6月4日，新三板挂牌公司新鸿运发布公告称，因触发《全国中小企业股份转让系统分层管理办法》相关规定，将被调整至基础层。 根据公告，新鸿运最近一年度财务会计报告被会计师事务所出具保留意见的审计报告且净利润为负值，触发了《分层办法》第十四条第（三）项规定的降层 情形。新鸿运对降层决定无异议，未提交复核申请。自2025年6月5日起新鸿运调入基础层，且自被调整至基础层之日起12个月内不得再次进入创新层。 GPLP犀牛财经了解到，在新三板市场中，相比于创新层，基础层企业的交易活跃度和流动性普遍较低，降层可能导致股票交易量减少、估值下滑等情况。 此外，创新层企业通常更受投资者关注，降层后融资渠道可能收窄，尤其是对拟转板北交所的企业影响显著。 据官网介绍，新鸿运成立于1995年11月28日，前身为南京新鸿运物业管理有限公司，2015年9月1日挂牌新三板、2020年5月1日进入创新层。该公司实际控制 人王中宁持有81.77%股份并担任公司董事长。 业绩方面，2022-2024年，新鸿运实现营业收入分别为5.49亿元、5.26亿元、4.42亿元，归母净利润分别为2613.94万元、2429.22万元、248.03万元。新鸿运 2 ...

Summary of the Conference Call for Nandu Property Company Overview - Nandu Property is the first independent third-party property service company listed on A-shares, established in 1994. As of Q1 2025, it operates in nearly 40 cities, primarily in Jiangsu, Zhejiang, and Shanghai, with approximately 700 signed projects covering nearly 100 million square meters and serving over one million households. The company employs around 8,900 people directly and 15,000 through outsourcing, totaling about 25,000 employees [2][4][5]. Financial Performance - The company has a robust financial position with cash and cash equivalents exceeding 1 billion, net cash flow from operating activities at 179 million, and total liabilities of 30 million, indicating a healthy overall debt structure. Since 2017, Nandu Property has distributed a total of 319 million in dividends, with an average dividend payout ratio of around 35% and a dividend yield exceeding 3% [2][5]. Industry Challenges - The property management industry faces multiple challenges, including labor shortages, cost pressures, and high demands for safety and quality. The vacancy rate for basic positions like cleaning and security exceeds 25% in first-tier cities, while rising labor costs and difficulties in adjusting pricing further complicate the situation. Owners are increasingly demanding higher safety and quality standards, which require specialized personnel, but the supply of skilled labor is insufficient [2][6]. Technological Solutions - The introduction of advanced technologies, particularly through the integration of AI and intelligent robotics, is seen as a potential solution to these industry challenges. The "Giant Rise Intelligent Technology" aims to address labor shortages and cost pressures by integrating large models with practical applications. According to forecasts, the property market size is expected to approach 1.5 trillion by 2025, with a potential market size of nearly 100 billion if 20% of basic services are replaced by intelligent solutions [2][7][11]. Strategic Upgrades - Nandu Property is actively pursuing strategic upgrades by establishing a dual-core driving model of "Ecology + Technology." This involves integrating AI and intelligent robotics into property management and investing in companies like Cloud Elephant Robotics to explore a closed-loop model of "Algorithm + Hardware + Scene" [2][10][12]. Market Potential - The external market space is estimated to be around 1.5 trillion, with cleaning and order management costs accounting for 45% to 60%. If machine replacement efficiency reaches 20%, the external market space could exceed 100 billion. The company plans to leverage joint ventures to promote the machine replacement process and explore new market opportunities [11][12]. Internal Efficiency Gains - Internally, the company estimates that small cleaning machines can replace 1.5 employees, while larger machines can replace 2 to 2.5 employees. In expansive areas like airports, one machine could replace 3 to 6 personnel. A conservative estimate suggests that a 10% replacement rate could increase net profit by 17%, while a 30% replacement rate could lead to over a 50% increase [12][29]. Collaboration and Market Dynamics - Nandu Property's collaboration with Cloud Elephant Robotics is driven by the vast blue ocean market in the property sector, which presents significant application opportunities. The partnership aims to combine technological advancements with practical applications in property management [16][25]. Demand Dynamics - The domestic demand for intelligent solutions is expected to surge due to severe labor shortages, rising labor costs, and government policies encouraging the adoption of new property services and AI technologies. The acceptance of robots in property management is growing, with clients showing a willingness to invest in robotic solutions for cost savings [17][26]. Conclusion - Nandu Property is positioned to leverage technological advancements and strategic partnerships to address industry challenges and capitalize on market opportunities. The company's proactive approach to integrating AI and robotics into its operations is expected to enhance efficiency, reduce costs, and improve service quality, ultimately driving growth in the evolving property management landscape [2][10][31].

