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民生证券发布天地源研报,2025年中报点评:利润受多因素影响亏损加剧,盘活存量助力公司稳健经营

Group 1 - The core viewpoint of the report is a cautious recommendation for Tiandi Source (600665.SH) due to significant revenue growth but worsening net profit losses [1] - Revenue has increased year-on-year, but expenses and impairment provisions have led to a deeper loss in net profit attributable to shareholders [1] - The company is focusing on deepening its market presence in the Xixian area while gradually enhancing its holding segment [1] Group 2 - The advantages of being a state-owned enterprise are highlighted, with smooth financing channels [1] - There are risks associated with the company's land expansion not meeting expectations and the market recovery being slower than anticipated [1]