证券研究报告 2025 年 12 月 01 日│中国香港 互联网 天立国际控股公布 FY25 业绩：收入 35.89 亿元，yoy+8.1%；净利润 6.48 亿元，yoy+16.5%，符合业绩预告；调整后归母净利润约 6.34 亿元，不及 我们预期的 7.71 亿元。FY25 公司在"质量优先"战略下加强了生源优化和 对优质师资、餐饮后勤、AI 业务的投入，导致短期财务表现略逊预期。FY26 起公司将加强教育质量和短期财务表现的再平衡，推动利润逐渐重回增长。 公司全年派息总额约 2 亿元，派息率维持在 30%左右，股东回报稳健。当 前估值具备较高性价比，维持"买入"评级。 各板块收入稳健增长，升学成果再创新高 FY25 综合教育服务/产品销售/综合后勤服务/管理及特许经营收入分别同比 增长 7%/8%/2.7%/93.9%。公司升学成绩硕果累累，2025 高考成熟校区本 科率达 90%，一本率达 58%；成长期校区本科率达 32%，一本率达 14%； 国际升学、强基竞赛亦取得亮眼成绩。作为第二曲线的托管业务持续发展， 截至 25 年秋季已签约 23 所学校、40 个学段。 "质量优先"导向下招生及利润略逊预 ...

近日，远洋集团旗下轻资产代建平台——远洋建管成功签约福建宁德赛岐外滩项目，提供项目策划、产 品销售、后台管理等销售管理服务。这也是远洋建管在福建落地的首个轻资产项目，标志着深耕福建全 域、助力区域焕新取得重要进展。 自2017年进入福建市场以来，远洋已在福州、厦门、漳州、龙岩、泉州等城市打造多个高品质项目，积 累了丰富的市场经验与良好的品牌口碑。其中，龙岩远洋山水常年稳居区域销量前列，先后获评"福建 人文楼盘""闽西南品质标杆"等荣誉；泉州水墨山水开盘即售罄，成为当地备受关注的热销楼盘；厦门 远洋风景则凭借过硬的交付品质，赢得业主与市场认可，并获同安区住建局《表扬信》。 责任编辑：宋雅芳 项目位于宁德福安赛岐滨江板块，占地面积约58亩，总建筑面积约13.8万平方米，业态涵盖住宅与商 业。基于此前在福建成功合作开发两个项目的良好基础，委托方此次再度选择与远洋携手，充分体现了 对远洋专业能力的高度信任。远洋建管将依托专业的市场研判能力和成熟的营销体系，为项目提供精准 定位与全过程销售支持，助力项目价值提升。 ...

千方科技表示，公司在养老领域的业务尚处于探索与初步布局阶段，相关业务对公司当前营业收入和利 润尚不构成重大影响。公司管理层看好智慧养老这一赛道未来的长期发展潜力，并将基于自身的核心能 力，审慎地寻找合适的业务切入点和商业模式，积极履行社会责任，并努力将其培育成为公司未来发展 的新动能。 千方科技总部地址为北京市海淀区，公司产品涉及"产品销售""交通云及行业软件""解决方案及增值服 务"。2025年1至9月，千方科技实现营收52.56亿元，同比下降2.82%；实现归母净利润1.89亿元，同比 增长1098.97%。 近日，千方科技在互动平台向投资者表示，公司始终密切关注国家战略导向与社会发展需求，并积极思 考如何将自身的技术能力与优势应用于服务社会、改善民生的广阔领域。 关于养老产业这一重要的社会议题，千方科技目前的主要切入点是依托我们在智慧社区、物联网、大数 据及人工智能等领域的核心技术积累，为打造科技赋能的新型养老模式提供数字化、智能化的支撑。 目前，千方科技在养老领域的相关布局和探索主要体现在技术赋能智慧养老场景：公司将智能物联、大 数据分析等技术，与社区、居家养老的具体场景相结合进行探索。例如，通过物联 ...

