据了解，建业集团旗下目前共有建业地产、建业新生活、筑友智造科技、中原建业四个上市平台。其 中，中原建业起步于2015年，直至2021年5月登陆资本市场，成为第二家在港交所上市的地产代建公 司。 观点网 中原建业仍在停牌。 从2024年4月2日算起，中原建业已持续停牌近17个月，根据香港联交所的相关规则，主板上市公司连续 停牌达18个月，将面临被取消上市地位的风险。 也就是说，要保住"代建第二股"，中原建业仅剩最后的30余天。 退市警钟已经敲响，8月25日晚间，处于"生死关头"的中原建业披露了2025年上半年的业绩情况。 就复牌事宜，该公司在财报中表示，正采取一切必要步骤以满足复牌指引，并将寻求尽快恢复公司股份 买卖。 保住上市平台之外，市场同样关注到，过去几年，中原建业的收入、利润指标全线下滑，签约情况也出 现断崖式下跌。 好消息是，2025年上半年，中原建业各项指标的降幅明显收窄。 业绩降幅收窄 "2025年是建业发展突围关键年。"此前2025年管理年会上，胡葆森曾提到，"焕新"和"重构"的终极目标 是"共生"——不是独善其身，而是各板块实现共生共荣、和谐发展。 这个脱胎于建业集团的代建平台，一方面依托"河 ...

日前，华住集团（NASDAQ:HTHT；01179.HK）发布的2025年中期业绩显示，今年上半年，华住实现 营收118亿元，同比增长3.5%；归母净利润24亿元，同比增长41.2%。第二季度，华住实现营收64亿 元，同比增长4.5%；经调整净利润13.5亿元，同比增长7.6%。 华住CEO金辉表示，由于近两年酒店供应激增，叠加宏观经济因素对商务出行和消费意愿的负面影响， 酒店行业仍面临挑战。华住本季度通过拓展新城市和新区域、进一步渗透低线城市，实现了高质量的网 络扩张。 财报显示，截至二季度末，华住在营酒店总数达12137家，同比增长18%；在营客房总数1184915间，同 比增加18.3%。报告期内，集团新开业酒店597家，待开业酒店2947家，期末运营中及待开业酒店合计 覆盖城市达1522个。 二季度，华住中国新开业门店数量为595家，其中经济型酒店和中档酒店占比分别达44%和42%，延续 了华住中国以经济型和中档酒店为核心服务大众市场的路线。 分区域看，上半年，华住中国营收96亿元，同比增长5.6%；华住国际营收22亿元，同比下降4.9%，华 住表示是租赁酒店数目减少所致。 从收入管理模式来看，上半年 ...

8月22日晚间，东百集团（600693）发布2025年半年度报告。公司上半年实现营业收入9.29亿元，同比 增长0.11%；扣非净利润6489万元，同比增长3.14%。在零售百货行业面临结构性调整与消费趋势快速 演变的背景下，东百集团通过"商业零售+仓储物流"双轮驱动战略，展现出良好的抗压能力和转型升级 的成效。 加速商业零售调改创新经营驱动业绩稳增 数字化运营方面，东百集团上半年会员体系建设持续完善，截至6月末，公司商业会员总量突破430万 人，较2024年底增长5.19%，公司通过策划亲子互动、童趣手工等150余场会员专属活动，有效提升了 会员粘性与忠诚度。此外，公司自主研发的"东百会员中心"平台不断迭代升级，为线上线下（300959） 一体化经营提供高效支持，平台浏览量超2200万次。 此外，东百集团在"全面变轻"战略指引下，上半年轻资产转型发展也再度取得佳绩。4月，公司与甘肃 省新投商业管理有限公司达成合作，承接兰州新区"新投时代中心"项目的轻资产管理。 该项目建筑面积约7万㎡，地处兰州新区核心地段，具备打造区域商业新地标的潜力。东百集团将提供 从前期策划到招商运营的全链条服务，推动项目成为西北地区商 ...

