证券研究报告 | 半年报点评 gszqdatemark 2025 08 26 年 月 日 新增在管面积 3180 万方，其中第三方占 84%，单方价格维持高位，保 持较强市场化拓展能力。公司基础物管方面，上半年新增在管面积 3180 万方（+50%），其中独立第三方占比达 84%；新增合同额 22.6 亿元，单 方价格 71 元/平维持较高水平，展现公司较强的市场化拓展能力。同时， 公司持续优化业务结构和项目治理，退盘 2680 万方。因此至 6 月 30 日， 公司在管面积达4.36亿方（较2024年末+1.2%），其中关联方占比60.9%， 独立第三方占比 39.1%。 住户增值服务毛利率逆势走高，非住增值影响边际减小。2025 年上半年， 公司非住户和住户增值业务营收占比 20.7%，毛利润贡献占比 27.4%。具 体来看，非住户增值业务因与房地产关联度相对更高，期内继续受市场调 整影响，整体营收和利润有一定的下滑。考虑到非住户增值业务占比较往 年已经明显下降，整体增值业务与地产关联度将逐步走低，边际影响有所 减小。住户增值业务方面，主要因消费疲弱等大环境影响，期内营收也有 一定下滑，但毛利率逆势走高至 ...

房地产/房地产服务 我爱我家（000560.SZ） 业绩表现同比大幅改善，多重举措助力业绩修复 2025 年 08 月 27 日 投资评级：增持（维持） | 日期 | 2025/8/26 | | --- | --- | | 当前股价(元) | 3.17 | | 一年最高最低(元) | 4.29/2.23 | | 总市值(亿元) | 74.67 | | 流通市值(亿元) | 71.51 | | 总股本(亿股) | 23.56 | | 流通股本(亿股) | 22.56 | | 近 3 个月换手率(%) | 322.43 | 股价走势图 -30% 0% 30% 60% 90% 2024-08 2024-12 2025-04 我爱我家 沪深300 数据来源：聚源 相关研究报告 《净利润扭亏为盈，整体 GTV 小幅增 长—公司信息更新报告》-2025.4.10 《归母净利润扭亏为盈，在管房源同 比增长 — 公 司 信 息 更 新 报 告 》 -2025.1.24 《归母净利润由负转正，GTV 数据全 线修复 — 公 司 信 息 更 新 报 告 》 -2024.10.31 | 齐东（分析师） | 胡耀文（分析师） | 杜 ...

Core Viewpoint - The real estate market shows signs of recovery in the first half of 2025, driven by favorable policies and the release of rigid demand, with I Love My Home Group reporting significant growth in revenue and profit amidst industry adjustments [1][6]. Financial Performance - I Love My Home Group achieved a revenue of 5.658 billion yuan and a net profit of 38.4 million yuan, marking a year-on-year growth of 30.8% and a non-net profit of 49.9171 million yuan, up 213.89% [1][5]. - The company's three main business segments performed well, with the brokerage business generating 2.032 billion yuan in revenue, a 13.57% increase, and a gross transaction value (GTV) of approximately 110.8 billion yuan, up 10.5% [3][4]. - The asset management business managed 319,000 units, a 9% increase year-on-year, with an average rental turnover time of 8.8 days and a rental rate of 95.2% [3][4]. Market Environment - The real estate market is experiencing a recovery, with new home sales area declining by only 3.5% year-on-year, and significant increases in second-hand home transactions in major cities [7][11]. - The central government has implemented supportive policies, including interest rate cuts, to stimulate market confidence and demand [6][11]. Strategic Positioning - The company focuses on core first-tier and new first-tier cities, with nearly 3,000 operational stores and 31,000 agents, allowing it to capture market recovery signals effectively [8][13]. - I Love My Home has positioned itself as a "most affordable public real estate service platform," enhancing customer satisfaction and emotional connection through branding initiatives [8][9]. Operational Efficiency - The company has improved operational efficiency, with a 23% increase in monthly active users on its app and a 100% increase in online listings [8][9]. - Cost control measures have led to a reduction in management expenses by 18.92%, supporting net profit growth [4][5]. Future Outlook - The company is well-positioned to lead in the upcoming transformation of the real estate market, with supportive policies and a focus on urban renewal as new growth engines [11][12]. - The market for existing homes is expected to grow significantly, with transaction volumes projected to exceed 10 trillion yuan by 2030, providing ample opportunities for companies focused on this segment [12][13].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3] Core Views - The company's revenue and net profit have significantly declined, with a 49% drop in net profit and an 18% decrease in revenue year-on-year for the first half of 2025, attributed to intensified competition in the construction agency industry and a lagging effect from the overall downturn in the real estate market [1][8] - Despite the challenges, the company has seen growth in newly acquired construction area and fees, with a 13.9% increase in new construction area to approximately 19.89 million square meters and a 19.1% rise in new construction fees to around RMB 5 billion [2][9] - The company has maintained a strong market presence, with a high project delivery satisfaction rate of 92% and a robust cash position, leading to the first interim dividend distribution of RMB 0.076 per share [10][2] Financial Performance - For the first half of 2025, the company reported operating revenue of RMB 1.37 billion, a decrease of 18% year-on-year, and a net profit attributable to shareholders of RMB 260 million, down 49% year-on-year [1][8] - The gross profit margin for the construction agency business fell by 11.5 percentage points to 40.0% [1][8] - The company expects revenues of RMB 3.6 billion and RMB 3.7 billion for 2025 and 2026, respectively, with net profit forecasts adjusted to RMB 650 million and RMB 631 million for the same years [3][4] Financial Metrics - The company has a projected earnings per share (EPS) of RMB 0.32 for 2025 and RMB 0.31 for 2026, with corresponding price-to-earnings (PE) ratios of 9.0 and 9.3 [3][4] - The financial outlook includes a steady cash position of RMB 1.64 billion as of mid-2025, with a year-on-year increase of 8% [10][2] - The company has a dividend payout ratio of approximately 60% for the interim dividend [10][2]

