2025 年 11 月 02 日 证券分析师 袁豪 A0230520120001 yuanhao@swsresearch.com 册 游客运 顾铮 A0230125070004 quzheng@swsresearch.com 联系人 顾铮 (8621)23297818× quzheng@swsresearch.com 申万宏源研究微信服务 十五五规划明确推动房地产高质量发展,商务 等五部门支持商业地产发行 REITs -地产及物管行业周报（2025/10/25-2025/10/31） 本期投资提示: 请务必仔细阅读正文之后的各项信息披露与声明 劳研究招 地产行业数据： 新房成交环比上升、二手房成交环比小降，新房成交推盘比回升。上周 (10.25-10.31)34 个重点城市新房合计成交 283.5 万平米，环比+9.8%，其中，单 比+12.5%，三四线环比-19.1%。10月(10.1-10.31)34 城一，中，中，中， 间期机让 10.9%。共干， 一刻归此 2017-11-17 15:27 11.9%和+4.2%。 上周 13 城二手房合计成交 115.2 万平米，环比-1.1%； 10 月累计成交同 ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Insights - The company reported a revenue of 8.17 billion yuan for the first three quarters of 2025, a year-over-year decrease of 6.81%, while achieving a net profit attributable to shareholders of 42.33 million yuan, reflecting a significant year-over-year increase of 398.8% [2][4] - The strong growth in net profit is attributed to an increase in transaction volume in the brokerage business and a reduction in related operating costs [2][4] - The company’s total Gross Transaction Value (GTV) for the first three quarters reached 196.2 billion yuan, up 5.2% year-over-year, indicating a steady increase in market share across various business segments [3][4] Summary by Sections Revenue and Profitability - For the first three quarters of 2025, the company achieved a revenue of 81.7 billion yuan, down 6.81% year-over-year, primarily due to the accounting treatment of the new product "Xiangyu Preferred" in the asset management business [2] - The net profit attributable to shareholders was 42.33 million yuan, with a significant increase of 398.8% year-over-year, driven by improved transaction volumes and reduced costs [4] Market Position - The company’s GTV for the first three quarters was 196.2 billion yuan, with the brokerage business contributing 156.6 billion yuan (up 5.1% year-over-year), asset management at 13.7 billion yuan (down 3.5%), and new housing at 25.9 billion yuan (up 9.3%) [3] - The brokerage business saw a transaction volume of 54,626 units, an increase of 5.6% year-over-year, while the new housing business recorded a transaction volume of 8,150 units, up 0.4% year-over-year [3] Cost Management and Receivables - The company achieved a gross margin of 9.08%, an increase of 1.72 percentage points year-over-year, due to effective cost control measures [4] - Accounts receivable decreased to 327 million yuan, down 177 million yuan from the beginning of the year, with an accounts receivable turnover period of 13.74 days, a reduction of 1.91 days [4] Future Earnings Forecast - The company’s revenue projections for 2025-2027 are 11.91 billion yuan, 12.36 billion yuan, and 12.86 billion yuan, respectively, with net profits expected to be 970 million yuan, 1.41 billion yuan, and 1.93 billion yuan [4]

Group 1: Macro Economic Insights - The "14th Five-Year Plan" has achieved significant accomplishments, marking a good start for the new journey towards the second centenary goal [6] - The "15th Five-Year Plan" is crucial for transitioning towards a modern socialist society, emphasizing the need to address uncertainties and enhance high-quality development [7] - The implicit target for economic growth during the "15th Five-Year Plan" is around 5%, with necessary growth rates for GNI and GDP projected to exceed 6.3% and 4.6% respectively [8] Group 2: Power Industry Insights - The power demand in China has maintained steady growth, with total electricity consumption reaching 7.77 trillion kWh, a year-on-year increase of 4.8% [22] - The coal price has bottomed out, leading to a stabilization of electricity prices, with the average monthly trading price in Jiangsu rising to 395.60 RMB/MWh, an increase of 82.80 RMB/MWh [23] - The electricity market is expected to see a balanced supply-demand situation, with a focus on enhancing the profitability of thermal power and the growth of renewable energy sources [24] Group 3: Company-Specific Performance - The company "特锐德" reported a net profit of 3.59 billion RMB for Q3 2025, with a year-on-year increase of 41.53% and a gross margin of 27.76% [28] - "富特科技" achieved a net profit of 0.70 billion RMB in Q3 2025, reflecting a year-on-year growth of 186.93%, driven by effective cost management and scale effects [37] - "招商积余" reported a revenue of 139.42 billion RMB for the first three quarters of 2025, with a year-on-year increase of 14.65% and a net profit of 6.86 billion RMB [31] Group 4: Electronics Industry Insights - "深南电路" achieved record high revenues and profits in Q3 2025, with total revenue reaching 167.54 billion RMB, a year-on-year increase of 28.39% [56] - The company’s gross margin improved to 31.39%, benefiting from an enhanced product mix and increased utilization rates [57]

