Core Viewpoint - Morgan Stanley predicts that China Overseas Property (02669) will experience a 10% year-on-year decline in net profit for the previous year, with a further 2% decline expected for the next two years due to pressure on profit margins [1] Financial Performance - The company has issued a profit warning, anticipating a 9% to 10% year-on-year decline in net profit, contrasting with market expectations of a 5% increase [1] - This marks the third disappointment for investors since the fourth quarter of 2023, when the company engaged in related party transactions and subsequently reported underwhelming performance [1] Dividend Policy - Morgan Stanley suggests that the company may increase its dividend payout ratio by 4 percentage points to 40% to maintain a year-on-year stable dividend per share, compensating investors [1] - However, the projected dividend yield of 3.8% remains less attractive compared to the industry average of 4.6% [1] Stock Performance - Following the announcement of related party transactions in the fourth quarter of 2023, the company's stock price fell by 24% in a short period [1] - After the disappointing earnings report in the subsequent quarter, the stock price dropped by an additional 25% [1] - Since mid-2024, the company's earnings growth has returned to a positive trajectory, but the latest profit warning is expected to further undermine investor confidence in the management's execution capabilities [1] Analyst Rating - Morgan Stanley has downgraded its rating for China Overseas Property from "Overweight" to "Underweight," with a target price reduction from HKD 7 to HKD 3.7 [1]

报告指出，中海物业近期发盈警，预计净利润将同比下降9%至10%，较该行原预测低约13%，毛利率亦 将下滑3至4个百分点，部分原因是增值服务业务录得亏损。该行认为，盈利倒退可能导致公司削减每股 派息。但该行认为中海物业当前估值并未过高，2026年预测市盈率约8倍，隐含收益率约4%。该行建议 投资者密切关注公司未来股东回报政策及管理层提出的第五个五年规划目标。 摩根士丹利发布研报称，预期中海物业(02669)股价在未来60日内有较大机会出现下跌，发生的概率超 过80%。该行维持对其"与大市同步"评级，目标价5.15港元。 ...

摩根士丹利发布研报称，预期中海物业(02669)股价在未来60日内有较大机会出现下跌，发生的概率超 过80%。该行维持对其"与大市同步"评级，目标价5.15港元。 报告指出，中海物业近期发盈警，预计净利润将同比下降9%至10%，较该行原预测低约13%，毛利率亦 将下滑3至4个百分点，部分原因是增值服务业务录得亏损。该行认为，盈利倒退可能导致公司削减每股 派息。但该行认为中海物业当前估值并未过高，2026年预测市盈率约8倍，隐含收益率约4%。该行建议 投资者密切关注公司未来股东回报政策及管理层提出的第五个五年规划目标。 ...

政府統計處發表的對外商品貿易統計數字顯示，2025 年 12 月份本港整體出口 和進口貨值均錄得按年升幅，分別上升 26.1%和 30.6%。市場預期分別上升 16.8% 及 19.9% 港股點評 2026年1月28日9:30 a.m 恒指升 361 點，滬指升 7 點，標普 500 升 28 點 外圍股市上升。港股造好。恒指高開 97 點後升幅擴大，曾升 423 點一度高見 27,188 點，全日升 361 點或 1.4%，收 27,126 點；國指升 97 點或 1.1%，收 9,244 點；恒生科指升 28 點或 0.5%，收 5,754 點。大市全日成交總額 2,543.73 億元。 人民幣兌美元中間價按日下調 15 點，報 6,9858 兌一美元。人民銀行 27 日在公 開市場開展 4,020 億元人民幣七天期逆回購操作，操作利率持平於 1.4%。有 3,240 億元逆回購到期，單日淨投放 780 億元。A 股三大指數早市個別發展，午後全 線穩升。滬綜指全日收升 7 點或 0.2%，報 4,139 點，成交 1.29 萬億元。深成指 全日收升 13 點或 0.09%，報 14,329 點，成交 1. ...