贝壳-W(02423)跌超4%，截至发稿，跌4.17%，报48.44港元，成交额3.25亿港元。 野村研报指出，贝壳第二季业绩符合预期，但第三季指引低于预期。管理层第三季收入指引为225亿至 230亿元人民币，较该行预估的233亿元为低，净利润率指引显著偏弱，约为4.5%，相当于第三季净利 润约10亿元人民币，而该行预估为18亿元人民币。 消息面上，贝壳发布2025年中期业绩，该集团取得净收入总额人民币493.39亿元(单位下同)，同比增加 24.13%；归属于贝壳控股有限公司的净利润21.57亿元，同比减少7.2%；归属于贝壳控股有限公司普通 股股东的每股基本净收益0.64元。值得一提的是，公司扩大并延长现有股份回购计划，回购授权从30亿 美元增加至50亿美元，回购计划期限延长至2028年8月31日。 ...

智通财经APP获悉，贝壳-W(02423)跌超4%，截至发稿，跌4.17%，报48.44港元，成交额3.25亿港元。 野村研报指出，贝壳第二季业绩符合预期，但第三季指引低于预期。管理层第三季收入指引为225亿至 230亿元人民币，较该行预估的233亿元为低，净利润率指引显著偏弱，约为4.5%，相当于第三季净利 润约10亿元人民币，而该行预估为18亿元人民币。 消息面上，贝壳发布2025年中期业绩，该集团取得净收入总额人民币493.39亿元(单位下同)，同比增加 24.13%；归属于贝壳控股有限公司的净利润21.57亿元，同比减少7.2%；归属于贝壳控股有限公司普通 股股东的每股基本净收益0.64元。值得一提的是，公司扩大并延长现有股份回购计划，回购授权从30亿 美元增加至50亿美元，回购计划期限延长至2028 年8月31日。 ...

Investment Rating - The report maintains an "Outperform the Market" rating for the company [5][20][23] Core Views - The company achieved a revenue of 8.4 billion yuan in the first half of 2025, representing an 8% year-on-year growth, and a net profit of 900 million yuan, which is a 5% increase year-on-year [1][9] - The property management business remains solid, with revenue of 6.3 billion yuan in the first half of 2025, a 13.1% increase year-on-year [2][16] - The community value-added services segment saw a slight decline in revenue to 1.2 billion yuan, but the gross margin improved to 39.9%, up 1.1 percentage points year-on-year [2][20] Financial Performance and Forecast - The company expects net profits of 1.6 billion yuan and 1.7 billion yuan for 2025 and 2026, respectively, with corresponding EPS of 2.85 yuan and 3.05 yuan [3][20] - The projected PE ratios for 2025 and 2026 are 10.9 and 10.2, respectively [3][20] - Revenue forecasts for the years 2023 to 2027 are as follows: 15.06 billion yuan in 2023, 16.34 billion yuan in 2024, 17.36 billion yuan in 2025, 18.48 billion yuan in 2026, and 19.68 billion yuan in 2027, with growth rates gradually declining [4][21]

