2025 年 08 月 28 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 杨仁文 S0350521120001 yangrw@ghzq.com.cn 证券分析师： 谭瑞峤 S0350521120004 tanrq@ghzq.com.cn 证券分析师： 王春宸 S0350525080002 wangcc@ghzq.com.cn [Table_Title] GMV 拐点持续强化，看好长期增长 ——东方甄选（1797.HK）FY2025 财报点评 最近一年走势 投资要点: FY2025H2 核心业务利润稳健增长 | 相对恒生指数表现 | | | 2025/08/27 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 东方甄选 | 48.1% | 112.6% | 129.7% | | 恒生指数 | -0.7% | 7.8% | 41.0% | | 市场数据 | | | 2025/08/27 | | 当前价格（港元） | | | 27.34 | | 周价格区间（港元） 52 | | | 10.12-53.70 | | 总市值（百万港元） | | | ...

Market Overview - The three major indices in the A-share market showed a strong performance in the morning session, with the Shanghai Composite Index at 3803.08 points, up by 0.07% [1] - The Shenzhen Component Index reached 12364.34 points, increasing by 0.56% [1] - The ChiNext Index reported 2757.41 points, with a rise of 1.26% [1] Sector Performance Top Performing Sectors - The semiconductor sector led the gains with a rise of 1.80%, total trading volume of 2,640.70 million hands, and a net inflow of 78.80 billion [2] - Communication equipment followed with an increase of 1.54%, trading volume of 2,714.16 million hands, and a net inflow of 44.26 billion [2] - Electronic chemicals also performed well, up by 1.29%, with a trading volume of 790.41 million hands and a net inflow of 11.07 billion [2] Underperforming Sectors - The education sector experienced the largest decline, down by 2.34%, with a trading volume of 470.85 million hands and a net outflow of 7.02 billion [2] - The internet e-commerce sector fell by 2.28%, with a trading volume of 430.24 million hands and a net outflow of 7.61 billion [2] - The rail transit equipment sector decreased by 2.24%, with a trading volume of 321.60 million hands and a net outflow of 2.63 billion [2]

中国东方教育（00667.HK） 优于大市 收入增速拐点如期而至，提效控费利润快速释放 2025 年上半年度公司入增长明显提速，经调净利润维持较快增长。2025H1 公司实现收入 21.86 亿元/+10.2%，创上市以来新高，收入增速环比提速明 显（2024H1 为 1.6%）；实现净利润 4.03 亿元/+48.4%，接近此前预告上限 （增长不超过 50%）；经调净利润 4.16 亿元/+49.6%。收入增长提速，利润 维持较快增长。分专业看，2025H1 烹饪技术/西点西餐/信息技术/汽车服务/ 时 尚 美 业 分 别 实 现 收 入 10.2/1.8/3.7/4.9/0.7 亿 元 ， 同 比 +11%/+14%/-3%/+10%/+90%。信息技术长训学生占比高（25H195%），此前年 度招生下滑持续影响，伴随 25H1 招生同比回正，后续收入望恢复增长。 2025 年上半年长期课程招生表现良好。从新培训人次看，公司 2025H1 招生 8.4 万人次/+7%，各专业来看，时尚美业＞汽车服务＞信息技术＞烹饪技术 ＞西点西餐，时尚美业在低基数上维持较快增速；各训期来看，受益于就业 环境变化，主要面向 ...

Key Insights - The report highlights the updated monthly interest rate timing strategy, which includes enriched factor indicators and differentiated weight settings, leading to improved predictive accuracy [12][10][5] - The report emphasizes the strong performance of Atour (ATAT.O) with a 37.4% year-on-year revenue increase in Q2 2025, reaching 2.47 billion yuan, and a net profit growth of 39.8% to 425 million yuan, exceeding expectations [13][11] - Shenzhen International (00152.HK) reported a revenue of 6.67 billion yuan in H1 2025, a slight increase of 0.9%, but a net profit decline of 24.9% due to the absence of prior REIT gains [16][14] Group 1: Atour (ATAT.O) - The company achieved a RevPAR of 343 yuan, recovering to 95.7% of the same period last year, with an occupancy rate (OCC) of 97.4% and an average daily rate (ADR) of 98.2% [13] - Atour's retail business saw a GMV of 1.144 billion yuan in Q2, a significant year-on-year increase of 84.6%, with online sales maintaining a 90% share [15] - The company has adjusted its full-year retail revenue guidance to a 60% year-on-year increase based on current growth trends [15] Group 2: Shenzhen International (00152.HK) - The company confirmed a profit increase of approximately 290 million yuan from the sale of residential projects, contributing to overall performance despite a net profit decline [16] - The logistics park transformation project is expected to provide significant profit elasticity, with estimated tax-adjusted returns exceeding 156.58 billion yuan [16] - The company maintains a stable dividend policy, with projected net profits for 2025-2027 at 3.081 billion, 3.430 billion, and 3.925 billion Hong Kong dollars, respectively [16] Group 3: Steel Industry Insights - Baosteel (600019) reported a revenue of 151.372 billion yuan in H1 2025, with a net profit of 4.879 billion yuan, reflecting a 7.28% decline in revenue but a 7.36% increase in net profit [20] - The company achieved a steel production volume of 25.46 million tons, with a gross profit per ton increasing by 56.53% year-on-year [20] - The report indicates that the high-end product segment continues to grow, contributing to overall revenue stability in the steel sector [23]

