厦门建发股份有限公司信息披露管理制度 第一章 总则 第一条 为规范厦门建发股份有限公司（以下简称"公司"）的信息披露行为， 保护公司、股东、债权人及其他利益相关人员的合法权益，根据《中华人民共和 国公司法》《中华人民共和国证券法》《上市公司信息披露管理办法》《上海证券 交易所股票上市规则》《上海证券交易所债券自律监管规则适用指引第 1 号—— 公司债券持续信息披露》等法律、法规、规范性文件的要求及《公司章程》的规 定，结合公司实际情况，特制定本制度。 第二条 本制度所称"信息"是指所有对公司证券及其衍生品种交易价格可 能产生重大影响的信息以及证券监管部门要求披露的信息；本制度所称"披露" 是指在规定的时间内、在上海证券交易所的网站和符合中国证券监督管理委员会 （以下简称"中国证监会"）规定条件的媒体上向社会公众公布前述信息，并按 照有关规定报送证券监管部门和上海证券交易所。 第四条 本制度适用范围如下： 第五条 公司下属控股子公司应遵守本制度的各项规定。 第二章 信息披露工作的基本原则 第六条 公司应当及时依法履行信息披露义务，披露的信息应当真实、准确、 完整，简明清晰、通俗易懂，不得有虚假记载、误导性陈述或 ...

厦门建发股份有限公司 第三条 公司董事、高级管理人员所持本公司股份，是指登记在其名下的所有本公 司股份；从事融资融券交易的，还包括记载在其信用账户内的本公司股份。 第四条 公司董事、高级管理人员应知悉《公司法》《证券法》等法律、法规、规 范性文件关于内幕交易、操纵市场等禁止行为的规定,不得进行违法违规的交易。 董事、高级管理人员所持公司股份及其变动管理制 度 第一章 总则 第一条 为加强厦门建发股份有限公司（以下简称"公司"）董事、高级管理 人员持有公司股份及其变动的管理，根据《中华人民共和国公司法》(以下简称"《公 司法》")、《中华人民共和国证券法》（以下简称"《证券法》"）、《上市公 司董事高级管理人员所持本公司股份及其变动管理规则》《上海证券交易所上市公 司自律监管指引第 8 号——股份变动管理》《上海证券交易所上市公司自律监管指 引第 15 号——股东及董事、高级管理人员减持股份》等法律、法规、规范性文件 以及《公司章程》的有关规定,结合公司的实际情况,特制定本制度。 第二条 本制度适用于公司董事、高级管理人员所持本公司股份及其变动的管理。 董事、高级管理人员对持有股份比例、持有期限、变动方式、变动 ...

| 股票代码：600153 | 股票简称：建发股份 | | | 公告编号：临 2025—035 | | --- | --- | --- | --- | --- | | 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 | | 一、审议通过《关于修订<信息披露管理制度>的议案》 具体内容详见公司于同日刊登的公告。 表决结果：8 票同意，0 票反对，0 票弃权。 二、审议通过《关于修订<内幕信息知情人登记管理制度>的议案》 具体内容详见公司于同日刊登的公告。 表决结果：8 票同 ...

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [5] Core Insights - The report indicates that the real estate market is still in a destocking trend, with new housing market conditions remaining challenging despite some policy support aimed at stabilizing expectations and promoting recovery [4][32] - The report highlights the importance of strong product capability and inventory management in identifying quality real estate companies for investment [5] Summary by Sections Industry Data - New housing transaction volume in 34 key cities decreased by 0.3% week-on-week, with first and second-tier cities seeing a 2% increase while third and fourth-tier cities experienced a 38% decline [6] - In July, the cumulative transaction volume for new homes in 34 cities dropped by 25% year-on-year, with first and second-tier cities also down by 25% [9][10] - The inventory of new homes in 15 cities decreased by 1% week-on-week, with a current available area of 88.85 million square meters [23] Policy and News Tracking - The Ministry of Housing and Urban-Rural Development emphasized the need for multi-faceted approaches to stabilize expectations and promote recovery in the real estate market [32][33] - Local policies include the expansion of housing provident fund loans in Nanjing and new policies in Hainan and Guangzhou to facilitate housing loans [32][33] Company Dynamics - Vanke has applied for a loan of up to 6.249 billion yuan from Shenzhen Metro Group, marking the sixth loan transaction this year [5] - Poly Developments reported sales of 29 billion yuan, down 31% year-on-year, while China Overseas Development reported 29.7 billion yuan, down 36% [5] - The report recommends focusing on quality real estate companies with strong product capabilities and inventory management, including companies like China Overseas Development and Poly Developments [5]