Core Viewpoint - Morgan Stanley forecasts a significant decline in China Overseas Property's stock price within the next 60 days, with a probability exceeding 80% [1] Group 1: Earnings Forecast - The company recently issued a profit warning, expecting a net profit decline of 9% to 10% year-on-year, which is approximately 13% lower than Morgan Stanley's previous forecast [1] - Gross margin is also expected to decrease by 3 to 4 percentage points, partly due to losses in value-added services [1] Group 2: Dividend and Valuation - The potential earnings decline may lead the company to reduce its per-share dividend [1] - Despite the challenges, Morgan Stanley believes the current valuation is not excessive, with a projected price-to-earnings ratio of about 8 times for 2026 and an implied yield of approximately 4% [1] Group 3: Investor Guidance - Investors are advised to closely monitor the company's future shareholder return policies and the management's proposed fifth five-year plan objectives [1]

智通财经APP获悉，中海物业(02669)低开逾10%，截至发稿，跌10.49%，报4.35港元，成交额1472.48万 港元。 消息面上，中海物业发布公告称，集团于2025财年整体收益较截至2024年12月31日止财政年度上升约5- 7%，符合集团全年发展预期。虽然面对内外经济环境严峻挑战，但集团管理层灵活应对市场变化，及 时调整经营策略，使集团整体收益仍取得升幅。公告指，惟在变革转型期间，资源投入较大，回本需 时，影响利润产生速度，令公司毛利及普通股权持有人应占溢利受压，两者分别较2024财年下跌约3- 4%及9-10%。 ...

中海物业(02669)发布公告，蔡荣星先生将获委任为本公司的独立非执行董事、薪酬委员会主席，以及 审核委员会、提名委员会及可持续发展督导委员会成员，于2026年2月1日起生效。 ...

智通财经APP讯，中海物业(02669)发布公告，蔡荣星先生将获委任为本公司的独立非执行董事、薪酬委 员会主席，以及审核委员会、提名委员会及可持续发展督导委员会成员，于2026年2月1日起生效。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對 其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份 內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 CHINA OVERSEAS PROPERTY HOLDINGS LIMITED 中 海 物 業 集 團 有 限 公 司 （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股份代號：2669） 獨立非執行董事及董事會委員會成員之委任 獨立非執行董事及董事會委員會成員之委任 除上文所披露者外，並無有關委任蔡先生的任何事宜須提呈本公司股東注意，亦無任 何資料須根據上市規則第13.51(2)(h)至(v)條予以披露。 於本公告日期及除上文所披露者外，蔡先生已確認(i)其就上市規則第3.13條所述各 項因素有關的獨立性；(ii)彼過往或現在並無於本公司或其附屬公司業務中擁有任何 財務或其他權益，或與本公司任何核心關連人士（定義見上市規則）存在任何關連； 及(iii)於彼獲委任時概無可能影響其獨立性的其他因素。 董事會謹此熱烈歡迎蔡先生加入本公司董事會。 中海物業集團有限公司（「本公司」）董事會（ ...

Core Viewpoint - China Overseas Property (02669) expects overall revenue to increase by approximately 5-7% in the fiscal year 2025 compared to the fiscal year ending December 31, 2024, aligning with the company's annual development expectations despite facing severe challenges in the economic environment [1] Group 1: Revenue and Growth - The company anticipates a revenue increase of about 5-7% for fiscal year 2025, consistent with its growth expectations [1] - The management has adapted its operational strategies in response to market changes, allowing for revenue growth despite external pressures [1] Group 2: Profitability Challenges - During the transformation period, significant resource investment has led to a delayed return on investment, impacting profit generation speed [1] - Gross profit and profit attributable to ordinary shareholders are expected to decline by approximately 3-4% and 9-10%, respectively, compared to fiscal year 2024 [1] Group 3: Sector-Specific Issues - Increased research and development costs for non-residential value-added services have resulted in initial project losses, while other engineering business gross margins have declined due to intense price competition [1] - Traditional property management is facing challenges from price reductions and a slowing contract conversion rate due to the downturn in the real estate sector, leading to decreased gross margins [1] Group 4: New Business Developments - Despite unprecedented industry challenges, the company's newly expanded urban operation business has achieved both revenue and profit growth as planned [1]