导 读 3月土地市场成交量跌价升，呈现点状火热的态势；预计重点城市土地热度将继续维持，投资持 续筑底， 央国企保持在核心城市拿地积极性。 ☉ 文／克而瑞研究中心 | | | | 2025年1-3月 ·中国房地产企业 | | | | --- | --- | --- | --- | --- | --- | | 排名 | 企业名称 | 新增土地价值 (亿元) | 排名 | 企业名称 | 新增土地建面 (万平方米) | | 1 | 未润黑瓶 | 329 4 | 1 | 绿城中国 | 118.0 | | 2 | 中海地产 | 298.0 | 2 | 华润置地 | 104. 1 | | 3 | 绿城中国 | 287.0 | 3 | 中海地产 | 98. 4 | | 4 | 招商蛇口 | 217.7 | 4 | 招商蛇口 | 98.2 | | 5 | 中国金茂 | 199.3 | 5 | 保利发展 | 88.9 | | 6 | 滨江集团 | 195.8 | 6 | 海泰置业 | 86.9 | | 7 | 建发房产 | 193.9 | 7 | 印象置业 | 71.9 | | 8 | 保利发展 | 173.9 | 8 | 邦泰 ...

转至北美，连续三年参展Intersolar北美国际太阳能展的建发清洁能源，已成为展会常客与行业"熟面 孔"。全系列清洁能源解决方案与创新光伏产品的展示，是建发集团旗下建发股份对北美市场深耕的成 果汇报。通过与合作伙伴深入交流市场发展机遇与策略，建发集团旗下建发股份正精准把握北美光伏市 场脉搏，以全球资源链接与渠道运营能力为"钥匙"，开启北美市场的广阔大门。 当下，建发集团核心企业建发股份在海外重点市场布局本地化营销团队，不断探索国际供应链运营业务 新合作。这一系列举措，彰显建发集团立足全球、服务全球的决心，提供优质产品与多元解决方案，为 全球新能源发展添砖加瓦。未来，建发集团还将在新能源领域持续发力，携手行业伙伴，在全球绿色能 源转型升级浪潮中，书写属于自己的辉煌篇章。 近日，建发集团核心企业建发股份（600153）（600153.SH）积极亮相国际新能源展会，旗下建发新兴 能源与建发清洁能源在巴基斯坦国际太阳能光伏展（Solar Pakistan）和Intersolar北美国际太阳能展上大 放异彩，成为全球新能源产业关注焦点，展现出建发集团在绿色能源赛道的强劲实力与战略眼光。 在巴基斯坦国际太阳能光伏展上， ...

Core Insights - In 2022, Jianfa Co., a major state-owned developer in Xiamen, achieved a historical sales high of approximately 210 billion, ranking among the top ten in the industry, but its profits began to decline significantly [2] - The real estate segment contributed over 60% to the company's profits, with net profits dropping to 7 billion due to asset impairment losses exceeding 5.1 billion [2] - Jianfa's subsidiary, Xiamen Hengrongchen Real Estate Development Co., reported revenues of over 16.6 billion and net profits of 2.2 billion, accounting for 12% of Jianfa's real estate revenue and 31% of its profits [2] - Jianfa's strategy of acquiring high-priced land has paid off, as seen in the two major projects in Xiamen, which significantly contributed to its revenue and profits [2] Financial Performance - Jianfa's overall revenue from real estate was 136.5 billion, with a net profit of 7 billion, indicating a low overall gross margin of less than 15% [3] - The company anticipates a significant profit drop to around 3 billion due to weak commodity trading, necessitating reliance on real estate for profit generation [3] Land Acquisition Strategy - Jianfa has aggressively pursued land acquisitions across major cities, including Beijing, Chengdu, and Hangzhou, achieving record land prices [3] - In Hangzhou, Jianfa acquired a plot for 3.4 billion, with a premium rate exceeding 115%, setting a new record for land prices in the city at an average floor price of 88,000 per square meter [3] - The company also secured a land parcel in Chengdu for 3.3 billion, with a floor price of over 41,000 per square meter, marking it as the highest in the area [3] - Jianfa's strategy of acquiring "land kings" has become a straightforward approach to generating profits, with the belief that high land prices equate to higher profits [3] Market Impact - Jianfa's aggressive land purchases have raised concerns among other developers, leading to competitive pressures in the market [4] - The company's actions have significantly influenced land price levels across major cities, pushing them to new heights [3][4]

