中经记者 方超 石英婧 厦门、上海报道 对外直接投资比上年增长8.4%、连续13年位列全球前三，日前，三部门对外发布的2024年中国对外直 接投资数据引发广泛关注。 9月8日，商务部、国家统计局和国家外汇管理局在第二十五届中国国际投资贸易洽谈会（以下简称"第 二十五届投洽会"）上联合发布的《2024年度中国对外直接投资统计公报》（以下简称《公报》）显 示，2024年我国对外直接投资净额为1922亿美元，比上年增长8.4%。 《中国经营报》记者注意到，在中国企业加速走出去的背后，供应链巨头的助力作用也愈发显著。以厦 门为例，其作为全国供应链创新与应用示范城市，拥有2.3万多家供应链企业，年营业额超4万亿元，更 诞生了厦门建发集团有限公司（以下简称"建发集团"）、国贸控股集团有限公司（以下简称"国贸控 股"）等多家世界500强企业。 "共建产业生态，带动中国企业抱团出海。"国贸控股总经理、厦门国贸集团股份有限公司 （600755.SH，以下简称"厦门国贸"）董事长高少镛日前强调。而建发股份（600153.SH） 总经理程东 方也表示，其所在企业通过"市场拓展、资源整合、本土化运营"，拓展新兴市场，助力中国企业新一 ...

Core Viewpoint - The company reported a decline in performance for the first half of 2025, primarily influenced by the home furnishing market and real estate business, with a revenue of 315.3 billion yuan, down 1.2% year-on-year, and a net profit of 840 million yuan, down 29.9% year-on-year [1] Group 1: Real Estate Business - The real estate segment generated revenue of 44.1 billion yuan, a decrease of 13.8% year-on-year, with a gross margin of 13.3%, up 0.2 percentage points [1] - The net profit from the real estate business was 10 million yuan, a decline of 140 million yuan year-on-year, with significant contributions from Jianfa Real Estate and Lianfa Group [1] - The total sales amount for the real estate business reached 82.94 billion yuan, an increase of 11.7% year-on-year, with Jianfa Real Estate and Lianfa Group achieving sales of 70.83 billion yuan and 13.41 billion yuan, respectively [2] Group 2: Supply Chain Operations - The supply chain operations reported revenue of 267.8 billion yuan, a year-on-year increase of 1.6%, with a net profit of 1.42 billion yuan, remaining stable year-on-year [1] - The operating volume of major bulk commodities was approximately 103 million tons, with steel and agricultural products showing significant growth [3] - The company is actively promoting internationalization, with overseas business scale exceeding 5.7 billion USD, a year-on-year growth of about 10% [3] Group 3: Overall Performance and Future Outlook - The company’s land acquisition amounted to 58.24 billion yuan, a year-on-year increase of 50.3%, with over 96% of acquisitions in first and second-tier cities [2] - The company’s total land reserve value reached 246.8 billion yuan, with over 83% in first and second-tier cities, reflecting an improvement in land reserve structure [2] - Future revenue projections for 2025, 2026, and 2027 are 695.2 billion yuan, 699.8 billion yuan, and 699.8 billion yuan, respectively, with net profits expected to be 2.9 billion yuan, 3.5 billion yuan, and 3.8 billion yuan [3]

Core Viewpoint - The company received an inquiry letter from the Shanghai Stock Exchange regarding its 2024 annual report, focusing on the increase in other receivables despite a decline in operating income, and the nature of these receivables [1][2][3] Summary by Relevant Sections Other Receivables - The company's other receivables from 2021 to 2024 showed a significant increase, with balances of 470.95 billion, 579.15 billion, 641.13 billion, and 693.04 billion respectively, primarily due to increased operational transactions with real estate development partners [3][4] - The proportion of receivables over three years old reached 23% of the total other receivables, indicating a growing trend in long-term receivables [1][3] - The increase in other receivables is attributed to the nature of the real estate business, where initial investments in joint ventures often do not yield immediate returns, leading to higher receivables [3][4] Business Model and Transaction Details - The company engages in joint real estate development, resulting in operational receivables that are common in the industry, with specific arrangements for pre-distributing surplus funds to partners before project completion [3][4] - The top ten receivables include various partners, with significant amounts tied to ongoing projects, reflecting the typical cash flow cycle in real estate development [5][6] Financial Position and Debt Management - As of the end of the reporting period, the company held cash and cash equivalents of 958.67 billion, representing 12.48% of total assets, while interest-bearing liabilities amounted to approximately 1,438.43 billion, or 18.73% of total assets [8][9] - The company’s financial expenses increased significantly, primarily due to the consolidation of a subsidiary and changes in the real estate business's interest capitalization rates [12][13] - The company maintains a high level of cash reserves to ensure operational liquidity and project funding, despite borrowing significant amounts of interest-bearing debt [9][10][11] Prepayments - The company's prepayments showed a trend of growth from 2020 to 2023, with a notable decrease in the latest reporting period, attributed to changes in procurement practices and project funding strategies [14][15] - The top five prepayment recipients are primarily government-related entities and large commodity suppliers, with no associated risks identified [15]