Market Overview - On September 19, the real estate service sector rose by 0.34% compared to the previous trading day, with TeFa Service leading the gains [1] - The Shanghai Composite Index closed at 3820.09, down 0.3%, while the Shenzhen Component Index closed at 13070.86, down 0.04% [1] Stock Performance - TeFa Service (300917) closed at 47.35, up 3.02% with a trading volume of 117,800 shares and a transaction value of 5.47 billion [1] - Other notable stocks include: - China Merchants Jin Yu (001914) closed at 11.90, up 1.71% [1] - Pearl River Shares (600684) closed at 6.28, up 0.80% [1] - I Love My Home (000560) closed at 3.10, up 0.32% [1] - NanDu Property (603506) closed at 14.24, down 0.21% [1] - Ningbo Fuda (600724) closed at 4.94, down 0.60% [1] - World Union (002285) closed at 2.55, down 1.16% [1] - Zhongtian Service (002188) closed at 5.62, down 1.40% [1] - ST Ming Cheng (600136) closed at 1.87, down 1.58% [1] - Huangting International (000056) closed at 2.88, down 4.64% [1] Capital Flow - The real estate service sector experienced a net outflow of 70.44 million from institutional investors and 19.52 million from retail investors, while retail investors saw a net inflow of 89.96 million [1] - Detailed capital flow for selected stocks includes: - I Love My Home (000560) saw a net inflow of 8.13 million from institutional investors [2] - World Union (002285) had a net inflow of 3.23 million from retail investors [2] - ST Ming Cheng (600136) experienced a significant net outflow of 6.51 million from institutional investors [2] - Huangting International (000056) had a net inflow of 29.70 million from retail investors despite a net outflow from institutional and speculative investors [2]

Market Overview - On September 17, the real estate service sector declined by 0.61%, with Nandu Property leading the decline [1] - The Shanghai Composite Index closed at 3876.34, up 0.37%, while the Shenzhen Component Index closed at 13215.46, up 1.16% [1] Individual Stock Performance - The top-performing stock was Huangting International, which rose by 4.98% to a closing price of 3.16 [1] - Nandu Property experienced the largest drop, falling by 5.07% to a closing price of 14.98 [1] - Other notable declines included Zhongtian Service (-1.83% to 5.90), Zhujiang Shares (-1.55% to 6.37), and Wo Ai Wo Jia (-1.54% to 3.20) [1] Trading Volume and Capital Flow - The total trading volume for the real estate service sector was significant, with Huangting International achieving a transaction value of 9.16 billion [1] - The sector saw a net inflow of 148.25 million from institutional investors, while retail investors contributed a net inflow of 5706.27 million [1] - However, there was a notable net outflow of 5854.53 million from speculative funds [1] Capital Flow by Stock - Huangting International had a net inflow of 114 million from institutional investors, but a net outflow of 519.7 million from speculative funds [2] - Nandu Property recorded a net inflow of 192.87 million from institutional investors, with a net outflow of 359.25 million from speculative funds [2] - Zhongtian Service experienced a significant net outflow of 1003.71 million from institutional investors, while retail investors contributed a net inflow of 1399.73 million [2]

Market Overview - On September 15, the real estate service sector declined by 0.26%, with Ningbo Fuda leading the drop [1] - The Shanghai Composite Index closed at 3860.5, down 0.26%, while the Shenzhen Component Index closed at 13005.77, up 0.63% [1] Stock Performance - Notable gainers in the real estate service sector included: - Zhujiang Shares (600684) with a closing price of 5.88, up 1.55% [1] - Shilianhang (002285) at 2.65, up 1.53% [1] - Zhongtian Service (002188) at 5.91, up 1.20% [1] - Major decliners included: - Ningbo Fuda (600724) at 5.14, down 1.91% [1] - ST Mingcheng (600136) at 1.90, down 1.55% [1] - Zhaoshang Jiyu (001914) at 12.30, down 1.60% [1] Capital Flow - The real estate service sector experienced a net outflow of 140 million yuan from institutional investors, while retail investors saw a net inflow of 128 million yuan [1] - Detailed capital flow for selected stocks showed: - Zhongtian Service had a net inflow of 575.35 thousand yuan from institutional investors [2] - Ningbo Fuda faced a net outflow of 1,601.74 thousand yuan from institutional investors [2] - Zhujiang Shares had a net outflow of 750.96 thousand yuan from institutional investors [2]

Market Performance - On September 10, the real estate service sector rose by 1.0%, led by Huangting International [1] - The Shanghai Composite Index closed at 3812.22, up 0.13%, while the Shenzhen Component Index closed at 12557.68, up 0.38% [1] Individual Stock Performance - Huangting International (code: 000056) closed at 3.01, with an increase of 8.27% and a trading volume of 2.4416 million shares, amounting to a transaction value of 711 million yuan [1] - Zhujiang Shares (code: 600684) closed at 5.83, up 5.42%, with a trading volume of 743,100 shares and a transaction value of 426 million yuan [1] - Other notable stocks include: - Zhi Shang Ji Yu (code: 001914) at 12.41, up 1.22% [1] - Wo Ai Wo Jia (code: 000560) at 3.11, up 0.97% [1] - Zhongtian Service (code: 002188) at 5.80, up 0.87% [1] Capital Flow Analysis - The real estate service sector experienced a net outflow of 83.2957 million yuan from institutional investors, while retail investors saw a net inflow of 75.608 million yuan [2] - The capital flow for individual stocks shows: - Huangting International had a net inflow of 39.2422 million yuan from institutional investors [3] - Zhujiang Shares had a net inflow of 35.1417 million yuan from institutional investors [3] - ST Mingcheng (code: 600136) had a net inflow of 1.8429 million yuan from retail investors [3]

