特发服务半年内3次发布股东减持计划 股价逆势跌12%背后藏何玄机？

Core Viewpoint - The company TeFa Service has been experiencing a series of shareholder sell-offs, with three reduction plans announced in the past six months, totaling a maximum reduction of 7% of its shares, while its stock price has declined by 11.93% this year, underperforming compared to market indices and facing challenges in revenue growth and cash flow [1][5][7]. Group 1: Shareholder Reduction Plans - TeFa Service has announced three shareholder reduction plans in the past six months, with the latest plan on October 21, 2025, involving shareholders Longxin Construction Group and Jiaxing Chuangze Investment, aiming to reduce up to 2% of the total share capital [2][4]. - The cumulative maximum reduction from the three plans has reached 7%, with the first plan disclosed on May 21, 2025, allowing shareholders to reduce up to 3% of the total share capital [2][3]. - The shareholders involved in the reductions include Yinkun Company, Longxin Construction, and Jiaxing Chuangze, with their respective shareholding sources being pre-IPO shares, judicial auction, and court rulings [3][4]. Group 2: Stock Performance and Market Context - TeFa Service's stock price has decreased by 11.93% this year, significantly lagging behind the Shanghai Composite Index, which rose by 16.77%, and the Shenzhen Component Index, which increased by 24.79% [5][6]. - The company’s revenue has shown growth, with reported revenues of 2.448 billion yuan, 2.864 billion yuan, and 1.393 billion yuan for the years 2023, 2024, and the first half of 2025, respectively, but the growth rates have slowed down to 22.04%, 17.00%, and 3.59% [7]. - The net profit growth has been relatively low, with net profits of 120 million yuan, 122 million yuan, and 59 million yuan for the same periods, reflecting growth rates of 5.30%, 1.24%, and 2.69% [7]. Group 3: Industry Overview - The property management industry, where TeFa Service operates, is entering a stable development phase, with the market size projected to grow from 25.91 billion square meters in 2020 to 31.41 billion square meters by 2024, reflecting a compound annual growth rate of 4.9% [8]. - Despite the overall expansion in the property management sector, the industry is experiencing a slowdown in growth, influenced by the declining fundamentals of the real estate market, leading to increased differentiation among property management companies [8].