此乃要件 請即處理 閣下如對本通函任何方面或應採取與本通函相關的行動有任何疑問，應諮詢 閣下的 股票經紀或其他註冊證券商、銀行經理、律師、專業會計師或其他專業顧問。 閣下如已出售或轉讓名下全部保利物業服務股份有限公司的股份，應立即將本通函連 同隨附之代表委任表格交予買方或承讓人，或送交經手買賣或轉讓的銀行、股票經紀 或其他代理商，以便轉交買方或承讓人。 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通函的內容概不負責，對 其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本通函全部或任何部分 內容產生或因倚賴該等內容而引致的任何損失承擔任何責任。 POLY PROPERTY SERVICES CO., LTD. 保 利 物 業 服 務 股 份 有 限 公 司 （ 於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ） （股 份 代 號：06049） (1) 變更經營範圍 (2) 修訂《公司章程》及《股東大會議事規則》 及 2025年第一次臨時股東大會通告 保利物業服務股份有限公司將於2025年1月7日（星期二）上午10時正於中國廣東省廣州 市海珠區閱江中路832號保利發展廣場 ...

The competition is fierce, especially in some good cities and some large-scale business and government projects. The quality of this year's expansion should be said to be under the strict screening of the company. The quality is also steadily improving, but from the scale of the expansion to the first three quarters, it is still declining. Our goal for the whole year is to reach the one-year contract amount of Xintuo in 2024. The third-party one-year contract amount is the same as last year. This is our gui ...

建議變更經營範圍 及 建議修訂《公司章程》 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，概不就因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。 POLY PROPERTY SERVICES CO., LTD. 保 利 物 業 服 務 股 份 有 限 公 司 （ 於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ） （股 份 代 號：06049） 暫停辦理股份過戶登記 本公告乃由保利物業服務股份有限公司（「本公司」）根據香港聯合交易所有限公司（「香港聯交所」）證券 上市規則（「《上市規則》」）第13.51(1)條而作出。 建議變更經營範圍 為滿足業務發展需要，本公司董事會（「董事會」）建議變更本公司經營範圍。建議變更經營範圍須待 以下條件獲達成後，方可作實： (i) 股東於臨時股東大會上批准變更經營範圍；及 (ii) 取得廣州市市場監督管理局對變更經營範圍的一切必要批文。 待相關決議案於臨時股東大會通過後，本公司將向廣州市市場監督管理局申請變更登記及備案程 序。建議變更經營範圍將 ...

POLY PROPERTY SERVICES CO., LTD. 保 利 物 業 服 務 股 份 有 限 公 司 （ 於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ） （股 份 代 號：06049） 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，概不就因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。 截至本公告日期，H股全流通以及轉換及上市的實施計劃詳情尚未最終確定。本公司將根據上市規則 及適用法律法規的要求就H股全流通以及轉換及上市的進展另行作出公告。 1 H股全流通及轉換及上市須遵守中國證監會、聯交所及其他相關境內外監管機構要求的其他相關程 序。股東及本公司潛在投資者於買賣本公司股份時務請審慎行事。 承董事會命 保利物業服務股份有限公司 董事長兼執行董事 內幕消息 中國證監會受理本公司H股全流通申請 本公告乃由保利物業服務股份有限公司（「本公司」）根據香港法例第571章證券及期貨條例第XIVA部 （「內幕消息條文」）及香港聯合交易所有限公司（「聯交所」）證券上市規則（「上 ...

