中信证券股份有限公司 关于 厦门建发股份有限公司 重大资产购买 之 2024 年度持续督导意见 暨持续督导总结报告 独立财务顾问 二〇二五年四月 声 明 中信证券股份有限公司接受委托，担任厦门建发股份有限公司重大资产购买 的独立财务顾问。 本独立财务顾问依据《上市公司重大资产重组管理办法》《上市公司并购重 组财务顾问业务管理办法》等法律、法规的有关规定，对上市公司进行持续督导。 按照证券行业公认的业务标准、道德规范，本着诚实信用、勤勉尽责的态度，出 具本持续督导意见暨持续督导总结报告。 1、本独立财务顾问与本次交易各方无任何关联关系，本着独立、客观和公 正的原则对本次交易出具本持续督导意见。 2、本持续督导意见所依据的文件、材料由上市公司及其交易对方提供，上 市公司保证所提供的资料真实、准确、完整，不存在任何虚假记载、误导性陈述 或重大遗漏，并对所提供资料的合法性、真实性、完整性承担个别和连带责任。 本独立财务顾问出具的持续督导意见是在假设本次交易的各方当事人均按相关 协议的条款和承诺全面履行其所有义务的基础上提出的，若上述假设不成立，本 独立财务顾问不承担由此引起的任何风险责任。 3、本独立财务顾问未委托和 ...

Financial Performance - The company's operating revenue for Q1 2025 reached CNY 143.77 billion, an increase of 9.47% compared to CNY 131.34 billion in the same period last year[6]. - Net profit attributable to shareholders decreased by 3.29% to CNY 584.02 million from CNY 603.89 million year-on-year[6]. - The net profit after deducting non-recurring gains and losses was CNY 97.66 million, a significant decline of 65.33% from CNY 281.70 million in the previous year[6]. - Operating income for Q1 2025 was ¥602 million, compared to ¥815 million in Q1 2024, indicating a decrease of 26.2%[25]. - The company reported a net profit margin of approximately 0.42% for Q1 2025, down from 0.62% in Q1 2024[25]. - The net profit for Q1 2025 was ¥190.91 million, a decrease of 53.6% compared to ¥411.01 million in Q1 2024[26]. - The total comprehensive income of ¥185.52 million in Q1 2025, down 48.3% from ¥358.72 million in Q1 2024[27]. - The total operating profit for Q1 2025 was ¥464.51 million, down 27.2% from ¥638.66 million in Q1 2024[26]. Cash Flow and Liquidity - The cash flow from operating activities showed a net outflow of CNY 5.73 billion, compared to an outflow of CNY 46.52 billion in the same period last year[6]. - The company's cash flow from operating activities was not applicable, primarily due to the use of bill settlements in supply chain operations during the reporting period[15]. - As of March 31, 2025, the company's cash and cash equivalents amounted to approximately 115.46 billion RMB, an increase from 95.87 billion RMB at the end of 2024[21]. - The cash and cash equivalents at the end of Q1 2025 increased to ¥101.08 billion, compared to ¥82.81 billion at the end of Q1 2024[29]. - The company experienced a net cash outflow from investing activities of ¥6.41 billion in Q1 2025, compared to a net outflow of ¥5.25 billion in Q1 2024[29]. - The net cash inflow from financing activities in Q1 2025 was ¥27.40 billion, a decrease of 43.6% from ¥48.58 billion in Q1 2024[29]. Assets and Liabilities - Total assets increased by 11.56% to CNY 856.61 billion from CNY 767.87 billion at the end of the previous year[6]. - The company's total assets as of the latest reporting period amounted to ¥856.61 billion, compared to ¥767.87 billion previously, marking an increase of 11.5%[24]. - Total liabilities increased to ¥629.81 billion, up from ¥539.71 billion, reflecting a growth of 16.7%[23]. - The company's prepayments increased significantly from approximately 23.80 billion RMB to 42.10 billion RMB during the same period[21]. - The company's contract liabilities increased to ¥199.18 billion, up from ¥181.25 billion, indicating a rise of 9.9%[23]. Segment Performance - The supply chain operation segment generated a net profit of CNY 848.16 million, up 9.72% year-on-year, mainly due to increased profits from pulp and paper products[8]. - The real estate segment reported a net loss of CNY 91.68 million, a decrease of CNY 34 million compared to the previous year, primarily due to the absence of investment income from the sale of equity in a subsidiary[9]. - The home mall operation segment incurred a net loss of CNY 172.47 million, a decline of CNY 61 million year-on-year, affected by external market conditions[10]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 64,400[18]. - The largest shareholder, Xiamen C&D Inc., held 1,356,687,985 shares, representing 46.03% of the total shares[18]. Other Financial Metrics - The weighted average return on equity decreased to 0.80% from 0.86% in the previous year, reflecting a reduction of 0.06 percentage points[6]. - The company recognized non-recurring gains of CNY 416.48 million from fair value changes of financial assets and liabilities during the reporting period[14]. - The company's other operating income and expenses included a non-recurring income of approximately 22.72 million RMB[15]. - The derivative financial assets decreased from approximately 711 million RMB to 366 million RMB from December 31, 2024, to March 31, 2025[21]. - The fair value changes of investment properties resulted in a loss of approximately 476 million RMB, impacting the overall financial performance[15]. - The company recognized significant gains from the fair value changes of futures contracts used for hedging commodity price risks, which were closely related to its operational performance[15]. - Research and development expenses increased to ¥67.89 million in Q1 2025, up from ¥50.03 million in Q1 2024, representing a growth of 35.7%[25].