【导读】 轻资产大规模扩店，圣贝拉 上半年营收超5亿 元 见习记者 荧墨 8月20日，圣贝拉（02508.HK）发布中期业绩公告，2025年上半年，实现总收入（含受托管理月子中心）5.23亿元，同比增长35%。受 益于"合伙门店计划"，当期受托管理月子中心增加34家，总数增至53家。 月子中心业务是圣贝拉的增长基石与流量入口。报告期内，圣贝拉门店扩张提速，受托管理门店收入规模达7300万元，同比增长 159.6%，已形成由圣贝拉 、 艾屿 、 小贝拉组成的超高端、高端月子中心矩阵。 "坐月子"的生意经 不过，客户走出月子中心，并不意味着圣贝拉的服务就终止了 。 如今，大部分产妇对身材与状态的恢复都有着迫切的需求，因此，圣贝拉 在产后修复赛道上"卖力"经营：2025年上半年，圣贝拉、艾屿、小贝拉的产后修复销售平均合约价值分别为人民币46021元、21456元、 20168元，同比分别增长8.1%、36.3%、4.8%。 记者注意到，圣贝拉通过予家 、 广禾堂等品牌，与月子中心协同销售，将公司业务拓展 至 受众更广的家庭护理产业链。中期业绩公告显 示，今年上半年，圣贝拉的家庭护理服务实现收入3860余万元，同比大 ...

市公司 社会服务 2025 年 08 月 21 日 资料来源：Bloomberg 相关研究 运营效率显著提升,业绩符合预期 报告原因:有业绩公布需要点评 | 市场数据: | 2025 年 8 月 21 日 | | --- | --- | | 收盘价（美元） | 35.16 | | 恒生中国企业指数 | 21172.86 | | 52 周最高/最低（美元） | 42.98/28.27 | | 美股市值（亿美元） | 109 | | 流通股 (百万股) | 3105 | | 汇率（人民币/美元） | 7.18 | (HTH (维持) 年内股价与基准指数对比走势: 《华住 (HTHT) 点评：25Q1 业绩符合预 期，海外 DH 加速轻资产转型》 2025/05/22 证券分析师 赵令伊 A0230518100003 zhaoly2@swsresearch.com 杨光 A0230524100004 yangguang@swsresearch.com 联系人 杨光 (8621)23297818× yangguang@swsresearch.com 申万宏源研究微信服务号 投资要点: 财务数据及盈利预测 | | 20 ...

上半年中美肉品走势分化，借美国养殖端的成本控制成功扭亏，带动收入与经营利润走高，打开估 值重估的想象空间 一个会计层面的细节显示，上半年生物公允价值调整对损益的净影响为收益6,200万美元，较去年同期的收 益9,600万美元有所收敛。代表上半年利润的改善，更多来自经营端的实质修复，而非公允价值变动的"顺 风"。 ▶ 猪肉业务经营利润2.55亿美元，按年增加168.4% ▶ 绩后公司股价创历史新高，市值突破千亿港元 Key takeaways: 中美的肉品市场在今年上半年走出不同的节奏，立足两端的中国最大肉品生产商 万洲国际有限公司 （0288.HK），正感受截然不同的市场气候，试图找到平衡点，对上节拍。 万洲国际公布，今年上半年收入同比增长8.9%至133.87亿美元，经营利润同比升10.4%至12.59亿美元，生物 公允价值调整后股东应占利润7.88亿美元，同比升0.5%。董事会建议派发每股0.20港元中期股息，为去年同 期的一倍。 这份成绩单让市场感到满意，绩后首个交易日，万洲国际大涨约6.23%，报8.36港元，创下历史新高。年初 至今亦录得38.87%涨幅。当前市值约1,072亿港元，突破千亿大关。市 ...

