2024年，公司坚定"五五"战略方向，在挑战中寻求发展，主动适应市场变化，在实现营收持续稳定增长 的情况下，受社保及社平工资增长、主动退出低质效项目、公司体系重构与城市合伙人计划等影响，全 年利润尤其是第四季度阶段性承压。 4月28日晚间，新大正（002968）披露2024年业绩报告，公司实现营业收入33.87亿元，同比增长 8.32%。归母净利润1.14亿元，同比下降28.95%。基本每股收益0.51元/股。 数据显示，新大正自2019年上市以来持续实施现金分红，与全体股东共享公司高质量发展红利。近三年 现金分红比例持续上升，2024年度利润分配方案为向全体股东每10股派发现金红利1.85元(含税)，全年 累计现金分红总额6408万元(含前三季度利润分配方案已实施的现金分红)，占2024年归母净利润比例达 56.32%。2024年度现金分红占比较上年大幅提升的同时，公司还计划在2025年度进行中期分红，并已 提报年度股东大会审议。 同日，新大正披露了股份回购计划，彰显了公司对未来发展的信心。公司拟不超过每股13.96元的价 格，通过集中竞价交易方式回购股份，回购总额不低于1000万元且不超过2000万元，用 ...

证券研究报告·行业跟踪周报·房地产 房地产行业跟踪周报 持续巩固房地产市场稳定态势，宽松政策有望 逐步出台 增持（维持） 2025 年 04 月 28 日 证券分析师 房诚琦 执业证书：S0600522100002 fangcq@dwzq.com.cn 行业走势 -16% -11% -6% -1% 4% 9% 14% 19% 24% 29% 34% 2024/4/29 2024/8/28 2024/12/27 2025/4/27 房地产 沪深300 相关研究 《二手房成交面积持续增长，国常会 提推动房地产市场平稳健康发展》 2025-04-21 《新房销售面积同环比下降，政策放 松预期走强》 2025-04-14 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（2025.4.21-2025.4.25）：上周房地产板块（中信）涨跌幅-1.2%,同期 沪深 300、万得全 A 指数涨跌幅分别为 0.4%、1.2%，超额收益分别为- 1.6%、-2.3%。29 个中信行业板块中房地产位列第 27。 ◼ （1）新房市场：上 ...

智通财经APP讯，升辉清洁(02521)发布公告，于2025年4月28日，买方升辉清洁(香港)(本公司全资附属 公司)与卖方A订立买卖协议A，买方已有条件同意收购而卖方A已有条件同意出售待售股份A，代价为 900万港元;及买方与卖方A及卖方B订立买卖协议B，买方已有条件同意收购而卖方已有条件同意出售待 售股份B，代价为600万港元。 目标A富宇物业管理主要于香港从事提供物业管理服务。目标B富慧物业管理主要于香港从事提供物业 管理服务。 本集团主从事提供环保清洁及维护服务。诚如本公司日期为2023年11月27日的招股章程及本公司日期为 2024年12月13日的公告所披露，本集团拟收购中国清洁及维护服务供应商的目标;及投资或收购本集团 于中国或大湾区业务价值链的上游或下游潜在目标，此可为本集团带来整合及/或协同效应。考虑到物 业管理服务的长期稳定现金流;物业管理及清洁服务于价值链上乃紧密相关;将由目标公司管理的楼宇清 洁服务竞标机会，从而增加清洁合约的数量及来自位于香港的该等新增楼宇的收入;及董事会认为收购 事项将让本集团垂直扩展其业务版图，并扩大中国内地境外的收入来源。连同本公司日期为2024年9月3 日的公告 ...

