股票研究 /[Table_Date] 2025.09.05 多元业务齐头并举，机器人股权投资步入收获期 首开股份(600376) 2025 年中报点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 涂力磊(分析师) | 021-23185710 | tulilei@gtht.com | S0880525040101 | | 谢皓宇(分析师) | 010-83939826 | xiehaoyu@gtht.com | S0880518010002 | | 黄可意(分析师) | 010-83939815 | huangkeyi@gtht.com | S0880525070021 | 本报告导读： 2025H1，公司利润层面仍然承压，出现业绩亏损；销售规模同比下滑，拿地保持谨 慎；经营业务和创新业务稳定推进，展望多元业务协同发展。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | ...

Core Viewpoint - The company is experiencing profit pressure with losses in 2025H1, while sales scale is declining year-on-year, and land acquisition remains cautious. However, operational and innovative businesses are steadily advancing, with a focus on multi-business synergy [1]. Investment Highlights - The company is rated as "Buy" due to its brand and resource integration advantages in the real estate development sector as a state-owned enterprise in Beijing. It holds equity in Yushu Technology through its subsidiary, Shoukai Yingxin, and is expected to enter a harvest period. The projected net asset per share for 2025-2027 is 4.47/3.87/3.47 yuan, with a target price of 3.35 yuan based on a PB of 0.75X for 2025 [2]. - In 2025H1, the company reported a revenue increase of 105.2% year-on-year to 18.04 billion yuan, driven by an increase in housing delivery projects. However, the net profit attributable to shareholders was -1.84 billion yuan, primarily due to low gross profit, high taxes and expenses, and significant losses from joint ventures amounting to 1.33 billion yuan [2]. Real Estate Development Business - The company's sales area in 2025H1 was 720,000 square meters, a year-on-year decline of 1.7%, with sales revenue of 11.41 billion yuan, down 25.1%. The average sales price was 15,827 yuan per square meter. The company ranked 41st in the total sales amount according to CRIC, remaining in the second tier [3]. - As of June 2025, the company had 148 major projects for sale or under sale, with a total construction area of 43 million square meters. Projects in Beijing accounted for 36.3% of the total area, while those outside Beijing accounted for 63.7%. The company added only one new land reserve in 2025H1, covering an area of 27,000 square meters in Daxing, Beijing [3]. Operational and Innovative Business Development - The company is refining its operational business, with a property leasing area of 1.73 million square meters and hotel room sales of 157,000 room-nights in 2025H1. The overall occupancy rate of six core landmark shopping malls reached 95%. The "Shoukai Leshang" long-term rental apartment brand has opened 11 locations in Beijing, Hangzhou, and Fuzhou, with nearly 7,000 listings and a rental rate of 93% in 2025H1. The "Shoukai Cuncao" elderly care brand is gradually establishing its influence with nine nursing homes in various districts of Beijing [3].

本报讯 （记者向炎涛）8月26日，北京首都开发股份有限公司（以下简称"首开股份"）发布2025年半年 度报告。上半年，公司实现营业收入180.39亿元，同比增长105.19%；实现归属于上市公司股东的净利 润-18.39亿元。 报告期内，公司结合存量资产盘活继续有序推进城市更新业务、与房地产开发、物业经营等板块实现良 性互动。公司顺应新市民、青年人高品质租住需求，布局住宅租赁赛道。公司拥有"首开乐尚"长租公寓 自有品牌，长租公寓主要分布于北京、杭州、福州三地，现开业达到11家，上市房源近700套。报告期 内出租率达到93%。通过长租公寓业态运营实现存量资产的优化运营和价值提升。 （编辑 张昕） 上半年，公司坚持"精准发力促销售、多措并举稳融资"的策略，着力强化内生"造血"功能与外部"补 血"能力，全力攻坚销售去化。上半年，公司实现签约面积72万平方米，签约金额114亿元，销售回款达 155亿元。其中，公司集中力量推进商办、车位等非住宅类资产去化，成功实现销售额25亿元，较上年 同期取得显著突破。 融资端亦表现稳健，公司顺利完成本期全部债务行权及到期偿付，上半年偿还银行贷款66.2亿元，完成 债券融资接续150 ...

北京首都开发股份有限公司2025 年半年度报告 公司代码：600376 公司简称：首开股份 北京首都开发股份有限公司 北京首都开发股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本公司承诺将及时、公平地履行信息披露义务。本公司董事、高级管理人员已对半年度报 告签署书面确认意见。公司监事会已对半年度报告提出书面审核意见，监事已对半年度报告签署 书面确认意见。 四、 本半年度报告未经审计。 五、 公司负责人李岩、主管会计工作负责人王奥及会计机构负责人（会计主管人员）马特声明： 保证半年度报告中财务报告的真实、准确、完整。 六、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 七、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的发展战略、未来计划等前瞻性描述不构成公司对投资者的实质承诺，敬请 投资者注意投资风险。 八、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 九、 是否存在 ...