房地产/房地产服务 招商积余（001914.SZ） 收入利润平稳增长，基础物管毛利率提升 2025 年 08 月 28 日 投资评级：买入（维持） | 日期 | 2025/8/27 | | --- | --- | | 当前股价(元) | 12.56 | | 一年最高最低(元) | 13.59/8.16 | | 总市值(亿元) | 133.18 | | 流通市值(亿元) | 133.18 | | 总股本(亿股) | 10.60 | | 流通股本(亿股) | 10.60 | | 近 3 个月换手率(%) | 66.7 | 股价走势图 数据来源：聚源 -20% 0% 20% 40% 60% 80% 2024-08 2024-12 2025-04 2025-08 招商积余 沪深300 相关研究报告 《收入利润保持双增，新拓规模稳中 提质—公司信息更新报告》-2025.3.17 《央企物管旗舰规模壮大，降本增效 助 力 盈 利 修 复 — 公 司 深 度 报 告 》 -2024.11.27 ——公司信息更新报告 | 齐东（分析师） | 胡耀文（分析师） | 杜致远（联系人） | | --- | --- | --- | ...

证券研究报告 | 2025年08月28日 贝壳-W（02423.HK） 优于大市 二季度营收同比增长 11%，利润同比下滑但环比改善 Q2 营收同比增长 11%，主要受益于二赛道业务增长。2025 年 Q2，公司实现 GTV 交易总额 8787 亿元，同比+5%，环比+4%；营业收入 260 亿元，同比+11%， 环比+11%。其中，存量房业务、新房业务、家装家居业务、房屋租赁服务、 新兴业务及其他收入占比分别为 26%、33%、18%、22%、2%，同比分别变动-6、 -1、+0.3、+8、-2pct，二赛道业务持续助力公司收入增长。 利润同比下滑但环比改善。2025 年 Q2，公司实现经调整归母净利润 18.2 亿 元，同比-32%，环比+30%；经调整归母净利率为 7.0%，同比下降 4.5pct， 环比提升 1.0pct；毛利率为 21.9%，同比下降 6.0pct，环比提升 1.2pct； 贡献利润率为 27.1%，同比下降 5.9pct，环比提升 1.0pct。同比增收不增利， 一方面因为收入同比增速较快的房屋租赁服务业务贡献利润率较低，另一方 面 2024 年 Q2 房地产利好政策密集发布，一赛 ...

Group 1 - The report highlights the increase in user stickiness and the upward revision of annual guidance for Duolingo, with Q2 2025 revenue reaching $252 million, a year-over-year increase of 41.46% [3][4] - The company achieved a gross profit of $183 million in Q2 2025, with a gross margin of 72.38%, benefiting from reduced AI-related costs [4][5] - Duolingo's adjusted EBITDA for Q2 2025 was $79 million, exceeding previous guidance by 27.7%, with a margin of 31.19% [4][5] Group 2 - The report indicates that Yingjia Gongjiu's H1 2025 total revenue was 3.16 billion yuan, a year-over-year decrease of 16.51%, with a net profit of 1.13 billion yuan, down 18.02% [8][9] - In Q2 2025, the company reported revenue of 1.11 billion yuan, a decline of 23.81%, and a net profit of 302 million yuan, down 35.22% [9][10] - The company is focusing on its core product line and optimizing its pricing strategy to manage performance pressures [9][10] Group 3 - China Resources Power's H1 2025 revenue was 50.27 billion HKD, a decrease of 3.1%, with a net profit of 7.87 billion HKD, down 15.9% [12][13] - The decline in net profit was attributed to the absence of subsidiary acquisition gains and increased impairment losses [13][14] - The company plans to maintain stable operations with a focus on coal and renewable energy segments [13][14] Group 4 - Li Ning's H1 2025 revenue was 14.82 billion yuan, a year-over-year increase of 3.3%, while net profit decreased by 11% to 1.74 billion yuan [15][16] - The company experienced growth in e-commerce and licensed distribution channels, but direct sales faced challenges [16][17] - Li Ning's cash flow remains strong, with a net operating cash flow of 2.41 billion yuan, supporting future strategic investments [17][18] Group 5 - Beike-W reported Q2 2025 revenue of 26 billion yuan, an increase of 11.3%, with a net profit of 1.30 billion yuan, down 31.2% [19][21] - The company continues to expand its network of stores and agents, with a total of 60,500 stores, a year-over-year increase of 31.8% [22][23] - Beike is diversifying its business model, focusing on traditional brokerage, home decoration, and rental services [23][24] Group 6 - Wanwu Xingsheng's Q2 2025 revenue reached 4.99 billion yuan, a year-over-year increase of 32.2%, driven by the government's electronic product recycling subsidy policy [25][26] - The company reported a gross margin of 20.7%, slightly down from the previous year, but maintained a positive operating profit [26][27] - Future revenue projections for 2025-2027 are optimistic, with expected growth rates of 28%, 25%, and 22% respectively [27]

