平安证券研报指出，招商积余上半年归母净利润4.7亿元，同比增长8.9%。业绩稳健增长，经营持续优 化。物业管理持续发力，资产管理稳健运行。2025H1公司物业管理新签年度合同额17.6亿元，其中第三 方项目新签年度合同额15.9亿元（千万级项目贡献新签年度合同额占比58%）；H1末在管项目2370个， 管理面积升至3.68亿平米。公司作为央企物管领先者，资源禀赋及市拓优势突出，多业态综合服务能力 强劲，有望受益行业格局重构并持续向好发展，维持"推荐"评级。 ...

Core Insights - The company achieved revenue and profit growth in the first half of 2025, with operating income reaching 9.107 billion yuan, a year-on-year increase of 16.17%, and net profit attributable to shareholders of 474 million yuan, up 8.90% [2] Group 1: Property Management Business - As of the end of the first half of 2025, the company managed 2,370 projects across over 160 cities in China, with a total managed area of 368 million square meters [2] - The company signed new annual contracts worth 1.764 billion yuan in the first half of 2025, with third-party project contracts contributing 1.592 billion yuan, and projects worth over 10 million yuan accounting for 58% of the new contracts [2] Group 2: Asset Management Business - By the end of the first half of 2025, the company's commercial management arm managed 72 commercial projects with a total area of 3.97 million square meters [2] - The sales revenue of managed commercial properties increased by 10.1% year-on-year, and foot traffic rose by 17% [2] - As of June 30, 2025, the total leasable area of owned properties was 468,900 square meters, with an occupancy rate of 93% [2] Group 3: Digital Transformation and Recognition - The company is leveraging digitalization to enhance project operational efficiency, optimize project management through internal analysis and external benchmarking, and continuously improve quality control systems to strengthen customer trust [3] - The company received multiple accolades, including being ranked 3rd in the "Top 3 Property Service Companies in China 2025" and 3rd in the "Comprehensive Strength of Property Service Companies 2025" by Ke Rui and the China Property Management Association, indicating an increase in brand influence [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][7]. Core Views - The company has demonstrated stable performance with steady development in commercial operations. The revenue for the first half of 2025 increased by 16.2% year-on-year, while the net profit attributable to shareholders rose by 8.9%, slightly below market expectations. The gross profit margin decreased slightly [7]. - The company is backed by the China Merchants Group, focusing on property management and asset management, with strong resource endowments and market expansion capabilities. It is expected to continue leading the property management industry [7]. Financial Data and Profit Forecast - Total revenue projections for 2025 are estimated at 19,424 million, with a year-on-year growth rate of 13.1%. The net profit attributable to shareholders is forecasted to be 943 million, reflecting a growth rate of 12.1% [6]. - The earnings per share (EPS) for 2025 is projected to be 0.89 yuan, with a gross profit margin of 11.8% [6]. - The return on equity (ROE) is expected to be 8.4% in 2025, with a price-to-earnings ratio (PE) of 14 [6]. Revenue Breakdown - In the first half of 2025, property management revenue reached 88.0 million, up 16.8% year-on-year, while asset management revenue was 3.1 million, increasing by 5.9% [7]. - The company’s management area reached 368 million square meters by the end of the first half of 2025, with a year-on-year decrease of 4.4% [7]. Commercial Operations - The company’s commercial management area remained stable at 397,000 square meters, with commercial operation revenue increasing by 30.7% year-on-year [7]. - The company manages 72 commercial projects, with a focus on increasing support from the China Merchants Group in commercial real estate [7].

房地产/房地产服务 招商积余（001914.SZ） 收入利润平稳增长，基础物管毛利率提升 2025 年 08 月 28 日 投资评级：买入（维持） | 日期 | 2025/8/27 | | --- | --- | | 当前股价(元) | 12.56 | | 一年最高最低(元) | 13.59/8.16 | | 总市值(亿元) | 133.18 | | 流通市值(亿元) | 133.18 | | 总股本(亿股) | 10.60 | | 流通股本(亿股) | 10.60 | | 近 3 个月换手率(%) | 66.7 | 股价走势图 数据来源：聚源 -20% 0% 20% 40% 60% 80% 2024-08 2024-12 2025-04 2025-08 招商积余 沪深300 相关研究报告 《收入利润保持双增，新拓规模稳中 提质—公司信息更新报告》-2025.3.17 《央企物管旗舰规模壮大，降本增效 助 力 盈 利 修 复 — 公 司 深 度 报 告 》 -2024.11.27 ——公司信息更新报告 | 齐东（分析师） | 胡耀文（分析师） | 杜致远（联系人） | | --- | --- | --- | ...