Core Viewpoint - Dekang Agriculture and Animal Husbandry reported 1H25 results that met expectations, with significant revenue and profit growth driven by improved management efficiency and reduced pig costs [1][2]. Group 1: Financial Performance - Revenue increased by 24.3% year-on-year to 11.7 billion yuan, while net profit surged by 250.6% to 1.27 billion yuan, aligning with the company's performance forecast [1]. - The pig business showed strong growth, with revenue up 32.6% to 9.88 billion yuan and sales volume rising 27.1% to 5.1174 million heads [1]. - The average selling price of market pigs decreased by 1.3% to 15.02 yuan per kilogram [1]. Group 2: Business Segments - The poultry business experienced stable development, with revenue down 13.5% to 1.34 billion yuan, while yellow feather chicken sales increased by 7.2% to 43 million heads [1]. - The slaughtering and auxiliary products segment saw revenue growth of 16.1% to 480 million yuan, with slaughter volume increasing by 18.5% to 249,000 heads [1]. Group 3: Cost and Efficiency - The company maintained a leading cost advantage in the industry, with the complete cost of pig production estimated below 12.5 yuan per kilogram [2]. - The company achieved a PSY (pigs per sow per year) of 27, indicating industry-leading efficiency [2]. - The asset-liability ratio improved to 59.9%, down 14.3 percentage points from 1H24, reflecting effective profit release and a light asset model [2]. Group 4: Growth Strategy - The company adopted a light asset model through innovative pig breeding practices, resulting in lower capital expenditure and deeper partnerships with breeding farmers [3]. - The company is expected to continue generating excess profits due to its strong cost advantages in breeding technology and health management [3]. - Recent improvements in liquidity and growth narrative recognition have led to a potential valuation recovery, with an estimated market value of 2,623 yuan per head, indicating room for further valuation enhancement compared to industry leaders [3]. Group 5: Profit Forecast and Valuation - The company maintains profit forecasts for 2025 and 2026, with current stock prices reflecting P/E ratios of 10.9 and 6.4 times, respectively [3]. - A target price of 111 HKD is set, corresponding to P/E ratios of 14.5 and 8.5 for 2025 and 2026, suggesting a 33% upside potential from current prices [3].

Core Viewpoint - Kuaishou is entering the food delivery market by launching an independent "takeout" section on its app, aiming to differentiate itself through a "Meituan supply chain + self-owned merchants" light asset model amid intense competition in the food delivery sector [2][3]. Company Strategy - Kuaishou's new takeout service relies on Meituan's merchant vouchers, requiring users to complete orders through Meituan's mini-program, with delivery handled by Meituan or third-party services [5][10]. - The company has previously explored local lifestyle services, partnering with various platforms and establishing a dedicated local lifestyle division in 2022 [6][8]. - Kuaishou's strategy includes a dual approach of leveraging Meituan's supply chain while also incorporating its own local merchants, with approximately 90% of products sourced from Meituan [10]. Market Context - The food delivery market is highly competitive, with major players like Meituan, Alibaba, and JD.com already established [2][9]. - Kuaishou's entry into this market comes as its core business faces growth challenges, particularly in live streaming and e-commerce, where GMV growth has significantly slowed [12][16]. Financial Performance - In 2024, Kuaishou reported revenue of 1268.98 billion yuan, an 11.83% year-on-year increase, with a net profit of 153.35 billion yuan, up 139.76% [13]. - The company's e-commerce GMV reached 1.39 trillion yuan in 2024, with growth rates dropping from 78% in 2021 to 17% in 2024, highlighting a stark contrast with Douyin's performance [16][17]. User Engagement - Kuaishou's daily active users reached 408 million by Q1 2025, with over 62% from new tier cities, providing a potential consumer base for its food delivery services [10]. - The number of users paying for local delivery services increased by over three times in Q2 2024, indicating a shift in user behavior towards food delivery [11]. Competitive Landscape - Kuaishou's cautious approach in the food delivery sector is influenced by the challenges faced by Douyin, which has struggled to establish a successful delivery model despite its initial efforts [9][20]. - The company aims to explore new growth avenues through its food delivery initiative, potentially alleviating pressures from declining growth in its core businesses [18].

