Core Viewpoint - I Love My Home (我爱我家) reported a net profit of 38.4 million yuan for the first half of 2025, marking a 30.8% increase year-on-year, and a non-net profit of 49.9 million yuan, up 213.89% year-on-year, demonstrating resilience in a challenging industry environment [1] Group 1: Business Strategy - The company focuses on core city operations, emphasizing a "precision farming" approach, which has become increasingly significant amid macroeconomic and policy challenges [2] - I Love My Home has deepened its presence in key cities like Beijing, Shanghai, and Hangzhou for over 20 years, with a total of 859,000 second-hand housing listings across 10 cities as of August 7, 2025 [2] - The company has maintained a strong market share in major cities, with continuous growth in Shanghai and stable positions in Beijing and Hangzhou [2][3] Group 2: Management Team - The management team at I Love My Home is experienced, with an average tenure exceeding 10 years, providing stability and insight during market fluctuations [4] - Many leaders have over 15 years of experience in key cities, having risen from frontline positions, which fosters a strong alignment with the company's culture and strategic goals [4] Group 3: Talent Development - The company invests continuously in talent development, viewing agents as core assets, which supports its resilience during industry adjustments [5][6] - I Love My Home has established a robust talent pipeline with clear selection and evaluation standards, ensuring high-quality personnel across various management levels [6] - Initiatives like the "Spark Plan" and leadership academy are in place to cultivate future leaders and maintain organizational vitality [6]

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 - The company "I Love My Home" (000560.SZ) shows signs of recovery in its performance, with a diversified income structure that mitigates market risks and stabilizes overall performance [1][2]. Financial Performance - In the first half of 2025, the company's operating revenue was 5.658 billion yuan, a year-on-year decrease of 2.69% - The net profit attributable to shareholders was 38.4 million yuan, a year-on-year increase of 30.8% - The non-recurring net profit was 49.9171 million yuan, a significant increase of 213.89%, marking a turnaround from losses [1][2]. Business Segments - The company has established three main business segments: brokerage, asset management, and new housing, which work in synergy to create a stable business model [2][4]. - Brokerage business revenue grew by 13.57% year-on-year, reaching 2.032 billion yuan, with a gross profit margin of 22.82% and a housing transaction volume (GTV) of 110.8 billion yuan, up 10.5% [2][3]. - Asset management business (Xiangyu) managed 319,000 housing units, a 9% increase, with an average rental turnover time reduced to 8.8 days and a stable rental rate of 95.2% [3]. - New housing business revenue was 469 million yuan, a year-on-year increase of 24.32%, with a GTV of approximately 18.3 billion yuan, up 32.6% [3]. Cost Control and Efficiency - The company demonstrated improved cost control, with management expenses around 452 million yuan, a decrease of 18.92% year-on-year, indicating enhanced operational efficiency [3]. - Digitalization efforts led to a 23% increase in monthly active users (MAU) on the app, reaching 3.81 million, and a 100% increase in online listing volume compared to the same period last year [3]. Strategic Focus - The company has effectively implemented a strategy focused on core cities, benefiting from the recovery of the real estate market in major cities like Beijing, Shanghai, and Hangzhou [4]. - As of the reporting period, the company operated 2,626 stores, with 2,125 being direct-operated and 501 franchised, employing approximately 31,000 agents [4]. - The company has enhanced its innovation capabilities, launching new features such as "down payment house search" and "dual-commuting rental" to better serve customer needs [4].

