Core Insights - The company reported a third-quarter revenue of 769 million yuan, representing a year-on-year decline of 9.66% [1] - The net profit for the third quarter was 32.67 million yuan, showing a year-on-year increase of 29.38% [1] - For the first three quarters, the total revenue was 2.272 billion yuan, down 11.82% compared to the same period last year [1] - The net profit for the first three quarters was 104 million yuan, reflecting a decrease of 2.97% year-on-year [1]

新大正物业集团股份有限公司 2025 年第三季度报告 证券代码：002968 证券简称：新大正 公告编号：2025-045 新大正物业集团股份有限公司 2025 年第三季度报告 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。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记 载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务 信息的真实、准确、完整。 3.第三季度财务会计报告未经过审计。 1 新大正物业集团股份有限公司 2025 年第三季度报告 一、主要财务数据 （二） 非经常性损益项目和金额 适用 □不适用 | | | 单位：元 | | --- | --- | --- | | 项目 | 本报告期金额 | 年初至报告期期末 | | | | 金额 | | 非流动性资产处置损益（包括已计提资产减值准备的冲销部分） | 199,936.02 | -42,987.44 | | 计入当期损益的政府补助（与公司正常经营业务密 ...

证券代码：002968 证券简称：新大正 公告编号：2025-044 新大正物业集团股份有限公司 关于修订《公司章程》等制度的公告 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 10 月 28 日召 开了第三届董事会第十六次会议和第三届监事会第十四次会议，审议通过了《关 于修订<公司章程>的议案》《关于修订、制定部分公司治理制度的议案》，上述议 案尚需提交公司股东大会审议。现将相关情况公告如下： 一、公司部分治理制度修订及制定情况 为全面贯彻落实最新法律法规要求，进一步促进公司规范运作，维护公司及 股东的合法权益，建立健全内部治理机制，根据《中华人民共和国公司法》《深 圳证券交易所股票上市规则》《上市公司章程指引》等相关法律、法规及规章的 规定，结合公司实际情况，修订和制定公司相关治理制度。具体如下： | 序 | | 修订 | 是否需要 | | --- | --- | --- | --- | | 号 | 内容 | /制 定 | 股东大会 审议 | | 1 | 《股东会议事规则》 | 修订 | 是 ...

Core Viewpoint - The real estate service sector experienced a decline of 0.48% on October 29, with Nandu Property leading the drop, while the overall stock market indices showed positive performance with the Shanghai Composite Index rising by 0.7% and the Shenzhen Component Index increasing by 1.95% [1][2]. Market Performance - The closing prices and percentage changes of key stocks in the real estate service sector are as follows: - Xinda Zheng (002968): 12.50, +1.46% - China Merchants Jiyu (001914): 11.44, +1.42% - Tefa Service (300917): 41.32, +0.66% - Shilianhang (002285): 2.36, +0.43% - Wo Ai Wo Jia (000560): 2.88, 0.00% - Zhujiang Co. (600684): 5.52, -1.25% - ST Mingcheng (600136): 1.84, -1.60% - Huangting International (000056): 2.31, -1.70% - Zhongtian Service (002188): 6.14, -1.76% - Ningbo Fuda (600724): 5.41, -2.87% [1][2]. Capital Flow Analysis - On the same day, the real estate service sector saw a net outflow of 135.18 million yuan from main funds, while retail funds experienced a net inflow of 1,106.91 million yuan, and individual investors had a net outflow of 971.73 million yuan [2][3]. - The capital flow for specific stocks indicates: - Xinda Zheng (002968): Main funds net inflow of 8.50 million yuan, retail funds net inflow of 1.32 million yuan, individual investors net outflow of 9.82 million yuan - Nandu Property (603506): Main funds net inflow of 8.43 million yuan, retail funds net inflow of 2.36 million yuan, individual investors net outflow of 10.79 million yuan - Shilianhang (002285): Main funds net inflow of 7.85 million yuan, retail funds net outflow of 0.79 million yuan, individual investors net outflow of 7.06 million yuan [3].

