二、审议通过《公司 2025 年第三季度报告》 具体内容详见公司于同日刊登的公告。 本议案已经公司第十届董事会审计委员会 2025 年第二次会议审议通过。 表决结果：8 票同意，0 票反对，0 票弃权。 特此公告。 厦门建发股份有限公司董事会 厦门建发股份有限公司 第十届董事会第二次会议决议公告 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 10 月 20 日以通讯方 式向各位董事发出了召开第十届董事会第二次会议的通知。会议于 2025 年 10 月 30 日以通讯方式召开。本次会议由董事长林茂先生主持，应出席董事 8 人， 实际出席董事 8 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。经过审议并表决，本次会议通过了以下议 案： 一、审议通过《关于计提资产减值准备的议案》 具体内容详见公司于同日刊登的公告（公告编号：2025-042）。 本议案已经公司第十届董事会审计委员会 2025 年第二次会议审议通过。 表决结果： ...

Financial Performance - The company's operating revenue for Q3 2025 was approximately CNY 183.66 billion, a year-on-year increase of 0.30%[5] - The total profit for Q3 2025 was CNY 101.67 million, a significant decrease of 93.46% compared to the same period last year[5] - The net profit attributable to shareholders for Q3 2025 was CNY 307.85 million, down 64.18% year-on-year[5] - The total profit for the current reporting period decreased by 93.46% compared to the previous period[16] - The net profit attributable to shareholders of the listed company fell by 64.18% in the current reporting period[16] - The net profit attributable to shareholders after excluding non-recurring gains and losses decreased by 34.23%[16] - The basic earnings per share for the current reporting period dropped by 75.00%[16] - The total profit from the beginning of the year to the end of the reporting period decreased by 59.33%[16] - The net profit attributable to shareholders from the beginning of the year to the end of the reporting period decreased by 44.19%[17] - The net profit attributable to shareholders after excluding non-recurring gains and losses decreased by 25.34% from the beginning of the year to the end of the reporting period[17] - Net profit for the first three quarters of 2025 was approximately ¥210.60 million, a significant decline of 92.13% compared to ¥2.68 billion in 2024[29] - The company recorded a significant decrease in total profit for the first three quarters of 2025, amounting to approximately ¥1.72 billion, down from ¥4.23 billion in 2024, a decline of 59.36%[29] Segment Performance - The supply chain operation segment achieved a net profit of CNY 23.39 billion for the first three quarters, an increase of 4.21% year-on-year[7] - The real estate segment reported a net profit of -CNY 2.26 billion, a decrease of CNY 6.07 billion year-on-year[9] Assets and Liabilities - The total assets as of September 30, 2025, were approximately CNY 887.32 billion, an increase of 15.56% from the end of the previous year[12] - The net assets attributable to shareholders increased by 0.38% to CNY 72.26 billion compared to the end of the previous year[12] - The company's current assets totaled CNY 688.76 billion, up from CNY 577.52 billion at the end of 2024, indicating a growth of about 19.3%[23][24] - The company's total liabilities amounted to CNY 659.06 billion, compared to CNY 539.71 billion at the end of 2024, marking an increase of around 22.1%[25][26] - The total owner's equity stood at CNY 228.27 billion, slightly up from CNY 228.16 billion, indicating a marginal increase of about 0.05%[26] Cash Flow - The cash flow from operating activities for the first three quarters was CNY 6.69 billion[5] - Cash flow from operating activities for the first three quarters of 2025 was approximately ¥6.69 billion, a recovery from a negative cash flow of ¥14.11 billion in 2024[32] - Cash inflow from investment activities totaled approximately $20.64 billion in the first three quarters of 2025, compared to $21.88 billion in the same period of 2024, reflecting a decrease of about 5.67%[33] - Net cash outflow from investment activities was approximately -$22.99 billion in 2025, contrasting with a net inflow of $1.16 billion in 2024[33] - Total cash inflow from financing activities reached approximately $188.93 billion in 2025, slightly increasing from $184.74 billion in 2024, representing a growth of about 2.67%[33] - Net cash flow from financing activities was approximately $19.96 billion in 2025, significantly higher than $6.09 billion in 2024[33] - The net increase in cash and cash equivalents was approximately $3.92 billion in 2025, compared to a decrease of about -$6.54 billion in 2024[33] - The ending balance of cash and cash equivalents stood at approximately $89.55 billion in 2025, up from $79.39 billion in 2024[33] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 58,240[19] - The largest shareholder, Xiamen Jianfa Group Co., Ltd., holds 1,356,687,985 shares, accounting for 46.79% of the total shares[19] Investment and Expenses - Research and development expenses increased to approximately ¥228.25 million in 2025, up from ¥181.01 million in 2024, indicating a focus on innovation[28] - Total investment income for the first three quarters of 2025 was approximately ¥732.09 million, down from ¥1.07 billion in 2024, reflecting a decrease of 31.93%[29] - The company reported a decrease in tax expenses to approximately ¥1.51 billion in 2025 from ¥1.55 billion in 2024, a reduction of 2.73%[29] - Other comprehensive income after tax for the first three quarters of 2025 was approximately -¥192.96 million, compared to -¥81.06 million in 2024, indicating a worsening position[30] - Cash received from investment income was approximately $210.40 million in 2025, more than doubling from $108.13 million in 2024[33] - Cash paid for the acquisition of subsidiaries and other business units was approximately $1.08 billion in 2025, slightly down from $1.15 billion in 2024[33] - Cash paid for other financing activities totaled approximately $29.14 billion in 2025, compared to $27.79 billion in 2024, indicating an increase of about 4.83%[33]

