证券代码：001914 证券简称：招商积余 公告编号：2025-32 招商局积余产业运营服务股份有限公司 关于加快回购公司股份的公告 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。 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17日在巨潮资讯网披露了《关于以集中竞价交易方式回购公司股份方案的公告》 （公告编号：2024-48），公司拟以自有或自筹资金通过深圳证券交易所以集中竞 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。 2025 年 4 月 8 日 1 基于对公司未来持续发展的信心和对公司价值的认可，公司将加快实施回购 公司股份，以维护广大投资者的利益，增强投资者对公司的投资信心，稳定及提 升公司价值。 公司将严格按照《上市公司股份回购规则》《深圳证券交易所上市公司自律 监管指引第 9 号——回购股份》等相关规定，在回购期限内根据市场情况择机做 出回购决策并予以实施，并根据回购股份事项进展情况及时履行信息披露义务， 敬请广大投资者注意投资风险。 特此公告 招商局积余产业运营服务股份有限公司 董 事 会 ...

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [2][3]. Core Insights - The report highlights the importance of stabilizing the real estate market in response to the ongoing trade war, emphasizing the need for domestic demand expansion [2][3]. - It notes a significant decline in both new and second-hand housing transactions, with new home sales in 34 key cities dropping by 23% week-on-week and 26% year-on-year in April [4][7]. - The report indicates that the government is implementing policies to stabilize the market, including the cancellation of housing transfer restrictions in Nanjing and the expansion of housing fund withdrawal policies [32][33]. Industry Data Summary New Housing Transaction Volume - New housing sales in 34 key cities totaled 3.093 million square meters last week, a week-on-week decrease of 23.4% [4]. - Year-on-year, new housing sales in April are down 26%, with first and second-tier cities seeing a 21% decline and third and fourth-tier cities experiencing a 49% drop [7][8]. Second-Hand Housing Transaction Volume - Second-hand housing sales in 13 key cities fell by 26.2% week-on-week, with April sales down 15% year-on-year [13]. - Cumulative sales for the year to date show a 26.5% increase compared to the previous year [13]. New Housing Inventory - In 15 key cities, 710,000 square meters of new housing were launched last week, with a sales-to-launch ratio of 2.08, indicating a continued trend of inventory reduction [21]. - The total available residential area in these cities is 88.71 million square meters, reflecting a 0.9% decrease week-on-week [21]. Policy and News Tracking - The report discusses macroeconomic policies, including the imposition of tariffs on U.S. imports and the rise in manufacturing PMI to 50.5%, indicating a recovery in manufacturing activity [32][33]. - It highlights local government initiatives, such as Nanjing's cancellation of housing transfer restrictions and the expansion of housing fund policies in various cities [32][33]. - The report also notes the active land market in core cities, with significant land sales and project launches reported in the first quarter of 2025 [32][33].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative performance increase of over 15% against the benchmark index in the next 6 to 12 months [15]. Core Insights - The company achieved a revenue of 17.17 billion yuan in 2024, representing a year-on-year growth of 9.89%. The net profit attributable to shareholders was 840 million yuan, up 14.24% year-on-year [4][6]. - The improvement in profitability is attributed to a rise in gross margin, which increased from 11.56% in the previous year to 11.96% in 2024, leading to a net profit margin increase from 4.73% to 5.06% [6]. - The company successfully expanded its property management projects, managing 2,296 projects across 162 cities, with a total managed area of 365 million square meters [7]. - The residential and non-residential segments saw a recovery in profit margins, with residential gross margin rising from 7.89% in 2023 to 10.88% in 2024, and non-residential gross margin increasing from 9.10% to 10.59% [8]. - The company reported a significant reduction in financial expenses, down 52.64% year-on-year to 30 million yuan, due to a decrease in interest-bearing debt [6]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 17.17 billion yuan, with a year-on-year growth rate of 9.89%. The net profit attributable to shareholders was 840 million yuan, reflecting a 14.24% increase year-on-year [4][6]. - The company’s gross margin improved to 11.96%, up from 11.56% the previous year, contributing to a net profit margin increase to 5.06% [6]. Business Expansion - The company signed new annual contracts worth 4.029 billion yuan, with third-party contracts contributing 3.693 billion yuan. The company also successfully expanded into key projects such as Shenzhen Xinhua Hospital and Tsinghua University [7]. - The total leasable area managed by the company reached 468,900 square meters, with an overall occupancy rate of 95% [9]. Profitability and Valuation - The report projects earnings per share (EPS) to be 0.91 yuan for 2025, 1.03 yuan for 2026, and 1.13 yuan for 2027, reflecting an upward revision from previous estimates [10]. - The price-to-earnings (P/E) ratio is expected to decrease from 17.5 in 2023 to 10.7 by 2027, indicating an improving valuation outlook [3].

