Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Viewpoints - The company is experiencing continuous operational pressure in Q2 2025, with expectations for a turning point in its main business operations [3][4]. - In the first half of 2025, the company reported a revenue of 151.66 billion, a year-on-year decrease of 22.3%, and a net profit attributable to shareholders of 520 million, down 37.6% year-on-year [3][4]. - The supply chain management business saw a revenue decline of 22.4% due to insufficient external demand and internal strategic adjustments, with a significant drop in gross profit margin [3][4]. - The company is focusing on optimizing its business structure and operational strategy, with a high dividend payout ratio providing a safety margin for investors [3][4]. Summary by Relevant Sections Financial Performance - In Q2 2025, the company achieved a revenue of 81.12 billion, down 17.5% year-on-year, and a net profit of 100 million, down 76.3% year-on-year [3][4]. - The overall gross profit margin decreased to 1.84% from 2.11% in the same period last year, primarily due to the decline in supply chain management [3][4]. Business Strategy - The company is enhancing its industry depth through long-term contracts and partnerships, expanding upstream resources in various commodities [3][4]. - It has established an Australian platform company and a Japanese office to strengthen its international presence and resource acquisition [3][4]. Future Outlook - The company anticipates a recovery in its main business operations despite the current challenging external environment [3][4]. - The projected net profits for 2025, 2026, and 2027 are 1.09 billion, 1.22 billion, and 1.33 billion respectively, with corresponding price-to-earnings ratios of 11.9, 10.6, and 9.7 [3][4].

Core Viewpoint - The Free Cash Flow ETF has shown strong performance with significant inflows and high returns, indicating a favorable investment environment for companies with stable cash flow [1][3][4]. Group 1: ETF Performance - As of September 5, 2025, the National Index of Free Cash Flow increased by 0.1%, with constituent stocks like Anfu Technology rising by 7.79% [1]. - The Free Cash Flow ETF (159201) has seen an average daily trading volume of 349 million yuan over the past month, ranking first among comparable funds [1]. - In the last 14 days, the Free Cash Flow ETF has attracted a total net inflow of 725 million yuan, reaching a record high of 4.111 billion shares since its inception [1]. Group 2: Leverage and Returns - Leverage funds have been actively buying into the Free Cash Flow ETF, with a net purchase of 10.5771 million yuan on the highest single day, bringing the latest financing balance to 54.4918 million yuan [3]. - Since its inception, the Free Cash Flow ETF has achieved a maximum monthly return of 7%, with the longest consecutive monthly gains being 4 months and a maximum increase of 16.68% [3]. - The ETF has a historical monthly profit probability of 81.2% and a 100% probability of profit over a 6-month holding period [3]. Group 3: Fee Structure and Tracking Accuracy - The management fee for the Free Cash Flow ETF is 0.15%, and the custody fee is 0.05%, making it the lowest among comparable funds [3]. - The tracking error for the Free Cash Flow ETF over the past month is 0.066%, indicating the highest tracking precision among comparable funds [3]. Group 4: Index Composition - The National Index of Free Cash Flow reflects the price changes of listed companies with high and stable free cash flow levels in the Shanghai and Shenzhen stock exchanges [4]. - As of August 29, 2025, the top ten weighted stocks in the index include SAIC Motor, China National Offshore Oil, Midea Group, and others, collectively accounting for 57.95% of the index [4][6].

厦门国贸集团股份有限公司 2025 年第二次临时股东大会会议资料 厦门国贸集团股份有限公司 2025 年第二次临时股东大会会议资料 厦门国贸集团股份有限公司 2025 年第二次临时股东大会会议资料目录 | 序号 | 内 容 | 页码 | | --- | --- | --- | | 一 2025 | 年第二次临时股东大会会议议程 | 2 | | 二 2025 | 年第二次临时股东大会现场会议须知 | 4 | | 三 2025 | 年第二次临时股东大会议案 | | | 1 | 《关于变更公司注册资本、取消监事会并修订<公司章程>的议案》 | 5 | | 2 | 《关于修订<公司股东大会议事规则>的议案》 | 47 | | 3 | 《关于修订<公司董事会议事规则>的议案》 | 56 | | 4 | 《关于修订<公司募集资金管理制度>的议案》 | 59 | | 5 | 《关于修订<公司关联交易管理制度>的议案》 | 70 | | 6 | 《关于修订<公司对外担保管理制度>的议案》 | 77 | | 7 | 《关于修订<公司独立董事工作制度>的议案》 | 80 | | 8 | 《关于调整公司审计委员会召集人津贴的议案》 ...

