8月27日，万科A盘中下跌2.00%，截至13:29，报6.85元/股，成交12.14亿元，换手率1.81%，总市值 817.25亿元。 资金流向方面，主力资金净流出1.33亿元，特大单买入1.88亿元，占比15.49%，卖出3.23亿元，占比 26.63%；大单买入3.14亿元，占比25.89%，卖出3.12亿元，占比25.66%。 万科A今年以来股价跌5.65%，近5个交易日涨4.58%，近20日涨2.24%，近60日涨3.47%。 资料显示，万科企业股份有限公司位于广东省深圳市盐田区大梅沙环梅路33号万科中心,香港中环花园 道1号中银大厦43楼A室，成立日期1984年5月30日，上市日期1991年1月29日，公司主营业务涉及房地 产开发和物业服务。主营业务收入构成为：房地产开发及相关资产经营业务80.17%，物业服务 16.23%，其他(补充)3.61%。 万科A所属申万行业为：房地产-房地产开发-住宅开发。所属概念板块包括：REITs概念、H股、证金汇 金、房屋租赁、破净股等。 分红方面，万科AA股上市后累计派现1030.33亿元。近三年，累计派现80.63亿元。 机构持仓方面，截止2025年6月30 ...

机构：开源证券 在管面积双位数增长，物业服务收入毛利率均提升得益于在管面积稳定增长，公司2025H1 实现物业服 务收入66.33 亿元，同比+10.2%，占主营收入的71.4%，毛利率同比+0.4pct 至15.3%。截至2025H1 公司 在管面积达5.36 亿平，同比+11.3%；储备面积3.47 亿平，同比-2.9%，主要由于公司退出了部分非核心 城市及存在交付风险的项目。分区域来看，公司在杭州在管面积和收入占比分别为16.7%和34.7%，收 入贡献较大。 园区服务、咨询服务协同发展，毛利率稳健增长公司2025H1 园区服务收入13.57 亿元，同比-6.0%，毛 利率同比+3.2pct 至26.6%，收入下降、盈利提升主要系毛利率较低的硬装业务被指定为合营公司影响， 导致居家生活服务板块收入-53.8%。公司将科技服务业务归类于咨询服务板块，上半年收入12.99 亿 元，同比+0.6%，毛利率同比+0.2pct 至33.1%，其中在建物业和管理咨询服务收入同比分别+1.5% 和-2.5%。 风险提示：政策支持不及预期、行业销售恢复不及预期、公司融资不及预期。 营收利润保持增长，盈利能力稳步提升 公 ...

人民财讯8月26日电，南都物业(603506)8月26日晚间披露2025年半年报，上半年实现营业收入9.14亿 元，同比增长2.75%;归母净利润1.3亿元，同比增长532.87%;基本每股收益0.7元。报告期内，公司营业 收入同比增长，主要是物业服务项目增加所致;归属于上市公司股东的净利润同比增长，主要是公司投 资的安邦护卫股价上涨确认公允价值变动损益。 ...

证券代码：603506 证券简称：南都物业 公告编号：2025-039 2025 年 8 月 27 日 南都物业服务集团股份有限公司 2025 年半年度主要经营数据 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据上海证券交易所《上市公司自律监管指引第 3 号行业信息披露：第一号 ——房地产》《关于做好主板上市公司 2025 年半年度报告披露工作的重要提醒》 等要求，公司结合自身情况现将 2025 年半年度主要经营数据披露如下： 截至 2025 年 6 月 30 日，公司累计总签约项目 674 个，累计总签约面积 8,788.83 万平方米，2025 年 1-6 月公司新签物业服务项目 41 个，新签约面积约 491.64 万平方米。 以上经营数据来自公司内部统计数据，未经过审计，仅为投资者及时了解公 司经营概况之用。 特此公告。 南都物业服务集团股份有限公司 董事会 ...

Core Insights - Vanke achieved a revenue of 105.32 billion yuan in the first half of 2025, with over 45,000 housing units delivered and a sales revenue of 69.11 billion yuan, reflecting a sales collection rate exceeding 100% [1] - The company adopted a strategy focused on revitalizing existing resources while making precise investments, resulting in nearly 10 billion yuan in new capacity and approximately 6 billion yuan in revitalized cash flow [1] - Vanke's operational services segment reported a revenue of about 28.42 billion yuan, maintaining a leading position in the industry [1] Group 1: Business Performance - Vanke delivered over 45,000 housing units in the first half of the year, with more than 50 projects achieving "delivery upon certificate" [1] - The company has revitalized approximately 78.5 billion yuan in inventory since 2023, achieving over 20 billion yuan in new sales [1] - The new project investment realization rate reached 85% since 2022, with all new projects included in full-cycle post-investment management [1] Group 2: Operational Services - The operational services segment, Wanwu Cloud, generated approximately 18.2 billion yuan in revenue, showcasing strong market expansion capabilities [2] - Vanke's long-term rental apartment business expanded its management scale, operating over 270,000 units and serving over 6,200 corporate clients [2] - The commercial business maintained a rental rate exceeding 93%, with key performance indicators such as foot traffic and sales showing steady growth [2] Group 3: Financial Stability - Vanke completed 24.39 billion yuan in public debt repayment on schedule, with no foreign public debt due before 2027 [2] - The company successfully addressed maturing debts in the first half of the year, ensuring all public debts were repaid on time [2] - Management expressed confidence in navigating challenges with support from policies, financial institutions, and major shareholders [2][3] Group 4: Cost Management - Vanke implemented measures to enhance efficiency and reduce costs, achieving a decline in management and marketing expenses through lean management and comprehensive marketing strategies [3] - The operational services segment also saw a reduction in administrative expenses through refined management and technological empowerment [3] - The company maintained stability in its workforce, finances, and operations through effective sales collection and revitalization of existing resources [3]

