 23.5% in monthly sales and a cumulative decrease of 16.1% for the first four months of the year [4]. - The report highlights a structural differentiation in the market, with first and second-tier cities performing better than third and fourth-tier cities, suggesting a "structurally strong + weak overall" market outlook [4]. - The report emphasizes the importance of government policies aimed at stabilizing the real estate market, including measures to enhance housing supply and optimize land storage [4]. Summary by Sections Sales Performance - In April 2025, the top three companies by sales were Poly Developments (24.6 billion), China Overseas (20.1 billion), and China Resources (17.3 billion), with the threshold for the top three dropping from 21.3 billion in the previous year to 17.3 billion [2][4]. - The cumulative sales for the first four months of 2025 reached 756.3 billion, reflecting a year-on-year decline of 16.1% [4]. Company Performance - Poly Developments reported a sales amount of 87.6 billion (YOY -9%), while China Resources and China Overseas reported 68.5 billion (YOY -5%) and 66.5 billion (YOY -19%) respectively for the first four months of 2025 [4]. - Notable performers in April included China Fortune Land Development (+73% YOY) and Sunshine City (+69% YOY), indicating that some companies are outperforming the industry average [4]. Investment Recommendations - The report recommends focusing on high-quality real estate companies in core cities, including China Overseas, Poly Developments, and China Resources, as well as second-hand housing intermediaries like Beike-W and I Love My Home [4]. - It also suggests looking into undervalued companies such as New Town Holdings and Longfor Group, and highlights the potential of property management firms like China Resources and Poly Property [4].

房地产开发 2025W18：受五一假期影响，本周二手房成交环比走弱 降准降息或已在路上，未来新发房贷利率有望下破 3%。据央行，2025 年 第一季度全国新发放商业性个人住房贷款加权平均利率为 3.11%，与 2024 年四季度接近，相较 5 年期以上 LPR 减点约 50bp。主要是自 2024 年 11 月以来，5 年期以上 LPR 报价保持 3.6%不变。中央在多次会议提到 "适时降准降息"，考虑到外部环境的急剧变化和冲击，我们认为降准降 息或已在路上，未来全国平均新发房贷利率有望下破 3%。货币政策作为 宏观调控关键手段，对房地产大周期影响深远，一方面减轻购房信贷负担， 另一方面少部分城市贷款成本或将逐步靠拢住房租金回报率，对楼市的稳 定产生一定积极效果。 行情回顾：本周申万房地产指数累计变动幅度为-3.0%，落后沪深 300 指 数 2.61 个百分点，在 31 个申万一级行业排名第 31 名。 新房：本周30个城市新房成交面积为207.4万平方米，环比提升22.9%， 同比提升 26.2%，其中样本一线城市的新房成交面积为 65.8 万方，环比 +40.5%，同比+32.6%；样本二线城市为 91 ...

2025.05. 02 此外，万科地产、建发房产位于四百亿阵营，销售额分别为428.5亿元、426.7亿元，华发股份、越 秀地产、滨江集团卡位最后三个TOP10位次，销售金额分别为353.1亿元、312.4亿元、272.4亿 元。 鉴于楼市仍在恢复进程中，4月百强房企各梯队的销售门槛也出现一定分化，TOP10、TOP30和 TOP50房企的销售操盘金额门槛均有不同程度提升，而TOP20房企销售操盘金额门槛同比降低8.9% 至112.6亿元，TOP100房企门槛降低3.1%至17.9亿元。 在今年召开的业绩发布会上，房企已鲜少提及销售目标，大多判断将维持在近年平均水平。业内表 示，这说明房企不再唯"销售金额"论，将聚焦高质量发展部分，提升签约回款率，以优质项目修复毛 利率。 在销售策略上，房企多实施"一城一策、因城施策"营销策略，以加快应对市场的反应速度，确保每个 项目都有合理流速，持续去化的同时优化区域土储结构。同时，加强自有渠道的建设力度，通过数字 化营销降本增效。 本文字数：1230，阅读时长大约2分钟 作者 | 第一财经 孙梦凡 楼市传统"金三银四"时期，房企销售业绩如何？ 克而瑞发布的最新数据显示，4 ...

