Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company's performance has declined, with a stable growth in sales ranking despite a significant drop in revenue and net profit [6] - The real estate division has seen a profit margin at its lowest, yet the sales ranking continues to improve [6] - The supply chain division's revenue has decreased, but profitability is stabilizing due to strategic focus [6] Summary by Sections Market Data - Closing price as of August 30, 2024: 7.29 CNY - Market capitalization: 21,138 million CNY - Price-to-book ratio: 0.4 - Dividend yield: 9.60% [3][4] Financial Performance - H1 2024 revenue: 319.01 billion CNY, down 16.8% YoY - H1 2024 net profit: 1.20 billion CNY, down 37.7% YoY - H1 2024 earnings per share: 0.33 CNY, down 41.1% YoY - Comprehensive gross margin: 4.8%, up 2.0 percentage points YoY [6][8] Business Segments Real Estate - H1 2024 revenue: 51.2 billion CNY, up 55.6% YoY - H1 2024 net profit: 1.6 billion CNY, down 1.9% YoY - Sales amount: 74.27 billion CNY, down 40.3% YoY, with a collection rate of 97% [6] Supply Chain - H1 2024 revenue: 263.6 billion CNY, down 24.8% YoY - H1 2024 net profit: 14.1 billion CNY, down 11.0% YoY - International business accounted for approximately 40% of supply chain operations [6] Investment Analysis - The company is expected to face challenges in the real estate sector, but its overall performance remains positive with a stable dividend yield [6] - The forecast for net profit for 2024-2026 has been adjusted to 3.83 billion, 4.07 billion, and 4.25 billion CNY respectively, reflecting a significant decrease from previous estimates [6][8]

| 股票代码：600153 | 股票简称：建发股份 | | | 公告编号：临 | 2024—046 | | --- | --- | --- | --- | --- | --- | | 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 | Y2 | | | | 债券代码：240650 | 债券简称：24 | 建发 | Y1 | | | 厦门建发股份有限公司 第九届董事会第十次会议决议公告 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。 1 表决结果：9 票同意，0 票反对，0 票弃权。 厦门建发股份有限公司董事会 2024 年 8 月 31 日 具体内容详见公司于同日刊登的公告。 本议案已经公司第九届董事会审计 ...

厦门建发股份有限公司 董事、监事和高级管理人员所持公司股份及其变动 管理制度 第一章 总则 第一条 为加强厦门建发股份有限公司（以下简称"公司"）董事、监事和高 级管理人员持有公司股份及其变动的管理，根据《中华人·民共和国公司法》(以 下简称"《公司法》")、《中华人民共和国证券法》（以下简称"《证券法》"）、 《上市公司股东减持股份管理暂行办法》《上市公司董事、监事和高级管理人员所 持本公司股份及其变动管理规则》《上海证券交易所上市公司自律监管指引第 8 号 ——股份变动管理》《上海证券交易所上市公司自律监管指引第 15 号——股东及 董事、监事、高级管理人员减持股份》等法律、法规、规范性文件以及《公司章程》 的有关规定，结合公司的实际情况，特制定本制度。 第二条 本制度适用于公司董事、监事和高级管理人员所持本公司股份及其变动的 管理。 第三条 公司董事、监事和高级管理人员所持本公司股份，是指登记在其名下和利 用他人证券账户持有的所有本公司股份；从事融资融券交易的，还包括记载在其信用账 户内的本公司股份。 第四条 公司董事、监事和高级管理人员应知悉《公司法》《证券法》等法律、法规、 规范性文件关于内幕交易、 ...

| 股票代码：600153 | 股票简称：建发股份 | 公告编号：临2024—047 | | --- | --- | --- | | 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Y2 | | | 债券代码：240650 | 债券简称：24建发Y1 | | 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。 重要内容提示： 公司及子公司 2024 年 1-6 月计提上述各类资产减值准备 240,923.68 万 元，将减少公司2024年1-6月合并报表"归属于母公司股东的净利润"129,750.44 万元。 2024 年上半年，房地产行业的政策环境相对宽松，但外部市场形势持续 严峻，居民的消费信心不足，行业整体规模继续下滑，受此影 ...

