Investment Rating - The industry is rated as "Add" [6] Core Insights - In the first half of 2025, the transaction area of residential land in 100 cities increased by 2% year-on-year, while the average transaction floor price rose by 24% [1][4] - The top 50 real estate companies saw a 48% year-on-year increase in the value of newly acquired land reserves, totaling 521.3 billion yuan [2][82] - The core 30 cities experienced a 23% year-on-year increase in residential land transaction area and price [3][4] Summary by Sections 1. Supply and Demand of Land/Residential Land in 100 Cities - In the first half of 2025, the total supply of land in 100 cities decreased by 12.9% year-on-year, while the transaction area decreased by 5.6% [11] - The supply of residential land in 100 cities decreased by 15% year-on-year, with a transaction area of 93.37 million square meters, up 2.2% year-on-year [20] 2. Transaction Prices of Land/Residential Land - The average transaction floor price for residential land in 100 cities increased by 24.2% year-on-year, reaching 7,479 yuan per square meter [57] - The average transaction floor price in first-tier cities was 38,817 yuan per square meter, up 35.5% year-on-year [67] 3. Acquisition of Land by Top 50 Real Estate Companies - The top 50 real estate companies acquired land worth 5,213 billion yuan in the first half of 2025, a 47.7% increase year-on-year [2][82] - The top three companies in terms of newly acquired land value were China Overseas Land & Investment (506 billion yuan), Poly Developments (502 billion yuan), and Greentown China (443 billion yuan) [91] 4. Transaction Situation of Residential Land in Core 30 Cities - In June 2025, the core 30 cities saw a 44% increase in residential land transaction area, with a total transaction area of 1,423 million square meters [97] - The overall premium rate for residential land transactions in the core 30 cities was 13.5%, up 8.4 percentage points year-on-year [4][101] 5. Investment Recommendations - Focus on stable leading real estate companies with high product reputation and continuous sales ranking improvement, such as Poly Developments, China Merchants Shekou, and China Jinmao [111] - Consider companies with rich commercial real estate resources and strong brand competitiveness, such as China Resources Land and New City Holdings [112] - Look at the long-term development potential of the property service industry, recommending companies like China Merchants Jinling and Greentown Service [112]

Group 1: Company Strategy and Digital Transformation - The company is implementing a comprehensive digital transformation starting in 2024 to address management challenges and leverage digital opportunities through three reconstructions: product development and operation systems, project management models, and group control concepts [1] - In 2025, the company established six product divisions to enhance product development, focusing on deep analysis of key clients and creating a combination of standard and differentiated products [1] Group 2: Technology Integration in Property Management - The company is actively promoting the application of robots in property management, having invested in nearly 100 unmanned cleaning robots and inspection drones in various scenarios, such as schools [2] - The integration of emerging technologies is expected to shift the industry from labor-intensive to technology-intensive operations, fundamentally changing traditional business and operational models [2] Group 3: Accounts Receivable Management - As of the end of the previous year, the company's accounts receivable stood at 766 million CNY, with 93% of the receivables aged within one year, indicating a strong overall collection rate [3] - The company has implemented a layered management mechanism for accounts receivable and enhanced monitoring and settlement processes to mitigate significant bad debt risks [3] Group 4: Cost Control Measures - The company focuses on "full-cycle cost control" by implementing lean management across human resources, operations, and finance to improve operational efficiency [4] - The promotion of digital transformation and the use of intelligent robots are part of the strategy to lower operational costs while enhancing service quality and efficiency [4] Group 5: Dividend Policy and Shareholder Returns - The company has consistently prioritized shareholder returns, maintaining a high cash dividend ratio since its listing in 2019, with a projected cash dividend ratio of approximately 56.32% for 2024, significantly higher than the previous year [5] - Future dividend levels will be balanced with the company's development needs to ensure stability in shareholder returns [5]

