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 ...

Core Viewpoint - China Overseas Property (02669) reported a nearly 5% decline in stock price, with a current price of HKD 5.57 and a trading volume of HKD 362 million. The company announced its mid-year results for 2025, showing a 3.7% year-on-year increase in overall revenue to RMB 7.0895 billion, and a 4.7% increase in gross profit to RMB 1.2024 billion. The profit attributable to ordinary shareholders rose by 4.3% to RMB 769 million. The company plans to distribute an interim basic dividend of HKD 0.09 and a one-time special dividend of HKD 0.01 to celebrate its 10th anniversary of listing. However, Huatai Securities noted that the company's revenue growth has slowed, primarily due to the exit from low-quality projects and the drag from value-added services, while maintaining a stable dividend payout ratio. The firm remains optimistic about the company's ability to achieve steady growth and gradually increase the dividend payout ratio, maintaining a "buy" rating. For the full year, the company is expected to achieve positive year-on-year growth in net profit attributable to shareholders, but it may struggle to reach double-digit growth [1]. Financial Performance - Overall revenue increased by 3.7% year-on-year to RMB 7.0895 billion [1] - Gross profit rose by 4.7% year-on-year to RMB 1.2024 billion [1] - Profit attributable to ordinary shareholders increased by 4.3% to RMB 769 million [1] Dividend Distribution - The company plans to distribute an interim basic dividend of HKD 0.09 [1] - A one-time special dividend of HKD 0.01 will be distributed to celebrate the 10th anniversary of the company's listing [1] Market Outlook - Revenue growth has slowed due to the exit from low-quality projects and challenges in value-added services [1] - Huatai Securities maintains a "buy" rating, expecting steady growth and gradual increases in dividend payout [1] - Full-year net profit attributable to shareholders is expected to show positive year-on-year growth, but may not reach double-digit growth [1]

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 | ...

张贵清介绍，上半年公司延续去年的关于教育等业务的调整策略，并重点推进市拓聚焦、亏损治理、收 缴清欠等工作。 期内，公司实现收入70.89亿元，同比增加3.67%。利润方面，中海物业实现毛利12.02亿元，同比增加 4.71%；毛利率16.96%，上年同期为16.79%；本公司普通股权持有人应占利润为7.69亿元，同比增加 4.28%。 上半年，中海物业新增管理建筑面积3180万平方米，其中，84.0%来自独立第三方，新签合约总额约 22.58亿元；住宅项目及非住宅项目分别占新增在管面积的41.0%和59.0%，合约额分别为12.5亿元和 10.08亿元。 期内，中海物业退盘2680万平方米。截至今年6月底，中海物业在管面积为4.36亿平方米，较去年年底 增加500万平方米。 8月25日，中海物业（02669.HK）召开中期业绩沟通会，董事会主席张贵清、行政总裁肖俊强、副总裁 庞金营、财务总监甘沃辉出席会议。 张贵清表示，房地产行业的压力传导到物业领域有滞后性，但现在还是比较明显的；物业管理行业的调 整还在继续，企业的发展出现分化，行业的集中度进一步提升。 肖俊强表示，上半年整个物管行业的增速都在放缓，市场拓展 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 7.36 [6]. Core Views - The company reported a revenue of HKD 7.09 billion for the first half of 2025, reflecting a year-on-year growth of 4%, which is below the company's guidance for double-digit growth in net profit for the year [1][2]. - The company is focusing on enhancing urban operations while continuing to exit low-quality projects, which has contributed to the slowdown in revenue growth [1][3]. - The interim basic dividend proposed is HKD 0.09, with a special dividend of HKD 0.01, resulting in a total payout ratio of 40% [4]. Revenue and Profitability - The company's core property management revenue grew by 8% year-on-year, despite a net increase of only 5 million square meters in managed area compared to the end of 2024 [2]. - The gross margin improved by 0.2 percentage points to 17.0%, driven by cost-saving measures [2]. - The forecast for net profit attributable to the parent company for 2025 is expected to show positive growth, but may not reach double digits [2]. Urban Operations and Market Position - The company has seen a 5% year-on-year decline in new external contract value, totaling HKD 9.8 billion, but has improved project quality with a 17% increase in the average contract value for new projects [3]. - The urban operations segment has shown significant growth, with a 60% increase in new external contract value, reaching HKD 6.2 billion [3]. - The company continues to leverage its differentiated advantages in the Hong Kong and Macau regions, maintaining the largest market share in Hong Kong's property management sector [3]. Dividend Policy - The company aims to steadily increase its dividend payout ratio, with the basic dividend rate increasing by 1 percentage point year-on-year to 36% [4]. - The total dividend payout for the first half of 2025 is set at 40%, celebrating the company's tenth anniversary [4]. Earnings Forecast and Valuation - The earnings per share (EPS) estimates for 2025-2027 have been revised downwards to RMB 0.48, RMB 0.52, and RMB 0.57, reflecting a decrease of 6%, 10%, and 13% respectively [5]. - The target price has been adjusted to HKD 7.36 based on a price-to-earnings (P/E) ratio of 14 times for 2025, down from a previous target of HKD 7.74 [5].