Core Viewpoint - Zhongyan Dadi, a leading geotechnical engineering company in China, has shown significant growth potential through its core technologies and strategic partnerships, despite its current lower revenue and profit rankings within the industry [1][2][6]. Company Overview - Zhongyan Dadi was established on December 19, 2008, and listed on the Shenzhen Stock Exchange on October 13, 2020. The company is headquartered in Beijing and specializes in providing comprehensive solutions in geotechnical engineering and environmental remediation [1]. - The company operates in the construction decoration sector, specifically in specialized engineering, and is involved in various concept sectors including small-cap, water conservancy construction, online education fusion, superconductivity, and nuclear power [1]. Financial Performance - For Q3 2025, Zhongyan Dadi reported a revenue of 447 million yuan, ranking 17th out of 20 in the industry, significantly lower than the top competitor, China Metallurgical Group, which reported 335.09 billion yuan [2]. - The main business revenue composition includes geotechnical engineering at 340 million yuan (94.16%), product sales at 17.59 million yuan (4.87%), and environmental remediation at 1.92 million yuan (0.53%) [2]. - The net profit for the same period was 20.07 million yuan, ranking 14th in the industry, again trailing behind major competitors [2]. Profitability and Debt Management - As of Q3 2025, Zhongyan Dadi's debt-to-asset ratio was 30.59%, a decrease from 31.85% year-on-year, and significantly lower than the industry average of 61.18% [3]. - The company's gross profit margin was reported at 24.29%, slightly down from 24.96% year-on-year but still above the industry average of 16.47% [3]. Management and Shareholder Structure - The chairman, Wang Lijian, received a salary of 339,000 yuan in 2024, an increase of 73,600 yuan from 2023. The general manager, Wu Siyu, earned 309,200 yuan, up by 44,900 yuan from the previous year [4]. - As of September 30, 2025, the number of A-share shareholders decreased by 3.44% to 17,400, with an average holding of 6,203.64 shares, an increase of 3.57% [5]. Strategic Partnerships and Future Outlook - Tianfeng Securities noted that Zhongyan Dadi's profitability is expected to improve, benefiting from hydroelectric and nuclear power projects, with profit forecasts for 2025-2027 set at 150 million, 290 million, and 420 million yuan respectively [5]. - Huajin Securities highlighted the company's transition towards major national infrastructure projects, emphasizing its core technology and strategic collaborations, including partnerships with China Nuclear Group and Jingtai Technology [6].

Group 1 - The core point of the news is that Ocean Construction Management has successfully won the bid for the Yanuo Street Innovative Functional Area project in Guiyang, providing project planning, product sales, and backend management services [1][3] Group 2 - The project is located in the core area of Guiyang's Yunyan District, adjacent to the provincial government, with rich educational resources and comprehensive medical and commercial facilities [3] - The total construction area of the project is 253,800 square meters, including residential, office, apartment, and commercial complex sectors. The sales area for the residential and commercial parts is approximately 22,309 square meters [3] - Since entering the Guiyang market, Ocean has successfully developed several projects, including Ocean Landscape, Ocean Wanhe Shijia, and Ocean Guanshan Tianbo, accumulating rich local market experience [3] - In the China Real Estate Construction Enterprise Ranking published by the China Index Academy for January to September 2025, Ocean Construction Management ranked 8th in the "New Contract Scale Ranking" and 12th in the "Construction Sales Scale Ranking," indicating recognition of its sales management expertise [3]

Core Viewpoint - Changjiang Investment's stock price has shown fluctuations with a recent decline of 2.08%, while the company has experienced a year-to-date increase of 7.53% in stock price [1] Financial Performance - As of July 31, Changjiang Investment reported a revenue of 89.48 million yuan for the first half of 2025, reflecting a year-on-year decrease of 74.63%. The net profit attributable to the parent company was -9.60 million yuan, which represents a year-on-year increase of 36.24% [2] - The company has cumulatively distributed 190 million yuan in dividends since its A-share listing, with no dividends distributed in the past three years [3] Stock Market Activity - The stock price as of October 24 was 9.43 yuan per share, with a trading volume of 143 million yuan and a turnover rate of 4.06%, resulting in a total market capitalization of 3.444 billion yuan [1] - The net outflow of main funds was 5.77 million yuan, with large orders showing a buy of 14.05 million yuan and a sell of 12.56 million yuan [1] - Changjiang Investment has appeared on the "Dragon and Tiger List" twice this year, with the most recent appearance on June 19, where it recorded a net buy of 2.60 million yuan [1] Business Overview - Changjiang Investment, established on November 28, 1997, and listed on January 15, 1998, is located in Qingpu District, Shanghai. The company operates in modern logistics, meteorological technology, and other industrial investments [1] - The revenue composition of the company includes logistics and warehousing services at 52.45%, product sales at 45.67%, leasing and management services at 1.71%, and other services at 0.14% [1]