Investment Rating - The report maintains an "Overweight" rating for the real estate development and services sectors [8]. Core Insights - The "15th Five-Year Plan" emphasizes high-quality development in real estate, transitioning from quantity to quality, with a focus on improving housing quality and supply systems [2][4][6]. - The report suggests that product capability will be a core competitive advantage for real estate companies, reshaping market positions and competitive dynamics [2][6]. Summary by Sections Institutional Improvement - The government aims to enhance the foundational systems related to commercial housing throughout its lifecycle, focusing on development, financing, and sales regulations [3]. - A new safety management system for the entire lifecycle of housing is expected to be established, enhancing property quality and long-term value [3]. Supply System Enhancement - The focus of affordable housing supply will shift from merely increasing quantity to improving quality, with an emphasis on meeting the needs for improved housing [4]. - The report highlights the importance of tailored policies for different cities to address housing needs effectively [4]. Housing Quality Improvement - The concept of "good housing" is defined by five dimensions: standards, design, materials, construction, and maintenance, which will guide the market towards companies with strong product capabilities [5]. - The implementation of a safety management system and enhanced property service quality is anticipated to elevate service standards in the industry [5]. Long-term Policy Empowerment - The "15th Five-Year Plan" is expected to empower the long-term development of the industry, providing room for valuation recovery as the standard for "good housing" becomes more prominent [6]. - The report recommends focusing on companies with strong credit, good cities, and quality products, highlighting specific stocks for investment [6][10]. Recommended Stocks - The report lists several stocks with "Buy" ratings, including: - Greentown China (3900 HK) with a target price of 13.69 HKD - Yuexiu Property (123 HK) with a target price of 7.06 HKD - China Overseas Development (688 HK) with a target price of 19.08 HKD - China Resources Land (1109 HK) with a target price of 36.45 HKD - New World Development (16 HK) with a target price of 111.51 HKD [10][12].