Summary of Dekang Agriculture and Animal Husbandry Conference Call Company Overview - **Company**: Dekang Agriculture and Animal Husbandry - **Industry**: Agriculture and Animal Husbandry Key Financial Performance - **Revenue**: 11.695 billion CNY in H1 2025, up 24.3% YoY [2][3] - **Sales Volume**: 42.7033 million yellow feather chickens, up 7.2% YoY [2] - **Average Price**: Yellow feather chicken price down 19.1% to 30.5 CNY per chicken [2] - **Net Profit**: Adjusted net profit of 1.36 billion CNY, with net profit attributable to shareholders at 1.292 billion CNY [2][3] - **Cost Control**: Effective cost management offset the impact of falling pig prices [2] Operational Achievements - **Breeding Technology**: Significant advancements in breeding technology, precision nutrition, and disease prevention [4][5] - **Profitability from Breeding**: Self-developed breeding systems yield over 100 CNY per pig and 2,000 CNY per sow annually [2][4] - **Feed Cost Management**: Soybean meal usage reduced to below 3% [2][5] - **Production Efficiency**: Total cost decreased by 1.7 CNY/kg to 12.4 CNY/kg, with feed costs down by 0.9-1 CNY/kg [2][14] Business Segments Performance - **Household Appliances**: Revenue down 13.5% to 1.336 billion CNY due to weak dining consumption [2][7] - **Auxiliary Products**: Revenue up 16.1% to 485.1 million CNY, with slaughter volume up over 18% to 240,000 heads [2][8] Innovative Farming Model - **Family Farm Model**: Average income per household from the new family farm model reached 800,000 CNY, up 15.5% YoY [2][6] - **Training Initiatives**: Investment of 50 million CNY in a pig farming technology training center to empower farmers [2][6] Future Outlook and Challenges - **Market Uncertainty**: Acknowledgment of challenges including disease risks, price fluctuations, and policy guidance [9] - **Sustainable Development**: Commitment to rural revitalization and support for small farmers [9][10] - **Cost Reduction Potential**: Anticipation of further cost reductions in H2 2025 [2][14] Talent Development and Corporate Culture - **Employee Growth**: Addition of 500 employees focused on pig production, poultry farming, and slaughtering [35] - **Training Programs**: Extensive training initiatives for over 350,000 participants to enhance employee skills [8][35] ESG Initiatives - **Environmental Investments**: Ongoing investments in ESG initiatives, including ecological farming practices [11][12] Conclusion - **Long-term Growth Potential**: Strong confidence in Dekang's future growth driven by innovative farming models, effective cost management, and a focus on employee welfare [47]

Core Insights - The article discusses the rise and fall of Nanji E-commerce, which initially thrived on a "brand authorization + platform distribution" model but has faced significant challenges as market conditions changed [1][10][12] - The company is attempting to shift its strategy towards "self-operated + light luxury" to improve brand perception and product quality, but early results indicate this transition is costly and not yet effective [1][3][10] Company Overview - Founded in 1998 by Zhang Yuxiang, Nanji E-commerce initially focused on the thermal underwear market and quickly gained market share through aggressive advertising and a dealer network [4][5] - The company transitioned to a light asset model in response to rising manufacturing costs and market pressures, focusing on brand management and authorization rather than production [5][12] Financial Performance - Nanji E-commerce experienced rapid growth from 2015 to 2020, with revenue soaring from 389 million to 4.172 billion yuan and net profit increasing from 172 million to 1.188 billion yuan [8] - However, by 2023, the company reported a net loss of 237 million yuan for 2024, with a projected profit of only 12 to 18 million yuan for the first half of the year, representing a decline of 76.89% to 84.60% year-over-year [1][10] Market Challenges - The company has faced significant quality control issues, with multiple products appearing on quality inspection blacklists since 2018, leading to a decline in brand reputation [12][13] - The shift in consumer perception towards "Nanji" as a low-quality brand has been exacerbated by the rise of new consumer brands that do not rely on traditional brand endorsements [12][13] Strategic Shift - In 2023, the company began investing heavily in self-operated product lines and launched a light luxury series, partnering with media companies to enhance brand visibility [1][3] - Industry experts suggest that a more effective strategy would involve focusing on product quality and reducing product categories to drive factory upgrades [3]