2025 年 6 月 9 日 公司研究 物管基本盘稳固，独立发展轻装上阵 ——融创服务（1516.HK）跟踪报告 要点 1)地产关联影响基本解除，独立发展能力明显提升。公司对关联方的依赖明显降 低，从收入来源上看，2024 年来自第三方的收入为 68 亿元，同比增长 5.6%， 收入占比 97.6%；从业务结构来看，非业主增值服务收入 1.5 亿元，占总收入比 重 2.1%（2021 年为 33.9%）；同时，来自关联方的贸易应收款扣除减值拨备 后的余额为 5.9 亿元，其中无担保的金额为 1.8 亿元，减值计提充分。2025 年 起，公司有望摆脱地产周期影响，轻装上阵，步入稳健增长轨道。 2)深耕核心城市，基本盘稳固。截至 2024 年末，公司在管面积 2.9 亿平，同比 增长 7%，项目续约率为 95%，同比增加 4pct；在管项目饱和收入 85%来自核 心城市，同时 2024 年新签约金额中核心城市占比 98%，项目密度进一步提升， 合同额超人民币千万项目的签约额占比约 49%，大客户数量较 2022 年增长约 84%。公司在保持拓展项目质量的同时，在激烈的市场环境下，新拓展签约仍同 比持平，物管基本盘 ...

将投中网设为"星标⭐"，第一时间收获最新推送 速览投资风口，掌握资本律动。 来源丨 投中网 大家好，我是长风。今天给大家带来上周资本市场的专业投研信息。 焦点回顾： 新消费赛道，生活消费受关注。 上周， AI智能眼镜企业苏州师渡智能科技有限公司（简称：师渡智 能）宣布完成数百万元种子轮融资。此外，AI影像算法与高端运动相机产品研发商光子跃迁完成数亿 元天使轮融资，本轮投资方为追创创投。 硬科技赛道，汽车半导体成热门。 上周， 合肥钧联电子成功完成近亿元人民币A轮融资。本轮融资 由国元证券旗下专业私募基金管理机构国元股权领投，瑞丞基金、领航创投、聚卓资本等机构跟投。 此外，国投招商也在近期完成对车载以太网芯片及车载高速网络全栈解决方案提供商景略半导体的战 略投资，本轮融资总额达数亿元人民币。 大健康赛道，亿元融资加码创新药。 上周，上海思璞锐医药科技有限公司宣布完成超2亿元人民币天 使轮融资。本轮融资由博远资本和汉康资本联合领投，骊宸投资和LongRiver江远投资参与跟投。此 外，启愈生物技术（上海）有限公司宣布完成亿元C1轮融资，本轮融资由倚锋资本独家领投。 据投中网不完全统计，投融资详情如下（统计周期05 ...

Summary of Poly Property Conference Call Company Overview - **Company**: Poly Property - **Industry**: Property Management Key Points and Arguments Strategic Approach - Poly Property adopts a strategic follow-up approach, introducing mature technologies to optimize management systems and operations, such as digital command centers and seamless access, positively impacting the property management industry [2][4] Market Positioning - The company positions itself in the mid-to-high-end residential market, expanding into public facilities and state-owned commercial projects while focusing on quality residential projects [2][5] Financial Performance - Accounts receivable are well-controlled, with an expected balance of approximately 2.9 billion in 2024 and operating cash flow exceeding 2.3 billion, covering net profit by more than 1.5 times [2][6] - The company anticipates a 5% growth in revenue and net profit attributable to shareholders in 2025, driven primarily by basic property management [3][19] Non-Residential Services - Non-residential value-added services have declined due to the real estate cycle, but segments like labor services and commercial office management have seen improvements [2][7] - The company has achieved advantages in the non-residential sector by focusing on core cities, key sectors, and quality clients while enhancing collection management [2][8] Risk Management - Poly Property has actively cleared risky projects, achieving a collection rate exceeding 85% in 2024 [2][9] Community Value-Added Services - The company focuses on home services and asset management within community value-added services, identifying opportunities in home renovation and community convenience consumption [2][10] Cash Reserves and Acquisition Plans - The company holds 10 billion in cash, primarily intended for acquisitions, with a focus on residential and state-owned enterprises [2][12] Expansion and Project Quality - In the first half of 2025, the company expanded its projects mainly in public facilities and state-owned commercial sectors, with residential projects accounting for about 10% [3][13] Competitive Strategy - Poly Property leverages its advantages in the convenience consumption sector, focusing on nurturing suitable business opportunities rather than competing directly with strong players [11] Future Growth Expectations - The company expects revenue growth of 5% in 2025, with core property management as the main driver, while non-owner value-added services are expected to decline slightly [19][20] Urban Renewal Opportunities - The company sees urban renewal as a significant growth opportunity, actively exploring projects while ensuring profitability and manageable collection risks [21] Additional Important Insights - The company emphasizes the importance of technology in reducing costs and improving operational efficiency in property management [4] - Despite pressures in the real estate market, the company maintains a positive outlook on the demand for quality services, indicating that premium pricing remains viable [5] - The company is committed to providing sustainable returns to investors, with a potential increase in dividend payout ratios in the future [18]

Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for investment [4]. Core Viewpoints - China Resources Vientiane Life is a leading property management and commercial operation service provider in China, with a strong background and stable shareholding structure [1][16]. - The company has demonstrated resilience in its business operations, particularly in its shopping center segment, which is expected to continue growing despite market challenges [2][4]. - The financial performance shows steady revenue growth and a commitment to high dividend payouts, reflecting strong profitability and shareholder returns [3][4]. Summary by Sections Company Overview - China Resources Vientiane Life has over 20 years of experience in commercial operations, focusing on a comprehensive service brand across various sectors [1][16]. - The company is primarily engaged in property management and commercial management, with revenue contributions expected to be 63% and 37% respectively in 2024 [1]. Commercial Operations - The company operates 122 shopping centers, maintaining a leading position in the industry, with expected retail sales growth of 4.6% in 2024 [2]. - Key competitive advantages include early market entry, strong brand partnerships, a clear product line, and a robust membership system that drives customer loyalty [2]. Property Management - Backed by its parent company, China Resources Land, the company has a solid foundation for growth, with a managed area of 4.1 billion square meters as of 2024, reflecting a year-on-year growth of 11.6% [3]. - The company is actively expanding its market presence through various strategies, including acquisitions and partnerships [3]. Financial Analysis - The company reported a revenue of 17.04 billion RMB in 2024, a 15.4% increase year-on-year, with a net profit of 3.63 billion RMB, up 23.9% [3][6]. - The company has maintained a total dividend payout ratio of 100% for two consecutive years, with a current dividend yield of 4.3% [3][4]. Profit Forecast and Valuation - Revenue projections for 2025, 2026, and 2027 are estimated at 19.19 billion RMB, 21.21 billion RMB, and 23.26 billion RMB respectively, with corresponding net profits of 4.17 billion RMB, 4.74 billion RMB, and 5.29 billion RMB [4][6]. - The report suggests a reasonable market valuation of 91.8 billion RMB, translating to a target share price of 40.2 RMB, based on a price-to-earnings ratio of 22 times [4].

证券研究报告 | 首次覆盖报告 gszqdatemark 2025 06 08 年 月 日 华润万象生活（01209.HK） 商业运营龙头，资源壁垒与运营赋能共筑增长韧性 深耕商业二十余载，铸造全业态服务品牌。华润万象生活是国内领先的 物业管理及商业运营服务提供商，深耕商业二十余载。控股股东为华润 置地，央企背景实力雄厚，华润置地持股超 72%，股权结构稳定集中， 高管团队经验丰富。公司业务主要包括物管、商管两大航道，2024 年收 入占比分别为 63%和 37%，毛利润占比分别为 32%和 67%。 商业航道：头部资源优势与高效运营能力共筑购物中心抗周期壁垒。截 止 2024 年末，公司在营购物中心 122 座，管理规模稳居行业第一梯队， 母公司 2025-2028 年预计新开业购物中心分别为 6、6、6、5 个，未来开 业量有望继续稳定释放，带来业绩增量。公司购物中心经营表现优异， 2024 年零售额可同比增长 4.6%，持续跑赢社零增速，重奢商场在行业 遇冷的环境下依然实现了可同比 1.8%的增长。公司之所以能展现出较强 的韧性得益于：（1）华润是国内购物中心领域先行者，占据天时（布局 早）地利（地段好 ...

丨证券研究报告丨 行业研究丨行业周报丨房地产 [Table_Title] 重视稳定现金流和潜在高股息 [Tablary] 顺周期业绩承压、新赛道估值不低等市场背景下，具备稳定现金流和潜在高股息的资产一直备 受市场青睐，但传统高股息标的涨幅已经较大，资金需要寻找新的投资领域，部分低估值周期 类资产因内含优质现金流，其配置价值正逐步凸显。广义不动产领域，至少三个领域具备稳定 现金流和潜在高股息：1）综合型不动产商，典型如华润置地等，也包括开发业务风险出清后的 部分民营不动产商；2）商业地产公司，典型如部分港资商企；3）轻资产公司，典型如龙头经 纪和央国企物管。 分析师及联系人 [Table_Author] 刘义 侯兆熔 SAC：S0490520040001 SAC：S0490525060001 SFC：BUV416 请阅读最后评级说明和重要声明 %% %% %% %% ——房地产行业周度观点更新 报告要点 research.95579.com 1 [Table_Title 重视稳定现金流和潜在高股息 2] ——房地产行业周度观点更新 核心观点 止跌回稳的政策目标明显更为积极，市场预期有所改善，但 4 月以来边际下 ...