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company achieved a revenue of 9.11 billion RMB in H1 2025, representing a year-on-year growth of 16%, while the net profit attributable to shareholders was 470 million RMB, up 9% year-on-year. The revenue growth exceeded the previous full-year expectation of 7%, but the net profit growth was slightly below the 11% forecast due to lower gross margins from rapidly growing professional value-added services [1][2]. - The company continues to improve its basic property management profitability and maintain a competitive advantage in market expansion [1][3]. Summary by Sections Revenue and Profitability - The company's revenue from basic property management increased by 8% to 6.85 billion RMB in H1 2025, with a gross margin improvement of 0.6 percentage points to 11.6%. The residential and non-residential revenue grew by 12% and 6% respectively [3]. - The professional value-added services segment saw a significant revenue increase of 87% to 1.72 billion RMB, primarily due to strategic collaboration with China Merchants Shekou, although this segment has a lower gross margin of 8% [2][3]. Cash Flow and Receivables - The company's accounts receivable decreased by 10% year-on-year, and the operating cash flow showed a narrowing net outflow compared to the same period last year, indicating strong cash flow management [2]. Asset Management - The asset management segment's revenue grew by 6% to 310 million RMB, but the gross margin declined by 4.1 percentage points to 48.6% due to increased personnel costs [4]. Earnings Forecast and Valuation - The report projects EPS for 2025, 2026, and 2027 to be 0.88, 0.98, and 1.08 RMB respectively. The target price is set at 14.96 RMB, based on a 25 PE ratio, reflecting the company's strong market expansion capabilities and improving profitability in basic property management [5][7].

2025年08月28日 招商积余(001914.SZ) 公 司 报 告 房地产 业绩稳健增长，经营持续优化 推荐 ( 维持) 股价:12.56元 行情走势图 相关研究报告 【平安证券】招商积余（001914.SZ）*季报点评*业 绩双位数增长，拓展优势持续强化*推荐20250428 证券分析师 杨侃 投资咨询资格编号 S1060514080002 事项： 公司公布2025年半年报，上半年实现营业收入91.1亿元，同比增长16.2%，归 母净利润4.7亿元，同比增长8.9%。 平安观点： 主要数据 行业 房地产 公司网址 www.cmpo1914.com 大股东/持股 招商局蛇口工业区控股股份有限公 司/47.45% 实际控制人 国务院国有资产监督管理委员会 总股本(百万股) 1,060 流通A股(百万股) 1,060 流通B/H股(百万股) 总市值(亿元) 133 流通A股市值(亿元) 133 每股净资产(元) 10.03 资产负债率(%) 44.0 业绩平稳增长，基础物管毛利率改善：2025H1公司营业收入91.1亿元， 同比增长16.2%，其中，资产管理业务营业收入3.1亿元，同比增长 5.9%，物业管理 ...

Core Viewpoint - In the first half of 2025, the company achieved steady growth in operating performance, laying a solid foundation for future development [2] Financial Performance - The company reported operating revenue of 9.107 billion, a year-on-year increase of 16.17% [1] - Net profit attributable to shareholders reached 474 million, up 8.9% year-on-year [1] - Net profit attributable to shareholders after deducting non-recurring gains and losses was 463 million, reflecting an 11.87% year-on-year growth [1] Asset and Liability Management - The company's asset-liability structure continued to optimize, with accounts receivable balance at 3.753 billion, a decrease of 10.13% year-on-year [1] - Interest-bearing debt stood at 691 million, down 142 million from the beginning of the period [1] Business Segments - The main property management business generated operating revenue of 8.8 billion, a 16.79% increase year-on-year [1] - The company signed new annual contracts worth 1.764 billion, with 1.592 billion from third-party projects, maintaining a competitive edge in the non-residential sector [1] - As of June 30, 2025, the company managed 2,370 property projects across over 160 cities [1] Asset Management Performance - The asset management business reported stable operations with revenue of 306 million, a year-on-year increase of 5.86% [1] - The subsidiary managed 72 commercial projects with a total management area of 3.97 million square meters, and a total leasable area of 468,900 square meters with a rental rate of 93% [1]

