Group 1 - The core viewpoint of the news is that Jianfa Co., Ltd. has experienced a decrease in the number of shareholders and an increase in average shareholding quantity and value as of June 30, 2025 [1] - As of June 30, 2025, the number of shareholders for Jianfa Co., Ltd. is 59,853, a decrease of 4,547 or 7.06% compared to March 31, 2025 [1][2] - The average shareholding quantity per shareholder increased from 45,800 shares to 48,400 shares, with an average shareholding value of 502,400 yuan [1][2] Group 2 - In the logistics industry, Jianfa Co., Ltd. has a higher number of shareholders compared to the industry average, which is 39,700 as of June 30, 2025 [1] - The average shareholding value in the logistics industry for A-share listed companies is 381,400 yuan, which is lower than that of Jianfa Co., Ltd. [1] - From March 31, 2025, to June 30, 2025, Jianfa Co., Ltd. experienced a price increase of 3.05%, despite the decrease in the number of shareholders [1][2] Group 3 - During the period from March 31, 2025, to June 30, 2025, the net outflow of main funds for Jianfa Co., Ltd. was 98.48 million yuan, while retail funds saw a net outflow of 58.10 million yuan [2] - Conversely, speculative funds experienced a net inflow of 157 million yuan during the same period [2]

Group 1: Financial Performance - In the first half of 2025, the company achieved a net profit attributable to shareholders of 841 million yuan, with the supply chain operation business contributing 1.42 billion yuan, remaining stable compared to the same period last year despite a decline in commodity prices [1] - The company's overseas business scale exceeded 5.7 billion USD, representing a year-on-year growth of approximately 10% [1] Group 2: Supply Chain Operations - The company accelerated its overseas layout, establishing over 70 foreign companies and offices, with 26 being overseas platform companies [1] - The steel international business volume increased by approximately 17% year-on-year, driven by the localization strategy in countries like Indonesia, Thailand, Vietnam, and Malaysia [1] Group 3: Consumer Goods Business - The consumer goods segment focused on light textiles, general food, and electromechanical sectors, achieving over 24 billion yuan in revenue, with a year-on-year growth rate exceeding 20% [3] - The general food sector generated nearly 4 billion yuan in revenue, with a growth rate close to 25% [3] - The coffee bean business signed procurement contracts for over 40,000 tons, achieving sales exceeding 700 million yuan, a year-on-year increase of over 120% [3]

股票代码：600153 股票简称：建发股份 公告编号：临 2025—038 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：25 建发 Y5 厦门建发股份有限公司 第十届董事会第一次会议决议公告 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 8 月 19 日以通讯方 式向各位董事发出了召开第十届董事会第一次会议的通知。会议于 2025 年 8 月 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《公司 2025 年半年度报告》及其摘要 具体内容详见公司于同日刊 ...

一、审议通过《公司 2025 年半年度报告》及其摘要 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 年第一次会议审议通过。 表决结果：8 票同意，0 票反对，0 票弃权。 二、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：2025-039）。 本议案已经公司第十届董事会审计委员会 2025 年第一次会议审议通过。 表决结果：8 票同意，0 票反对，0 票弃权。 特此公告。 | 股票代码：600153 | 股票简称：建发股份 | | | 公告编号：临 | 2025—038 | | --- | --- | --- | --- | --- | --- | | 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 | ...

