| 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].

| 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 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 ...

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]