Financial Performance - Revenue for the first half of 2024 reached RMB 7,871.4 million, a 10.2% increase compared to RMB 7,141.2 million in the same period of 2023[6] - Gross profit for the first half of 2024 was RMB 1,610.1 million, with a gross margin of 20.46%, slightly down from 21.17% in 2023[6] - Net profit attributable to the company's owners for the first half of 2024 was RMB 846.0 million, up 10.8% from RMB 763.5 million in 2023[6] - Total revenue for the six months ended June 30, 2024, was approximately RMB 7,871.4 million, a 10.2% increase compared to RMB 7,141.2 million in the same period in 2023, driven by the expansion of the company's management scale[31] - Gross profit for the six months ended June 30, 2024, was approximately RMB 1,610.1 million, a 6.5% increase from RMB 1,511.5 million in 2023, with the gross profit margin decreasing from 21.17% to 20.46%[34] - Net profit for the period increased by 10.0% to RMB 854.6 million, with a net profit margin of 10.9%, consistent with 2023[37] - Revenue for the six months ended June 30, 2024, was RMB 7,871.374 million, a 10.2% increase compared to RMB 7,141.206 million in the same period in 2023[71] - Gross profit for the six months ended June 30, 2024, was RMB 1,610.134 million, a 6.5% increase compared to RMB 1,511.517 million in the same period in 2023[71] - Net profit attributable to the company's owners for the six months ended June 30, 2024, was RMB 845.958 million, a 10.8% increase compared to RMB 763.525 million in the same period in 2023[71] - Basic earnings per share for the six months ended June 30, 2024, were RMB 1.54, an 11.6% increase compared to RMB 1.38 in the same period in 2023[71] - Total revenue for the six months ended June 30, 2024, was RMB 7.871374 billion, up from RMB 7.141206 billion in the same period in 2023[86] - Property management services revenue increased to RMB 5.593282 billion in 2024 from RMB 4.818132 billion in 2023[86] - Community value-added services revenue slightly decreased to RMB 1.249912 billion in 2024 from RMB 1.272451 billion in 2023[86] - Non-owner value-added services revenue remained stable at RMB 856.498 million in 2024 compared to RMB 852.603 million in 2023[86] - Profit before tax for the six months ended June 30, 2024, included employee costs of RMB 1,867,163 thousand, down from RMB 2,285,446 thousand in 2023[89] - Income tax expense for the six months ended June 30, 2024, was RMB 274,978 thousand, compared to RMB 256,363 thousand in 2023[90] - Basic and diluted earnings per share for the six months ended June 30, 2024, were calculated based on a profit attributable to owners of the company of RMB 845,958 thousand, up from RMB 763,525 thousand in 2023[93] - The weighted average number of ordinary shares for calculating basic earnings per share was 548,776 thousand shares for 2024, compared to 551,995 thousand shares in 2023[94] Asset and Liability Management - Total assets as of June 30, 2024, were RMB 16,407.3 million, an increase from RMB 14,877.3 million at the end of 2023[7] - The company's asset-liability ratio increased to 43.75% as of June 30, 2024, compared to 40.33% at the end of 2023[7] - The company's cash and cash equivalents stood at RMB 10,604.6 million as of June 30, 2024, slightly down from RMB 11,011.5 million at the end of 2023[7] - Cash and cash equivalents decreased by 3.7% to RMB 10,604.6 million as of June 30, 2024, due to investments in asset operations and value-added services[38] - Trade receivables and bills increased by RMB 1,239.6 million to RMB 3,580.2 million, driven by expanded management areas and increased project numbers[42] - Trade payables increased by 24.0% to RMB 2,492.0 million, reflecting the growth in outsourced services due to expanded management areas[44] - Accrued expenses and other payables increased by 18.2% to RMB 2,554.9 million as of June 30, 2024, primarily due to unpaid dividends of RMB 552.2 million[45] - The company had no borrowings or bank loans as of June 30, 2024[46] - Net cash generated from operating activities was RMB 426.7 million for the six months ended June 30, 2024, compared to a net cash outflow of RMB 2,012.7 million for the same period in 2023[46] - The company has no significant contingent liabilities as of June 30, 2024[50] - The company has used RMB 4,043.2 million of the net proceeds from its IPO, with RMB 1,175.0 million remaining unused as of June 30, 2024[48] - The company plans to use the remaining IPO proceeds for strategic investments, expanding value-added services, upgrading digital and intelligent management systems, and general corporate purposes by December 31, 2024[49] - The company has no significant post-balance sheet events after June 30, 2024[52] - The company did not declare an interim dividend for the six months ended June 30, 2024[54] - The company has complied with all applicable code provisions of the Corporate Governance Code for the six months ended June 30, 2024[56] - The company did not purchase, sell, or redeem any of its listed securities