丨证券研究报告丨 行业研究丨行业周报丨房地产 [Table_Title] 重视稳定现金流和潜在高股息 ——房地产行业周度观点更新 报告要点 [Tablary] 顺周期业绩承压、新赛道估值不低等市场背景下，具备稳定现金流和潜在高股息的资产一直备 受市场青睐，但传统高股息标的涨幅已经较大，资金需要寻找新的投资领域，部分低估值周期 类资产因内含优质现金流，其配置价值正逐步凸显。广义不动产领域，至少三个领域具备稳定 现金流和潜在高股息：1）综合型不动产商，典型如华润置地等，也包括开发业务风险出清后的 部分民营不动产商；2）商业地产公司，典型如部分港资商企；3）轻资产公司，典型如龙头经 纪和央国企物管。 分析师及联系人 [Table_Author] SAC：S0490520040001 SAC：S0490525060001 SFC：BUV416 刘义 侯兆熔 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 重视稳定现金流和潜在高股息 2] ——房地产行业周度观点更新 核心观点 政策：财政部、住建部公示 2025 年城市更新行动评审结果；江苏发布 ...

行 业 及 产 业 房地产 行 业 研 究 / 行 业 点 评 2025 年 06 月 08 日 浙江发行首批存量房收购专项债，新房成 交推盘比回升 看好 ——地产及物管行业周报（2025/05/31-2025/06/06） 本期投资提示： 证券分析师 袁豪 A0230520120001 yuanhao@swsresearch.com 曹曼 A0230520120003 caoman@swsresearch.com 联系人 1．行业数据 1.1 新房成交量 1.1.1 成交周环比：上周 34 城周成交环比下降 70%，一二线环比下降 68%、三四线环比下降 88% 曹曼 (8621)23297818× caoman@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 请务必仔细阅读正文之后的各项信息披露与声明 证 券 研 究 报 告 ⚫ 地产行业数据：端午假期导致一二手房成交环比下降，新房成交推盘比回升。上周 （25/5/31-25/6/6）34 个重点城市新房合计成交 84 万平米，环比-70%；其中，一二线 环比-68%、三四线环比-88%；6 月一手房月成交同比-78%，较 ...

Group 1 - The core viewpoint of the news highlights the recent performance of Aokas International, noting a 9.43% increase in stock price despite a decline in total revenue and a significant increase in net profit [1] - As of June 6, the Hang Seng Index fell by 0.48%, while Aokas International's stock closed at HKD 0.29, with a trading volume of 250,000 shares and a turnover of HKD 71,000 [1] - Aokas International's total revenue for the fiscal year ending September 30, 2024, is projected to be HKD 152 million, a decrease of 11.02% year-on-year, while net profit is expected to be HKD 12.9 million, an increase of 69% [1] Group 2 - The company operates as a comprehensive property service provider, established in July 2008, offering services such as property management, consulting, and cleaning [2] - Aokas International is ranked 33rd among the top 100 property companies in China and is listed on the Hong Kong Stock Exchange [2] - The company manages services across various cities, including Ningbo, Hangzhou, Shanghai, and others, with a focus on residential and commercial properties [2] Group 3 - The average price-to-earnings (P/E) ratio for the real estate industry is 4.9 times, with Aokas International's P/E ratio at 5.79 times, ranking 25th in the industry [1] - Other companies in the industry have significantly lower P/E ratios, such as Baishida Holdings at 0.02 times and Evergrande Group at 1.71 times [1]

红利乘风起，物管正当时 20250605 摘要 2024 年物业公司应收款减持、摊销下降，多数市值超 20 亿的主流公司 实现净利润修复，并通过分红和回购提升股东回报，平均派息率达 50% 以上，综合回报率近 6.2%。 物业公司收入结构由"6+2+2"转变为"8~9 成基础管理费+1~2 成社 区增值服务"，基础板块占比提升，利润稳定性改善，但部分地区出现 物业费降价现象。 优质物业公司毛利率开始边际修复，通过推送亏损老盘、加大区域密度、 科技替人等方式提升利润率，同时探索弹性定价模式应对低总价物业盘 挑战。 关联房企资金压力缓解，物业公司应收款减值风险逐步降低，坏账拨备 比例已达八成，商誉及无形资产摊销减值幅度也逐渐降低。 多数物业公司销管费率下降，净利润率出现修复，经营现金流净额比业 绩覆盖倍数维持在 1 倍以上，具备从利润收入到现金流利润的进阶能力。 通过模拟回款率和预收比营收等指标评估物业公司回款和占款能力，万 象、滨江、保利等公司因其较强的回款和占款能力更受市场认可。 物业公司手握大量广义现金，但需关注资金使用效率，如加大分红或进 行利润增长的收购，同时关注增速较高的小型公司、业绩增速占优且股 息 ...