Investment Rating - The investment rating for the company is "Outperform the Market" [6] Core Views - The company's housing transaction business is a cornerstone of its performance, with revenue growth and improved profitability. In H1 2025, the total housing transaction amount reached 137.5 billion yuan, a year-on-year increase of 10%, while operating revenue was 5.7 billion yuan, a decrease of 3% [1][2][9] - The company achieved a net profit attributable to shareholders of 38.4 million yuan in H1 2025, reflecting a year-on-year increase of 31%, with a net profit margin of 0.7%, up 0.2 percentage points year-on-year [1][9] - The asset management business is developing steadily, with operational efficiency remaining good. The revenue from this segment was 2.7 billion yuan in H1 2025, a year-on-year decrease of 17%, primarily due to the new product "Xiangyu Preferred" adopting a net method for revenue recognition [3][48] Summary by Sections Financial Performance - In H1 2025, the company achieved a total housing transaction amount of 137.5 billion yuan, with a year-on-year increase of 10%. The revenue from brokerage, new housing, and asset management businesses accounted for 36%, 8%, and 48% of total revenue, respectively [1][2][9] - The company operated 2,626 stores by the end of H1 2025, with 81% being direct-operated stores and 31,000 brokers [2][28] Business Segments - Brokerage business transaction amount was 110.8 billion yuan, up 10% year-on-year, with revenue of 2 billion yuan, an increase of 14% year-on-year. The gross margin for this segment was 23%, showing slight improvement [2][28] - The asset management business had a revenue of 2.7 billion yuan, down 17% year-on-year, with a negative gross margin due to new leasing standards. However, if adjusted, the actual gross margin would be 14.1%, up 2.2 percentage points year-on-year [3][48] Future Outlook - The company has adjusted its revenue forecasts for 2025 and 2026 to 13.2 billion yuan and 13.8 billion yuan, respectively, down from previous estimates of 13.7 billion yuan and 14.6 billion yuan. The net profit forecasts for the same years are now 230 million yuan and 270 million yuan, down from 300 million yuan and 380 million yuan [3][56]

Summary of the Conference Call for "I Love My Home" (2025) Company Overview - **Company**: I Love My Home - **Industry**: Real Estate Brokerage and Asset Management Key Financial Performance - **Brokerage Business**: Revenue increased by 13.57% year-on-year to 2 billion CNY, with a gross margin of 22.82%, up by 0.13 percentage points, driven by growth in existing home transactions in core cities and a slight increase in commission rates to 1.6%-1.7% [2][4] - **Asset Management**: Managed scale grew by 9% to 319,000 units, with an occupancy rate of 95.2%. Rental GDP slightly increased by 0.2% to 8.62 billion CNY. The new product "Encounter Preferred" saw a revenue decline of 17.4% but improved gross margin to 14.05% [2][5] - **New Home Business**: Revenue rose by 24% to 469 million CNY, with a gross margin of 3.42%, up by 0.06 percentage points. GDP increased by 32.6% to 18.3 billion CNY, benefiting from strategic adjustments and market stabilization [2][5] - **Net Profit**: The net profit attributable to shareholders was approximately 40 million CNY, a 30% increase year-on-year. The non-recurring net profit was close to 50 million CNY, over 200% growth, mainly due to the recovery in the second-hand housing market and cost control [2][6] Business Segment Performance - **Brokerage Business**: Achieved revenue of 2 billion CNY, with a gross margin of 22.82%. Core city transactions maintained double-digit growth, and commission rates slightly increased [4][12] - **Asset Management**: Management scale reached 319,000 units, with an average rental period reduced to 8.8 days and an occupancy rate of 95.2% [5] - **New Home Business**: Revenue growth of 24% and significant GDP growth of 32.6% [5][12] Market and Industry Insights - **Market Recovery**: The company believes the most challenging period has passed, with expectations for continued growth in 2025 driven by the recovery in the second-hand housing market, particularly in first-tier cities [7] - **New Home Market**: Despite an overall decline in the new home market, the company achieved over 30% GDP growth by focusing on risk control and efficiency improvements [8] - **Transaction Volume**: The company expects double-digit growth in transaction volume for 2025, with price trends dependent on future policy effects and market performance [2][13] Strategic Adjustments - **New Product "Encounter Preferred"**: This product uses a net income recognition method, reducing risk exposure and improving profitability through management fees paid by owners [22][23] - **Expansion Strategy**: The company shifted from a conservative to an expansion strategy in the new home business, with significant growth in revenue and a focus on diverse project participation [21] Future Outlook - **Performance Expectations**: The company anticipates better performance in the second half of 2025 compared to the first half, with expectations for improved operational performance and reduced non-operating factors [26] - **Market Conditions**: The overall market is expected to stabilize with potential policy adjustments, including interest rate cuts, to stimulate demand [15][18] Additional Insights - **Commission Rates**: The average commission rate for buying and selling business was between 1.6% and 1.7%, with a notable contribution from Beijing [10][11] - **Impact of Policy Changes**: Recent policy changes in Beijing and Shanghai have had limited effects, with marginal improvements in transaction volume expected [15][16] This summary encapsulates the key points from the conference call, highlighting the company's performance, strategic adjustments, and market outlook.