Group 1 - On June 10, 2025, a block trade occurred for Shanzi Gaoke (000981), where an institutional special seat sold 820,400 shares for a total amount of 1.8787 million yuan at a price of 2.29 yuan per share, which was in line with the closing price of the day [1] - This trade accounted for 0.10% of Shanzi Gaoke's total trading volume of 1.808 billion yuan on that day, with the buyer being China International Capital Corporation Wealth Securities Co., Ltd. Fuzhou Wusi Road Securities Business Department [1] - This was the second block trade by institutional accounts for Shanzi Gaoke in recent times, with the first occurring on June 3, where 530,000 shares were sold at 2.13 yuan per share for a total of 1.1289 million yuan [1] Group 2 - As of the end of May 2025, Shanzi Gaoke announced the repurchase of 460,000 shares at a cost of 1.01 million yuan, with repurchase prices ranging from 2.19 to 2.24 yuan per share [2] - On June 9, 2025, the company held a temporary board meeting to review the proposal for the 2024 annual general meeting of shareholders [2] - On May 17, 2025, Shanzi Gaoke announced the sale of 80% equity in its subsidiary Yunfeng Automobile for 24.6 million yuan, which the company described as an important measure to optimize its main business structure [2] Group 3 - Shanzi Gaoke's main business includes automotive parts, property management, and complete vehicle manufacturing, with the automotive parts segment contributing over 60% of its revenue [2] - In the first quarter of 2025, the company reported operating revenue of 1.051 billion yuan and a net profit attributable to shareholders of 82.83 million yuan [2]

证券研究报告·行业跟踪周报·房地产 房地产行业跟踪周报 新房二手房成交同环比回落，城市更新政策持 续释放动能 增持（维持） 2025 年 06 月 09 日 证券分析师 房诚琦 执业证书：S0600522100002 fangcq@dwzq.com.cn 行业走势 -17% -12% -7% -2% 3% 8% 13% 18% 23% 28% 33% 2024/6/11 2024/10/10 2025/2/8 2025/6/9 房地产 沪深300 相关研究 《新房成交面积环比改善，二手房成 交同比持续正增》 2025-06-04 《LPR 下调 10 基点，持续推进城市更 新》 2025-05-26 东吴证券研究所 1 / 17 请务必阅读正文之后的免责声明部分 [Table_Tag] [Table_Summary] ◼ 投资要点 ◼ 上周（2025.6.3-2025.6.6）：上周房地产板块（中信）涨跌幅 0.9%,同期沪 深 300、万得全 A 指数涨跌幅分别为 0.9%、1.6%，超额收益分别为 0.0%、 -0.7%。29 个中信行业板块中房地产位列第 20。 ◼ （1）新房市场：上周 36 城新房成 ...

2025 年 06 月 09 日 证券分析师 房诚琦 证券研究报告·行业跟踪周报·房地产 房地产行业跟踪周报 新房二手房成交同环比回落，城市更新政策持 续释放动能 增持（维持） 执业证书：S0600522100002 fangcq@dwzq.com.cn 行业走势 -17% -12% -7% -2% 3% 8% 13% 18% 23% 28% 33% 2024/6/11 2024/10/10 2025/2/8 2025/6/9 房地产 沪深300 相关研究 《新房成交面积环比改善，二手房成 交同比持续正增》 2025-06-04 《LPR 下调 10 基点，持续推进城市更 新》 2025-05-26 东吴证券研究所 1 / 17 请务必阅读正文之后的免责声明部分 [Table_Tag] [Table_Summary] ◼ 投资要点 ◼ 上周（2025.6.3-2025.6.6）：上周房地产板块（中信）涨跌幅 0.9%,同期沪 深 300、万得全 A 指数涨跌幅分别为 0.9%、1.6%，超额收益分别为 0.0%、 -0.7%。29 个中信行业板块中房地产位列第 20。 ◼ （1）新房市场：上周 36 城新房成 ...

