事件：公司2025 年8 月29 日发布2025 年半年度报告。 风险提示：地产政策放松不及预期，开发业务毛利率改善不及预期，大宗商品价格波动风险。 截止2025 年6 月末，公司权益口径土储货值合计2468 亿元，在一、二线占比超过83%，较上年末提升 3.5 个百分点，土储结构不断优化。 供应链运营业务业绩稳健，积极推进国际化进程。分季度来看，2025 年Q1、Q2 供应链业务贡献归母净 利润分别为8.5、5.7 元，同比分别为+9.7%、-11.8%。上半年经营的主要大宗商品的经营货量约1.03 亿 吨，总货量保持增长的同时，多个核心品类继续保持行业领先地位。其中，钢材经营货量超3600 万 吨，同比增长超10%；农产品经营货量近1700 万吨，同比增长超6%。此外，公司加快国际化进程，积 极推进海外业务本土化运营，上半年海外业务规模超57 亿美元，同比增长约10%。 投资建议：维持"买入"评级。公司地产业务土储布局优质，销售拿地在行业下行期依然保持韧性；供应 链板块龙头地位稳固。但考虑到当前房地产市场尚未企稳以及美凯龙的拖累， 我们调整了盈利预测， 预计2025/2026/2027 年公司营业收入分别 ...

证券研究报告 | 半年报点评 gszqdatemark 2025 09 01 年 月 日 建发股份（600153.SH） 房地产销售投资增长，供应链业务稳健经营 事件：公司 2025 年 8 月 29 日发布 2025 年半年度报告。 受家居商场以及房地产业务影响，上半年业绩同比下滑。公司 2025 年上 半年实现营业收入 3153 亿元，同比减少 1.2%，归母净利润 8.4 亿元，同 比减少 29.9%；扣非归母净利润 6.7 亿元，同比减少 20.4%。分业务来 看：（1）房地产业务实现营业收入 441 亿元，同比减少 13.8%；毛利率 13.3%，同比提升 0.2pct；归母净利润 0.1 亿元，同比减少 1.4 亿元。其 中建发房产和联发集团分别贡献归母净利润 5.2 亿元和-5.1 亿元，分别计 提存货跌价准备 3.8 和 2.3 亿元；（2）供应链运营业务实现营收 2678 亿 元，同比增长 1.6%；归母净利润 14.2 亿元，同比基本持平；（3）家居商 场运营业务实现营收 33.4 亿元，同比降低 21%；贡献归母净利润-5.9 亿 元，亏损主要因为商场租金增长未达预期，导致投资性房地产公 ...

（ 於開曼群島註冊成立的有限公司 ） （股份代號：8475） 香港交 易及結算 所有限公司 及香港聯 合交易所 有限公司（「聯交所」）對本公 告 的 內 容 概 不 負 責 ， 對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明 ， 並 明 確 表 示 ， 概不 就 因 本 公 告全 部 或 任 何部 分 內 容 而 產生 或 因 倚 賴 該等 內 容 而 引致 的任何損失承擔任何責任。 E -STATION GREEN TECHNOLOGY GROUP CO., LIMITED 易 站 綠 色 科 技 集 團 有 限 公 司 本 公 告 乃 由 易 站 綠 色 科 技 集 團 有 限 公 司（「 本 公 司 」， 連 同 其 附 屬 公 司 統 稱 「本集團」）的董事（「董事」）會（「董事會」）根據香港聯合交易所有限公司（「聯 交 所 」）GEM 證 券 上 市 規 則（「 GEM 上 市 規 則 」）第 17.10 條 及《 證 券 及 期 貨 條 例》（ 香港法例第571章 ）第XIVA部項下的內幕消息條文（ 定義見GEM上市規 則 ）作出。 消除不發表意見的行動計劃實施的 季度最新情況 ...

Core Viewpoint - JD Logistics reported its 2Q25 earnings, showing a revenue increase of 17% YoY to Rmb51.56 billion and a non-IFRS net profit rise of 5% YoY to Rmb2.59 billion, aligning with expectations [1] Revenue Growth - The revenue from integrated supply chain customers increased by 26% YoY to Rmb26.9 billion, with JD Group's revenue rising 31% YoY to Rmb17.8 billion, driven by government subsidies and JD Food Delivery expansion [2] - Revenue from external integrated supply chain customers grew 18% YoY to Rmb9.1 billion, with the number of external customers increasing by 14% YoY to approximately 65,854, and average revenue per customer (ARPC) rising 4% YoY to about Rmb138,874 [2] Cost Analysis - The cost of revenue increased by 18% YoY in 2Q25, with employee benefit expenses rising 21% YoY, while gross profit margin fell by 1.3 percentage points YoY to 10.6% [3] - The firm employed over 660,000 in-house operational employees as of 1H25, an increase of about 180,000 compared to the end of 2024, indicating rising staff costs due to business expansion [3] Future Trends - The instant delivery business is expected to contribute incremental revenue, with the firm recruiting full-time riders for JD Food Delivery and launching integrated warehousing and delivery services [4] - The firm anticipates that food delivery riders will create synergies with the existing express delivery network, enhancing last-mile delivery efficiency and service flexibility [4] - Continued investments in internationalization and automation include launching the JoyExpress brand in Saudi Arabia and developing unmanned light-duty trucks [4] Financial Forecasts - The firm has revised its 2025 and 2026 non-IFRS net profit forecasts down by 2.7% and 5.8% to Rmb8,307 million and Rmb8,883 million, respectively [5] - The stock is currently trading at 10.2x 2025e and 9.4x 2026e non-IFRS P/E, with an OUTPERFORM rating and a target price of HK$18.50, implying a 32.5% upside [5]

