Financial Performance - The company's operating revenue for Q1 2025 reached CNY 143.77 billion, an increase of 9.47% compared to CNY 131.34 billion in the same period last year[6]. - Net profit attributable to shareholders decreased by 3.29% to CNY 584.02 million from CNY 603.89 million year-on-year[6]. - The net profit after deducting non-recurring gains and losses was CNY 97.66 million, a significant decline of 65.33% from CNY 281.70 million in the previous year[6]. - Operating income for Q1 2025 was ¥602 million, compared to ¥815 million in Q1 2024, indicating a decrease of 26.2%[25]. - The company reported a net profit margin of approximately 0.42% for Q1 2025, down from 0.62% in Q1 2024[25]. - The net profit for Q1 2025 was ¥190.91 million, a decrease of 53.6% compared to ¥411.01 million in Q1 2024[26]. - The total comprehensive income of ¥185.52 million in Q1 2025, down 48.3% from ¥358.72 million in Q1 2024[27]. - The total operating profit for Q1 2025 was ¥464.51 million, down 27.2% from ¥638.66 million in Q1 2024[26]. Cash Flow and Liquidity - The cash flow from operating activities showed a net outflow of CNY 5.73 billion, compared to an outflow of CNY 46.52 billion in the same period last year[6]. - The company's cash flow from operating activities was not applicable, primarily due to the use of bill settlements in supply chain operations during the reporting period[15]. - As of March 31, 2025, the company's cash and cash equivalents amounted to approximately 115.46 billion RMB, an increase from 95.87 billion RMB at the end of 2024[21]. - The cash and cash equivalents at the end of Q1 2025 increased to ¥101.08 billion, compared to ¥82.81 billion at the end of Q1 2024[29]. - The company experienced a net cash outflow from investing activities of ¥6.41 billion in Q1 2025, compared to a net outflow of ¥5.25 billion in Q1 2024[29]. - The net cash inflow from financing activities in Q1 2025 was ¥27.40 billion, a decrease of 43.6% from ¥48.58 billion in Q1 2024[29]. Assets and Liabilities - Total assets increased by 11.56% to CNY 856.61 billion from CNY 767.87 billion at the end of the previous year[6]. - The company's total assets as of the latest reporting period amounted to ¥856.61 billion, compared to ¥767.87 billion previously, marking an increase of 11.5%[24]. - Total liabilities increased to ¥629.81 billion, up from ¥539.71 billion, reflecting a growth of 16.7%[23]. - The company's prepayments increased significantly from approximately 23.80 billion RMB to 42.10 billion RMB during the same period[21]. - The company's contract liabilities increased to ¥199.18 billion, up from ¥181.25 billion, indicating a rise of 9.9%[23]. Segment Performance - The supply chain operation segment generated a net profit of CNY 848.16 million, up 9.72% year-on-year, mainly due to increased profits from pulp and paper products[8]. - The real estate segment reported a net loss of CNY 91.68 million, a decrease of CNY 34 million compared to the previous year, primarily due to the absence of investment income from the sale of equity in a subsidiary[9]. - The home mall operation segment incurred a net loss of CNY 172.47 million, a decline of CNY 61 million year-on-year, affected by external market conditions[10]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 64,400[18]. - The largest shareholder, Xiamen C&D Inc., held 1,356,687,985 shares, representing 46.03% of the total shares[18]. Other Financial Metrics - The weighted average return on equity decreased to 0.80% from 0.86% in the previous year, reflecting a reduction of 0.06 percentage points[6]. - The company recognized non-recurring gains of CNY 416.48 million from fair value changes of financial assets and liabilities during the reporting period[14]. - The company's other operating income and expenses included a non-recurring income of approximately 22.72 million RMB[15]. - The derivative financial assets decreased from approximately 711 million RMB to 366 million RMB from December 31, 2024, to March 31, 2025[21]. - The fair value changes of investment properties resulted in a loss of approximately 476 million RMB, impacting the overall financial performance[15]. - The company recognized significant gains from the fair value changes of futures contracts used for hedging commodity price risks, which were closely related to its operational performance[15]. - Research and development expenses increased to ¥67.89 million in Q1 2025, up from ¥50.03 million in Q1 2024, representing a growth of 35.7%[25].

建发股份（600153）公告，2025年第一季度营业收入为1437.73亿元，同比增长9.47%；净利润为5.84亿 元，同比下降3.29%。 ...

厦门建发股份有限公司 关于2024年年度股东大会取消部分子议案的公告 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。 一、 股东大会有关情况 1、 股东大会的类型和届次 2024年年度股东大会 2、 股东大会召开日期： 2025 年 5 月 6 日 | 股票代码：600153 | 股票简称：建发股份 | | | 公告编号：临2025-019 | | --- | --- | --- | --- | --- | | 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 | ...