Core Insights - The land transaction activity in key cities has significantly increased, with major real estate companies showing a positive trend in land acquisition and investment [1][2][3] Group 1: Land Acquisition Trends - In the first four months, the top 100 real estate companies' land acquisition amount reached 428.5 billion yuan, a year-on-year increase of 42% [2] - The total new value of land acquired by these companies was 830.9 billion yuan, reflecting a year-on-year growth of 23.6% [2] - The total construction area acquired was 39.15 million square meters, marking a 3.2% increase year-on-year [2] Group 2: Market Concentration - The top 10 real estate companies accounted for 69% of the total new value acquired by the top 100 companies, an increase of 7 percentage points compared to the end of 2024 [2] - The land acquisition to sales ratio for the top 100 companies remained stable at 0.3, which is an increase of 0.13 from the end of 2024 [2] - The market is showing signs of concentration, with leading companies and state-owned enterprises optimizing their land reserves, while smaller firms are reducing their investment due to liquidity pressures [3] Group 3: Regional Insights - The Yangtze River Delta region led the four major city clusters in land acquisition, with the top 10 companies acquiring 114.67 billion yuan worth of land [4] - In contrast, the Beijing-Tianjin-Hebei region ranked second with 69.8 billion yuan, while the Midwest region was third with 28.9 billion yuan [4] - Major state-owned and local enterprises dominate land acquisition in key cities, while private companies are focusing on specific areas to supplement their land reserves [4] Group 4: Market Outlook - The core cities are experiencing a recovery in market sentiment due to policy optimization and increased quality supply, although the national market has not fully stabilized [5] - Real estate companies are advised to seize the opportunity during the "stop falling and stabilize" policy window while being cautious in their investments [5]

Core Viewpoint - The company reported a net profit of 453,860,168.23 yuan for Q1 2025 after deducting interest on perpetual bonds, indicating a focus on financial transparency and accountability [3][4]. Financial Performance - The company achieved a net profit of 584 million yuan in Q1 2025, a decrease of 20 million yuan year-on-year [4]. - The supply chain operation segment contributed a net profit of 848 million yuan, an increase of 75 million yuan or 9.72% year-on-year, attributed to higher profits from pulp and paper and some mineral products [4]. - The real estate segment reported a net loss of 91 million yuan, a decrease of 34 million yuan year-on-year, primarily due to the absence of a previous year's investment gain from the sale of equity [4]. - The home furnishing mall operation segment incurred a net loss of 172 million yuan, a decrease of 61 million yuan year-on-year, impacted by external environmental factors and increased fair value losses on investment properties [5]. Corporate Governance - The board of directors and senior management confirmed the accuracy and completeness of the quarterly report, taking legal responsibility for its content [2][3].

中信证券股份有限公司 关于 厦门建发股份有限公司 重大资产购买 之 2024 年度持续督导意见 暨持续督导总结报告 独立财务顾问 二〇二五年四月 声 明 中信证券股份有限公司接受委托，担任厦门建发股份有限公司重大资产购买 的独立财务顾问。 本独立财务顾问依据《上市公司重大资产重组管理办法》《上市公司并购重 组财务顾问业务管理办法》等法律、法规的有关规定，对上市公司进行持续督导。 按照证券行业公认的业务标准、道德规范，本着诚实信用、勤勉尽责的态度，出 具本持续督导意见暨持续督导总结报告。 1、本独立财务顾问与本次交易各方无任何关联关系，本着独立、客观和公 正的原则对本次交易出具本持续督导意见。 2、本持续督导意见所依据的文件、材料由上市公司及其交易对方提供，上 市公司保证所提供的资料真实、准确、完整，不存在任何虚假记载、误导性陈述 或重大遗漏，并对所提供资料的合法性、真实性、完整性承担个别和连带责任。 本独立财务顾问出具的持续督导意见是在假设本次交易的各方当事人均按相关 协议的条款和承诺全面履行其所有义务的基础上提出的，若上述假设不成立，本 独立财务顾问不承担由此引起的任何风险责任。 3、本独立财务顾问未委托和 ...