厦门建发股份有限公司认购股权投资基金暨关联交易公告详解
一、公告要点
- 厦门建发股份有限公司（股票代码：600153）全资子公司厦门建发轻工有限公司（下称“建发轻工”），拟以1,500万元认购“源一成长（德化）股权投资合伙企业（有限合伙）”（下称“源一基金”）的有限合伙份额。
- 本次基金由德化源一股权投资合伙企业（有限合伙）（下称“德化源一”）作为普通合伙人发起。建发轻工为有限合伙人（LP）。
- 因共同参与认购的上海建发富链投资管理合伙企业（有限合伙）（下称“建发富链”）为公司关联方，本次交易构成关联交易。
- 本次投资尚需履行的审批及其他相关程序已在公司内部完成，无需提交公司董事会和股东会审议。此项投资不构成重大资产重组。
- 投资主要面向消费品牌及消费科技等相关领域，属公司产业链上下游拓展。
- 本次投资金额占公司总资产、净资产和营业收入的比例较小，不会对公司财务状况和经营成果产生重大影响。
- 公司提示本次投资可能面临政策、行业环境、项目经营等多重风险，投资回报存在不确定性。
二、详细披露与投资结构
建发轻工与德化源一于2026年5月27日签署合伙协议，投资方向聚焦消费品牌、消费科技等细分领域，基金总规模预计为4亿元，建发轻工本次出资占比约6.12%。
源一基金管理人为源一（厦门）私募基金管理有限公司，管理团队在投资管理、咨询服务等领域具备一定经验。基金普通合伙人为德化源一，实际控制人为源一（厦门）私募基金管理有限公司。
基金其他主要出资人包括福建德化德海股权投资合伙企业（出资6,000万元）、苏州工业园区元禾鼎盛股权投资合伙企业（出资5,000万元）、上海建发富链投资管理合伙企业（出资3,500万元）、泉州市文化旅游创新股权投资合伙企业等。投资人结构多元，资金来源以自有资金为主。
基金投资领域为中国设立或与中国有关的消费品牌、消费科技非上市企业股权投资，主要关注早中期项目。退出方式包括IPO、股权转让、企业清算等。
三、业绩报酬与分配机制
- 首先返本分配，有限合伙人优先收回全部本金；
- 其次有限合伙人获得8%年化优先回报；
- 如有剩余，普通合伙人追补分配至累计获分配额等于上述优先回报20%；
- 最后剩余部分按80/20（有限合伙人/普通合伙人）比例分配。
四、关联交易与风险提示
建发富链为本公司控股股东建发集团实际控制的企业，因此本次认购构成关联交易。公司内部已履行全部审批流程，无需提交董事会和股东会审议。
风险提示：基金投资受国家政策、行业环境、管理团队能力、投资标的经营等多重因素影响，存在不能实现预期收益甚至本金损失的可能性。
五、对上市公司的影响及投资者须知
- 本次投资符合公司产业战略发展方向，有助于增强公司在消费品牌及科技领域的生态布局，对提升公司业务发展具有积极作用。
- 投资金额占公司总资产、净资产和营收比例较小，短期内不会对公司财务状况造成重大影响。
- 公司将持续关注基金运作，积极防控投资风险。
- 本次交易为关联交易，可能引发市场对公司治理和潜在利益输送的关注，相关投资者需重点关注后续信息披露与基金业绩表现。
综合来看，本次公告为公司供应链与消费科技领域布局的重要举措，强化与控股股东协同，虽然资金体量不大但具有一定战略意义，短期内对公司业绩影响有限，长期潜在收益及风险需持续关注。
免责声明
本文所载信息基于公司公告资料整理，仅供投资者参考，不构成任何投资建议。投资有风险，入市需谨慎。
Xiamen C&D Inc. Announces Subscription to Equity Investment Fund and Related-Party Transaction: Detailed Analysis
Key Points of the Announcement
- Xiamen C&D Inc. (Stock Code: 600153), via its wholly-owned subsidiary Xiamen C&D Light Industry Co., Ltd., plans to invest RMB 15 million to subscribe for a limited partnership stake in “Yuan Yi Growth (Dehua) Equity Investment Partnership (Limited Partnership)” (hereinafter “Yuan Yi Fund”).
- The fund is initiated by Dehua Yuan Yi Equity Investment Partnership (Limited Partnership) as the general partner. C&D Light Industry will act as a limited partner (LP).
- Since Shanghai C&D Fulian Investment Management Partnership (Limited Partnership) (“C&D Fulian”) is also participating and is a related party, this constitutes a related-party transaction.
- All internal approval processes have been completed; there is no need for board or shareholder meeting approval. This investment does not constitute a significant asset restructuring.
- The fund will focus on investments in consumer brands and consumer technology, in line with C&D’s supply chain and upstream-downstream expansion strategy.
- The investment amount is small relative to the company’s total assets, net assets, and revenue; it is not expected to materially affect financial position or results.
- The company warns of risks including policy, industry, project management, and potential failure to achieve expected returns.
Investment Structure and Details
C&D Light Industry signed the partnership agreement with Dehua Yuan Yi on May 27, 2026. The investment focuses on consumer brands and technology sectors. The fund’s total size is expected to reach RMB 400 million, with C&D’s investment representing about 6.12% post-investment.
The fund manager is Yuan Yi (Xiamen) Private Fund Management Co., Ltd., whose team has experience in investment management and consulting. Dehua Yuan Yi is the general partner, with the fund manager as its actual controller.
Other major investors include Fujian Dehua Dehai Equity Investment Partnership (RMB 60 million), Suzhou Industrial Park Yuanhe Ding Sheng Equity Investment Partnership (RMB 50 million), C&D Fulian (RMB 35 million), Quanzhou Cultural Tourism Innovation Equity Investment Partnership, among others. Investors mainly use their own funds.
The fund will mainly invest in early- and mid-stage non-listed companies in China’s consumer brand and technology sectors. Exit routes include IPOs, equity transfers, and liquidation.
Performance Fee and Profit Distribution Mechanism
- First, return of invested capital to LPs;
- Second, LPs receive an 8% annual preferred return;
- Third, catch-up distribution to the GP until the GP receives 20% of total preferred return distributed;
- Finally, remaining profits are split 80/20 between LPs and GP.
Related-Party Transaction and Risk Reminder
C&D Fulian is controlled by C&D Group, the controlling shareholder of the company. Therefore, this subscription is a related-party transaction. All internal approval procedures have been completed.
Risks include the impact of government policy, industry trends, management team capability, and investee company performance. There is a possibility of not achieving expected returns or even principal loss.
Impact on the Listed Company and Investor Guidance
- This investment aligns with the company’s strategy to build an ecosystem in the consumer and technology sectors, potentially supporting business development.
- The investment amount is minor in the context of the company’s overall financials, with no significant short-term impact expected.
- The company will monitor fund operations and actively manage investment risk.
- As a related-party transaction, the market may focus on corporate governance and potential benefit transfer. Investors should closely monitor future disclosures and fund performance.
In summary, this move is strategically significant for supply chain and consumer technology expansion, and strengthens cooperation with the controlling shareholder. Although the investment is not large, its long-term impact depends on fund performance and risk control. Short-term earnings impact is limited, but the strategic value and related-party nature may attract market attention.
Disclaimer
The information above is extracted from the company’s official disclosure and is for investor reference only. It does not constitute investment advice. Investments carry risk; please exercise caution.