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [4][6] Core Insights - The report highlights that the current policy environment is being driven by fundamental pressures, suggesting that the policy response may exceed the measures taken in 2008 and 2014 [4] - Real estate is viewed as an early-cycle indicator, serving as a barometer for economic trends, making it a strategic investment focus [4] - The competitive landscape within the industry is improving, with leading state-owned enterprises and select mixed-ownership and private companies performing well in land acquisition and sales [4] - The report continues to favor investment in first-tier cities and two-thirds of second-tier cities, indicating that this city combination has shown better performance during sales rebounds [4] - Supply-side policies, including land storage and management of idle land, are critical areas to monitor, with first and second-tier cities expected to benefit more [4] Summary by Sections New Housing Market - In the week, new housing transaction area in 30 cities was 2.111 million square meters, down 0.2% week-on-week and down 26.1% year-on-year [2] - The cumulative new housing transaction area for the year in these cities is 78.941 million square meters, reflecting a year-on-year decline of 5.7% [2] Second-Hand Housing Market - The transaction area for second-hand housing in 14 sample cities was 2.117 million square meters, down 4.4% week-on-week and down 16.3% year-on-year [2] - Year-to-date, the cumulative transaction area for second-hand housing is 84.533 million square meters, showing a year-on-year increase of 13.9% [2] Credit Bonds - In the week of October 20-26, 18 credit bonds from real estate companies were issued, totaling 18.030 billion yuan, an increase of 10.155 billion yuan from the previous week [3] - The net financing amount reached 11.171 billion yuan, reflecting an increase of 8.309 billion yuan week-on-week [3] Market Performance - The report notes that the Shenwan Real Estate Index had a cumulative change of 1.5%, lagging behind the CSI 300 Index by 1.73 percentage points, ranking 18th among 31 Shenwan primary industries [14] - A total of 89 stocks in the real estate sector rose this week, with the top five gainers being Xinhua Lian, Mianshi Investment, Wan Fang Development, Rongfeng Holdings, and Shen Zhen Ye A, with gains of 61.0%, 27.6%, 23.4%, 19.8%, and 14.7% respectively [14]

Core Insights - The event "Green Movement·Growth" organized by Xiamen Jianfa Group focused on sustainable development, gathering over a hundred guests from various sectors to promote green initiatives through sports and dialogue [1][2][13] Group 1: Event Overview - The event took place on October 25 at Beijing Olympic Forest Park, emphasizing the theme "Green Together, See the Power of Partners" [1] - It was co-hosted by Xiamen Jianfa Group and Xiamen Cultural and Sports, with support from various ecological partners including Jianfa New Investment and Xtep Group [1][2] Group 2: Sustainable Development Practices - Representatives from Xiamen Jianfa Group, Xiamen Cultural and Sports, and Ant Forest Public Welfare Foundation shared insights on sustainable development from corporate, event, and public welfare perspectives [5] - Xiamen Cultural and Sports highlighted the importance of collaboration among runners, corporate partners, and cities in promoting sustainable marathon events over the past 23 years [5] - The Ant Forest representative discussed how technology empowers public participation in ecological restoration and marine protection through digital platforms [9] Group 3: Collaborative Partnerships - A roundtable discussion titled "Being Marathon Partners on the Investment Road" explored the significance of positive partnerships in capital and industry collaboration [11] - The event was described as a carefully constructed ecological exchange platform, enhancing the dialogue on sustainable development [13] Group 4: Practical Initiatives - Jianfa Group showcased its diverse business areas and green practices, reinforcing the theme of "Seeing the Power of Partners" [14] - The event included an innovative "Wind-Breaking Partner" model for a 10-kilometer running competition, symbolizing collaborative efforts in overcoming challenges [15] Group 5: Commitment to Sustainability - Jianfa Group and Xiamen Marathon have long pursued sustainable development, launching initiatives like "Jianfa Green Run in Action" and tree-planting projects in the Kubuqi Desert [17] - To reward participants, Jianfa Group collaborated with the marathon committee to plant sand-fixing trees in the Tengger Desert, contributing to ecological projects [18] - The company integrates sustainable development into its operations across five main sectors, focusing on green operations, industry ecological upgrades, and community stewardship [20]

