招商局积余产业运营服务股份有限公司 2025 年半年度非经营性资金占用及其他关联资金往来情况汇总表 1 金额单位：万元 非经营性资金占 用 资金占用 方名称 占用方与上市 公司的关联关 系 上市公司核算 的会计科目 2025年期初占 用资金余额 2025年1-6月 占用累计发生 金额(不含利 息) 2025年1-6月 占用资金的 利息(如有) 2025年1-6月 偿还累计发 生金额 2025年6月 30日占用 资金余额 占用形成 原因 占用性质 控股股东、实际控 制人及其附属企业 无 不适用 不适用 不适用 不适用 不适用 不适用 不适用 不适用 不适用 小计 不适用 不适用 不适用 不适用 不适用 不适用 不适用 不适用 不适用 不适用 前控股股东、实际 控制人及其附属企 业 无 不适用 不适用 不适用 不适用 不适用 不适用 不适用 不适用 不适用 小计 不适用 不适用 不适用 不适用 不适用 不适用 不适用 不适用 不适用 不适用 其他关联方及其附 属企业 无 不适用 不适用 不适用 不适用 不适用 不适用 不适用 不适用 不适用 小计 不适用 不适用 不适用 不适用 不适用 不适用 不适用 不适用 不 ...

招商局积余产业运营服务股份有限公司 2025 年半年度报告全文 2025 年半年度报告 2025 年 8 月 1 招商局积余产业运营服务股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人吕斌、主管会计工作负责人陈智恒及会计机构负责人(会计主 管人员)江霞声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告涉及的未来经营计划、发展战略等前瞻性描述不构成公司对投资 者的实质承诺，投资者及相关人士均应当对此保持足够的风险认识，并且应 当理解计划、预测与承诺之间的差异，敬请投资者注意投资风险。公司已在 本报告"第三节 管理层讨论与分析"之"十、公司面临的风险和应对措施" 部分详细阐述了公司未来发展可能存在的风险及应对措施，敬请投资者查阅。 公司需遵守《深圳证券交易所上市公司自律监管指引第 3 号——行业信 息披露》中的"房地产业"的披露要求。 公司计划不派发现金红利，不送红股， ...

招商积余公告，2025年上半年营业收入91.07亿元，同比增长16.17%。净利润4.74亿元，同比增长 8.90%。基本每股收益0.4475元／股，同比增长9.01%。 ...

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 8 月 15 日以电子邮件等方式发出召开公司第十届董事会第三十八次会议的通 知。会议于 2025 年 8 月 26 日在深圳市南山区蛇口太子湾邮轮大道招商积余大厦 15 楼多功能会议室召开。应出席会议 10 人，实际出席会议 10 人，分别为吕斌、 刘晔、陈智恒、赵肖、李朝晖、杨蕾、许遵武、林洪、KAREN LAI（黎明儿）、 邹平学。会议由董事长吕斌先生主持，监事、高管列席会议。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、董事会审议情况 会议经审议做出了如下决议： （一）审议通过了《2025 年半年度报告》及其摘要（10 票同意、0 票反对、 0 票弃权）。 本报告在提交董事会审议前，已经公司董事会审核委员会 2025 年第六次会 议审议并获全票通过，同意将前述报告提交董事会审议。 本报告具体情况详见公司同日在巨潮资讯网上披露的《2025年半年度报告》， 以及在巨潮资 ...

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]

Market Overview - On August 26, the real estate service sector declined by 0.31% compared to the previous trading day, with China Merchants Jin Yu leading the decline [1] - The Shanghai Composite Index closed at 3868.38, down 0.39%, while the Shenzhen Component Index closed at 12473.17, up 0.26% [1] Individual Stock Performance - Zhongtian Service (002188) closed at 5.91, up 2.25% with a trading volume of 90,900 shares and a turnover of 53.31 million yuan [1] - Nandu Property (603506) closed at 14.39, up 1.12% with a trading volume of 52,200 shares and a turnover of 74.73 million yuan [1] - ST Mingcheng (600136) closed at 1.95, up 1.04% with a trading volume of 166,200 shares and a turnover of 32.23 million yuan [1] - Other notable performances include New Dazheng (002968) at 11.21, up 0.45%, and Ningbo Fuda (600724) at 4.85, up 0.41% [1] Capital Flow Analysis - The real estate service sector experienced a net outflow of 171 million yuan from institutional investors, while retail investors saw a net inflow of 163 million yuan [2] - The overall capital flow indicates that while institutional investors are pulling back, retail investors are actively buying into the sector [2] Detailed Capital Flow for Individual Stocks - China Merchants Jin Yu (001914) saw a net outflow of 4.97 million yuan from institutional investors, with a net inflow of 4.79 million yuan from retail investors [3] - Significant outflows were noted for other stocks such as World Union (002285) with a net outflow of 18.98 million yuan from institutional investors and a net inflow of 9.12 million yuan from retail investors [3] - Pearl River Shares (600684) experienced a net outflow of 31.70 million yuan from institutional investors, while retail investors contributed a net inflow of 26.77 million yuan [3]