2025 年 9 月 29 日披露的《新大正物业集团股份有限公司发行股份及支付现金 购买资产并募集配套资金暨关联交易预案》及其摘要中已对本次交易涉及的有关 风险因素及尚需履行的审批程序进行了详细说明。截至本公告披露日，未发现新 的重大风险事项或可能导致交易双方撤销、中止本次交易方案或对本次交易方案 作出实质性变更的事项。 一、本次交易概况 新大正物业集团股份有限公司（以下简称"公司"）拟发行股份及支付现金购 买资产并募集配套资金事项暨关联交易事项（以下简称"本次交易"）。本次交易 构成关联交易，预计构成重大资产重组，但不构成重组上市。 本 次 交 易 预 案 的 具 体 内 容 详 见 2025 年 9 月 29 日 在 巨 潮 资 讯 网 （http://www.cninfo.com.cn）和《证券时报》《上海证券报》上刊登的公告。 二、本次交易的进展情况 证券代码：002968 证券简称：新大正 公告编号：2025-042 新大正物业集团股份有限公司 关于披露发行股份及支付现金购买资产并募集配套资金 暨关联交易预案后的进展公告 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 ...

Investment Rating - The report maintains an "Outperform" rating for the real estate industry, indicating a positive outlook for the sector despite current challenges [3][28]. Core Insights - The report emphasizes the importance of high-quality development in the real estate sector, linking it closely to price stability. It notes that as of September 2025, no cities among the 70 major cities experienced a month-on-month increase in housing prices, with the price gap between new and second-hand homes widening [3][28]. - The central government's focus on real estate is expected to increase over the next five years, with new housing products improving in line with demand trends and outdated restrictive policies being lifted [3][30]. - The report highlights a competitive landscape where demand and resources are increasingly directed towards leading cities and blue-chip developers, suggesting that strong regional development will continue to stimulate market vitality [3][31]. Summary by Sections Investment Recommendations - Recommended companies include: 1) Development: A-Shares - China Vanke, Poly Developments, China Merchants Shekou, Gemdale; H-Shares - China Overseas Land & Investment 2) Commercial and residential: China Resources Land, Longfor Group 3) Property management: Onewo, China Resources Vientiane Life, China Overseas Property, Poly Property Services, China Merchants Property 4) Cultural tourism: Shenzhen Overseas Chinese Town [3][28]. Market Dynamics - The report notes that the share of core cities in the real estate market is expected to increase significantly by 2025, with concentrated land supply cities accounting for 40% of national sales in the first three quarters of 2025 [3][31]. - It discusses the government's strategy to optimize regional economic layouts and promote coordinated development, which is anticipated to enhance market vitality [3][30].

Market Overview - The real estate service sector declined by 2.3% on October 24, with TeFa Service leading the drop [1] - The Shanghai Composite Index closed at 3950.31, up 0.71%, while the Shenzhen Component Index closed at 13289.18, up 2.02% [1] Individual Stock Performance - TeFa Service (300917) closed at 41.42, down 4.30% with a trading volume of 100,800 shares and a turnover of 420 million yuan [1] - Other notable declines include: - World Union (002285) down 4.05% to 2.37 with a turnover of 137 million yuan [1] - Ningbo Fuda (600724) down 3.19% to 5.46 with a turnover of 135 million yuan [1] - Royal International (000056) down 2.87% to 2.37 with a turnover of 104 million yuan [1] Capital Flow Analysis - The real estate service sector experienced a net outflow of 103 million yuan from institutional investors, while retail investors saw a net inflow of 59.01 million yuan [1] - Notable capital flows for individual stocks include: - TeFa Service had a net outflow of 32.35 million yuan from institutional investors, but a net inflow of 24.73 million yuan from retail investors [2] - World Union saw a net outflow of 2.83 million yuan from institutional investors, with a net inflow of 44.38 million yuan from retail investors [2] - New Dazheng (002968) had a net inflow of 39.71 million yuan from retail investors despite a net outflow from institutional investors [2]

Market Overview - On October 23, the real estate service sector rose by 1.08% compared to the previous trading day, with Ningbo Fuda leading the gains [1] - The Shanghai Composite Index closed at 3922.41, up 0.22%, while the Shenzhen Component Index closed at 13025.45, also up 0.22% [1] Individual Stock Performance - Ningbo Fuda (600724) closed at 5.64, with a gain of 5.42% and a trading volume of 361,600 shares, amounting to a transaction value of 202 million yuan [1] - Te Fa Service (300917) closed at 43.28, up 2.10%, with a trading volume of 131,900 shares and a transaction value of 586 million yuan [1] - Other notable performers include: - World Union (002285) at 2.47, up 1.23% [1] - Zhongtian Service (002188) at 6.27, up 0.64% [1] - ST Mingcheng (600136) at 1.93, up 0.52% [1] Capital Flow Analysis - The real estate service sector experienced a net outflow of 9.7373 million yuan from main funds, while speculative funds saw a net inflow of 64.4139 million yuan, and retail investors had a net outflow of 54.6766 million yuan [2] - The capital flow for individual stocks shows: - Ningbo Fuda had a main fund net outflow of 18.0642 million yuan [3] - Te Fa Service had a main fund net inflow of 7.6020 million yuan [3] - World Union saw a main fund net inflow of 747.68 thousand yuan [3]