Core Viewpoint - The Guangzhou land market is becoming active as it enters the traditional "golden September and silver October," with significant transactions indicating confidence in the city's real estate sector [1][3]. Group 1: Land Transactions - Xiamen Guomao Real Estate successfully acquired a residential land parcel in Guangzhou's Liwan District for 506 million yuan, marking the first residential land transaction in September 2023 [1]. - The land parcel has a floor price of approximately 21,500 yuan per square meter and a total construction area of about 23,500 square meters, with a plot ratio of 3 [1][3]. - This transaction is notable as it represents a new player in the Guangzhou market, contrasting with previous acquisitions predominantly by local state-owned enterprises and central enterprises [1][3]. Group 2: Market Dynamics - The Guangzhou land market is accelerating the release of new land parcels, with multiple announcements made in early September, including several high-quality plots [6][7]. - The market is expected to see more advantageous residential land offerings, which could invigorate market activity [7][8]. - The overall performance of the Guangzhou real estate market has shown signs of recovery, with new home transactions increasing by nearly 17% year-on-year in the first half of 2023 [9]. Group 3: Company Performance - Guomao Real Estate has been actively investing in Guangzhou, with a notable acquisition in May 2023 for 2.482 billion yuan, reflecting a 15% premium and a floor price of 24,700 yuan per square meter [4]. - The company reported a significant sales increase, achieving 25.41 billion yuan in sales in the first eight months of 2023, placing it among the top 20 real estate firms [4]. - As a member of the "three swordsmen" of Fujian state-owned enterprises, Guomao Real Estate's aggressive land acquisition strategy indicates strong confidence in the city's development [4].

Core Viewpoint - The Guangzhou land market is becoming active as it enters the traditional "Golden September and Silver October" period, with significant transactions indicating confidence in the city's real estate sector [1][5]. Group 1: Land Transactions - On September 2, Xiamen Guomao Real Estate successfully acquired a residential land parcel in Guangzhou's Liwan District for a base price of 506 million yuan, with a floor price of approximately 21,500 yuan per square meter, marking the first residential land transaction in Guangzhou for September [1][3]. - The acquired land is the first residential land sold in the Shiwetang area of Liwan District in two years, located near the core development area of Baie Tan, enhancing its attractiveness [3]. - The land's proximity to the subway and key urban areas is expected to boost its value, with the potential for a profitable project given the surrounding second-hand housing prices averaging around 40,000 yuan per square meter [3][4]. Group 2: Market Trends - The Guangzhou land market is accelerating the pace of new land releases, with multiple parcels being listed for sale in early September, indicating a robust supply of quality land [7]. - In the first eight months of 2023, Xiamen Guomao's sales reached 25.41 billion yuan, placing it among the top 20 real estate companies, reflecting a strong growth trajectory [4]. - The overall market performance in Guangzhou shows a recovery in the second half of the year, with new housing transactions increasing by nearly 17% year-on-year in the first half, although the market has shown signs of cooling recently [8]. Group 3: Future Outlook - Analysts predict that the upcoming release of more high-quality residential land will invigorate the market, with expectations of a positive impact on future land transactions [7]. - The efforts by various real estate companies to stabilize prices and encourage purchases are seen as crucial for maintaining market confidence and promoting a healthy cycle in the industry [8].

外地国企加码投资广州土地市场，是对广州信心的印证。 进入传统的"金九银十"，广州土地市场开始活跃。 9月2日上午，厦门国贸（600755）地产以5.06亿元底价成功竞得广州荔湾区一宗地块，成交楼面价约 2.15万元/平方米，是今年9月广州首宗成交的住宅用地。这是一宗小型地块，宗地面积仅9007.07平方 米，出让宗地面积7840.89平方米，计容建筑面积约2.35万平方米，容积率为3。 这宗地块成交的亮点体现在，广州土地市场出现了今年的又一个"新"面孔。今年以来，广州出让的住宅 用地多由城投系公司、本地国企以及深耕广州的央企拿下，厦门国贸地产作为外地国企加码投资广州土 地市场，也是对广州信心的印证。 9月以来，广州土地市场也在加快推地的步伐。9月1日，广州市海珠区广州大道南788号二期地块正式挂 牌；9月3日，广州白云新城也有多宗地块发布出让公告。多宗优质地块来袭，广州土地市场翘盼丰收。 国贸地产近年来在广州择机投资。 2023年5月，厦门国贸在经过18轮报价后，通过摇号竞得白云区嘉禾望岗东北侧的一宗地块，成交价 24.82亿元，溢价率15%，折合楼面价2.47万元/平方米。这宗地块就是后来的国贸云上项目，目 ...

