根据合伙协议的条款，合伙企业全体合伙人的出资总额为人民币2.83亿元，其中上海世茂天境出资人民 币约2.8亿元，葫芦岛永晟出资人民币283万元。 智通财经APP讯，世茂服务(00873)发布公告，于2025年12月22日，公司间接全资附属公司上海世茂天境 (作为有限合伙人)与葫芦岛永晟(作为普通合伙人)订立合伙协议，据此，订约方同意成立合伙企业，以 在中国辽宁省开展葫芦岛兴城市污水处理项目的投资建设及运营。 集团为中国一家领先的综合物业管理服务提供商，为深入贯彻落实习近平总书记新时代中国特色社会主 义思想，以及关于中国东北地区、辽宁省振兴发展的系列重要讲话和指示精神，践行新发展理念，积极 构建在中国辽宁省葫芦岛兴城市"全区域、全链条、全场景"的现代化污水处理体系，推动兴城市现代城 市服务业高质量发展。就通过深化与合作方共同努力推进城市服务暨兴城市污水处理全领域合作，双方 将充分发挥各自在资源获取、项目建设施工、执行标準等各方面的综合优势，在建设"葫芦岛兴城市全 领域污水处理城市服务"方面形成全领域合作。为打造合力共赢，除了支持辽西地区最大智慧城市服务 平台暨兴城市污水处理升级外，更能充分发挥双方在资源、资金、 ...

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Insights - The company achieved a revenue of 1.169 billion yuan in Q3 2025, a year-on-year increase of 3.3%, while the net profit attributable to shareholders reached 50.36 million yuan, up 60% year-on-year, primarily due to the appreciation of A-share stock holdings [1][2]. - Operating cash flow turned negative at -123 million yuan, influenced by increased cash payments for goods and services, but the sale of stock assets effectively supplemented cash flow [2]. - The property management business continues to expand, with a total of 428 projects under management and a signed construction area of approximately 50.99 million square meters, including new sports venues [3]. - The company has strengthened its financing channels, with a recent issuance of 253 million shares to the parent company to enhance liquidity and repay debts [3]. Financial Forecasts - Revenue projections for 2025-2027 are 1.811 billion yuan, 2.106 billion yuan, and 2.462 billion yuan, reflecting growth rates of 16.2%, 16.3%, and 16.9% respectively [4][5]. - Net profit attributable to shareholders is forecasted to be 450 million yuan, 770 million yuan, and 1.1 billion yuan for the same period, with growth rates of 186.3%, 71.7%, and 44.0% respectively [4][5]. - The price-to-earnings (PE) ratios for 2025-2027 are projected to be 110, 64, and 45 [4][5].

Group 1 - Sanya's tourism department distributed "warm gift packages" including coconuts, toys, and local snacks to departing travelers, enhancing their experience during adverse weather conditions [1][2] - The efficient disaster response and warm service from Sanya received positive feedback from tourists, highlighting the city's commitment to visitor safety and satisfaction [1][2] - Sanya Guoguang Howard Johnson Resort Hotel implemented emergency plans before the typhoon, ensuring guest safety through facility inspections and food supply management [1] Group 2 - Despite the adverse weather, the hotel increased indoor activities for guests, doubling the number of daily family activities and providing 24-hour room service [2] - The unexpected weather conditions allowed tourists to enjoy a more relaxed hotel experience, with some guests expressing that the situation led to memorable moments [2]

Group 1 - The company is exploring opportunities in the medical field through a strategic partnership with Derong Medical, which was established in January 2025 [1] - The collaboration will focus on multiple areas including integrated sanitation management services, infrastructure investment, medical community construction, hospital logistics management, and medical waste treatment [1] - The goal is to create a more open and efficient urban service platform, developing intelligent urban medical service solutions [1]

Core Viewpoint - The company is projected to achieve a revenue increase of 15% year-on-year in 2024, with a net profit growth of 24% [2] Group 1: Financial Performance - The company expects to generate revenue of 17 billion yuan in 2024, reflecting a year-on-year increase of 15.4%. The commercial segment is anticipated to contribute 6.27 billion yuan, up 21.4%, while the property segment is expected to generate 10.72 billion yuan, an 11.6% increase [2] - The gross profit is projected to reach 5.61 billion yuan, representing a 19.5% increase, with a gross margin of 32.9%, up 1.1 percentage points year-on-year. The net profit attributable to shareholders is expected to be 3.63 billion yuan, a 23.9% increase [2] Group 2: Operational Highlights - The company has achieved outstanding performance in shopping center operations, with the number of managed shopping centers reaching a five-year high of 118, an increase of 20 centers from the previous year. The retail sales of managed shopping centers are projected to be 215 billion yuan, up 18.7%, with rental income from owners at 26.2 billion yuan, a 19.2% increase [3] - The operating profit margin for owners is expected to be 65.1%, an increase of 0.4 percentage points year-on-year. The shopping center-related business segment is projected to generate revenue of 4.21 billion yuan, a 30% increase, contributing 24.7% to total revenue [3] Group 3: Expansion and Services - The company is expanding its urban services segment, managing 1,385 residential projects with a total area of 270 million square meters, of which 55.6% comes from projects delivered by China Resources Land. Revenue from residential property management is expected to be significantly supported by high-quality projects from this partner [4] - The urban services segment, which includes traditional property management services and value-added services, is projected to generate 1.82 billion yuan in revenue, a 36.3% increase, accounting for 10.7% of total revenue [4] Group 4: Employee and Dividend Insights - The total number of employees is expected to reach 42,046 by the end of 2024, an increase of 1,069 from the previous year. The average revenue per employee is projected to grow by 12.5%, while average profit per employee is expected to increase by 20.8% [7] - The total dividend payout for 2024 is projected to be 4.8 billion yuan, resulting in a dividend yield of 6.7% based on the closing price on April 1, 2025, indicating strong attractiveness for investors [7]