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。 ...

Investment Rating - The report maintains a "Recommended" investment rating for the company [1][7]. Core Views - The company has achieved stable revenue growth, with a 3.7% year-on-year increase in revenue to 7.09 billion yuan in the first half of 2025. Net profit attributable to ordinary shareholders rose by 4.3% to 770 million yuan [4][7]. - The company is focusing on optimizing its business structure, with a significant portion of new orders (84%) coming from independent third parties. The total new contract amount reached 2.26 billion yuan [7]. - The report highlights the company's strong financial position, with a current price-to-earnings (P/E) ratio of 11.0 times for 2025, indicating a favorable valuation compared to its earnings growth [7][11]. Summary by Sections Financial Performance - In the first half of 2025, the company reported revenue of 70.9 billion yuan, with property management services contributing 56 billion yuan, an increase of 8.3%. However, non-residential value-added services and residential value-added services saw declines of 5.9% and 11.6%, respectively [4][7]. - The overall gross margin improved to 17%, up by 0.2 percentage points year-on-year, while the selling and administrative expense ratio decreased to 2.1%, down by 0.6 percentage points [7]. Market Expansion and Management Optimization - The company added 31.8 million square meters of new orders in the first half of 2025, with a total new contract amount of 2.26 billion yuan. The management structure is continuously being optimized, with a net increase of 5 million square meters in managed area [7]. Earnings Forecast - The earnings per share (EPS) forecast for 2025-2027 has been slightly adjusted to 0.49 yuan, 0.51 yuan, and 0.54 yuan, respectively, reflecting the company's commitment to optimizing its business structure despite lower-than-expected revenue growth [7][11].

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%。 ...

Group 1 - The company, China Overseas Property (02669), announced a special dividend of HKD 0.01 per share for the six months ending June 30, 2025, to be distributed on October 10, 2025 [1]

智通财经APP讯，中海物业(02669)发布公告，仍未认领的2018末期股息及2019中期股息将于2025年9月 10日予以没收并拨归公司所有。 ...