Group 1 - Poly Property achieved a revenue of 8.392 billion, a year-on-year increase of 6.6%, with a net profit of 890 million, up 5.3% [3][5] - China Overseas Property reported total revenue of 7.089 billion, a growth of 3.67%, and a net profit of 769 million, increasing by 4.29% [4][7] - Sunac Services recorded a revenue of 3.547 billion, with a net profit of 142 million, marking a return to profitability [4][8] - Jinke Services reported a net profit of 65.02 million, recovering from a loss of 194 million in the previous year [4][9] - Jinmao Services achieved total revenue of approximately 1.783 billion, a growth of 19.6%, with a profit of about 184 million, up 1.9% [4][10] - New Dazheng reported a revenue of 1.503 billion, a decrease of 12.88%, with a net profit of 71.17 million, down 12.96% [4][11] - Yexing Group expects a profit of approximately 12.8 million, a growth of 94% [4][12] Group 2 - Yuexiu Services signed 37 new projects, adding a contract area of 5.96 million square meters [4][16] - China Overseas Property renewed its service contract for the North District Welfare Service Complex in Hong Kong [4][17] - China Energy Conservation Property won the bid for the property management service project at Hangzhou West Station [4][19] - Hongrongyuan Property signed a contract to provide comprehensive property management services for the Shiyue City project in Shenzhen [4][20] - New Dazheng won a procurement project from Beijing Guoyao Asset Management with a bid amount of 25.72 million [4][21] -卓越商企服务 announced a transfer of properties valued at 363 million to offset receivables from its parent company [4][23] Group 3 - The Shenzhen Property Management Association called for active participation in the "Patriotic Health Movement and Civilized City Construction" [4][25] - Guomao Property participated in the compilation of the national standard for carbon emission evaluation in civil buildings, effective from September 1, 2025 [4][26][27] - Jindi Smart Services contributed to the "Liaoning Province Good House Technical Guidelines," marking a new phase in residential quality improvement [4][28] Group 4 - The report highlighted the performance metrics of various listed property companies for the first half of 2025, showcasing revenue growth and profitability trends [4][29]

Core Insights - The company reported a 3.7% increase in overall revenue to RMB 7.089 billion for the first half of 2025, compared to RMB 6.838 billion in the same period last year [1] - Gross profit rose by 4.7% to RMB 1.202 billion, with an improved gross profit margin of 17.0% [1] - Profit attributable to ordinary shareholders increased by 4.3% to RMB 769 million, with an average return on equity of 28.8% [1] Revenue and Profitability - Overall revenue increased to RMB 7.089 billion, up from RMB 6.838 billion year-on-year [1] - Gross profit improved to RMB 1.202 billion, reflecting a 4.7% year-on-year growth [1] - The gross profit margin improved to 17.0% during the reporting period [1] Management and Contracts - The company added 31.8 million square meters of managed area, with 84.0% coming from independent third parties [1] - The total value of new contracts signed was approximately RMB 2.258 billion [1] - Residential and non-residential projects accounted for 41.0% and 59.0% of the newly managed area, with contract values of RMB 1.249 billion and RMB 1.008 billion, respectively [1] Operational Adjustments - The company optimized its business structure and project governance, resulting in the disposal of 26.8 million square meters [1] - As of June 30, 2025, the total managed area increased by 5 million square meters to 436.1 million square meters compared to the end of 2020 [1] - The managed building area from independent third parties and non-residential projects accounted for 39.1% and 27.4%, respectively [1]

本文源自：金融界AI电报 中海物业(02669.HK)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。每股基本 及摊薄后盈利为人民币23.42仙，中期股息每股港币9.0仙及特别股息每股港币1.0仙。 ...

每经AI快讯，8月25日，中海物业在港交所发布中期业绩报告，上半年收入约70.9亿元，同比增加 3.7%；净利润约7.69亿元，同比增加4.3%。 ...