Core Viewpoint - The company reported a revenue of 214 million yuan for the first half of 2025, a year-on-year decrease of 1.92%, and a net profit attributable to shareholders of 2 million yuan, down 93.84% year-on-year. The company faces significant pressure in product sales but may see acceleration in core urban renewal projects as their importance increases [1][2]. Group 1: Financial Performance - The company's revenue for the first half of 2025 remained stable year-on-year, with operational business serving as a crucial stabilizing factor. The company did not generate real estate sales revenue in the first half due to the industry's ongoing stabilization, but rental income from real estate reached 146 million yuan, up 5% year-on-year, and hotel revenue was 68 million yuan, up 1% year-on-year, collectively accounting for 99.6% of total revenue [1][2]. - The decline in profit was primarily due to reduced interest income and losses from fair value changes [1]. Group 2: Project Development and Growth Strategy - The core project "Yupin Luanshan" has made progress, completing the zero-level target in May and reaching eight floors by the end of August, with plans to open a marketing showroom and model room in September, aiming for a launch within the year [2]. - The "Hualian Nanshan A District" project is still in the preliminary stages, but recent political meetings have highlighted urban renewal, which may benefit the project's advancement [2]. - The company is actively cultivating a second growth curve through investments in strategic emerging industries such as new energy, new materials, and new technologies, with ongoing projects like Shenzhen Juneng and Zhuhai Juneng [2]. Group 3: Shareholder Value and Valuation - The company completed a share repurchase plan, buying back 0.57% of its shares for approximately 30 million yuan, enhancing shareholder equity. The remaining shares will be used for employee stock ownership plans to promote sustainable development [2]. - The company maintains profit forecasts for 2025, 2026, and 2027 at 80 million, 90 million, and 190 million yuan respectively, with corresponding EPS of 0.06, 0.07, and 0.13 yuan. The estimated BPS for 2025 is 3.67 yuan [2]. - The target price has been adjusted to 4.53 yuan based on a 1.1x price-to-book ratio, reflecting an increase in comparable company valuations [2].

证券研究报告 核心项目有序推进,持续关注转型进展 | 华泰研究 | | | 中报点评 | 投资评级(维持): | 增持 | | --- | --- | --- | --- | --- | --- | | 2025 年 | 8 月 | 28 日│中国内地 | 房地产开发 | 目标价(人民币): | 4.53 | 公司 8 月 26 日发布 25 中报：营收 2.14 亿元，同比-1.92%；归母净利润 0.02 亿元，同比-93.84%。公司在售产品仍面临较大的去化压力，但未来随 着城市更新重要性提升，其核心城市更新项目或有望加速推进。此外公司积 极打造第二增长曲线，长期需跟踪公司转型进展。维持"增持"评级。 存量项目去化较慢，经营性业务贡献全部收入 公司 25H1 营收同比基本持平，经营性业务发挥重要压舱石作用。25H1 由 于行业仍在筑底企稳之中以及公司销售产品的特殊性，上半年未产生房地产 销售收入。但房地产出租业务实现收入 1.46 亿元，同比+5%，酒店收入 0.68 亿元，同比+1%；合计同比+4%，占总收入达到比例 99.6%，对冲了销售收 入的下降并提供了稳定的现金流，经营性业务成为业绩的坚固基石 ...