Steel Industry - The average daily crude steel output of key steel enterprises reached a four-month low in late May 2025, indicating a potential recovery in profitability to historical average levels due to the revised "Steel Industry Normative Conditions" by the Ministry of Industry and Information Technology [4] Copper Industry - COMEX copper inventory hit a new high since September 2018, while LME copper inventory reached a near 12-month low; trade conflicts have eased, leading to a rebound in copper prices, but demand risks remain as the market enters a seasonal lull [5] Basic Chemicals - The rise of the trendy toy industry is driving new consumer demand, with the market size of China's pan-entertainment toy market surpassing 100 billion yuan, expected to reach 212.1 billion yuan by 2029; this growth will benefit the color masterbatch and pigment industries [6] Public REITs - The total market value of public REITs surpassed 200 billion yuan for the first time, with a market value index of 113.91 as of June 6, 2025, reflecting a 19% increase since the end of 2024; the market is expected to continue growing steadily [8] New Energy and Environmental Protection - Recent policies related to the new power system are expected to lead to breakthrough developments, addressing renewable energy consumption issues through market-based pricing mechanisms and innovative supply models [9] Digital Currency and Web3 - The passage of the GENIUS Act in the U.S. Senate and the approval of the stablecoin regulation draft in Hong Kong are expected to catalyze the application of Real World Assets (RWA), creating new pathways for traditional finance to integrate into the digital economy [9] Sunac Services - Sunac Services is expected to experience stable growth as the impact from real estate associations diminishes, with a significant increase in sales amounting to 4.9 billion yuan in May 2025, a year-on-year increase of 128% [10]

点击注册小程序 关联方境外债重组取得重大进展，5月销售表现亮眼 1、根据克而瑞数据，公司关联方融创中国5月份全口径销售金额49亿元，同比+128%，权益口径销售金额 24.5亿元，同比+108%；1-5月，融创中国累计全口径销售金额160亿元，同比-35%，权益口径销售金额80 亿元，同比-41%。 2、融创中国发布公告，公司合计95.5亿美元的境外债务计划通过发行新强制可转换债券1和新强制可转换 债券2作为对价，分别以每股6.80/3.85港元的价格转换为融创中国普通股，截至5月26日，约82%的持有人 支持境外债重组方案。 3、2024年度，融创服务实现收入70亿元，同比基本持平，实现归母净亏损4.5亿元，核心归母净利润8.0亿 元，同比基本持平，宣派2024年度股息每股0.143元，合计派息约4.4亿元，占公司核心净利润比重为 55%。 点评： 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成 ...

