风险提示：股市有风险，投资需谨慎。 南都物业公告拟通过集中竞价和大宗交易方式减持所持安邦护卫403.23万股股份，占总股本3.75%。南 都物业2024年净利润下滑88.21%，部分原因是安邦护卫股价下跌导致公允价值变动损益。安邦护卫自 2023年底上市以来已实施两次分红，累计分红金额超1亿元。 8月12日主力资金净流出1395.47万元，占流通市值0.62%。近五日主力资金净流入3362.39万元，占流通 市值1.51%。 安邦护卫股价报49.16元，较前一交易日下跌1.91元，跌幅3.74%。盘中最高触及49.95元，最低下探 48.70元，成交额1.44亿元。 安邦护卫属于专业服务板块，是一家综合性安全服务提供商，主营业务涵盖金融安全服务、综合安防服 务和安全应急服务。公司2025年第一季度营业收入6.46亿元，归母净利润2120.94万元。 ...

原标题：南都物业拟"清仓式"减持安邦护卫超400万股标的股价下跌致公司去年净利润大幅下滑 每经记者｜蔡鼎 每经编辑｜魏官红 南都物业（603506.SH，股价14.05元，市值26.38亿元）8月11日晚间公告，公司拟通过集中竞价、大宗交易方式"清仓式"减持持有的 安邦护卫403.23万股，占安邦护卫总股本的3.75%，股份来源为IPO（首次公开发行）前取得，交易价格根据市场价格确定。 公告称，本次交易不构成关联交易或重大资产重组，已获董事会审议通过，但尚需股东大会审议。减持将优化公司资产结构，增加现 金资产。 入股时间为安邦护卫IPO前 此外，安邦护卫2023年和2024年年报均披露进行了分红，两次累计分红（含税）超1亿元。无论从股权投资的角度还是从分红的角度 来看，南都物业都已赚得盆满钵满。 安邦护卫股价下跌致南都物业去年净利润大幅下滑 若按照安邦护卫8月11日收盘价计算，南都物业持有的403.23万股如全部清仓将套现约2.06亿元，占南都物业2024年18.05亿元营收的 11%。 财报显示，南都物业2024年营收同比下滑2.45%至18.05亿元，为公司2018年上市以来营收首次出现同比下滑，公司称， ...

Financial Data and Key Metrics Changes - Reported revenues for Q1 2025 increased by 7.4% to $1.72 billion compared to $1.6 billion in the prior year period [20] - Organic growth of approximately 2% was driven by pricing improvements and strong growth in safety services [20] - Adjusted gross margin for Q1 2025 grew to 31.7%, a 100 basis point increase year-over-year [20] - Adjusted EBITDA increased by 10.3%, with an adjusted EBITDA margin of 11.2%, a 30 basis point increase compared to the prior year [21] - Adjusted diluted earnings per share for Q1 was $0.37, an increase of 8.8% compared to the prior year [21] Business Line Data and Key Metrics Changes - Safety services reported revenues increased by 13.4% to $1.27 billion, with organic growth of 5.6% driven by double-digit inspection revenue growth in North America [21] - Specialty services reported revenues decreased by 6.8% to CAD 453 million, with organic revenue declining 6.6% due to anticipated decreases in project and service revenues [22][23] - Backlog for specialty services grew 7% organically, with expectations for positive organic growth in Q2 [11][36] Market Data and Key Metrics Changes - The company expects to achieve full-year net revenues of $7.4 billion to $7.6 billion, representing organic growth of 2% to 5% [25] - Adjusted EBITDA guidance for the full year is increased to $985 million to $1.035 billion, reflecting an adjusted EBITDA margin of 13.4% at the midpoint [25] Company Strategy and Development Direction - The company is focused on building a robust line of businesses around statutorily mandated recurring life safety services [18] - The strategic plan includes achieving an adjusted EBITDA margin of 13% or more in 2025 and targeting long-term revenues of 60% from inspection, service, and monitoring [15][18] - The company is committed to disciplined M&A and opportunistic share repurchases, with a new $1 billion share repurchase program authorized [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating the evolving macro environment, including tariff impacts, and noted that 54% of net revenues come from recurring inspection services [12][14] - The company anticipates increased investment in U.S. infrastructure and onshoring of advanced manufacturing to benefit target end markets [13] - Management highlighted a strong backlog and the ability to pass on material cost increases due to tariffs, indicating a proactive approach to cost management [12][39] Other Important Information - The company has launched a three-year investment in systems and technology to enhance operational efficiency and customer service [27] - The total recordable incident rate (TRIR) for safety was below 1.0, significantly below the industry average, reflecting the company's commitment to safety [9] Q&A Session Summary Question: Can you provide more color on the backlog and visibility toward growth in both segments? - Management confirmed the backlog is around $3.5 billion, up year-over-year, and expects continued momentum in the second quarter [35][36] Question: Can you elaborate on the tariff-related impacts on the business? - Management indicated proactive measures were taken to mitigate tariff impacts, including contractual provisions to recapture costs [38][39] Question: What drove the variance in organic growth relative to expectations? - The primary driver was the pre-purchasing of materials to avoid potential price increases due to tariffs [46] Question: How is demand in the projects business amid macro uncertainty? - Management reported no significant delays or pullbacks in project demand, with backlog continuing to build [50] Question: Can you discuss the impact of weather on specialty services? - Management noted approximately five weather days lost in Q1, which had a mid-single-digit impact on organic revenue growth [66] Question: What are the margin expansion opportunities for the year? - Management highlighted improving revenue mix, disciplined customer selection, and pricing as key drivers for margin expansion [91]

