招商局积余产业运营服务股份有限公司 关于回购公司股份的进展公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 证券代码：001914 证券简称：招商积余 公告编号：2025-38 （1）自可能对本公司证券及其衍生品种交易价格产生重大影响的重大事项 发生之日或者在决策过程中，至依法披露之日内； 招商局积余产业运营服务股份有限公司（以下简称"公司"）于2024年10月 16日召开第十届董事会第二十五次会议，于2024年11月28日召开2024年第三次临 时股东大会，审议通过了《关于以集中竞价交易方式回购公司股份方案的议案》， 同意公司以自有资金或自筹资金通过深圳证券交易所系统以集中竞价交易方式 回购公司股份，回购的股份全部用于注销并减少注册资本，回购股份价格不超过 人民币14.90元/股，回购资金总额不低于人民币0.78亿元且不超过人民币1.56亿元， 回购期限自股东大会审议通过本次回购方案之日起12个月内。具体内容详见公司 披露在巨潮资讯网（www.cninfo.com.cn）上的相关公告。 公司已与招商银行股份有限公司深圳分行签署《股票回购增持贷款合同》， 公司 ...

Investment Rating - The report maintains a "Positive" rating for the real estate sector, indicating an expectation of improvement despite overall weak performance [2][4]. Core Insights - The real estate sector's financial reports for 2024 show a significant decline, with revenues down by 19.3% year-on-year, and net profits plummeting by 2510% [3][4]. - The report highlights a structural differentiation within the sector, with first-tier companies performing better than second and third-tier companies [4][5]. - The importance of real estate strategies has increased recently, with government policies aimed at stabilizing the market and improving consumer confidence [4][5]. Summary by Sections 1. Revenue and Profit Decline - In 2024, the overall revenue of the real estate sector decreased by 19.3% compared to 2023, with first-tier companies down by 15.6%, second-tier by 23.5%, and third-tier by 24.1% [12][13]. - The net profit for the sector saw a drastic decline of 2510% year-on-year, with first-tier companies down by 321%, second-tier by 246%, and third-tier by 11694% [16][17]. 2. Margins and Financial Ratios - The gross margin for the sector in 2024 was 14.8%, a decrease of 2.6 percentage points from 2023, with first-tier companies at 12.7%, second-tier at 16.9%, and third-tier at 18.0% [20][21]. - The net profit margin was -8.9% for 2024, with first-tier companies at -5.7%, second-tier at -17.2%, and third-tier at -8.6% [24][25]. - The three expense ratios increased to 9.9% in 2024, with first-tier companies at 6.7%, second-tier at 15.3%, and third-tier at 12.9% [27][29]. 3. Debt and Cash Flow - By the end of 2024, the overall debt-to-asset ratio for the sector was 74.1%, slightly down from 2023, with first-tier companies at 72.0% and second-tier at 82.2% [43][45]. - The net debt ratio increased to 83.6%, reflecting rising liabilities and declining net assets [3][4]. - The cash-to-short-term debt ratio was 1.0, indicating a tightening cash flow situation across all tiers [3][4]. 4. Sales and Pre-sales Trends - Sales cash inflow decreased by 26% year-on-year in 2024, with a further decline in pre-sales locking rates, indicating a challenging sales environment [4][5]. - The pre-sales locking rate fell to 0.63, suggesting a decrease in future revenue recognition potential [4][5]. 5. Investment Recommendations - The report recommends focusing on high-quality real estate companies such as Jianfa International, Binhai Group, and China Resources Land, among others, while also highlighting opportunities in second-hand housing intermediaries and property management firms [4][5].