Core Viewpoint - China Resources Vientiane Life is a leading property management and commercial operation service provider in China, backed by a strong central enterprise, China Resources Land, which holds over 72% of the shares, ensuring a stable and concentrated ownership structure [1][2] Commercial Sector - The company operates 122 shopping centers, maintaining its position as an industry leader, with expected new openings of 6, 6, 6, and 5 shopping centers from 2025 to 2028, contributing to performance growth [1] - Retail sales in 2024 are projected to grow by 4.6% year-on-year, outperforming the overall retail sales growth, with luxury malls achieving a 1.8% increase despite a cooling market [1] - Key factors contributing to the company's resilience include early market entry, a strong portfolio of shopping centers attracting premium brands, clear product line positioning, a robust membership system ensuring stable foot traffic, and high operational efficiency with a 19.2% increase in rental income to 26.2 billion yuan in 2024 [1] Property Management Sector - The company benefits from a solid foundation due to its parent company, China Resources Land, which has a strong performance in sales and land acquisition, providing stable project deliveries [2] - As of 2024, the company has a contracted area of 450 million square meters and a managed area of 410 million square meters, reflecting year-on-year growth of 5.9% and 11.6% respectively [2] - The company is actively expanding through market outreach, acquisitions, and joint ventures, with a 19.8% increase in managed urban space area to 12.5 million square meters, raising the overall business segment's share to 30% [2] Financial Analysis - The company reported a revenue of 17.04 billion yuan in 2024, a year-on-year increase of 15.4%, with a net profit of 3.63 billion yuan, up 23.9%, driven by improved gross margins and reduced expense ratios [2] - The company has maintained a 100% dividend payout ratio for two consecutive years, with the fixed payout ratio increasing from 37% in 2021 to 60% in 2024 [2] Investment Recommendation - As a leader in the commercial real estate sector with a robust project pipeline and stable operations, the company is expected to achieve revenues of 19.19 billion, 21.21 billion, and 23.26 billion yuan in 2025, 2026, and 2027 respectively, with net profits of 4.17 billion, 4.74 billion, and 5.29 billion yuan [3] - The company is compared to benchmark property management firms, showing a premium valuation due to its unique dual business model, superior performance, and high dividend yield of 4.3% [3] - The estimated reasonable market value is 91.8 billion yuan, with a target stock price of 40.2 yuan per share, initiating coverage with a "buy" rating [3]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a projected investment return exceeding the market benchmark by more than 15% over the next 6-12 months [5][8]. Core Insights - The company has made significant progress in restructuring its offshore debt, with approximately 82% of bondholders supporting the restructuring plan. This is expected to help the company gradually reduce its reliance on related parties and enhance its independent growth capabilities [1][2]. - The company reported a strong sales performance in May, with total sales amounting to 4.9 billion yuan, a year-on-year increase of 128% [1]. - The company aims to achieve stable revenue growth, with projected revenues of 7 billion yuan in 2023 and 6.97 billion yuan in 2024, reflecting a slight decline but expected recovery in subsequent years [4][7]. Summary by Sections Financial Performance - For 2024, the company is expected to generate revenue of 7 billion yuan, with a core net profit of 800 million yuan, remaining stable year-on-year. The dividend declared for 2024 is 0.143 yuan per share, totaling approximately 440 million yuan, which represents 55% of the core net profit [1][4]. - The gross profit margin for property management services is projected to be 20.9%, with fluctuations noted in community living and non-owner value-added services [3]. Business Development - The company has significantly reduced its dependence on related parties, with third-party revenue expected to reach 6.8 billion yuan in 2024, accounting for 97.6% of total revenue. The company is anticipated to fully escape the impact of the real estate cycle starting in 2025 [2]. - The company is focusing on core cities, with a managed area of 290 million square meters by the end of 2024, reflecting a 7% year-on-year growth. The project renewal rate stands at 95%, indicating a solid operational foundation [2]. Profitability Forecast - The company has adjusted its net profit forecasts for 2025 and 2026 to 420 million yuan and 520 million yuan, respectively, with a new forecast for 2027 set at 620 million yuan. The current stock price corresponds to a price-to-earnings ratio of 11/9/8 times for the years 2025-2027 [3][4].

违法行为类型：恩平市锦绣香江物业管理有限公司向业主收取水电周转金的行为，违反了《广东省物价 局广东省住房和城乡建设厅关于物业服务收费管理办法》第十八条，符合《价格违法行为行政处罚规 定》第九条第(五)项及《中华人民共和国价格法》第十二条的规定，构成了不执行政府指导价、政府定 价的违法行为。 对恩平市锦绣香江物业管理有限公司不执行政府指导价、政府定价的违法行为，根据《中华人民共和国 价格法》第三十九条、四十一条的规定，恩平市市场监督管理局责令恩平市锦绣香江物业管理有限公司 立即改正违法行为，责令其退还多收价款1300元，决定处以罚款81390元。 天眼查显示，恩平市锦绣香江物业管理有限公司成立于2008年，香江集团成员，广州香江物业管理有限 公司持股比例100%。 南都讯信用中国(广东江门)公示，恩平市锦绣香江物业管理有限公司向业主收取水电周转金被恩平市市 场监督管理局处罚。 行政处罚决定书显示，恩平市锦绣香江物业管理有限公司已取得《营业执照》从事物业管理经营活动。 该公司于2016年至2024年期间，自立"水电周转金"收费项目，以商品房每户200元，别墅每户400元，商 铺每户500元的收费标准向业主收取水电 ...