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： ● 活动时间：2025年5月15日（星期四）下午15:40-17:00 ● 活动方式：网络文字互动方式 ● 活动平台：投资者可登录"全景路演"网站（http://rs.p5w.net），或关注微信公众号"全景财经"，或下 载全景路演APP,参与本次互动交流。 ● 投资者可于2025年5月13日（星期二）17:00前将相关问题通过电子邮件的方式发送至 dengp@chinacnd.com,公司将在说明会上就投资者普遍关注的问题进行回答。 厦门建发股份有限公司（以下简称"公司"或"建发股份"）已于2025年4月15日和4月30日在上海证券交易 所网站（http://www.sse.com.cn/）披露了《公司2024年年度报告》和《公司2025年第一季度报告》。为 进一步加强与投资者的交流，便于广大投资者更深入全面地了解公司情况，公司将参加由厦门证监局、 厦门上市公司协会与深圳市全景网络有限公司联合举办的"厦门辖区上市公司2024年年报业绩说明会暨 投资者网上集体接待 ...

Investment Rating - The report maintains an "Overweight" rating for the real estate development and service sectors [6] Core Views - The gradual implementation of incremental policies is expected to consolidate the trend of the real estate market stabilizing after a decline [5] - The adjustment of housing provident fund loan rates and the combination of reserve requirement ratio cuts and interest rate reductions are anticipated to open up space for commercial loan rate reductions [2] - The reduction in structural monetary policy tool rates is expected to lower the cost of funds for urban village renovations and stock housing acquisitions [3] - The report emphasizes the importance of financing system reforms and the inclusion of REITs in the stock connect program to support the real estate sector [4] Summary by Sections Incremental Policies - The central bank and financial regulatory authorities announced a package of financial policies aimed at the real estate sector, including interest rate cuts and reforms in real estate financing [1] - The expected implementation of these policies is likely to support the stabilization of the real estate market [5] Loan Rate Adjustments - The housing provident fund loan rate was reduced by 0.25 percentage points, saving residents over 20 billion yuan annually [2] - The commercial bank housing loan rates are expected to decline as a result of these adjustments [2] Structural Monetary Policy - All structural monetary policy tool rates were lowered by 0.25 percentage points, which is expected to reduce funding costs for urban village renovations and stock housing acquisitions [3] Financing Reforms - The report highlights the acceleration of financing system reforms that align with new real estate development models, aiming to stabilize real estate financing and meet housing demand [4] Investment Recommendations - The report recommends focusing on core cities, particularly first-tier cities, and companies with strong resources and credit ratings, emphasizing the "three good" logic: good credit, good cities, and good products [5] - Specific stock recommendations include: - A-share developers: Chengdu Investment Holdings, Urban Construction Development, Binjiang Group, New Town Holdings, China Merchants Shekou, Jianfa Holdings [9] - Hong Kong developers: China Resources Land, China Overseas Development, Greentown China, Jianfa International Group, Yuexiu Property [9] - Property management companies: China Resources Vientiane Life, Greentown Service, China Overseas Property, China Merchants Jiyu, Poly Property, Binjiang Service [9]

| 股票代码：600153 | 股票简称：建发股份 | 公告编号：临2025—022 | | --- | --- | --- | | 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 1 活动时间：2025 年 5 月 15 日（星期四）下午 15:40-17:00 活动方式：网络文字互动方式 活动平台：投资者可登录"全景路演"网站（http://rs.p5w.net），或 关注微信公众号"全景财经"，或下载全景路演 APP,参与本次互动交流。 投资者可于 2025 年 5 ...

