厦门建发股份有限公司 2025 年半年度报告 公司代码：600153 公司简称：建发股份 厦门建发股份有限公司 2025 年半年度报告 1 / 410 厦门建发股份有限公司 2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人林茂、主管会计工作负责人魏卓及会计机构负责人（会计主管人员）卢瀚舟声明： 保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的发展战略、经营计划等前瞻性陈述不构成公司对投资者的实质承诺，敬请 投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 厦门建发股份有限公司 2 ...

厦门建发股份有限公司 关于计提资产减值准备的公告 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。 | 股票代码：600153 | 股票简称：建发股份 | | | 公告编号：临 | 2025—039 | | --- | --- | --- | --- | --- | --- | | 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：25 | 建发 | Y5 | | | 重要内容提示： 公司及子公司 2025 年 1-6 月计提上述各类资产减值准备 162,574.69 ...

Core Viewpoint - The real estate market has seen a recovery in transactions since Q4 2024, driven by favorable policies, but many new land acquisitions are facing challenges in sales and absorption rates as policy benefits wane [1][2][7]. Group 1: Market Conditions - Since Q4 2024, the real estate market has experienced a rebound in transaction volumes, particularly in major cities, influenced by the "926 Housing Policy" [7]. - Despite the initial recovery, many newly acquired lands are struggling with low absorption rates, leading some "land king" projects to delay the application for pre-sale permits [1][2][10]. - In 2025, several projects launched by a top 10 real estate company reported absorption rates below 20%, with only a few projects achieving around 30% [4]. Group 2: Sales Performance - A project managed by a marketing head named Wang Xiao achieved a sales rate of approximately 30%, which is considered the best among new launches in 2025 [4]. - The sales performance varies significantly within the same city, with core area projects performing better than those in suburban regions, which are experiencing sluggish sales [4][5]. - In Beijing, two projects launched in May 2025 had net signing rates of only 25% and 11%, indicating a broader trend of poor sales performance across various projects [4]. Group 3: Land Acquisition Trends - Major state-owned enterprises have been aggressively acquiring land in key urban areas, with significant increases in land prices, including several plots sold for over 10 million yuan per square meter [7]. - From January to July 2025, the top 100 real estate companies saw a 34% year-on-year increase in land acquisition spending, while their sales revenue decreased by 13% [7]. - The trend of focusing on core urban areas for land acquisition has become more pronounced, with companies like China Overseas and Greentown leading the charge [8][9]. Group 4: Project Success Factors - The success of a real estate project is influenced by multiple factors, including location, product quality, and market demand, with location being a critical determinant [12][14]. - Projects that align closely with market demand and customer preferences tend to perform better, highlighting the importance of understanding buyer psychology and needs [13][14]. - The disparity in sales performance among similar projects underscores the necessity for precise market positioning and product differentiation [12][14].

SAC：S0490520040001 SAC：S0490525060001 SFC：BUV416 丨证券研究报告丨 行业研究丨专题报告丨房地产 [Table_Title] 土地供需相对平淡，低线城市同比边际改善 ——2025 年 7 月房企拿地质量报告 报告要点 [Table_Summary] 7 月核心城市核心地块的供应继续放缓，低线城市土地供应有所放量；土地成交整体平淡，仅 低线城市同比边际改善。7 月中海、绿城、招蛇等在土地市场积极发力，1~7 月金茂、建发、 绿城等拿地强度较高，且金茂、建发销售表现更好；7 月样本房企获取的重点项目中，滨江的 预计利润兑现相对更优，绿城、招蛇、中海获取的地块区位能级更高。结构上重视具备区域优 势、产品力和轻库存的龙头房企，以及拥有稳定现金流的龙头经纪、商业地产和央国企物管。 分析师及联系人 [Table_Author] 刘义 侯兆熔 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 房地产 cjzqdt11111 [Table_Title 土地供需相对平淡，低线城市同比边际改善 2] ——2025 年 7 月房企拿地质量报 ...

