Investment Rating - The report maintains a "Buy" rating for the company [2][8] Core Insights - The company achieved a sales ranking improvement, reaching 4th place nationally, with notable sales performance in Hangzhou, where sales amounted to 5.1 billion yuan, leading the market [8] - The company has maintained an active land acquisition strategy, with a land acquisition amount of 10.1 billion yuan in the first two months of 2025, a significant increase from the previous year [8] - The company plans to distribute a mid-term cash dividend of 0.4 yuan per share, reflecting a commitment to a high dividend strategy with a projected dividend yield of 7% [8] - The company intends to acquire an additional 10% stake in its subsidiary, enhancing its asset concentration and profitability [8] - The company forecasts a net profit of 3.22 billion yuan for 2024, with a projected increase to 4.03 billion yuan in 2025, indicating a positive growth outlook [8] Financial Data and Profit Forecast - Total revenue for 2023 is projected at 763.68 billion yuan, with a year-on-year decline of 8.3% [6] - The net profit attributable to the parent company for 2023 is expected to be 13.10 billion yuan, with a significant year-on-year increase of 108.8% [6] - The earnings per share for 2024 is estimated at 1.09 yuan, with a projected increase to 1.37 yuan in 2025 [6] - The company maintains a gross profit margin of 4.4% for 2023, with expectations of stability in the following years [6]

| 股票代码：600153 | 股票简称：建发股份 | | | 公告编号：临 | 2025—006 | | --- | --- | --- | --- | --- | --- | | 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 第九届董事会 2025 年第三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 ...

Financial Performance Forecast - The company expects a net profit attributable to shareholders of 2.4 billion to 3.5 billion yuan for 2024, a decrease of approximately 73% to 82% compared to the previous year[4]. - The net profit for 2023, including the reorganization gain from the acquisition of Red Star Macalline, was 9.522 billion yuan, which will not recur in 2024[4]. - The net profit excluding the reorganization gain for 2023 was 3.582 billion yuan, and the expected decrease for 2024 is about 0.1 billion to 1.2 billion yuan, representing a decline of approximately 2% to 33%[4]. - The net profit attributable to shareholders after deducting non-recurring gains and losses is projected to be 1.4 billion to 2.1 billion yuan for 2024, a decrease of approximately 13% to 42% compared to the previous year[4]. Total Profit and Shareholder Returns - The total profit for 2023 was 20.792 billion yuan, with a net profit attributable to shareholders of 13.104 billion yuan[8]. Factors Influencing Profit Decline - The decline in net profit is primarily due to the absence of the reorganization gain and the impact of macroeconomic conditions on the demand for bulk commodities and traditional automotive sectors[11]. - The company acquired 29.95% of Red Star Macalline for 6.286 billion yuan, resulting in a reorganization gain of 9.619 billion yuan recognized in 2023[11]. - The company will consolidate Red Star Macalline's financials for the entire year in 2024, compared to only four months in 2023, leading to increased losses attributable to the parent company[11]. Forecast Validity and Investment Risks - The performance forecast is based on preliminary calculations by the company's finance department and has not been audited by external accountants[12]. - Investors are advised to pay attention to investment risks as the forecast data is subject to change pending the official annual report[13].

厦门建发股份有限公司 2024 年中期权益分派实施公告 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。 重要内容提示： 每股分配比例 A 股每股现金红利 0.4 元 | 股票代码：600153 | 股票简称：建发股份 | | | 公告编号：临 | 2025-004 | | --- | --- | --- | --- | --- | --- | | 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 ...

Group 1 - The core point of the article is the establishment of Shanghai Xingtong Chain Shipping Co., Ltd., which has a registered capital of 256 million yuan and is involved in various shipping and logistics services [1] - The legal representative of the newly established company is Chen Qide [1] - The business scope of the company includes international ship management, import and export of goods, technology import and export, and ship leasing [1] Group 2 - The company is jointly held by Xingtong Co., Ltd. and Xiamen Jianfa Supply Chain Logistics Technology Co., Ltd., which is a subsidiary of Jianfa Co., Ltd. [1]

厦门建发股份有限公司 关于 2024 年中期利润分配方案的公告 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。 每股分配金额：每股派发现金红利 0.4 元（含税） 本次利润分配以实施权益分派股权登记日登记的总股本为基数，具体日 期将在权益分派实施公告中明确。 如在实施权益分派的股权登记日前公司总股本发生变动，公司拟维持每 股分配金额不变，相应调整分配总额。 一、利润分配方案内容 | 股票代码：600153 | 股票简称：建发股份 | | | 公告编号：临 | 2025—002 | | --- | --- | --- | --- | --- | --- | | 债券代码：185248 | 债券简称：22 | 建发 | 01 | | | | 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 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][21]. Core Views - The company reported a total revenue of 502.1 billion, a year-on-year decrease of 16.13%, and a net profit attributable to shareholders of 2.058 billion, down 83.43% year-on-year [1]. - The company has increased its stake in its real estate subsidiary by 10%, which has been approved by the shareholders' meeting, enhancing its profitability for 2025 [7][8]. - The supply chain business is the main profit source for the company, with international revenue increasing from 10% in 2019 to 17% in 2023, indicating a positive trend in global expansion [8]. Summary by Sections Company Overview - The largest shareholder of the company is Jianfa Group, holding 46.03%, with the actual controller being the Xiamen State-owned Assets Supervision and Administration Commission [3]. Quarterly Performance - The company experienced a significant decline in performance, with a net profit of 2.058 billion for the first three quarters of 2024, a decrease of 83.43% year-on-year [1][18]. Subsidiary Equity Changes - The company plans to acquire an additional 10% stake in Jianfa Real Estate, increasing its consolidated share from 54.65% to 64.65% [7][8]. - The equity assessment value of Jianfa Real Estate is estimated at 30.663 billion for the 10% stake [7]. Dividend and Shareholder Returns - The company has established a shareholder return plan, committing to distribute at least 30% of the annual profit attributable to shareholders as cash dividends, with a minimum dividend of 0.7 yuan per share [7][8]. Future Outlook - The supply chain sector is expected to benefit from China's dual circulation strategy, with the company expanding its global operations and establishing business relationships in over 170 countries [8]. - The report expresses optimism about the company's supply chain strategy and the manageable risks in the real estate sector, leading to a continued "Accumulate" recommendation [8].

| 股票代码：600153 | 股票简称：建发股份 | | | 公告编号：临 | 2024-069 | | --- | --- | --- | --- | --- | --- | | 债券代码：185248 | 债券简称：22 | 建发 | 01 | | | | 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 年第二次临时 ...

关于厦门建发股份有限公司 2024 年第二次临时股东大会的 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 16-18 楼 电话：86・592・5883666 传真：86・592・5881668 关于厦门建发股份有限公司 2024 年第二次临时股东大会的法律意见书 (2024) 天衡(意)字第270 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年第二次临时股东大会(以 下简称"本次股东大会")于 2024年 12月 27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,指派黄臻臻律师、王笑琦律师(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》"）、《上市公司股东大会规则(2022年修订)》（以下简称 "《股东大会规则》"）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、出席会议人员的资格、 ...

| 股票代码：600153 | 股票简称：建发股份 | | | 公告编号：临 | 2024—068 | | --- | --- | --- | --- | --- | --- | | 债券代码：185248 | 债券简称：22 | 建发 | 01 | | | | 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 关于收购建发房产 10 ...