亚厦股份 20250611 摘要 亚厦股份 2025 年上半年新签订单约 40 亿元，同比下降，反映行业调 整期特征。政府和国企类客户占比 42%，地产类 33%，产业资本类 24%，住宅市场表现突出，占比 28%。 截至 2025 年前五个月，亚厦股份在手订单总额约 120 亿元，为全年增 长奠定基础。长三角、大湾区和川渝地区是订单增长主要来源，这些区 域人口净流入且产业基础完善。 亚厦股份未来将关注城市更新、旧改及优质企业扩张等增量市场，推进 降本增效，关注新质生产力影响。公司管理层及地方政府推动相关举措， 以提升新质生产力。 亚厦股份经营性现金流改善，得益于注重订单质量和收款，以及选择信 用状况良好的区域市场。未来，随着建筑行业筑底和新蓝海市场出现， 经营性现金流将持续增长。 亚厦股份应收账款构成与客户订单比例匹配，政府占比 40%，地产 30%，产业资本 30%。通过严格筛选客户、提升业务质量和政府化债 等措施降低应收账款风险。 Q&A 请介绍一下亚厦股份及其所在行业的近期情况。 亚厦股份是我国装修装饰行业的龙头企业，经营稳健，注重投资者回报与交流。 今年上半年（2025 年），建筑装饰行业整体呈现平 ...

Core Viewpoint - The implementation of the new national standard "Residential Project Specifications" is expected to drive the development of new residential buildings towards safety, comfort, sustainability, and intelligence, while also providing opportunities for quality upgrades in the real estate supply chain [1][6]. Group 1: Impact on High-Performance Building Materials - The new regulations have led to a significant increase in demand for high-performance building materials due to mandatory requirements for insulation and soundproofing [2][3]. - Real estate companies are shifting their focus from price to quality, actively seeking new materials and technologies that enhance housing quality [2][3]. - The new regulations are seen as a milestone for the building materials industry, promoting a shift from low-quality price competition to a focus on performance, quality, durability, and user experience [2][3]. Group 2: Technological Advancements and Innovations - The promotion of prefabricated construction is expected to enhance market acceptance and improve construction efficiency [4]. - Companies are investing in research and development for prefabricated decoration technologies, achieving significant reductions in construction time and improving quality [4][5]. - The integration of smart home systems is expanding, with companies developing customized and innovative functional scenarios for their projects [5][6]. Group 3: Transformation of the Real Estate Supply Chain - The new regulations are reshaping the supply and procurement systems in the building materials industry, emphasizing transparency and quality control [6][7]. - The cost of green building materials has become comparable to traditional materials due to technological advancements and policy support, leading to higher project implementation rates [6][7]. - The entire real estate industry is moving towards high-quality and sustainable development, with expectations for further maturity in the supply chain over the next few years [8].