Item 1. Definitions [Commonly Used Terms Definitions](index=4&type=section&id=Commonly%20Used%20Terms%20Definitions) This chapter defines key terms such as company names, controlling shareholder, major business segments, and the reporting period for clarity - The reporting period refers to January 1, 2025, to June 30, 2025[11](index=11&type=chunk) - C&D Inc.'s controlling shareholder is Xiamen C&D Group Co., Ltd[11](index=11&type=chunk) - The company's main business segments include six professional groups: C&D Steel Group, C&D Pulp & Paper Group, C&D Agri-Products Group, C&D Consumer Products Group, C&D Minerals Group, and C&D Energy & Chemical Group, as well as controlled subsidiaries like C&D Real Estate, Lianfa Group, and Red Star Macalline[11](index=11&type=chunk) Item 2. Company Profile and Key Financial Indicators [I. Company Information](index=5&type=section&id=I.%20Company%20Information) This section provides the company's basic registration information, including its Chinese name, abbreviation, foreign name, acronym, and legal representative Lin Mao - The company's Chinese name is Xiamen C&D Inc., abbreviated as C&D Inc.[13](index=13&type=chunk) - The company's legal representative is Lin Mao[13](index=13&type=chunk) [II. Contact Persons and Contact Information](index=5&type=section&id=II.%20Contact%20Persons%20and%20Contact%20Information) This section lists detailed contact information for the company's Board Secretary Jiang Guizhi and Securities Affairs Representative Huang Liqiong, including address, phone, fax, and email, to facilitate investor communication - The Board Secretary is Jiang Guizhi, and the Securities Affairs Representative is Huang Liqiong[14](index=14&type=chunk) - The contact address for both is 29th Floor, C&D International Building, No. 1699 Huandao East Road, Siming District, Xiamen[14](index=14&type=chunk) [III. Overview of Basic Information Changes](index=5&type=section&id=III.%20Overview%20of%20Basic%20Information%20Changes) This section provides detailed information on the company's registered and office addresses, as well as its official website and email address - The company's registered and office addresses are both 29th Floor, C&D International Building, No. 1699 Huandao East Road, Siming District, Xiamen, postal code 361008[15](index=15&type=chunk) - The company's website is http://www.chinacnd.com, and its email address is pub@chinacnd.com[15](index=15&type=chunk) [IV. Overview of Information Disclosure and Document Storage Location Changes](index=5&type=section&id=IV.%20Overview%20of%20Information%20Disclosure%20and%20Document%20Storage%20Location%20Changes) This section specifies the designated newspapers and website for the company's information disclosure, as well as the location for the semi-annual report - The newspapers selected for the company's information disclosure include China Securities Journal, Shanghai Securities News, Securities Times, Securities Daily, and Economic Information Daily[16](index=16&type=chunk) - The website address for publishing the semi-annual report is www.sse.com.cn[16](index=16&type=chunk) [V. Brief Introduction to Company's Shares](index=5&type=section&id=V.%20Brief%20Introduction%20to%20Company%27s%20Shares) This section provides information on the company's A-share listing exchange, stock abbreviation, stock code, and previous stock abbreviation - The company's A-shares are listed on the Shanghai Stock Exchange, with stock abbreviation C&D Inc. and stock code 600153[17](index=17&type=chunk) [VII. Company's Key Accounting Data and Financial Indicators](index=6&type=section&id=VII.%20Company%27s%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In H1 2025, the company's operating revenue slightly decreased by **1.16%** to **315.32 billion yuan**, while total profit and net profit attributable to shareholders significantly declined by **39.51%** and **29.87%** respectively, primarily due to fair value decrease of investment properties in home furnishing mall operations (Red Star Macalline) and inventory impairment provisions in real estate business; net cash flow from operating activities turned positive, and total assets grew by **15.80%** Key Accounting Data for H1 2025 | Indicator | Current Period (Jan-Jun) | Prior Period | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 315.32 billion yuan | 319.01 billion yuan | -1.16 | | Total Profit | 1.62 billion yuan | 2.68 billion yuan | -39.51 | | Net Profit Attributable