2025 年 8 月 25 日 公司研究 核心利润同比增长 25%，盈利改善趋势明确 ——绿城服务（2869.HK）2025 年中期业绩点评 事件：绿城服务 2025 年上半年核心经营利润同比增长 25%。 绿城服务发布 2025 年中期业绩报告，期内实现营收 93 亿元，同比增长 6.1%（公 司在 2024 年出售 MAG，计算同比时，对 2024 年上半年的收入数据进行重列， 使之不包含终止经营的业务，下同），实现毛利 18 亿元，同比增长 8.9%，毛 利率 19.5%，同比提升 0.5pct；核心经营利润（毛利-行政开支-营销开支）10.7 亿元，同比增长 25.3%；归母净利润 6.1 亿元，同比增长 22.6%。 点评：盈利改善趋势明确，经营业绩表现优秀，新拓项目质量较高。 1）主营业务稳健增长，经营业绩表现优秀。2025 年上半年公司物管/园区服务/ 咨询服务分别实现收入 66.3/13.6/13.0 亿元，同比+10.2%/-6.0%/+0.6%，物业 管理占总收入比重 71.4%，为公司业绩增长提供稳定支撑；园区服务中的居家 生活服务收入 1.2 亿元，同比减少 53.8%，主要由于旗下的 ...

行 业 及 产 业 房地产 行 业 研 究 / 行 业 点 评 证券分析师 袁豪 A0230520120001 yuanhao@swsresearch.com 研究支持 顾铮 A0230125070004 guzheng@swsresearch.com 联系人 顾铮 (8621)23297818× guzheng@swsresearch.com 2025 年 08 月 24 日 国常会要求有力控股止跌回稳，建发国 证 券 研 究 报 告 - ⚫ 地产行业数据：一二手房成交环比提升，新房成交推盘比回落。上周(8.16-8.22)34 个重 点城市新房合计成交 183.4 万平米，环比+11.7%，其中，一二线环比+11.7%，三四线 环比+10.2%。8 月(8.1-8.22)34 城一手房成交同比-20.9%，较 7 月-6.7%。其中，一二 线同比-19.9%，三四线同比-32.7%，分别较 7 月-6.3pct 和-12.4pct。上周 13 城二手房 合计成交 108.1 万平米，环比+7.2%；8 月截至上周累计成交同比-0.1%，较 7 月- 1.2pct。库存方面，上周 15 城合计推盘 100 ...

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [3][5]. Core Viewpoints - The report emphasizes that the current policy environment is being driven by fundamental pressures, suggesting that the policy response may exceed the levels seen in 2008 and 2014, and is still evolving [3]. - Real estate is identified as an early-cycle indicator, serving as a barometer for economic trends, making it a strategic investment focus [3]. - The competitive landscape within the industry is improving, with leading state-owned enterprises and select mixed-ownership and private firms performing well in land acquisition and sales [3]. - The report continues to favor investment in first-tier cities and two-thirds of second-tier cities, as this combination has shown better performance during sales rebounds [3]. - Supply-side policies, including land storage and management of idle land, are highlighted as critical areas to monitor, with first and second-tier cities expected to benefit more from these changes [3]. Summary by Sections Real Estate Development - The 5-year LPR remains stable at 3.5% as of August, with the 1-year LPR at 3.0% [10]. - The real estate index saw a cumulative change of 0.5%, lagging behind the CSI 300 index by 3.68 percentage points, ranking last among 31 sectors [13]. - New home sales in 30 cities totaled 1.57 million square meters, a 16.7% increase month-on-month but a 16.1% decrease year-on-year [20]. - Year-to-date, new home sales in the same 30 cities are down 2.1% year-on-year, with first-tier cities showing a 2.4% increase [25]. Secondary Housing - Secondary home sales in 14 sample cities reached 1.915 million square meters, reflecting a 6.4% month-on-month increase and a 9.5% year-on-year increase [30]. - Cumulative secondary home sales for the year are 6.8677 million square meters, up 16.7% year-on-year [30]. Credit Bonds - In the week of August 18-24, 18 credit bonds were issued by real estate companies, totaling 15.282 billion yuan, an increase of 6.921 billion yuan from the previous week [39]. - The net financing amount was 3.378 billion yuan, reflecting a significant increase [39].