Investment Rating - The industry is rated as "Add" [6] Core Insights - In the first nine months of 2025, the transaction area of residential land in 100 cities decreased by 6% year-on-year, while the average transaction floor price increased by 17% [1] - The overall premium rate for residential land transactions in 30 core cities is 11% [4] - The top three companies in terms of newly added land reserve value are China Overseas Land & Investment (112.4 billion), China Merchants Shekou (94.1 billion), and Greentown China (63.2 billion) [2][90] Summary by Sections 1. Supply and Demand of Land/Residential Land in 100 Cities - In the first nine months of 2025, the supply of land area in 100 cities decreased by 11.9% year-on-year, while the transaction area decreased by 7.2% [11] - The supply of residential land area in 100 cities decreased by 16.5% year-on-year, with a transaction area decrease of 6.2% [20] 2. Transaction Prices of Land/Residential Land - The average transaction floor price of residential land in 100 cities increased by 17.1% year-on-year, reaching 6,847 yuan per square meter [55] - The average transaction floor price in first-tier cities was 41,137 yuan per square meter, up 42% year-on-year [66] 3. Top 50 Real Estate Companies' Land Acquisition - The top 50 real estate companies saw a 63.9% year-on-year increase in newly added land reserve value, totaling 847.6 billion in the first nine months of 2025 [82] - The newly added land reserve area for the top 50 companies increased by 5.5% year-on-year [87] 4. Transaction Situation of Residential Land in 30 Core Cities - In September 2025, the transaction area of residential land in the 30 core cities increased by 16% year-on-year, with a total transaction price of 1,358 billion [96] - The total transaction area for the first nine months was 7,430 million square meters, accounting for 48.1% of the total transaction area in 100 cities [104] 5. Investment Recommendations - Focus on companies with strong brand reputation and sales performance in core cities, such as Poly Developments, China Merchants Shekou, and China Jinmao [118] - Look for companies with rich existing resources and operational brand competitiveness, such as China Resources Land and Shanghai Lingang [118] - Consider the long-term development potential of property services, recommending companies like China Merchants Jiyu and China Resources Vientiane Life [118]

Core Viewpoint - The real estate service sector experienced a slight increase of 0.86% on October 22, with ST Mingcheng leading the gains, while the overall market indices showed a decline [1]. Market Performance - The Shanghai Composite Index closed at 3913.76, down 0.07% - The Shenzhen Component Index closed at 12996.61, down 0.62% [1]. Individual Stock Performance - ST Mingcheng (600136) closed at 1.92, up 4.92% with a trading volume of 449,200 shares and a turnover of 85.91 million yuan - New Dazheng (002968) closed at 12.79, up 2.81% with a trading volume of 187,900 shares and a turnover of 241 million yuan - World Union (002285) closed at 2.44, up 2.52% with a trading volume of 583,500 shares and a turnover of 142 million yuan - Other notable stocks include Zhongtian Service (002188) at 6.23 (+1.96%), Ningbo Fuda (600724) at 5.35 (+1.33%), and China Merchants Jiyu (001914) at 11.36 (+0.71%) [1]. Capital Flow Analysis - The real estate service sector saw a net outflow of 67.74 million yuan from institutional investors, while retail investors contributed a net inflow of 52.23 million yuan [2]. - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors showed interest [2]. Detailed Capital Flow by Stock - New Dazheng (002968) had a net inflow of 9.62 million yuan from institutional investors, while it faced a net outflow of 11.98 million yuan from retail investors [3]. - China Merchants Jiyu (001914) experienced a net inflow of 4.76 million yuan from institutional investors, but also saw a net outflow of 5.71 million yuan from retail investors [3]. - ST Mingcheng (600136) had a minor net outflow of 110,600 yuan from institutional investors, with retail investors contributing a net inflow of 976,300 yuan [3].