机构：中信建投证券 研究员：竺劲 核心观点 2025 年上半年公司实现营收85.2 亿元，同比增长6.5%；其中商业、物业航道营收分别同比增长14.6%、 1.1%。上半年实现核心净利润20.1 亿元，同比增长15.0%，业绩增速大于营收增速主要由于毛利率提 升，这主要由于毛利率较高的商业航道收入占比提升、商业航道自身毛利率较上年同期实现增长。公司 商管运营持续精进，上半年在营购物中心实现零售额1220 亿元，同比增长21.1%，同店增速达9.7%，优 于同期全国社零增速；公司合作品牌库进一步扩展、零售额排名当地第一的商场数量持续增长，商管龙 头地位持续巩固。物管规模保持稳定，上半年收缴率较去年同期有所提升。公司首次在中期实现核心净 利润的全额分派，滚动股息率达6.3%，高股息特征明显。 商场运营持续精进，商管龙头地位进一步巩固。截至上半年末公司在营的购物中心共125 个，较去年年 底增加3 个。上半年公司在营购物中心实现零售额1220 亿元，同比增长21.1%，同店增速达9.7%，优于 同期全国社零5.0%的增速；其中重奢项目与非重奢项目的同店增速分别达9.6%、9.8%，均实现良好增 长；上半年末在营购物 ...

销售规模逆势增长；盈利稳健，分红维持稳定回报股东；债务结构良好，长期债务占总债务比例达八成以上。 ◎ 作者 / 沈晓玲、洪宇珩 核 心 观 点 【销售规模逆势增长，多个项目单盘销售位列当地TOP5】 2025上半年华发股份实现签约销售金额502.2亿元，同比增长11.1%，在行业整体走低的背景下 逆势增长，根据克而瑞榜单显示，企业操盘口径销售金额位居行业第8，较2024年底提升1位，全口径销售额位居行业第11位，稳居行业前列。布局核心城 市助力华发销售业绩维持韧性，多个项目单盘表现亮眼，南京绿城华发·金陵月华、联发华发嘉和华府分别以15.37亿元、10.99亿元位列当地TOP1、 TOP3；上海时代之城上半年销售金额高达40.77亿元，获得了上海外环销售金额、面积、套数三项冠军；广州长隆万博悦府以31.48亿元位列广州项目销售 TOP2。 【上半年在成都新增2个项目，布局核心地块】 2025上半年华发股份维持相对稳健的投拓力度，在成都新增了2个项目，新增土储建面约15.29万方，总价 约36.09亿元。企业持续抢先布局重点城市核心板块内具有开发价值与潜力的优质地块，稳固投资基础，锁定城市发展红利。 【继续保持 ...

Investment Rating - The report maintains an "Overweight" rating for the company [11] Core Insights - The company reported a revenue of 23.19 billion RMB for H1 2025, a year-on-year increase of 10%, while the net profit attributable to shareholders decreased by 31% to 1.0 billion RMB [1][2] - The core net profit was 1.57 billion RMB, down 15% year-on-year, primarily due to increased operational costs and a decline in profit margins [2][3] - The company has significantly increased its dividend payout ratio for 2025 to 60% of core net profit, which is an increase of 27 percentage points from 2024, resulting in an estimated dividend yield of 8.0% [4] Revenue and Profitability - The company's core business revenue grew at a double-digit rate, driven by the expansion of its property management services, particularly in the "Three Supplies and One Industry" segment, which saw a revenue increase of 68% [2] - The overall gross margin decreased by 2.6 percentage points to 18.5%, influenced by higher management expenses and increased investments in service quality [2][3] - The company expects to maintain high single-digit growth in core business revenue and profit for the full year, despite increased uncertainty in profit margins [2] Cash Flow and Dividend Policy - The operating cash flow for H1 2025 was negative 880 million RMB, a decline from a positive 270 million RMB in the same period last year, primarily due to increased upfront investments and a decrease in prepayment activities [3] - The company plans to enhance shareholder returns through a combination of cash dividends, share buybacks, and other measures [4] Earnings Forecast and Valuation - The earnings per share (EPS) estimates for 2025-2027 have been adjusted downwards to 0.81 RMB, reflecting a decrease of 11%-19% from previous estimates [5] - The target price for the company is set at 7.10 HKD, based on an adjusted price-to-earnings (P/E) ratio of 8 times for 2025 [5][7]

