社会服务行业2026H1业绩综述报告：板块增收不增利酒旅盈利逆势改善

社会服务行业业绩表现2026比长4.13申一级业排第母净利元同降4.30在万级中排第20。图表2026H1(%)40.000030.000020.000010.00000.0000-10.0000-20.0000-30.0000

电有非电基环国机计银交煤通轻社商石美汽医传食家农钢公纺建建综房子色银力础保防械算行通炭信工会贸油容车药媒品用林铁用织筑筑合地金金设化属融备工

军设机运工备

制服零石护造务售化理

生饮电牧物料器渔

事服材装产业饰料饰图表2：申万一级行业2026H1归母净利润增速(%)100.0050.000.00-50.00-100.00-150.00

电有非计国商电基石煤环房传医通美银机交社纺食家公轻汽建钢综建农子色银算防贸力础油炭保地媒药信容行械通会织品用用工车筑铁合筑林金金机军零设化石

产 生

设运服服饮电事制 装 材牧属融 工售备工化 物 理 备输务饰料器业造 饰 料渔图表3：2019H1-2026H1会板块收同比 图表4：2019H1-2026H1会板块母利及比1,200.0080.0080.00600.001,200.0080.0080.00600.001,000.0060.0060.00400.00800.0040.0040.0020.00200.00600.000.0020.00400.00-20.000.000.00200.00-40.00-20.00-200.00

-60.00

-40.00

-400.00 ROE率维块R为.4-.18c毛净率别22.955，5.65（YoY0.0pct、727YoY-006p1.04（Y-0.0pct图表5：2019H1-2026H1ROE（%）7.006.005.004.003.002.001.000.00-1.00-2.00-3.002019H1 2020H1 2021H1 2022H1 2023H1 2024H1 2025H1 2026H1图表6：2019H1-2026H1会板块利率净率 图表7：2019H1-2026H1会板块用率50.0040.0030.0020.0010.000.00-10.00