Fundraising and Financial Management - The company plans to raise a total of up to 4.98 billion RMB through a rights issue, offering 3.5 shares for every 10 shares held by A-share shareholders[5]. - The rights issue is currently under review by the Shanghai Stock Exchange and has completed the first round of inquiries and updates to the 2023 annual report data[5]. - The funds raised will be used to supplement working capital for supply chain operations and repay bank loans[4]. - The company has confirmed that there are no non-operating fund occupations by controlling shareholders or related parties[4]. - There are no significant risks or violations in the decision-making process for external guarantees[4]. - The board of directors and senior management have ensured the accuracy and completeness of the semi-annual report[3]. - The semi-annual report has not been audited, but management has declared the financial report's authenticity[4]. - The company has not proposed any profit distribution or capital reserve transfer plans for the reporting period[4]. - The company maintained a debt-to-asset ratio of 57.3% and a net debt ratio of 70.2% as of June 2024, ensuring compliance with financial management standards[111]. - The company reported a significant increase in short-term borrowings, amounting to CNY 421.58 billion, up 338.56% year-on-year, attributed to expanded financing in the supply chain operation business[128]. Financial Performance - The company's operating revenue for the first half of 2024 was approximately 319.01 billion RMB, a decrease of 16.80% compared to the same period last year[23]. - The net profit attributable to shareholders for the same period was approximately 1.20 billion RMB, down 37.67% year-on-year[23]. - The net cash flow from operating activities was negative 22.11 billion RMB, a decline of 194.56% compared to the previous year[23]. - The total assets at the end of the reporting period were approximately 902.31 billion RMB, an increase of 9.92% from the end of the previous year[23]. - The basic earnings per share for the first half of 2024 was 0.33 RMB, a decrease of 41.07% compared to the same period last year[32]. - The weighted average return on equity decreased by 1.77 percentage points to 1.67%[32]. - The company reported a net cash flow from operating activities of -22.112 billion RMB, a significant decline compared to the previous year[118]. - The company's financial expenses increased by 184.26% year-on-year, amounting to approximately 2.105 billion RMB[118]. Segment Performance - The supply chain operation segment generated a net profit of 1.42 billion RMB, a decrease of 2.52 billion RMB year-on-year due to macroeconomic factors and fluctuations in commodity prices[27]. - The real estate segment reported a net profit of 1.55 billion RMB, down 0.95 billion RMB year-on-year, impacted by inventory impairment provisions[27]. - The home mall operation segment had a net loss of 3.77 billion RMB, primarily due to decreased rental rates and increased support incentives for merchants[28]. - The supply chain operation segment generated a revenue of 263.569 billion yuan, a decline of 24.81%, with a net profit of 1.421 billion yuan, down 15.07%[102]. - The real estate segment achieved a revenue of 51.221 billion yuan, a year-on-year increase of 55.63%, but the net profit decreased by 38.02% to 155 million yuan[110]. Supply Chain Operations - The company aims to provide efficient, safe, and controllable supply chain solutions, capitalizing on the growing demand for cross-border logistics and information services[42]. - The supply chain industry is expected to benefit from China's dual circulation strategy, with a 7.2% increase in trade with Belt and Road countries in the first half of 2024, totaling 10.03 trillion yuan[42]. - The government has emphasized the importance of supply chain resilience and security, which is expected to create new development opportunities for the industry[43]. - The company is positioned to leverage its experience and resources to support Chinese enterprises in their international expansion efforts[42]. - The supply chain sector is recognized as a strategic industry, with policies aimed at enhancing its modernization and competitiveness[43]. - The company is focused on integrating logistics, finance, and information flows to optimize supply chain operations and reduce costs for upstream and downstream partners[39]. - The overall market for supply chain services is anticipated to expand as more manufacturing firms outsource non-core functions to specialized providers[40]. - The supply chain industry is experiencing increased concentration, benefiting leading supply chain companies, with significant growth potential for top operators in China due to low current market concentration[45]. Real Estate Development - In the first half of 2024, the sales area of commercial housing decreased by 19.0% year-on-year, with sales revenue down by 25.0% to CNY 471.33 billion[49]. - The top 10 real estate companies accounted for 52% of the total sales revenue, while the