证券研究报告 | 半年报点评 gszqdatemark 2025 08 26 年 月 日 新增在管面积 3180 万方，其中第三方占 84%，单方价格维持高位，保 持较强市场化拓展能力。公司基础物管方面，上半年新增在管面积 3180 万方（+50%），其中独立第三方占比达 84%；新增合同额 22.6 亿元，单 方价格 71 元/平维持较高水平，展现公司较强的市场化拓展能力。同时， 公司持续优化业务结构和项目治理，退盘 2680 万方。因此至 6 月 30 日， 公司在管面积达4.36亿方（较2024年末+1.2%），其中关联方占比60.9%， 独立第三方占比 39.1%。 住户增值服务毛利率逆势走高，非住增值影响边际减小。2025 年上半年， 公司非住户和住户增值业务营收占比 20.7%，毛利润贡献占比 27.4%。具 体来看，非住户增值业务因与房地产关联度相对更高，期内继续受市场调 整影响，整体营收和利润有一定的下滑。考虑到非住户增值业务占比较往 年已经明显下降，整体增值业务与地产关联度将逐步走低，边际影响有所 减小。住户增值业务方面，主要因消费疲弱等大环境影响，期内营收也有 一定下滑，但毛利率逆势走高至 ...

Group 1: Central-Local Fiscal Relations - The report discusses the historical, current, and future analysis of central-local fiscal relations, indicating that reforms may focus on cultivating local tax sources, moderately centralizing fiscal responsibilities, and promoting fiscal system reforms below the provincial level [5]. - It highlights that the macro tax burden is decreasing and land finance is waning, making it essential to cultivate new tax sources for local governments, with a projected increase in local revenue of approximately 209.3 billion yuan from consumption tax reforms [5]. - The report suggests that the central government may take on more fiscal responsibilities in areas with broader impacts, such as higher education, public health, and social security, to alleviate local fiscal pressures [5]. Group 2: Computer Industry - Cambrian Technology - Cambrian Technology reported a significant revenue increase of 4,348% year-on-year for H1 2025, reaching 28.81 billion yuan, with a net profit of 1.038 billion yuan, reflecting a 296% increase [9][10]. - The company maintained a gross margin of 55.88% in Q2 2025, indicating stable profitability despite rapid revenue growth, with expectations for strong cash flow and inventory recovery in Q3 [10][11]. - The report anticipates that the AI wave will significantly boost demand for computing power, with Cambrian positioned to benefit from increased domestic market share in the face of geopolitical challenges [11][12]. Group 3: Food and Beverage Industry - Nongfu Spring - Nongfu Spring reported a revenue of 25.622 billion yuan for H1 2025, a year-on-year increase of 15.6%, with a net profit of 7.622 billion yuan, up 22.1% [20]. - The company is expected to continue recovering market share in packaged water and is focused on innovation in beverage products, projecting net profits of 14.6 billion yuan by 2027 [20]. Group 4: Environmental Sector - Huahong Technology - Huahong Technology experienced significant profit growth in H1 2025, driven by improved cost control and the recovery of rare earth prices, with expectations for rapid growth as new capacities come online [21]. - The report maintains a "buy" rating, emphasizing the company's strong position in the recycling of rare earths and the anticipated demand from the automotive sector [21]. Group 5: Real Estate Sector - China Overseas Property - China Overseas Property reported a revenue increase of 3.7% in H1 2025, with a net profit of 7.69 billion yuan, reflecting a 4.3% growth [24]. - The company is focusing on optimizing its service structure and expanding its management area, with expectations for continued growth in the property management sector [25].

Core Viewpoint - The company reported a slight increase in net profit for 2025H1, with a dividend payout ratio raised to 40%, indicating stable growth despite market expectations being slightly missed [1][4]. Financial Performance - In 2025H1, the company achieved operating revenue of 7.09 billion yuan, a year-on-year increase of 3.7% [1] - Gross profit reached 1.2 billion yuan, up 4.7% year-on-year [1] - Net profit attributable to shareholders was 770 million yuan, reflecting a 4.3% increase year-on-year, slightly below market expectations [1] - Basic earnings per share were 0.23 yuan, also up 4.3% year-on-year [1] - The company's gross margin and net profit margin were 17.0% and 10.8%, respectively, with slight year-on-year increases of 0.2 percentage points and 0.1 percentage points [1] - Return on equity (ROE) was 28.8%, down 5.0 percentage points year-on-year [1] Project Management and Area - The managed area increased by 1.2% year-on-year, reaching 436 million square meters by the end of 2025H1 [2] - Of the newly added managed area of 31.8 million square meters, 84% came from third parties [2] - The company’s managed area composition included 60.9% from related parties and 39.1% from third parties [2] - The company’s new external contracts decreased by 14% year-on-year, with a contract value of 980 million yuan, down 5% year-on-year [2] Revenue Breakdown - Property management services generated revenue of 5.6 billion yuan, up 8.3% year-on-year [3] - Non-residential value-added services and residential value-added services saw revenue declines of 5.9% and 11.6%, respectively [3] - The gross margins for property management services, non-residential value-added services, and residential value-added services were 15.5%, 13.4%, and 35.2%, with year-on-year changes of +0.1, -0.7, and +5.0 percentage points, respectively [3] - The company is actively expanding into various sectors, including urban services, office buildings, hospitals, financial institutions, and government agencies [3] Investment Analysis - The company maintains a "buy" rating due to steady growth in performance and an increased dividend rate [4] - The net profit forecasts for 2025-2027 have been adjusted downwards to 1.64 billion, 1.77 billion, and 1.94 billion yuan, respectively [4] - The current price corresponds to a 2025 PE ratio of 10.7X, with strong pricing power in property fees and significant potential in value-added services [4]

