关键词阅读：建发股份 责任编辑：山上 作为A股市场中践行长期主义的优质标杆企业，建发股份自上市以来始终将股东回报放在重要位置，现 金分红政策的连续性与稳定性备受市场认可。根据其2024年底通过的股东大会决议，建发股份2024年和 2025年计划每年以现金分红比例不低于30%，且每年每股分红不低于0.7元，为投资者提供了清晰可预 期的回报保障。以2026年1月23日建发股份收盘价9.39元/股计算，按全年每股0.7元的最低分红承诺测 算，全年股息率约为7.45%，在A股市场尤其是同类上市公司中处于领先水平，成为稳健型投资者的优 质选择。 回顾过往，建发股份始终重视股东回报，分红政策保持一贯的稳健性，且形成了"中期分红+年度分 红"的灵活回馈机制，以真金白银彰显经营底气。2025年，在宏观经济承压和行业周期性波动的背景 下，公司仍坚守高比例现金分红的承诺，既体现了对股东的责任与诚意，更传递出管理层对公司当前经 营基本面的坚定信心。未来，建发股份将继续坚守合规经营、稳健发展原则，在巩固核心业务竞争力的 同时，结合公司盈利情况持续优化股东回报机制，以合理、可持续的方式与股东共享企业高质量发展的 长期价值。 2026年 ...

北京商报讯（记者 李晗）1月23日，建发股份发布2025年度业绩预告显示，预计2025年建发股份净亏损 52亿元至100亿元；扣除非经常性损益的净亏损33亿元至65亿元。 ...

格隆汇1月23日丨建发股份(600153.SH)公布，经财务部门初步测算，预计2025年度实现归母净利润-100 亿元到-52亿元；预计2025年度实现归属于母公司所有者的扣除非经常性损益后的净利润-65亿元到-33亿 元。 ...

如在本次实施权益分派的股权登记日前公司总股本发生变动，公司拟维 持每股分配金额不变，相应调整分配总额。 2025 年度分红承诺：每股现金分红不低于 0.7 元（包含本次中期分红 0.2 元/股）。 | 股票代码：600153 | 股票简称：建发股份 | | | 公告编号：临 | 2026—003 | | --- | --- | --- | --- | --- | --- | | 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 | | | | 债券代码：241016 | 债券简称：24 | 建发 | Y2 | | | | 债券代码：241137 | 债券简称：24 | 建发 | Y3 | | | | 债券代码：241265 | 债券简称：24 | 建发 | Y4 | | | | 债券代码：241266 | 债券简称：24 | 建发 | Y5 | | | 厦门建发股份有限公司 关于 2025 年中期利润分配方案的公告 本公司董事会及全体董事 ...

| 股票代码：600153 | 股票简称：建发股份 | | | 公告编号：临 | 2026—002 | | --- | --- | --- | --- | --- | --- | | 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 | | | | 债券代码：241016 | 债券简称：24 | 建发 | Y2 | | | | 债券代码：241137 | 债券简称：24 | 建发 | Y3 | | | | 债券代码：241265 | 债券简称：24 | 建发 | Y4 | | | | 债券代码：241266 | 债券简称：24 | 建发 | Y5 | | | 公司预计 2025 年度实现归属于母公司所有者的扣除非经常性损益后的 净利润-65 亿元到-33 亿元。 厦门建发股份有限公司 2025 年度业绩预告 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。 ...

Core Viewpoint - The company, Jianfa Co., has experienced a significant shift in market perception due to a profit warning, indicating a potential net loss for 2025, primarily driven by pressures in its real estate and home operation businesses, despite stable performance in its supply chain operations [2][3]. Group 1: Company Performance - Jianfa Co. has maintained steady growth since its listing, with net profits of 11.259 billion yuan, 16.850 billion yuan, and an expected 5.820 billion yuan for 2022, 2023, and 2024 respectively, with supply chain business revenue consistently accounting for over 75% [2]. - The company's supply chain operations remain a strong profit driver, with overseas business reaching 14 billion USD in 2025, a 37% year-on-year increase [5]. - Despite the challenges, Jianfa Co. has consistently ranked in the top 20 for comprehensive strength among real estate developers, achieving 8th place in 2024 [2]. Group 2: Industry Context - The real estate market in 2025 is characterized by a "high open low walk" trend, with a significant decline in development investment, down 15.9% year-on-year from January to November [3]. - Jianfa's real estate platform set a sales target of 150 billion yuan for 2025 but only achieved 122.1 billion yuan, reflecting a shortfall of nearly 30 billion yuan and a year-on-year decline of over 10 billion yuan [3]. - The performance of Jianfa's subsidiary, Lianfa Group, has deteriorated since 2021, with a net profit of -1.642 billion yuan in 2024, highlighting the struggles within the real estate sector [4]. Group 3: Strategic Developments - Jianfa Co. and Lianfa Group invested 6.286 billion yuan to acquire a 29.95% stake in Red Star Macalline, aiming to create a synergistic ecosystem of "real estate + home + supply chain" [5]. - The home retail sector, including Red Star Macalline, is facing demand pressures, with a 3.33% year-on-year decline in sales for large-scale building materials and home furnishing markets [5]. - The central economic work conference in 2026 emphasizes "controlling increments, reducing inventory, and optimizing supply," indicating a shift towards high-quality development in the real estate industry [6].