招商局积余产业运营服务股份有限公司（以下简称"公司"）于 2025 年 4 月 1 日召开第十届董事会第三十四次会议，审议通过了《关于聘任公司副总经理的议 案》。根据工作需要，经公司总经理提名、董事会提名和薪酬委员会资格审查，董 事会同意聘任董新彦先生为公司副总经理，任期自本次董事会审议通过之日起至 第十届董事会届满之日止。董新彦先生个人简历如下： 证券代码：001914 证券简称：招商积余 公告编号：2025-30 招商局积余产业运营服务股份有限公司 关于聘任副总经理的公告 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。 招商局积余产业运营服务股份有限公司 董 事 会 2025 年 4 月 2 日 1 董新彦先生，中国国籍，1978 年 12 月出生，厦门大学会计学专业本科，会 计师。现任公司副总经理。曾任招商局蛇口工业区有限公司财务部主管，招商局 集团有限公司财务部高级经理，招商证券股份有限公司财务部高级经理，招商局 地产控股股份有限公司审计部总经理助理，招商局蛇口工业区控股股份有限公司 审计稽核部副总经理、总经理，招商局蛇口工业区控股股份有限公司风险管理部 ...

证券代码：001914 证券简称：招商积余 公告编号：2025-29 招商局积余产业运营服务股份有限公司 第十届董事会第三十四次会议决议公告 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 3 月 31 日以电子邮件等方式发出召开第十届董事会第三十四次会议的通知。 会议于 2025 年 4 月 1 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。 根据工作需要，经公司总经理提名、董事会提名和薪酬委员会资格审查，董事 会同意聘任董新彦先生为公司副总经理，任期自本次董事会审议通过之日起至第十 届董事会届满之日止。 具体情况详见公司同日刊登在巨潮资讯网和《中国证券报》《证券时报》《上 海证券报》《证券日报》上的《关于聘任副总经理的公告》（公告编号：202 ...

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》， 公司回购股份资金来源中的自筹资金，为招商银行股份有限公司深圳分行提供的 股票回购贷款。 一、回购公司股份的具体情况 根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引第 9号——回购股份》等相关规定，公司在回购期间应当在每个月的前三个交易日 内披露截至上月末的回购进展情况。现将回购进展情况公告如下： 截至2025年3月31日，公司 ...

Performance Overview - The company achieved a revenue growth of double digits in 2024, with net profit growth outpacing revenue growth, indicating a focus on quality growth [4][11]. - The residential new contract amount reached CNY 5.67 billion in 2024, with a 47% year-on-year increase in third-party expansion [17]. Market Conditions and Strategies - The real estate industry is currently in a consolidation phase, with a shift from incremental to stock market competition [4][20]. - The company plans to leverage its collaboration with the China Merchants Group and its subsidiaries to enhance project acquisition and operational capabilities [4][6]. Digital Transformation and AI Integration - The company has initiated an "AI+" action plan to enhance service capabilities through AI integration, including the development of an intelligent customer service program [2][3]. - AI-driven initiatives have been implemented in inspection and cleaning operations, achieving significant efficiency improvements [2][3]. Financial Management and Cash Flow - The company has focused on managing accounts receivable, resulting in a continued decrease in accounts receivable balance despite a 10% revenue growth [6][12]. - The operating net cash flow is expected to continue growing year-on-year in 2024 [6]. Market Expansion and Competitive Advantage - In 2024, the company expanded its third-party market by CNY 36.93 billion, with non-residential expansion reaching CNY 33.96 billion [7]. - The company maintains a competitive edge through strategic partnerships and leveraging its extensive resource network [9][10]. Quality Growth and Service Improvement - The company emphasizes quality growth, focusing on project management quality and internal management quality to enhance profitability [4][10]. - A comprehensive service improvement initiative has been launched, including the implementation of a service quality management system and talent development programs [24][25]. Future Outlook - The company aims to continue its focus on quality growth and market expansion in 2025, particularly in the residential sector [17][19]. - The aging population presents opportunities for the company to explore health and wellness services, integrating property management with elder care services [14][15][16].