学大教育8月27日股价报51.20元，较前一交易日下跌2.29元，跌幅4.28%。当日开盘价为53.78元，最高 触及54.27元，最低下探至51.03元，成交量为48085手，成交金额达2.51亿元。 学大教育属于教育行业板块，公司主营业务为教育科技服务。2025年上半年，公司实现营业收入19.16 亿元，归属于上市公司股东的净利润2.3亿元，同比分别增长18.27%和42.18%。 8月27日主力资金净流出356.73万元，占流通市值的0.06%。近五个交易日累计净流出2322.55万元，占 流通市值的0.38%。 风险提示：股市有风险，投资需谨慎。（本内容由AI生成，仅供参考，不构成投资建议。） ...

Group 1 - The total import and export volume of services in China reached 3.9 trillion yuan in the first half of the year, marking an 8% year-on-year growth and setting a historical record for the same period [1] - The development of service trade in China is supported by favorable conditions and opportunities, with significant potential for expansion [1] - Accelerating the cultivation and development of digital service trade and "AI + service trade" is identified as a key focus area for future growth [1] Group 2 - Government departments are encouraged to implement measures that promote the integration of "AI + service trade," enhancing international competitiveness through the use of digital technologies and AI [2] - Various local governments have introduced initiatives to optimize digital service trade, leveraging advanced technologies like AI and big data across multiple industries [2] - The successful implementation of policies requires collaboration among all stakeholders to ensure effective execution from formulation to implementation [2] Group 3 - Service trade entities are urged to leverage "AI +" to enhance the competitiveness of their products and services [3] - The government has released opinions on implementing "AI +" actions, promoting the evolution of service industries towards intelligent and innovative service models [3] - Service trade entities should focus on technology research and development, talent acquisition, and expanding application scenarios to strengthen their competitive edge [3] Group 4 - The integration of "AI +" presents unprecedented opportunities for the high-quality development of service trade, driving it towards greater efficiency, intelligence, and quality [4]

智通财经APP讯，枫叶教育(01317)发布公告，于2025年8月27日斥资179.6万港元回购449.2万股。 ...

Group 1 - The 2025 Service Trade Fair will be held in Beijing from September 10 to 14, with preparations nearly complete [1] - The Ministry of Commerce plans to implement a consumption stimulus action plan, focusing on policy promotion and coordination to enhance service consumption [1] - New policies will be introduced next month to optimize service supply capabilities and stimulate new service consumption growth [1] Group 2 - The main issue in China's service consumption is the insufficient supply of high-quality services, which will be addressed through increased openness and innovation [2] - The government aims to expand service supply in key areas such as health, elderly care, and domestic services to better meet consumer demand [2] - Innovative consumption scenarios will be supported to enhance service consumption quality and variety, including new business models and seasonal promotional activities [2]

Group 1 - The core viewpoint of the articles emphasizes the Chinese government's commitment to enhancing service consumption through policy measures and initiatives aimed at stimulating demand and improving service supply capabilities [1][4]. - The Ministry of Commerce plans to introduce several policy measures next month to expand service consumption, utilizing fiscal and financial tools to optimize service supply and stimulate new consumption growth [1]. - There is a focus on increasing the supply of high-quality services by promoting openness in various sectors such as telecommunications, healthcare, and education, and including more service consumption areas in the "Encouraging Foreign Investment Industry Directory" [1][2]. Group 2 - The articles highlight the rapid growth of service consumption in China, with per capita service consumption expenditure increasing at an annual rate of 9.6% from 2020 to 2024, and projected to account for 46.1% of total per capita consumption expenditure in 2024 [4]. - The government aims to release domestic demand potential by implementing special actions to boost consumption, focusing on both goods and service consumption growth points [4]. - The inclusion of sectors like housekeeping, cultural tourism, and education training into subsidy systems is expected to alleviate consumer cost pressures and stimulate service consumption demand, thereby enhancing the service industry's supply and expanding the market [5].

Group 1 - Zhejiang Taizhou Yelinwan Investment Planning Co., Ltd. pledged a total of 2.1 million shares of Xueda Education, accounting for 1.72% of the total share capital [1] - As of the announcement date, Zhejiang Taizhou Yelinwan Investment Planning Co., Ltd. has pledged a total of 12.2 million shares, representing 98.0% of its total holdings [1] - Other major shareholders have also pledged significant portions of their shares, with Tianjin Ante Cultural Communication Co., Ltd. pledging 4.98 million shares (47.02% of its holdings) and Tianjin Jinfeng Cultural Communication Co., Ltd. pledging 2.47 million shares (41.13% of its holdings) [1] Group 2 - Xueda Education reported a revenue of 864 million yuan for Q1 2025, an increase of 22.46% year-on-year [3] - The net profit attributable to the parent company was 73.77 million yuan, reflecting a year-on-year increase of 47.0% [3] - The company has a debt ratio of 80.0% and a gross profit margin of 32.02% [3]