证券日报网讯1月6日，建发股份（600153）在互动平台回答投资者提问时表示，建发股份围绕有色金属 矿产、黑色金属矿产、新能源矿产、非金属矿产等核心品类，形成全链条、一体化、多元业务模式的矿 产供应链运营能力。在铜产业链方面，公司铜精矿年经营货量超230万吨；公司旗下铜冶炼业务子公司 祥光铜业经营情况良好，2025年1月-11月累计产出阴极铜超35万吨。 ...

证券日报网讯 1月6日，建发股份在互动平台回答投资者提问时表示，公司相关福利政策的制定与执 行，均严格遵循国家、员工所在省市及对应国家/地区的法律法规要求，确保政策合规性与适用性。在 法律法规框架基础上，公司也会结合实际运营情况与员工需求，尽可能为有生育、育儿需求的员工提供 便利支持，比如在工作安排上灵活协调等情况，力求为员工平衡工作与育儿提供力所能及的帮助。员工 福利的相关内容可参见公司披露的《2024年可持续发展报告》。 （编辑 丛可心） ...

证券日报网讯12月19日，苏豪汇鸿（600981）在互动平台回答投资者提问时表示，公司牢固树立"高质 量发展"理念，在强化创新赋能和产业发展、坚持提升品牌资源优势、不断加强产业结构优化和持续完 善风控体系建设方面，具备核心竞争力。在供应链运营业务方面，公司充分发挥在细分品类积累的优 势，不断强化在大宗业务供应链领域资源协同和市场拓展。公司积极推动发展跨境电商新模式，提升跨 境电商业务占比和质效。同时，公司深入推进专业化整合，进一步提高国有资本配置和运行效率，不断 完善大宗业务板块布局，提升公司可持续经营能力和竞争优势。 ...

Group 1 - The company, Jianfa Co., Ltd. (SH 600153), held its 13th temporary board meeting on December 12, 2025, via communication to review the proposal for the estimated daily related transaction limit for 2026 [1] - For the first half of 2025, Jianfa Co., Ltd.'s revenue composition was as follows: supply chain operations accounted for 84.94%, real estate accounted for 14.0%, and home mall operations accounted for 1.06% [1] - As of the report date, Jianfa Co., Ltd. had a market capitalization of 27.7 billion yuan [1]

Company Overview - Jianfa Co., Ltd. (SH 600153) reported a total external guarantee balance of 194.72 billion RMB and 3.73 billion USD as of the end of October 2025 [1] - The company provided guarantees of 191.63 billion RMB and 3.73 billion USD to its subsidiaries, 2.96 billion RMB to associated companies, and 131 million RMB to Xiamen Software Vocational Technical College, with no overdue guarantees [1] Revenue Composition - For the first half of 2025, Jianfa's revenue composition was as follows: Supply chain operations accounted for 84.94%, real estate for 14.0%, and home mall operations for 1.06% [1] Market Capitalization - As of the report date, Jianfa's market capitalization stood at 27.7 billion RMB [1]

Investment Rating - The report assigns an "Outperform" rating to the company, with a target price of RMB 12.28 based on a 12x PE for 2025 [4][15]. Core Insights - The overall performance of the company has been dragged down by Lianfa Group and Red Star Macalline Group Corporation, with a slight revenue decrease of 0.63% year-on-year in the first three quarters of 2025, totaling RMB 4989.83 billion. The net profit attributable to shareholders was RMB 1.15 billion, down 44.19% year-on-year [4][16]. - The supply chain business has shown resilience, contributing RMB 2.34 billion in net profit attributable to shareholders, up 4.21% year-on-year, with significant growth in overseas business [17]. - The real estate sector has experienced mixed performance, with a net loss attributable to shareholders of RMB 226 million, although contract sales for C&D Real Estate increased by 12.6% year-on-year [18]. Financial Summary - Total revenue for 2023 is projected at RMB 763.68 billion, with a decline of 8.3% year-on-year. The net profit attributable to shareholders is expected to be RMB 13.10 billion, reflecting a significant increase of 108.8% year-on-year [3][5]. - The company forecasts EPS of RMB 1.02 for 2025, with a gradual increase to RMB 1.33 by 2027 [4][15]. - The net cash flow from operating activities turned positive to RMB 6.69 billion from a negative RMB 14.11 billion in 2024, primarily due to increased supply chain bill settlements and real estate sales [16].