Investment Rating - The report suggests a cautious approach towards the real estate sector, recommending selective investments in companies with strong fundamentals and potential policy benefits [7]. Core Insights - The A-share real estate sector saw a slight increase of +0.3% while the Hong Kong real estate sector rose by +1.7% during the week of June 28 to July 4, 2025 [3][18]. - The land market's premium rate has decreased, with a total of 762,000 square meters of residential land sold across 300 cities, reflecting a week-on-week decline of 35% and a year-on-year decline of 15% [3][29]. - The first half of 2025 showed a significant improvement in land market performance, with a total supply of 21,930 million square meters and a total transaction of 17,390 million square meters, indicating a narrowing decline compared to previous years [5][14]. Summary by Sections Market Overview - The report highlights that the sales volume of commercial housing in 47 cities reached 514,000 square meters, with a week-on-week decrease of 3% and a year-on-year decrease of 8% [4][34]. - The average new home price in May showed a slight decrease of 0.2% month-on-month and a year-on-year decrease of 4.1%, indicating a gradual stabilization in the market [4]. Land Market - The average transaction price for residential land in the first half of 2025 across 300 cities was 4,953 yuan per square meter, with significant year-on-year increases across different city tiers [5][14]. - The top five companies in terms of land acquisition amount included Poly Developments, Greentown China, China Overseas Development, Jianfa Real Estate, and Binjiang Group, with acquisition amounts of 41.4 billion, 40.1 billion, 39.3 billion, 34.1 billion, and 31.3 billion yuan respectively [29][33]. Sales Performance - The total sales amount for the top 100 real estate companies in the first half of 2025 was 1,782 billion yuan, reflecting a year-on-year decline of 11.4% [6][16]. - The report notes a divergence where the decline in sales is greater than the decline in investment, indicating a challenging sales environment for real estate companies [6][16]. Investment Recommendations - The report recommends investing in real estate stocks during market dips, particularly focusing on developers with strong operations in core first and second-tier cities [7]. - Suggested companies include Jianfa International Group, China Overseas Development, and Binjiang Group for developers, and Beike for real estate intermediaries [7].

Core Viewpoint - The company received an inquiry letter from the Shanghai Stock Exchange regarding its 2024 annual report, focusing on the increase in other receivables despite a decline in operating income, and the nature of these receivables [1][2][3] Summary by Relevant Sections Other Receivables - The company's other receivables from 2021 to 2024 showed a significant increase, with balances of 470.95 billion, 579.15 billion, 641.13 billion, and 693.04 billion respectively, primarily due to increased operational transactions with real estate development partners [3][4] - The proportion of receivables over three years old reached 23% of the total other receivables, indicating a growing trend in long-term receivables [1][3] - The increase in other receivables is attributed to the nature of the real estate business, where initial investments in joint ventures often do not yield immediate returns, leading to higher receivables [3][4] Business Model and Transaction Details - The company engages in joint real estate development, resulting in operational receivables that are common in the industry, with specific arrangements for pre-distributing surplus funds to partners before project completion [3][4] - The top ten receivables include various partners, with significant amounts tied to ongoing projects, reflecting the typical cash flow cycle in real estate development [5][6] Financial Position and Debt Management - As of the end of the reporting period, the company held cash and cash equivalents of 958.67 billion, representing 12.48% of total assets, while interest-bearing liabilities amounted to approximately 1,438.43 billion, or 18.73% of total assets [8][9] - The company’s financial expenses increased significantly, primarily due to the consolidation of a subsidiary and changes in the real estate business's interest capitalization rates [12][13] - The company maintains a high level of cash reserves to ensure operational liquidity and project funding, despite borrowing significant amounts of interest-bearing debt [9][10][11] Prepayments - The company's prepayments showed a trend of growth from 2020 to 2023, with a notable decrease in the latest reporting period, attributed to changes in procurement practices and project funding strategies [14][15] - The top five prepayment recipients are primarily government-related entities and large commodity suppliers, with no associated risks identified [15]