Core Insights - The property service industry in China is experiencing increased competition among top companies, with the top 50 firms adding approximately 84.47 million square meters of new contracts in June 2025, and the top 10 firms accounting for 68.3% of this total [1] Group 1: Market Expansion - In June, the top 10 property service companies had a threshold increase of 51.3% compared to the previous month, reaching 2.71 million square meters for new contracts [1] - China Overseas Property led the new contract area with 12.1 million square meters in June [1] Group 2: Third-Party Expansion Analysis - A total of 50 companies added 74.18 million square meters of new third-party expansion in June, with only four companies achieving a scale of 5 million square meters or more, representing 42.9% of the total [9][10] - The top three sectors for third-party expansion were residential (25.2%), schools (20.8%), and office projects (18.6%) [12] Group 3: Performance of Leading Companies - Poly Property achieved the highest single project contract amount in June, totaling 26.379 million yuan for a city service project in Tianjin [17][22] - The top five companies in terms of new associated area contracts were Greentown Service, Poly Property, China Overseas Property, Longfor Intelligent Living, and Wanwu Cloud, with Greentown Service leading at 1.22 million square meters [23] Group 4: Diverse Business Layout - Leading property companies are increasingly expanding into non-residential sectors to diversify their service offerings and seek new profit growth points [12][14] - Wanwu Cloud had the largest expansion in office and residential projects, with 700,000 square meters and 1.35 million square meters, respectively [15]

Group 1 - The company has approved a share repurchase plan using its own funds, with a total amount not less than RMB 10 million and not exceeding RMB 20 million, at a maximum price of RMB 13.96 per share [1][2] - The repurchased shares will be used for employee stock ownership plans or equity incentives [1] - As of June 30, 2025, the company has not yet implemented the share repurchase [2] Group 2 - The company will continue to implement the repurchase plan based on market conditions and will fulfill its information disclosure obligations in accordance with relevant laws and regulations [2]

证券代码：002968 证券简称：新大正 公告编号：2025-025 特此公告。 新大正物业集团股份有限公司 董 事 会 2025 年 7 月 2 日 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 新大正物业集团股份有限公司（以下简称"公司"）于 2025 年 4 月 27 日召开 第三届董事会第十三次会议和第三届监事会第十一次会议，审议通过了《关于公 司回购股份方案的议案》，同意公司使用自有资金以集中竞价交易方式回购部分公 司已在境内发行的人民币普通股（A 股）股票，用于后续实施员工持股计划或股 权激励。拟用于回购资金总额不低于人民币 1,000 万元、不超过人民币 2,000 万元， 回购价格不超过人民币 13.96 元/股，2024 年度权益分派实施后相应调整为不超过 13.78 元/股。具体回购股份数量以回购期限届满时实际回购股份数量为准。具体 内容详见公司在《证券时报》《上海证券报》和巨潮资讯网（www.cninfo.com.cn） 披露的相关公告。 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 ...

Investment Rating - The report assigns an "Overweight" rating to the real estate sector [1] Core Insights - The real estate market in May continued to show stability, aligning with the government's efforts to stabilize the market and prevent further declines [3][60] - Key indicators such as sales area and sales amount showed narrow fluctuations compared to April, with sales area declining by 4.6% year-on-year and sales amount decreasing by 7.1% [5][60] - The report anticipates that urban renewal will be a significant focus, with an emphasis on "building good houses" as a consensus in the industry [61][62] Summary by Sections 1. Industry Performance - In May, the real estate market maintained a steady state, with most data showing narrow fluctuations compared to April [5][60] - Year-on-year sales area decreased by 4.6%, while sales amount fell by 7.1% [5][60] - The report notes that the overall trend is expected to continue, with a focus on stabilizing the market [3][60] 2. Investment Trends - The cumulative real estate development investment from January to May 2025 was 36,234 billion yuan, a year-on-year decrease of 10.7% [12] - New construction area saw a year-on-year decline of 22.8%, while completed area decreased by 17.3% [18][26] - The report suggests that the focus should shift from year-on-year growth rates to absolute levels, with a projected total real estate development investment of 10 trillion yuan for 2024 [61][62] 3. Sales Performance - From January to May 2025, the total sales area of commercial housing was 35.3 million square meters, with a year-on-year decline of 2.9% [26][28] - The sales amount for commercial housing was 34,091 billion yuan, reflecting a year-on-year decrease of 3.8% [10][26] - The report highlights a mismatch in supply and demand in first-tier cities, with sales showing significant strength [33] 4. Funding Sources - Total funding sources for real estate reached 40,232 billion yuan from January to May 2025, down 5.3% year-on-year [45][47] - Domestic loans accounted for 16.6% of funding sources, with a year-on-year decrease of 1.7% [47][49] - The report indicates that self-raised funds decreased by 7.2%, while foreign investment saw a significant increase of 49% [47][56] 5. Investment Recommendations - The report recommends several companies for investment, including Vanke A, Poly Development, and China Overseas Development in the development category [62] - For commercial and residential sectors, companies like China Resources Land and Longfor Group are highlighted [62] - The report emphasizes that companies with lower burdens will have a more significant advantage in the current structural market [62]

