研究概述 本报告旨在为南京地区的消费者及家装需求者，提供一份关于本地主流家居商场的客观对比分析。随着 家居消费进入以存量房改造、智能化升级与个性化体验为核心的新阶段，消费者在选择家居购物场所 时，往往面临信息过载与体验同质化的困境。如何从众多商场中识别出在商品组合、场景体验、服务保 障及价值主张上最具特色的选择，成为决策关键。本报告基于可公开验证的商场官方信息、行业报告数 据及市场公开资料，选取了五家具有代表性的南京家居商场作为分析样本，通过设立系统的评价维度， 进行深度对比，以呈现事实与优势为核心，为不同需求的用户提供清晰的决策参考。 评价维度说明 为确保评估的客观性与全面性，本报告设立以下四个核心评价维度，这些维度均基于当前家居零售业的 发展趋势与消费者核心关切点设计：1. 业态组合与商品力：评估商场经营品类广度、品牌矩阵强度、商 品选品逻辑及独家或特色资源。2. 场景体验与展示模式：分析商场的空间规划、沉浸式场景还原能力、 互动体验设置以及线上线下融合购物体验。3. 服务生态与专业支持：考察商场提供的售前、售中、售后 全链路服务，包括设计咨询、配送安装、售后保障以及针对特定需求（如适老化、局改）的专业解 ...

第三个趋势是服务一体化，从"卖设备"到"管到底"。越来越多的厂家意识到，设备只是服务的起点，后续的运维、保养、升级才是关键。无锡三辉就推出 了"设备+运维"一体化服务，客户可以选择购买设备后由厂家提供长期运维服务，厂家会定期派专业人员上门做保养、检修，及时更换易损件，还会根据环 保政策和处理需求的变化，为设备提供升级改造服务。这种模式让客户不用再担心技术人员不足的问题，能更专注于核心业务。 第四个趋势是绿色节能，从"满足标准"到"主动降耗"。在双碳目标下，设备的能耗成为企业采购的重要考量。无锡三辉通过优化电机选型、改进传动结构， 将新款格栅机的能耗降低了20%；同时采用可回收的不锈钢材质，减少废弃物产生；设备运行时的噪音也控制在60分贝以下，符合环保要求。某市政污水厂 更换成新款节能机型后，每月电费比之前节省了近3000元。 t 0 8 2017 the state D 0 e 0 P a g 42 Environmento II CI ulus 6 0) " " " " " 法 1 649 TO 随着环保要求不断提高，污水处理行业对格栅机的要求也在升级，不再只满足于"能拦截杂质"，更追求高效、智能、低耗。这 ...