Core Insights - China Mobile reported a total revenue of 250.9 billion yuan for Q3 2025, reflecting a year-on-year growth of 2.5% [1][11] - The net profit for the same period was 31.2 billion yuan, showing a year-on-year increase of 1.4% [2][20] - The company maintained a high dividend payout ratio of approximately 73% [7][9] Revenue and Profitability - The revenue from telecommunications services was 216.2 billion yuan, with a slight increase of 0.8% year-on-year, while product sales and other revenues reached 34.7 billion yuan, growing by 14.8% [11] - The gross margin for Q3 2025 was 60.1%, down by 1.5 percentage points compared to the previous year [16] - The operating profit margin was stable, supported by a reduction in operating expenses [20] Business Segments - Mobile business revenue declined by 2.7% year-on-year, despite an increase in mobile users to 1.009 billion, which grew by approximately 4 million users quarter-on-quarter [2][13] - Broadband business continued to grow, with user numbers reaching 329 million, an increase of 5.8 million users quarter-on-quarter [3][4] Capital Expenditure and Cash Flow - Capital expenditure for Q3 2025 was approximately 41.6 billion yuan, a decrease of 1.8 billion yuan year-on-year [5] - The company expects a total capital expenditure of 151.2 billion yuan for the year, with an estimated 35 billion yuan for Q4 [5] - The tax-adjusted cash operating profit for the quarter was 29.7 billion yuan, reflecting a year-on-year increase of 2% [5][20] Dividend and Shareholder Returns - The company repurchased shares and distributed dividends totaling 54.1 billion yuan in Q3 2025, aligning closely with previous expectations [7] - The static dividend yield is approximately 6%, which is attractive compared to declining bank interest rates [9][10] Market Position and Valuation - China Mobile's market position remains strong, with a significant user base and stable performance in a competitive environment [4][9] - The current market capitalization is 1.7 trillion yuan, with a projected price-to-earnings ratio of around 11 times for 2026 [9]

Core Viewpoint - Century City (00079) has entered into a lease agreement for a property in Hong Kong, allowing the company to continue its hair design business without incurring relocation costs [1] Group 1: Lease Agreement Details - The lease agreement is with Luhaitong, an independent third party, for a property located at 31 Queen's Road Central, Luhaitong Building, 2nd Floor, Retail Unit 4 [1] - The lease term is from October 1, 2025, to September 30, 2028, lasting three years [1] - This agreement enables the company to maintain its operations under the "Headquarters" brand for hair design and related services [1] Group 2: Financial Implications - The new lease will help the company save on renovation costs associated with relocating its operations [1]

Core Viewpoint - Century City International Holdings Limited (00079) has entered into a lease agreement for a property in Hong Kong, allowing the company to continue its hair design business without incurring relocation costs [1] Group 1: Lease Agreement Details - The lease agreement is with Luhaitong, an independent third party, for a property located at 31 Queen's Road Central, 2nd Floor, Shop 4, Luhaitong Building, Hong Kong [1] - The lease term is from October 1, 2025, to September 30, 2028, lasting three years [1] - The property will be used for the company's "Headquarters" brand, which operates hair design and related services, as well as product sales [1] Group 2: Financial Implications - The new lease will allow the company to avoid the costs associated with relocating and renovating a new space [1]

Core Viewpoint - Century City International Holdings Limited (00079.HK) has entered into a lease agreement for a property in Hong Kong to support its hair design business, indicating a strategic expansion in the region [1] Group 1: Lease Agreement Details - The lease agreement is established with Luhaitong, an independent third party, for a property located at 31 Queen's Road Central, Luhaitong Building, 2nd Floor, Shop 4 [1] - The lease term is set for three years, starting from October 1, 2025, to September 30, 2028, inclusive of both start and end dates [1] - The property will be utilized for the operation of the brand "Headquarters," focusing on hair design services and related product sales [1]