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 近日，新大正物业集团股份有限公司（以下简称"公司"）完成了注册资本 及经营范围的工商变更登记手续及《公司章程修正案》的备案（变更相关审议程 序详见公告附件），并取得了重庆市市场监督管理局换发的《营业执照》，现将情 况公告如下： 一、本次换发营业执照变更的内容 1、公司注册资本由 227,759,683 元变更为 226,277,783 元。 2、增加公司经营范围：合同能源管理；碳减排、碳转化、碳捕捉、碳封存 技术研发；翻译服务；办公服务；商务秘书服务；平面设计；规划设计管理；塑 料制品制造、塑料制品销售；食品销售、食品互联网销售、道路货物运输（不含 危险货物）。 二、新取得营业执照的基本信息如下 证券代码：002968 证券简称：新大正 公告编号：2025-024 新大正物业集团股份有限公司 关于完成工商变更登记并换发营业执照的公告 一般项目：物业管理服务壹级（凭资质许可证从事经营）；物业管理咨询； 建筑物及设施设备运行维修管理；市政设施养护维修管理；城市园林绿化工程设 计、施工（凭资质许可证从事经营）及养护；停 ...

Core Points - The stock price of Xindazheng (002968) closed at 10.54 yuan on June 6, 2025, down 2.23% from the previous week [1] - The stock reached a nearly one-year high of 12.48 yuan on June 4, 2025, with a weekly low of 10.47 yuan [1] - The total market capitalization of Xindazheng is currently 2.385 billion yuan, ranking 9th in the real estate service sector and 4685th in the A-share market [1] Trading Information - Xindazheng was listed on the "Dragon and Tiger List" due to a cumulative price deviation of over 20% for three consecutive trading days [2][5] - The company confirmed that its operational status remains normal and there have been no significant changes in the internal and external business environment [4] Company Announcements - Xindazheng announced a share repurchase plan with a total fund of no less than 10 million yuan and no more than 20 million yuan, with a maximum repurchase price of 13.96 yuan per share [3] - As of May 31, 2025, the company has not yet implemented the share repurchase plan [5] - The company will conduct the 2024 annual profit distribution on June 6, 2025 [5]