证券研究报告 房地产 行业定期报告 hyzqdatemark 2025 年 08 月 28 日 证券分析师 邓力 SAC：S1350525070006 dengli@jzsec.com 戴铭余 SAC：S1350524060003 daimingyu@huayuanstock.com 唐志玮 tangzhiwei@huayuanstock.com 止跌回稳仍是重要目标，储备政策值得期待 投资评级： 看好（维持） ——房地产行业周报（25/08/16-25/08/22） 投资要点： 风险提示：房地产量价超预期下行、房地产融资资金趋紧、房地产政策不及预期 请务必仔细阅读正文之后的评级说明和重要声明 板块行情：本周上证指数上升 3.5%、深证成指上升 4.6%、创业板指上升 5.9%、沪 深 300 上升 4.2%、房地产（申万）上升 0.5%。个股方面，涨跌幅前五的分别为： ST 中迪(+17.2%)、深深房 A(+14.4%)、黑牡丹(+13.3%)、电子城(+11.0%)、万通发 展(+9.1%)，涨跌幅后五的分别为：衢州发展(-11.7%)、*ST 南置(-11.1%)、皇庭国 际(-6.4%)、深物业 A ...

Core Viewpoint - The real estate market is gradually stabilizing and recovering under continuous policy optimization, with I Love My Home Group showing significant growth in its mid-year financial report, indicating a promising future for the company as a leading player in the industry [1][12]. Financial Performance - In the first half of the year, I Love My Home Group achieved a net profit attributable to shareholders of 38.4 million yuan, a year-on-year increase of 30.8%, and a non-recurring net profit of 49.9 million yuan, a substantial increase of 213.89% compared to the same period last year [1]. Business Model Stability - The residential service industry operates on a "light asset, heavy operation" model, providing inherent cash flow advantages and business resilience against market cycles [3][5]. - I Love My Home's revenue primarily comes from transaction commissions and asset management service fees, which mitigates risks associated with land value fluctuations and inventory depreciation [5]. Revenue Structure - The company has diversified its revenue sources across brokerage, asset management, and new housing, with brokerage business GTV growing by 10.5%, asset management GTV increasing by 0.2%, and new housing GTV rising by 32.6% in the first half of the year [5][10]. Operational Efficiency - I Love My Home has established standardized service processes and training systems nationwide, enhancing operational efficiency and reducing marginal costs of business expansion [6]. - The company has a well-defined governance structure and effective internal control systems to manage risks and ensure stable operations [6]. Brand Strength - With 25 years of market presence, I Love My Home has a strong brand recognition and influence, which attracts customers and talent, reinforcing market confidence [7]. Competitive Advantage in the Stock Market - The Chinese real estate market is transitioning from incremental development to stock operation, with the stock market expected to reach 7-8 trillion yuan by 2024 and surpass 10 trillion yuan by 2030 [8]. - I Love My Home's brokerage business generated 2.032 billion yuan in revenue, a year-on-year increase of 13.57%, supported by its deep market penetration in core cities [8][9]. Asset Management Business - The asset management segment, represented by the rental brand "Xiangyu," manages 319,000 units, a 9% increase from the previous year, providing stable cash flow and service income [9][10]. - The synergy between the asset management and brokerage businesses allows for comprehensive customer value extraction throughout the customer lifecycle [10]. Future Outlook - The current policy environment is favorable for real estate, with the government aiming to stabilize the market, which presents both short-term recovery opportunities and long-term growth potential for leading companies like I Love My Home [12][13]. - The ongoing structural transformation in the residential service industry is expected to enhance the competitive advantages of leading firms, with I Love My Home benefiting from its extensive network and digital platform investments [13][14]. Strategic Expansion - I Love My Home is expanding its service boundaries by collaborating with major companies to create a comprehensive living service ecosystem, enhancing customer loyalty and diversifying revenue streams [11][14].