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [1] Core Insights - The company has achieved a significant year-on-year increase in net profit attributable to the parent company, with a robust improvement in GTV levels. The report indicates that the company's cost reduction and efficiency enhancement measures have been effective, leading to a recovery in performance growth [3][4] - The company maintains its profit forecast, expecting net profits attributable to the parent company to be 0.07 billion, 0.11 billion, 0.16 billion, 0.27 billion, and 0.32 billion for the years 2025 to 2027, respectively. The corresponding EPS is projected to be 0.14 yuan, with PE ratios of 42.4, 25.3, and 21.0 times [3][4] Financial Performance Summary - For the first nine months of 2025, the company reported operating revenue of 81.65 billion yuan, a year-on-year decrease of 6.81%. However, the net profit attributable to the parent company reached 0.42 billion yuan, a substantial increase of 398.75% year-on-year. The adjusted net profit also saw a significant rise of 173.96% [4] - The company's gross margin and net margin for the first nine months of 2025 were 9.08% and 0.64%, respectively, reflecting increases of 1.72 percentage points and 0.53 percentage points year-on-year [4][5] Business Segment Performance - The company's brokerage business and new housing business have continued to grow steadily. The brokerage business achieved a transaction volume of 54,626 units, a year-on-year increase of 5.6%, while the new housing business saw a transaction volume of 8,150 units, up 0.4%. The asset management business's managed housing scale increased by 8.9% compared to the beginning of the year [5] - The total transaction value (GTV) for the company reached 196.2 billion yuan, representing a year-on-year increase of 5.2%. The contributions from the brokerage, asset management, and new housing businesses were 156.6 billion yuan, 13.7 billion yuan, and 25.9 billion yuan, respectively [5] Financial Projections - The financial projections for the company indicate a gradual increase in operating revenue from 120.92 billion yuan in 2023 to 144.50 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 5.7% [6][8] - The net profit attributable to the parent company is expected to turn from a loss of 0.848 billion yuan in 2023 to a profit of 0.322 billion yuan by 2027, reflecting a strong recovery trajectory [6][8]

Core Insights - I Love My Home Group reported a total housing transaction value (GTV) of approximately 196.2 billion yuan for Q3 2025, representing a year-on-year increase of 5.2% [1] - The company achieved a net profit attributable to shareholders of approximately 42.3 million yuan, a significant year-on-year growth of 398.75% [1] - The company’s net profit excluding non-recurring items reached approximately 54.2 million yuan, up 173.96% year-on-year [1] Brokerage Business Growth - The brokerage business continued to show steady growth, with a GTV of 156.6 billion yuan in the first three quarters, reflecting a year-on-year increase of 5.1% [3] - Market share in key cities like Beijing and Shanghai has steadily improved, with the second-hand housing market showing resilience [3] - The company’s 20-year experience in core cities has contributed to its refined operational system, enhancing its market understanding and responsiveness [3] New Housing Business Performance - Despite a challenging new housing market, the company’s new housing business achieved a GTV of 25.9 billion yuan, growing by 9.3% year-on-year [4] - The growth was supported by effective risk management, increased marketing efforts, and digital investments, including the launch of promotional events [4] - The company has optimized its internal operations to enhance the synergy between new and second-hand housing, introducing cross-regional services to strengthen its competitive edge [4] Future Opportunities - The policy environment is expected to continue supporting the real estate market, with cities likely to introduce more supportive measures [5] - The focus on high-quality development in the real estate sector, as outlined in the 20th National Congress, presents significant opportunities for professional housing service providers [6] - The company aims to leverage its community service network and digital capabilities to expand its business boundaries and meet the growing demand for better living conditions [6]

Core Viewpoint - The real estate industry is experiencing a traditional off-season in the third quarter of 2025, with a decline in both transaction volume and prices in major cities, indicating a market that continues to operate under a "price for volume" strategy [5][6][7]. Financial Performance - The company reported a total revenue of 8.165 billion yuan, a year-on-year decrease of 6.81%, primarily due to the new asset management product "Xiangyu Youxuan" adopting a net method for revenue recognition [8]. - The net profit attributable to the parent company was approximately 42.327 million yuan, a significant increase of 398.75% year-on-year, driven by increased transaction volume in the brokerage business and reduced operating costs [8][9]. - For the third quarter, the company achieved a revenue of 2.507 billion yuan, a year-on-year decline of 14.94%, while the net profit attributable to the parent company was 3.927 million yuan, an increase of 118.81% year-on-year [9]. Market Analysis - In the third quarter, the transaction volume of second-hand houses in major cities showed a downward trend, with Beijing's transaction volume decreasing by 6.7% from the previous quarter, and Shanghai's by 10.3% [6][7]. - The average price of second-hand houses in 100 cities fell by 2.26% in the third quarter, with a cumulative decline of 5.79% for the first three quarters of 2025 [6][7]. - Policy adjustments in major cities, such as Beijing and Shanghai, aimed at optimizing housing purchase restrictions, are expected to stimulate demand in the housing market [7][8]. Business Operations - The company achieved a total housing transaction amount (GTV) of approximately 196.2 billion yuan, a year-on-year increase of 5.2%, with brokerage business contributing 156.6 billion yuan [10]. - The company’s brokerage business saw a transaction volume of 54,626 units, a year-on-year increase of 5.6%, while the new housing business transaction volume reached 8,150 units, a slight increase of 0.4% [8][10]. - The company’s managed housing resources in the asset management business reached 330,000 units, an increase of 8.9% compared to the beginning of the year [8][10].