建发股份（600153）公告，2025年第一季度营业收入为1437.73亿元，同比增长9.47%；净利润为5.84亿 元，同比下降3.29%。 ...

厦门建发股份有限公司 关于2024年年度股东大会取消部分子议案的公告 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。 一、 股东大会有关情况 1、 股东大会的类型和届次 2024年年度股东大会 2、 股东大会召开日期： 2025 年 5 月 6 日 | 股票代码：600153 | 股票简称：建发股份 | | | 公告编号：临2025-019 | | --- | --- | --- | --- | --- | | 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 | ...

厦门建发股份有限公司 2024 年年度股东大会 会议资料 1 厦门建发股份有限公司 2024 年年度股东大会会议资料目录 2 厦门建发股份有限公司 2024 年年度股东大会现场会议议程 会议时间：2025 年 5 月 6 日下午 14:40 会议地点：厦门市思明区环岛东路 1699 号建发国际大厦附楼 6 层 2 号会 议室 主 持 人：董事长林茂先生 见证律师所：福建天衡联合律师事务所 会议议程： 一、董事长主持会议，介绍会议有关情况，宣布会议开始。 二、提请股东大会审议、听取如下议案、报告： | 序号 | 内容 | 页码 | | --- | --- | --- | | 1 | 《公司 2024 年度董事会工作报告》 | 5 | | 2 | 《公司 2024 年度监事会工作报告》 | 15 | | 3 | 《公司 2024 年年度报告》及其摘要 | 18 | | 4 | 《公司 2024 年度财务决算报告及 2025 年度预算案》 | 19 | | 5 | 《公司 2024 年度利润分配方案》 | 22 | | 6 | 《关于申请注册 DFI 债务融资工具的议案》 | 24 | | 7 | 《关于修订<公司 ...

Group 1 - The core point of the article highlights the competitive land auction in Hangzhou, where Poly Development won the Qianjiang Century City plot at a floor price of 51,611 yuan per square meter, marking it as the highest floor price in the Century City area and the fourth highest in Hangzhou overall [1][3][7] - On April 28, six residential plots were auctioned in Hangzhou with a total starting price of 10.3 billion yuan, indicating strong demand for prime land in the city [2][4] - The Qianjiang Century City plot is considered a hot spot in the Hangzhou real estate market, with expectations for new home price increases due to its advantageous location and resources [2][3] Group 2 - The overall land auction in Hangzhou raised approximately 12.576 billion yuan, with an average premium rate of 22.4%, reflecting a competitive bidding environment [6] - Currently, there are six plots in Hangzhou with floor prices exceeding 50,000 yuan per square meter, indicating a trend of high-value land transactions [7] - The cancellation of price limits has encouraged developers to be more aggressive in acquiring core plots, as they anticipate better profit margins [9][15] Group 3 - Major players in the Hangzhou land market include local giants like Binjiang and Greentown, with their combined land acquisition amounting to 38.04 billion yuan, representing 49.1% of the total land sales [13] - Despite the active land market, the overall outlook for the Hangzhou real estate market remains uncertain, with potential challenges in sales velocity and product competitiveness [14][15] - The competitive landscape is expected to further differentiate, with core area plots experiencing intense competition while other areas may see varying levels of interest [15]