业绩平稳增长，毛利率&销管费用率延续改善：2025H1 公司实现收益70.9亿元，同比增长3.7%，其 中，物业管理服务实现收益56 亿元，同比增长8.3%，非住户增值服务实现收益8.6 亿元，同比下降 5.9%，住户增值服务实现收益6.1 亿元，同比下降11.6%，停车位买卖业务实现收益0.3 亿元，同比下降 62.9%；普通股权持有人应占溢利7.7 亿元，同比增长4.3%。 H1 公司综合毛利率17%，同比提升0.2 个百分点，销管费用率2.1%，同比下降0.6 个百分点；其中物业 管理服务毛利率15.5%，同比基本持平，非住户增值服务毛利率13.4%，同比下降0.6 个百分点，住户增 值服务毛利率35.2%，同比提升5 个百分点。 市场拓展稳步推进，管理结构持续优化：2025H1 公司新增订单31.8 百万平米，84%来自独立第三方， 新签合约总额22.6 亿元，同时持续优化业务结构及项目治理，退盘26.8 百万平米。H1 末在管面积较上 年年末温和净增5 百万平米至4.4 亿平米，在管面积中来自中建及中国海外集团、独立第三方分别占比 60.9%、39.1%，住宅、非住宅分别占比72.6%、27.4%。 ...

面对激烈的市场竞争，25H1 公司新增外拓年合约额同比-5%至9.8 亿元，但在项目质量和业态布局方面 呈现亮点。一方面，项目质量稳步提升，新增外拓千万级项目年合约均值同比+17%至2320 万元；另一 方面，公司发力城市运营业态，首次单独拆分该业态的在管面积、拓展金额等数据，城市运营新增外拓 年合约额同比+60%至6.2 亿元。此外，公司继续发挥港澳地区差异化优势，中标香港故宫文化博物馆、 香港东区海滨长廊等多个项目，继续位居香港物业管理市场份额第一名。 中期基础派息率稳中有进 25H1 公司拟派发中期基础股息9 港仙，基础派息率同比+1pct 至36%。此外，为庆祝公司上市十周年， 公司拟派发一次性特别股息1 港仙，合计派息率达到40%。展望全年，我们预计公司或将继续推动派息 率稳中有进（24全年派息率为36%），逐步提高股东回报。 机构：华泰证券 研究员：林正衡/陈慎 公司8 月25 日发布半年报，25H1 实现营收70.9 亿元，同比+4%；归母净利润7.7 亿元，同比+4%，低于 公司指引（全年归母净利润双位数增长）；公司拟派发中期基础股息9 港仙+特别股息1 港仙，合计派 息率40%。公司营收增速 ...

Core Viewpoint - In the first half of 2025, the company achieved operating revenue of 7.09 billion yuan, a year-on-year increase of 3.7%, and a net profit attributable to shareholders of 770 million yuan, a year-on-year increase of 4.3% [1] Financial Performance - The company's profit growth slightly outpaced revenue growth due to an increase in gross margin and a decrease in expense ratio. The gross margin for the first half of the year was 17.0%, up 0.2 percentage points year-on-year, while the combined expense ratio for sales, management, and finance was 2.2%, down 0.6 percentage points year-on-year [1] - The company declared an interim dividend and a special dividend totaling 10 Hong Kong cents, with a payout ratio of approximately 39%, an increase of 3.4 percentage points compared to the previous year, resulting in an annualized dividend yield of 3.33% [3] Business Expansion - The company actively expanded its urban operation business, with new project contract amounts reaching 625 million yuan, a year-on-year increase of 60.3%. The proportion of urban operation contracts reached 64%, an increase of 26 percentage points compared to the same period last year [2] - The company increased its managed area by 31.8 million square meters in the first half of the year, with 84% coming from independent third parties and 59% from non-residential projects. The total managed area reached 436 million square meters by the end of June, an increase of 5 million square meters from the end of last year [2] Revenue Composition - Revenue from basic property management services increased to 5.6 billion yuan, a year-on-year increase of 8.3%, accounting for 78.9% of total revenue, up 3.4 percentage points year-on-year. However, revenue from value-added services decreased due to weakened demand from developers and residents, with household and non-household value-added service revenues of 610 million yuan and 860 million yuan, respectively, reflecting year-on-year declines of 11.6% and 5.9% [2]