Market Overview - On September 5, the real estate service sector rose by 1.31% compared to the previous trading day, with Huangting International leading the gains [1] - The Shanghai Composite Index closed at 3812.51, up 1.24%, while the Shenzhen Component Index closed at 12590.56, up 3.89% [1] Individual Stock Performance - Huangting International (000056) closed at 68.7, up 4.33% with a trading volume of 850,000 shares [1] - Ningbo Fuda (600724) closed at 5.33, up 3.90% with a trading volume of 384,700 shares [1] - Pearl River Shares (600684) closed at 5.35, up 2.10% with a trading volume of 810,100 shares [1] - Te Fa Service (300917) closed at 46.02, up 2.06% with a trading volume of 56,200 shares [1] - Zhongtian Service (002188) closed at 5.51, up 2.04% with a trading volume of 160,100 shares [1] - Wo Ai Wo Jia (000560) closed at 2.97, up 1.37% with a trading volume of 750,300 shares [1] - Shilian Hang (002285) closed at 2.40, up 1.27% with a trading volume of 442,800 shares [1] - ST Mingcheng (600136) closed at 1.87, up 1.08% with a trading volume of 76,400 shares [1] - New Dazheng (002968) closed at 10.51, up 0.38% with a trading volume of 37,200 shares [1] - China Merchants Jiyu (001914) closed at 11.92, down 0.75% with a trading volume of 94,500 shares [1] Capital Flow Analysis - The real estate service sector saw a net inflow of 58.44 million yuan from institutional investors, while retail investors experienced a net outflow of 80.47 million yuan [2][3] - Major stocks with significant net inflows include: - Wo Ai Wo Jia (000560) with a net inflow of 31.44 million yuan [3] - Ningbo Fuda (600724) with a net inflow of 20.89 million yuan [3] - Te Fa Service (300917) with a net inflow of 20.46 million yuan [3] - Shilian Hang (002285) with a net inflow of 14.66 million yuan [3] - Notable stocks with net outflows include: - South City Property (603506) with a net outflow of 6.80 million yuan [3] - China Merchants Jiyu (001914) with a net outflow of 13.71 million yuan [3]

Market Overview - On September 4, the real estate service sector rose by 0.78% compared to the previous trading day, with Nandu Property leading the gains [1] - The Shanghai Composite Index closed at 3765.88, down 1.25%, while the Shenzhen Component Index closed at 12118.7, down 2.83% [1] Individual Stock Performance - Nandu Property (603506) closed at 13.74, up 4.17% with a trading volume of 57,900 shares and a transaction value of 78.25 million yuan [1] - Ningbo Fuda (600724) closed at 5.13, up 1.99% with a trading volume of 488,700 shares [1] - Shilianhang (002285) closed at 2.37, up 1.28% with a trading volume of 464,900 shares [1] - Xindazheng (002968) closed at 10.47, up 1.26% with a trading volume of 46,900 shares [1] - Zhongtian Service (002188) closed at 5.40, up 1.12% with a trading volume of 242,300 shares [1] - Te Fa Service (300917) closed at 45.09, up 0.69% with a trading volume of 54,200 shares [1] - Zhujiang Co. (600684) closed at 5.24, up 0.58% with a trading volume of 486,800 shares [1] - China Merchants Jiyu (001914) closed at 12.01, up 0.33% with a trading volume of 70,800 shares [1] - ST Mingcheng (600136) closed at 1.85, unchanged with a trading volume of 98,300 shares [1] - Wo Ai Wo Jia (000560) closed at 2.93, down 0.34% with a trading volume of 1,034,000 shares [1] Capital Flow Analysis - The real estate service sector saw a net inflow of 34.92 million yuan from main funds, while retail funds experienced a net outflow of 29.99 million yuan [2] - Main funds showed a significant net outflow in Ningbo Fuda (-20.88 million yuan) and ST Mingcheng (-0.03 million yuan) [3] - Te Fa Service had a net inflow of 18.34 million yuan from main funds, indicating strong interest [3]