top 30 companies represented 76% of the market share, indicating a significant concentration in the industry[50]. - The company is focusing on high-quality residential products to meet the increasing demands for living space and community services, marking a shift towards a "quality era" in the real estate industry[51]. - The company is enhancing its supply chain service system, integrating logistics, information, finance, and trading to provide customized services for clients[53]. - The company has established a comprehensive "LIFT" supply chain service system, integrating logistics, information, finance, and business services to enhance operational efficiency and reduce risks[58]. - The company has expanded its service areas to include consumer goods and new energy industries, achieving positive results in various sectors[61]. - The company has established business relationships with over 170 countries and regions, covering multiple product categories from bulk commodities to consumer goods[62]. - The company has launched several digital platforms, including "E Jian Qian" for electronic contracts and "E Jian Xun" for remote inventory management, enhancing operational efficiency through digitalization[65]. Project Development and Expansion - The company has a total of 10 planned projects in Xiamen, with a combined area of 420,000 square meters for sale, representing a 100% equity ratio for several projects[134]. - The planned residential project "聚合地块" in Guiyang has a total planned construction area of 300,846 square meters, with an expected saleable area of 292,637 square meters, achieving a 100% equity ratio[134]. - The company is expanding its market presence with new projects in cities like Shanghai and Wuhan, with significant planned construction areas[135]. - The company has a strong pipeline of residential and commercial projects, with a focus on high equity ratios, such as "Yun Chong Zhi Jiang Phase I" in Hangzhou at 51% equity ratio[140]. - The company is actively pursuing new strategies for market expansion and product development, as evidenced by the diverse range of projects across multiple cities[139][140]. - The company has several ongoing projects, with a total sold area of 1,200,000 square meters across various cities, including Jiangmen and Nanjing[141]. - The company is committed to continuous product innovation and has established a comprehensive service layout in real estate development and management[93]. - The company is focusing on strategic expansion through new residential and commercial projects across multiple cities, enhancing its market footprint[137]. Risk Management - The company has a professional risk control system that addresses price, credit, ownership, and exchange rate risks, enhancing its operational resilience[69]. - The company has implemented comprehensive risk management measures for its derivative investments, focusing on high correlation and matching hedging strategies[193]. - The company has a risk management framework that includes a three-tier risk management structure to ensure effective risk control[79]. Subsidiary Performance - The net profit attributable to the parent company from Xiamen Jianfa Pulp and Paper Group Co., Ltd. increased by 167.50% to RMB 2.14 billion compared to the same period last year[197]. - The net profit attributable to the parent company from Hengyutong Co., Ltd. increased by 86.86% to RMB 2.56 billion compared to the same period last year[198]. - The net profit attributable to the parent company from Xiamen Jianfa Automobile Co., Ltd. decreased by 48.96% to RMB 0.49 billion compared to the same period last year[198]. - The net profit attributable to the parent company from Red Star Macalline Home Group Co., Ltd. was a loss of RMB 12.73 billion, attributed to decreased rental rates and increased losses from investment properties[198]. - The net profit attributable to the parent company from Lianfa Group Co., Ltd. decreased by RMB 3.50 billion, with a significant decline due to the ongoing downturn in the real estate market[198]. - The company acquired control of Macalline in 2023, enhancing its position in the home decoration and furniture market[200]. Investment and Financial Assets - The total financing amount at the end of the reporting period reached CNY 12,595,880,870.87, with an average financing cost of 3.57% to 4.25%[180]. - The investment amount during the reporting period was CNY 1,548,878,264.60, representing a decrease of CNY 2,075,159,818.11 or 57.26% compared to the same period last year[182]. - The fair value of financial assets at the end of the period totaled CNY 3,337,002,612.74, with a loss of CNY 96,494,752.78 from fair value changes during the period[186]. - The company reported a net investment loss of CNY 16,489,177.97 during the reporting period, with a total end book value of CNY 1,531,991,858.08 for its financial assets[188]. - The company has a significant investment in supply chain operations, with multiple investments ranging from CNY 2,000,000.00 to CNY 3,500,000.00 across various subsidiaries[182].