报告期内，公司物业管理业务多领域拓展持续发力，新签年度合同额17.64亿元，其中第三方项目新签 年度合同额为15.92亿元（千万级项目贡献新签年度合同额占比58%）。截至2025年6月末，公司在管项 目2,370个，管理面积为3.68亿㎡。 8月27日，招商积余发布2025年半年度报告。 报告显示，2025年上半年，公司实现营业收入91.07亿元，较上年同期增长16.17%。其中，物业管理业 务实现营业收入88.00亿元，较上年同期增长16.79%，主要系原有物业管理项目业务增长、新拓展物业 管理项目转化及专业公司新拓业务等增值业务贡献；资产管理业务实现营业收入3.06亿元，较上年同期 增长5.86%，主要系在管商业运营项目增加及原接管项目本报告期业务量增加。 期内，公司实现归属于上市公司股东的净利润4.74亿元，较上年同期增长8.90%；归属于上市公司股东 的扣除非经常性损益的净利润4.63亿元，较上年同期增长11.87%；公司总资产为192.89亿元，归属于上 市公司股东的净资产为106.33亿元。 商业运营方面，公司旗下招商商管在管项目72个（含筹备项目），管理面积397万㎡，其中自持项目3 个，受托管 ...

关于招商局集团财务有限公司的风险持续评估报告 招商局积余产业运营服务股份有限公司 招商局积余产业运营服务股份有限公司（以下简称"本公司"）查验了招商 局集团财务有限公司（以下简称"财务公司"）《金融许可证》《营业执照》等证 件资料，审阅了财务公司资产负债表、利润表、现金流量表等定期财务报告，对 财务公司的经营资质、业务和风险状况进行了评估，现将有关风险评估情况报告 如下： 一、财务公司基本情况 财务公司于 2011 年 5 月 17 日经原中国银行业监督管理委员会批准正式成立， 并取得《金融许可证》，是具有企业法人地位的非银行金融机构。 注册地：北京市朝阳区安定路 5 号院 10 号楼 B 栋 15 层 1501 法定代表人：吴泊 注册资本：人民币 50 亿元，其中招商局集团有限公司和中国外运长航集团 有限公司分别出资人民币 25.5 亿元和人民币 24.5 亿元，分别占比 51%和 49%。 统一社会信用代码：9111000071782949XA 财务公司业务范围包括：吸收成员单位存款；办理成员单位贷款；办理成员 单位票据贴现；办理成员单位资金结算与收付；提供成员单位委托贷款、债券承 销、非融资性保函、财务 ...

招商局积余产业运营服务股份有限公司 2025 年半年度财务报告 2025 年半年度财务报告 2025 年 8 月 1 招商局积余产业运营服务股份有限公司 2025 年半年度财务报告 一、审计报告 半年度报告未经过审计 二、财务报表 2 招商局积余产业运营服务股份有限公司 2025 年 6 月 30 日 | | | | 人民币元 | | --- | --- | --- | --- | | 项目 | 附注 | 本期期末数 | 本期期初数 | | 流动资产： | | | | | 货币资金 | 七、1 | 3,274,619,578.12 | 4,668,838,168.81 | | 其中：存放财务公司款项 | 七、1 | 25,712,920.73 | 25,558,382.34 | | 应收票据 | 七、2 | 6,985,442.49 | 54,434,055.09 | | 应收账款 | 七、3 | 3,753,353,193.78 | 2,192,656,177.89 | | 预付款项 | 七、4 | 95,605,738.05 | 74,079,909.98 | | 其他应收款 | 七、5 | 977,13 ...