Market Overview - On August 4, the real estate service sector declined by 0.22% compared to the previous trading day, with Zhujiang Co. leading the decline [1] - The Shanghai Composite Index closed at 3583.31, up 0.66%, while the Shenzhen Component Index closed at 11041.56, up 0.46% [1] Individual Stock Performance - Zhongtian Service (002188) closed at 5.90, up 2.61% with a trading volume of 123,000 shares and a transaction value of 71.99 million yuan [1] - Nandu Property (603506) closed at 13.29, up 1.06% with a trading volume of 52,800 shares and a transaction value of 70.12 million yuan [1] - Zhujiang Co. (600684) closed at 4.53, down 7.17% with a trading volume of 957,700 shares and a transaction value of 4.40 billion yuan [1] Capital Flow Analysis - The real estate service sector experienced a net outflow of 58.44 million yuan from institutional investors, while retail investors saw a net inflow of 49.63 million yuan [1] - Notable capital flows include: - Zhujiang Co. had a net outflow of 1.94 million yuan from institutional investors and a net inflow of 13.12 million yuan from retail investors [2] - Nandu Property experienced a significant net outflow of 15.82 million yuan from institutional investors [2] - Zhongtian Service saw a net outflow of 2.99 million yuan from institutional investors but a net inflow of 9.67 million yuan from retail investors [2]

Company Overview - Hangzhou Nanjun Intelligent Technology Co., Ltd. has been established with a registered capital of 2 million yuan [1] - The legal representative of the company is Zhao Lei [1] Business Scope - The company’s business scope includes electrical installation services, artificial intelligence application software development, software development, and AI industry application system integration services [1] - It also focuses on the research and development of intelligent robots, technical services, technology transfer, and sales of consumer service robots and AI hardware [1] - Additional services include property management, professional cleaning, and general mechanical equipment installation [1] Shareholding Structure - The company is jointly held by Nandu Property and Hangzhou Yunxiang Commercial Machinery Co., Ltd. [1]

开源证券7月30日发布研报称，给予南都物业（603506.SH，最新价：13.43元）买入评级。评级理由主 要包括：1）深耕长三角，基础物管服务稳中提质；2）聚焦服务力提升，两翼业务融合发展；3）探索 机器人服务场景，多方合作助力物管数智升级。风险提示：新拓项目规模不及预期、机器人服务场景运 用不及预期。 （文章来源：每日经济新闻） ...

Market Overview - On July 30, the real estate service sector declined by 0.56% compared to the previous trading day, with TeFa Service leading the decline [1] - The Shanghai Composite Index closed at 3615.72, up 0.17%, while the Shenzhen Component Index closed at 11203.03, down 0.77% [1] Individual Stock Performance - Zhujiang Co. (600684) saw a significant increase in its closing price, rising by 10.04% to 4.93, with a trading volume of 809,300 shares and a transaction value of 382 million [1] - New Dazheng (002968) and Nandu Property (603506) also experienced gains of 2.92% and 2.16%, respectively [1] - In contrast, TeFa Service (300917) experienced the largest decline, falling by 7.09% to 45.63, with a trading volume of 168,800 shares [1] Capital Flow Analysis - The real estate service sector experienced a net outflow of 266 million from institutional investors, while retail investors saw a net inflow of 195 million [1] - Zhujiang Co. had a net inflow of 65.07 million from institutional investors, but retail investors had a net outflow of 37.82 million [2] - TeFa Service had a net outflow of 1.52 billion from institutional investors, with retail investors contributing a net inflow of 967.12 million [2]

Group 1 - The core viewpoint of the report is that Nandu Property is positioned for growth through a comprehensive market expansion strategy and the integration of cleaning robots to enhance service capabilities, maintaining a "buy" rating [2][3]. - Nandu Property operates in three main sectors: residential, commercial, and urban services, achieving a collaborative development model [2][3]. - The company has a high degree of marketization, with steady growth in managed area and high gross margins from value-added services, indicating potential for increased investment returns [2][3]. Group 2 - As of the end of 2024, the total contracted area is 86.108 million square meters, a year-on-year decrease of 2.9%, with the Jiangsu, Zhejiang, and Shanghai region accounting for 85.6% of the area [3]. - The property management revenue for 2024 is projected to be 1.59 billion yuan, a year-on-year decrease of 1.9%, while the gross margin is expected to improve by 0.4 percentage points to 13.2% [3]. - The company is focusing on enhancing service capabilities through two main segments: community life services and enterprise value-added services, with a projected revenue of 159 million yuan for 2024, down 5.9% year-on-year [4]. Group 3 - Nandu Property is exploring robotic service scenarios and has signed strategic cooperation agreements with companies like Shanghai Zhiyuan Robotics, investing 15 million yuan for an 8.6% stake in Cloud Elephant Robotics [5]. - The introduction of cleaning robots is estimated to increase the company's gross profit by 7% to 31% in 2024, demonstrating significant cost reduction and efficiency improvement [5]. - The company has updated its profit forecasts for 2025-2027, expecting net profits of 168 million, 176 million, and 184 million yuan respectively, with corresponding EPS of 0.89, 0.94, and 0.98 yuan [2].

