证券代码：002416 证券简称：爱施德 深圳市爱施德股份有限公司 投资者关系活动记录表 编号：2025-006 | | √特定对象调研 □分析师会议 | | --- | --- | | 投资者关系 | □媒体采访 □业绩说明会 | | 活动类别 | □新闻发布会 □路演活动 □现场参观 □其他 | | 上市公司 | 副总裁兼董事会秘书吴海南先生 | | 接待人员 | 投资者关系经理陈菲菲女士 申万宏源证券—赵令伊、李秀琳 | | | 国海证券—芦冠宇 | | 活动参与人员 | 鹏华基金—刘思圣、赵璐、王心璐、陈凯睿 | | （排名不分先后） | 南方基金—竺绍迪、王皆宜 宝盈基金—张婷 | | | 平安基金—朱建明、季清斌、王华 | | 时间 | 2025 年 7 月 7 日-9 日 | | 地点 | 公司 | | 形式 | 线下 | | | 爱施德（股票代码：002416）成立于 1998 年 6 月，于 2010 年 5 | | 月 | 日在深圳证券交易所挂牌上市。公司是国内领先的数字化智慧 28 | | | 分销和数字化智慧零售服务商，深耕以手机为核心的移动智能终端、 | | 3C | 数码产品、通信 ...

Summary of the Conference Call for Lianlian Digital Company Overview - Lianlian Digital operates primarily in two segments: digital payment services (87% of revenue) and value-added services (10% of revenue) [3] - The company’s overall GDP for 2024 is projected to be approximately 3.3 trillion, representing a year-on-year growth of 65% [2][3] - Global payment accounts for 61% of total revenue, while domestic payment accounts for 26% [3] Financial Performance - Overall revenue growth for the company is expected to be 28% year-on-year [2][3] - Global payment GDP is estimated at 281.5 billion, with a growth rate of 64% [3] - Domestic payment GDP is projected at 3 trillion, also with a year-on-year growth of 65% [3] - Global payment fee rate remains stable at around 0.3%, with a gross margin of approximately 72% [2][3] - Domestic payment fee rate is about 0.1%, with a gross margin of 20% [2][3] Future Strategy - The company plans to increase investment in cross-border payments, targeting local cross-border e-commerce and tourism sectors [2] - Expected annual growth rate for cross-border payment GTV is around 30%, with fee rates maintaining at 0.3% and gross margins around 70% [2][3] - Domestic payment GTV growth is expected to remain at 10%-15%, with fee rates at 0.1% and gross margins between 20%-25% [5] Innovations and Developments - Establishment of DFX Labs and acquisition of the Hong Kong Virtual Asset Trading Platform (VATP) license to enhance cross-border small currency settlement efficiency [2][7] - The trading platform will focus on processing RMB settlements for cross-border trade funds, primarily serving institutional clients [9] - The platform is expected to officially operate by Q4 2025, with initial application scenarios accounting for 30% of cross-border trade flow [9] Market Positioning - The trading platform will not cater to retail clients but will focus on institutional clients and cross-border trade scenarios [13] - The company aims to provide a seamless process for converting small currencies into RMB and then into required fiat currencies, reducing risks associated with exchange rate fluctuations [14] Competitive Advantages - The VATP license is a combination of four licenses, making it challenging to obtain, but essential for conducting trading platform operations [10][11] - The company’s cross-border payment services may be opened to other payment institutions in the future, providing compliant solutions for RMB transactions in cross-border trade [19] Operational Efficiency - The trading platform allows for rapid conversion of small currencies to stablecoins, significantly reducing transaction times from several days to within one day [17] - The company has established a fund aggregation center in Hong Kong to streamline the withdrawal process for clients, avoiding complex domestic procedures [23] Regulatory Compliance - The company engages with regulatory bodies to ensure compliance with foreign exchange management and customs regulations, ensuring the authenticity of funds and trade [19] Conclusion - Lianlian Digital is positioned to capitalize on the growing demand for cross-border payment solutions, leveraging its technological innovations and regulatory compliance to enhance operational efficiency and expand its market reach [2][3][19]

最新一期业绩显示，2025年一季报，公司实现营业收入48.07亿元，同比8.51%；净利润14.02亿元，同 比6.51%，销售毛利率38.57%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)5青岛港10.8311.011.31576.41亿行业平均 14.2716.971.21289.48亿行业中值14.8814.791.23138.77亿1中远海控4.444.880.982397.81亿2上港集团 9.019.140.991366.62亿3招商南油9.047.221.25138.77亿4招商轮船10.779.691.22494.97亿6招商港口 11.0311.170.81504.30亿7中远海特11.4711.511.07176.16亿8锦江航运11.7214.391.64146.88亿9秦港股份 11.9611.850.94185.50亿10重庆港12.8012.410.9865.63亿11唐山港13.3912.311.15243.56亿12天津港 13.9413.510.68134.28亿 本文源自：金融界 作者：行情君 7月4日，青岛港今日收盘8.88元，上涨1.37%，滚动市盈率PE ...

