证券之星消息，9月4日房地产服务板块较上一交易日上涨0.78%，南都物业领涨。当日上证指数报收于 3765.88，下跌1.25%。深证成指报收于12118.7，下跌2.83%。房地产服务板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 603506 | 南都物业 | 13.74 | 4.17% | 5.79万 | 7824.55万 | | | 600724 | 宁波富达 | 5.13 | 1.99% | 48.87万 | | 2.50亿 | | 002285 | 世联行 | 2.37 | 1.28% | 46.49万 | ﻀ | 1.10亿 | | 002968 | 新大正 | 10.47 | 1.26% | - 4.69万 | 4930.41万 | | | 002188 | 中天服务 | 5.40 | 1.12% | 24.23万 | | 1.32亿 | | 300917 | 特发服务 | 45.09 | 0.69% | 5.42万 | | 2.44亿 | ...

南都物业 20250903 摘要 南都物业 2025 年上半年营收达 5.5 亿元，同比增长 37.5%，归母净利 润 400 万元增至 550 万元，毛利率微升至 17.77%，管理费用率降至 4.80%，经营活动现金流净额同比增长 4.17%，准货币资金增至 10.33 亿元，显示财务稳健。 公司战略升级为"生态+科技"和"南 CD Robotics"，深化江浙沪区 域布局，新签项目 674 个，总签约面积 8,788 万平方米，同比增长 2.07%，其中 70%为商业写字楼项目，集中于江浙沪。 南都物业在商协领域签约中国移动浙江公司亿元级项目，城市服务方面 拓展常熟文旅景区、朗城区环卫等项目，多元业务发展。 增值服务方面，品牌联名产品销售破千万，推出"越市级"品牌活动， 收入超百万元；到家服务新增洗衣门店，无人机外墙检测取得突破，房 修服务收入超 800 万元，企业增值服务合同签约超 500 万元。 资产管理方面，管理长租公寓 600 套，出租率超 80%，并签约文宏顾 问咨询及之江未来社区顾问咨询项目，拓展轻资产运营。 Q&A 南都物业在 2025 年上半年的经营表现如何？ 企业增值服务合同签约金额超 ...

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]

Group 1 - The core viewpoint of the news is that Nandu Property's stock has experienced fluctuations, with a year-to-date increase of 56.87% but a recent decline in the last five trading days by 5.92% [1] - As of September 3, Nandu Property's stock price was 13.35 yuan per share, with a market capitalization of 2.507 billion yuan [1] - The company has seen a net outflow of main funds amounting to 5.3396 million yuan, with significant selling pressure observed [1] Group 2 - Nandu Property Service Group Co., Ltd. was established on April 13, 1994, and listed on February 1, 2018, primarily engaged in property services, value-added services, asset management services, and non-owner value-added services [2] - The revenue composition of Nandu Property includes 88.28% from basic property services, 8.78% from value-added services, 1.49% from asset management services, and 1.31% from non-owner value-added services [2] - As of June 30, 2025, Nandu Property reported a revenue of 914 million yuan, representing a year-on-year growth of 2.75%, and a net profit attributable to shareholders of 130 million yuan, showing a significant increase of 532.87% [2] Group 3 - Nandu Property has distributed a total of 319 million yuan in dividends since its A-share listing, with 123 million yuan distributed in the last three years [3] - As of June 30, 2025, the number of shareholders decreased by 1.94% to 7,770, while the average circulating shares per person increased by 1.98% to 24,167 shares [2][3] - Among the top ten circulating shareholders, Huaxia Return Mixed A (002001) is the eighth largest shareholder, having newly entered with 896,900 shares [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]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][2] Core Views - The company has shown revenue and profit growth year-on-year, with successful investments in robotics and a focus on the "R&D + application" ecosystem [2][4] - The company is expected to enhance its profitability as it exits loss-making projects, with projected net profits for 2025-2027 being CNY 168 million, CNY 176 million, and CNY 184 million respectively [2][3] Financial Performance - In the first half of 2025, the company achieved operating revenue of CNY 914 million, a year-on-year increase of 2.75%, and a net profit attributable to shareholders of CNY 130 million, a significant increase of 532.87% [3][4] - The gross margin and net margin for the company were reported at 17.77% and 14.87%, reflecting increases of 0.11 percentage points and 11.87 percentage points year-on-year respectively [3][4] Project and Investment Developments - The company signed 41 new projects in the first half of 2025, covering an area of 4.9164 million square meters, with a significant portion located in the Jiangsu, Zhejiang, and Shanghai regions [4] - The company has invested in Hangzhou Yunxiang Commercial Robot Co., becoming its largest institutional shareholder, which is expected to create a synergistic "R&D + application" ecosystem [4] Earnings Forecast - The company maintains its earnings forecast, with expected earnings per share (EPS) of CNY 0.89, CNY 0.94, and CNY 0.98 for 2025, 2026, and 2027 respectively [2][6] - The current stock price corresponds to a price-to-earnings (P/E) ratio of 16.1, 15.3, and 14.7 for the years 2025, 2026, and 2027 respectively [2][6]