上 市 公 司 房地产 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 08 月 27 日 | | --- | --- | | 收盘价（元） | 12.56 | | 一年内最高/最低（元） | 13.59/8.16 | | 市净率 | 1.3 | | 股息率%（分红/股价） | 1.91 | | 流通 A 股市值（百万元） | 13,318 | | 上证指数/深证成指 | 3,800.35/12,295.07 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 06 月 30 日 | | --- | --- | | 每股净资产（元） | 10.03 | | 资产负债率% | 44.01 | | 总股本/流通 A 股（百万） | 1,060/1,060 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 2025 年 08 月 28 日 招商积余 (001914) ——业绩表现稳健，商业运营稳步发展 08-27 09-27 10-27 11-27 12-27 01-27 02-27 03-27 04-27 05-2 ...

中金发布研报称，基于对中海物业(02669)细分业务结构及毛利率调整，下调2025年和2026年盈利预测 5%和6%至16.0亿元和17.1亿元(同比分别增长6%和7%)。维持跑赢行业评级和目标价6.5港元(对应12倍 2025年市盈率，隐含22%上行空间)，主要考虑到市场风险偏好变化，公司当前交易于10倍2025年市盈 率。 该行测算1H25综合回款率同比小幅提升，其中当年回款率同比上行、往期回款率则小幅下行。贸易应 收款原值同比增长1%，低于上半年收入增速。 料下半年经营趋势平稳中或略有改善 中金主要观点如下： 1H25业绩略低于市场预期 增值服务整体承压，细分资产运营及工程服务仍有韧性 2025年上半年公司住户及非住户增值服务收入体量均出现不同程度下行，主要系整体环境影响。住户增 值服务方面，上半年收入同比下降12%至6.1亿元，其中房屋租售等社区资产运营服务收入同比实现增 长6%，居家生活服务及商业运营收入同比则下降26%;非住户增值服务端，与地产行业较为相关的交付 前查验等业务拖累整体收入增速，工程服务收入则保持双位数左右的增长。 综合收缴率略有改善，账款管理维持良性 公司公布1H25业绩：收入同比 ...

Summary of Poly Property Conference Call Company Overview - **Company**: Poly Property - **Industry**: Property Management Key Financial Metrics - Revenue growth of 6.6% in H1 2025, reaching 8.39 billion yuan [3] - Net profit growth of 5.3%, totaling 890 million yuan [3] - Cash on hand is 11.6 billion yuan, with a low debt ratio and no interest-bearing debt [3] - Third-party property management revenue increased by nearly 20% [2] - Contract amount for market expansion grew by 17.2% to 1.41 billion yuan [2] Operational Strategies - Implemented organizational restructuring to independently operate residential, commercial, and community sectors [2] - Established engineering and community asset management companies to enhance market expansion efficiency [2] - Focused on high-quality projects in the second-hand residential market, achieving a 47% increase in contract amount [4][9] - Continued to control management expenses, with a management expense ratio of 5.3% [9] Profitability Insights - Stable gross margin for property management and owner value-added services, but a significant decline in non-owner value-added gross margin due to real estate market conditions [6] - Non-owner value-added business strategies include adjusting office rental conditions to improve occupancy rates and leveraging engineering services for new revenue streams [7] - Expected gross profit for 2025 to be stable or slightly increased compared to 2024, with revenue and profit growth guidance of no less than 5% [8] Market Expansion and Client Engagement - Over 30% of new contracts came from existing clients, indicating strong client retention [5] - Focus on differentiating market strategies since 2016, emphasizing quality over quantity in project selection [4] - Plans to enhance talent acquisition and optimize compensation mechanisms to attract quality personnel [5] Future Outlook - Anticipated stability in property management business with slight fluctuations in gross margin [8] - Continued exploration of new growth points to maintain overall gross margin stability [7] - No specific quantitative targets for future project expansion, but a commitment to steady growth in active markets [9]