厦门建发股份有限公司 2024 年年度股东大会 会议资料 1 厦门建发股份有限公司 2024 年年度股东大会会议资料目录 2 厦门建发股份有限公司 2024 年年度股东大会现场会议议程 会议时间：2025 年 5 月 6 日下午 14:40 会议地点：厦门市思明区环岛东路 1699 号建发国际大厦附楼 6 层 2 号会 议室 主 持 人：董事长林茂先生 见证律师所：福建天衡联合律师事务所 会议议程： 一、董事长主持会议，介绍会议有关情况，宣布会议开始。 二、提请股东大会审议、听取如下议案、报告： | 序号 | 内容 | 页码 | | --- | --- | --- | | 1 | 《公司 2024 年度董事会工作报告》 | 5 | | 2 | 《公司 2024 年度监事会工作报告》 | 15 | | 3 | 《公司 2024 年年度报告》及其摘要 | 18 | | 4 | 《公司 2024 年度财务决算报告及 2025 年度预算案》 | 19 | | 5 | 《公司 2024 年度利润分配方案》 | 22 | | 6 | 《关于申请注册 DFI 债务融资工具的议案》 | 24 | | 7 | 《关于修订<公司 ...

建发股份（600153）(600153.SH)在2024年陷入营利双降的困境，其归母净利润同比跌超7成。 证券之星注意到，公司斥巨资收购的美凯龙（601828）持续亏损拖累公司的净利表现，而减值损失金额 大增也在进一步挤压利润空间。营收下滑的背后，是建发股份的支柱业务(供应链业务)表现疲软，收入 缩水。同时，公司房地产主业压力尚存，合同销售金额下降，部分子公司业绩表现欠佳。千亿债务悬顶 之下，建发股份偿债压力尚存。 美凯龙巨亏拖累业绩，现金流大降 据2024年年度报告显示，建发股份2024年度营业收入7012.96亿元，同比下降8.17%；归母净利润为 29.46亿元，同比下降77.52%，扣非净利润为19.05亿元，同比下滑20.85%，出现营利双降的情况。 证券之星注意到，建发股份斥巨资收购的美凯龙(601828.SH)不但未能增厚公司的净利润，反而拖累了 公司的盈利表现。 2023年8月，建发股份斥资62.86亿元完成对美凯龙29.95%股权的收购，成为其第一大股东，旨在通过整 合美凯龙的家居卖场资源与市场影响力，拓宽产业链布局。 收购完成后，美凯龙却连续陷入亏损状态。尽管美凯龙积极推进与建发股份的战略 ...

(责任编辑：王治强HF013) 【期货市场动态】SP主力07合约报收5394点，下跌22点或0.41%。山东市场针叶浆贸易商暂稳盘观望， 下游刚需询单为主。进口阔叶浆市场供应尚可，贸易商不愿低价走货。进口本色浆及进口化机浆市场供 需变动有限。针叶浆价格：乌针、布针报收5420-5480元/吨，月收5980-6000元/吨，太平洋报收6000元/ 吨，雄狮、马牌报收6030-6050元/吨，银星报收6400-6450元/吨，南方松报收6500-6700元/吨，凯利普报 收6550元/吨，北木报收6600元/吨，金狮报收6880元/吨。阔叶浆价格：阿尔派报收4400元/吨，乌斯 奇、布拉茨克报收4450元/吨，小鸟、新明星报收4470-4480元/吨，明星、金鱼、鹦鹉报收4500元/吨。 本色浆：金星报收5450-5500元/吨。化机浆：昆河报收3850-3900元/吨。【建发股份年度报告】建发股 份2024年营业收入7012.96亿元，同比下降8.17%；归属于上市公司股东的净利润29.46亿元，同比下降 77.52%；扣非净利润19.05亿元，同比下降20.85%；基本每股收益0.82元。2024年，建发纸浆 ...

公司落实乡村振兴战略，与荏畲村建立了结对帮扶关系，立足乡村特色资源优势，通过"产业帮扶+消 费帮扶+爱心帮扶"三位一体帮扶模式，积极探索农、文、旅融合发展的"国企+村企"合作共赢之路。 公司持续推进绿色建筑设计、海绵城市设计、装配式建筑技术、BIM技术、超低能耗建筑等绿色建筑实 践，提高项目质量和建造效率，最大限度地节约资源。 4月14日，建发股份（600153）发布可持续发展报告。 在环境方面，公司致力于落实巴黎协定和联合国可持续发展目标之路，通过研发创新绿色低碳产品、推 进价值链的低 碳发展、推广应用清洁低碳能源、促进资源绿色循环利用、投资绿色低碳环保产业以及 积极践行绿色低碳行动等举措，推动产业绿色转型，助力绿色低碳循环经济体系建设，迈向永续发展。 公司持续推进绿色建筑设计、海绵城市设计、装配式建筑技术、BIM技术、超低能耗建筑等绿色建筑实 践，提高项目质量和建造效率，最大限度地节约资源，构筑安全舒适的绿色低碳建筑，实现建筑与自然 的和谐共生。2024年，公司新增已落成的绿色建筑项目个数12个，其中绿色建筑二星级项目1个，绿色 建筑一星级项目8个，绿色建筑基础级项目3个。 公司积极推动超低能耗建筑建设， ...