Financial Data and Key Metrics Changes - Reported revenues for Q1 2025 increased by 7.4% to $1.72 billion compared to $1.6 billion in the prior year period [18] - Organic growth of approximately 2% was driven by pricing improvements and strong growth in safety services, partially offset by a decrease in specialty services revenue [18] - Adjusted gross margin grew to 31.7%, representing a 100 basis point increase compared to the prior year [18] - Adjusted EBITDA increased by 10.3%, with an adjusted EBITDA margin of 11.2%, a 30 basis point increase from the prior year [19] - Adjusted diluted earnings per share for Q1 was $0.37, an increase of 8.8% compared to the prior year [19] Business Line Data and Key Metrics Changes - Safety services reported revenues increased by 13.4% to $1.27 billion, with organic growth of 5.6% driven by double-digit inspection revenue growth in North America [19][20] - Specialty services reported revenues decreased by 6.8% to CAD 453 million, with organic revenue declining 6.6% due to anticipated decreases in project and service revenues [20][21] - Backlog for specialty services grew 7% organically, with expectations for positive organic growth in the second quarter [10][36] Market Data and Key Metrics Changes - The company expects to achieve full-year net revenues of $7.4 billion to $7.6 billion, representing organic growth of 2% to 5% [24] - The adjusted EBITDA guidance for the full year is increased to $985 million to $1.035 billion, reflecting an adjusted EBITDA margin of 13.4% at the midpoint [24] Company Strategy and Development Direction - The company is focused on building a robust line of businesses around statutorily mandated recurring life safety services, with a long-term goal of achieving 60% of total net revenues from inspection, service, and monitoring [6][14] - The company is committed to margin expansion initiatives, targeting an adjusted EBITDA margin of 13% or more in 2025 [14][27] - A new $1 billion share repurchase program has been authorized to enhance shareholder value [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating the evolving macro environment, including the impact of tariffs, and noted that 54% of net revenues come from recurring inspection services that are less affected by tariffs [11][12] - The company anticipates increased investment in U.S. infrastructure and onshoring of advanced manufacturing to benefit target end markets [12] - Management highlighted a strong backlog and a commitment to safety, with a total recordable incident rate significantly below the industry average [7][8] Other Important Information - The company has made significant progress since becoming public, completing over 50 acquisitions and focusing on margin expansion strategies [6] - A three-year investment in systems and technology has been launched to improve efficiency and customer service [26] Q&A Session Summary Question: Can you provide more color on the backlog and visibility toward growth in both segments? - The backlog is approximately $3.5 billion, up year-over-year, with expectations for continued growth in the second quarter [34][36] Question: Can you elaborate on the tariff-related impacts on the business? - The company has proactively included language in contracts to recapture costs due to tariffs, primarily affecting project work [37][38] Question: What was the primary driver of the variance in organic growth? - The main driver was pulling forward materials into the first quarter ahead of projected price increases due to tariffs [46][47] Question: How is the international business performing? - The international business has shown organic growth in line with expectations, with a focus on high single-digit growth in inspection services [65] Question: What are the margin expansion opportunities for the year? - Margin expansion will be driven by improving the revenue mix, disciplined customer selection, and ongoing integration efforts [95][96]