2025年8月27日，我爱我家(000560.SZ)发布2025年中报。 公司最新总资产周转率为0.20次，在已披露的同业公司中排名第5。最新存货周转率为23.70次，在已披露的同业公司中排名第5。 公司股东户数为9.52万户，前十大股东持股数量为9.17亿股，占总股本比例为38.91%，前十大股东持股情况如下： | 序号 | 股东名称 | 持股 | | --- | --- | --- | | l | 西藏太和先机投资管理有限公司 | 17.4 | | 2 | 天津东银玉衡企业管理咨询中心(有限合伙) | 7.43 | | 3 | 谢勇 | 5.52 | | ব | 天津海立方舟投资管理有限公司 | 3.10 | | 5 | 陈嘉华 | 1.19 | | 6 | 玄元私募基金投资管理(广东)有限公司-玄元科新243号私募证券投资基金 | 1.08 | | 7 | 香港中央结算有限公司 | 1.06 | | 8 | 中国工商银行股份有限公司-南方中证全指房地产交易型开放式指数证券投资基 非 | 0.89 | | ਰੇ | 中国工商银行-嘉实策略增长混合型证券投资基金 | 0.64 | | 10 | 上海浦东发展 ...

Group 1 - The Nasdaq China Golden Dragon Index opened with a rise of over 1% [2] - The index reached a high of 8049.99 and a low of 7935.07, with a year-to-date increase of 18.19% [3] - Several popular Chinese concept stocks saw significant gains, with NIO rising over 8% and XPeng Motors increasing nearly 7% [5] Group 2 - A report from Morgan Stanley indicated strong orders for NIO's ES8, suggesting potential monthly sales of 40,000 to 50,000 vehicles starting in October [5] - XPeng's new P7 model is set to officially launch on August 27, with high pre-order volumes [5] - Atour Group reported Q2 2025 revenue of 2.469 billion yuan, a year-on-year increase of 37.4%, and adjusted net profit of 427 million yuan, up 30.2% [7] Group 3 - Hesai Technology's stock rose over 10% after announcing plans to submit overseas listing materials and reporting Q2 revenue of 710 million yuan, a year-on-year increase of over 50% [9] - Beike's Q2 2025 total transaction volume reached 878.7 billion yuan, up 4.7%, with net income of 26 billion yuan, a year-on-year increase of 11.3% [8] - EchoStar Communications surged over 80% following an agreement with AT&T to sell specific wireless spectrum licenses for approximately $23 billion [12] Group 4 - Trump Media & Technology Group's stock rose over 7% after announcing a digital asset strategy expected to secure $1 billion in cryptocurrency and $420 million in cash [13] - Apple shares fell nearly 1% amid a lawsuit alleging anti-competitive behavior in the smartphone and generative AI markets [14]

新华财经广州8月26日电（记者吕光一）近日，广州出台政策支持个人住房商业贷款转为公积金贷款， 即"商转公"，引发广泛关注。自2023年以来，已陆续有数十城支持、优化房贷"商转公"，并逐渐从二三 线城市覆盖到一线城市。 减轻房贷压力 谈及越来越多城市落地"商转公"的主要原因，广东省城乡规划院住房政策研究中心首席研究员李宇嘉 说："一是公积金资金沉淀，地方想用这笔低成本资金作为激活楼市消费的工具；二是楼市需求主要以 刚需、刚改为主，居民现在对购房成本比较敏感，'商转公'能降低月供。" 从贷款的利率水平对比来看，尽管商贷利率多次下调，公积金贷款的成本优势依然显著，"商转公"政策 可切实降低部分购房人的负债压力。据珠海市住房公积金管理中心测算，目前该市商贷利率（3%）明 显高于公积金贷款利率（2.6%），公积金贷款仍然可以为购房职工省下一笔不小开支。以100万元30年 期贷款为例，转贷后利息差额达7.7万元。 对于各地设置的"商转公"申请条件，李宇嘉认为，地方一方面是担心转的太多，公积金池子水位下降太 快，影响公积金其他业务，比如提取、租房、装修等；另一方面也要维护商业贷款存量规模，不要下滑 得太快。 多数城市的"商 ...