Group 1 - The real estate service sector experienced a decline of 0.37% on August 28, with Nandu Property leading the drop [1] - The Shanghai Composite Index closed at 3843.6, up 1.14%, while the Shenzhen Component Index closed at 12571.37, up 2.25% [1] Group 2 - On that day, the main funds in the real estate service sector saw a net outflow of 28.226 million yuan, while retail funds had a net inflow of 41.8476 million yuan [2] - The table provided shows various companies' net inflows and outflows, with notable figures such as ST Mingcheng experiencing a significant net outflow of 5.595 million yuan [2]

Core Viewpoint - The company achieved operating revenue of 910 million yuan in the first half of 2025, a year-on-year increase of 2.7%, and a net profit attributable to shareholders of 130 million yuan, a year-on-year increase of 532.9%. The significant growth in net profit is primarily due to the increase in the stock price of Anbang Guard, confirming fair value changes and gains of 90 million yuan, compared to a loss of 70 million yuan in the same period last year [1][3][4]. Financial Performance - In the first half of 2025, the company reported operating revenue of 910 million yuan, a year-on-year growth of 2.7%, and a net profit attributable to shareholders of 130 million yuan, reflecting a substantial year-on-year increase of 532.9%. The net profit excluding non-recurring items was 60 million yuan, with a growth of 2.8% year-on-year [2][3]. Business Focus and Market Position - The company continues to focus on the resilient real estate market in the Jiangsu, Zhejiang, and Shanghai regions, with new signed area reaching 4.916 million square meters in the first half of 2025, of which 92.0% is from the Jiangsu, Zhejiang, and Shanghai regions. As of the end of the first half, the total signed area was 87.888 million square meters, with 85.9% from these regions, an increase of 0.3 percentage points compared to the end of 2024 [3][4]. Cost Management and Efficiency - The company has effectively controlled costs and improved operational efficiency, with a management expense ratio of 4.8% and a sales expense ratio of 0.9%, both decreasing by 1.4 and 0.4 percentage points year-on-year, respectively. This improvement is attributed to cost reduction and optimization of expenditure [4]. Strategic Investments - The company has completed its investment in Cloud Elephant Robotics and participated in the establishment of the Saizhi Zhulong Fund to invest in Yundongchu. This marks the beginning of the "Ecology + Technology" strategic upgrade, which is expected to enhance quality and efficiency through intelligent transformation [1][4].

Core Viewpoint - Nandu Property (603506) reported a strong performance in its 2025 mid-year financial results, with significant increases in both revenue and net profit compared to the previous year [1][2]. Financial Performance - Total revenue for the reporting period reached 914 million yuan, a year-on-year increase of 2.75% [1] - Net profit attributable to shareholders was 130 million yuan, showing a remarkable year-on-year increase of 532.87% [1] - In Q2 alone, total revenue was 461 million yuan, up 3.1% year-on-year, while net profit for the quarter was 100 million yuan, reflecting an extraordinary increase of 34,529.95% [1] Profitability Metrics - The gross profit margin increased by 0.62% to 17.77% year-on-year [1] - The net profit margin saw a significant rise of 395.54%, reaching 14.87% [1] - Total selling, administrative, and financial expenses amounted to 52.1 million yuan, accounting for 5.7% of revenue, which is a decrease of 25.82% year-on-year [1] Earnings and Cash Flow - Earnings per share (EPS) increased to 0.7 yuan, a year-on-year rise of 536.36% [1] - The net asset value per share was reported at 6.51 yuan, up 12.03% year-on-year [1] - Operating cash flow per share was -0.11 yuan, reflecting a year-on-year increase of 14.17% [1] Investment Returns - The company's return on invested capital (ROIC) for the previous year was 2.61%, indicating weak capital returns [2] - Historical data shows a median ROIC of 18.8% since the company went public, with the worst year being 2024 [2] Debt and Cash Flow Health - The company has a healthy cash asset position [2] - Recommendations suggest monitoring cash flow status, with cash assets to current liabilities at 94.93% and a three-year average operating cash flow to current liabilities at 15.93% [2] - Accounts receivable to profit ratio has reached 3014.83%, indicating potential concerns [2] Analyst Expectations - Analysts project that the company's performance for 2025 will reach 170 million yuan, with an average EPS forecast of 0.9 yuan [2]