Group 1 - The logistics sector experienced a rise of 0.75% on January 22, with Jushen Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 4122.58, up 0.14%, while the Shenzhen Component Index closed at 14327.05, up 0.5% [1] - Jushen Co., Ltd. saw a closing price of 22.21, with a significant increase of 10.00% and a trading volume of 184,300 shares, amounting to a transaction value of 406 million yuan [1] Group 2 - The logistics sector had a net inflow of 64.2 million yuan from main funds, while retail investors contributed a net inflow of 12.4 million yuan [2] - Major stocks in the logistics sector showed varied performance, with Guohui Logistics experiencing a net inflow of 35.43 million yuan from main funds, while retail investors had a net outflow of 26.30 million yuan [3] - The stock of SF Holding had a net inflow of 31.04 million yuan from main funds, despite a net outflow of 63.58 million yuan from speculative funds [3]

创下近10年首亏的建发股份（600153）在内部子公司开启了人事更迭。 近日，市场有消息称，建发股份旗下子公司建发房产迎来了新董事长，原总经理林伟国升任董事长，并 继续担任建发国际董事会主席。 林伟国于2007年加入建发房产，历任财务总监、总经理助理、副总经理，主导"灯塔项目"战略，聚焦杭 州、成都等核心城市高端市场。 业绩是他升任的主要推动力。 2025年，建发房产保持增长，前三季度为建发股份房地产业务分部贡献归母净利润7.8亿元，同比增加 1.21亿元。前三季度，建发房产实现合同销售金额957.4亿元，同比增长12.6%，权益销售金额711.5亿 元，同比增长7.6%。 几乎同一时间，建发股份另一家子公司联发集团同样出现高层变动，情况却完全相反。 信息显示，联发集团董事长王文怀被曝已经辞职并不再担任建发集团旗下任何子公司职位，目前正在走 离职审计流程。《国际金融报》记者据此向联发方面求证，对方表示王文怀因个人原因离开。 王文怀是2025年2月初上任的，至今尚不足一年。彼时，"建发系"进行了一轮罕见的人事调整，原本在 建发集团分管投资多年的王文怀"空降"联发集团出任董事长，另有数名核心管理层职位发生变动。 ...

Investment Rating - The report maintains a "Positive" rating for quality real estate companies and commercial real estate [2][3]. Core Insights - The real estate sector is experiencing significant pressure on both investment and sales, with a notable decline in investment and sales figures for 2025 [2][3]. - The report anticipates a slow recovery in investment, with adjustments made to the 2026 forecasts for new starts, completions, and overall investment [2][3]. - The sales sector is currently in a bottoming phase, with expectations for policy support to drive demand recovery, although supply constraints may limit this recovery [2][3]. Investment Side Summary - For the year 2025, total real estate development investment reached 828.8 billion yuan, reflecting a year-on-year decline of 17.2%, with December alone showing a drop of 35.8% [3][20]. - New starts decreased by 20.4% year-on-year, while completions fell by 18.1% [3][20]. - The report adjusts the 2026 forecast for new starts to -7.7% (originally -4.6%) and overall investment to -9.1% (originally -7.5%) [2][20]. Sales Side Summary - The total sales area for 2025 was 880 million square meters, down 8.7% year-on-year, with December sales area declining by 15.6% [21][31]. - The average sales price for properties decreased by 4.3% year-on-year, with December's average price showing a 9.5% decline [30][31]. - The report revises the 2026 sales forecast to a decrease of 7.6% for sales area and 9.4% for sales revenue [35][31]. Funding Side Summary - Total funding sources for real estate development in 2025 amounted to 930 billion yuan, down 13.4% year-on-year, with December showing a 26.7% decline [36][37]. - Domestic loans saw a significant drop of 45% in December, while self-raised funds decreased by 15.7% [36][37]. - The report suggests that funding sources are expected to gradually improve due to ongoing policy relaxations [39].

Investment Rating - The report maintains a "Positive" rating for the real estate sector, focusing on high-quality real estate companies and commercial real estate [3][4][21]. Core Insights - The investment side of the real estate sector remains weak, with a year-on-year decline of 17.2% in total real estate development investment for 2025, and a significant drop of 35.8% in December alone [4][21]. - The sales side shows a narrowing decline in sales area, with a year-on-year decrease of 8.7% for 2025, and a 15.6% drop in December [22][32]. - The funding side indicates a continued decline in funding sources, with a 13.4% year-on-year decrease in total funding for real estate development in 2025, and a sharp 26.7% drop in December [37]. Summary by Sections Investment Side - Total real estate development investment for 2025 reached 828.8 billion yuan, down 17.2% year-on-year, with December's investment declining by 35.8% [4][21]. - New construction area decreased by 20.4% year-on-year, with December showing a 19.4% decline [20][21]. - The report adjusts 2026 forecasts, predicting a 7.7% decline in new construction and a 9.1% drop in investment [21]. Sales Side - The total sales area for 2025 was 880 million square meters, down 8.7% year-on-year, with December's sales area declining by 15.6% [22][32]. - The total sales revenue for 2025 was 8.4 trillion yuan, reflecting a 12.6% year-on-year decrease, with December's sales revenue down 23.6% [24][32]. - The average selling price of commercial housing for 2025 was 9,527 yuan per square meter, down 4.3% year-on-year [31][32]. Funding Side - Total funding sources for real estate development in 2025 amounted to 9.3 trillion yuan, a decrease of 13.4% year-on-year, with December's funding sources down 26.7% [37]. - Domestic loans saw a year-on-year decline of 7.3%, with a significant drop of 45% in December [37]. - The report anticipates that funding sources will gradually improve due to ongoing policy relaxations [37].