Core Insights - The company reported a revenue of 143.77 billion yuan for Q1 2025, a year-on-year increase of 9.47%, while the net profit attributable to shareholders was 584 million yuan, a decrease of 3.29% [1] - The supply chain business showed robust growth with revenues of 129.34 billion yuan, up 5.47% year-on-year, and a net profit of 848 million yuan, an increase of 9.72% [1] - The real estate segment demonstrated resilience with revenues of 12.81 billion yuan, a significant increase of 94.40% year-on-year, although net profit was negative at -91 million yuan due to the absence of asset sale gains [2] Supply Chain Business - The supply chain business achieved a revenue of 129.34 billion yuan, reflecting a year-on-year growth of 5.47% [1] - The net profit for the supply chain segment was 848 million yuan, which is an increase of 9.72% compared to the previous year [1] - The growth in this segment was primarily driven by increased profits from pulp and paper as well as certain mineral operations [1] Real Estate Business - The real estate business generated revenues of 12.81 billion yuan, marking a year-on-year increase of 94.40% [2] - The net profit for the real estate segment was -91 million yuan, a decrease of 34 million yuan year-on-year, largely due to the lack of asset sale investment gains in the current period [2] - The subsidiary, Jianfa Real Estate, reported sales of 32 billion yuan, a 2% increase year-on-year, while the land acquisition amount was 20.7 billion yuan, ranking fourth in the industry [2] Home Furnishing Business - The home furnishing segment faced challenges, with revenues of 1.62 billion yuan, a decline of 23.49% year-on-year [2] - The net profit for this segment was -172 million yuan, a decrease of 61 million yuan compared to the previous year, impacted by external factors and increased losses from fair value changes in investment properties [2] Investment Outlook - The company forecasts revenues of 715.75 billion yuan, 728.70 billion yuan, and 743.93 billion yuan for 2025-2027, with year-on-year growth rates of 2.06%, 1.81%, and 2.09% respectively [3] - Expected net profits for the same period are projected to be 3.447 billion yuan, 3.976 billion yuan, and 4.400 billion yuan, with growth rates of 17.01%, 15.34%, and 10.68% [3] - The company maintains a strong risk control capability in its supply chain and a proactive approach in real estate sales, anticipating continued growth in non-recurring earnings [3]

Investment Rating - The report maintains an "Accumulate" rating for the real estate industry [5] Core Viewpoints - The cumulative sales amount of the top 100 real estate companies from January to April 2025 decreased by 7.8% year-on-year, with a sales area decline of 19.9% [2][34] - The report highlights that the real estate market is stabilizing but requires further consolidation, with various policies introduced in 2024 aimed at revitalizing the market [3][67] - The report suggests that the real estate market will see regional and city-level differentiation, with some high-capacity cities gradually stabilizing [3][67] Summary by Sections Sales Performance - In April 2025, the top 10 real estate companies had a total sales amount of 141.1 billion yuan, down 15.0% year-on-year, with a sales area decrease of 20.6% [1][8] - For the first four months of 2025, the top 100 companies reported a total sales amount of 1,093.5 billion yuan, with a year-on-year decline of 7.8% [2][34] - The sales concentration of the top 10, 20, 50, and 100 companies decreased year-on-year, indicating a more competitive market [2][49] Key Companies - Among the 20 mainstream real estate companies, 6 reported positive year-on-year sales growth in April 2025, with notable performances from Huafa Group (+74%) and Jianfa Real Estate (+53%) [3][54] - For the first four months of 2025, 7 companies showed positive cumulative sales growth, with Huafa Group (+49%) and Yuexiu Property (+37%) leading [3][62] Investment Recommendations - The report recommends focusing on companies with comprehensive development capabilities and those actively participating in urban renewal projects, such as China Overseas Development and China Merchants Shekou [4][67] - It also suggests looking into commercial REITs with strong operational brands and abundant existing commercial real estate resources, such as China Resources Land and Longfor Group [4][67]

Investment Rating - The report maintains a "Positive" rating for the real estate sector, indicating an expectation of improvement despite overall weak performance [2][4]. Core Insights - The real estate sector's financial reports for 2024 show a significant decline, with revenues down by 19.3% year-on-year, and net profits plummeting by 2510% [3][4]. - The report highlights a structural differentiation within the sector, with first-tier companies performing better than second and third-tier companies [4][5]. - The importance of real estate strategies has increased recently, with government policies aimed at stabilizing the market and improving consumer confidence [4][5]. Summary by Sections 1. Revenue and Profit Decline - In 2024, the overall revenue of the real estate sector decreased by 19.3% compared to 2023, with first-tier companies down by 15.6%, second-tier by 23.5%, and third-tier by 24.1% [12][13]. - The net profit for the sector saw a drastic decline of 2510% year-on-year, with first-tier companies down by 321%, second-tier by 246%, and third-tier by 11694% [16][17]. 2. Margins and Financial Ratios - The gross margin for the sector in 2024 was 14.8%, a decrease of 2.6 percentage points from 2023, with first-tier companies at 12.7%, second-tier at 16.9%, and third-tier at 18.0% [20][21]. - The net profit margin was -8.9% for 2024, with first-tier companies at -5.7%, second-tier at -17.2%, and third-tier at -8.6% [24][25]. - The three expense ratios increased to 9.9% in 2024, with first-tier companies at 6.7%, second-tier at 15.3%, and third-tier at 12.9% [27][29]. 3. Debt and Cash Flow - By the end of 2024, the overall debt-to-asset ratio for the sector was 74.1%, slightly down from 2023, with first-tier companies at 72.0% and second-tier at 82.2% [43][45]. - The net debt ratio increased to 83.6%, reflecting rising liabilities and declining net assets [3][4]. - The cash-to-short-term debt ratio was 1.0, indicating a tightening cash flow situation across all tiers [3][4]. 4. Sales and Pre-sales Trends - Sales cash inflow decreased by 26% year-on-year in 2024, with a further decline in pre-sales locking rates, indicating a challenging sales environment [4][5]. - The pre-sales locking rate fell to 0.63, suggesting a decrease in future revenue recognition potential [4][5]. 5. Investment Recommendations - The report recommends focusing on high-quality real estate companies such as Jianfa International, Binhai Group, and China Resources Land, among others, while also highlighting opportunities in second-hand housing intermediaries and property management firms [4][5].