Investment Rating - The report maintains a "Positive" rating for the property management industry [4][5][6] Core Viewpoints - The property management industry is experiencing overall deceleration, with a continued differentiation among companies. In 2024, the overall revenue growth of the property management sector was +4.2%, a decrease of 3.5 percentage points compared to the previous year. First-tier companies saw a revenue increase of +5.6%, while second-tier companies experienced a +2.9% growth [3][12][15] - The overall net profit of the property management sector declined by -18.2% in 2024, with first-tier companies' net profit decreasing by -18.3% and second-tier companies by -21.4%. This decline is attributed to factors such as the continuous downturn in real estate sales and new construction since the second half of 2021, as well as increased impairment provisions for receivables [3][5][15] - The report highlights that the property management industry possesses unique characteristics, including significant growth potential, a walled property attribute, and a legacy of concentration. Despite short-term challenges due to the real estate downturn, high-quality property management companies are expected to benefit from increased concentration and efficiency improvements, leading to greater growth opportunities [4][6] Summary by Sections 1. Revenue Growth and Performance Decline - In 2024, the property management sector's revenue growth slowed to +4.2%, with first-tier companies at +5.6% and second-tier at +2.9% [12][15] - The net profit for the sector fell by -18.2%, with first-tier companies at -18.3% and second-tier at -21.4% [15][17] 2. Profitability Metrics - The overall gross margin for the property management sector was 18.5%, down by 1.3 percentage points year-on-year. First-tier companies had a gross margin of 17.6%, while second-tier companies had 19.6% [20][22] - The net profit margin for the sector was 3.8%, a decrease of 1.1 percentage points, with first-tier companies at 4.5% and second-tier at 2.5% [35][36] 3. Service Revenue Composition - In 2024, the revenue composition for property management services, non-owner value-added services, and owner value-added services was 73%, 9%, and 11%, respectively. The revenue growth rates were +10%, -16%, and +0.2% [60][61] - The average managed area for 13 major property management companies increased by 9.0% year-on-year, while the average contracted area grew by 3.7% [72][73] 4. Financial Ratios and Returns - The overall asset-liability ratio for the property management sector was 44.6%, an increase of 2.5 percentage points year-on-year. The return on equity (ROE) for the sector was 4.4%, down by 3.2 percentage points [4][5][6] - The average receivables impairment ratio reached 32.2%, up by 12.7 percentage points year-on-year, indicating increased financial pressure on property management companies [44][45]

Investment Rating - The report maintains an "Overweight" rating for the real estate development and services sectors [6] Core Insights - In April, the sales amount of the top 100 real estate companies decreased by 14.8% month-on-month and 14.6% year-on-year, indicating a seasonal adjustment in the market [2] - The cumulative sales amount from January to April showed a year-on-year decline of 10.1%, with a worsening growth rate compared to the first quarter [2] - The report suggests that the policy window for the real estate industry is gradually opening, with a focus on the implementation of practical policies [2] Summary by Sections Sales Performance - The sales threshold for the top 10 real estate companies increased significantly, with the sales amount required to enter the top 10 reaching 333 billion, a year-on-year increase of 10.9% [3] - In April, only 32 companies among the top 100 saw a month-on-month increase in sales, a decrease of 50 compared to March [3] - The month-on-month sales performance of the top 10 companies showed a year-on-year decline of 14.7% [3] Market Trends - The contribution of the top 10 companies to the total sales of the top 100 companies decreased, accounting for 50.2% and 51.7% of monthly and cumulative sales, respectively [4] - The net signing volume for new and second-hand homes showed a decline, with new homes down 13.3% year-on-year and second-hand homes up 18.7% [5] Investment Recommendations - The report recommends focusing on companies with strong credit, good cities, and quality products, particularly in core cities with greater policy flexibility [5] - Key recommended stocks include: - A-shares: Chengdu Investment Holdings, Chengjian Development, Binjiang Group, New Town Holdings, China Merchants Shekou, and Jianfa Co [9] - Hong Kong stocks: China Resources Land, China Overseas Development, Greentown China, Jianfa International Group, and Yuexiu Property [9] - Property management companies: China Resources Mixc Life, Greentown Service, China Overseas Property, Poly Property, and China Merchants Jinling [5][9] Company-Specific Insights - Chengdu Investment Holdings reported a significant increase in revenue and profitability in Q1 2025, maintaining a "Buy" rating with a target price of 6.34 [11] - Chengjian Development also showed strong revenue growth and a return to profitability, with a target price of 7.32 [11] - Binjiang Group reported robust revenue growth and maintained a "Buy" rating with a target price of 12.08 [11] - New Town Holdings showed a recovery in net profit and maintained a "Buy" rating with a target price of 17.50 [11] - China Resources Land maintained a strong performance with a target price of 32.72, reflecting its competitive advantages [12]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported strong performance in Q1 2025, with revenue of 4.465 billion yuan, a year-on-year increase of 19.9%, and a net profit of 2.2 billion yuan, up 15.1% year-on-year, slightly exceeding market expectations [7] - The company continues to improve its expense ratio, with a total expense ratio of 4.1%, down 0.2 percentage points year-on-year, driven by cost reduction and efficiency enhancement measures [7] - The company is focusing on property management and asset management, leveraging strong resources and market expansion capabilities, which are expected to lead the property management industry [7] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 18.908 billion yuan, with a year-on-year growth rate of 10.1% [6] - The net profit attributable to the parent company is projected to be 970 million yuan in 2025, reflecting a year-on-year growth of 15.4% [6] - Earnings per share are expected to be 0.91 yuan in 2025, with a price-to-earnings ratio of 13 [6] Performance Metrics - The company achieved a gross margin of 11.5% in Q1 2025, with a net profit margin of 5.1% [7] - The return on equity (ROE) for Q1 2025 was 2.1%, with expectations for gradual improvement in future years [6][7] - The company has a total managed area of 371 million square meters, with a slight year-on-year decrease of 0.8% due to the disposal of inefficient contracts [7]