Investment Rating - The report maintains a "Buy" rating for Greentown Service (02869) [3][8] Core Views - Greentown Service has demonstrated strong performance in the first half of 2025, with revenue of 9.29 billion yuan, a year-on-year increase of 6.1%, and core operating profit rising by 25.3%, exceeding market expectations [8] - The company is focusing on quality improvement and operational efficiency, which has led to an increase in gross margin and net profit margin [8] - The company is expected to continue its stable expansion through third-party services, with a strong focus on the Yangtze River Delta region [8] Financial Data and Profit Forecast - Revenue projections for Greentown Service are as follows: - 2023: 17,393 million yuan - 2024: 17,893 million yuan - 2025E: 19,377 million yuan - 2026E: 21,270 million yuan - 2027E: 22,938 million yuan - Year-on-year growth rates for revenue are projected at: - 2023: 17.1% - 2024: 2.8% - 2025E: 8.3% - 2026E: 9.8% - 2027E: 7.8% [7][9] - Net profit attributable to the parent company is forecasted as follows: - 2023: 605 million yuan - 2024: 785 million yuan - 2025E: 922 million yuan - 2026E: 1,053 million yuan - 2027E: 1,184 million yuan - Year-on-year growth rates for net profit are projected at: - 2023: 10.6% - 2024: 29.7% - 2025E: 17.4% - 2026E: 14.3% - 2027E: 12.4% [7][9] Operational Highlights - As of the end of the first half of 2025, the managed area reached 536 million square meters, a year-on-year increase of 11.3% [8] - The company has a reserve area of 347 million square meters, down 2.9% year-on-year, due to a strategic withdrawal from risk-prone projects [8] - The satisfaction rate of services is reported at 93 points, an increase of 3 percentage points year-on-year, with a project renewal rate of 96.5%, up 2.4 percentage points [8]

报告期内，利润为人民币6.288亿元，较2024年同期的人民币5.144亿元增长22.2%。 报告期内，毛利达到人民币18.081亿元，较2024 年同期的人民币16.610亿元，同比增长 8.9%。毛利率 为19.5%，较2024年同期的19.0%上升0.5个百分点。 核心经营利润达人民币10.738亿元，较2024年同期 的人民币8.570亿元增长25.3%。 8月22日，绿城服务发布2025年半年度报告。 报告显示，上半年，集团实现收入为人民币92.887亿元，与2024年同期的人民币87.529亿元相比，同比 增长6.1%。集团收入来自三个业务板块：（i）物业服务；（ii）园区服务；及（iii）咨询服务。 报告期内：（i）物业服务为本集团最大的收入和利润来源，收入达人民币66.329亿元，占整体收入的 71.4%，相较于2024年同期人民币60.186亿元，同比增长10.2%；（ii）园区服务收入达人民币13.567亿 元，占整体收入的14.6%，相较于2024年同期人民币14.428亿元，同比下降6.0%；及（iii）咨询服务收 入达人民币12.991亿元，占整体收入的14.0%，相较于2024年同 ...

利润为人民币6.288亿元，较2024年同期的人民币5.144亿元增长22.2%。 8月22日，绿城服务发布2025年半年度报告。 报告期内：(i)物业服务为本集团最大的收入和利润来源，收入达人民币66.329亿元，占整体收入的 71.4%，相较于2024年同期人民币60.186亿元，同比增长10.2%；(ii)园区服务收入达人民币13.567亿元， 占整体收入的14.6%，相较于2024年同期人民币14.428亿元，同比下降6.0%；及(iii)咨询服务收入达人民 币12.991亿元，占整体收入的14.0%，相较于2024年同期人民币12.915亿元，同比增长0.6%。 报告期内，毛利达到人民币18.081亿元，较2024年同期的人民币16.610亿元，同比增长8.9%。毛利率为 19.5%，较2024年同期的19.0%上升0.5个百分点。核心经营利润达人民币10.738亿元，较2024年同期的 人民币8.570亿元增长25.3%。 报告期内，利润为人民币6.288亿元，较2024年同期的人民币5.144亿元增长22.2%。 报告显示，上半年，集团实现收入为人民币92.887亿元，与2024年同期的人民币8 ...