Market Overview - On August 27, the real estate service sector declined by 3.12%, with Zhongtian Service leading the drop [1] - The Shanghai Composite Index closed at 3800.35, down 1.76%, while the Shenzhen Component Index closed at 12295.07, down 1.43% [1] Individual Stock Performance - Zhongtian Service (002188) closed at 5.59, down 5.41% with a trading volume of 127,200 shares and a transaction value of 73.12 million yuan [1] - Te Fa Service (300917) closed at 47.19, down 5.24% with a trading volume of 90,900 shares and a transaction value of 4.42 billion yuan [1] - World Union (002285) closed at 2.46, down 4.28% with a trading volume of 557,400 shares and a transaction value of 140 million yuan [1] - New Dazheng (002968) closed at 10.76, down 4.01% with a trading volume of 78,500 shares and a transaction value of 86.23 million yuan [1] - Pearl River Shares (600684) closed at 4.90, down 3.92% with a trading volume of 395,200 shares and a transaction value of 19.87 million yuan [1] Capital Flow Analysis - The real estate service sector experienced a net outflow of 201 million yuan from institutional investors, while retail investors saw a net inflow of 159 million yuan [1] - The table shows the capital flow for individual stocks, indicating varying levels of net inflow and outflow among different companies [2] Detailed Capital Flow for Selected Stocks - World Union (002285) had a net inflow of 2.29 million yuan from institutional investors, but a net outflow of 6.79 million yuan from retail investors [2] - Zhongtian Service (002188) saw a net inflow of 1.41 million yuan from institutional investors, with a net outflow of 7.84 million yuan from retail investors [2] - Pearl River Shares (600684) experienced a significant net outflow of 50.69 million yuan from institutional investors, while retail investors had a net inflow of 42.35 million yuan [2] - Te Fa Service (300917) had a net outflow of 52.61 million yuan from institutional investors, with a net inflow of 46.53 million yuan from retail investors [2]

房地产/房地产服务 我爱我家（000560.SZ） 业绩表现同比大幅改善，多重举措助力业绩修复 2025 年 08 月 27 日 投资评级：增持（维持） | 日期 | 2025/8/26 | | --- | --- | | 当前股价(元) | 3.17 | | 一年最高最低(元) | 4.29/2.23 | | 总市值(亿元) | 74.67 | | 流通市值(亿元) | 71.51 | | 总股本(亿股) | 23.56 | | 流通股本(亿股) | 22.56 | | 近 3 个月换手率(%) | 322.43 | 股价走势图 -30% 0% 30% 60% 90% 2024-08 2024-12 2025-04 我爱我家 沪深300 数据来源：聚源 相关研究报告 《净利润扭亏为盈，整体 GTV 小幅增 长—公司信息更新报告》-2025.4.10 《归母净利润扭亏为盈，在管房源同 比增长 — 公 司 信 息 更 新 报 告 》 -2025.1.24 《归母净利润由负转正，GTV 数据全 线修复 — 公 司 信 息 更 新 报 告 》 -2024.10.31 | 齐东（分析师） | 胡耀文（分析师） | 杜 ...

Core Viewpoint - The real estate market shows signs of recovery in the first half of 2025, driven by favorable policies and the release of rigid demand, with I Love My Home Group reporting significant growth in revenue and profit amidst industry adjustments [1][6]. Financial Performance - I Love My Home Group achieved a revenue of 5.658 billion yuan and a net profit of 38.4 million yuan, marking a year-on-year growth of 30.8% and a non-net profit of 49.9171 million yuan, up 213.89% [1][5]. - The company's three main business segments performed well, with the brokerage business generating 2.032 billion yuan in revenue, a 13.57% increase, and a gross transaction value (GTV) of approximately 110.8 billion yuan, up 10.5% [3][4]. - The asset management business managed 319,000 units, a 9% increase year-on-year, with an average rental turnover time of 8.8 days and a rental rate of 95.2% [3][4]. Market Environment - The real estate market is experiencing a recovery, with new home sales area declining by only 3.5% year-on-year, and significant increases in second-hand home transactions in major cities [7][11]. - The central government has implemented supportive policies, including interest rate cuts, to stimulate market confidence and demand [6][11]. Strategic Positioning - The company focuses on core first-tier and new first-tier cities, with nearly 3,000 operational stores and 31,000 agents, allowing it to capture market recovery signals effectively [8][13]. - I Love My Home has positioned itself as a "most affordable public real estate service platform," enhancing customer satisfaction and emotional connection through branding initiatives [8][9]. Operational Efficiency - The company has improved operational efficiency, with a 23% increase in monthly active users on its app and a 100% increase in online listings [8][9]. - Cost control measures have led to a reduction in management expenses by 18.92%, supporting net profit growth [4][5]. Future Outlook - The company is well-positioned to lead in the upcoming transformation of the real estate market, with supportive policies and a focus on urban renewal as new growth engines [11][12]. - The market for existing homes is expected to grow significantly, with transaction volumes projected to exceed 10 trillion yuan by 2030, providing ample opportunities for companies focused on this segment [12][13].