Market Performance - The real estate service sector increased by 2.09% on July 29, with Zhujiang Co. leading the gains [1] - The Shanghai Composite Index closed at 3609.71, up 0.33%, while the Shenzhen Component Index closed at 11289.41, up 0.64% [1] Individual Stock Performance - Zhujiang Co. (600684) closed at 4.48, up 4.19% with a trading volume of 524,800 shares and a turnover of 232 million yuan [1] - TeFa Service (300917) closed at 49.11, up 3.83% with a trading volume of 167,600 shares and a turnover of 817 million yuan [1] - World Union (002285) closed at 2.56, up 2.81% with a trading volume of 570,400 shares and a turnover of 144 million yuan [1] - Other notable stocks include: - China Merchants Jiyu (001914) at 12.79, up 2.73% [1] - Wo Ai Wo Jia (000560) at 3.21, up 2.56% [1] Capital Flow Analysis - The real estate service sector saw a net inflow of 156 million yuan from institutional investors, while retail investors experienced a net outflow of 122 million yuan [1] - The table shows the capital flow for individual stocks, with TeFa Service receiving a net inflow of 65.02 million yuan from institutional investors [2] - Zhujiang Co. had a net inflow of 20.26 million yuan from institutional investors, but a net outflow of 31.99 million yuan from retail investors [2]

Core Viewpoint - The article highlights significant developments in China's financial and economic landscape, including regulatory measures, monetary policy updates, trade statistics, and corporate earnings forecasts. Group 1: Regulatory and Policy Developments - The Central Committee of the Communist Party of China emphasizes strengthening financial trial work to combat market manipulation, insider trading, illegal fundraising, loan fraud, and money laundering, while also improving rules for emerging financial disputes [2] - The People's Bank of China (PBOC) has implemented a series of structural monetary policy tools to support technology innovation and consumption, with a total loan contract amount for technology innovation reaching 1.74 trillion yuan by the end of May [3] - The PBOC plans to conduct a 14 billion yuan reverse repurchase operation to maintain liquidity in the banking system [4] Group 2: Economic Indicators - As of June 2025, the broad money supply (M2) in China reached 330.29 trillion yuan, growing by 8.3% year-on-year, while the narrow money supply (M1) was 113.95 trillion yuan, up by 4.6% [2] - In the first half of 2025, the total social financing increased by 22.83 trillion yuan, which is 4.74 trillion yuan more than the same period last year [2] - China's goods trade in the first half of 2025 totaled 21.79 trillion yuan, a year-on-year increase of 2.9%, with exports at 13 trillion yuan (up 7.2%) and imports at 8.79 trillion yuan (down 2.7%) [4] Group 3: Corporate Earnings and Developments - China National Salt Industry Corporation reported a 5.76% decrease in revenue for the first half of 2025, with net profit down 88.04% to 52.72 million yuan [8] - Jinpu Titanium Industry plans to exit the titanium dioxide industry through significant asset swaps [9] - Qianfang Technology expects a net profit increase of 1125.99% to 1534.65% for the first half of 2025 [10] - Huahong Technology anticipates a net profit increase of 3047.48% to 3721.94% for the same period [11] - Aerospace Science and Technology Corporation projects a net profit increase of 1628.83% to 2315.27% for the first half of 2025 [19]

Core Viewpoint - The company expects significant growth in net profit for the first half of 2025, with projections indicating an increase of over 387% compared to the same period last year [2][3]. Financial Performance Summary - The company anticipates a net profit attributable to shareholders of the parent company between 100 million and 150 million yuan, representing an increase of 79.47 million to 129.47 million yuan year-on-year [2][3]. - The expected net profit after deducting non-recurring gains and losses is projected to be between 45 million and 60 million yuan, which may decrease by 8.85 million or increase by 6.15 million yuan compared to the previous year [2][3]. Previous Year Comparison - In the same period last year, the total profit was 34.84 million yuan, with a net profit attributable to shareholders of the parent company at 20.53 million yuan and a net profit after deducting non-recurring gains and losses at 53.85 million yuan [5]. Reasons for Profit Increase - The increase in net profit is primarily attributed to the fair value measurement of equity investments in Anbang Guard Group Co., Ltd., which resulted in a fair value change gain of 78.19 million yuan, contributing an additional 58.64 million yuan to the current net profit [7].