新大正（002968）公告，2024年营业收入33.87亿元，同比增长8.32%。归属于上市公司股东的净利润 1.14亿元，同比下降28.95%。基本每股收益0.51元/股，同比下降28.17%。公司拟向全体股东每10股派发 现金红利1.85元(含税)，送红股0股(含税)，不以公积金转增股本。 ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company demonstrates strong performance growth with improved operational efficiency and increased cash reserves, leading to a higher dividend payout ratio [2][3] - The main business segments, property management and community value-added services, show steady growth, contributing to 86% of total revenue [2] - The company has optimized its managed projects, enhancing operational efficiency and improving gross profit margins [3] - The company is backed by China Overseas Development and China State Construction Group, providing a rich resource for property management projects [4] Summary by Relevant Sections Financial Performance - In 2024, the company is projected to achieve revenue of 14 billion HKD, a year-on-year increase of 7.5%, with a gross profit of 2.33 billion HKD, up 12.4%, and a net profit attributable to shareholders of 1.51 billion HKD, reflecting a 12.5% increase [1] - The company plans to distribute a total dividend of 0.18 HKD per share for the year, a 29% increase compared to the previous year [1] Operational Efficiency - By the end of 2024, the company will manage an area of 430 million square meters, with new contracts signed for 74.1 million square meters, 63.3% of which comes from third parties [3] - The company has exited 44.5 million square meters of loss-making projects, optimizing its business structure and enhancing operational efficiency [3] Cash Flow and Dividends - As of the end of 2024, the company has cash and bank balances of 5.8 billion HKD, an increase of 13.1% from the previous year [3] - The dividend payout ratio for 2024 is set at 36.3%, an increase of 4.5 percentage points year-on-year [3] Profit Forecast and Valuation - The company’s net profit forecasts for 2025 and 2026 have been adjusted to 1.68 billion HKD and 1.87 billion HKD, respectively, with a new forecast for 2027 set at 2.04 billion HKD [4] - The projected price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are 10, 9, and 8 times, respectively, indicating strong valuation attractiveness [4]

《每日电讯报》4月27日报道，在新州，电子产品与白色家电成为了消费者投诉最 多的行业，超过了物 业管理和汽车维修，位居"投诉榜"榜首。 报道称，2024年新州公平交易厅共收到超3.4万起投诉，其中投诉最多的是零售商 品（如冰箱、洗衣机 等）在质量与供应方面的问题，其次则是家具及床上用品类商品。 （图片来源：《每日电讯报》） 汽车维修以及新车和二手车销售相关投诉，占了全部投诉量的十分之一以上。而与 房地产及物业服务 相关的纠纷——包括租赁物业的维修与维护、房产销售过程中中介 的行为规范以及物业管理——亦大 量涌现。 目前，新州政府正准备于5月推出更严格 的租赁改革措施，预计届时相关投诉将持续增长。 新州公平交易厅长Anoulack Chanthivong鼓励消费者了解自身权益，包括当遇到商 品或服务质量不达 标、与广告宣传不符或未能在合理时间内交付等问题时，有权要 求维修、更换或退款。 Chanthivong表示："当你准备进行一次重要消费，比如购买汽车、电器或家具时， 一定要在网上做好功 课，查阅新州公平交易投诉登记册（NSW Fair Trading Complaints Register），并阅读其他消费 ...

4月25日,由克而瑞物管主办的"2025中国物业服务力暨品牌价值研究成果发布会"在南京隆重举办。国贸 地产旗下国贸服务凭借良好的品牌影响力和优质的服务力,获评"2025中国物业服务力百强企业第29名", 较2024年度前进2个位次,这也是国贸服务首次进入榜单30强。 同时,国贸服务还荣获2025中国物业服务企业品牌价值100强、中国高端物业服务力TOP20企业、中国城 市服务力TOP20企业、中国物业服务华东品牌企业30强。此外,国贸服务"铂优服务体系"荣获中国物业 服务企业优质服务体系,在管的厦门天琴海项目、厦门国贸中心项目荣获2025年度服务力标杆项目。 Part1 打造新质服务力,"质"敬美好生活 随着行业发展的深化,新质服务力已然成为物业服务行业变革的核心驱动。追求高质量发展,就需要企业 基于自身能力进行创新实践,尤其要以科技创新催生新模式、新动能。作为2025中国物业服务力百强企 业30强、中国高端物业服务力TOP20企业、中国城市服务力TOP20企业的国贸服务坚持以"创新"方式在 打造"新质服务力"的道路上走实走深,从营造服务到"质"造服务的转变,实现服务温度与专业高度的价值 共生! 近两年,国贸 ...

