巩固基本盘、开辟新增长，商业运营能力持续提升 近日，大湾区领先的商用物业运营服务供应商——星盛商业(6668.HK)发布2025年中期业绩并举办业绩 发布会。 以下总结了星盛商业的财务亮点，以及业绩发布会Q&A环节关键信息，为投资者展望公司的成长潜力 提供价值参考。 稳健经营凸显韧性，降本提效与精细化管理双驱动 从核心指标来看，星盛商业实现收入约2.84亿元，其中，大湾区收入占比74.9%，优势进一步显现。可 见在复杂多变的市场环境下，公司继续在行业内保持领先地位，经营韧性十足。 在费用开支方面，上半年管理费用率下降至9.3%，同比下降0.8个百分点。可见星盛商业在复杂多变的 市场环境下，通过精细化管理，在提升成本效益上取得显著效果，也成功验证了长期坚持稳健的经营策 略。在此基础上，公司上半年归母净利润实现0.87亿元。 值得关注的是，在手现金方面，期末达到13.68亿元，反映了充裕的资金实力。这为星盛商业带来强大 的抗风险能力，能更好地应对市场波动和不确定性，也为未来拓展新项目等提供支撑。此外，充裕的资 金是稳定分红的基础，对应回报股东的能力。 在股东回报方面，公司宣派中期股息每股普通股5.0港仙，上市5年 ...

Core Insights - The real estate industry is undergoing a transformation, with a focus on creating living spaces that meet evolving human needs, as highlighted by the concept of "good houses" proposed for 2025 [2] - Xinghe Holdings, with 37 years of industry experience, is positioned as a leader in this transformation, emphasizing quality and innovative projects that enhance the relationship between architecture and human living [2] Group 1: Quality Control and Delivery - Xinghe Holdings has demonstrated strong delivery capabilities, completing 31 deliveries in the past year, providing over 18,000 quality housing units, with several projects delivered ahead of schedule [3] - The company has been recognized in the "2024 China Real Estate Super Delivery Power TOP24" list, reflecting its commitment to high-quality delivery and brand reputation [3] - Xinghe has established a comprehensive quality control system, including the "Xing Development" design system and "Xing Delivery" system, ensuring rigorous standards across various aspects of construction and delivery [4] Group 2: Community and Service Innovation - The delivery of homes is viewed as the beginning of a new chapter in quality living, with Xinghe focusing on enhancing community services and living experiences beyond mere physical structures [5][6] - Xinghe has developed a soft ecosystem that transforms cold architectural spaces into vibrant living environments, fostering a sense of belonging and community among residents [6] - The company has initiated various community-building activities, such as sports events and cultural exhibitions, to strengthen neighborly relationships and enhance overall life satisfaction [6][7] Group 3: Strategic Positioning and Differentiation - As the real estate sector faces challenges, Xinghe Holdings has adopted a multi-faceted development strategy, creating competitive barriers through product innovation and service upgrades [8] - The company has achieved significant recognition in commercial real estate, ranking among the top 10 in the sector, and operates a diverse range of commercial properties that enhance urban vitality [8] - Xinghe's industrial division has integrated urban development with capital empowerment, establishing itself as a key player in the industrial real estate market, particularly in the Greater Bay Area [9]