机构：中金公司 研究员：张宇/王翼羽/李佳璠 万物云业绩符合市场预期 积极着眼于后续发展与核心竞争力建设。公司业绩会提出三个方向：物业服务升级、社区消费基础设施 建设、以及AI 应用助力管理提效和能力输出；截至1H25 公司账面现金114.6 亿元，其积极规划现金使 用，包括同业收并购、科技化建设等，以匹配上述三大方向。分红派息方面，公司希望在发展的基础上 兼顾股东回报。 关注后续关联方风险敞口管控效果。截至1H25 末关联方贸易应收款总额26.02 亿元、较2024 年末仅增 加1.56 亿元，风险敞口管控效果显现。此外，公司7 月1 日公告显示万科企业已质押45.69%的万物云股 份（总持股占比57.12%）。往后看，我们建议持续关注关联方在股权、应收款余额偿付、增量关联业 务等多方面影响。 住宅及商企物管外拓持续彰显核心竞争力。1H25 住宅合约年化饱和收入净新增10.3 亿元，其中存量住 宅达6.7 亿元、同比增长31.5%；同时，公司持续推进其弹性定价解决方案落地，截至目前签约22 个项 目、饱和收入7,500 万元，接洽中项目合同额则超12 亿元。商企服务方面，1H25 商企合约年化饱和收 入净新 ...

Group 1: Macroeconomic Overview - National general public budget revenue increased by 0.1% year-on-year in the first seven months of 2025, with a notable increase of 2.6% in July, marking the highest monthly growth of the year [3] - National general public budget expenditure grew by 3.4% year-on-year in the same period, with significant contributions from health and social security sectors [3] - Government fund budget revenue decreased by 0.7% year-on-year, indicating ongoing impacts from the real estate market adjustments [4] Group 2: Anfu Technology - Anfu Technology is expected to acquire a 43% stake in Nanfu Battery by 2026, significantly enhancing its earnings [8] - The restructuring strategy aims to deepen control over Nanfu Battery, with projected net profit of no less than 914 million yuan for 2025 [9] - The alkaline battery market is projected to grow, driven by trends such as smart home adoption and outdoor activities, with global retail sales expected to exceed $12 billion by 2025 [9][10] Group 3: Lenovo Group - Lenovo Group reported a strong start to FY2026, with total revenue reaching $18.8 billion, a 22% year-on-year increase [11] - The company’s three main business segments showed robust growth, with the IDG segment achieving $13.5 billion in revenue, up 18% [12] - Lenovo's AI strategy is advancing, with significant developments in both personal and enterprise AI solutions [12][13] Group 4: Ruoyuchen - Ruoyuchen's revenue for H1 2025 exceeded expectations, driven by a 242% year-on-year increase in self-owned brand sales [14] - The company is expected to maintain high growth rates, with EPS projections of 0.81, 1.20, and 1.62 yuan for 2025-2027 [15] - The self-owned brand "Zhanjia" has shown strong performance, contributing significantly to overall revenue growth [16] Group 5: Nuo Pin - Nuo Pin is positioned as a leader in high-end blueberry production, with a target EPS of 0.86, 1.26, and 1.56 yuan for 2025-2027 [18] - The company benefits from high barriers to entry in blueberry cultivation, leveraging unique climatic conditions in Yunnan [19] - Nuo Pin's sales channels are expanding, with a significant increase in fresh food revenue from 1 billion to 2.14 billion yuan from 2021 to 2024 [20]

Core Viewpoint - The property management company, Xinyi Property, has been recognized for its effective waste classification efforts in the Yutianxia community, contributing to a significant reduction in overall waste since the implementation of a new waste management model in May 2020 [1][2]. Group 1: Company Initiatives - Xinyi Property, under the management of Hysan Property Management Co., has been awarded the title of "Beijing Model: Waste Classification Expert" for its outstanding contributions to waste management [1][2]. - The company provides residents with free classification garbage bags and home classification bins to facilitate proper waste disposal from the source [1]. - Xinyi Property has implemented community engagement activities, such as a "Waste Classification Parent-Child Challenge" and workshops to transform waste into useful items, promoting resource recycling [1]. Group 2: Community Impact - Since the new waste management model was introduced, the total amount of waste in the Yutianxia community has shown a declining trend, and the community was recognized as a "Beijing Waste Classification Demonstration Community" in 2022 [2]. - The general manager of Hysan Property Management Co. expressed commitment to further enhancing community environmental management and creating a better living environment for residents [2].

