保利物业 20251117 摘要 保利物业基础物管板块维持双位数收入增长，主要受益于保利发展交付 及第三方市场拓展，但非业主增值板块受地产周期影响收入下滑，全年 压力较大，中期结构特点明显。 公司通过精益管理对冲毛利率承压，归母净利润增速符合指引，但相对 收入增长压力更大。小业主端回款率受房价下行影响下滑明显，公服和 商办回款总体可控。 2025 年前三季度市场拓展延续双位数增长，以国资、商办公服及三星 产业类客户为主，全年目标单年合同金额不低于 30 亿元，核心五十城 项目分布达到 85%。 公司尚未发布 2025 年派息指引，但表示长期希望给予市场和股东可预 期的稳步分红回报，2024 年派息比例为 50%，从 2022 年的 25%逐步 提升。 保利物业关注服务品质提升，针对不同档次小区推出不同产品，并升级 客服中心及智能工单系统，提高响应效率和服务效率。 Q&A 保利物业在 2025 年第三季度的经营情况如何？ 2025 年第三季度，保利物业整体运营基调依然稳健。公司年初给出的业绩指 引是收入和归母净利润预计不低于 5%的增速，上半年已经达成这一目标，三 季度表现也基本符合预期。具体来看，基础物管板块 ...

11月17日，第十五届全运会田径比赛迎来第三个比赛日。在正式开赛之前，广东奥林匹克体育中心上演了一场"人""吉"赛跑，十 五运吉祥物"喜洋洋""乐融融"与优必选人形机器人Walker S进行百米赛跑，最终吉祥物"乐融融"以1分56秒20获得冠军。 机器人操作者、深圳市优必选科技股份有限公司技术支持高级经理陈胜亚告诉南方财经记者，机器人跑步主要考验的是其视觉 感知能力和运动能力，需要识别外界的复杂环境并做出避障，对运动控制、舵机、关节爆发力、续航能力等都提出了要求。虽 然这次比赛以展示为主，相信在不远的未来，机器人将会参与真人百米赛跑。 据了解，这款人形机器人还在十五运会开幕式上，通过敲击青铜句鑃完成了一场"古今对话"表演，并在11月14日十五运会拳击 项目用于辅助颁奖，于11月5日和8日在主媒体中心用于迎宾礼仪。 在赛跑的过程中，"喜洋洋""乐融融"做出了转圈、跳动、你追我赶，并驻足等待人形机器人，与其互动，可爱的举动受到现场 观众的喜爱。 机器狗。谭砚文摄。 十五运会广州赛区体育展示与颁奖执行团队"乐融融"扮演者刘泽鑫告诉南方财经记者，因为百米的距离很长，因此与"喜洋 洋"扮演者设计了"你追我赶"等动作表演 ...

Core Viewpoint - Hubei Kaiter Automotive Electronics and Electrical Systems Co., Ltd. (Kaiter) has established a partnership with Shanghai Turing Intelligent Manufacturing Co., Ltd. and completed product sampling, although it has not yet generated revenue from this collaboration [1] Group 1: Company Overview - Kaiter was founded in 1996 and specializes in the research, production, and sales of automotive electronic and electrical system products, including sensors, controllers, and actuators [1] - The company is recognized as a national-level specialized and innovative "little giant" enterprise [1] Group 2: Clientele and Market Position - Kaiter's clients include major automotive manufacturers such as SAIC Motor Corporation, GAC Group, and Great Wall Motors, as well as new energy vehicle companies like WM Motor, Xpeng, and HiPhi [1] - The company also supplies products to BYD [1] Group 3: Robotics Application Development - In addition to the ongoing collaboration with Turing Intelligent Manufacturing, Kaiter has formed a joint venture with Xi'an Xutong Electronic Technology Co., Ltd. to focus on developing electronic mechanical brake (EMB) force sensors, encoders, and six-dimensional force sensors for the robotics sector, achieving some progress [1] Group 4: Financial Information - As of November 11, 2025, Kaiter's stock price is 38.25 yuan, with a slight increase of 0.05%, and the total market capitalization is approximately 6.886 billion yuan [2]