证券代码：600113 证券简称：浙江东日 浙江东日股份有限公司投资者关系活动 记录表 投资者关系活动类别 ?特定对象调研 ?分析师会议 ?媒体采访 ?业绩说明会 ?新闻发布会 ?路演活动 ?现场参观 ?其他（请文字说明其他活动内容） 北京世邦私募基金管理有限公司 崔卫国 武颖 陈奕宸 地点 公司会议室（线上调研） 董事会秘书、财务总监：谢小磊 证券事务代表：戴儒哲 证券事 上市公司接待人员姓名 务专员：徐建伟 公司董秘结合投资者问题，就公司业务布局、定增再融资、股权激 励等方面内容进行了介绍。投资者提出的主要问题及公司回复情况 如下： 投资者关系活动主要内容 1、公司目前主要业务构成是农批市场运营、生鲜食材配送及食 介绍 发展？ 答 ： 浙江 东 日 系 温州 市 国 资 委控 股 上 市 公司 ， 公 司 业 务呈 "1+2+N"布局。 "1"农副产品批发交易市场业务。公司温州娄桥农副产品物流 产业园以蔬菜、水果批发为主，2024年实现蔬、果、肉等各类农产 品交易138万吨，交易额约120亿元，交易量占温州市区总供应量的 以温州市场为依托，近年来不断向外拓展，实现浙江龙游、浙江常 山、山西临汾、黑龙江哈尔 ...

Core Viewpoint - Yuneng International (01298) reported a significant increase in revenue for the fiscal year 2024, achieving a total revenue of HKD 571 million, representing a year-on-year growth of 65.64% and turning a profit with a net profit of HKD 491,000 [3] Financial Performance - The company’s operating cash flow was negative at HKD -75.77 million, a decrease of HKD 89.77 million compared to the previous year [30] - Basic earnings per share were HKD 0.0018, with a weighted average return on equity of 0.3%, an increase of 3.25 percentage points year-on-year [26] - The price-to-earnings ratio (TTM) is approximately 392.68, with a price-to-book ratio of 1.17 and a price-to-sales ratio of 0.33 as of April 29 [3] Revenue Composition - For 2024, the revenue composition was HKD 524.5 million from the supply chain business and HKD 52.1 million from the distribution business [21] - In 2023, the revenue from the supply chain business was HKD 284.6 million, indicating growth in this segment [23] Asset and Liability Changes - As of the end of 2024, cash and cash equivalents decreased by 45.23%, while accounts receivable increased by 52.21% and inventory rose by 78.27% [38] - Short-term borrowings increased by 68.13%, and accounts payable rose by 86.26%, indicating a significant rise in liabilities [41] - The current ratio was reported at 1.49, and the quick ratio was 1.2 [45]

Financial Performance - In 2024, the company achieved total revenue of 31.589 billion CNY, a year-on-year increase of 23.70% [1] - The net profit attributable to shareholders was 853 million CNY, up 1.03% year-on-year, while the net profit excluding non-recurring gains and losses was 808 million CNY, an increase of 13.81% [1] - Operating cash flow reached 1.750 billion CNY, reflecting an 8.97% increase compared to the previous year [1] Dividend Policy - Since its listing in November 2017, the company has maintained a stable dividend level, with cumulative cash dividends amounting to 3.088 billion CNY, averaging over 65% of net profit attributable to shareholders [1] - In 2024, the total cash dividend was approximately 623 million CNY, representing 73% of net profit [2] - The special dividend plan for 2024 included a distribution of 2.5 CNY per 10 shares, totaling about 324 million CNY, which has been implemented [2] - The proposed annual profit distribution for 2024 is 2.3 CNY per 10 shares, amounting to approximately 298 million CNY, pending approval at the annual shareholders' meeting [2] Shareholder Returns - The proportion of minority shareholders' profit increased from 8.99% to 11.89%, impacting the net profit attributable to shareholders [3] - The company's effective tax rate decreased significantly from 31.45% to 21.54% due to the recognition of deferred tax assets [3] Supply Chain Business - In 2024, revenue from the supply chain business exceeded that of the urban gas business, reaching 15.848 billion CNY, which accounted for 50.17% of total revenue [3] - The gross margin for the supply chain business was reported at 1.73%, with fluctuations attributed to varying product category proportions [3] Natural Gas Supply - The company supplied 4.907 billion cubic meters of natural gas in 2024, with a gross margin of 9.25% for urban gas business, showing a slight increase [4] - The pricing mechanism for non-residential natural gas sales is linked to upstream natural gas prices, allowing for adjustments based on market conditions [4] Financial Liabilities - The company reported trading financial liabilities of 1.238 billion CNY at the end of 2024, reflecting the fair value of long-term procurement contracts [5] - The trading financial liabilities at the end of 2023 were 777 million CNY, indicating an increase due to contract evaluations [5]