during the six months ended June 30, 2024[58] - The company implemented the first batch of restricted stock grants under the Restricted Stock Incentive Plan on April 26, 2022, with the second batch approved on January 20, 2023, and the first batch unlocked on May 13, 2024[58] - As of June 30, 2024, the total number of issued shares of the company was 553,333,400, consisting of 400,000,000 domestic shares and 153,333,400 H shares[62] - Wu Lanyu and Yao Yucheng were granted 116,800 and 81,400 restricted shares respectively under the Restricted Stock Incentive Plan, with 38,544 shares vested to Wu Lanyu during the period[62] - Brown Brothers Harriman & Co. held 11,251,574 H shares, representing 7.34% of the H shares and 2.03% of the total issued shares[64] - China International Capital Corporation Limited held 8,764,200 H shares as a long position and 6,642,000 H shares as a short position, representing 5.72% and 4.33% of the H shares respectively[64] - China Poly Group Corporation held 400,000,000 domestic shares, representing 100% of the domestic shares and 72.289% of the total issued shares[64] - Poly Development Holdings held 380,000,000 domestic shares as a beneficial owner, representing 95% of the domestic shares and 68.675% of the total issued shares[64] - FIL Limited holds a 40.44% interest in Pandanus Partners L.P., which in turn holds 8,414,800 H-shares in the company[66] - Jianxin (Beijing) Investment Fund Management Co., Ltd. holds a 38.20% stake in the State-owned Enterprise Structural Adjustment Fund, which holds shares in the company[66] - Poly Development Holdings is 37.69% owned by Poly Southern Group, which is a wholly-owned subsidiary of China Poly Group, and holds shares in the company[66] - Non-current assets increased significantly to RMB 1,290,414 thousand as of June 30, 2024, compared to RMB 649,188 thousand as of December 31, 2023, driven by a substantial rise in leased assets and investment properties from RMB 226,491 thousand to RMB 867,652 thousand[72] - Current assets slightly increased to RMB 15,116,920 thousand as of June 30, 2024, from RMB 14,228,069 thousand as of December 31, 2023, with cash and cash equivalents decreasing from RMB 11,011,462 thousand to RMB 10,604,566 thousand[72] - Current liabilities rose to RMB 7,100,934 thousand as of June 30, 2024, from RMB 5,921,304 thousand as of December 31, 2023, primarily due to increases in trade payables and accrued expenses[72] - Net current assets decreased to RMB 8,015,986 thousand as of June 30, 2024, from RMB 8,306,765 thousand as of December 31, 2023[72] - Total equity increased to RMB 9,228,381 thousand as of June 30, 2024, from RMB 8,876,534 thousand as of December 31, 2023, with retained earnings growing to RMB 3,755,414 thousand from RMB 3,461,683 thousand[73] - The company's profit for the period was RMB 763,525 thousand as of June 30, 2024, compared to RMB 845,958 thousand as of December 31, 2023[75] - Non-controlling interests increased to RMB 167,697 thousand as of June 30, 2024, from RMB 156,629 thousand as of December 31, 2023, reflecting additional investments from non-controlling shareholders[73] - The company recognized dividends of RMB 552,227 thousand as of June 30, 2024, compared to RMB 278,327 thousand as of December 31, 2023[75] - The fair value reserve decreased to RMB 0 as of June 30, 2024, from RMB 10,500 thousand as of December 31, 2023, due to the sale of equity instruments[75] - The company's share premium remained stable at RMB 4,535,479 thousand as of June 30, 2024, unchanged from December 31, 2023[75] - Operating cash flow for the six months ended June 30, 2024, was RMB 426.713 million, a significant improvement from a negative RMB 2.012682 billion in the same period in 2023[77] - Cash and cash equivalents at the end of June 2024 were RMB 10.604566 billion, up from RMB 6.895924 billion at the end of June 2023[77] - Investment activities used RMB 803.378 million in cash in 2024, a significant increase from RMB 8.135 million in 2023[77] - Financing activities used RMB 30.435 million in cash in 2024, down from RMB 43.259 million in 2023[77] - The company's total assets are located in China, with all revenue generated domestically[84] - The company applied revised Hong Kong Financial Reporting Standards effective from January 1, 2024, with no significant impact on financial performance[82] - Other income and other gains/losses net amount for the six months ended June 30, 2024, was RMB 13,864 thousand, compared to RMB 47,419 thousand for the same period in 2023[87] - Government subsidies and tax incentives for the six months ended June 30, 2024, were RMB 12,301 thousand, a significant decrease from RMB 39,658 thousand in 2023[87] - The company declared and paid a dividend of RMB 552,226,733 for the year 2023, which was paid in July 2024[92] - Total cost of property, plant, and equipment acquired during the six months ended June 30, 2024, was RMB 16,820 thousand, down from RMB 40,649 thousand in 2023[97] - Right-of-use assets recognized during