Summary of the Conference Call for Xinda Zheng Company Overview - Xinda Zheng has achieved a nationwide layout, shifting its business focus from Chongqing to first-tier and second-tier cities such as Beijing, Shanghai, Guangzhou, and Shenzhen, although profit growth is slightly lower than revenue growth due to economic conditions, industry competition, and rising costs [2][4]. Key Points and Arguments - **Robotics Technology**: Xinda Zheng began exploring robotics technology before its IPO, with expectations for technology maturity by the end of 2023 to early 2024, which will enable commercial applications. The company is currently in the early stages of large-scale human-robot collaboration, which is expected to reduce costs and transform industry logic [2][5][6]. - **Performance Impact**: The company's performance is affected by intensified competition and rising labor costs, with early investments impacting 2024 results. However, the core business remains stable, with limited fluctuations in gross and net profit margins. Future improvements depend on the promotion of new technologies [2][7]. - **Labor Challenges**: The property management industry faces recruitment challenges, with an increasing proportion of older employees and a lack of interest from younger generations. Xinda Zheng's self-recruitment and management model alleviates some recruitment difficulties, although structural changes are evident [2][8]. - **Robotics Applications**: Robotics in property management is primarily applied in cleaning services, with external applications being mature and internal applications still in early stages. Future expansions are expected into inspection and logistics, with customized development in collaboration with robotics companies [2][9]. - **Efficiency of Robotics**: Cleaning robots can replace approximately four human workers and may include features for patrolling and inspection. However, the complex use of these robots poses challenges to existing business models, requiring time for systematic integration [2][10]. - **Technological Breakthroughs**: Recent technological advancements and improved business conditions have made the application of robots in property management more feasible. The cost of cleaning robots has significantly decreased, from 500,000 to 600,000 yuan in 2023 to below 200,000 yuan in 2025, benefiting from domestic manufacturing advantages [3][11]. - **Residential vs. Non-Residential Applications**: The application and promotion speed of technology in residential property management is generally faster due to stronger influence from property companies. In contrast, non-residential environments face deeper and longer-term changes in business models, requiring more time for adaptation [12][13]. - **Data Asset Value**: The fluid nature of people and assets in non-residential environments generates valuable data that has not yet been widely commercialized. This data will become an important resource in the future, supporting the establishment of a data network for digitalization and asset formation [13][14]. Additional Important Content - The company is the first private enterprise in China to achieve a nationwide layout in the non-residential property sector, with a significant portion of its business now outside of Chongqing [4]. - The integration of robotics and data analytics in property management is expected to drive the industry towards greater intelligence and efficiency [14].

Investment Rating - The report maintains a "Positive" investment rating for the property management industry [13]. Core Insights - The property management sector is experiencing stable growth in management scale, with a focus on improving quality and efficiency, leading to a recovery in profitability. High-quality property management companies are expected to achieve long-term stable performance and even maintain certain growth rates [4][11]. - The transition from "profitable revenue" to "cash flow profit" is underway, with many companies demonstrating strong cash flow performance due to effective receivables management [9][60]. - There is an increasing emphasis on shareholder returns, with a rising proportion of dividends and share buybacks, resulting in an average total return rate exceeding 6% for mainstream property management companies [10][11]. Summary by Sections Profit Stability of Property Management Companies - The stability of profits is fundamental to exploring the dividend value of property management companies. After over three years of adjustments, companies are increasingly focusing on core operations, with many achieving stable or even growing profits [8][24]. - The management scale remains stable, with many companies emphasizing market expansion capabilities. Some have begun to recover gross and net profit margins through quality improvements [25][38]. Transition from Profit to Cash Flow - Most property management companies maintain a cash flow coverage ratio of over 1X against net profit, indicating a smooth transition to cash flow profits. However, some companies face challenges due to receivables and impairment issues [9][60]. - The differentiation in receivables and cash collection capabilities is a key factor affecting the cash profit ratio among companies [9][60]. Dividend Potential and Excess Cash - Property management companies are increasingly focusing on higher dividend payouts to reward shareholders, with an average dividend payout ratio of over 50% expected in 2024. The average dividend yield for mainstream companies is projected to reach 5.5% [10][11]. - Many companies have significant cash reserves, with some exceeding 10 billion yuan, indicating potential for higher future dividends [10][11]. Industry and Company Valuation - The report suggests that the dividend value is just the starting point for investment in high-quality state-owned and private property management companies. The potential for cash distribution and value-added services is seen as hidden options for future growth [11][12]. - The report recommends focusing on three main lines: companies expected to maintain high growth rates, those with superior growth and static dividend returns, and undervalued state-owned enterprises with excess cash [11].