奥联服务“二闯”港交所，四成收入来自广东，前七月现金流再亮红灯

读创财经

2025/10/04

9月30日，奥联服务集团股份有限公司（下称“奥联服务”）第二次向港交所递交主板上市申请。今年3月首次递表失效后，公司迅速更新数据再战资本市场，但最新招股书暴露的三大软肋——区域集中、续约率下滑、经营现金流再度为负，令投资者对其未来盈利能力仍存疑虑。文｜深圳商报·读创客户端记者李薇编辑｜陈琳琳责编｜马强审读｜吴席平监制｜舒桂林招股书显示，奥联服务是独立的商企和城市空间服务及社区...

网页链接

免责声明：投资有风险，本文并非投资建议，以上内容不应被视为任何金融产品的购买或出售要约、建议或邀请，作者或其他用户的任何相关讨论、评论或帖子也不应被视为此类内容。本文仅供一般参考，不考虑您的个人投资目标、财务状况或需求。TTM对信息的准确性和完整性不承担任何责任或保证，投资者应自行研究并在投资前寻求专业建议。

热议股票

{"basename":"/hans","ssrTDKData":{"titleTemplate":"%s - 老虎证券","title":"老虎证券全球投资理财平台| 一站式投资美股新股港股A股","description":"老虎证券助您一站式投资美股，新股，港股，A股等全球金融理财产品。新加坡华人最信赖的在线投资平台，现在加入即享低费用，24/5 无时差炒美股投资理财！","keywords":"老虎证券,老虎证券开户,老虎券商,老虎证券官网,老虎证券app,tigertrade老虎证券,股票,炒股,新加坡股票交易平台,投资,投资理财","social":{"ogDescription":"老虎证券助您一站式投资美股，新股，港股，A股等全球金融理财产品。新加坡华人最信赖的在线投资平台，现在加入即享低费用，24/5 无时差炒美股投资理财！","ogImage":"https://c1.itigergrowtha.com/portal5/static/media/og-logo.be62fbe1.png","ogUrl":"https://www.itiger.com/hans/news/2572660566"},"companyName":"老虎证券"},"pageData":{"isMobile":false,"isTiger":false,"isTTM":true,"region":"SGP","license":"TBSG","edition":"fundamental"},"isCrawlerRequest":true,"__swrFallback__":{"@#url:\"https://stock-news.skytigris.cn/v3/news\",params:#id:\"2572660566\",edition:\"fundamental\",auth_exemption:1,,,undefined,":{"share":"https://ttm.financial/m/news/2572660566?lang=zh_CN&edition=fundamental","thumbnail":"","is_english":false,"pubTime":"2025-10-04 23:28","share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","id":"2572660566","market":"hk","top_or_hot":-1,"title":"奥联服务“二闯”港交所，四成收入来自广东，前七月现金流再亮红灯","media":"读创财经","content":"<div>\n<p>9月30日，奥联服务集团股份有限公司（下称“奥联服务”）第二次向港交所递交主板上市申请。今年3月首次递表失效后，公司迅速更新数据再战资本市场，但最新招股书暴露的三大软肋——区域集中、续约率下滑、经营现金流再度为负，令投资者对其未来盈利能力仍存疑虑。文｜深圳商报·读创客户端记者 李薇编辑｜陈琳琳   责编｜马   强审读｜吴席平   监制｜舒桂林招股书显示，奥联服务是独立的商企和城市空间服务及社区...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251004233039a4536d72&s=b\">网页链接</a>\n\n</div>\n","source":"tencent","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>奥联服务“二闯”港交所，四成收入来自广东，前七月现金流再亮红灯</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n奥联服务“二闯”港交所，四成收入来自广东，前七月现金流再亮红灯\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-10-04 23:28 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251004233039a4536d72&s=b><strong>读创财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>9月30日，奥联服务集团股份有限公司（下称“奥联服务”）第二次向港交所递交主板上市申请。今年3月首次递表失效后，公司迅速更新数据再战资本市场，但最新招股书暴露的三大软肋——区域集中、续约率下滑、经营现金流再度为负，令投资者对其未来盈利能力仍存疑虑。文｜深圳商报·读创客户端记者 李薇编辑｜陈琳琳   责编｜马   强审读｜吴席平   监制｜舒桂林招股书显示，奥联服务是独立的商企和城市空间服务及社区...