the six months ended June 30, 2024, amounted to RMB 25,240 thousand, compared to RMB 17,328 thousand in 2023[97] - The net book value of lease assets and investment properties as of June 30, 2024, was RMB 867,652 thousand, up from RMB 226,491 thousand as of December 31, 2023[98] - Intangible assets decreased to RMB 148,993 thousand as of June 30, 2024, from RMB 152,897 thousand at the beginning of 2023, primarily due to the sale of a subsidiary[99] - Inventory decreased to RMB 27,839 thousand as of June 30, 2024, from RMB 31,365 thousand at the end of 2023, with a significant reduction in parking spaces inventory[100] - Trade receivables increased to RMB 3,580,226 thousand as of June 30, 2024, from RMB 2,340,608 thousand at the end of 2023, driven by growth in property management and value-added services[101][103] - Cash and cash equivalents decreased to RMB 10,604,566 thousand as of June 30, 2024, from RMB 11,011,462 thousand at the end of 2023, with a significant portion held in licensed financial institutions[107][108] - Trade payables increased to RMB 2,492,001 thousand as of June 30, 2024, from RMB 2,009,076 thousand at the end of 2023, reflecting higher obligations to third parties[109][110] - Total liabilities increased to RMB 2,554,884 thousand as of June 30, 2024, compared to RMB 2,161,181 thousand as of December 31, 2023[111] - Contract liabilities for property management services increased to RMB 1,636,570 thousand as of June 30, 2024, up from RMB 1,422,361 thousand as of December 31, 2023[113] - Lease liabilities increased to RMB 119,174 thousand as of June 30, 2024, compared to RMB 111,703 thousand as of December 31, 2023[114] - The company's total share capital remained unchanged at RMB 553,333 thousand as of June 30, 2024[115] - Restricted stock incentive plan: 1,363,098 H shares were vested to 159 grantees during the six months ended June 30, 2024[116] - The weighted average fair value of restricted shares granted during the period was HKD 26.44 per share as of June 30, 2024[117] - The trustee held 3,509,702 restricted shares with a total value of RMB 117,734 thousand as of June 30, 2024[119] - Capital commitments for property, plant, and equipment decreased to RMB 4,033 thousand as of June 30, 2024, from RMB 5,606 thousand as of December 31, 2023[120] - Property management services revenue from Poly Development Holding Group decreased slightly to RMB 58.917 million in H1 2024 from RMB 59.230 million in H1 2023[122] - Non-owner value-added services (excluding rental income) revenue from Poly Development Holding Group increased to RMB 713.898 million in H1 2024 from RMB 661.307 million in H1 2023[122] - Community value-added services revenue from Poly Development Holding Group decreased to RMB 157.241 million in H1 2024 from RMB 220.463 million in H1 2023[122] - Trade receivables from Poly Development Holding Group increased significantly to RMB 700.293 million as of June 30, 2024, compared to RMB 422.405 million as of December 31, 2023[123] - Trade payables to Poly Development Holding Group increased to RMB 52.260 million as of June 30, 2024, from RMB 42.459 million as of December 31, 2023[123] - The fair value of the liability arising from the acquisition of Huachang Property was RMB 16.917 million as of December 31, 2023, using the discounted cash flow method for Level 3 fair value measurement[127] - The acquisition agreement for an additional 16.7% equity stake in Huachang Property was settled in January 2024[128] - The fair value of financial assets recognized in other comprehensive income as of January 1, 2023, was RMB 12,000 thousand, with a fair value change of RMB 1,111 thousand and a disposal of RMB (13,111) thousand[129] - The fair value of financial liabilities measured at fair value through profit or loss as of January 1, 2023, was RMB 16,917 thousand, with a payment of RMB (16,917) thousand by January 1, 2024[129] - No transfers between Level 1 and Level 2, or transfers into or out of Level 3, were recorded for the six months ended June 30, 2024, and the year ended December 31, 2023[129] - The carrying amount of financial assets and liabilities measured at amortized cost in the interim condensed consolidated financial statements is considered to approximate their fair value[130] Property Management Services - The company's contracted management area reached 949.9 million square meters, with an in-service management area of 756.8 million square meters as of June 30, 2024[3] - Revenue from property management services accounted for 71.0% of total revenue, reaching RMB 5,593.3 million, a 16.1% increase year-over-year[11] - Total contracted management area reached 949.9 million square meters in 2024, with third-party projects accounting for 63.2% (