3月27日，成都、宁波土拍竞争激烈。 其中，成都涉宅用地吸引了10家竞买人参与竞争，经过213轮竞价，最终由建发以楼面价41200元/㎡竞得，成交总 价约33.47亿元，溢价率106%，成为成都涉宅用地单价新"地王"。 宁波划船未来社区项目超级地块出让，经过41轮竞价，由中能建以总价43.61亿元竞得，成交楼面价9708元/㎡，溢 价率6.6%。该成交总价位居宁波涉宅用地成交总价TOP4位置，也是宁波今年以来的总价"地王"。 成都诞生单价新"地王" 3月27日，成都金融城三期H10地块拍卖，地块位于锦江区柳江街道包江桥社区、祝国寺社区，用地性质为住宅用 地，土地出让面积32495.39㎡（合约49亩），规划建筑面积81238.48㎡，容积率2.5，起拍楼面价20000元/㎡，折 合起始价约16.25亿元。 据了解，该地块吸引了远达、成都交子金融、仁和、华发、锦江统建和金茂联合体、华润置地、中海、建发、中 旅、招商蛇口等10家竞买人参与竞争，最终由建发以楼面价41200元/㎡竞得，成交总价约33.47亿元，溢价率 106%。 中指研究院成都公司总经理黄雪指出，该楼面价不仅创成都宅地楼面价新高，也是成都首个宅地成 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][8] Core Insights - The company achieved a sales ranking improvement, reaching 4th place nationally, with notable sales performance in Hangzhou, where sales amounted to 5.1 billion yuan, leading the market [8] - The company has maintained an active land acquisition strategy, with a land acquisition amount of 10.1 billion yuan in the first two months of 2025, a significant increase from the previous year [8] - The company plans to distribute a mid-term cash dividend of 0.4 yuan per share, reflecting a commitment to a high dividend strategy with a projected dividend yield of 7% [8] - The company intends to acquire an additional 10% stake in its subsidiary, enhancing its asset concentration and profitability [8] - The company forecasts a net profit of 3.22 billion yuan for 2024, with a projected increase to 4.03 billion yuan in 2025, indicating a positive growth outlook [8] Financial Data and Profit Forecast - Total revenue for 2023 is projected at 763.68 billion yuan, with a year-on-year decline of 8.3% [6] - The net profit attributable to the parent company for 2023 is expected to be 13.10 billion yuan, with a significant year-on-year increase of 108.8% [6] - The earnings per share for 2024 is estimated at 1.09 yuan, with a projected increase to 1.37 yuan in 2025 [6] - The company maintains a gross profit margin of 4.4% for 2023, with expectations of stability in the following years [6]

| 股票代码：600153 | 股票简称：建发股份 | | | 公告编号：临 | 2025—006 | | --- | --- | --- | --- | --- | --- | | 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 第九届董事会 2025 年第三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 ...

Financial Performance Forecast - The company expects a net profit attributable to shareholders of 2.4 billion to 3.5 billion yuan for 2024, a decrease of approximately 73% to 82% compared to the previous year[4]. - The net profit for 2023, including the reorganization gain from the acquisition of Red Star Macalline, was 9.522 billion yuan, which will not recur in 2024[4]. - The net profit excluding the reorganization gain for 2023 was 3.582 billion yuan, and the expected decrease for 2024 is about 0.1 billion to 1.2 billion yuan, representing a decline of approximately 2% to 33%[4]. - The net profit attributable to shareholders after deducting non-recurring gains and losses is projected to be 1.4 billion to 2.1 billion yuan for 2024, a decrease of approximately 13% to 42% compared to the previous year[4]. Total Profit and Shareholder Returns - The total profit for 2023 was 20.792 billion yuan, with a net profit attributable to shareholders of 13.104 billion yuan[8]. Factors Influencing Profit Decline - The decline in net profit is primarily due to the absence of the reorganization gain and the impact of macroeconomic conditions on the demand for bulk commodities and traditional automotive sectors[11]. - The company acquired 29.95% of Red Star Macalline for 6.286 billion yuan, resulting in a reorganization gain of 9.619 billion yuan recognized in 2023[11]. - The company will consolidate Red Star Macalline's financials for the entire year in 2024, compared to only four months in 2023, leading to increased losses attributable to the parent company[11]. Forecast Validity and Investment Risks - The performance forecast is based on preliminary calculations by the company's finance department and has not been audited by external accountants[12]. - Investors are advised to pay attention to investment risks as the forecast data is subject to change pending the official annual report[13].

厦门建发股份有限公司 2024 年中期权益分派实施公告 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。 重要内容提示： 每股分配比例 A 股每股现金红利 0.4 元 | 股票代码：600153 | 股票简称：建发股份 | | | 公告编号：临 | 2025-004 | | --- | --- | --- | --- | --- | --- | | 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 ...

Group 1 - The core point of the article is the establishment of Shanghai Xingtong Chain Shipping Co., Ltd., which has a registered capital of 256 million yuan and is involved in various shipping and logistics services [1] - The legal representative of the newly established company is Chen Qide [1] - The business scope of the company includes international ship management, import and export of goods, technology import and export, and ship leasing [1] Group 2 - The company is jointly held by Xingtong Co., Ltd. and Xiamen Jianfa Supply Chain Logistics Technology Co., Ltd., which is a subsidiary of Jianfa Co., Ltd. [1]

厦门建发股份有限公司 关于 2024 年中期利润分配方案的公告 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。 每股分配金额：每股派发现金红利 0.4 元（含税） 本次利润分配以实施权益分派股权登记日登记的总股本为基数，具体日 期将在权益分派实施公告中明确。 如在实施权益分派的股权登记日前公司总股本发生变动，公司拟维持每 股分配金额不变，相应调整分配总额。 一、利润分配方案内容 | 股票代码：600153 | 股票简称：建发股份 | | | 公告编号：临 | 2025—002 | | --- | --- | --- | --- | --- | --- | | 债券代码：185248 | 债券简称：22 | 建发 | 01 | | | | 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 ...