特发服务2025年年度报告深度解读：多元化布局与稳健增长并行，关注利润分配与公司治理变革

一、核心要点概览

• 2025年营业收入同比增长3.80%，净利润保持稳健增长
• 综合物业管理为核心，政务服务与增值服务协同发展，客户结构优质
• 持续分红，2025年拟每10股派3元现金红利
• 公司治理重大调整：取消监事会，审计委员会承接相关职权
• 行业地位显著提升，荣获多项全国性荣誉

二、经营业绩与财务表现详细分析

特发服务（300917）2025年年报显示，公司实现营业收入29.72亿元，同比增长3.80%；归属于上市公司股东的净利润1.24亿元，同比增长1.84%；扣除非经常性损益的净利润为1.15亿元，同比增长9.46%。公司总资产达21.85亿元，净资产11.96亿元，分别较去年增长11.47%和7.32%。值得注意的是，经营活动现金流量净额为1.69亿元，同比大幅提升37.95%，显示公司现金流状况持续改善。

分季度来看，第四季度收入和净利润环比均实现增长，全年盈利能力保持平稳。基本每股收益为0.733元，稀释每股收益同为0.733元，加权平均净资产收益率为10.32%，略低于去年。

三、业务模式与行业地位

公司聚焦于综合物业管理（IFM），业务覆盖企业园区、数据中心、商业写字楼、文旅景区、住宅物业等多元领域，客户涵盖华为、阿里巴巴、腾讯、字节跳动等一线科技企业与国家能源集团等央企，客户结构极为优质，保证了收入的稳定性和成长性。

政务服务业务布局全国20余城市，服务内容包括综合窗口受理、帮办代办、档案管理、人力资源服务、信息化运营等，已形成较强的区域和行业影响力。同时，公司持续推动增值服务创新，如空间智慧化运维、能效调控、资产管理等，拓展盈利空间。

公司荣获“2025中国物业服务企业综合实力500强第20名”、“国有物业服务企业100强第13名”等多项荣誉，进一步巩固了行业地位和品牌影响力。

四、利润分配与股东回报

公司高度重视股东回报，2025年拟以1.69亿股为基数，向全体股东每10股派发现金红利3.0元（含税），不送红股、不以资本公积转增股本。同时回顾2024年年度分红，每10股派2.5元，已于2025年5月完成分配。持续的分红政策显示公司盈利能力稳定、现金流充裕，对于投资者尤其是价值投资者具有较大吸引力，有利于提升公司估值与股价表现。

五、公司治理与重大事项

• 公司章程重大修订，监事会取消：2025年9月，公司董事会、股东大会审议通过，取消监事会，由董事会审计委员会承接相关法律法规规定的监事会职权，并修订公司治理制度。这一治理结构调整将简化公司治理流程，提升决策效率，符合现代公司治理趋势，但也需要股东关注其对内部监督和风险防范机制的影响，后续执行情况值得持续跟踪。
• 购买董监高责任险：已在董事会和股东大会审议通过，为公司高管团队管理风险提供了保障。
• 股东结构稳定：特发集团持股47.78%，为控股股东，管理层稳定。部分股东持股被冻结，需持续关注相关股权变动情况。

六、对股价影响与投资者需要重点关注的事项

• 持续分红和现金流改善有望提升市场信心，增强股价支撑。
• 公司治理架构重大调整，简化管理层级、提高决策效率，但带来的风险防控和内部监督变化需关注，短期内可能引发市场分歧。
• 综合物业管理和政务服务业务持续扩张，客户结构优质，有利于长期成长。
• 行业地位提升及品牌荣誉有助于市场认可度提升。

七、结论

特发服务2025年年报展现出公司多元化业务布局、稳健的财务表现和持续的股东回报，治理结构的重大调整与行业地位的提升为公司未来发展提供了新动能。投资者应重点关注公司治理变革的执行效果和持续分红政策的兑现情况，这些均为影响公司未来估值和股价的核心因素。

免责声明：本分析仅供参考，不构成任何投资建议。投资者应根据自身情况谨慎决策，股市有风险，投资需谨慎。

English Version:

