越秀服务(06626)今日披露2025年中期业绩报告。报告显示，上半年越秀服务营业收入为19.62亿元，商 业收入3.70亿元，占18.9%，非商收入15.92亿元，占81.1%，其中商业运营及管理服务收入3.12亿元，基 础物业管理收入为7.16亿元，同比大增19.2%。这是越秀服务连续第四年基础物业营收保持增速20%左 右的高增长。 在行业回归理性增长的大环境下，越秀服务通过精准的城市与业态战略布局，及母公司越秀地产持续的 高品质交付，已构建稳健的高净值项目池，始终保持韧性发展。截至2025年6月末，越秀服务总在管面 积7231万平方米，其中91%位于一二线核心城市，物业费单价高、客户粘性强、未来服务长期可持续， 密度效应带动人均管理面积提升，单项目边际成本下降，夯实了公司基础物业收入的高增速发展。第三 方权威调研显示，截至2024年末，越秀服务满意度已连续三年保持90分以上;同时其2025年上半年收缴 率实现逆市上升，侧面印证了业主对公司服务品质的认可。 截至报告期末，越秀服务账面现金及定期存款为47.91亿元，较2024年末再增8900万元;同时经营性现金 流持续为正，稳居上市物企"现金一梯队"。中物 ...

Group 1: Market Overview - The Ningbo real estate market in the first half of 2025 shows a mixed performance with both new and second-hand housing prices and volumes declining, while the land market for fourth-generation residential land is booming [1][2][11] - The overall transaction volume for new homes decreased by approximately 35.9% year-on-year, with a total of 12,706 new homes sold in the first half of 2025 [4][9] Group 2: Land Market Dynamics - The land market is characterized by a "quantity reduction and quality improvement" trend, with only 9 residential land transactions covering an area of 407,300 square meters and generating a total transaction value of 11.485 billion yuan, which is only 19.2% of the annual supply plan [2][4] - Fourth-generation residential land has become the main focus, with successful sales of 4 plots in core and potential new urban areas, emphasizing ecological and quality upgrades in residential products [1][2] Group 3: New Housing Market - New housing sales in Ningbo's six districts totaled 6,987 units, with significant contributions from high-end projects, indicating strong demand for improved housing despite overall market decline [6][8] - High-end projects such as Jiangshan Wanli and Minghu Zhixin have shown remarkable sales performance, attracting high-net-worth individuals due to their prime locations and upgraded features [7][8] Group 4: Second-Hand Housing Market - The second-hand housing market in Ningbo's six districts saw a 12% decline in transaction volume compared to the same period in 2024, totaling 20,498 units sold [9][11] - Monthly trends indicate a "double peak" pattern, with spikes in March and April due to policy-driven demand, while other months experienced lower transaction volumes [9][11]