to Shareholders of Listed Company | 0.84 billion yuan | 1.20 billion yuan | -29.87 | | Net Cash Flow from Operating Activities | 17.87 billion yuan | -22.11 billion yuan | N/A | | Total Assets (End of Period) | 889.19 billion yuan | 767.87 billion yuan | 15.80 | | Net Assets Attributable to Shareholders of Listed Company (End of Period) | 71.33 billion yuan | 71.99 billion yuan | -0.92 | Net Profit Attributable to Shareholders by Business Segment for H1 2025 (million yuan) | Business Segment | Jan-Jun 2025 (million yuan) | Jan-Jun 2024 (million yuan) | Change in Amount (million yuan) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Supply Chain Operations Business Segment | 1,420 | 1,421 | -1 | -0.11 | | Real Estate Business Segment | 11 | 155 | -144 | -92.63 | | Home Furnishing Mall Operations Business Segment (Red Star Macalline) | -590 | -377 | -213 | N/A | | Total | 841 | 1,199 | -358 | -29.87 | - Net profit attributable to shareholders decreased by **0.36 billion yuan** year-on-year, primarily due to a **0.21 billion yuan** reduction from the home furnishing mall operations business segment and a **0.14 billion yuan** reduction from the real estate business segment[22](index=22&type=chunk) - Red Star Macalline's investment property fair value decreased by over **2 billion yuan**, coupled with asset impairment provisions and credit impairment provisions totaling over **0.1 billion yuan**, resulting in a net profit attributable to shareholders of **-2 billion yuan** for Red Star Macalline[23](index=23&type=chunk) Key Financial Indicators for H1 2025 | Indicator | Current Period (Jan-Jun) | Prior Period | Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.20 | 0.33 | -39.39 | | Basic Earnings Per Share Excluding Non-Recurring Gains and Losses (yuan/share) | 0.14 | 0.20 | -30.00 | | Weighted Average Return on Net Assets (%) | 1.04 | 1.67 | Decrease of 0.63 percentage points | | Weighted Average Return on Net Assets Excluding Non-Recurring Gains and Losses (%) | 0.74 | 1.05 | Decrease of 0.31 percentage points | [IX. Non-Recurring Gains and Losses Items and Amounts](index=9&type=section&id=IX.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) In H1 2025, the company's total non-recurring gains and losses amounted to **0.17 billion yuan**, with fair value changes in investment properties resulting in a **-2.30 billion yuan** loss, government grants totaling **0.58 billion yuan**, fair value changes and disposal gains/losses of financial assets and liabilities at **0.31 billion yuan**, and capital occupation fees from non-financial enterprises at **0.09 billion yuan** Non-Recurring Gains and Losses Items for H1 2025 (yuan) | Non-Recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Gains or losses from disposal of non-current assets | 39,011,389.94 | | Government grants recognized in current profit or loss | 576,921,962.12 | | Gains or losses from changes in fair value of financial assets and liabilities, and disposal of financial assets and liabilities, excluding effective hedging activities related to normal business operations of non-financial enterprises | 305,581,757.64 | | Capital occupation fees received from non-financial enterprises recognized in current profit or loss | 89,664,444.97 | | Gains or losses from changes in fair value of investment properties measured using fair value model | -2,304,608,272.06 | | Total | 165,850,851.71 | - Fair value changes in investment properties resulted in a **-2.30 billion yuan** loss, representing the largest negative factor affecting non-recurring gains and losses[28](index=28&type=chunk) - Government grants and fair value changes/disposal gains or losses of financial assets/liabilities are the main positive contributions to non-recurring gains and losses[27](index=27&type=chunk) Item 3. Management Discussion and Analysis [I. Explanation of Company's Industry and Main Business Operations During the Reporting Period](index=11&type=section&id=I.%20Explanation%20of%20Company%27s%20Industry%20and%20Main%20Business%20Operations%20During%20the%20Reporting%20Period) This section details the industry environment, business models, development trends, and the company's specific operations for its three main businesses: supply chain operations, real estate, and home furnishing mall operations; supply chain benefits from national strategies and digital transformation, real estate stabilizes with policy support, and home furnishing seizes consumption upgrade