Core Viewpoint - The company reported a revenue of approximately 18.14 billion yuan for the first half of 2025, reflecting a year-on-year growth of 3.1%, alongside a net profit increase of 5.4% to 840 million yuan, indicating a stable financial performance amidst industry challenges [2][9]. Group 1: Financial Performance - The company achieved a gross profit of approximately 2.49 billion yuan, marking a 3.8% year-on-year increase [2]. - The core net profit reached 1.32 billion yuan, showing a growth of 10.8% compared to the previous year [2]. - Cash assets totaled approximately 11.46 billion yuan, with operating net cash flow increasing by 20.5 million yuan year-on-year [2]. Group 2: Property Fee Pricing - The company highlighted the shift in property fee pricing dynamics, with increased sensitivity from homeowners towards service quality and pricing due to market adjustments [3]. - Local governments have introduced new property fee pricing policies, which have led to a reduction in property fees in several cities, with declines ranging from 20% to 35% [4]. - The company noted that the "elastic pricing" model adopted by Vanke Property is a necessary market self-regulation process, allowing homeowners to select services based on their needs [5]. Group 3: Asset Management and Debt Resolution - The company has established a specialized team to expedite the disposal of debt-related assets, aiming to maintain a light asset operation model [7]. - The company plans to liquidate approximately 400 million yuan of assets this year, with 80% being parking spaces, and has already completed 140 million yuan of this target [8]. - The management emphasized the importance of maximizing the value of acquired assets through professional management, contributing positively to the company's financial health [8]. Group 4: Future Outlook - The financial head of the company expressed confidence in expanding revenue and core net profit growth rates for the full year 2025, building on the first half's performance [9].

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [2][3]. Core Insights - The report indicates that the broad housing demand in China has likely bottomed out, although the volume and price have not yet entered a positive cycle. It anticipates that the overall real estate market will continue to stabilize, with further policies expected to be introduced to support this trend. Core cities are expected to lead the recovery as they approach the bottom of the market [3][34]. - The report highlights significant policy changes, including the implementation of new regulations in Beijing that have led to a 20% increase in new home visits in areas outside the Fifth Ring Road. Additionally, various provinces are focusing on stabilizing the housing market and urban renewal tasks [3][34]. Industry Data Summary New Home Transaction Volume - In the week of August 9-15, 2025, new home transactions in 34 cities totaled 1.613 million square meters, a decrease of 9% week-on-week. The transaction volume for first and second-tier cities fell by 7.9%, while third and fourth-tier cities saw a decline of 23.5% [3][4]. - Year-on-year, new home transactions in August (up to August 15) decreased by 19.1%, with first and second-tier cities down by 17.6% and third and fourth-tier cities down by 35.5% [3][7]. Second-Hand Home Transaction Volume - In the week of August 9-15, 2025, second-hand home transactions in 13 cities totaled 999,000 square meters, a decrease of 3.6% week-on-week. Cumulatively, transactions in August were down 3% year-on-year [3][13]. Inventory and Supply - In the week of August 9-15, 2025, 76,000 square meters of new homes were launched in 15 cities, with a transaction volume of 65,000 square meters, resulting in a transaction-to-launch ratio of 0.86. The total available residential area in these cities was 89.15 million square meters, reflecting a slight increase of 0.1% [3][24]. Policy and News Tracking - The report notes that the National Bureau of Statistics reported a 12% year-on-year decline in real estate development investment for the first seven months of 2025, totaling 535.8 billion yuan. Various provinces are implementing measures to stabilize the housing market and promote urban renewal [3][34]. - Specific policies include a reduction in the down payment ratio for housing loans in Suzhou to 15% and the introduction of new measures to support the conversion of commercial properties to residential use in Shanghai [3][34]. Company Dynamics - Several real estate companies reported their sales figures for the first seven months of 2025, with China Resources Land at 123.6 billion yuan (-11.8%) and China Jinmao at 61.8 billion yuan (+23.0%). Dragon Lake Group forecasted a 70% decline in core earnings [3][34]. - Financing activities included the issuance of bonds by various companies, such as a 1.5 billion yuan medium-term note by Dayuecheng Holdings and a total of 1.4 billion yuan in bonds by Yuexiu Property [3][34].