8月26日晚间，贝壳在港交所公告，2025年第二季度净收入为人民币260亿元，同比增加11.3%；净利润 为人民币13.07亿元，同比下降31.2%。截至2025年6月30日门店数量为60,546家，较上年同期增加 31.8%。 来源：智通财经 ...

Core Viewpoint - In the first half of 2025, the Chinese real estate market showed signs of stabilization due to ongoing policy support and a recovery in internal demand, with I Love My Home Group reporting significant growth in its mid-term results, reflecting its core competitiveness and strategic focus on key cities [1] Group 1: Financial Performance - The company achieved operating revenue of 5.658 billion yuan and a net profit attributable to shareholders of 38.4 million yuan, marking a year-on-year increase of 30.8% [1] - The adjusted net profit attributable to shareholders reached 49.9171 million yuan, representing a remarkable growth of 213.89% compared to the same period last year [1] Group 2: Business Segments - The brokerage business, as the core growth engine, generated revenue of 2.032 billion yuan, up 13.57%, with a gross margin increase to 22.82% [3] - The total housing transaction value (GTV) for the brokerage business was 110.8 billion yuan, reflecting a year-on-year growth of 10.5%, driven by the recovery in the second-hand housing markets of key cities like Beijing, Shanghai, and Hangzhou [3] - The asset management business maintained both scale and efficiency, managing 319,000 rental units, a 9% increase, with an average rental turnover time reduced to 8.8 days and a stable rental rate of 95.2% [3] - The new housing business achieved revenue of 469 million yuan, a year-on-year increase of 24.32%, with GTV reaching 18.3 billion yuan, a significant growth of 32.6% [3] Group 3: Strategic Focus and Innovation - The company has focused on core cities such as Beijing, Shanghai, Hangzhou, Nanjing, and Suzhou, establishing a robust offline store network with nearly 3,000 operational stores and approximately 31,000 agents [4] - Continuous innovation has been a hallmark, with the launch of new products and services, including a new app feature for matching down payment budgets with housing options, significantly reducing decision-making time for users [5] - A partnership with JD Logistics has improved the delivery and installation timelines for furniture and appliances, enhancing the "move-in ready" experience for customers [5] Group 4: Policy Environment and Future Growth - The real estate policy environment is increasingly favorable, with measures such as reduced down payment ratios and optimized purchase policies, contributing to lower housing costs for residents [6] - Urban renewal has been elevated to a national strategy, stimulating demand for housing services and creating a sustainable development environment for the real estate service industry [6] - The company's long-standing brand reputation, experienced agent team, and extensive community network are expected to translate into greater market share as it navigates the new industry landscape dominated by existing housing [6]

证券代码：000560 证券简称：我爱我家 公告编号：2025-032 号 我爱我家控股集团股份有限公司 第十一届监事会第十次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 我爱我家控股集团股份有限公司（以下简称"公司"）第十一届监事会第十 次会议通知于 2025 年 8 月 14 日以电子邮件方式书面送达全体监事。会议在监事 会主席肖洋先生的主持下，于 2025 年 8 月 25 日以现场结合通讯表决方式，在北 京市朝阳区北辰东路 8 号院 7 号楼 5 层会议室召开。会议应出席监事 5 人，实际 出席 5 人，全体监事以通讯表决方式出席会议，公司部分高级管理人员列席了会 议。本次监事会会议的召集和召开符合有关法律、行政法规、部门规章、规范性 文件和《我爱我家控股集团股份有限公司章程》（以下简称"《公司章程》"） 的规定。 二、监事会会议审议情况 经过与会监事充分讨论与审议，会议以记名投票表决方式审议通过了《公司 的内容和编制审议程序进行了全面了解和审核，并发表以下审核意见： 经审核，监事会认为公司 2025 年半年度报 ...

Core Viewpoint - The company has established a management approach for the hiring, management, and evaluation of intermediary institutions and experts involved in auditing, asset evaluation, and engineering consulting to enhance service quality and ensure compliance with relevant regulations [1][6]. Group 1: General Principles - The management approach aims to standardize the hiring and management of intermediary institutions and experts to improve the quality of their work [1]. - The approach applies to various tasks commissioned by the company, including auditing and asset evaluation [1]. Group 2: Selection Criteria and Procedures - The internal audit department is responsible for selecting qualified intermediary institutions and establishing a backup library of these institutions [2]. - Intermediary institutions must meet specific criteria, including having been established for at least three years and maintaining a good reputation without legal violations in the past three years [3]. - The selection process involves a comprehensive evaluation based on various criteria, including qualifications, operational strength, and past performance [4]. Group 3: Expert Selection and Evaluation - A backup library of experts will be established, with recommendations from selected intermediary institutions [5]. - Experts must possess relevant professional qualifications and have at least five years of experience in similar projects [5]. - The company will maintain a management archive for intermediary institutions and experts, documenting their qualifications, experience, and performance evaluations [5]. Group 4: Supervision and Quality Control - The company will implement supervision and quality control measures for the commissioned intermediary institutions and experts, including project management records and evaluation forms [5]. - Annual evaluations will rank intermediary institutions and experts based on their performance in commissioned projects [5]. - Any intermediary institution or expert found to have significant issues will have their contracts terminated and be removed from the backup library [5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][9] Core Views - The company has demonstrated steady growth in revenue and profit, with a robust expansion in its core property management scale. The operating cash flow has improved, and the gross margin remains stable. The earnings forecast for the years 2025-2027 is projected at 3.8 billion, 4.4 billion, and 5.1 billion respectively, corresponding to EPS of 0.27, 0.31, and 0.36, with current stock price reflecting a PE ratio of 10.6, 9.1, and 7.8 [5][6][8] Financial Performance - For the first half of 2025, the company reported operating revenue of 1.823 billion, a year-on-year increase of 13.35%. The net profit attributable to the parent company was 216 million, also up by 13.23%. The gross margin and net margin were 25.16% and 12.14%, respectively, showing stability compared to the previous year [6][7] - The company’s property management service revenue reached 1.058 billion, growing by 23.1%, while community value-added and collaborative service revenue was 446 million, up by 23.5%. However, non-owner value-added service revenue decreased by 19.4% [7] Business Structure and Growth - As of the end of the first half of 2025, the company had a contracted building area of 113 million square meters and 730 contracted projects, reflecting growth of approximately 3.4% and 3.8% compared to the end of 2024. The managed building area reached 83 million square meters, with 558 managed projects, marking increases of 10.2% and 5.9% respectively [7]