证券研究报告 招商积余 (001914 CH) 市拓转化和蛇口赋能驱动营收增长 | 华泰研究 | | | 季报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 28 日│中国内地 | 物业管理 | 公司 4 月 28 日发布一季报，25Q1 实现营收 44.6 亿元，同比+20%，归母 净利润 2.2 亿元，同比+15%，主要来自物业管理板块的贡献。在逆势交出 高质量的年报答卷后，25Q1 公司继续呈现较高的业绩增速，全年在盈利能 力、市拓、增值服务等方面具备看点。维持"买入"评级。 物管板块驱动 25Q1 营收同比较快增长，全年盈利能力有望进一步改善 25Q1 公司营收实现较快增长，我们认为主要来自物业管理板块的贡献。其 中，基础物管服务受益于市拓项目转化和在管面积扩张，增值服务受益于招 商蛇口的赋能支持。25Q1 公司毛利率同比略降 0.2pct、期间费用率同比略 升 0.1pct，主要受奖金支出等因素的影响，全年来看我们仍然期待"提质增 效"战略驱动下公司能够实现盈利能力的进一步改善。 物管：新签年度合同额实现同比增长，重点增值服务取得进展 基础物管方面，2 ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥4,464,935,507.99, representing a 19.87% increase compared to ¥3,724,772,428.89 in the same period last year[4] - Net profit attributable to shareholders was ¥219,401,152.56, up 15.06% from ¥190,689,154.89 year-on-year[4] - Basic earnings per share increased by 15.18% to ¥0.2071 from ¥0.1798 in the same period last year[4] - Operating profit for the current period was ¥296,554,817.94, up from ¥255,928,017.59, reflecting a growth of approximately 16%[28] - Net profit attributable to the parent company was ¥219,401,152.56, representing a 15% increase from ¥190,689,154.89 in the previous period[28] - The company recorded a total comprehensive income of ¥226,303,620.11, up from ¥200,423,350.13, indicating an increase of about 13%[28] Cash Flow and Financial Position - The net cash flow from operating activities was -¥1,513,662,763.54, a decrease of 27.66% compared to -¥1,185,663,086.16 in the previous year[4] - Cash flow from operating activities showed a net outflow of ¥1,513,662,763.54, worsening from a net outflow of ¥1,185,663,086.16 in the previous period[29] - The net cash flow from investing activities was -8,694,499.74, compared to -5,851,976.88 in the previous period[30] - The total cash inflow from financing activities was 300,000,000.00, down from 701,133,700.00 year-over-year[30] - The net cash flow from financing activities was 84,743,888.26, a significant improvement from -911,503,154.10 in the previous period[30] - The cash and cash equivalents at the end of the period totaled 3,134,157,308.46, compared to 2,220,936,307.95 at the end of the previous period[30] - The net increase in cash and cash equivalents was -1,437,697,316.43, compared to -2,102,985,865.37 in the previous period[30] Assets and Equity - Total assets at the end of Q1 2025 were ¥19,145,712,565.32, a slight increase of 0.41% from ¥19,066,728,233.48 at the end of the previous year[4] - The company's equity attributable to shareholders rose by 2.10% to ¥10,637,318,348.15 from ¥10,418,968,857.12 at the end of the previous year[4] - Total equity attributable to the parent company increased to ¥10,637,318,348.15 from ¥10,418,968,857.12, reflecting a growth of approximately 2%[25] Operational Highlights - The number of managed projects reached 2,358, with a total management area of 371 million square meters as of March 31, 2025[15] - The new annual contract amount for property management business was 845 million yuan, with market expansion projects contributing 769 million yuan, an increase of 18 percentage points year-on-year[15] - The rental and sales business revenue grew by 317% due to optimized incentive mechanisms and a focus on C-end services[16] - The overall occupancy rate of managed properties was 93% as of March 31, 2025[17] - The company received nearly 1,000 customer commendations in Q1 2025, reflecting enhanced service quality[18] Cost Management - The company reported a decrease in financial expenses by 65.04% to ¥179.27 from ¥512.74 in the same period last year, mainly due to a reduction in interest-bearing debt[8] - Research and development expenses decreased to ¥19,549,258.92 from ¥25,913,174.79, indicating a reduction of approximately 24%[27] Strategic Initiatives - The company is focusing on digital transformation, including the implementation of AI tools and data exchange centers to improve management efficiency[18] - The company plans to expand into new business areas such as real estate brokerage and home services, with significant progress in contract amounts for these services[16] Other Information - The company recorded non-operating income of ¥5,696,695.32, primarily from government subsidies and tax incentives[6] - The total number of ordinary shareholders at the end of the reporting period was 19,864[10] - Other comprehensive income after tax was negative at -¥48,151.54, a significant decline from ¥583,554.28 in the previous period[28] - The company did not apply new accounting standards for the first quarter of 2025[31] - The first quarter report was unaudited[31]