25.0020.0015.0010.005.000.00毛利率（） 净利率（）

销售费用率（） 管理费用率（财务费用率（）社会服务子板块业绩表现旅游及景区景区板块业绩稳步改善，个股盈利表现持续分化。2026年上半年旅游及景区板块实现亿比+2.43元比+10.78凯业长板毛率净率分为27.14、8.76同比别-0.56pct、+2.04pct，期间用为1.79（Y-0.35ct图表8：旅游及景区板块个股2026H1业绩概览（按归母净利润增速排序）证券简称2026H1营收YoY归母净利YoY毛利率期间费用率净利率(亿元)(%)(亿元)(%)(%)(%)(%)张家界2.129.343.081,026.8021.9422.38145.36大连圣亚1.902.290.16201.9949.7839.1913.71长白山2.7717.740.01161.8419.4419.000.25曲江文旅3.90-26.750.07149.0810.7120.451.62凯撒旅业4.3537.08-0.1154.6816.7925.32-0.82丽江股份4.1910.951.3340.4659.7717.4035.46西藏旅游0.944.310.0338.9827.9236.442.81三峡旅游4.1413.090.8025.0438.6216.3118.83岭南控股22.367.000.5613.9318.5414.842.56九华旅游5.003.431.527.2755.9913.9830.42黄山旅游9.885.111.302.9442.8219.8714.27峨眉山A4.43-3.121.231.0748.7517.5029.26*ST西旅2.04-6.51-0.58-4.440.5127.08-29.83宋城演艺9.62-11.433.47-14.3860.5515.0537.19南京商旅3.661.720.06-18.9426.5719.276.73三特索道2.88-1.600.54-20.2260.8526.1120.42桂林旅游2.012.170.06-23.3630.9633.393.42众信旅游28.00-2.600.31-24.0612.6710.980.69天目湖2.26-8.160.38-29.9448.4020.5421.52陕西旅游4.19-18.851.25-39.0163.4016.3139.41云南旅游0.55-52.93-1.39-43.79-142.81114.96-280.69祥源文旅5.557.800.46-47.2247.8030.2410.21中青旅53.8510.680.22-66.9018.4614.050.93西域旅游1.07-6.080.04-67.2328.7525.810.60天府文旅1.41-31.11-0.21-383.2619.6340.38-17.01旅游及景区179.402.4314.5210.7827.1416.798.76酒店餐饮2026亿，比+0.75元同比+20.46。ST云、江酒店别为32.64、6.31，同比分别+0.35pct、+0.95pct，期间费用率为23.73（YoY-0.56pt图表9：酒店餐饮板块个股2026H1业绩概览（按归母净利润增速排序）证券简称2026H1营收YoY归母净利YoY毛利率期间费用率净利率(亿元)(%)(亿元)(%)(%)(%)(%)君亭酒店3.311.410.1054.0432.0628.642.91锦江酒店68.014.215.4547.0536.9326.748.37金陵饭店8.11-4.730.2715.1223.2115.924.06首旅酒店35.80-2.224.4110.9840.2723.3513.38全聚德6.14-2.550.149.4816.7115.162.39西安饮食2.57-16.09-0.523.441.7721.20-20.58华天酒店2.41-4.92-1.13-6.069.0058.36-59.10ST云网0.9739.38-0.19-46.389.4336.39-25.61同庆楼13.28-0.180.01-98.0615.3513.740.11酒店餐饮140.590.758.5220.4632.6423.736.31专业服务板块整体营收平稳增长，个股总体向好。2026年上半年专业服务板块实现营收619.40元同比+5.0625.76元，比-7.76胜纳、研克和华维块利率净利分为15.52-0.46pct，用为863（Yo059p。图表10：专业服务板块个股2026H1业绩概览（按归母净利润增速排序）证券简称2026H1营收YoY归母净利YoY毛利率期间费用率净利率(亿元)(%)(亿元)(%)(%)(%)(%)电科院2.7515.690.26200.1638.2825.849.64实朴检测1.60-4.34-0.0198.0729.6735.26-1.42中纺标0.925.120.123548.1534.3313.34谱尼测试5.690.81-1.0143.8128.3145.47-18.22钢研纳克6.1022.160.7732.0249.4641.9212.93北矿检测0.9814.290.4829.6665.1710.1748.52零点有数0.923.94-0.2728.0031.1462.78-31.87广电计量16.8614.031.2225.1643.5735.616.96华测检测34.2915.865.6420.6349.3830.6416.57科锐国际81.1914.751.5119.725.563.112.01国缆检测1.9012.380.5119.2261.0124.4529.95中钢天源17.0112.131.7015.6724.1310.9011.61中机认检4.3712.610.8415.2045.3022.2419.87安邦护卫13.591.980.6414.0025.008.8510.10信测标准4.2815.071.0813.6862.9531.8426.21苏试试验10.798.931.2910.3742.1928.2512.84力合科创11.858.291.288.1320.4224.148.10广东建科4.62-7.960.366.1239.5336.157.38天纺标1.115.090.135.4249.9538.4612.11西高院4.415.071.394.8754.7218.2035.40外服控股130.436.523.983.687.994.743.48天溯计量4.212.880.51-9.0751.1635.8812.01国义招标1.16-3.220.14-18.6842.8228.7011.87开普检测0.96-13.570.33-19.7863.1527.4934.01中金辐照1.821.020.41-36.9757.8827.0823.51胜科纳米2.9724.310.19-44.5138.1331.296.23北京人力225.12-0.794.10-49.564.622.902.76兰生股份5.36-3.110.17-69.4826.8123.075.22锋尚文化1.07-43.63-0.04-126.0520.6132.14-4.50米奥会展1.69-29.61-0.15-195.0046.3856.99-7.25联检科技6.643.57-0.31-224.9736.4641.61-2.49建研院3.03-6.54-0.06-291.7543.8649.83-1.29国检集团11.034.57-0.21-454.9331.9431.37-2.24专业服务619.405.0625.76-7.7615.528.634.81教育不增利特突2026上年育实现收67.81亿同+7.91，元比-59.46传智动教与瑞播半营收增传教利大幅善。板毛率净利分为46.93、2.45，同比分+0.8pc、-.4t，间用为3487YoY-08pt。图表11：教育板块个股2026H1业绩概览（按归母净利润增速排序）证券简称2026H1营收YoY归母净利YoY毛利率期间费用率净利率(亿元)(%)(亿元)(%)(%)(%)(%)昂立教育6.858.400.31977.3045.0639.904.93传智教育2.6059.660.34577.8359.1046.9912.43凯文教育1.847.190.0135.9528.6221.680.40学大教育21.6312.873.0130.8537.4619.8413.94行动教育4.2824.441.7230.6778.8637.5140.28*ST开元0.71-6.17-0.3619.7744.5994.57-52.11中公教育11.691.220.7318.5260.3548.146.11创业黑马0.47-33.58-0.119.1761.1484.93-30.08全通教育0.88-29.44-0.42-28.6016.6857.68-49.62世纪鼎利1.366.080.06-30.7529.6922.415.00科德教育3.57-2.350.19-64.9329.8315.655.41ST东时2.64-11.04-1.96-82.9624.8959.96-78.37华图山鼎15.43-10.490.33-84.7155.3851.672.11*ST高科0.32-34.41-0.09-101.0966.4892.96-28.93ST豆神5.2516.95-0.24-123.4968.9478.20-7.64国脉科技2.46-1.57-0.41-127.4147.3715.55-16.86博瑞传播2.6218.15-0.56-1,011.2123.7335.08-30.62教育67.817.912.17-59.4646.9334.872.45体育图表12：体育板块个股2026H1业绩概览（按归母净利润增速排序）证券简称2026H1营收YoY归母净利YoY毛利率期间费用率净利率(亿元)(%)(亿元)(%)(%)(%)(%)中体产业8.224.35-0.0673.7521.8918.931.38力盛体育2.62-3.550.164.5324.7911.5712.58免税20261.7619.49；免团收比下29.26，归净润同高112.72，盈改善著