Group 1 - The land parcel AF0107048 in Shiwetang, Liwan District was successfully sold today for a total price of 506 million yuan, equivalent to a floor price of 21,500 yuan per square meter [1][2] - The transaction had a premium rate of 0% [3] - The recent months have seen a slowdown in Guangzhou's land auction market, with only one residential land sold in July and none in August [5][6] Group 2 - The auction of the Shiwetang land was highly anticipated as it was the first auction in September, but it did not meet expectations [7][8] - Xiamen Guomao, a developer that had not participated in Guangzhou's land auctions for a long time, won the bid, marking its return to the market [10][11] - The last time Xiamen Guomao acquired land in Guangzhou was in May 2023, when it purchased a parcel in Baiyun District for 2.482 billion yuan with a premium rate of 15% [12][13] Group 3 - The Shiwetang land is the first residential land to be sold in the area in over two years, with the last sale occurring in April 2023 [43] - The location of the Shiwetang land is advantageous, being close to the subway and offering views of the river, which typically increases its value [45][47] - The floor price of 21,500 yuan per square meter is considered low for an old urban area, making it an attractive investment opportunity [51][52] Group 4 - The winning bidder, Guangzhou Guomao Real Estate Co., Ltd., was established in May 2021 and is primarily owned by Xiamen Guomao Real Estate Group [61]

重要内容提示： ●会议召开时间：2025年9月10日（星期三）上午 10:00-11:00 登录新浪财经APP 搜索【信披】查看更多考评等级 ●会议召开地点：上海证券交易所上证路演中心（网址：http://roadshow.sseinfo.com/） 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。 ●会议召开方式：上证路演中心网络互动 四、投资者参加方式 ●投资者可于2025年9月3日（星期三）至9月9日（星期二）16:00前登录上证路演中心网站首页点击"提 问预征集"栏目或通过公司邮箱（zqswb@itg.com.cn）进行提问。公司将在说明会上对投资者普遍关注 的问题进行回答。 厦门国贸集团股份有限公司（以下简称"公司"）已于2025年8月29日在上海证券交易所网站 （http://www.sse.com.cn）披露了公司2025年半年度报告。为便于广大投资者更全面深入地了解情况， 促进公司与投资者互动交流，公司计划于2025年9月10日（星期三）上午 10:00-11:00举行2025年半年度 业绩说明会，就投资者关心的 ...

Core Viewpoint - The company, Xiamen International Trade Group Co., Ltd., is set to hold a half-year performance briefing on September 10, 2025, to discuss its operational results and financial indicators for the first half of 2025, aiming to enhance interaction with investors [2][3]. Group 1: Meeting Details - The performance briefing will take place on September 10, 2025, from 10:00 to 11:00 AM [3]. - The meeting will be held at the Shanghai Stock Exchange Roadshow Center and will be conducted in an interactive online format [2][3]. - Participants will include the company's Chairman, Vice Chairman and President, Independent Director, Vice Presidents, and the Chief Financial Officer [3]. Group 2: Investor Participation - Investors can join the briefing online via the Shanghai Stock Exchange Roadshow Center on the scheduled date and time [4]. - A pre-question submission period is available from September 3 to September 9, 2025, allowing investors to submit questions through the Roadshow Center or via the company's email [4]. - The company will address commonly raised questions during the briefing to facilitate better communication with investors [2][4]. Group 3: Contact Information - The company's Securities Affairs Department can be contacted for inquiries via phone or email [5]. - After the briefing, investors can access the meeting's main content and outcomes through the Roadshow Center [5].

证券代码：600755 证券简称：厦门国贸 编号：2025-57 关于召开2025年半年度业绩说明会的公告 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： ? 会议召开时间：2025 年 9 月 10 日（星期三）上午 10:00-11:00 ?会议召开地点：上海证券交易所上证路演中心（网址： http://roadshow.sseinfo.com/） ? 会议召开方式：上证路演中心网络互动 ? 投资者可于 2025 年 9 月 3 日（星期三） 至 9 月 9 日（星期二）16:00 前登 录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 （zqswb@itg.com.cn）进行提问。公司将在说明会上对投资者普遍关注的问题进行 回答。 厦门国贸集团股份有限公司（以下简称"公司"）已于 2025 年 8 月 29 日在 上海证券交易所网站（http://www.sse.com.cn）披露了公司 2025 年半年度报告。为 便于广大投资者更全面深入地了解情况，促进公司与投资者互动交流，公司计划 于 20 ...