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Insights - The company achieved a revenue of 17.172 billion yuan in 2024, representing a year-on-year growth of 9.89%, while the net profit attributable to shareholders reached 840 million yuan, up 14.24% year-on-year [3][4] - The growth in net profit outpaced revenue growth due to improved gross margins in property management and effective cost control measures [4][10] - The company continues to expand its property management business, with a significant contribution from basic property management services [5][10] Revenue and Profit Growth - In 2024, the property management segment generated revenue of 16.487 billion yuan, a year-on-year increase of 11.72%, while the asset management segment saw a decline of 4.03% to 670 million yuan [5][11] - Basic property management services accounted for 78.04% of total revenue, with residential and non-residential segments contributing 27.85% and 72.15% respectively [5] Cost Control and Efficiency - The company successfully reduced management and financial expense ratios, leading to a decrease of 0.37 and 0.23 percentage points to 3.50% and 0.17% respectively [4][10] - The gross margin for property management improved to 10.45%, up 0.44 percentage points from the previous year, contributing to an overall sales gross margin increase to 11.96% [4] Contract and Project Management - As of the end of 2024, the company managed 2,296 property projects across 162 cities, with a total managed area of 365 million square meters, reflecting a year-on-year growth of 5.8% [6] - The company signed new contracts worth 4.029 billion yuan during the year, with third-party project contracts increasing by 4.35% [6] Future Profitability Forecast - The report projects net profits of 954 million yuan, 1.007 billion yuan, and 1.134 billion yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 13.25X, 12.55X, and 11.14X [12]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company has demonstrated improved quality and efficiency, emphasizing shareholder returns, and is expected to enjoy valuation premiums as a leading player in the market [2][10]. - The property management business is operating steadily with stable market expansion, and the company has successfully enhanced its gross profit margin while reducing costs, leading to improved profitability [2][10]. - The company is actively increasing its dividend payout ratio and engaging in share buybacks to enhance shareholder returns, which boosts market confidence and reflects its commitment as a central enterprise [2][10]. Financial Performance - In 2024, the company achieved a revenue of 17.17 billion yuan, representing a 9.9% increase, and a net profit attributable to shareholders of 840 million yuan, up 14.2% [4][10]. - The gross profit margin for the company improved by 0.4 percentage points to 12.0%, with the property management segment's margin also increasing by 0.4 percentage points to 10.5% [10]. - The company’s management area reached 365 million square meters by the end of 2024, with a year-on-year growth of 5.8% [10]. Market Expansion - The company has seen steady growth in third-party market expansion, with a focus on both residential and non-residential sectors [10]. - By the end of 2024, the company’s management area consisted of 37.7% residential and 62.3% non-residential properties, with third-party contracts accounting for 63.8% of the total [10]. Shareholder Returns - The company reported accounts receivable of 2.19 billion yuan, a decrease of 4.4%, and distributed cash dividends of 254 million yuan, with a dividend payout ratio of 30.2% [10]. - The total dividend payout ratio, including share buybacks, reached 31.4%, showcasing the company's commitment to shareholder returns [10]. Future Outlook - The company is expected to achieve net profits of 940 million yuan, 1.05 billion yuan, and 1.17 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding valuations of 13.3X, 12.0X, and 10.8X [10].

Investment Rating - The report gives a "Buy" rating for the marine economy industry and for Manbang Group (YMM) [1][2][22]. Core Insights - The marine economy is driving economic acceleration, with deep-sea technology injecting new quality into the sector. The national marine production value is expected to exceed 10 trillion yuan in 2024, accounting for 7.8% of GDP, with a contribution of 11.5% to GDP growth [1][24]. - Manbang Group is a leading cross-city digital freight platform in China, with an estimated GTV of 330 billion yuan in 2023, capturing nearly 50% of the market share. The company is expected to see significant profit growth due to the rise of new energy heavy trucks and smart driving [2][41]. Summary by Sections Marine Economy - The marine economy is a crucial driver of economic growth, with significant potential for expansion. The government has highlighted "deep-sea technology" in its reports, indicating a focus on this area for future development [1][24]. - Investment opportunities in the marine economy include offshore wind power, marine oil and gas equipment, port shipping, seawater desalination, and marine aquaculture [1][26]. Manbang Group - Manbang Group's GTV in cross-city digital freight is projected to be around 300 billion yuan in 2023, with a fulfillment order volume of 159 million and active shippers and drivers at 2.24 million and 3.9 million, respectively [2][41]. - The company is expected to achieve net profits of 30.7 billion, 44.3 billion, and 63.3 billion yuan from 2024 to 2026, with a growth rate of approximately 40% [2][41]. The target PE ratio is set at 30 times, corresponding to a target price of $17.52 [2][22].