华润万象生活 （01209.HK） 2025 年 08 月 27 日 股价走势图 -50% 0% 50% 100% 150% 2024-08 2024-12 2025-04 华润万象生活 恒生指数 数据来源：聚源 相关研究报告 《营收利润稳健增长，维持核心净利 润 100%分派—港股公司信息更新报 告》-2025.3.26 《非凡万象，双轮共进，商管服务龙 头业绩腾飞—公司首次覆盖报告》 -2025.2.6 购物中心毛利率提升，首次实现中期 100%分派 ——港股公司信息更新报告 | 齐东（分析师） | 胡耀文（分析师） | 杜致远（联系人） | | --- | --- | --- | | qidong@kysec.cn | huyaowen@kysec.cn | duzhiyuan@kysec.cn | | 证书编号：S0790522010002 | 证书编号：S0790524070001 | 证书编号：S0790124070064 | 投资评级：买入（维持） | 日期 | 2025/8/26 | | --- | --- | | 当前股价(港元) | 41.620 | | 一年最高最低(港元) | 42.6 ...

房地产 2025 年 08 月 25 日 华润万象生活(1209.HK) 厚积成势万象更新，双轮协同行稳致远 推荐（首次） 股价：40.28 港元 主要数据 | 行业 | 房地产 | | --- | --- | | 公司网址 | www.crmixclifestyle.com.cn | | 大股东/持股 | 华润置地有限公司/72.29% | | 实际控制人 | 国务院国资委 | | 总股本(百万股) | 2282.50 | | 流通 A 股(百万股) | 0 | | 流通 B/H 股(百万股) | 2282.50 | | 总市值（亿港元） | 839 | | 流通 A 股市值(亿元) | 0 | | 每股净资产(元) | 7.96 | | 资产负债率(%) | 42.16 | 行情走势图 证券分析师 | 杨侃 | 投资咨询资格编号 | | --- | --- | | | S1060514080002 | | | BQV514 | | | YANGKAN034@pingan.com.cn | | 郑茜文 | 投资咨询资格编号 | | | S1060520090003 | | | ZHENGXIWEN239@p ...

其中影视股吉视传媒收获5连板，基建股新疆交建4连板。一图速览今日连板股>> | 77.5 | -8.13 | | | --- | --- | --- | | | | 截至收盘斩获连板个股 | | 股票名称 | 连板天数 | 所属概念 | | 吉视传媒 | 5 | Al智能体+影视 | | 新疆交建 | 4 | 基建 | | 万通发展 | 4 | 物业管理 | | 同洲电子 | 3 | 锂电池 | | 北纬科技 | 3 | 低空经济 | | 桂发祥 | 3 | 休闲食品 | | 九鼎投资 | 3 | 人形机器人 | | 浙江东日 | 3 | 国企改革 | | *STKG | 3 | 风电 | | 海立股份 | 3 | 光刻机 | | 大元泵业 | 3 | 液冷服务器 | | 国光连锁 | 3 | 零售 | | 必得科技 | 3 | 轨交设备 | | 合百集团 | 2 | 零售 | | 烽火电子 | 2 | 军工装备 | | 恒宝股份 | 2 | 数字货币 | | 创新医疗 | 2 | 脑机接口 | | *ST奥维 | 2 | 军工信息化 | | 中电鑫龙 | 2 | 华为概念 | | *ST南置 | 2 | 商 ...

8月11日，Wind数据显示，A股市场共计85只个股涨停。其中影视概念吉视传媒3连板；建材板块多股连 板，国统股份、西部建设、青松建化均收获2连板。一图速览今日连板股>> an and | Andress | Can | The | Can | The | Can | The | Chical | The | The | The | The | The | The | The | The | The | The | The | The | The | 连板股 8.11 | | 截至收盘斩获连板个股 | | --- | --- | --- | | 股票名称 | 连板天数 | 所属概念 | | 吉视传媒 | 3 | Al智能体+影视 | | 郎規史上 | 3 | 商业航天 | | 赛诺医疗 | 3 | 医疗 | | 美丽生态 | 2 | 算力 | | *ST生物 | 2 | 生物医药 | | 航天科技 | 2 | 军工+航空航天 | | 国统股份 | 2 | 建材 | | 西部建设 | 2 | 建材 | | 北新路桥 | 2 | 基建 | | 天顺股份 | 2 | 航空货运 | | 德生科技 | 2 | 数据要索 ...