Core Insights - Narita Airport is testing a new project involving cat-shaped robots to address labor shortages and improve operational efficiency [1] - The robots are designed to sell snacks in a store located in Terminal 3's domestic boarding area, offering 12 popular snack options [1] - The project is a collaboration between Narita Airport and Nomura Research Institute, with a trial period expected to run until December 15 [1] Company and Industry Summary - The cat-shaped robots utilize a suction device at their tails to retrieve items after customers select and pay for them via a touchscreen [1] - This initiative reflects a growing trend in the airport industry to incorporate automation and robotics to enhance customer service and streamline operations [1]

Core Insights - The first Straits Elderly Care Industry Expo opened in Fuzhou, highlighting the growing interest in robotic applications within the elderly care sector [1]. Group 1: Event Overview - The expo showcased various innovative robotic technologies aimed at enhancing elderly care, including rehabilitation robots and AI-assisted health solutions [1][2][3][4][5]. Group 2: Robotic Technologies - Featured technologies included a flexible mirror rehabilitation robot designed for hand functionality, a chair-assisted rehabilitation exercise robot, and an AI Chinese medicine robot [2][3][4]. - Attendees had the opportunity to experience the AI Huaxia Health Intelligent Mirror, which integrates advanced technology for health monitoring and assistance [5].

Group 1: Robotics in Food Industry - The application of cooking robots in restaurants allows for the preparation of various dishes in just 3-5 minutes, covering eight major cuisines and enhancing operational efficiency for restaurant owners [2][4] - The "Robot + Recipe Program + Smart Kitchen Management System" model creates a win-win situation for restaurant operators, consumers, and chefs by reducing costs and ensuring fresh meals [2] - A robot bartender can accurately mix drinks by selecting ingredients and performing shaking and stirring tasks, showcasing the versatility of robotics in food service [3] Group 2: Robotics in Agriculture - Robots designed for apple picking can navigate complex environments and accurately harvest fruit, with future models targeting different heights for optimal efficiency [5] - The "Greenhouse Bumblebee" robot mimics the pollination process of bumblebees, achieving a 98% success rate in pollination while reducing costs to 30% of traditional methods [6][7] - The integration of visual recognition and multi-sensor navigation in agricultural robots enhances their functionality and effectiveness in crop management [7] Group 3: Robotics in Healthcare and Elderly Care - The rise in demand for elderly care services has led to the development of rehabilitation robots that assist patients with mobility issues, providing support and promoting muscle memory [8] - Massage therapy robots can automate the massage process, adjusting techniques based on user preferences and body data, thus improving service quality in elderly care [9] - The use of robotics in healthcare settings addresses the challenges of high service costs and low standardization, offering efficient and precise care solutions [8]

Group 1: Robotics in Food Service - The application of cooking robots in restaurants allows for the preparation of various dishes in just 3-5 minutes, covering eight major cuisines and different dining types [2] - The "robot + recipe program + smart kitchen management system" model enables cost reduction and efficiency for restaurant operators while ensuring fresh food for consumers and reducing chefs' workload [2] - A themed restaurant showcases robots performing as musicians and chefs, highlighting the potential of robotics in the food service industry [4] Group 2: Robotics in Agriculture - Robots are being developed for apple picking, featuring advanced visual models to operate effectively in varying light conditions, with plans for specialized robots for different picking heights [5][6] - A multi-arm pollination robot mimics the natural pollination process of bumblebees, achieving a 98% success rate at a cost 30% lower than traditional methods, and is already in use across several provinces [7] Group 3: Robotics in Elderly Care - The increasing demand for elderly care services is being met by rehabilitation robots that assist patients with mobility and provide massage therapy, enhancing recovery and muscle rehabilitation [8][9] - These robots can automatically adjust to individual body shapes and preferences, improving the precision and efficiency of care services [9]