Core Viewpoint - Jianfa Co., Ltd. has entered into a strategic partnership with Huawei Terminal to promote the scale deployment and penetration of HarmonyOS products in the retail and engineering markets, leveraging each company's strengths in their respective fields [1] Group 1: Partnership Details - The signing ceremony for the HarmonyOS Smart Selection cooperation took place on November 11 in Xiamen [1] - Jianfa Co., Ltd. will utilize its core capabilities in channel networks and supply chain operations [1] - Huawei Terminal will rely on its technological innovation and product strength within the HarmonyOS ecosystem [1] Group 2: Market Impact - The collaboration aims to enhance user scale and market influence for HarmonyOS products [1] - The focus is on driving the large-scale implementation of HarmonyOS products in both retail and engineering sectors [1]

Group 1 - The 2025 Xiamen Industrial Development Conference and the 2025 Securities Industry High-Quality Development Conference were held in Xiamen, with awards announced for listed companies and the securities industry [1] - Key figures from the government and media attended the event, including former officials from the State Council Development Research Center and Xinhua News Agency [1] - The conference featured keynote speeches and roundtable discussions focusing on how enterprises can leverage the Hong Kong stock platform to attract international capital and how the capital market can support the development of new productivity [1] Group 2 - Jianfa Group, as a state-owned capital investment company, emphasizes serving the real economy and social welfare, aligning with national and regional development strategies [2] - The company focuses on supply chain operations, urban construction and operation, tourism and exhibitions, healthcare, and investment in emerging industries, while steadily increasing the asset securitization ratio of its core businesses [2] - Looking towards the "14th Five-Year Plan," Jianfa Group aims to deepen the "industry + capital" collaborative model and enhance the construction of technological and financial foundations to contribute to Xiamen's development as a financial hub and a financial technology city [2]

Core Points - Xiamen C&D Inc. will hold a performance briefing for the third quarter of 2025 on November 12, 2025, from 15:00 to 16:00 [3][6] - The briefing will be conducted via video broadcast combined with online Q&A, allowing for interaction with investors regarding the company's operational results and financial indicators [4][5] - Investors can submit questions before the meeting until November 11, 2025, at 16:00 through a specified website or WeChat mini-program [2][7] Meeting Details - The performance briefing will take place on November 12, 2025, from 15:00 to 16:00 [6] - The platform for the meeting is "Value Online" (www.ir-online.cn) [5][6] - The meeting will feature participation from the company's chairman and other key executives [5][6] Participation Information - Investors can participate online and will receive timely responses to their questions during the briefing [7] - Contact information for inquiries includes a designated contact person and email address [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has signed a strategic cooperation agreement with Louis Dreyfus, aiming for an annual transaction of 2.5 billion USD in agricultural products, enhancing its global supply chain network [8] - The company has maintained a strong performance in its supply chain business, with a significant increase in overseas business scale, reaching 9.464 billion USD, a year-on-year growth of 23.24% [8] - The company aims to learn from Japanese trading companies to enhance its global operations, positioning itself as a leading international supply chain operator [8] - The company’s real estate segment is experiencing growth despite short-term pressures on its operations [8] Financial Summary - Revenue projections for 2025-2027 are 70.16 billion, 70.73 billion, and 71.48 billion RMB respectively, with a revenue growth rate of 0.0%, 0.8%, and 1.1% [7][9] - The net profit for the same period is projected to be 3.48 billion, 3.87 billion, and 4.26 billion RMB, with corresponding net profit growth rates of 18.2%, 11.1%, and 10.1% [7][9] - The earnings per share (EPS) are expected to be 1.20, 1.33, and 1.47 RMB for 2025, 2026, and 2027 respectively, with price-to-earnings (PE) ratios of 8.5x, 7.6x, and 6.9x [7][9] - The return on equity (ROE) is projected to improve from 4.7% in 2025 to 5.6% in 2027 [7][9]