⚫ 风险提示：调控政策超预期收紧，销售去化不及预期；物管行业人工成本上行超预期。 行 业 及 产 业 房地产 行 业 研 究 / 行 业 点 评 2025 年 06 月 02 日 一季末房贷余额降幅收窄，保利完成 定向可转债发行 看好 ——地产及物管行业周报（2025/05/24-2025/05/30） 本期投资提示： 证券分析师 袁豪 A0230520120001 yuanhao@swsresearch.com 陈鹏 A0230521110002 chenpeng@swsresearch.com 联系人 陈鹏 (8621)23297818× chenpeng@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：一二手房成交环比小幅下降，新房成交推盘比回升。上周（25/5/24- 25/5/30）34 个重点城市新房合计成交 276 万平米，环比-3%；其中，一二线环比-5%、 三四线环比+34%；5 月一手房月成交同比-7%，较 4 月+10pct；其中，一二线同比- 9%、三四线同比+7%，分 ...

Transaction Overview - The company plans to transfer 6,060,606 shares of Guangzhou Kaiyun Development Co., Ltd., representing 5.5556% of its total shares, to Guangzhou Kaide Asset Operation Co., Ltd. for a total price of RMB 20,424,242.22 [4][10] - The transfer is based on the company's current development strategy, aimed at optimizing asset structure, improving liquidity, and enhancing cash flow [4][10] Regulatory Compliance - The sale does not require approval from the board of directors or shareholders, as per the relevant regulations [2] - The transaction is not classified as a related party transaction or a major asset restructuring [2] Financial Data of the Target Company - As of December 31, 2023, the total assets of the target company were RMB 467,497,679.67, with total liabilities of RMB 168,367,923.21 and total equity of RMB 299,129,756.46 [6] - The target company's revenue for 2023 was RMB 413,279,090.86, with a net profit attributable to the parent company [6] Pricing and Payment Terms - The share price for the transfer is set at RMB 3.37 per share, based on a special asset appraisal report [7][8] - Payment terms include an initial payment of 70% of the total price within 15 days of the agreement's effectiveness, followed by the remaining payment after the share transfer registration [8][9] Impact on the Company - Post-transaction, the company will no longer hold shares in the target company, which is expected to enhance its asset liquidity and operational funding [10] - The financial impact of the sale will be confirmed in the company's subsequent audited financial reports [10]

近日，港股上市公司新城悦服务发布公告称，应董事会及该公司审核委员会建议，罗兵咸永道会计师事务 所（即普华永道在香港分支机构，以下简称罗兵咸永道）已辞任该公司核数师。 截至目前，新城悦服务尚未发布2024年年报。据公告，在审核2024年全年业绩的过程中，罗兵咸永道发现该公 司与关联人士之间的若干资金往来并未记入公司编制的记账记录及财务报表等问题。在该公司成立独立调查委 员会后，罗兵咸永道提交了额外审计收费报价，但遭上市公司拒绝，并被建议辞任核数师。而这也是辞任函 中，罗兵咸永道提请股东垂注的事宜。 据券商中国记者梳理，在具有上述财报争议事项前提下，因审计费用分歧而被上市公司建议辞任的案例较为少 见。 已担任该公司核数师多年 新城悦服务是一家主要提供物业管理服务及增值服务的投资控股公司，实控人是房地产公司新城控股原董事长 王振华。罗兵咸永道服务该公司已有多年。2018年，新城悦服务登陆港股时，罗兵咸永道担任申报会计师和核 数师，此后的2018年—2023年六个报告期，均被委任为年报核数师。 3月19日，新城悦服务发布预亏公告，称预计2024年度该公司拥有人应占净亏损介乎约人民币7亿元至9亿元。 公告提到，该亏损主 ...

