社会服务行业2025Q3业绩综述报告：营收增长稳健教育持续向好

社会服务行业业绩表现20251509.541686.9.823。图表1：申万一级行业2025Q1-Q3营收增速(%)25.000020.000015.000010.00005.00000.0000-5.0000-10.0000-15.0000-20.0000电非有计汽国家机电农传社美通环基银轻交食综医纺公建建商钢石房煤子银色算车防用械力林媒会容信保础行工通品合药织用筑筑贸铁油地炭金金机融属

军电设设牧服护工器备备渔务理

生服事材装零石产物饰业料饰售化图表2：申万一级行业2025Q1-Q3归母净利润增速(%)100.0050.000.00-50.00-100.00-150.00

综钢有非传电计建电机农家基通汽公银国社食医交环纺建石美轻煤商房合铁色银媒子算筑力械林用础信车用行防会品药通保织筑油容工炭贸地金金 机材设设牧电属融 料备备渔器

事军服饮生运业工务料物输

服装石护制零产饰饰化理造售图表3：2019Q3-2025Q3会板块收同比 图表4：2019Q3-2025Q3会板块母利及比1,600.0040.00120.001,600.001,400.0030.00100.001,400.001,200.001,000.0020.0010.000.0080.0060.001,200.001,000.00800.00800.00-10.00600.00600.00-20.0040.00400.00400.00-30.0020.00200.00200.00-40.000.000.000.00-50.00-200.002019Q32020Q32021Q32022Q32023Q32024Q32025Q3-20.00-400.00营业收（亿，左） 营收同（，右）

2019Q32020Q32021Q32022Q32023Q32024Q32025Q3归母净润（元，轴） 归母净同比（右轴）ROE23.02%6.27%，同比分别-1.49pct、-0.56pct，销售费用率、管理费用率、财务费用率分别为0.03pc、7.o0.pc、106（0.p图表5：2019Q3-2025Q3社会服务板块ROE（%）12.0010.008.006.004.002.000.00-2.002019Q3 2020Q3 2021Q3 2022Q3 2023Q3 2024Q3 2025Q3图表6：2019Q3-2025Q3会板块利率净率 图表7：2019Q3-2025Q3会板块用率50.0040.0030.0020.0010.000.00-10.00

25.0020.0015.0010.005.000.00

2019Q32020Q32021Q32022Q32023Q32024Q32025Q32019Q32020Q32021Q32022Q32023Q32024Q32025Q3 销售费用率（） 管理费用率（）毛利率（） 净利率（）