Investment Rating - The report rates the transportation industry as "Overweight" [3][21][30] Core Insights - The report highlights an increase in holdings related to consumer-oriented aviation and express delivery, while holdings in the shipping and shipbuilding sectors have significantly decreased [3][4] - In Q1 2025, the total market value of transportation industry funds reached 22.2 billion, a decrease of 22% quarter-on-quarter, ranking 14th among 31 industries [3][4] - The proportion of holdings in aviation transportation, express delivery, and highways has increased, accounting for 45%, 23%, and 8% respectively, with notable increases of 4 percentage points, 1 percentage point, and 2 percentage points [10][12] Summary by Sections 1. Changes in Transportation Industry Fund Holdings - The total market value of transportation industry fund holdings in Q1 2025 is 22.2 billion, down 22% from the previous quarter, maintaining a rank of 14th among all industries [4][10] - The market value of the transportation industry accounts for 3.13% of the total A-share market value, with an underweight of 1.48% [3][4] 2. Changes in Fund Holdings by Sub-Sectors - The market values for aviation transportation, express delivery, shipping, railway transportation, ports, airports, raw material supply chain services, cross-border logistics, and highways are 10.1 billion, 5.2 billion, 1.3 billion, 1.9 billion, 0.5 billion, 0.03 billion, 1.2 billion, 0.2 billion, and 1.8 billion respectively, with respective quarter-on-quarter changes of +4%, +1%, -4%, -0.15%, -0.68%, -0.05%, +0.41%, -1.78%, and +1.67% [10][12] 3. Top Ten Holdings in Transportation Industry Funds - The top ten holdings in transportation industry funds include SF Express, Juneyao Airlines, Air China, Huaxia Airlines, Southern Airlines, Guangzhou-Shenzhen Railway, Spring Airlines, Jianfa Co., China Eastern Airlines, and YTO Express, with the addition of China Eastern Airlines in Q1 2025 [17][20] - Stocks with a total market value exceeding 300 million and a quarter-on-quarter growth rate exceeding 10% include China Eastern Airlines, Guangdong Expressway A, and Daqin Railway, with market values of 800 million, 800 million, and 400 million respectively, and growth rates of 29%, 65%, and 92% [17][20] 4. Valuation of Key Companies in the Transportation Industry - The report provides a valuation table for key companies, indicating "Buy" ratings for COSCO Shipping Energy and YTO Express, and "Outperform" ratings for Southern Airlines and Spring Airlines, with projected EPS and PE ratios for the coming years [21][30]

建发股份（600153）(600153.SH)在2024年陷入营利双降的困境，其归母净利润同比跌超7成。 证券之星注意到，公司斥巨资收购的美凯龙（601828）持续亏损拖累公司的净利表现，而减值损失金额 大增也在进一步挤压利润空间。营收下滑的背后，是建发股份的支柱业务(供应链业务)表现疲软，收入 缩水。同时，公司房地产主业压力尚存，合同销售金额下降，部分子公司业绩表现欠佳。千亿债务悬顶 之下，建发股份偿债压力尚存。 美凯龙巨亏拖累业绩，现金流大降 据2024年年度报告显示，建发股份2024年度营业收入7012.96亿元，同比下降8.17%；归母净利润为 29.46亿元，同比下降77.52%，扣非净利润为19.05亿元，同比下滑20.85%，出现营利双降的情况。 证券之星注意到，建发股份斥巨资收购的美凯龙(601828.SH)不但未能增厚公司的净利润，反而拖累了 公司的盈利表现。 2023年8月，建发股份斥资62.86亿元完成对美凯龙29.95%股权的收购，成为其第一大股东，旨在通过整 合美凯龙的家居卖场资源与市场影响力，拓宽产业链布局。 收购完成后，美凯龙却连续陷入亏损状态。尽管美凯龙积极推进与建发股份的战略 ...