Core Viewpoint - The logistics sector experienced a decline of 0.37% on October 24, with Yuan Da Holdings leading the drop, while the Shanghai Composite Index rose by 0.71% and the Shenzhen Component Index increased by 2.02% [1] Group 1: Market Performance - The logistics sector's performance was mixed, with notable gainers such as Longzhou Co., which rose by 9.96% to a closing price of 5.30, and Huami Duhai, which increased by 5.11% to 28.20 [1] - Conversely, Yuan Da Holdings saw a significant decline of 3.80%, closing at 8.36, contributing to the overall drop in the logistics sector [2] Group 2: Trading Volume and Capital Flow - The logistics sector recorded a net inflow of 10.70 million yuan from institutional investors, while retail investors contributed a net inflow of 12.50 million yuan, indicating a mixed sentiment among different investor types [2] - The trading volume for Longzhou Co. reached 501,500 shares, with a transaction value of 263 million yuan, highlighting strong investor interest [1] Group 3: Individual Stock Analysis - Longzhou Co. had a significant net inflow of 127 million yuan from institutional investors, representing 48.48% of its trading volume, while retail investors showed a net outflow of 65.07 million yuan [3] - New Ning Logistics also attracted a net inflow of 50.68 million yuan from institutional investors, indicating positive sentiment towards the stock [3]

Core Viewpoint - Jianfa Co., Ltd. has experienced a decline in stock price and financial performance, with a notable decrease in net profit and revenue in the first half of 2025, indicating potential challenges ahead for the company [1][2]. Financial Performance - As of June 30, 2025, Jianfa Co., Ltd. reported a revenue of 315.32 billion yuan, a year-on-year decrease of 1.16% [2]. - The net profit attributable to shareholders was 841 million yuan, reflecting a significant year-on-year decline of 29.87% [2]. Stock Market Activity - On October 24, 2023, Jianfa's stock price fell by 2.01%, trading at 10.25 yuan per share, with a total market capitalization of 29.72 billion yuan [1]. - The stock has seen a year-to-date increase of 4.38%, but has declined by 1.25% over the last five trading days and 3.39% over the last 20 days [1]. Shareholder Information - The number of shareholders as of June 30, 2025, was 59,900, a decrease of 7.06% from the previous period [2]. - The average number of circulating shares per shareholder increased by 7.60% to 48,444 shares [2]. Dividend Distribution - Jianfa Co., Ltd. has cumulatively distributed dividends of 19.04 billion yuan since its A-share listing, with 6.57 billion yuan distributed over the last three years [3]. Major Shareholders - As of June 30, 2025, the second-largest circulating shareholder was Hong Kong Central Clearing Limited, holding 107 million shares, an increase of 30.73 million shares from the previous period [3]. - Other notable shareholders include Reducing Low Dividend (512890) and Huatai-PB SSE Dividend ETF (510880), with varying changes in their holdings [3].

Core Insights - The real estate industry is transitioning from a phase of scale expansion to a focus on value cultivation, with the "Lighthouse Strategy" being central to this shift [1][3] - The "Lighthouse Project" in Beijing, known as Jianfa Haiyan, has received the "Platinum Certification" for residential health performance, marking a significant achievement for the company [1][2] Group 1: Value Reconstruction in Real Estate - The essence of value reconstruction in the real estate sector is a return to the fundamental nature of living environments, emphasizing sincerity and aesthetic value as core principles [1] - The "Lighthouse Strategy" aims to elevate buildings from mere living containers to spaces that embody life dreams, aligning with market demands for aesthetic experience and cultural identity [1][2] Group 2: Technological and Philosophical Innovations - Jianfa Haiyan integrates technological innovation with Eastern living philosophy, creating a multi-dimensional sound environment control system that enhances living quality [2] - The project employs advanced soundproofing technologies, such as specialized windows and thickened walls, to significantly improve noise isolation, reflecting a systematic approach to the "Silence Philosophy" [2] Group 3: Localized Innovation and Industry Impact - Jianfa's localized innovations are expressed through various projects across China, each reflecting unique cultural and technological elements tailored to their respective cities [3] - The company's refusal to replicate models and its focus on local cultural and residential needs not only enrich individual projects but also signal a broader industry shift towards value-driven development [3]