财务费用率（）社会服务子板块业绩表现旅游及景区2025287.08亿24.0828.98%2.72c、2.pc1.9（0.72c2025Q1-Q3）证券简称2025Q1-Q3营收YoY归母净利YoY毛利率期间费用率净利率(亿元)(%)(亿元)(%)(%)(%)(%)桂林旅游3.39-0.980.36425.7633.0733.869.87曲江文旅7.38-30.68-0.2586.2610.3220.84-3.99ST张家界3.378.51-0.2265.4018.7422.79-6.65西藏旅游1.61-5.430.3362.4436.1331.4820.75祥源文旅8.4435.291.5641.8051.6525.0421.26九华旅游6.6817.401.8117.6551.8815.1827.05西安旅游3.80-12.75-0.807.483.3525.56-23.32长白山6.366.991.491.0543.2710.9723.08丽江股份6.603.791.92-0.1858.4317.7833.07天目湖3.86-4.650.83-2.5453.7220.3924.66峨眉山A7.33-9.062.34-3.9852.9717.0929.49黄山旅游15.358.752.53-11.0248.6020.3317.89三特索道5.03-9.071.38-11.0761.3122.6828.92西域旅游2.866.200.99-14.5156.1316.9033.66中青旅80.2713.891.21-21.0620.5615.012.31三峡旅游6.099.480.86-23.2935.9113.6413.97宋城演艺18.33-8.987.54-25.2268.3614.9943.26大连圣亚4.290.380.66-37.2765.0026.7522.41众信旅游52.4110.960.67-45.7311.429.251.44凯撒旅业5.416.52-0.27-47.4622.5727.12-3.14岭南控股34.144.400.66-51.5217.7014.642.05天府文旅2.2669.32-0.18-108.6427.2129.88-5.54云南旅游1.85-58.72-1.32-196.83-23.2059.84-84.79旅游及景区287.085.0924.08-17.7928.9815.989.05酒店餐饮利润增速环比向好，进入复苏通道。2025年前三季度酒店餐饮板块实现营收216.97亿元，同比-4.05%，归母净利润13.46亿元，同比-25.46%，ST云网、同庆楼与君亭酒店前三季度营收增速排名前三。板块利润同比降幅较二季度有所收窄，首旅酒店表现依然相对稳健。板块毛利率、净利率分别为33.69%、6.43%，同比分别-1.93pct、-2.34pct，期间费用率为23.83%（YoY-2.24pct）。图表9：酒店餐饮板块个股2025Q1-Q3业绩概览（按归母净利润增速排序）证券简称2025Q1-Q3营收YoY归母净利YoY毛利率期间费用率净利率(亿元)(%)(亿元)(%)(%)(%)(%)ST云网2.0179.99-0.2047.767.8024.43-13.89西安饮食4.32-15.70-0.854.410.7020.17-19.97首旅酒店57.82-1.817.554.3640.7023.6013.50金陵饭店12.83-8.590.40-7.8824.7017.204.40锦江酒店102.41-5.097.46-32.5238.2426.847.81华天酒店3.98-12.52-1.56-39.9913.5455.62-49.10君亭酒店5.060.580.10-45.9228.8426.772.16全聚德9.58-11.620.26-62.8517.7915.682.85同庆楼18.961.660.30-63.7917.5914.221.59酒店餐饮216.97-4.0513.46-25.4633.6923.836.43专业服务2025891.25亿元，42.04均同比下降。板块毛利率、净利率分别为15.92%、5.34%，同比分别-0.34pct、-0.50pc8.（o01pc。图表10：专业服务板块个股2025Q1-Q3业绩概览（按归母净利润增速排序）证券简称2025Q1-Q3营收YoY归母净利YoY毛利率期间费用率净利率(亿元)(%)(亿元)(%)(%)(%)(%)广东建科7.24-2.650.15190.6243.5633.141.90联检科技10.126.230.3567.1237.8534.175.02科锐国际107.5526.292.2062.465.803.512.32北京人力338.071.8910.0757.025.462.853.77中钢天源23.2018.432.2241.0225.0011.6311.19广电计量24.1611.862.3926.5145.0634.999.84国缆检测2.5617.050.6622.2260.1227.6327.93西高院6.5115.051.9821.2855.0919.4633.92零点有数1.38-4.82-0.5419.5429.0665.16-42.26安车检测3.26-0.17-0.2119.5230.8441.57-8.62中机认检6.097.671.1217.2747.1222.7418.52钢研纳克8.0611.641.0015.0846.9839.4310.94谱尼测试9.32-17.01-1.9915.0729.6146.26-21.24天纺标1.7415.990.239.8752.0834.0113.22华测检测47.026.968.128.7849.8330.4817.23信测标准5.978.311.558.3359.9030.5026.38苏试试验15.328.951.577.1440.7528.2311.62安邦护卫20.164.400.904.5423.839.279.48外服控股185.6616.655.213.888.565.073.28胜科纳米3.8631.220.573.5942.5931.3814.67开普检测1.630.170.583.3467.5725.8435.53实朴检测2.52-17.87-0.40-5.4520.3437.25-15.12中金辐照2.782.330.90-6.3561.3025.3333.18中纺标1.40-4.690.17-10.1346.9435.5012.66兰生股份10.2510.001.81-10.5130.6217.8819.39力合科创16.654.461.18-13.0922.8225.834.28国义招标1.96-9.660.29-28.2543.5426.2514.59国检集团17.113.570.41-42.1734.7930.962.82米奥会展4.01-5.670.35-49.1747.0538.5210.04锋尚文化1.98-47.950.09-60.8122.3736.554.59建研院5.07-11.920.05-80.4747.8545.781.34电科院3.75-19.08-0.23-247.4427.3833.35-6.06专业服务891.258.1242.0419.0615.928.385.34教育利润持续上行，业绩稳健复苏。2025年前三季度教育板块实现营收97.98亿元，同比+2.19%，归母净利润7.38亿元，同比+13.50%，ST传智、ST国化与博瑞传播前三季度营收增速排名前三。板块业绩增速及利润率整体均持续向好。板块毛利率、净利率分别为46.77%、6.76%，同比分别+0.06pct、+0.15pct，期间费用率为36.73%（+2.9pc。图表11：教育板块个股2025Q1-Q3业绩概览（按归母净利润增速排序）证券简称2025Q1-Q3营收YoY归母净利YoY毛利率期间费用率净利率(亿元)(%)(亿元)(%)(%)(%)(%)ST国化2.3044.740.34287.4172.4264.6514.93昂立教育10.8112.030.46141.1146.1040.874.58凯文教育2.5010.820.01104.3129.1824.340.64ST传智2.6948.83-0.09553.3359.92-2.80创业黑马1.02-35.68-0.2542.2448.1288.67-38.24国脉科技3.824.541.9632.3047.9014.5952.03学大教育26.1316.302.3131.5233.8623.428.67行动教育5.660.522.1510.3978.5436.7838.38ST东时4.97-24.43-1.035.9931.1457.63-26.35科德教育5.57-3.640.92-12.9835.9914.0516.37豆神教育7.7639.360.92-17.2371.4470.358.98全通教育2.07-27.65-0.56-35.5217.3839.32-28.92博瑞传播4.3540.860.08-35.9723.6328.860.09中公教育16.57-21.090.92-45.3159.5651.065.55ST开元1.13-19.50-0.63-75.8348.40105.29-56.69中国高科0.63-34.74-0.14-151.5568.3389.14-31.83教育97.982.197.3813.5046.7736.736.76体育图表12：体育板块个股2025Q1-Q3业绩概览（按归母净利润增速排序）证券简称2025Q1-Q3营收YoY归母净利YoY毛利率期间费用率净利率(亿元)(%)(亿元)(%)(%)(%)(%)力盛体育3.8014.340.2256.0723.5714.0311.24中体产业12.44-19.95-0.21-190.9621.0020.150.90免