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251004233039a4536d72&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK1131","symbol_name":"金融交易所和数据","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251004233039a4536d72&s=b","article_id":"2572660566","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251004233039a4536d72&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description span{font-size:12px;#descriptionStyle#;}.footer-note{#statement#}","selectors":".mod-LoadTzbdNews, body","filters":".relate-stock, .hot-list, .recom-box, .wx-sou","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2572660566","pubTimestamp":1759591682,"columns":[],"sourceInfo":{"source_id":"tencent","name":"腾讯"},"weMediaInfo":null,"summary":"9月30日，奥联服务集团股份有限公司第二次向港交所递交主板上市申请。对此，奥联服务解释称，公司策略性退出多个利润较少的项目，导致整体续约率下降。应收款两年翻倍，经营现金流再陷负值与净利润高增长形成反差的是，奥联服务经营现金流再次“亮红灯”。奥联服务称，2023年录得负经营现金流主要由于业务增长导致贸易应收款项增加以及预付款项、按金及其他应收款项增加。","collect":0,"end_time":0,"defaultTopTitle":"qq.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"80388":"香港交易所-R","BK1131":"金融交易所和数据","LU0348814723.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"A\" (USD) INC  NC","LU1282649067.USD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AMG\" (USD) INC A","IE00BKZH1Z71.USD":"BNY MELLON ASIAN INCOME \"B\" (USD) ACC","LU0762540952.USD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED INCOME \"AC\" (USD) ACC","LU0169518387.USD":"JPM ASIA EQUITY \"A\" ACC","LU1242518857.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"I\" (USD) ACC","LU1813983027.USD":"MANULIFE GF DRAGON GROWTH \"AA\" (USD) INC","LU0561508036.HKD":"ALLIANZ CHINA EQUITY \"A\" (HKD) INC","LU0516422440.USD":"FULLERTON LUX FUNDS - ASIA FOCUS EQUITIES \"A\" (USD) ACC","LU0918141887.USD":"安联亚洲实际收益股票基金","LU0831103253.SGD":"JPMorgan Funds - Asia Pacific Income A (mth) SGD","SG9999001846.SGD":"Schroder Asian Equity Yield A Dis SGD","LU1226287529.USD":"UBS (LUX) KEY SELECTION SICAV - CHINA ALLOCATION  OPPORTUNITY (USD) \"P\" (USD) ACC","LU0251144936.SGD":"Fidelity Sustainable Asia Equity A-SGD","00388":"香港交易所","IE00BZ08YS42.EUR":"GUINNESS BEST OF CHINA \"C\" (EUR) ACC","LU1051769294.HKD":"BGF EMERGING MARKETS EQUITY INCOME \"A6\"(HKDHDG) INC","LU0417516738.SGD":"Allianz Hong Kong Equity AT Acc SGD","LU0577902611.USD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"A\" (USD) ACC","LU0856984785.SGD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED GROWTH \"ACH\" (SGDHDG) ACC","LU0348735423.USD":"ALLIANZ HONG KONG EQUITY \"A\" (USD) INC","LU2226246903.HKD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT4\" (HKD) ACC","LU1048588211.SGD":"Blackrock Asian Dragon A2 SGD-H","SG9999002562.SGD":"LionGlobal Asia Pacific SGD","LU0359202008.SGD":"Blackrock China Fund A2 SGD-H","LU0594300419.USD":"富达中国消费基金A","LU0819121731.USD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED GROWTH \"AC\" (USD) ACC","BK1521":"挪威政府全球养老基金持仓","SG9999002463.SGD":"LionGlobal China Growth SGD","LU0096374516.USD":"CT (LUX) I ASIA EQUITY INCOME \"DU\" (USD) ACC","LU0979878070.