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]

Core Insights - The real estate market in China is witnessing a significant increase in land acquisition by top developers, particularly in first and second-tier cities, with a year-on-year increase of over 30% in land acquisition amounts for the top 100 developers [3][10]. Group 1: Land Acquisition Trends - In the first half of the year, the total land acquisition amount for the top 100 developers reached 506.55 billion yuan, marking a 33.3% increase compared to the previous year [3]. - Ten developers exceeded 10 billion yuan in land acquisition, with Poly Developments leading at 41.4 billion yuan, followed by China Overseas and Greentown China at 39.3 billion yuan and 38.5 billion yuan, respectively [4][5]. - Central state-owned enterprises remain the dominant players in land acquisition, accounting for 58% of the total land acquisition amount in 22 cities, while the share of local state-owned enterprises has decreased [6][8]. Group 2: Market Dynamics - The land market is showing a clear trend of "controlling quantity and improving quality," with a significant increase in land transfer amounts in first and second-tier cities, which grew by 47.3% and 36.5%, respectively [11][12]. - The top 20 cities accounted for approximately 66% of the total land transfer amount nationwide, a notable increase from 51% in the previous year [12]. - The average premium rate for land transactions has exceeded 10%, indicating strong competition for high-quality land [11]. Group 3: Developer Strategies - Developers are increasingly focusing on the safety and profitability of projects, with core areas in cities like Beijing, Shanghai, and Hangzhou expected to see high premium transactions due to their scarcity [17]. - The return of private developers to the land market suggests a gradual recovery of confidence in the real estate market, with many actively seeking to replenish their land reserves [8][6]. - In major cities like Hangzhou and Shanghai, land auctions have seen record-breaking prices and premium rates, reflecting the high demand for residential land [15][16].

Core Insights - The land market in the first half of 2025 shows a trend of "reduced volume and improved quality," with significant differentiation across regions [1][2] - The supply area of residential land in 300 cities decreased by 18.6%, while the transaction area fell by 6.8%, indicating a contraction in the market [1] - Land transfer revenue from state-owned land use rights reached 1,128.1 billion yuan, a year-on-year decline of 11.9%, highlighting market divergence [1] Supply and Demand Analysis - The supply area for first, second, and third-tier cities changed by +14.4%, -2.1%, and -24.6% respectively, while transaction areas saw increases of +17.6%, +15.7%, and decreases of -14.5% [2] - The land transfer revenue for first, second, and third-tier cities increased by +47.3%, +36.5%, and decreased by -1.1% respectively, with average premium rates of 11.9%, 14.3%, and 3.6% [2] - The top 20 cities accounted for 66% of the national land transfer revenue in the first half of 2025, up from 51% in 2024, indicating a rising concentration in the market [2] Company Performance - Among 22 cities, central state-owned enterprises accounted for 58% of the total land acquisition amount, with leading companies including Greentown, Poly, and China Overseas [1] - The leading cities for land transfer revenue were Hangzhou, Beijing, Shanghai, and Chengdu, with revenues of 101 billion, 100.6 billion, 63.8 billion, and 36.6 billion yuan respectively [2] - Major real estate companies focused their land acquisitions in cities like Beijing and Hangzhou, where over 40% of their total land acquisition amounts were concentrated [1][2] Market Characteristics - The land auction market has returned to a "highest bidder wins" model, with premium land parcels achieving high premiums due to their scarcity [2] - The demand for improved housing is increasingly driving trends in the new housing market, reflecting a shift in consumer preferences [2] - Overall, the land market in the first half of 2025 is characterized by a trend of reduced volume and continued differentiation, with core cities benefiting from improved supply quality and increased auction activity [2]

Core Insights - The successful auction of the Fujiaopo land in Wuchang, with a premium of 22.42%, reflects a resurgence in the Wuhan real estate market, driven by strategic government interventions [1][4][5] - The auction saw seven real estate companies participate in 45 rounds of bidding, with Xiamen Jianfa winning the bid at a total price of 122 million yuan [1][4] - The government's restructuring of land supply, including the splitting of large plots into smaller, more manageable parcels, has lowered investment thresholds and increased participation from smaller firms [1][4][5] Market Dynamics - In May, Wuhan's new residential property transactions surged to 7,653 units, covering 882,800 square meters, marking a month-on-month increase of over 44% and a year-on-year rise of over 26% [1] - The Fujiaopo site is strategically located in the core of the Wuchang Zhongnan business district, surrounded by educational institutions and mature infrastructure, enhancing its market appeal [3][4] Government Strategy - The Wuchang District's Natural Resources and Urban Construction Bureau has proactively engaged with developers, providing detailed planning and visualized school district integration to align with market needs [3][4] - Since September 2024, Wuhan has adopted a strategy to optimize land supply by increasing the availability of quality plots, rationally setting land prices, and controlling increments to enhance quality [4][5] Competitive Landscape - The auction for the Jiang'an Xinxing Street plot also saw intense competition, with 14 companies participating and a premium of 54.36%, setting a new record for residential floor prices in Wuhan [4] - The trend of high premiums and competitive bidding indicates a strong demand for quality land assets in core urban areas, reinforcing the notion that premium assets retain their value [5][6]

Investment Rating - The industry investment rating is "Positive" and maintained [14]. Core Insights - The supply of land is increasingly concentrated in core areas, with both the scale and quality of land supply declining since Q1 2025. In the first five months of 2025, the cumulative launched residential land area in 300 cities decreased by 16.9% year-on-year, with first-tier cities seeing an increase of 33.8% [3][7]. - The transaction volume and premium rates for land have also decreased in April and May 2025, primarily due to declining supply quality and uncertain absorption rates. The cumulative transaction area and amount in the first five months of 2025 for 300 cities showed a year-on-year decrease of 6.3% and an increase of 24.6%, respectively [8][11]. - Leading real estate companies such as Poly, China Resources, and Zhaoshang have increased their land acquisition efforts, while companies like Jinmao and Yuexiu have shown strong performance in both land acquisition and sales [9][11]. Summary by Sections Supply Side - The land supply has further concentrated in core areas, with a notable decline in both scale and quality since Q1. In May 2025, the launched residential land area in 300 cities decreased by 13.0% month-on-month compared to April, and the core six cities saw a 16.8% increase in launched area [7][8]. Transaction Side - The transaction volume and premium rates have decreased, with the cumulative transaction area in the first five months of 2025 showing a year-on-year decline of 6.3%. The core six cities experienced significant increases in transaction amounts, with a year-on-year increase of 156.1% [8][11]. Real Estate Companies - In May 2025, leading companies such as Poly, China Resources, and Zhaoshang were active in the land market, with total acquisition amounts of 11.1 billion, 9.8 billion, and 5.3 billion respectively. The top three companies in cumulative land acquisition amounts from January to May 2025 were China Resources, Poly, and Greentown, with amounts of 42.7 billion, 42.0 billion, and 37.5 billion respectively [9][11]. Quality of Land Acquisition - In April and May 2025, companies like Yuexiu and Greentown demonstrated superior land acquisition quality. The overall land acquisition quality scores indicated that companies such as China Resources, Yuexiu, and Greentown had higher regional capability and expected profitability [10][11].