Investment Rating - The investment rating for Poly Property (06049.HK) is "Buy" (maintained) [1] Core Views - The report indicates that Poly Property has achieved steady revenue and profit growth, with a continuous optimization of its value-added business layout. The company is expected to maintain its profit forecasts, with projected net profits for 2025-2027 being 1.58 billion, 1.72 billion, and 1.88 billion yuan respectively, corresponding to EPS of 2.86, 3.11, and 3.40 yuan. The current stock price corresponds to PE ratios of 11.9, 11.0, and 10.0 times [5][6] Financial Performance Summary - For the first half of 2025, the company reported revenue of 8.392 billion yuan, a year-on-year increase of 6.6%, and a net profit attributable to shareholders of 891 million yuan, up 5.3% year-on-year. The gross margin and net margin were 19.4% and 10.8%, respectively, reflecting a decrease of 1.1 percentage points and 0.1 percentage points year-on-year [6] - The company had cash and bank balances of 11.62 billion yuan, an increase of 9.6% year-on-year, and trade receivables of 3.93 billion yuan, up 9.7% year-on-year. The asset-liability ratio decreased by 0.9 percentage points to 42.9% [6] Property Management Revenue Growth - In the first half of 2025, the company expanded its managed scale, achieving property management revenue of 6.325 billion yuan, a year-on-year increase of 13.1%, with the revenue proportion rising by 4.4 percentage points to 75.4%. The gross margin for property management was 16.6%, down 0.2 percentage points year-on-year [7] - The company added 14.06 billion yuan in new third-party projects, a year-on-year increase of 17.2%, with a focus on high-tier cities. The average property management fee per residential unit increased by 0.14 yuan to 2.47 yuan per square meter per month [7] Value-Added Business Adjustments - The company reported a decline in non-owner value-added service revenue to 863 million yuan, down 16.1% year-on-year, primarily due to a decrease in the number of case collaboration service projects and office leasing income. The gross margin for this segment fell by 6.8 percentage points to 11.2% [8] - Owner value-added service revenue was 1.204 billion yuan, down 3.7% year-on-year, but the gross margin improved by 1.1 percentage points to 39.9% [8] Financial Summary and Valuation Metrics - The financial summary indicates projected revenues of 17.731 billion yuan for 2025, with a year-on-year growth of 8.5%. The net profit for 2025 is projected at 1.582 billion yuan, reflecting a year-on-year increase of 7.4% [9]

我爱我家公告，2025年上半年营业收入56.58亿元，同比下降2.69%。净利润3840.02万元，同比增长 30.80%。公司计划不派发现金红利，不送红股，不以公积金转增股本。 ...

Market Overview - On August 26, the real estate service sector declined by 0.31% compared to the previous trading day, with China Merchants Jin Yu leading the decline [1] - The Shanghai Composite Index closed at 3868.38, down 0.39%, while the Shenzhen Component Index closed at 12473.17, up 0.26% [1] Individual Stock Performance - Zhongtian Service (002188) closed at 5.91, up 2.25% with a trading volume of 90,900 shares and a turnover of 53.31 million yuan [1] - Nandu Property (603506) closed at 14.39, up 1.12% with a trading volume of 52,200 shares and a turnover of 74.73 million yuan [1] - ST Mingcheng (600136) closed at 1.95, up 1.04% with a trading volume of 166,200 shares and a turnover of 32.23 million yuan [1] - Other notable performances include New Dazheng (002968) at 11.21, up 0.45%, and Ningbo Fuda (600724) at 4.85, up 0.41% [1] Capital Flow Analysis - The real estate service sector experienced a net outflow of 171 million yuan from institutional investors, while retail investors saw a net inflow of 163 million yuan [2] - The overall capital flow indicates that while institutional investors are pulling back, retail investors are actively buying into the sector [2] Detailed Capital Flow for Individual Stocks - China Merchants Jin Yu (001914) saw a net outflow of 4.97 million yuan from institutional investors, with a net inflow of 4.79 million yuan from retail investors [3] - Significant outflows were noted for other stocks such as World Union (002285) with a net outflow of 18.98 million yuan from institutional investors and a net inflow of 9.12 million yuan from retail investors [3] - Pearl River Shares (600684) experienced a net outflow of 31.70 million yuan from institutional investors, while retail investors contributed a net inflow of 26.77 million yuan [3]

每经AI快讯，热门中概股美股盘前多数走高，小鹏汽车涨逾4%，蔚来涨逾3%，贝壳涨逾2%。 ...

美股三大指数开盘集体低开，道琼斯指数跌0.24%，标普500指数跌0.17%，纳斯达克综合指数跌 0.19%。拼多多跌超1%，公司Q2净利大超预期，但高管称本季度利润或不可持续。英特尔涨逾2%，美 国联邦政府已决定收购其10%的股份，总投资额约89亿美元。房地产中概股走高，房多多涨超2%，贝 壳涨超3%。 ...