Core Viewpoint - The stock price of Shilianhang has decreased by 4.28% to 2.46 yuan as of August 27, 2025, reflecting a decline in the real estate service sector [1] Group 1: Company Performance - Shilianhang reported a revenue of 1.03 billion yuan for the first half of 2025, representing a year-on-year decrease of 15.0% [1] - The company experienced a net loss attributable to shareholders of 12.23 million yuan, a significant decline of 180.5% year-on-year [1] - In Q2 2025, the net loss attributable to shareholders was 1.57 million yuan, marking a 102.8% decrease compared to the previous year [1] Group 2: Business Segments - The company operates in two main business segments: large transactions and large asset management, focusing on enhancing real estate transaction efficiency and experience [1] - The large transaction segment primarily offers marketing services and Internet+ business, while the large asset management segment includes property and facility management, leasing, and space operation services [1] Group 3: Market Activity - On August 27, 2025, the net inflow of main funds was 2.29 million yuan, with a total net inflow of 3.85 million yuan over the past five days [1] - The company continues to push forward with digital transformation initiatives to improve operational efficiency and project profitability despite a decline in overall industry sales [1]

华润万象生活 （01209.HK） 2025 年 08 月 27 日 股价走势图 -50% 0% 50% 100% 150% 2024-08 2024-12 2025-04 华润万象生活 恒生指数 数据来源：聚源 相关研究报告 《营收利润稳健增长，维持核心净利 润 100%分派—港股公司信息更新报 告》-2025.3.26 《非凡万象，双轮共进，商管服务龙 头业绩腾飞—公司首次覆盖报告》 -2025.2.6 购物中心毛利率提升，首次实现中期 100%分派 ——港股公司信息更新报告 | 齐东（分析师） | 胡耀文（分析师） | 杜致远（联系人） | | --- | --- | --- | | qidong@kysec.cn | huyaowen@kysec.cn | duzhiyuan@kysec.cn | | 证书编号：S0790522010002 | 证书编号：S0790524070001 | 证书编号：S0790124070064 | 投资评级：买入（维持） | 日期 | 2025/8/26 | | --- | --- | | 当前股价(港元) | 41.620 | | 一年最高最低(港元) | 42.6 ...

| | | 统计截止日 区间股价涨跌幅 股东户数 增减 增减比例 户均持股市值 (元) | | | 户均持股数(股) | | --- | --- | --- | --- | --- | --- | | 2025-06-30 | -1.23% | 29946 -3398 | -10.19% | 21.96万 | 4.83万 | | 2025-03-31 | -6.50% | 33344 -384 | -1.14% | 20.59万 | 4.33万 | | 2025-02-28 | -20.00% | 33728 -1633 | -4.62% | 21.77万 | 4.28万 | | 2024-12-31 | 51.91% | 35361 9741 | 38.02% | 25.95万 | 4.09万 | | 2024-09-30 | 15.15% | 25620 -3217 | -11.16% | 23.58万 | 5.64万 | 根据统计，宁波富达2025年3月31日至2025年6月30日，主力资金净流出1195.76万元，游资资金净流出 2513.07万元，散户资金净流入3708.82万元。 证券之星消息，近 ...

Core Insights - The company reported a decrease in the number of shareholders to 7,770 as of June 30, 2025, down by 154, representing a reduction of 1.94% [1] - The average shareholding per shareholder increased from 23,700 shares to 24,200 shares, with an average market value of 315,400 yuan [1] - Compared to the industry average, the company's shareholder count is lower, while its average shareholding value is higher than the industry average of 166,200 yuan [1] Financial Performance - From March 31, 2025, to June 30, 2025, the company's stock price increased by 17.99%, despite a decrease in the number of shareholders [2] - The company experienced a net outflow of 6.11 million yuan from major funds and 23.27 million yuan from speculative funds, while retail investors contributed a net inflow of 29.38 million yuan during the same period [2] - The stock was listed on the "Dragon and Tiger List" twice during this period, indicating notable trading activity [2]

