2025-09-26-港交所-鲁商服务_2025中期报告_65页_1mb

• 公司概况：

  • 2025年中报显示收入下降4.8%至约293.8百万元，利润减少26%至约16.0百万元，主要受非业主增值服务下滑（37.8%）带动。
  • 物业管理服务收入增长10.2%（62.1%），社区增值服务减少4.3%（21.9%），但非业主增值服务回落幅度最大。
  • 毛利率提升至21.1%，管理与研发费用因扩张略微增加，现金流为负，但财务结构稳健。

• 公司治理变动：

  • 董事王忠武转任非执行董事，监事会于2025年6月取消。
  • 公司秘书和授权代表自8月22日起变更为杨振。
  • 多项股东权益变动，股东结构多样，主要股东包括鲁商福瑞达、山东商业集团等。

• 未来计划：

  • 公司无重大投资或资金资产计划，持续优化薪酬激励机制，拓展多元化业务服务模式。
  • 增加社区增值服务，提升物业管理服务智能化，继续利用上市公司资金投入合作与投资业务扩展。
    </think>According to the 2025 Mid-Year Report of Lushang Life Services Co., Ltd., the company achieved a 4.8% decline in revenue, reaching approximately 293.8 million yuan, and a 26% decrease in net profit, down to 16 million yuan. The revenue decline was primarily due to a 37.8% reduction in non-owner-added services. However, property management services saw a 10.2% increase (62.1% of revenue), while community value-added services experienced a 4.3% drop (21.9% of revenue). The company's gross profit margin improved to 21.1%, with management and R&D costs increasing slightly due to business expansion. The company's financial structure was stable, though cash flow was negative due to increased operational capital expenditures.

On the corporate governance front, Director Wang Zhongwu transitioned to an non-executive role, and the Board of Supervisors was abolished in June 2025. Company Secretary and Authorised Representative Yang Zhen succeeded Huang Weichao effective from August 2025. The ownership structure is diverse, with key shareholders including Lushang Fuyouda, Shandong Commercial Group Co., Ltd., and others.

Looking ahead, the company reported no major investment or financial asset plans for 2025. It continues to refine its financial performance through the expansion of diverse services and optimization of salary incentives. Community value-added services and property management service automation are key areas of focus. Proceeds from the 2022 H-share listing were initially planned for strategic partnerships, acquisitions, and business development, though the company has not detailed specific projects.