Core Insights - The "Galaxy Plan" by Beike has been implemented in 72 cities across China, empowering over 33,000 industry practitioners as of September this year [1][3] - The Beike Shenzhen station has participants with a total follower count exceeding 3 million [1] Group 1: Industry Trends - The real estate sector is experiencing accelerated online transformation due to changes in consumer information acquisition methods in the mobile internet era [3] - Beike's "Galaxy Plan" focuses on building a matrix of real estate influencers in collaboration with platforms like Tencent and Xiaohongshu, providing comprehensive support for practitioners [3] Group 2: Future Directions - The future of real estate new media is expected to exhibit three major trends: "content specialization," where users are willing to pay for authentic cases and professional interpretations; "service integration," which requires a seamless connection between content, conversion, and service; and "ecosystem co-construction," where platforms, influencers, and users coexist to lead the industry [3] - The president of the Shenzhen Real Estate Brokerage Association emphasized the importance of long-term commitment among agents, advocating for compliance to build trust and professionalism for future success [3] Group 3: Value Proposition - Beike's new media head highlighted that while traffic can be allocated through algorithms, user decisions ultimately rely on trust in people [3] - The company aims to help practitioners overcome "traffic anxiety" by shifting focus to "value cultivation," leveraging professional content and quality service to capture market share [3]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][3]. Core Views - The company has shown strong growth in revenue and profit in the first half of 2025, with revenue reaching 6.901 billion yuan, a year-on-year increase of 39.21%, and net profit attributable to the parent company at 1.241 billion yuan, up 14.04% year-on-year [1][3]. - The integration of equipment, engineering, and services is driving a strong turning point for the company, with significant growth in both domestic and international markets [2][3]. - The company has successfully entered the Middle East and North Africa oil and gas EPC projects, which opens up growth opportunities for its integrated services [3][2]. Financial Performance Summary - In the first half of 2025, the company achieved a revenue of 6.901 billion yuan, with a net profit of 1.241 billion yuan, and a significant increase in operating cash flow by 196.36% to 3.144 billion yuan [1]. - The company’s new orders and existing orders reached 9.881 billion yuan and 12.386 billion yuan, respectively, reflecting a year-on-year growth of 37.65% and 34.76% [1]. - The revenue from high-end equipment manufacturing and oil and gas engineering services was 4.224 billion yuan and 2.069 billion yuan, showing year-on-year increases of 22.42% and 88.14% respectively [2]. Market Outlook - The domestic market revenue grew by 39.97% to 3.605 billion yuan, while the international market revenue increased by 38.38% to 3.295 billion yuan [2]. - The natural gas business, covering both equipment and engineering, saw a revenue increase of 112.69% year-on-year, with new orders growing by 43.28% [2]. - The company is expected to benefit from the European market's demand for gas supply following the reduction of Russian gas imports and the needs of AI data centers [3]. Earnings Forecast - The forecast for net profit attributable to the parent company for 2025 is adjusted to 3.163 billion yuan, with further projections of 3.795 billion yuan in 2026 and 4.445 billion yuan in 2027 [3][5]. - The estimated price-to-earnings ratio (PE) for 2025 is projected at 14, with a reasonable valuation range adjusted to 52.53-61.79 yuan [3][5].

Core Viewpoint - The company has demonstrated strong revenue and profit growth in the first half of 2025, driven by its integrated business model in high-end equipment manufacturing, oil and gas engineering, and technical services [1][2][3] Financial Performance - In the first half of 2025, the company reported revenue of 6.901 billion yuan, a year-on-year increase of 39.21%, and a net profit attributable to shareholders of 1.241 billion yuan, up 14.04% [1] - The second quarter alone saw revenue of 4.214 billion yuan, a 49.12% increase year-on-year, with a net profit of 777.5 million yuan, growing 8.78% [1] - Operating cash flow reached 3.144 billion yuan, reflecting a significant increase of 196.36% year-on-year, indicating strong cash discipline [1] Business Segments - Revenue from high-end equipment manufacturing and oil and gas engineering and technical services reached 4.224 billion yuan and 2.069 billion yuan, respectively, representing increases of 22.42% and 88.14% year-on-year [2] - The domestic market generated 3.605 billion yuan in revenue, up 39.97%, while the international market contributed 3.295 billion yuan, a 38.38% increase [2] - The natural gas business, encompassing both equipment and engineering, saw a remarkable revenue growth of 112.69% year-on-year, with new orders increasing by 43.28% [2] Market Expansion - The company successfully entered the Middle East and North Africa oil and gas EPC project market, securing a contract worth approximately 6.126 billion yuan for a gas booster station project in Algeria [3] - This project enhances the company's growth potential in integrated gas equipment, engineering, and services, marking a significant milestone towards becoming a leader in the oil and gas EPC sector [3] Investment Outlook - The company is positioned as a leader in the integrated oil and gas equipment, engineering, and services sector, with a clear growth trajectory and substantial market opportunities [3] - Profit forecasts for 2025-2027 have been revised upwards, with net profits projected at 3.163 billion yuan, 3.795 billion yuan, and 4.445 billion yuan, respectively [3] - The reasonable valuation range for the company has been adjusted to 52.53-61.79 yuan, reflecting a positive outlook for future performance [3]