（编辑 张伟） 本报讯 （记者李婷）1月16日晚，厦门建发股份有限公司（简称"建发股份"）发布2025年度业绩提示性 公告，据披露，2025年该公司供应链运营业务保持稳健盈利，国际化业务发展全面提速。2025年该公司 销售目的地非中国大陆的海外业务规模约140亿美元（折合人民币近千亿元），同比增长约37%，同比 增速逐季度持续提升。 ...

Key Points - China Metallurgical Group Corporation (China MCC) expects a decline of over 50% in net profit attributable to shareholders in 2025 due to losses in the real estate sector and increased asset impairment provisions [1] - JAC Motors anticipates a net loss of approximately 1.68 billion yuan in 2025, although this represents a reduction in losses compared to the previous year [2] - Northern Rare Earth forecasts a net profit increase of 116.67% to 134.60% in 2025, driven by improved sales and production efficiency in rare earth products [3] - Shenghong Technology projects a net profit increase of 260.35% to 295% in 2025, attributed to the growing demand for AI infrastructure and high-end products [4] - Lanke Technology expects a net profit increase of 52.29% to 66.46% in 2025, benefiting from strong demand in the AI industry [7] - Aiwai Electronics anticipates a net profit increase of 17.70% to 29.47% in 2025, focusing on high-value chip solutions [25] - Longxin General expects a net profit increase of 47.15% to 60.53% in 2025, driven by steady growth in its core motorcycle and general machinery businesses [28] - China One Heavy Industry predicts a net loss of 310 million to 460 million yuan in 2025, although this represents a significant reduction from the previous year's loss [35] - Kunda Technology expects a net loss of 1.2 billion to 1.5 billion yuan in 2025, impacted by industry supply-demand imbalances [34] - Daqing Energy anticipates a net loss of 1 billion to 1.3 billion yuan in 2025, although this reflects a narrowing of losses compared to the previous year [42]

Core Viewpoint - Company Jianfa Co. is expected to report its first loss since its listing, with a projected negative net profit attributable to shareholders for the fiscal year 2025, primarily due to losses in its real estate business and increased impairment provisions [5][7]. Group 1: Supply Chain Operations - The company's supply chain operations continue to maintain steady profitability, with core commodity business volume showing growth. The overseas business, excluding mainland China, reached approximately $14 billion, reflecting a year-on-year increase of about 37% [6]. Group 2: Real Estate Subsidiary Performance - Subsidiary Lianfa Group is expected to report a negative net profit attributable to shareholders for 2025, as revenue from real estate projects is projected to decline year-on-year. This is compounded by the impact of high land prices from previous projects and increased inventory impairment provisions due to market fluctuations and aggressive promotions [6]. - Subsidiary Meikailong is also expected to report a negative net profit attributable to shareholders for 2025. The ongoing downturn in the real estate market has weakened demand in the home retail sector, leading to a significant decline in rental income and a reassessment of future rental yields, resulting in a substantial decrease in the fair value of investment properties [6].

1.公司供应链运营业务继续保持稳健盈利。2025年，公司大宗商品业务核心品类的经营总货量继续保持 增长；消费品业务与行业头部企业持续深化合作，业务规模稳步提升；公司销售目的地非中国大陆的海 外业务规模约140亿美元，同比增长约37%。 格隆汇1月16日丨建发股份(600153.SH)公布，公司财务部门初步测算，预计2025年度归属于母公司所有 者的净利润（以下简称"归母净利润"）为负值，主要系房地产业务子公司联发集团有限公司（以下简 称"联发集团"）年内结算利润为负、存货跌价准备计提增加，以及家居商场运营业务子公司红星美凯龙 家居集团股份有限公司（以下简称"美凯龙"）投资性房地产公允价值变动损失、各类减值准备计提增加 所致，供应链运营业务继续保持稳健盈利。具体情况如下： 3.子公司美凯龙预计2025年度归母净利润为负值。由于房地产市场持续低迷导致家居零售市场需求减 弱，近两年美凯龙租赁及管理收入持续低位震荡徘徊，租金水平较以往年度已出现较为显著的下滑，市 场情绪和租金预期发生了转变，因此美凯龙对未来租金的收益情况进行了预期调整，致使投资性房地产 价值大幅下降。同时，美凯龙根据各项资产最新可回收情况，对各类资产 ...

Core Viewpoint - The company expects a negative net profit attributable to the parent company for the fiscal year 2025, primarily due to losses in its real estate subsidiary and increased impairment provisions [1] Group 1: Financial Performance - The estimated net profit for 2025 is projected to be negative [1] - The negative profit is mainly attributed to the loss from the real estate subsidiary, Lianfa Group Co., Ltd. [1] - Increased provisions for inventory impairment are also contributing to the negative profit outlook [1] Group 2: Subsidiary Performance - The real estate subsidiary, Lianfa Group Co., Ltd., is expected to report a loss in profit recognition for the year [1] - The home furnishing mall subsidiary, Red Star Macalline Group Co., Ltd., is facing losses due to fair value changes in investment properties and increased impairment provisions [1] - The supply chain operation business continues to maintain stable profitability [1]