[Current Period Performance Forecast](index=1&type=section&id=I.%20Current%20Period%20Performance%20Forecast) The company forecasts a significant increase in H1 2025 net profit attributable to shareholders, while non-recurring adjusted net profit shows modest or negative growth | Indicator | Forecast Amount (CNY Million) | Year-on-Year Change | | :--- | :--- | :--- | | **Net Profit Attributable to Parent Company Shareholders** | 100.00 - 150.00 | +387.02% to +630.52% | | **Net Profit After Deducting Non-Recurring Gains/Losses** | 45.00 - 60.00 | -16.44% to +11.41% | - This performance forecast is unaudited by a certified public accountant[4](index=4&type=chunk) [Prior Period Performance Review](index=1&type=section&id=II.%20Prior%20Period%20Operating%20Performance%20and%20Financial%20Status) H1 2024 net profit attributable to shareholders was **20.53 million CNY**, with non-recurring adjusted net profit at **53.85 million CNY**, reflecting a negative impact from non-recurring items Key Financial Indicators for H1 2024 | Indicator (H1 2024) | Amount (CNY Million) | | :--- | :--- | | Net Profit Attributable to Parent Company Shareholders | 20.53 | | Net Profit After Deducting Non-Recurring Gains/Losses | 53.85 | | Earnings Per Share | 0.11 CNY | [Analysis of Performance Change](index=2&type=section&id=III.%20Primary%20Reasons%20for%20Current%20Period%20Performance%20Increase) The substantial increase in net profit attributable to shareholders is primarily due to fair value changes in the equity investment in Anbang Guard Group Co., Ltd., shifting from a loss to a gain - The primary reason for the performance increase is the fair value measurement of the company's equity investment in Anbang Guard Group Co., Ltd., where stock price fluctuations significantly impacted fair value change gains/losses[5](index=5&type=chunk) Impact of Fair Value Changes on Net Profit | Item | H1 2025 (CNY Million) | H1 2024 (CNY Million) | | :--- | :--- | :--- | | **Fair Value Change Gains/Losses** | 78.19 | -62.74 | | **Impact on Current Net Profit** | Increase 58.64 | Decrease 47.06 | - The fair value change of Anbang Guard equity alone led to a year-on-year increase of **105.70 million CNY** in the company's H1 2025 net profit attributable to parent company shareholders[5](index=5&type=chunk) [Risk Warning and Other Disclosures](index=2&type=section&id=IV.%20Risk%20Warning) The company emphasizes that this performance forecast is unaudited preliminary data, and final figures will be in the official H1 2025 semi-annual report, urging investors to be mindful of investment risks - The financial data in this performance forecast are preliminary results from the company's finance department and have not been audited by a certified public accountant[5](index=5&type=chunk) - The company reminds investors that specific and accurate financial data will be based on the officially disclosed 2025 semi-annual report, and investment risks should be noted[5](index=5&type=chunk)

管 天册律师事务所 【T&C LAW TIRM 法律意见书 浙江天册律师事务所 关于 南都物业服务集团股份有限公司 2025 年第一次临时股东大会的 2025 年第一次临时股东大会的 法律意见书 编号: TCYJS2025H1083 号 致:南都物业服务集团股份有限公司 法律意见书 天册律师事务所 T & C LAW FIRM 浙江省杭州市杭大路 1 号黄龙世纪广场 A 座 11 楼 310007 电话: 0571-87901111 传真: 0571-87901500 下 天册律师事务所 法律意见书 浙江天册律师事务所 关于南都物业服务集团股份有限公司 浙江天册律师事务所(以下简称"本所")接受南都物业服务集团股份有限公 司（以下简称"南都物业"或"公司"）的委托，指派本所律师参加公司 2025 年 第一次临时股东大会,并根据《中华人民共和国证券法》(以下简称"《证券法》"）、 《中华人民共和国公司法》(以下简称"《公司法》")和《上市公司股东会规则》 ( 以下简称"《股东会规则》"）等法律、法规和其他有关规范性文件的要求出具 本法律意见书。 在本法律意见书中,本所律师仅对本次股东大会召集、召开程序、出席人员 ...