证券研究报告·海外公司点评·公用事业Ⅱ(HS) 中国燃气（00384.HK） 24/25 财年年报点评：自由现金流改善，DPS 维持 买入（维持） | [Table_EPS] 盈利预测与估值 | FY2024A | FY2025A | FY2026E | FY2027E | FY2028E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 81,863 | 80,255 | 79,610 | 81,073 | 83,311 | | 同比(%) | (11.43) | (1.96) | (0.80) | 1.84 | 2.76 | | 归母净利润（百万元） | 3,185 | 3,252 | 3,477 | 3,726 | 3,997 | | 同比(%) | (25.82) | 2.09 | 6.93 | 7.16 | 7.28 | | EPS-最新摊薄（元/股） | 0.58 | 0.60 | 0.64 | 0.68 | 0.73 | | P/E（现价&最新摊薄） | 12.54 | 12.28 | 11.49 | 10.72 | 9.99 | 20 ...

编号：2025-005 证券代码：002416 证券简称：爱施德 深圳市爱施德股份有限公司 投资者关系活动记录表 | | √特定对象调研 | □分析师会议 | | --- | --- | --- | | 投资者关系 | □媒体采访 | □业绩说明会 | | 活动类别 | □新闻发布会 □路演活动 | | | | □现场参观 | √其他（券商策略会） | | 上市公司 | 副总裁兼董事会秘书吴海南先生 | | | | 投资者关系经理陈菲菲女士 | | | 接待人员 | | | | | 申万宏源—赵令伊 张蕴达 | | | | 天风证券—林毓鑫 | | | | 西部利得基金—林静、张昌平 | | | | 嘉实基金—张浩嵩 | | | | 汇添富基金—劳杰男 | | | | 天弘基金—刘莹 | | | | 建信基金—邵卓 | | | | 宏利基金—吴华 | | | | 永赢基金—胡亚新 | | | | 北京禧悦私募基金—王秀平 | | | 活动参与人员 | 明世伙伴私募基金—孙勇 | | | （排名不分先后） | 北京信弘天禾资管—谢茜茹 | | | | 中国人保资管—李哲超 | | | | 太平洋证券资管—白玉鹏 ...

证券代码：300738 证券简称：奥飞数据 转债代码：123131 转债简称：奥飞转债 广东奥飞数据科技股份有限公司 向不特定对象发行可转换公司债券受托 管理事务报告（2024 年度） 债券受托管理人 （深圳市前海深港合作区南山街道桂湾五路128号前海深港基金小镇B7栋401） 重要声明 本报告依据《可转换公司债券管理办法》（以下简称"管理办法"）、《关 于广东奥飞数据科技股份有限公司向不特定对象发行可转换公司债券之债券受 托管理协议》（以下简称"受托管理协议"）、《广东奥飞数据科技股份有限公 司 2021 年度向不特定对象发行可转换公司债券并在创业板上市募集说明书》 （以 下简称"募集说明书"）、《广东奥飞数据科技股份有限公司 2024 年年度报告》 等相关公开信息披露文件、第三方中介机构出具的专业意见等，由本期可转换公 司债券受托管理人华泰联合证券有限责任公司（以下简称"华泰联合证券"）编 制。华泰联合证券对本报告中所包含的从上述文件中引述内容和信息未进行独立 验证，也不就该等引述内容和信息的真实性、准确性和完整性做出任何保证或承 担任何责任。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应 ...

Summary of Poly Property Conference Call Company Overview - **Company**: Poly Property - **Industry**: Property Management Key Points Industry and Market Dynamics - Non-owner value-added services are declining due to the real estate cycle, although engineering services are providing some offset, leading to an overall decrease in performance [2][3] - The third-party market expansion revenue growth is faster than internal projects, but the lower gross margin impacts overall profitability [2][3] - In the first five months of 2025, market expansion exceeded expectations with contract amounts increasing year-on-year, focusing on core cities and high-quality clients [2][4] Financial Performance - For the first five months of 2025, the company achieved expected revenue growth of approximately 5%, but profit faced pressure due to a reduction in non-owner value-added services and structural factors in basic property management [3] - The company aims for a total external expansion target of 3 billion yuan for the year, maintaining quality while ensuring good reputation in core cities [5][10] Revenue and Payment Collection - C-end payment pressure has increased since the second half of 2024, continuing into 2025, with a noticeable decline in C-end collection rates [7] - B-end and G-end collections are affected by seasonal factors and budget constraints, but the overall changes remain manageable as of May [7] - The company reported that property fee reductions have minimal impact, with less than 1% of projects experiencing price cuts, and the overall sentiment is stabilizing [8] Pricing and Service Quality - The proportion of price reduction projects in 2024 was low, primarily in second and third-tier cities, with adjustments made through negotiation rather than exiting the market [9] - Owners' demands focus on cost-effectiveness and service quality improvements, with a small percentage of projects experiencing price cuts [9][11] Profitability and Cost Management - Profitability is under pressure due to the decline in non-owner value-added services and slower-than-expected progress in new business lines [10] - The gross margin is facing pressure due to an increase in third-party project contributions, which typically have lower margins [13] - The company is implementing cost-reduction measures, including the use of AI and robotics to enhance operational efficiency [19] Dividend Policy - The company has increased its dividend payout ratio to 50% and aims to continue enhancing cash returns to investors, with future dividends to be determined based on year-end discussions and investor feedback [15][18] Technology and Innovation - The introduction of AI and robotics is expected to significantly improve operational efficiency in property management, with pilot projects already underway [19] Future Outlook - The company maintains a positive outlook on the long-term demand for quality services and living experiences, despite current market pressures [16][17] Additional Insights - The company is focusing on high-quality projects, such as large contracts with strong payment capabilities, to ensure both volume and quality in its market expansion [6][10]

