本报讯 （记者张文湘）近日，上海可研管理咨询有限公司（以下简称"可研智库"）在深圳举办"可研智 库2025年度研究成果发布会"。本次发布会以"营之道：企业保值的自我革命"为主题，汇集了行业标杆 企业实践者，共论地产行业深度转型之路。 可研智库基于对327家地产开发及物业企业的连续6年跟踪研究，发布了2025年行业核心数据诊断。同 时，可研智库联合行业实践者提出了五条清晰的行动路径建议。 可研智库创始人兼总经理贾春晖在开场致辞中表示："所有曾经的安全边际都在消失，转型是唯一的生 路。从'空间建造者'向'城市运营综合服务商'的革命性转型，已经不是企业的战略选项，而是生存必 需。" 可研智库认为，面对新形势，企业需要重新定位为"城市运营合伙人"，从单纯的土地开发者转变为与城 市共同成长的综合服务商；企业组织能力成为转型的核心支撑，头部央国企可构建"战略引领型组织"， 出险房企则应建立"风险化解型组织"。 可研智库还认为，"好房子"已从政策号召演变为唯一的生存法则，竞争维度已从单点突破升维为体系化 能力的全面比拼；物业企业根本破局在于推动一场组织革命，从封闭的"成本中心"重塑为开放的"社区 生态运营平台"；城市运营需 ...

Core Viewpoint - The company has undergone a restructuring to create a new listing platform and will focus on the real estate industry, enhancing its core capabilities and service offerings in response to new industry demands [1][8]. Financial Performance - In the first half of the year, the company reported revenue of approximately 2 billion yuan, a year-on-year increase of 41%, with a gross margin of 30.8% and a core net profit attributable to shareholders of 310 million yuan, up 119% [1]. - The company declared an interim dividend of 0.15 HKD per share [1]. Business Segments - The company is focusing on four core segments: development services, property management, asset operation, and real estate technology [2][3]. - Property management services accounted for nearly 50% of total revenue, generating approximately 930 million yuan, a year-on-year increase of 8.7%, and representing 46.5% of total revenue [3]. - Asset operation revenue was about 275 million yuan, up 13.9%, while real estate technology revenue was approximately 287 million yuan, down 9.2% [3]. Operational Highlights - As of June 30, 2025, the company managed a contract area of 96.06 million square meters in property management, a 4% increase year-on-year, with an operational area of 79.46 million square meters, up 5% [5]. - The company signed seven non-residential projects with contracts exceeding 10 million yuan, with non-residential contract revenue reaching 510 million yuan [5]. Cash Flow and Shareholder Returns - The company reported an operating cash flow of approximately 440 million yuan in the first half of the year [7]. - The total assets reached 9.49 billion yuan, with net assets of 4.98 billion yuan and no interest-bearing debt, maintaining a cash balance of 1.27 billion yuan [7]. - The company has a strong commitment to shareholder returns, having declared an interim dividend and maintaining a competitive dividend policy [7]. Future Outlook - The management expressed confidence in achieving a revenue growth rate of around 20% for the full year of 2025, reflecting optimism about the company's strategic direction and market opportunities [8].