Summary of Key Points from the Earnings Call Transcript Industry and Company Overview - The focus is on the dividend-paying stocks within the transportation sector, particularly in the highway and logistics segments, as well as broader dividend stocks in the market. Core Insights and Arguments - **Dividend Yield Increase**: Leading dividend stocks have seen their yields rise to approximately 4.5%-5%, with expectations of continued inflow of incremental funds due to factors such as the introduction of swap convenience, brokerage proprietary fund allocation, and insurance OCI execution. This makes Q4 of this year and early next year an opportune time for dividend stock allocation [1][3]. - **Global Interest Rate Trends**: The ongoing global trend of interest rate cuts is expected to enhance the cost-effectiveness of dividend investments, making them more attractive [3]. - **Specific Recommendations**: - **Highway Sector**: - **Wuhan Expressway**: Benefiting from the acquisition of Fuzhou and urban expressways, fee discount adjustments, and recovery in vehicle traffic, currently has a dividend yield of about 4.8% [4][5]. - **Guan Yu Expressway**: Holding 78 million shares of Guosheng Jin控, with Q3 performance expected to grow over 50% year-on-year, corresponding to a dividend yield of approximately 4.3% [4][5]. - **Yue Expressway**: Anticipated significant profit growth due to recovery of impairment losses and reduced maintenance costs, currently has a dividend yield of about 5.2% [5]. - **Sichuan Chengyu**: Noted for the highest dividend yield in A-shares at around 5.3%, driven by reduced financial expenses leading to profit growth [5]. - **Railway and Port Recommendations**: - **Daqin Railway**: Benefiting from improved coal market conditions and increased transport volume, currently has a PB valuation close to historical lows and a dividend yield of about 4.3% [5]. - **Tangshan Port**: Fixed dividend of 0.20 per share, with a current yield exceeding 5%, showing operational improvement in Q3 despite a decline in H1 performance [5]. Additional Important Insights - **Broad Dividend Stocks**: - **China Logistics**: Entering peak season for domestic shipping, with an expected annual profit of 2 billion yuan, leading to a potential dividend yield of 7.7% based on a 90% payout ratio [6]. - **Jianfa Co.**: Offers a fixed dividend of 0.70 per share, providing a high certainty with a current yield of 6.8% [2][6]. - **China Foreign Trade**: Another cyclical dividend stock with a fixed distribution of 0.29 per share, currently yielding 4.6%, favored by insurance funds [6]. - **Investment Timing**: The current market environment is viewed as a critical opportunity for investors to allocate resources into these high-yield stocks, emphasizing the importance of strategic positioning in the dividend space [6].

Core Insights - A land parcel in Nanchang's Xihu District was auctioned on October 23, with a total area of 66.7641 acres (approximately 44509.62 square meters) and a planned construction area of 97921.17 square meters [1] - The starting ground price was set at 1062 million CNY per acre, translating to a starting total price of 709 million CNY and a starting floor price of 7241 CNY per square meter [1] - The parcel was ultimately acquired by Hangzhou Zhaorui Real Estate Co., Ltd. (Jianfa) at a price of 1181 million CNY per acre, resulting in a total transaction price of 788 million CNY and a transaction floor price of 8052 CNY per square meter, with a premium rate of 11.21% [1] Summary by Category - **Land Auction Details** - The total area of the land parcel is 66.7641 acres (approximately 44509.62 square meters) [1] - The planned construction area is 97921.17 square meters [1] - **Pricing Information** - The starting ground price was 1062 million CNY per acre, leading to a starting total price of 709 million CNY [1] - The starting floor price was 7241 CNY per square meter [1] - **Final Transaction Outcome** - The land was acquired by Hangzhou Zhaorui Real Estate Co., Ltd. (Jianfa) at a final price of 1181 million CNY per acre [1] - The total transaction price reached 788 million CNY, with a final floor price of 8052 CNY per square meter [1] - The premium rate for the transaction was 11.21% [1]