新大正 20250529 摘要 新大正已完成全国化布局，成为非住宅物业服务领域首家实现此目标的 民营企业，业务重心从重庆扩展至全国，一线和二线城市均有覆盖。未 来将加强垂直领域能力建设，为合伙人提供更多专业服务能力。 尽管行业竞争加剧和用工成本上升导致利润增长放缓，甚至 2024 年出 现负增长，但新大正预计 2025 年及以后毛利和净利将保持相对稳定， 增长幅度有限，这得益于公司提前规划与战略布局。 新大正在航空业态，特别是机坪业务方面具有显著优势，通过收购重庆 航城进入该领域，成为国内机场服务数量最多的供应商之一，并计划继 续深化航空业态发展，构建全面而深入的垂类生态系统。 新大正通过收购方式进入江北机场客舱清洁和特种车辆维修市场，克服 了高准入门槛，并将业务扩展到其他机场，实现了 1+1 大于 2 的效果， 强化了在航空领域的市场地位。 新大正积极探索无人科技在物业管理中的应用，特别是在外环境清洁方 面，已投放近 100 台自动化设备，一台机器可替代 3-4 个人，显著提高 生产效率并降低成本，内环境应用预计两年内可实现大规模应用。 Q&A 新大正公司近期的经营情况如何？无人设备在具体应用场景中的落地情 ...

Meeting Information - The annual general meeting of Shanghai Sanmao Enterprise (Group) Co., Ltd. is scheduled for June 20, 2025, at 14:00 [1] - The meeting will be held at the Shanghai Zhonggang Huiberman Hotel, with provisions for both on-site and online voting [1][3] - Participants include directors, supervisors, senior management, and registered shareholders [1] Agenda and Procedures - The meeting will start with the announcement of the meeting and the reading of attendance [3] - Various proposals will be reviewed and voted on, including the remuneration distribution plan [2][3] - Shareholders will have the opportunity to ask questions and receive responses during the meeting [3][4] Company Performance Overview - In 2024, the company achieved a revenue of 1.203 billion yuan, a year-on-year increase of 9.97%, and a net profit of 18.45 million yuan, up 4.84% [7][19] - The core business segments, including security services, import-export trade, and property leasing, showed resilience with a combined profit of approximately 22.29 million yuan [7][8] Corporate Governance and Compliance - The board of directors held seven meetings and two shareholder meetings in 2024, approving 11 proposals [9][10] - The company has implemented a 100% signing rate for the term system and contractual management for management members [8][10] Financial Highlights - The company reported a net cash flow from operating activities of -52.74 million yuan for 2024 [19][20] - The total assets increased to 908.65 million yuan, reflecting a 13.62% growth compared to the previous year [20] - The proposed cash dividend is 0.15 yuan per share, totaling approximately 3.01 million yuan, which is 16.34% of the net profit attributable to shareholders [22][24] Future Outlook - The company plans to enhance internal control and risk management systems while exploring business innovations to adapt to changing market conditions [21] - The 2025 financial budget aims to focus on improving operational quality and efficiency [21]

Investment Overview - The company has signed a partnership agreement with Jiang Sai Zhi Bo Le Equity Investment Management Co., Ltd., Zhejiang University Net New Technology Co., Ltd., and Hangzhou Jingye Intelligent Technology Co., Ltd. to jointly invest in Hangzhou Sai Zhi Zhu Long Venture Capital Partnership (Limited Partnership) [1] - The target total fundraising scale of the investment fund is RMB 100 million, with the company contributing RMB 33 million, accounting for 33% of the total fundraising scale [1] Fund Progress - The investment fund has completed the business registration process and obtained a business license from the market supervision and management department [2] - The fund has also completed the private investment fund registration procedures with the Asset Management Association of China, obtaining the Private Investment Fund Registration Certificate [2]

另据了解在加速老旧电梯更新的同时，西湖区稳步推进既有住宅电梯加装工作。转塘街道珊瑚沙社 区通过科学制定方案、规范审批流程、强化质量监管等举措，已完成7个单元电梯加装，惠及100余户居 民，另有2个单元正在施工。针对加梯过程中的政策咨询和居民分歧，社区设立"电梯加装咨询专窗"， 并组织多方协商会，邀请律师、设计师参与协调，有效化解矛盾，确保加梯工作顺利推进。统计数据显 示，西湖区去年完成老旧小区电梯加装110台，今年将完成80台以上，持续提升居民生活品质。 从"忧居"到"优居"，西湖区以"绣花功夫"推进电梯焕新与加装，通过政策精准滴灌、基层创新治 理、居民共建共享的组合拳，破解"资金难""协调难"问题，真正把民生实事办到群众心坎上，让小小电 梯成为直通民心的幸福载体。 据了解，去年9月《杭州市老旧住宅电梯更新行动方案》出台，将15年以上住宅电梯纳入超长期特 别国债支持范围，西湖区迅速推进相关工作，率先将419台"高龄"电梯纳入首批国债支持计划，目前已 完成415台电梯换新。其中留下街道翰墨香林苑50台电梯仅用7个月完成整体换新，翠苑街道文萃苑24台 电梯刷新"三个月竣工"的民生工程速度纪录。据西湖区住建局相关负 ...