Core Viewpoint - The urban services industry in China is experiencing steady growth driven by urbanization, rising living standards, and increasing demand for property services, with the market expected to reach 15,455 billion yuan in 2024 and 16,380 billion yuan in 2025 [1][4][19]. Group 1: Industry Definition - Urban services refer to municipal services provided to local governments, public institutions, and property developers to enhance citizens' living experiences and environments [2][4]. - The industry includes services such as street cleaning, green space maintenance, waste classification, and basic property management for public buildings like museums and libraries [2][8]. Group 2: Industry Development Status - The urban services market in China has grown from 7,891 billion yuan in 2017 to an expected 15,455 billion yuan in 2024, with projections indicating further growth to 16,380 billion yuan in 2025 [4][6]. - The market segments include public property services (1,344.3 billion yuan), urban sanitation services (2,977.5 billion yuan), urban landscaping services (1,757.8 billion yuan), and other urban services (9,375.4 billion yuan) [6][19]. Group 3: Industry Value Chain - The urban services industry value chain consists of upstream suppliers (materials like building materials and cleaning equipment), midstream service providers (responsible for street cleaning, maintenance, etc.), and downstream demand from local governments and property developers [8][10]. Group 4: Competitive Landscape - The urban services market is primarily concentrated in economically developed regions such as Beijing, Shanghai, and Guangdong, with a low concentration of major players, as most are small to medium-sized enterprises [12][19]. - Leading companies in the sector include Wanwuyun, Country Garden Services, Poly Property, and others, with increasing competition from state-owned enterprises and cross-industry players [12][14]. Group 5: Representative Companies - **Country Garden Services**: Achieved revenue of 43.993 billion yuan in 2024, a 13.81 billion yuan increase from 2023, with a net profit of 1.808 billion yuan [15]. - **Poly Property**: Reported revenue of 16.342 billion yuan in 2024, up by 1.28 billion yuan from 2023, with a net profit of 1.474 billion yuan [17]. Group 6: Industry Development Trends - The urban services industry is shifting from traditional labor-driven models to technology and data-driven approaches, with a focus on smart, green, and platform-based solutions [19]. - The demand for urban services is expected to grow due to urbanization, digital technology upgrades, and diverse consumer needs, supported by national policies promoting smart city initiatives [19].

本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 一、召开会议的基本情况 1、股东大会届次：2025年第二次临时股东大会 2、股东大会的召集人：本公司董事会 证券代码：001914 证券简称：招商积余 公告编号：2025-36 招商局积余产业运营服务股份有限公司 关于召开 2025 年第二次临时股东大会的通知 3、会议召开的合法、合规性：2025年4月24日，公司第十届董事会第三十五次 会议审议通过了《关于召开2025年第二次临时股东大会的议案》。本次股东大会会 议召开符合有关法律、行政法规、部门规章、规范性文件和公司章程的规定。 4、会议召开的日期、时间： （1）现场会议时间：2025年5月15日14:30 （2）网络投票时间：2025年5月15日 其中，通过深圳证券交易所交易系统进行网络投票的时间为2025年5月15 日9:15-9:25，9:30-11:30和13:00-15:00；通过互联网投票系统投票的时间为2025 年5月15日9:15-15:00期间的任意时间。 5、会议的召开方式：本次股东大会采用现场表决与网络投票相结合的方式 召开。 （1）现场投票 ...

证券代码：001914 证券简称：招商积余 公告编号：2025-34 招商局积余产业运营服务股份有限公司 第十届董事会第三十五次会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 一、董事会会议召开情况 招商局积余产业运营服务股份有限公司（以下简称"公司"）董事会 2025 年 4 月 21 日以电子邮件等方式发出召开第十届董事会第三十五次会议的通知。 会议于 2025 年 4 月 24 日以通讯表决的方式召开，应出席会议董事 10 人，实际 出席会议董事 10 人，分别为吕斌、刘晔、陈智恒、赵肖、李朝晖、章松新、许 遵武、林洪、KAREN LAI（黎明儿）、邹平学。本次会议的召集、召开符合《公 司法》及《公司章程》的有关规定，表决形成的决议合法、有效。 二、董事会会议审议情况 会议经审议做出了如下决议： （一）审议通过了《关于变更经营范围并修订<公司章程>的议案》（10 票 同意、0 票反对、0 票弃权）。 董事会同意就公司经营范围进行变更，减少"房地产开发、经营"，并对《公 司章程》中经营范围条款相应进行修订。除上述条款修订外，《公司章程》的其 他条 ...