2.子公司联发集团预计2025年度归母净利润为负值。联发集团地产项目2025年度结转收入规模同比下 降，叠加前期高地价项目集中结转的影响，整体结算利润为负；同时受行业波动及加大力度促销去化等 因素影响，联发集团计提的存货跌价准备预计将大幅增加，导致业绩进一步承压。 格隆汇1月16日丨建发股份(600153.SH)公布，公司财务部门初步测算，预计2025年度归属于母公司所有 者的净利润（以下简称"归母净利润"）为负值，主要系房地产业务子公司联发集团有限公司（以下简 称"联发集团"）年内结算利润为负、存货跌价准备计提增加，以及家居商场运营业务子公司红星美凯龙 家居集团股份有限公司（以下简称"美凯龙"）投资性房地产公允价值变动损失、各类减值准备计提增加 所致，供应链运营业务继续保持稳健盈利。具体情况如下： 1.公司供应链运营业务继续保持稳健盈利。2025年，公司大宗商品业务核心品类的经营总货量继续保持 增长；消费品业务与行业头部企业持续深化合作，业务规模稳步提升；公司销售目的地非中国大陆的海 外业务规模约140亿美元，同比增长约37%。 3.子公司美凯龙预计2025年度归母净利润为负值。由于房地产市场持续低迷导致家 ...

基于上述原因，根据初步测算，公司预计 2025 年度合并报表的归母净利润 将出现亏损。 经厦门建发股份有限公司（以下简称"公司"）财务部门初步测算，预计 2025 年度归属于母公司所有者的净利润（以下简称"归母净利润"）为负值，主要系 房地产业务子公司联发集团有限公司（以下简称"联发集团"）年内结算利润为 负、存货跌价准备计提增加，以及家居商场运营业务子公司红星美凯龙家居集团 股份有限公司（以下简称"美凯龙"）投资性房地产公允价值变动损失、各类减 值准备计提增加所致，供应链运营业务继续保持稳健盈利。具体情况如下： 1.公司供应链运营业务继续保持稳健盈利。2025 年，公司大宗商品业务核 心品类的经营总货量继续保持增长；消费品业务与行业头部企业持续深化合作， 业务规模稳步提升；公司销售目的地非中国大陆的海外业务规模约 140 亿美元， 同比增长约 37%。 2.子公司联发集团预计 2025 年度归母净利润为负值。联发集团地产项目 2025 年度结转收入规模同比下降，叠加前期高地价项目集中结转的影响，整体 结算利润为负；同时受行业波动及加大力度促销去化等因素影响，联发集团计提 的存货跌价准备预计将大幅增加，导致业 ...

Core Viewpoint - The company expects a negative net profit attributable to the parent company for the fiscal year 2025, primarily due to losses in its real estate subsidiary and increased impairment provisions [1] Group 1: Financial Performance - The estimated net profit for 2025 is projected to be negative [1] - The negative profit is mainly attributed to the losses from the real estate subsidiary, Lianfa Group Co., Ltd. [1] - Increased provisions for inventory write-downs are also contributing to the negative outlook [1] Group 2: Business Segments - The home furnishing business segment, represented by Red Star Macalline Group Corporation Limited, is facing losses due to fair value changes in investment properties and increased impairment provisions [1] - The supply chain operation business continues to maintain stable profitability [1]

Core Viewpoint - The company expects a negative net profit attributable to shareholders for the fiscal year 2025 due to various operational challenges and losses in subsidiaries [1] Group 1: Financial Performance - The supply chain operations remain profitably stable, while the bulk commodity business shows an increase in volume [1] - The consumer goods business has seen a scale-up, and overseas business revenue is approximately $14 billion, reflecting a year-on-year growth of about 37% [1] Group 2: Subsidiary Challenges - The subsidiary Lianfa Group is facing a decline in revenue from real estate project completions and an increase in inventory impairment provisions, contributing to the expected negative net profit [1] - Meikailong is experiencing losses due to changes in the fair value of investment properties and increased impairment provisions, which also impacts the overall net profit forecast for the company [1]

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Insights - The report highlights a significant reduction in the minimum down payment ratio for commercial property loans to 30%, aimed at stimulating the commercial real estate market and facilitating inventory reduction [5][6] - The current inventory of commercial properties is high, with 141 million square meters of commercial space available for sale as of November 2025, including 52 million square meters of office space [6] - The report anticipates further policy easing to support the commercial real estate sector, as the current measures may have limited impact due to existing disadvantages in loan terms compared to residential mortgages [7][8] Summary by Sections Market Trends - The report indicates a downward trend in the commercial real estate market, with rising vacancy rates and declining rental prices [7] Policy Changes - The People's Bank of China has introduced measures to lower the down payment ratio for commercial property loans, which is expected to ease initial funding pressures for buyers [5][8] Investment Recommendations - Recommended stocks include: 1. Companies benefiting from both residential and commercial real estate recovery: China Resources Land, New World Development, Longfor Group [8] 2. Firms with strong credit profiles and good understanding of customer demand: Greentown China, China Merchants Shekou, China Overseas Land & Investment [8] 3. High-quality property management companies under the "Good House, Good Service" policy: China Resources Mixc Lifestyle, Greentown Service, Poly Property [8]