买入（维持） | 市场数据： | 2025 年 08 月 25 日 | | --- | --- | | 收盘价（港币） | 5.85 | | 恒生中国企业指数 | 9248 | | 52 周最高/最低（港币） | 7.19/4.18 | | H 股市值（亿港币） | 192.11 | | 流通 H 股（百万股） | 3,283.96 | | 汇率（人民币/港币） | 1.0981 | 2025 年 08 月 26 日 中海物业 (02669) ——业绩小幅增长，分红率提升 报告原因：有业绩公布需要点评 上 市 公 司 房地产 财务数据及盈利预测 一年内股价与基准指数对比走势： 资料来源：Bloomberg 证券分析师 袁豪 A0230520120001 yuanhao@swsresearch.com 陈鹏 A0230521110002 chenpeng@swsresearch.com 联系人 陈鹏 (8621)23297818× chenpeng@swsresearch.com -5% 45% 95% 08/26 09/26 10/26 11/26 12/26 01/26 02/26 03/26 04/26 ...

华泰证券指，公司上半年实现营收70.9亿元，同比增长4%；归母净利润7.7亿元，同比增长4%，低于公 司指引(全年归母净利润双位数增长)。公司营收增速有所放缓，主要由于继续退出低质项目，以及增值 服务的拖累。市拓提质并发力城市运营赛道，中期基础派息率稳中有进。该行看好公司继续实现有质量 的稳步增长，逐步提升派息率，维持"买入"评级。展望全年，预计公司归母净利润有望实现同比正增 长，但可能难以做到双位数增长。 中海物业(02669)跌近5%，截至发稿，跌4.79%，报5.57港元，成交额3.62亿港元。 消息面上，中海物业公布2025年中期业绩，整体收益同比上升3.7%至人民币70.895亿元，毛利较去同期 上升4.7%至12.024亿元，公司普通股权持有人应占溢利较去同期上升4.3%，达7.69亿元。公司拟派发中 期基础股息9港仙，此外，为庆祝公司上市十周年，公司拟派发一次性特别股息1港仙。 ...

华泰证券指，公司上半年实现营收70.9亿元，同比增长4%；归母净利润7.7亿元，同比增长4%，低于公 司指引（全年归母净利润双位数增长）。公司营收增速有所放缓，主要由于继续退出低质项目，以及增 值服务的拖累。市拓提质并发力城市运营赛道，中期基础派息率稳中有进。该行看好公司继续实现有质 量的稳步增长，逐步提升派息率，维持"买入"评级。展望全年，预计公司归母净利润有望实现同比正增 长，但可能难以做到双位数增长。 消息面上，中海物业公布2025年中期业绩，整体收益同比上升3.7%至人民币70.895亿元，毛利较去年同 期上升4.7%至12.024亿元，公司普通股权持有人应占溢利较去年同期上升4.3%，达7.69亿元。公司拟派 发中期基础股息9港仙，此外，为庆祝公司上市十周年，公司拟派发一次性特别股息1港仙。 智通财经APP获悉，中海物业(02669)跌近5%，截至发稿，跌4.79%，报5.57港元，成交额3.62亿港元。 ...

房地产 2025 年 08 月 26 日 中海物业(2669.HK) 业绩平稳增长，管理持续优化 股价：5.85 港元 主要数据 | 行业 | 房地产 | | --- | --- | | 公司网址 | www.copl.com.hk | | 大股东/持股 | 中国海外集团有限公司/56.07% | | 实际控制人 | 中国建筑集团有限公司 | | 总股本(百万股) | 3283.96 | | 流通 A 股(百万股) | 0 | | 流通 B/H 股(百万股) | 3283.96 | | 总市值（亿元） | 174.95 | | 流通 A 股市值(亿元) | 0 | | 每股净资产(元) | 1.87 | | 资产负债率(%) | 55.14 | 行情走势图 相关研究报告 【平安证券】中海物业（2669.HK）*年报点评*业务结 构优化，业绩稳健增长*推荐20250327 证券分析师 | 杨侃 | 投资咨询资格编号 | | --- | --- | | | S1060514080002 | | | BQV514 | | | YANGKAN034@pingan.com.cn | | 郑茜文 | 投资咨询资格编号 | ...