智通财经APP讯，我爱我家(000560.SZ)发布2025年三季度报告，前三季度，公司实现营业收入81.65亿 元，同比下降6.81%。归属于上市公司股东的净利润4232.7万元，同比增长398.75%。归属于上市公司股 东的扣除非经常性损益的净利润5424.42万元，同比增长173.96%。 ...

Core Insights - I Love My Family (000560) reported a significant increase in net profit for Q3 2025, achieving approximately 42.33 million yuan, a year-on-year growth of 398.75% [1] - The company's net profit after excluding non-recurring items reached about 54.24 million yuan, reflecting a year-on-year increase of 173.96% [1] - The improvement in profitability is attributed to enhanced internal operations and optimized business processes, particularly in core city stores [1] Business Performance - The brokerage business recorded a transaction volume of 54,626 second-hand homes, marking a year-on-year increase of 5.6% [1] - The new home transaction volume reached 8,150 units, showing a slight year-on-year growth of 0.4% [1] - The asset management business managed a total of 330,000 housing units, which is an 8.9% increase compared to the beginning of the year [1] Market Position - The growth rates in various business segments exceeded the market average, indicating a steady increase in the company's market share [1]

Core Insights - The company reported a total housing transaction value (GTV) of approximately 196.2 billion yuan for Q3 2025, representing a year-on-year growth of 5.2% [1] - The net profit attributable to shareholders reached approximately 42.3 million yuan, a significant increase of 398.75% year-on-year [1] - The company achieved a non-recurring net profit of approximately 54.2 million yuan, up 173.96% year-on-year [1] Group 1: Financial Performance - In Q3 alone, the company generated revenue of 2.51 billion yuan, a decrease of 14.9% year-on-year, but turned a profit with a net profit of 3.93 million yuan compared to a loss of 20.87 million yuan in the same period last year [1] - The substantial growth in profit for the first three quarters was attributed to an increase in transaction volume in the brokerage business and a reduction in related operating costs [1] Group 2: Brokerage Business - The brokerage business recorded a second-hand housing transaction volume of 54,626 units, reflecting a year-on-year increase of 5.6% [1] - The GTV for the brokerage business in the first three quarters reached 156.6 billion yuan, marking a 5.1% year-on-year growth, indicating a steady growth trend [1] Group 3: New Housing Business - The new housing business achieved a GTV of 25.9 billion yuan in the first three quarters, with a year-on-year growth of 9.3% [2] - The transaction volume for new housing reached 8,150 units, a slight increase of 0.4% year-on-year, supported by effective operational management and marketing strategies [2] - The company enhanced its competitive advantage in the new housing sector by optimizing internal operations and launching cross-regional VIP services for clients [2] Group 4: Asset Management - The asset management business managed a total of 330,000 rental units, an increase of approximately 27,000 units since the beginning of the year, with a high occupancy rate of 95.2% [3] - The total number of operational stores reached approximately 2,549, including 2,086 direct stores and 463 franchise stores, with a total of about 31,000 agents [3]

10月29日，我爱我家发布2025年第三季度报告。 第三季度，公司实现营业收入25.07亿元，同比-14.94%，实现归母净利润392.68万元，同比+118.81%， 实现扣非归母净利润约为432.72万元，同比+114.66%。 报告期内，公司实现营业收入81.65亿元，同比-6.81%，营业收入的下降，主要由于资产管理业务推出 的新产品"相寓优选"采用"净额法"确认收入所致，报告期内公司经纪业务和新房业务仍然保持稳健的增 长，资产管理业务房屋管理规模持续提升，其中，经纪业务二手房成交量达到54,626 套，同比增长 5.6%，新房业务成交量达到 8,150 套，同比增长0.4%，资产管理业务在管房源规模达到33万套，相较年 初增长8.9%。 报告期内，公司实现归属于母公司所有者的净利润约为4,232.7万元，同比+398.75%，实现扣非归母净 利润约为5,424.42万元，同比+173.96%。公司前三季度盈利相较去年同期取得大幅度增长，主要源于经 纪业务成交量的提升以及相关运营成本的下降。 ...