证券研究报告 | 半年报点评 gszqdatemark 2025 08 27 年 月 日 绿城管理控股（09979.HK） 25H1 业绩承压，新拓规模增长单价稳定，保持代建领先身位 2025H1 公司营收同比-17.7%，归母净利润同比-48.9%。2025 年上半 年，公司实现营收 13.7 亿元（-17.7%，同比变化，下同），实现归母净利 润 2.56 亿元（-48.9%）。期内公司业绩下滑，主要是由于代建行业竞争加 剧，影响收入规模；同时代建费率下行，而人力成本相对刚性，期内公司 代建服务毛利率为 40.0%（-11.4pct），影响利润规模。此外，期末贸易及 其他应收款为 10.0 亿元（较 2024 年末-10.7%），回款速度有所加快；合 同资产为 14.4 亿元（较 2024 年末+6.9%）；上半年经营活动现金净流入 1.12 亿元（+45%），整体现金流维持健康水平。 上半年公司新拓规模增长，新拓单价稳定，新拓结构持续优化。公司继续 保持代建市场龙头地位。2025 年上半年，公司新拓代建合约面积 1989 万 方（+13.9%），新拓代建项目代建费约 50 亿元（约+19.1%），新拓单 ...

Market Overview - On August 27, the real estate service sector declined by 3.12%, with Zhongtian Service leading the drop [1] - The Shanghai Composite Index closed at 3800.35, down 1.76%, while the Shenzhen Component Index closed at 12295.07, down 1.43% [1] Individual Stock Performance - Zhongtian Service (002188) closed at 5.59, down 5.41% with a trading volume of 127,200 shares and a transaction value of 73.12 million yuan [1] - Te Fa Service (300917) closed at 47.19, down 5.24% with a trading volume of 90,900 shares and a transaction value of 4.42 billion yuan [1] - World Union (002285) closed at 2.46, down 4.28% with a trading volume of 557,400 shares and a transaction value of 140 million yuan [1] - New Dazheng (002968) closed at 10.76, down 4.01% with a trading volume of 78,500 shares and a transaction value of 86.23 million yuan [1] - Pearl River Shares (600684) closed at 4.90, down 3.92% with a trading volume of 395,200 shares and a transaction value of 19.87 million yuan [1] Capital Flow Analysis - The real estate service sector experienced a net outflow of 201 million yuan from institutional investors, while retail investors saw a net inflow of 159 million yuan [1] - The table shows the capital flow for individual stocks, indicating varying levels of net inflow and outflow among different companies [2] Detailed Capital Flow for Selected Stocks - World Union (002285) had a net inflow of 2.29 million yuan from institutional investors, but a net outflow of 6.79 million yuan from retail investors [2] - Zhongtian Service (002188) saw a net inflow of 1.41 million yuan from institutional investors, with a net outflow of 7.84 million yuan from retail investors [2] - Pearl River Shares (600684) experienced a significant net outflow of 50.69 million yuan from institutional investors, while retail investors had a net inflow of 42.35 million yuan [2] - Te Fa Service (300917) had a net outflow of 52.61 million yuan from institutional investors, with a net inflow of 46.53 million yuan from retail investors [2]

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [1] Core Views - The company is actively expanding its core business and new business contributions are continuously increasing, leading to stable shareholder returns. The non-GAAP net profit forecasts for 2025-2027 have been slightly lowered due to market uncertainties and strategic adjustments in the home decoration business. The expected net profits are 7.17 billion, 8.27 billion, and 9.02 billion yuan respectively, with year-on-year growth rates of -0.7%, +15.3%, and +9.1% [6][7] Financial Summary and Valuation Metrics - For Q2 2025, the company's revenue reached 26 billion yuan, a year-on-year increase of 11.3%, which is in line with Bloomberg consensus expectations. The adjusted net profit was 1.82 billion yuan, a decline of 32.4% year-on-year, slightly above the consensus forecast [6] - The company’s revenue from existing homes decreased by 8.4% year-on-year, while the transaction volume for new homes grew by 8.5% year-on-year, indicating a strong channel advantage [6] - The company plans to expand its existing share repurchase program to 5 billion USD, extending it until August 31, 2028, which represents approximately 13.5% of the current market value [7] - The projected operating revenue for 2025 is 102.91 billion yuan, with a year-on-year growth of 10.1%. The non-GAAP net profit for 2025 is expected to be 7.17 billion yuan, with a net profit margin of 7.0% [8]