Deep Dive into Tefa Services 2025 Annual Report: Diversification and Steady Growth, Focus on Dividend Payouts and Governance Reform

1. Key Highlights

• 2025 Revenue up 3.80% YoY, Net Profit Remains Robust
• Core Integrated Property Management, Synergistic Growth in Government and Value-added Services, High-Quality Client Base
• Consistent Dividend Policy: Proposed RMB 3.0 per 10 Shares for 2025
• Major Corporate Governance Reform: Supervisory Board Abolished, Audit Committee Assumes Duties
• Significant Rise in Industry Status, Multiple National Awards

2. Detailed Operating and Financial Performance

Tefa Services (300917) reported 2025 revenue of RMB 2.972 billion, up 3.80% year-on-year; net profit attributable to shareholders reached RMB 123.87 million, up 1.84% YoY; net profit excluding non-recurring gains was RMB 115.22 million, up 9.46%. Total assets stood at RMB 2.185 billion, net assets at RMB 1.196 billion, up 11.47% and 7.32% respectively. Net cash flow from operations was RMB 168.84 million, a significant YoY increase of 37.95%, reflecting ongoing improvement in cash position.

Quarterly analysis shows both revenue and net profit grew sequentially in Q4, with stable annual profitability. Basic EPS was RMB 0.733, diluted EPS also RMB 0.733, and ROE at 10.32%, slightly lower than last year.

3. Business Model & Industry Position

The company focuses on Integrated Facility Management (IFM), covering enterprise parks, data centers, commercial offices, tourism sites, and residential properties. Its blue-chip client list includes Huawei, Alibaba, Tencent, ByteDance, and State-owned Energy Groups, ensuring stable and quality income streams.

Its government services business covers over 20 major cities nationwide, including window acceptance, agent services, archive management, HR, and IT operations. The company is also innovating in value-added services such as smart space management, energy efficiency, and asset management, broadening profit channels.

Tefa Services was ranked 20th in the 2025 “Top 500 Chinese Property Management Companies,” 13th among “Top 100 State-Owned Property Management Firms,” and received multiple other awards, further cementing its industry leadership and brand influence.

4. Dividend Payout & Shareholder Returns

The company maintains a strong commitment to shareholder returns. For 2025, it proposes a cash dividend of RMB 3.0 per 10 shares (tax included), based on 169 million shares, with no bonus shares or capital reserve transfer. The 2024 payout (RMB 2.5 per 10 shares) was completed in May 2025. This consistent dividend policy, supported by robust cash flow, is attractive for value investors and could support share price performance.

5. Corporate Governance & Major Developments

• Major Charter Revision, Supervisory Board Abolished: In September 2025, the board and shareholders’ meeting approved the abolition of the Supervisory Board, with the Audit Committee taking over its statutory duties. This streamlines governance and may improve decision efficiency, but investors should monitor its impact on internal controls and risk management.
• Purchase of D&O Insurance: Resolutions passed to provide directors and officers liability insurance, safeguarding management from operational risks.
• Stable Shareholding Structure: Tefa Group holds 47.78% as controlling shareholder. Some shares are frozen; investors should follow developments in share capital structure.

6. Price-Sensitive Information & Investor Focus

• Continuous dividend payouts and improved cash flow are likely to boost investor confidence and support the share price.
• Governance overhaul could raise short-term debate over internal supervision, but may enhance efficiency long-term.
• Ongoing expansion of IFM and government services, with a high-quality client base, supports long-term growth.
• Industry accolades and rising brand power may increase market recognition and valuation.

7. Conclusion

Tefa Services’ 2025 annual report demonstrates diversified business, robust financials, and a strong commitment to shareholder returns. The structural governance reform and industry accolades provide new momentum for future growth. Investors are advised to closely monitor the execution of governance reforms and the consistency of dividend policies, both key to the company’s future valuation and share price.

Disclaimer: This analysis is for informational purposes only and does not constitute investment advice. Investors should make prudent decisions based on their circumstances. Stock markets carry risks; invest cautiously.

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