人才涌动到良将如潮，离不开人才梯队。集团实施"城就生、新活力"等管培生计划，2025年上半年储备 知名高校优秀青年管理者131人；新增各类持证专业人才8,000余人，项目经理认证持证率达到97.8%， 为高质量发展、非住转型等发展策略蓄积人才厚度。 格隆汇8月22日丨绿城服务(02869.HK)公告，截至2025年6月30日止6个月未经审核中期业绩，收入为人 民币92.89亿元，同比增长6.1%。公司权益股东应占溢利为人民币6.13亿元，同比增长22.6%。每股基本 盈利为人民币0.195元，此计算以期内普通股加权平均数3,144,374,000股为准。董事会决议不宣派期内的 任何中期股息。 仓廪实而行公益。2025年上半年发展过程中，公司与国际先行者联合打造ESG，力行绿色低碳发展；公 益平台"幸福里基金会"累计建立近百个幸福小屋；坚持参与防风固沙的种植梭梭树、参与阿拉善SEE生 态协会的保护珍稀鸟类活动，让公益心蔚然成林。 ...

智通财经APP讯，绿城服务(02869)公布2025年中期业绩，收入为约人民币92.89亿元，同比增长6.1%。 毛利达到人民币18.08亿元，同比增长8.9%。毛利率为19.5%，较2024年同期的19.0%相比上升0.5个百分 点。核心经营利润达约10.74亿元，同比增长25.3%。公司权益股东应占溢利为约6.13亿元，同比增长 21.42%。每股基本盈利为0.195元。 公告称，核心经营利润增长主要是集团加强了收入质量管理，并采取了有效的提质增效措施及成本管控 措施，主营业务盈利能力持续提升。 ...

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司（「聯 交 所」）對 本 公 告 之 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 分 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。 Greentown Service Group Co. Ltd. 綠城服務集團有限公司 （根據開曼群島法律註冊成立的有限公司） （股份代號：2869） 截 至2025年6月30日 止 六 個 月 未 經 審 核 中 期 業 績 公 告 及 變 更 公 司 秘 書 及 法 律 程 序 代 理 人 綠 城 服 務 集 團 有 限 公 司（「本 公 司」）董 事（「董 事」）會（「董 事 會」）欣 然 公 佈 本 公 司 及 其 附 屬 公 司（統 稱「本 集 團」、「集 團」）截 至2025年6月30日 止 六 個 月（「期 內」）的 未 經 審 核 綜 合 財 務 業 績，連 同 截 至2024年6月30日 ...

Core Viewpoint - The property service industry is facing significant challenges due to a deep adjustment in the real estate market, with a notable decline in IPO activity and increasing financial asset impairment issues affecting profitability [1][3]. Group 1: Market Trends - In 2025, the overall revenue growth rate of the property service industry is expected to decline, with significant performance differentiation among companies [3]. - The first half of 2025 has seen a drastic drop in IPO activity within the property sector, with only Aolian Services submitting a prospectus to the Hong Kong Stock Exchange [3]. - The ongoing economic downturn and declining housing asset values have led to a "discounted property fee for vacant houses" trend, with multiple cities announcing reductions in property fees for unoccupied homes [3]. Group 2: Financial Performance - As of June 30, 2025, the Hang Seng Property Services and Management Index has increased by 11%, while the Hang Seng Index has risen by 20%, indicating that property management stocks are underperforming compared to the broader market [4]. - The average stock price increase for 40 tracked Hong Kong property companies was 7.71% in the first half of 2025, with a significant recovery in valuation, as the price-to-earnings ratio (TTM) rose from 5.09 to 10.62 [4]. - Notable stock price increases were observed in companies such as Zhong An Smart Life (+108.38%), Deshan Property Investment Services (+39.29%), and China Resources Mixc Life (+35.96%) [4]. Group 3: Market Capitalization and M&A Activity - As of June 30, 2025, there are 38 Hong Kong property companies with a market capitalization of less than 1 billion HKD, representing 63% of the listed property companies [5]. - The number of companies engaging in share buybacks has decreased from 10 to 8, with a total buyback amount of 234 million HKD, down 35.24% year-on-year [5]. - The property sector has seen a decline in merger and acquisition activity, with only 18 public M&A cases reported in the first half of 2025, primarily aimed at expanding business scale and consolidating regional advantages [5].