2025.12. 07 本文字数：1862，阅读时长大约4分钟 作者 | 第一财经 魏中原 近日，A股上市公司全新好（000007.SZ）股价走势强劲，创下阶段新高。然而，就在公司股价高 位运行之际，公司持股5%以上的股东建德隽林企业管理合伙企业(有限合伙)（以下简称"隽林合 伙"）发布减持计划，拟清仓式减持所持全部5%股份，引发市场高度关注。 全新好主营业务盈利能力近年来持续下滑，前三季度归母净利润仅341.80万元，第三季度的归母净 利润仅2.97万元。股东选择在公司股价创下阶段新高后实施清仓式减持，与公司微薄的盈利水平形 成鲜明对比。 董事长关联方"抄底"轻松翻倍 根据公告，隽林合伙计划自公告披露之日起十五个交易日后的三个月内，即2025年12月29日至 2026年3月28日，通过集中竞价、大宗交易方式减持全新好不超过1732.25万股，占公司总股本的 5%，即所持有的全部股份，减持原因系"自身资金需求安排"。 按照全新好最新收盘价9.95元计 算，隽林合伙拟套现1.72亿元。 截至三季度末，隽林合伙位列全新好前十大股东第四位。除了清仓式减持以外，隽林合伙此番减持的 时点颇受关注。全新好股价自年初以来呈 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of 5% to 15% over the next 6 to 12 months [6][13]. Core Insights - The company reported a revenue of HKD 27.36 billion for H1 2025, a year-on-year decrease of 6.5%, while the net profit attributable to shareholders was HKD 7.709 billion, reflecting a year-on-year increase of 27.5% [2][4]. - The growth in net profit was primarily driven by a significant increase in profits from property development in Hong Kong, which rose by 219% year-on-year, contributing to an overall EBIT of HKD 10.2 billion, up 31% [4][5]. - The company is actively pursuing 10 residential property development projects, with expected profits from these projects to continue in H2 2025 [5]. Financial Performance - Revenue breakdown for H1 2025 shows: - Hong Kong transport operations: HKD 11.5 billion, up 3.3% year-on-year - Hong Kong station commercial: HKD 2.6 billion, down 0.6% - Mainland China and international business: HKD 10.2 billion, down 18.1% - Hong Kong property leasing and management: HKD 2.7 billion, down 1.2% [3][4]. - The company’s EBIT margin improved by 1 percentage point to 37%, with a net profit margin increase of 8 percentage points to 28% [4]. Earnings Forecast - The company’s net profit forecasts for 2025 to 2027 are HKD 17.1 billion, HKD 17.4 billion, and HKD 12.3 billion, respectively [6].