| 股票代码：600153 | 股票简称：建发股份 | | | 公告编号：临2025-020 | | --- | --- | --- | --- | --- | | 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年年度股东大会决议公告 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 ...

关于厦门建发股份有限公司 2024 年年度股东大会的 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- 电话:86 · 592 · 5883666 · 传真:86 · 592 · 58 厦门 · 泉州 · 福州 · 龙岩 · 上海 www.tene 关于厦门建发股份有限公司 2024 年年度股东大会的法律意见书 (2025) 天衡(意)字第 083 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年年度股东大会(以下简 称"本次股东大会")于2025年5月6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,指派曾招文律师,廖明骐律师(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》"）、《上市公司股东会规则》(以下简称"《股东会规则》")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 ...

厦门建发股份有限公司 第十届董事会 2025 年第一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4月30日以通讯方式 向各位董事发出了召开第十届董事会2025年第一次临时会议的通知。会议于 2025年5月6日以现场的方式在厦门市思明区环岛东路1699号建发国际大厦附楼 6层3号会议室召开。本次会议由董事长林茂先生主持，应出席董事7人，实际出 席董事7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。 | 股票代码：600153 | 股票简称：建发股份 | | | 公告编号：临 | 2025—021 | | --- | --- | --- | --- | --- | --- | | 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 | | ...

Investment Rating - The report maintains an "Overweight" rating for the real estate development and services sectors [6] Core Insights - In April, the sales amount of the top 100 real estate companies decreased by 14.8% month-on-month and 14.6% year-on-year, indicating a seasonal adjustment in the market [2] - The cumulative sales amount from January to April showed a year-on-year decline of 10.1%, with a worsening growth rate compared to the first quarter [2] - The report suggests that the policy window for the real estate industry is gradually opening, with a focus on the implementation of practical policies [2] Summary by Sections Sales Performance - The sales threshold for the top 10 real estate companies increased significantly, with the sales amount required to enter the top 10 reaching 333 billion, a year-on-year increase of 10.9% [3] - In April, only 32 companies among the top 100 saw a month-on-month increase in sales, a decrease of 50 compared to March [3] - The month-on-month sales performance of the top 10 companies showed a year-on-year decline of 14.7% [3] Market Trends - The contribution of the top 10 companies to the total sales of the top 100 companies decreased, accounting for 50.2% and 51.7% of monthly and cumulative sales, respectively [4] - The net signing volume for new and second-hand homes showed a decline, with new homes down 13.3% year-on-year and second-hand homes up 18.7% [5] Investment Recommendations - The report recommends focusing on companies with strong credit, good cities, and quality products, particularly in core cities with greater policy flexibility [5] - Key recommended stocks include: - A-shares: Chengdu Investment Holdings, Chengjian Development, Binjiang Group, New Town Holdings, China Merchants Shekou, and Jianfa Co [9] - Hong Kong stocks: China Resources Land, China Overseas Development, Greentown China, Jianfa International Group, and Yuexiu Property [9] - Property management companies: China Resources Mixc Life, Greentown Service, China Overseas Property, Poly Property, and China Merchants Jinling [5][9] Company-Specific Insights - Chengdu Investment Holdings reported a significant increase in revenue and profitability in Q1 2025, maintaining a "Buy" rating with a target price of 6.34 [11] - Chengjian Development also showed strong revenue growth and a return to profitability, with a target price of 7.32 [11] - Binjiang Group reported robust revenue growth and maintained a "Buy" rating with a target price of 12.08 [11] - New Town Holdings showed a recovery in net profit and maintained a "Buy" rating with a target price of 17.50 [11] - China Resources Land maintained a strong performance with a target price of 32.72, reflecting its competitive advantages [12]