公司落实乡村振兴战略，与荏畲村建立了结对帮扶关系，立足乡村特色资源优势，通过"产业帮扶+消 费帮扶+爱心帮扶"三位一体帮扶模式，积极探索农、文、旅融合发展的"国企+村企"合作共赢之路。 公司持续推进绿色建筑设计、海绵城市设计、装配式建筑技术、BIM技术、超低能耗建筑等绿色建筑实 践，提高项目质量和建造效率，最大限度地节约资源。 4月14日，建发股份（600153）发布可持续发展报告。 在环境方面，公司致力于落实巴黎协定和联合国可持续发展目标之路，通过研发创新绿色低碳产品、推 进价值链的低 碳发展、推广应用清洁低碳能源、促进资源绿色循环利用、投资绿色低碳环保产业以及 积极践行绿色低碳行动等举措，推动产业绿色转型，助力绿色低碳循环经济体系建设，迈向永续发展。 公司持续推进绿色建筑设计、海绵城市设计、装配式建筑技术、BIM技术、超低能耗建筑等绿色建筑实 践，提高项目质量和建造效率，最大限度地节约资源，构筑安全舒适的绿色低碳建筑，实现建筑与自然 的和谐共生。2024年，公司新增已落成的绿色建筑项目个数12个，其中绿色建筑二星级项目1个，绿色 建筑一星级项目8个，绿色建筑基础级项目3个。 公司积极推动超低能耗建筑建设， ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - In March 2025, new home sales prices in 70 cities showed a stable month-on-month decline, while year-on-year declines narrowed. First-tier cities experienced a month-on-month increase in new home prices, indicating a potential recovery trend in the market [8][29] - The report suggests that both new and second-hand home prices are expected to improve further, supported by more proactive fiscal policies and moderately loose monetary policies, which may accelerate urban renewal projects and improve the existing housing supply-demand relationship [8][29] Summary by Sections New Home Prices - New home prices in first, second, and third-tier cities changed month-on-month by +0.1%, 0.0%, and -0.2% respectively, with an overall month-on-month decline of -0.1% across 70 cities, remaining stable compared to February [5][15] - Year-on-year, new home prices in first, second, and third-tier cities decreased by -2.8%, -4.4%, and -5.7% respectively, with the overall year-on-year decline for 70 cities at -5.0%, a reduction of 0.2 percentage points from February [5][15] Second-Hand Home Prices - Second-hand home prices in March showed a month-on-month decline of -0.2%, with the decline narrowing by 0.1 percentage points. First-tier cities saw a month-on-month increase, while second and third-tier cities experienced smaller declines [6][22] - Year-on-year, second-hand home prices across 70 cities decreased by -7.3%, with first, second, and third-tier cities showing declines of -4.1%, -7.0%, and -7.8% respectively, also reflecting a narrowing of declines [6][22] Market Performance - In March 2025, Shanghai led the new home price increases with a month-on-month rise of +0.7% and a year-on-year increase of +5.7%. Among the 35 key cities, only Shanghai showed a month-on-month increase in new home prices [7][28] - The report highlights that the number of cities with rising new home prices increased to 24 in March, compared to 18 in February, indicating a positive shift in the market [17][18] Investment Recommendations - The report recommends focusing on strong credit real estate companies that can capture improving customer demand, such as Greentown China, China Overseas Development, and China Merchants Shekou [8][29] - It also suggests companies benefiting from both residential and commercial real estate recovery, such as New Town Holdings and Longfor Group, as well as those in the second-hand housing market like Beike-W and I Love My Home [8][29]