7 月行业配置关注：哪些领域中报业绩有望高增或边际改善？ 20250625 摘要 当前 A 股市场处于何种周期阶段，未来指数走势将如何演变？ 当前 A 股市场处于一个为期两年至三年左右的上行周期中。自去年 9 月 24 日 至 10 月 8 日经历一波较大上行后，指数陷入震荡。预计从当前至第三季度， 市场将完成突破式上涨，以上证指数为例，其已站上 3,450 点，后续应会进一 2025 年第二季度企业盈利前瞻性判断主要基于工业企业盈利情况、第 一季度报告中的存货和合同负债指标，以及重点跟踪的中观行业指标。 预计企业盈利增幅相比 2025 年 1-4 月可能会出现阶段性收窄。 综合库存和合同负债角度，国防军工、基础化工、计算机和电子等板块 的合同负债增速中枢相对较高，且库存处于有利位置，其业绩有望延续 或迎来触底回升的拐点。2025 年 7 月份重点推荐的行业包括计算机、 电子、机械、医药生物、国防军工和有色金属。 2025 年年初至今的市场涨幅与行业基本面呈现明显的正相关关系。涨 幅相对较高的行业，如：有色金属、传媒、汽车、农林牧渔和机械设备， 其基本面表现均与涨幅相匹配。相反，跌幅相对较大的行业，如：煤炭、 ...

2025 年 1-5 月，保利物业合同金额同比增长中高个位数，超出年初预 期，但回款率略有下滑，公司已加大回款力度。新增项目聚焦核心城市、 核心业态及大客户，如广州地铁和武汉金山软件产业园等，符合公司发 展方向。 2025 年 1-5 月，公司净利润实现正增长，但可能未达到全年 5%的增速 指引，而收入端已达到 5%的增速指引。基础物业管理服务是主要增长 驱动力，预计增速可达 10%，其中第三方拓展业务增速快于系统内业务。 保利地产新交付项目平均物业费单价显著提升，2024 年接近 2.8 元， 高于所有在管保利地产项目的均价 2.4 元，主要受益于保利地产聚焦一 线和强二线城市的高端化策略。 公司积极寻求并购机会，已增加并购团队人手，考察潜在标的。当前市 场环境对买方有利，竞争较少，价格回落至合理区间，但具体落地仍需 耐心。 2024 年非业主增值服务收入同比下滑，占比 12.0%。为应对传统业务 下滑，公司成立工程服务业务，但预计 2025 年上半年及全年该板块整 体仍将呈现下滑趋势。 Q&A 贵公司 2025 年 1-5 月经营情况与全年业绩指引相比，收入和利润表现如何？ 2025 年 1-5 月，公司 ...

从中证香港物业管理与服务主题指数持仓的市场板块来看，香港证券交易所占比100.00%。 从中证香港物业管理与服务主题指数持仓样本的行业来看，房地产管理占比100.00%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。特殊情况下将对指数进行临时调整。如果在香港市场新上市物业管 理与服务公司发行市值在全部样本公司中排名前二十，将在其上市第十一个交易日快速纳入指数。当样 本退市时，将其从指数样本中剔除。样本公司发生收购、合并、分拆等情形的处理，参照计算与维护细 则处理。 本文源自：金融界 作者：行情君 金融界6月25日消息，上证指数低开高走，中证香港物业管理与服务主题指数 (港股物业，931744)报 399.49点。 数据统计显示，中证香港物业管理与服务主题指数近一个月上涨3.43%，近三个月上涨4.43%，年至今 上涨10.70%。 据了解，中证香港物业管理与服务主题指数从香港市场选取30只业务涉及物业管理服务、社区增值服务 和非业主增值服 ...