Investment Rating - The report maintains an "Overweight" rating for the real estate sector, indicating a positive outlook for the industry [5]. Core Insights - The recent policy adjustments in Beijing and Shanghai signal a shift away from pessimistic expectations in the real estate market, with a focus on stabilizing prices and promoting recovery [5]. - The Shanghai policy changes are more significant than those in Beijing, aimed at improving the housing market structure and facilitating the housing replacement chain [5]. - The report anticipates further policy relaxations in other cities like Shenzhen, following the trend set by Beijing and Shanghai [5]. Summary by Sections Policy Changes - On August 25, 2025, Shanghai announced the relaxation of housing purchase limits, allowing families to buy unlimited properties outside the outer ring, and increasing the maximum housing provident fund loan amount to 2.16 million yuan from 1.92 million yuan [5][6]. - The new policies also include a reduction in commercial loan interest rates for second homes and the removal of the interest rate floor [5][6]. Market Analysis - The report notes a "dumbbell" structure in the Shanghai housing market, with improving prices for new homes and a rebound in second-hand homes priced below 3 million yuan [5]. - It predicts that the core cities' real estate markets are at a bottoming point and will lead the recovery [5]. Investment Recommendations - The report recommends investing in companies with strong product capabilities such as China Resources Land, Longfor Group, and China Jinmao, as well as undervalued firms like New Town Holdings and China Overseas Development [5][7]. - It also highlights opportunities in the second-hand housing brokerage sector and property management companies [5][8].

Group 1 - The real estate service sector increased by 3.09% on August 25, with TeFa Service leading the gains [1] - The Shanghai Composite Index closed at 3883.56, up 1.51%, while the Shenzhen Component Index closed at 12441.07, up 2.26% [1] - TeFa Service's stock price rose by 6.99% to 50.06, with a trading volume of 203,800 shares and a transaction value of 1.018 billion yuan [1] Group 2 - The real estate service sector saw a net inflow of 250 million yuan from institutional investors, while retail investors experienced a net outflow of approximately 97.33 million yuan [2][3] - The stock "I Love My Home" had a net inflow of 179 million yuan from institutional investors, but a net outflow of 101 million yuan from retail investors [3] - The stock "TeFa Service" experienced a net inflow of 56.49 million yuan from institutional investors, with retail investors also showing a net outflow of 25.50 million yuan [3]

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [3][5]. Core Viewpoints - The report emphasizes that the current policy environment is being driven by fundamental pressures, suggesting that the policy response may exceed the levels seen in 2008 and 2014, and is still evolving [3]. - Real estate is identified as an early-cycle indicator, serving as a barometer for economic trends, making it a strategic investment focus [3]. - The competitive landscape within the industry is improving, with leading state-owned enterprises and select mixed-ownership and private firms performing well in land acquisition and sales [3]. - The report continues to favor investment in first-tier cities and two-thirds of second-tier cities, as this combination has shown better performance during sales rebounds [3]. - Supply-side policies, including land storage and management of idle land, are highlighted as critical areas to monitor, with first and second-tier cities expected to benefit more from these changes [3]. Summary by Sections Real Estate Development - The 5-year LPR remains stable at 3.5% as of August, with the 1-year LPR at 3.0% [10]. - The real estate index saw a cumulative change of 0.5%, lagging behind the CSI 300 index by 3.68 percentage points, ranking last among 31 sectors [13]. - New home sales in 30 cities totaled 1.57 million square meters, a 16.7% increase month-on-month but a 16.1% decrease year-on-year [20]. - Year-to-date, new home sales in the same 30 cities are down 2.1% year-on-year, with first-tier cities showing a 2.4% increase [25]. Secondary Housing - Secondary home sales in 14 sample cities reached 1.915 million square meters, reflecting a 6.4% month-on-month increase and a 9.5% year-on-year increase [30]. - Cumulative secondary home sales for the year are 6.8677 million square meters, up 16.7% year-on-year [30]. Credit Bonds - In the week of August 18-24, 18 credit bonds were issued by real estate companies, totaling 15.282 billion yuan, an increase of 6.921 billion yuan from the previous week [39]. - The net financing amount was 3.378 billion yuan, reflecting a significant increase [39].

Index Performance - The CSI A500 Index increased by 4.27% this week, closing at 5198.91 points as of August 22 [5] - The average daily trading volume for the week was 8003.97 billion yuan, with a week-on-week increase of 32.60% [5] Component Stocks Performance - The top ten gainers this week included: 1. Cambrian (688256.SH) with a rise of 34.59% 2. Sinopec Capital (000617.SZ) up by 34.38% 3. ZTE Corporation (000063.SZ) increasing by 32.21% 4. Kunlun Wanwei (300418.SZ) up by 23.48% 5. Northern Rare Earth (600111.SH) rising by 22.95% [2] - The top ten losers included: 1. Quzhou Development (600208.SH) down by 11.68% 2. Giant Star Technology (002444.SZ) decreasing by 6.90% 3. Weilan Lithium Core (002245.SZ) down by 6.82% 4. Xuan Tai Medical (688617.SH) down by 5.66% 5. Tiger Med (300347.SZ) decreasing by 4.92% [2] Fund Performance - All 39 CSI A500 funds closed with a gain of 2% or more this week, with the leading fund being Huatai-PineBridge's A500 Index Fund (512370) which rose by 4.62% [5] - The total scale of CSI A500 funds reached 1810.70 billion yuan, showing an increase compared to the previous week [5] - The top three funds by scale are: 1. Huatai-PineBridge with 203.31 billion yuan 2. Guotai Fund with 183.57 billion yuan 3. E Fund with 183.57 billion yuan [5] Market Outlook - Shenyin Wanguo Securities reported a continued bullish market atmosphere, expecting strong performance to persist until early September, with limited corrections thereafter [5] - Guotai Junan Securities emphasized a cautious optimism regarding the market's upward potential, suggesting that a transition from liquidity-driven growth to fundamental-driven growth is necessary for sustained upward movement [5]