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"A\" (USD) ACC","LU0650527681.SGD":"Fidelity China Consumer A-SGD","LU0605514214.HKD":"FIDELITY CHINA CONSUMER \"A\" (HKD) ACC","LU0594300179.USD":"FIDELITY CHINA CONSUMER \"A\" (USD) ACC","LU0417516902.SGD":"Allianz China Equity Cl AT Acc SGD","LU1515016050.SGD":"Blackrock Emerging Markets Equity Income A6 SGD-H","LU1831875114.USD":"SCHRODER ISF ALL CHINA EQUITY \"A\" (USD) ACC","HKXCY":"香港交易所ADR","LU2257852520.SGD":"JPMorgan Funds - Asia Growth A (acc) SGD","BK1589":"北水核心资产","LU0791590937.USD":"ALLSPRING  EMERGING MARKTES EQUITY INCOME \"A\" (USD)","LU1211504680.USD":"ALLIANZ HIGH DIVIDEND ASIA PACIFIC EQUITY \"AM\" (USD) INC","LU0488056044.USD":"Allianz Asian Multi Income Plus Cl AM DIS USD","LU1044874839.SGD":"THREADNEEDLE (LUX) ASIAN CONTRARIAN EQUITY \"AGH\" (SGDHDG) ACC","LU0348816934.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT\" (USD)","SG9999001093.SGD":"United Greater China Fund A Acc SGD","LU0648948544.HKD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AM\" (HKD) INC"},"translate_title":"Aolian Services \"breaks through\" the Hong Kong Stock Exchange for the second time, 40% of its revenue comes from Guangdong, and its cash flow turns red again in the first seven days","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"80388":0.6,"00388":0.9,"HKXCY":0.6,"HEXmain":0.6},"content_text":"9月30日，奥联服务集团股份有限公司（下称“奥联服务”）第二次向港交所递交主板上市申请。今年3月首次递表失效后，公司迅速更新数据再战资本市场，但最新招股书暴露的三大软肋——区域集中、续约率下滑、经营现金流再度为负，令投资者对其未来盈利能力仍存疑虑。文｜深圳商报·读创客户端记者 李薇编辑｜陈琳琳   责编｜马   强审读｜吴席平   监制｜舒桂林招股书显示，奥联服务是独立的商企和城市空间服务及社区生活服务提供商，总部位于广州市。公司自2010年起向住宅社区提供社区生活服务，并于2014年将服务扩展至商企和城市空间领域，当前其业务已扩展至中国25个省份。收入约四成来源广东“老家”2022—2024年，奥联服务营业收入由3.42亿元增至4.76亿元，年复合增速约18%；净利润由2740万元升至4460万元，复合增速约27%。2025年前7个月，公司收入2.93亿元，同比增长7.9%；净利润2730万元，增幅高达47.6%，看似光鲜。然而，细化到区域，尽管业务已布局全国25个省份，广东市场仍是公司的“现金奶牛”。2022—2024年，该公司广东省收入占比始终高于40%，分别为40.6%、40.5%、40.4%；2025年前7个月占比仍达36.5%。由于这种情况，广东省经济状况、政策及法规或商业及监管环境的任何不利发展均可能会对公司业务、经营业绩及财务状况造成不利影响。项目续约率“两连降”，商企板块波动剧烈截至2025年7月末，奥联服务在管项目269个，其中商企及城市空间项目149个、社区项目120个，覆盖全国25省。但“全国化”并未带来稳定：商企项目续约率从2022年的47.3%跌至2023年29.7%，2024年回升至43.5%；社区项目续约率更是“两连降”，由2022年的90.5%降至2024年的74.7%。对此，奥联服务解释称，公司策略性退出多个利润较少的项目，导致整体续约率下降。应收款两年翻倍，经营现金流再陷负值与净利润高增长形成反差的是，奥联服务经营现金流再次“亮红灯”。2025年前7个月，公司经营活动现金流净额为-860万元，而2023年全年该数字为-970万元。奥联服务称，2023年录得负经营现金流主要由于业务增长导致贸易应收款项增加以及预付款项、按金及其他应收款项增加。而今年前7月录得负值主要由于合约负债减少及所缴纳所得税增加。该公司贸易应收款项从2022年末的8100万元飙升至2025年7月末的2.13亿元，两年半增长163%；周转天数由54天拉长至142天。奥联服务在招股书中表示，日后可能录得负经营现金流量，在此情况下，公司的营运资金可能受限，业务、经营业绩、财务状况及前景可能会受到重大不利影响。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"}}}