Group 1 - A new real estate development company, Xiamen Lianpu Hong Real Estate Development Co., Ltd., has been established with a registered capital of 10 million yuan [1] - The legal representative of the company is Sun Tao, and its business scope includes real estate development, brokerage, property management, enterprise management consulting, real estate consulting, and real estate appraisal [1] - The company is wholly owned by Lianfa Group Co., Ltd., which is a subsidiary of Jianfa Co., Ltd. [1]

Group 1 - The company announced a guarantee of 300 million yuan for its wholly-owned subsidiary, Jianfa Pulp and Paper, to apply for a designated delivery warehouse for newsprint futures at the Shanghai Futures Exchange [1] - Prior to this guarantee, the company had already issued a guarantee of 300 million yuan for Jianfa Pulp and Paper regarding the renewal of the agreement for bleached sulfate softwood pulp futures warehouse [1] - As of the end of July 2025, the company's actual external guarantee balance amounts to 189.658 billion yuan and 3.319 billion USD [1]

证券日报网讯 8月26日晚间，建发股份发布公告称，公司拟为全资子公司建发仓储向上海期货交易所申 请胶版印刷纸期货指定交割库事项出具担保函。本次担保金额为5亿元。本次担保发生前，公司已为建 发仓储向上期所申请纸浆期货指定交割库事项出具了担保函，担保金额为15亿元；申请合成橡胶期货指 定交割库事项出具了担保函，担保金额为2亿元；申请铸造铝合金期货指定交割库事项出具了担保函， 担保金额为5亿元。截至2025年7月末，公司实际对外担保余额为1，896.58亿元以及33.19亿美元。 （文章来源：证券日报） ...

| 股票代码：600153 | 股票简称：建发股份 | 公告编号：临2025—036 | | --- | --- | --- | | 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：25建发Y5 | | 厦门建发股份有限公司 关于为全资子公司建发浆纸提供担保的公告 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。 重要内容提示： ●担保人：厦门建发股份有限公司（以下简称"公司"） ●被担保人：厦门建发浆纸集团有限公司（以下简称"建发浆纸"） ●本次担保金额及已实际为其提供的担保余额：公司拟为公司全资子公司建发浆 纸向上海期货交易所（以下简称"上期所 "） 申请胶 ...

| 股票代码：600153 | 股票简称：建发股份 | 公告编号：临2025—037 | | --- | --- | --- | | 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：25建发Y5 | | 厦门建发股份有限公司 关于为全资子公司建发仓储提供担保的公告 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。 重要内容提示： ●本次担保金额及已实际为其提供的担保余额：公司拟为全资子公司建发仓储向上 海期货交易所（以下简称"上期所 "）申请胶版印刷纸期货指定交割库事项出具 担保函。本次担保金额为5亿元（人民币，下同）。本次担保发生前，公司已为建 发仓储向上期所 ...

Group 1 - The China Securities State-Owned Enterprises Dividend Index (000824) decreased by 0.09% as of August 26, 2025, with mixed performance among constituent stocks [1] - China National Cereals, Oils and Foodstuffs Corporation (600737) led the gains with an increase of 5.90%, while Shaanxi Natural Gas (002267) experienced the largest decline [1] - The National State-Owned Enterprises Dividend ETF (159515) is consolidating, with the latest price at 1.17 yuan [1] Group 2 - The China Securities State-Owned Enterprises Dividend Index tracks 100 listed companies with high cash dividend yields, reflecting the overall performance of high-dividend securities among state-owned enterprises [2] - As of July 31, 2025, the top ten weighted stocks in the index accounted for 16.77% of the total index weight, including China COSCO Shipping (601919) and Jizhong Energy (000937) [2] Group 3 - Analysts from Minsheng Securities noted that insurance capital prefers undervalued, high-dividend stocks with strong performance certainty, especially in a declining long-term interest rate environment [1] - The report from Caixin Securities suggests that high dividend yield assets remain attractive, with long-term funds like insurance capital likely to continue flowing into these assets [1]