Core Insights - The company aims to become an internationally leading supply chain operator, focusing on building a "Chinese-style trading company" with global reach [1] Group 1: Strategic Partnerships - On June 16, the company signed a strategic cooperation agreement with FAW Jiefang to expand its international business, focusing on investment, vehicle procurement, logistics services, and bulk supply chain [1] - This partnership is significant for both parties, as the company can provide comprehensive supply chain solutions to FAW Jiefang, enhancing its global market integration [1] Group 2: Risk Management and Industry Insights - At the second Global Outbound Summit held in Singapore, the company's risk control center manager delivered a speech on proactive risk management in supply chains, emphasizing the role of futures tools in stabilizing global supply chains [2] - The company has established a framework combining risk control, business, and research to effectively utilize futures tools for price risk management [2] Group 3: Coffee Supply Chain Development - On June 25, the company's subsidiary participated in the opening ceremony of Luckin Coffee's innovation industrial park, highlighting its role in optimizing the coffee supply chain through direct sourcing and quality control [3] - The subsidiary has achieved "Rainforest Alliance" certification for coffee beans and established a coffee laboratory to enhance product quality and customization [3] Group 4: International Cooperation and Agreements - On June 28, the company signed multiple cooperation agreements at the BRICS Innovation Base project matchmaking conference, with a total contract value exceeding 5.7 billion RMB [4] - The company aims to expand its market presence in China through strategic partnerships in the pulp and agricultural sectors, ensuring stable food supply and safety [4] Group 5: Commitment to Core Business and Sustainable Development - The company remains focused on supply chain operations, optimizing resource allocation, and enhancing service quality and operational efficiency [5] - It plans to increase investments in technology innovation, talent development, and risk management to strengthen its core competitiveness [6] - The company is committed to social responsibility and sustainable development, aiming to contribute to a more open and inclusive global business ecosystem [6]

"|RsM | 容 诚 目录 | 问题 1: 关于其他应收款 . | | --- | | 一、公司回复 . | | 二、会计师的核查情况 . | | 问题 2: 关于货币资金与负债 | | 一、公司回复…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… 10 | | 二、会计师的核查情况 . | | 问题 3: 关于预付账款 | | 一、公司回复 . | | 二、会计师的核查情况 . | | 问题 4: 关于委托贷款及资金拆借 | | 一、公司回复 . | | 二、会计师的核查情况 . | | 问题 5: 关于管理费用 . | | 一、公司回复…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… 27 | | 二、会计师的核查情况 . | 关于厦门建发股份有限公司 2024 年年报问询函专项说明 容诚专字[202 ...

| 股票代码：600153 | 股票简称：建发股份 | | | 公告编号：临 | 2025—034 | | --- | --- | --- | --- | --- | --- | | 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 关于上海证券交易所对公司 2024 年年度报告 问询函的回复公告 1 资信情况等，说明在营业收入下滑的背景下其他应收款余额逐年增长的原因及合 理性。（2）补充披露其他应收款中往来款和 ...

Group 1 - The total sales amount of the top 100 real estate companies in the first half of 2025 was 1,836.41 billion yuan, a year-on-year decrease of 11.8%, with the decline rate expanding by 1 percentage point compared to the first five months of the year [1] - In June alone, the sales amount of the top 100 real estate companies decreased by 18.5% year-on-year, with the decline rate increasing by 1.2 percentage points compared to May [1] - The top three companies by total sales were Poly Developments, Greentown China, and China Overseas Property, with sales amounts of 145.2 billion yuan, 122.1 billion yuan, and 120.14 billion yuan respectively [1][2] Group 2 - The contribution rate of sales from first-tier cities increased significantly, with 40.0% of sales coming from these cities, a year-on-year increase of 9.0 percentage points [3] - The top three cities contributing to sales in the first half of 2025 were Shanghai, Beijing, and Guangzhou, with contribution rates of 16.9%, 10.6%, and 9.0% respectively [4] - Shanghai's sales contribution rate increased by 4.5 percentage points compared to the same period in 2024, marking the largest increase among the top 10 cities [4] Group 3 - The total land acquisition amount for the top 100 companies in the first half of 2025 was 506.55 billion yuan, a year-on-year increase of 33.3% [5] - The top three companies by new land value added were Poly Developments, Greentown China, and China Jinmao, with new land values of 89.9 billion yuan, 83.1 billion yuan, and 74.9 billion yuan respectively [5] - The average premium rate for land sales in 300 cities exceeded 10%, showing a significant increase compared to the same period last year [6] Group 4 - The main players in land acquisition were state-owned enterprises, with eight out of the top ten land acquirers being state-owned [5][7] - Core cities such as Beijing, Shanghai, and Chengdu saw intense competition for quality land, while many third and fourth-tier cities continued to see land sold at base prices [6] - The Yangtze River Delta region led the four major city clusters in land acquisition, with the top ten companies in this region acquiring land worth 147 billion yuan [6]