"取消每月的抽粪。" 位于上海市长宁区的安阳小区，始建于上世纪80年代中后期，即将迎来一次精品化改造。小区居民提出 了51条关于改造的诉求，其中"抽粪"问题被特别强调。 安阳小区由12栋住宅组成，呈"L"型排布，包括一梯8户和一梯6户，小区西侧、北侧和东侧一墙之隔的 分别是德必易园、科研单位和高层住宅楼。 5月27日，居民张老先生在小区现场告诉《每日经济新闻》记者："1988年，我通过住房调剂来到了安阳 小区（'房屋调剂'是上海特定历史时期的产物，职工可以根据工作单位所在地相互置换房屋），刚搬来 时环境甚至不如现在。听说小区即将改造成为'精品小区'，我们居民也希望能够实现这个目标，这样大 家才能有满满的幸福感。" "我们是典型的老旧小区，您可以看到，这里并没有扩面（扩大居住面积）的条件。"在实地考察中，管 理安阳小区的华阳物业裘经理告诉记者，在这样的条件下进行改造，确实是一项挑战，可谓是"螺蛳壳 里做道场"。 改造之初就面临一堆难题 万事开头难，安阳小区的改造更是如此。 小区业委会的构成比较复杂，物业服务亦是如此。据华阳物业透露，由于历史遗留问题，安阳小区长期 以来由华阳物业和都佳物业共同管理。具体来说，7号 ...

Core Viewpoint - The company, Xinda Zheng Property Group Co., Ltd., has announced its 2024 annual dividend distribution plan, which includes a cash dividend of 1.85 RMB per 10 shares for shareholders, excluding shares held in the repurchase account [2][19]. Summary by Sections Dividend Distribution Announcement - The company plans to distribute a total cash dividend of approximately 41.59 million RMB, calculated based on 224,827,783 shares eligible for distribution at a rate of 0.185 RMB per share [2][20]. - The dividend distribution plan was approved at the annual shareholders' meeting held on May 20, 2025 [2][19]. Shareholder Rights and Exclusions - Shares held in the company's repurchase account (1,450,000 shares) will not participate in the dividend distribution [2][7]. - The cash dividend per share after accounting for the repurchased shares will be approximately 0.1838145 RMB [2][20]. Key Dates - The record date for shareholders to receive the dividend is set for June 5, 2025, and the ex-dividend date is June 6, 2025 [9][19]. Dividend Payment Method - Cash dividends will be directly credited to shareholders' accounts through the designated securities companies on the ex-dividend date [11][12]. Adjustments to Share Repurchase Price - Following the dividend distribution, the maximum repurchase price will be adjusted from 13.96 RMB per share to 13.78 RMB per share, effective from June 6, 2025 [17][21].

以下文章来源于投中网 ，作者蒲凡 投中网 . 投中网是领先的创新经济信息服务平台，拥有立体化传播矩阵，为创新经济人群提供深入、独到的智识和洞见，在私募股权投资行业和创新商业领域拥有 权威影响力。官网：www.chinaventure.com.cn 前不久，Pitchbook发布了一份忧心忡忡的前瞻报告。分析师们悲观地指出，风险投资的退出难题仍然会持续一段时间，至少在2026年上半年之前都不会 出现合适的IPO窗口期。 这纯属老生常谈，况且报告的背景估计你也能猜到，特朗普掀起的关税冲突，直接让全球股市大幅震荡，纳斯达克更是重灾区，加税的第一天就直接跳水 接近6%，创造了5年以来的单日最大跌幅。当然，估计分析师在写这篇报告的时候定没想到，一个多月时间，纳斯达克已经反弹超过20%了。 不过悲观预期下，瑞典金融科技公司Klarna和美国票务平台Stubhub先后宣布暂缓IPO计划，依然是"退出难"的例证。这两家公司，一个估值146亿美元， 另一个估值165亿美元。他们上市的传闻从2023年开始就备受关注，人们都指望着这种级别的独角兽能带动IPO市场的热度，恢复投资人们的信心。谁也 没想到几年过去了，他们仍然在担心"备 ...