Company Overview - The company recently held a robot open day event and showcased a pilot project in Guangzhou, where cleaning robots are operating effectively, generating positive economic and management benefits [1] - The pilot project involves seven high-rise residential buildings with a total construction area exceeding 200,000 square meters, serving over 1,200 households [1] Project Insights - The cleaning robots are utilized for corridor cleaning in high-rise residential buildings, with modifications made to elevator control, water, electricity, and access systems to enable automated operation [1] - After implementing the pilot project, the number of cleaning staff was reduced from seven to "five people + four cleaning robots + seven robot workstations," increasing daily effective working hours from six to sixteen [2] - Each robot generates an annual economic benefit of approximately 10,000 to 20,000 yuan, and resident satisfaction increased by 8 percentage points post-implementation [1][2] Internal Promotion and Market Potential - The cleaning robots have established internal promotion conditions, with significant application potential in the medium term [2] - The company aims to deploy 1,000 cleaning robots at the project level this year, with expectations for rapid internal promotion in the following year [2] - The company manages around 80,000 high-rise buildings, suggesting a potential application space of approximately 30,000 robots if each robot covers 2-3 buildings [2] Shareholder Returns - The company has an attractive shareholder return strategy, targeting a cash dividend of 60% of the core net profit attributable to shareholders for the fiscal year 2025, corresponding to an expected dividend yield of about 8.1% [2] - The company plans to repurchase at least 500 million yuan worth of shares by March 27, 2026, with 80.63 million yuan already repurchased and 420 million yuan remaining for future buybacks [2] Profit Forecast and Valuation - The company maintains its profit forecast, neutral rating, and target price of 6.8 HKD, indicating an 8% upside potential based on an 8x price-to-earnings ratio for core net profit in 2025 and a 7.5% expected dividend yield [3] - Currently, the company trades at a 2025 core P/E ratio of 7.4x and an expected dividend yield of 8.1% [3]

Core Insights - The company has deployed over 130 self-developed cleaning robots in 17 projects across cities such as Guangzhou, Beijing, Shanghai, and Dalian as of October 20 this year [1] - The company plans to exceed 1,000 cleaning robots in operation by the end of the year, covering various property types including residential, apartments, and office buildings [1]

Core Viewpoint - Largan Precision, a leading mobile lens manufacturer, reported a significant increase in revenue due to the launch of the iPhone 17 series, achieving a monthly revenue of NT$62.3 billion in September, marking a 4% month-over-month growth and reaching a one-year high [1] Group 1: Financial Performance - September revenue of Largan Precision was NT$62.3 billion, reflecting a 4% month-over-month increase and a year-over-year decrease of 4% [1] - The third quarter consolidated revenue reached NT$176.7 billion, representing a 51% quarter-over-quarter increase but a 7% year-over-year decline [1] - For the first three quarters, consolidated revenue totaled NT$439.2 billion, showing a 7% year-over-year growth, indicating a stable upward performance [1] Group 2: Market Dynamics - The demand for Largan's products is driven by the strong sales performance of the iPhone 17 series, which launched in mid-September, leading to increased component demand [1] - The camera features of the new iPhone models have significantly improved, becoming a major selling point and enhancing Largan's shipping momentum [1] - Largan's lens product shipment composition in September included approximately 60% to 70% of 10 million pixel lenses, 10% to 20% of lenses over 20 million pixels, and less than 10% of 8 million pixel lenses [1] Group 3: Operational Outlook - Largan's production capacity is currently fully loaded, benefiting from the new product demand, which positively impacted the gross margin in the third quarter [2] - An online earnings call is scheduled for October 9, where Largan will discuss its second-quarter operational results and provide insights on future operations, focusing on iPhone 17 orders, robotics applications, and the first foldable iPhone [2]