厦门建发股份有限公司 2024 年第一次临时股东大会 会议资料 厦门建发股份有限公司 2024 年第一次临时股东大会会议资料目录 | 序号 | 内容 | 页码 | | --- | --- | --- | | 1 | 关于公司符合公开发行公司债券条件的议案 | 1 | | 2 | 关于公司公开发行公司债券方案的议案 | 2 | | 3 | 关于公司公开发行公司债券预案的议案 | 4 | | 4 | 关于公司本次发行公司债券的授权事项的议案 | 5 | | 5 | 关于申请开展应收账款资产支持专项计划的议案 | 7 | | 6 | 关于申请注册发行应收账款资产支持票据的议案 | 10 | 厦门建发股份有限公司 2024 年第一次临时股东大会现场会议议程 会议时间：2024 年 9 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、提请股东大会审议如下议案： 1. 审议《关于公司符合公开发行公司债券条件的议案》； 2. 审 ...

| 股票代码：600153 | 股票简称：建发股份 | | | 公告编号：临 | 2024—042 | | --- | --- | --- | --- | --- | --- | | 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 | Y2 | | | | 债券代码：240650 | 债券简称：24 | 建发 | Y1 | | | 厦门建发股份有限公司 公开发行公司债券预案公告 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。 本次发行的公司债券在获准发行后，可以一次发行或分期发行。提请股东大 会授权董事会根据公司资金需求情况和发行时市场情况确定具体发行方式。 （四）票面金额及发行价格 一、关于公司符合公开发 ...

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 2024 年 8 月 20 日以通讯方 式向各位董事发出了召开第九届董事会 2024 年第十三次临时会议的通知。会议 于 2024 年 8 月 21 日以通讯方式召开。本次会议由董事长林茂先生主持，应出席 董事 9 人，实际出席董事 9 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。 经过审议并表决，本次会议通过了以下议案： 一、审议通过《关于公司符合公开发行公司债券条件的议案》 根据《中华人民共和国公司法》《中华人民共和国证券法》以及《公司债券 发行与交易管理办法》等有关法律、法规和规范性文件的规定，公司董事会将公 司的实际情况与上述有关法律、法规和规范性文件的规定逐项对照，认为公司符 合现行公司债券政策的规定，具备面向专业投资者公开发行公司债券的资格。 表决结果：9 票同意，0 票反对，0 票弃权。 | 股票代码：600153 | 股票简称：建发股份 | 公告编号：临 | 2024—0 ...

| 股票代码：600153 | 股票简称：建发股份 | | | 公告编号：临 | 2024—044 | | --- | --- | --- | --- | --- | --- | | 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 | Y2 | | | | 债券代码：240650 | 债券简称：24 | 建发 | Y1 | | | 厦门建发股份有限公司 关于拟注册发行应收账款资产支持票据的公告 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： ●为拓宽公司融资渠道，优化公司融资结构，改善资产负债结构，公司拟将公司 及下属子公司应收账款债权及其附属权益（如有）作为基础资产转让给信托公司 （以下简 ...

| 股票代码：600153 | 股票简称：建发股份 | | | 公告编号：临 | 2024-045 | | --- | --- | --- | --- | --- | --- | | 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 | Y2 | | | | 债券代码：240650 | 债券简称：24 | 建发 | Y1 | | | 厦门建发股份有限公司 关于召开 2024 年第一次临时股东大会的通知 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： 一、 召开会议的基本情况 股东大会召开日期：2024年9月6日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (一) 股东 ...