Market Overview - On September 3, the real estate service sector declined by 2.59% compared to the previous trading day, with Ningbo Fuda leading the decline [1] - The Shanghai Composite Index closed at 3813.56, down 1.16%, while the Shenzhen Component Index closed at 12472.0, down 0.65% [1] Stock Performance - The following stocks in the real estate service sector experienced notable price changes: - Huangting International: Closed at 2.79, up 1.09% with a trading volume of 680,000 shares [1] - Ningbo Fuda: Closed at 5.03, down 4.73% with a trading volume of 692,500 shares and a transaction value of 352 million [2] - ST Mingcheng: Closed at 1.85, down 1.60% with a trading volume of 90,500 shares [1] - Other stocks such as Zhongtian Service, Wo Ai Wo Jia, and Shilian Hang also saw declines ranging from 1.88% to 2.84% [1][2] Capital Flow - The real estate service sector saw a net outflow of 38.19 million from institutional investors, while retail investors experienced a net inflow of 50.12 million [2] - The following stocks had significant capital flow: - Huangting International: Main capital inflow of 11.05 million, with a net retail outflow of 8.12 million [3] - Ningbo Fuda: Main capital inflow of 1.02 million, with a net retail outflow of 24.63 million [3] - ST Mingcheng: Main capital outflow of 2.99 million, with a net retail inflow of 1.90 million [3]

Core Insights - The real estate service sector saw a slight increase of 0.15% on September 2, with Ningbo Fuda leading the gains [1] - The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1] Stock Performance - Ningbo Fuda (600724) closed at 5.28, up 10.00% with a trading volume of 564,300 shares [1] - Pearl River Shares (600684) closed at 5.31, up 3.31% with a trading volume of 601,100 shares [1] - Other notable performances include: - Royal International (000056) at 2.76, up 1.10% [1] - ST Mingcheng (600136) at 1.88, down 0.53% [1] - New Dazheng (002968) at 10.62, down 0.93% [1] Capital Flow - The real estate service sector experienced a net outflow of 13.42 million yuan from institutional investors, while retail investors saw a net inflow of 26.96 million yuan [2] - The overall net outflow from retail investors was 13.54 million yuan [2] Individual Stock Capital Flow - Ningbo Fuda had a net inflow of 60.06 million yuan from institutional investors, while retail investors had a net outflow of 28.40 million yuan [3] - Pearl River Shares saw a net inflow of 12.82 million yuan from institutional investors, with a net outflow of 1.13 million yuan from retail investors [3] - Other stocks like New Dazheng and ST Mingcheng experienced mixed capital flows, with varying levels of institutional and retail investor activity [3]

Market Overview - On September 1, the real estate service sector rose by 0.81% compared to the previous trading day, with Zhongtian Service leading the gains [1] - The Shanghai Composite Index closed at 3875.53, up 0.46%, while the Shenzhen Component Index closed at 12828.95, up 1.05% [1] Stock Performance - Zhongtian Service (002188) closed at 5.89, with a significant increase of 10.09%, trading volume of 229,400 shares and a turnover of 130 million yuan [1] - Other notable performers included: - Zhujiang Shares (600684) at 5.14, up 3.84%, with a turnover of 247 million yuan [1] - Nandu Property (603506) at 13.81, up 2.14%, with a turnover of approximately 90.61 million yuan [1] - TeFa Service (300917) at 47.83, up 1.70%, with a turnover of 373 million yuan [1] Capital Flow - The real estate service sector saw a net inflow of 5.1555 million yuan from institutional investors, while retail investors experienced a net outflow of 16.6452 million yuan [2] - The overall capital flow for individual stocks showed varied results, with Zhongtian Service experiencing a net inflow of 12.3241 million yuan from institutional investors [3] Individual Stock Capital Flow - Key stocks and their capital flow: - Zhongtian Service: Institutional net inflow of 12.3241 million yuan, retail net outflow of 12.6140 million yuan [3] - Zhujiang Shares: Institutional net inflow of 9.4859 million yuan, retail net outflow of 3.8449 million yuan [3] - Nandu Property: Retail net inflow of 1.9831 million yuan, but institutional net outflow of 2.3390 million yuan [3]

Core Viewpoint - Ningbo Fuda (600724) reported a decline in total revenue and net profit for the first half of 2025, but showed improvement in profitability metrics in the second quarter [1] Financial Performance - Total revenue for the reporting period was 744 million, a year-on-year decrease of 17.46% - Net profit attributable to shareholders was 116 million, down 1.79% year-on-year - In Q2, total revenue was 405 million, an increase of 17.41% year-on-year - Q2 net profit attributable to shareholders was 57.98 million, up 15.08% year-on-year [1] - Gross margin increased by 19.87% to 28.59%, while net margin rose by 11.54% to 14.05% [1] Cash Flow Analysis - Operating cash flow increased by 69.38%, attributed to higher cash receipts from sales and services [2] - Investment cash flow saw a significant change of 100.06%, due to net transfers of large transferable certificates [2] - Financing cash flow decreased by 43.34%, primarily due to increased cash payments for debt repayment [4] Balance Sheet Changes - Accounts receivable financing decreased by 54.11% due to bank acceptance bill discounts [3] - Contract liabilities increased by 40.25% due to higher pre-received sales payments [3] - Long-term borrowings decreased by 31.07% as a subsidiary repaid part of its project loans [3] Business Evaluation - The company's return on invested capital (ROIC) was 5.01% last year, indicating average capital returns [5] - Historical data shows a median ROIC of 6.08% over the past decade, with two years of losses since its listing [5] - The company's cash assets are considered very healthy, indicating good debt repayment capability [5]