证券之星消息，亚厦股份(002375)8月23日公开信息显示，股东亚厦控股有限公司向绍兴银行股份有限 公司上虞支行合计质押2000.0万股，占总股本1.49%。质押详情见下表： | 出质股东 | 质权方 | 质押数量（万股） 占持股比% 占总股本比% 质押开始日 | | --- | --- | --- | | 亚厦控股有限公司 | 绍兴银行股份有限 公司上虞支行 | 2000.00 4.55% 1.49% 2025-08-21 | 亚厦股份2025年一季报显示，公司主营收入17.81亿元，同比下降19.67%；归母净利润6674.27万元，同 比上升2.78%；扣非净利润4600.38万元，同比下降18.53%；负债率60.65%，投资收益-88.87万元，财务 费用850.44万元，毛利率12.56%。 亚厦股份(002375)主营业务：建筑装饰装修工程、建筑幕墙工程、智能化系统集成。 截止本公告日，股东亚厦控股有限公司已累计质押股份3.13亿股，占其持股总数的71.36%，股东张杏娟 已累计质押股份8370.0万股，占其持股总数的49.52%，股东丁欣欣已累计质押股份1944.0万股，占其持 股总数的21 ...

Core Viewpoint - The company, Yasha Co., Ltd. (002375.SZ), continues to perform steadily in the construction decoration industry despite market challenges, with a significant increase in new orders in the second quarter of 2025 compared to the first quarter. Group 1: Business Performance - In Q2 2025, Yasha Co. signed new orders worth 2.627 billion yuan, an increase from 2.287 billion yuan in Q1 2025, totaling 4.914 billion yuan for the first half of 2025 [2][3][6] - As of June 30, 2025, the company had approximately 11 billion yuan in hand orders, which represents 91.20% of its 2024 revenue [3][8] - The company has maintained profitability with a net profit attributable to shareholders of 67 million yuan in Q1 2025, continuing a growth trend for three consecutive years [4][11] Group 2: Financial Health - The company's asset-liability ratio has decreased for three consecutive years, standing at 60.65% as of Q1 2025, down from 66.73% at the end of 2021 [5][15] - Financial expenses have been declining for five consecutive years, indicating improved financial management [13][15] - The company reported a slight decrease in contract liabilities, from 452 million yuan in the previous year to 404 million yuan [10] Group 3: Market Context - The construction decoration market has faced challenges due to a downturn in the real estate sector, yet Yasha Co. has focused on public building decoration, which has helped maintain its order volume [10][12] - The company has a history of strong performance, having ranked second in the "Top 100 Chinese Construction Decoration Enterprises" for 13 consecutive years [3][14] - Despite industry pressures, Yasha Co. has shown resilience, with its revenue for 2022 to 2024 being relatively stable, achieving 12.116 billion yuan, 12.869 billion yuan, and 12.136 billion yuan respectively [11][12]

Summary of Yasha Co. Conference Call Company Overview - Yasha Co. is a leading enterprise in China's decoration and renovation industry, focusing on stable operations and investor communication [3][4] Industry Context - The decoration and renovation industry is currently in a stable phase, having undergone adjustments over the past four years, with a need to observe marginal changes and new incremental markets [3][4] - The overall market is expected to shift towards a model similar to Singapore's, where the government ensures public interest while allowing market-driven pricing for high-end consumers [17][18] Key Financial Metrics - In the first half of 2025, Yasha Co. signed new orders totaling approximately 4 billion yuan, a year-on-year decline, reflecting industry adjustment characteristics [2][4] - As of the first five months of 2025, the total order backlog was about 12 billion yuan, laying a solid foundation for annual growth [6] - The composition of new orders includes 42% from government and state-owned enterprises, 33% from real estate, and 24% from industrial capital, with the residential market showing strong performance at 28% [2][4] Future Growth Areas - Yasha Co. plans to focus on urban renewal, old city renovation, and expansion of quality enterprises as key growth areas [7][19] - The company is also emphasizing cost reduction and efficiency improvement, while paying attention to the impact of new productivity on the industry [7] Cash Flow and Receivables Management - The improvement in operating cash flow is attributed to a focus on order quality and timely collections, with a significant portion of orders coming from regions with good credit conditions [9][10] - The accounts receivable structure aligns with the order composition, with government projects accounting for 40%, real estate for 30%, and industrial capital for 30% [9][10] - Measures to mitigate receivables risk include strict customer selection and enhancing business quality [9][10] Market Trends and Innovations - The company is a leader in the prefabricated decoration sector, holding industry standards and numerous patents, with this segment accounting for 10% of total revenue [12] - New market trends include the introduction of housing quality standards, which could stimulate market activity and improve overall product quality [8][20] Strategic Initiatives - Yasha Co. has optimized its market layout by focusing resources on the Yangtze River Delta, Greater Bay Area, and Sichuan-Chongqing regions, while withdrawing from less profitable areas [22] - The company is actively recovering cash flow and has implemented legal measures to ensure receivables are collected [22] Long-term Vision - The company’s future development goals align with national policies, focusing on urban renewal, prefabricated construction, and the integration of industrial and information technology [23]