Investment Rating - The report maintains a "positive" rating for the real estate and property management sectors [4]. Core Insights - The report highlights the increasing importance of real estate strategies, emphasizing the need for quality housing supply and urban renewal initiatives to stabilize the market [4][32]. - Recent policies aim to enhance the real estate market's stability, with a focus on optimizing existing housing stock and promoting high-quality housing [32][33]. Industry Data Summary New Housing Transactions - In the week of April 19-25, 2025, 34 key cities recorded a total new housing transaction volume of 206.4 million square meters, reflecting an 8.4% week-on-week increase [5]. - Year-on-year, April's new housing transactions in these cities decreased by 21.2% compared to the same period last year [7][8]. Second-Hand Housing Transactions - In the same week, second-hand housing transactions in 13 key cities totaled 142.4 million square meters, marking a 6.5% increase from the previous week [13]. - Cumulatively, second-hand housing transactions for April showed a 1.5% year-on-year increase [13]. Inventory and Supply - In the week of April 19-25, 2025, 15 key cities launched 121 million square meters of new housing, with a sales-to-launch ratio of 0.68, indicating ongoing inventory reduction [23]. - The total available residential area in these cities reached 89.5 million square meters, with an average absorption period of 23.2 months [23]. Policy and News Tracking - The report notes that the central government is reinforcing economic stability measures, including urban renewal and high-quality housing supply [32][33]. - Local governments are implementing targeted policies, such as tax subsidies for home purchases in specific regions [33][35]. Company Performance Overview - The report provides a snapshot of key companies' performances, indicating mixed results with some companies like Lujiazui showing revenue growth of 33% in 2024, while others like Tianjian Group experienced a 21% revenue decline [39]. - The first quarter of 2025 saw Lujiazui's revenue increase by 41% year-on-year, reflecting a positive trend in the company's performance [39].

Core Viewpoint - The recent wave of property fee reductions is primarily an adjustment of initial property fees rather than a widespread decrease in fees for existing communities [3][4][5] Group 1: Property Fee Reduction Trends - Over 100 residential communities in cities like Chongqing, Yinchuan, Qingdao, and Wuhan have seen property fees reduced by 20%-35% since 2024 [1] - In Shenzhen, luxury properties have negotiated reductions, with one property lowering fees from 9.9 yuan/sqm to 6.9 yuan/sqm starting May 1 [2] Group 2: Nature of Initial Property Fees - Initial property fees are set by developers to facilitate new home delivery and maintenance during the warranty period, typically two years [3] - These fees are often higher than market rates, as developers use their own property management companies to ensure smooth delivery and address homeowner concerns [4] Group 3: Market Dynamics and Government Intervention - The high initial property fees have historically provided strong cash flow for property management companies, which are often seen as "cash cows" in the real estate sector [4][5] - Government intervention has begun to standardize property fee pricing, with Chongqing implementing a government-guided pricing system for initial property fees, effective June 1, 2024 [6] Group 4: Implications of Fee Reductions - The reduction in property fees is seen as a response to the declining real estate market, where high fees are increasingly scrutinized by homeowners [5][9] - The ongoing debate about property fees reflects broader issues in community governance and the perceived value of services provided by property management companies [11][12] Group 5: Future of Property Management - The future of property management will likely involve a shift towards standardized service offerings and transparent pricing, allowing homeowners to choose services based on their needs and budget [16][22] - The concept of "good property management" is not solely defined by low fees but by the alignment of services with homeowner expectations and willingness to pay [22]

查到底 公职人员竟充当"行业中介" 明明是物业行政管理部门工作人员，却充当起"行业中介"，不仅收受好处费，更拉拢腐蚀了其他公职人 员。 2023年，一起物管科长受贿案，进入成都市纪委监委视野。 "我们顺藤摸瓜，循线深挖，通过调查与其存在不正当利益关系的物业公司、物业中介机构等单位负责 人，发现成都市原城乡房产管理局宋某某等公职人员涉嫌违纪违法。"成都市锦江区纪委监委第五纪检 监察室主任马晓龙介绍。 经查，根据2008年施行的《成都市物业管理条例》相关规定，房屋预售前必须采取公开招投标的方式选 聘物业管理服务公司。瞧准"商机"，当时兼任市物业协会会长的宋某某要求成立服务中心，专门开展物 业评标业务。为让各区（市、县）物管部门将辖区物管企业推荐到该中心来评标，2007年至2016年，物 业协会向部分区（市、县）物管部门"返点"1300多万元。 在成都，物业管理行业总产值超过530亿元，覆盖约2.4万个小区、1500万人。"物业与老百姓生活息息 相关，对在物业管理行业打歪主意的问题，必须下决心下气力整治。"成都市纪委监委相关负责同志表 示。 "维修资金使用、共有资金管理、企业信用信息……小区物业情况一目了然！"掏出 ...