交通运输/物流 建发股份（600153.SH） 营收规模有所收缩，增强回报保护股东利益 2025 年 04 月 17 日 投资评级：买入（维持） | 日期 | 2025/4/16 | | --- | --- | | 当前股价(元) | 10.37 | | 一年最高最低(元) | 11.56/7.00 | | 总市值(亿元) | 305.61 | | 流通市值(亿元) | 300.68 | | 总股本(亿股) | 29.47 | | 流通股本(亿股) | 29.00 | | 近 3 个月换手率(%) | 40.49 | 公 司 信 息 更 新 报 告 股价走势图 -32% -16% 0% 16% 32% 2024-04 2024-08 2024-12 建发股份 沪深300 数据来源：聚源 相关研究报告 《收购建发房产股权，利润分配承诺 彰 显 信 心 — 公 司 信 息 更 新 报 告 》 -2024.12.18 | 指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 7 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has experienced a contraction in revenue scale, but it is enhancing returns to protect shareholder interests. The overall operational situation remains stable with synergistic effects from dual main business operations [5][6] - Due to increased volatility in the real estate market and heightened uncertainty in sales digestion, the profit forecasts for 2025-2026 have been revised downwards, with new projections for 2027 introduced. Expected net profits for 2025-2027 are 40.1 billion, 45.2 billion, and 50.6 billion respectively [5][6] - The company is committed to a profit distribution plan that ensures at least 30% of the distributable profits are paid out in cash each year, with a minimum dividend of 0.7 yuan per share, resulting in an approximate dividend yield of 7% [7] Financial Summary - In 2024, the company achieved total operating revenue of 701.30 billion yuan, a year-on-year decrease of 8.17%. The net profit attributable to shareholders was 2.95 billion yuan, down 77.52% year-on-year [6][8] - The company's gross margin and net margin were 5.87% and 0.83% respectively, with year-on-year changes of +1.51 percentage points and -1.38 percentage points [6] - The asset-liability ratio stood at 70.29%, with a current ratio of 1.45 and a quick ratio of 0.63 [6] Earnings Forecast - The earnings per share (EPS) for 2025-2027 are projected to be 1.36, 1.53, and 1.72 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 7.4, 6.6, and 5.9 [5][8] - The company’s revenue is expected to show a slight recovery in 2025 with a year-on-year growth of 1.6%, followed by a growth of 5.0% in both 2026 and 2027 [8]

Investment Rating - The report maintains a "Buy" rating for the company [4][6] Core Views - The company's real estate business is experiencing short-term impairment, leading to a significant decline in 2024 performance, with a projected revenue of 701.3 billion and a net profit of 2.95 billion, down 77.5% year-on-year [1][4] - The supply chain operations remain stable, with a revenue of 508.94 billion, although net profit decreased by 11.3% [3][4] - The company is increasing its cash dividend payout ratio to 70%, resulting in a dividend yield of approximately 7% based on the closing price [1][4] Summary by Sections Real Estate Business - The real estate segment generated revenue of 184.6 billion, up 10.1% year-on-year, with a gross margin of 13.8% [2] - The company made provisions for inventory impairment totaling 37.1 billion, contributing to a net profit of 3.4 billion, an increase of 79.3% [2] - Total sales amount decreased by 30.4% to 159.7 billion, but the company improved its sales ranking to 7th in the industry [2] Supply Chain Operations - The supply chain operations reported revenue of 508.94 billion, down 14.2%, with a net profit of 3.51 billion [3] - The decline in net profit was primarily due to the absence of one-time gains from previous years [3] - The operational volume of major commodities exceeded 220 million tons, reflecting an increase of nearly 8% [3] Financial Projections - The company forecasts revenues of 699.8 billion, 709.4 billion, and 714.5 billion for 2025, 2026, and 2027 respectively, with net profits of 4.1 billion, 4.5 billion, and 4.9 billion [4][5] - The projected EPS for the next three years is 1.39, 1.53, and 1.65 [4][5] - The P/E ratios are expected to be 7.5, 6.8, and 6.3 for the same period [4][5]