房地产政策持续托底，行业景气度有望改善。2024年，公司新签订单金额合计 115.24 亿元，2023 年合 计 145.58 亿元，2024 年同比下降 20.84%。2025年一季度公司新签订单22.87亿元，同比下降19.33%。4 月25日召开的中央政治局会议指出，加快构建房地产发展新模式，加大高品质住房供给，优化存量商品 房收购政策，持续巩固房地产市场稳定态势。房地产市场持续向止跌回稳的方向迈进，装修装饰行业景 气度有望上修。 投资建议：预计公司2025-2027年归母净利润分别为3.18/3.36/3.56亿元，同比+4.90%/+5.65%/+6.01%， 对应P/E分别为15.95/15.10/14.24倍。首次覆盖，建议"推荐"评级。 事件：公司发布2024年年报和 2025年一季报。 归母净利润增速较快，经营现金流有所改善。2024年，公司实现营收121.36亿元，同比下降 5.7%。其 中，建筑装饰收入67.84 亿元，同比下降5.73%；幕墙装饰收入41.53亿元，同比下降3.12%；智能化系统 集成收入5.29亿元，同比下降 20.34%；装饰制品收入 4.31 亿元，同比增长 0. ...

Financial Performance - In 2024, the company achieved an operating revenue of 12.136 billion yuan, a decrease of 5.70% year-on-year [2][4] - The net profit attributable to shareholders increased by 21.00% year-on-year [2][4] - The overall gross profit margin improved by 1.77% due to optimized construction processes and reduced project management costs [3][4] - Operating expenses decreased by 8.8% compared to the previous year [3][4] Business Strategy - The company focuses on large public building renovations, high-end hotels, and luxury residential renovations, adapting to market competition and macroeconomic changes [3][4] - Key strategies include deepening regional presence in areas like the Yangtze River Delta and Greater Bay Area, and enhancing collaboration with quality real estate developers [3][4] - The company is also exploring new markets such as elderly care and urban renewal, aligning with national consumption trends [3][4] Cost Management - The company implemented organizational optimization and digital upgrades to achieve cost reductions while maintaining operational efficiency [4][5] - Measures include merging overlapping departments, adopting flat management structures, and utilizing ERP systems for standardized expense processes [4][5] Research and Development - R&D investment decreased by 4.37% in 2024, but the proportion of R&D expenses to operating revenue increased by 0.04 percentage points [5][6] - The company maintains its innovation capabilities through efficiency improvements and strategic alignment of R&D investments with business directions [5][6] Revenue Contribution by Segment - In 2024, the revenue contribution from different segments was as follows: - Building decoration engineering: 55.90% - Curtain wall decoration engineering: 34.23% - Intelligent system integration: 4.36% [5][6] Market Position and Brand Strategy - The company aims to enhance brand recognition in the competitive building decoration industry by focusing on innovation and customer service [6][7] - The real estate sector accounts for less than 30% of the company's business, indicating a stable performance despite market fluctuations [6][7] Emerging Technologies - The company is investing in smart system integration and exploring applications of IoT and AI in building intelligence [6][7] - A subsidiary is developing a "cloud-edge-end" integrated technology architecture to enhance customer experience and operational efficiency [7][8]

Core Viewpoint - The company, Zhejiang Yasha Decoration Co., Ltd., has announced its profit distribution plan for the fiscal year 2024, which includes a cash dividend of 0.70 yuan per share, amounting to a total cash dividend of approximately 90.91 million yuan, representing 30.03% of the net profit attributable to shareholders [26][27]. Company Overview - The company specializes in construction decoration, curtain wall engineering, and intelligent system integration, positioning itself as a leader in the Chinese construction decoration industry [3][4]. - It has maintained a strong market presence, being ranked second among the top 100 construction decoration companies in China for 18 consecutive years and holding various industry accolades [3][4]. Business Performance - For the reporting period, the company achieved operating revenue of 12.136 billion yuan, operating profit of 346 million yuan, and net profit attributable to the parent company of 303 million yuan, with basic earnings per share of 0.23 yuan [12]. - The total assets as of December 31, 2024, were 22.768 billion yuan, with equity attributable to shareholders amounting to 8.019 billion yuan [12]. Market Dynamics - The construction decoration industry in China is experiencing stable growth driven by new urbanization, stock housing renovation, and green low-carbon policies, leading to increased market concentration [12][13]. - The company is focusing on technological innovation and the transition to industrialized and digital construction methods, enhancing its competitive edge [13]. Project Management and Execution - The company employs a self-managed project model, directly assigning teams to oversee all project aspects, ensuring quality and efficiency [14]. - It has a robust project management structure, with a focus on quality control and adherence to national standards [21][22]. Financial Health - The company reported a decrease in cash and cash equivalents by 30.08% compared to the beginning of the period, primarily due to cash outflows from operating activities [38]. - The net cash flow from operating activities increased by 32.74%, indicating improved operational efficiency [38]. Future Outlook - The company aims to expand its market presence and enhance its leadership position in the decoration industry while continuing to innovate and optimize its operational processes [20].