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 maintains an "Overweight" rating for the real estate development and services sectors [6]. Core Insights - The recent political bureau meeting emphasized the need to "continuously consolidate the stability of the real estate market," focusing on urban village renovations, high-quality housing, and stock housing acquisition [2][4]. - The report indicates that the incremental policy window for the real estate industry is gradually opening, with a more proactive macroeconomic and fiscal policy environment expected to support market recovery, particularly in first-tier cities [2][3]. - The report highlights a significant year-on-year increase in transaction volume, with new and second-hand housing sales in 19 key cities rising by 18% in Q1 2025, indicating a positive trend in market stabilization [3]. Summary by Sections Policy Direction - The meeting's focus on urban renewal, stock housing acquisition, and high-quality housing supply aligns with previous predictions regarding the incremental policy window [4]. - The emphasis on urban renewal actions and the acceleration of urban village and dilapidated housing renovations signal strong governmental support for these initiatives [4]. Market Recovery - The report notes that while the market has shown signs of stabilization, particularly in sales volume, the foundation for price stability remains fragile, necessitating ongoing policy support [3]. - The report suggests that first-tier cities will exhibit greater policy elasticity, which could lead to a more pronounced recovery in the market and related stocks [2][5]. Investment Recommendations - The report recommends a focus on real estate stocks characterized by "good credit, good cities, and good products," particularly in first-tier cities [5]. - Specific stock recommendations include: - A-share developers: Chengdu Investment Holdings, Chengjian Development, Binjiang Group, New Town Holdings, China Merchants Shekou, and Jianfa Co [5][9]. - Hong Kong-listed developers: China Resources Land, China Overseas Development, Greentown China, Jianfa International Group, and Yuexiu Property [5][9]. - Property management companies: China Resources Vientiane Life, Greentown Service, China Overseas Property, Poly Property, China Merchants Jiyu, and Binjiang Service [5][9].

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]

交通运输/物流 建发股份（600153.SH） 营收规模有所收缩，增强回报保护股东利益 2025 年 04 月 17 日 投资评级：买入（维持） | 日期 | 2025/4/16 | | --- | --- | | 当前股价(元) | 10.37 | | 一年最高最低(元) | 11.56/7.00 | | 总市值(亿元) | 305.61 | | 流通市值(亿元) | 300.68 | | 总股本(亿股) | 29.47 | | 流通股本(亿股) | 29.00 | | 近 3 个月换手率(%) | 40.49 | 公 司 信 息 更 新 报 告 股价走势图 -32% -16% 0% 16% 32% 2024-04 2024-08 2024-12 建发股份 沪深300 数据来源：聚源 相关研究报告 《收购建发房产股权，利润分配承诺 彰 显 信 心 — 公 司 信 息 更 新 报 告 》 -2024.12.18 | 指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 7 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has experienced a contraction in revenue scale, but it is enhancing returns to protect shareholder interests. The overall operational situation remains stable with synergistic effects from dual main business operations [5][6] - Due to increased volatility in the real estate market and heightened uncertainty in sales digestion, the profit forecasts for 2025-2026 have been revised downwards, with new projections for 2027 introduced. Expected net profits for 2025-2027 are 40.1 billion, 45.2 billion, and 50.6 billion respectively [5][6] - The company is committed to a profit distribution plan that ensures at least 30% of the distributable profits are paid out in cash each year, with a minimum dividend of 0.7 yuan per share, resulting in an approximate dividend yield of 7% [7] Financial Summary - In 2024, the company achieved total operating revenue of 701.30 billion yuan, a year-on-year decrease of 8.17%. The net profit attributable to shareholders was 2.95 billion yuan, down 77.52% year-on-year [6][8] - The company's gross margin and net margin were 5.87% and 0.83% respectively, with year-on-year changes of +1.51 percentage points and -1.38 percentage points [6] - The asset-liability ratio stood at 70.29%, with a current ratio of 1.45 and a quick ratio of 0.63 [6] Earnings Forecast - The earnings per share (EPS) for 2025-2027 are projected to be 1.36, 1.53, and 1.72 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 7.4, 6.6, and 5.9 [5][8] - The company’s revenue is expected to show a slight recovery in 2025 with a year-on-year growth of 1.6%, followed by a growth of 5.0% in both 2026 and 2027 [8]