厦门建发股份有限公司 关于计提资产减值准备的公告 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。 | 股票代码：600153 | 股票简称：建发股份 | | | 公告编号：临 | 2025—039 | | --- | --- | --- | --- | --- | --- | | 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：25 | 建发 | Y5 | | | 重要内容提示： 公司及子公司 2025 年 1-6 月计提上述各类资产减值准备 162,574.69 ...

Core Viewpoint - The real estate market has seen a recovery in transactions since Q4 2024, driven by favorable policies, but many new land acquisitions are facing challenges in sales and absorption rates as policy benefits wane [1][2][7]. Group 1: Market Conditions - Since Q4 2024, the real estate market has experienced a rebound in transaction volumes, particularly in major cities, influenced by the "926 Housing Policy" [7]. - Despite the initial recovery, many newly acquired lands are struggling with low absorption rates, leading some "land king" projects to delay the application for pre-sale permits [1][2][10]. - In 2025, several projects launched by a top 10 real estate company reported absorption rates below 20%, with only a few projects achieving around 30% [4]. Group 2: Sales Performance - A project managed by a marketing head named Wang Xiao achieved a sales rate of approximately 30%, which is considered the best among new launches in 2025 [4]. - The sales performance varies significantly within the same city, with core area projects performing better than those in suburban regions, which are experiencing sluggish sales [4][5]. - In Beijing, two projects launched in May 2025 had net signing rates of only 25% and 11%, indicating a broader trend of poor sales performance across various projects [4]. Group 3: Land Acquisition Trends - Major state-owned enterprises have been aggressively acquiring land in key urban areas, with significant increases in land prices, including several plots sold for over 10 million yuan per square meter [7]. - From January to July 2025, the top 100 real estate companies saw a 34% year-on-year increase in land acquisition spending, while their sales revenue decreased by 13% [7]. - The trend of focusing on core urban areas for land acquisition has become more pronounced, with companies like China Overseas and Greentown leading the charge [8][9]. Group 4: Project Success Factors - The success of a real estate project is influenced by multiple factors, including location, product quality, and market demand, with location being a critical determinant [12][14]. - Projects that align closely with market demand and customer preferences tend to perform better, highlighting the importance of understanding buyer psychology and needs [13][14]. - The disparity in sales performance among similar projects underscores the necessity for precise market positioning and product differentiation [12][14].

Investment Rating - The industry investment rating is "Positive" and maintained [13] Core Insights - In July, the supply of core land in major cities continued to slow down, while there was a marginal improvement in land supply in lower-tier cities. Overall land transactions remained flat, with only lower-tier cities showing a year-on-year improvement [2][10] - Major developers such as China Overseas, Greentown, and Zhaoshang actively participated in the land market in July, with strong land acquisition intensity observed in the first seven months from Jinmao, Jianfa, and Greentown. Jinmao and Jianfa also performed better in sales [2][8] - Among the key projects acquired by sample developers in July, the expected profit realization for Binjiang was relatively better, while Greentown, Zhaoshang, and China Overseas acquired land in higher-quality locations [2][9] Supply Summary - In July, the supply of core land continued to decline, with lower-tier cities seeing an increase. From January to July 2025, the cumulative area of residential land launched in 300 cities decreased by 17% year-on-year, with first-tier cities up by 23%, second-tier cities down by 2%, and third and fourth-tier cities down by 21% [6] - The monthly supply of residential land in July for 300 cities decreased by 22% month-on-month, but was still higher than the monthly values from January to May [6] Transaction Summary - The overall land transaction volume in July was flat, with a year-on-year improvement in lower-tier cities. From January to July, the cumulative area and transaction amount of residential land in 300 cities decreased by 6% and increased by 25% year-on-year, respectively [7] - In July, the transaction volume decreased by 16% month-on-month, with a transaction premium rate of 8.4%, showing a marginal increase, and the auction failure rate further decreased to 7.6% [7] Developer Insights - In July, China Overseas, Greentown, and Zhaoshang were active in the land market, with the top three developers in terms of total land acquisition amount being China Overseas (14.9 billion), Greentown (13.9 billion), and Zhaoshang (6.8 billion) [8] - The cumulative land acquisition amount from January to July for the top three developers was Greentown (62.1 billion), Jianfa (61.7 billion), and China Overseas (55.3 billion), with several developers seeing over 80% year-on-year growth in land acquisition amounts [8] Investment Recommendations - Focus on medium to long-term structural opportunities, emphasizing leading developers with regional advantages, strong product capabilities, and light inventory, as well as stable cash flow from leading brokerage firms, commercial real estate, and state-owned property management companies [10]

Group 1 - A new real estate development company, Xiamen Lianpu Hong Real Estate Development Co., Ltd., has been established with a registered capital of 10 million yuan [1] - The legal representative of the company is Sun Tao, and its business scope includes real estate development, brokerage, property management, enterprise management consulting, real estate consulting, and real estate appraisal [1] - The company is wholly owned by Lianfa Group Co., Ltd., which is a subsidiary of Jianfa Co., Ltd. [1]

Group 1 - The company announced a guarantee of 300 million yuan for its wholly-owned subsidiary, Jianfa Pulp and Paper, to apply for a designated delivery warehouse for newsprint futures at the Shanghai Futures Exchange [1] - Prior to this guarantee, the company had already issued a guarantee of 300 million yuan for Jianfa Pulp and Paper regarding the renewal of the agreement for bleached sulfate softwood pulp futures warehouse [1] - As of the end of July 2025, the company's actual external guarantee balance amounts to 189.658 billion yuan and 3.319 billion USD [1]