Core Viewpoint - The sales performance of the top 100 real estate companies in China for the first eight months of 2025 shows a significant decline, with total sales amounting to 23,270.5 billion yuan, a year-on-year decrease of 13.3% [3][5]. Group 1: Sales Performance - The total sales of the top 100 real estate companies from January to August 2025 reached 23,270.5 billion yuan, with a year-on-year decline of 13.3% [3]. - The equity sales amount for the top 100 companies was 16,275.2 billion yuan, with an equity sales area of 83.828 million square meters [3]. - The top five companies by sales in the first eight months were Poly Development (181.2 billion yuan), Greentown China (156.3 billion yuan), China Overseas Property (150.3 billion yuan), China Resources Land (142.5 billion yuan), and China Merchants Shekou (124.05 billion yuan) [3][4]. Group 2: Market Dynamics - August is typically a slow sales month for the real estate market, with a reported 30% decrease in supply and a 12% month-on-month decline in transaction volume across 30 monitored cities [4][5]. - In August, the top 100 real estate companies achieved sales of 207.04 billion yuan, reflecting a month-on-month decrease of 1.9% and a year-on-year decrease of 17.6% [5]. - Despite the overall decline, 33% of the top 100 companies reported month-on-month sales growth in August, with 21 companies experiencing growth exceeding 30% [5]. Group 3: Future Outlook - The industry anticipates a potential recovery in September, driven by policy adjustments such as "recognizing houses but not loans" and lowering down payment ratios in major cities [6]. - The traditional peak sales season in September is expected to boost new home transaction volumes, with a gradual recovery in market confidence [6].

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [4][6] Core Insights - The adjustment of housing policies in Shanghai is expected to help reduce inventory and boost demand for improved housing [11] - The real estate sector is viewed as an early economic indicator, making it a key focus for investment [4] - The competitive landscape in the industry is improving, with leading state-owned enterprises and select private firms expected to benefit more in the future [4] - The report emphasizes a focus on first-tier and select second- and third-tier cities for investment opportunities [4] Summary by Sections New Housing Market - In the past week, new housing transaction area in 30 cities was 181.0 million square meters, a month-on-month increase of 14.3% but a year-on-year decrease of 5.9% [23] - First-tier cities saw a new housing transaction area of 43.4 million square meters, up 11.1% month-on-month but down 21.1% year-on-year [23] - Second-tier cities recorded 92.5 million square meters, with a month-on-month increase of 2.2% and a year-on-year increase of 10.2% [23] - Third-tier cities experienced a significant month-on-month increase of 56.7%, but a year-on-year decrease of 15.4% [23] Second-Hand Housing Market - The total transaction area for second-hand housing in 14 sample cities was 186.3 million square meters, down 3.3% month-on-month but up 12.2% year-on-year [32] - First-tier cities had a transaction area of 78.3 million square meters, with a slight month-on-month increase of 1.2% [32] - Year-to-date, the cumulative transaction area for second-hand housing reached 70.55 million square meters, reflecting a year-on-year growth of 16.6% [32] Credit Bond Market - A total of 11 credit bonds were issued by real estate companies this week, with a total issuance of 6.145 billion yuan, a decrease of 9.137 billion yuan from the previous week [42] - The net financing amount was -4.283 billion yuan, indicating a significant reduction in financing activity [42] - The majority of bonds issued were rated AAA, with a significant portion having maturities of over five years [42]

Core Viewpoint - The financial performance of Jianfa Co., Ltd. for the first half of 2025 shows a decline in revenue and net profit compared to the previous year, indicating potential challenges in its business operations and financial health [1][3]. Financial Performance Summary - Total revenue for the first half of 2025 was 315.32 billion yuan, a decrease of 1.16% year-on-year [1]. - Net profit attributable to shareholders was 0.841 billion yuan, down 29.87% from the previous year [1]. - In Q2 2025, total revenue was 171.55 billion yuan, reflecting an 8.59% decline year-on-year, while net profit was 0.257 billion yuan, a significant drop of 56.85% [1]. - The gross margin decreased to 4.21%, down 11.85% year-on-year, and the net margin fell to 0.18%, a decrease of 66.39% [1]. - Total receivables accounted for 1035.23% of the latest annual net profit, indicating a high level of accounts receivable relative to profitability [1]. Key Financial Metrics - Earnings per share (EPS) decreased to 0.20 yuan, down 39.39% year-on-year [1]. - Operating cash flow per share increased significantly by 183.72% to 6.16 yuan [1]. - The company’s cash and cash equivalents increased by 13.20% to 117.77 billion yuan [1]. - The total liabilities decreased slightly by 1.96% to 1731.28 billion yuan [1]. Changes in Financial Items - Derivative financial assets decreased by 57.34% due to reduced futures gains from hedging activities [3]. - Accounts receivable increased by 59.59% as a result of increased sales on credit [3]. - Prepayments surged by 119.13% due to increased business scale and prepayments to suppliers [3]. - Short-term borrowings rose dramatically by 202.89% due to increased funding needs [4]. Investment Insights - The company's return on invested capital (ROIC) was 2.56%, indicating weak capital returns [5]. - The estimated dividend yield is 5.98%, suggesting potential income for investors [5]. - The company has been experiencing a decline in its operational efficiency, as indicated by the low net profit margin and ROIC [5]. Fund Holdings - The largest fund holding Jianfa Co., Ltd. is the Zhongtai Xingyuan Flexible Allocation Mixed Fund, which has recently reduced its holdings [6]. - Other funds have also shown mixed movements in their positions, with some increasing and others decreasing their stakes in the company [6].

Group 1 - The company, Jianfa Co., Ltd. (600153.SH), reported a total operating revenue of 315.32 billion yuan for the first half of 2025, representing a year-on-year decrease of 1.16% [1] - The net profit attributable to shareholders of the parent company was 841 million yuan, showing a year-on-year decline of 29.87% [1] - The basic earnings per share were reported at 0.2 yuan [1]

Core Insights - The company reported a revenue of 315.32 billion yuan for the first half of 2025, a year-on-year decrease of 1.16% [1] - The net profit attributable to the parent company was 841 million yuan, down 29.87% year-on-year [1] - Total assets reached 889.19 billion yuan, with net assets of 228.36 billion yuan and net assets attributable to the parent company at 71.33 billion yuan [1] Real Estate Business Performance - The real estate segment generated a revenue of 44.14 billion yuan, a decline of 13.83% year-on-year, with a net profit of 11 million yuan [2] - The net profit for the real estate segment decreased by 143 million yuan, primarily due to inventory impairment provisions of 379 million yuan by the subsidiary Jianfa Real Estate [2] - The total contract sales amount for the real estate segment was 82.94 billion yuan, reflecting a year-on-year increase of 11.67% [2] Sales Performance by Subsidiaries - Jianfa Real Estate achieved contract sales of 70.83 billion yuan, up 7.31% year-on-year, while equity sales amounted to 53.46 billion yuan, a growth of 5.07% [3] - Lianfa Group reported contract sales of 13.41 billion yuan, a significant increase of 29.19%, with equity sales rising by 56.27% to 8.96 billion yuan [3] - The company maintained a high collection rate of 95% for sales, with total sales in first and second-tier cities accounting for 90% of the overall sales [3]

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