2024 年 8 月 22 日 公司研究 业绩保持稳健增长，非住宅外拓力度强劲 ——保利物业（6049.HK）2024 年中期业绩点评 要点 事件：保利物业 2024H1 营收同比+10%，归母净利润同比+11%。 保利物业发布 2024 年半年度业绩公告，实现收入 78.7 亿元，同比增长 10.2%； 毛利 16.1 亿元，同比增长 6.5%；毛利率 20.5%（上年同期 21.2%）；归母净 利润 8.5 亿元，同比增长 10.8%；期末现金及现金等价物约 106 亿元，较 2023 年末减少约 4 亿元。 点评：收入增长符合预期，非住宅外拓力度强劲，贸易应收款增长较快。 1) 收入增长符合预期，业务结构优化。2024 年上半年，公司整体收入同比增长 10.2%，基本符合我们预期（我们在前期报告预测公司 2024 年全年收入同比增 速 12.5%），基础物管/社区增值/非业主增值业务收入 55.9 亿/12.5 亿/10.3 亿 元，同比+16.1%/-1.8%/-2.1%，基础物管收入占比同比提升 3.5pct 至 71.0%， 毛利占比提升 4.0pct 至 58.3%，抗周期波动能力进一步增强；社 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][5] Core Views - The company achieved stable growth in its performance, with a 10.2% year-on-year increase in revenue to 7.871 billion yuan and a 10.8% increase in net profit to 846 million yuan in the first half of 2024 [1][2] - The management strategy focuses on "high-quality expansion," supported by a strong resource base from its major shareholder, Poly Development [3][4] - The company has shown resilience in community value-added services despite challenges, with a stable increase in property management unit prices [3][2] Financial Performance Summary - Revenue for H1 2024 reached 7.871 billion yuan, up 10.2% year-on-year, with property management, non-owner value-added, and community value-added service revenues at 5.593 billion, 1.028 billion, and 1.250 billion yuan respectively [2] - The overall gross margin for H1 2024 was 20.46%, a decrease of 0.71 percentage points from the same period in 2023 [2] - The net profit margin for H1 2024 was 10.86%, slightly down by 0.02 percentage points year-on-year [2] - The company’s management expenses decreased, with the selling and administrative expense ratio dropping by 1.07 percentage points to 6.27% [2] Growth and Market Position - As of the end of H1 2024, the company had a contracted and managed area of 950 million and 757 million square meters, respectively, representing year-on-year increases of 12.8% and 16.4% [3] - The company’s new third-party project contracts in H1 2024 amounted to 1.2 billion yuan, a decrease of 13.6% year-on-year, indicating a strategic shift towards high-quality development [3] - The company’s residential and non-residential property management areas accounted for 39.5% and 60.5% of the total managed area, respectively, with the non-residential share increasing by 2.0 percentage points from the previous year [3] Future Outlook - The report projects net profits for 2024 and 2025 to be adjusted to 1.527 billion and 1.839 billion yuan, respectively, with a forecast of 2.031 billion yuan for 2026 [4][5] - The company is expected to continue benefiting from its strong backing by Poly Group, with robust internal growth and proactive external expansion strategies [3][4]

Investment Rating - The report maintains a "Buy" rating for the company [4][5][11] Core Views - The company achieved stable growth in its performance, with a 10.2% year-on-year increase in revenue to 7.871 billion yuan and a 10.8% increase in net profit to 846 million yuan for the first half of 2024 [1][2] - The management strategy focuses on "high-quality expansion," supported by a strong resource base from its major shareholder, Poly Development [3][5] Financial Performance Summary - Revenue for H1 2024 reached 7.871 billion yuan, up 10.2% year-on-year, with property management, non-owner value-added, and community value-added services contributing 5.593 billion, 1.028 billion, and 1.250 billion yuan respectively [2][3] - The overall gross margin for H1 2024 was 20.46%, a decrease of 0.71 percentage points from the same period in 2023 [2] - The net profit margin for H1 2024 was 10.86%, slightly down by 0.02 percentage points year-on-year [2] Growth and Market Position - As of the end of H1 2024, the company had a contracted and managed area of 950 million and 757 million square meters, respectively, representing year-on-year increases of 12.8% and 16.4% [3] - The company’s new third-party project contracts in H1 2024 amounted to 1.2 billion yuan, a decrease of 13.6% year-on-year, indicating a strategic shift towards high-quality development [3] Future Projections - The report projects net profits for 2024 and 2025 to be 1.527 billion and 1.839 billion yuan, respectively, with a forecast of 2.031 billion yuan for 2026 [4][5]

Investment Rating - The investment rating for Poly Property (6049.HK) is "Buy" with a current price of HKD 25.25 [1]. Core Views - The company achieved a revenue of RMB 7.87 billion in the first half of 2024, representing a year-on-year growth of 10.2%, and a net profit attributable to shareholders of RMB 850 million, up 10.8% year-on-year [2]. - The gross profit margin is approximately 20.5%, a slight decrease of 0.71 percentage points year-on-year, while the net profit margin remains stable at 10.9% [2]. - The company is optimizing its business layout, with a focus on enhancing both the quantity and quality of its property management services [2]. - The compound annual growth rate (CAGR) for net profit attributable to shareholders is projected to be 10.5% from 2024 to 2026, supported by the company's large property management system and state-owned enterprise advantages [3]. Summary by Sections Financial Performance - In H1 2024, Poly Property's property management services generated revenue of RMB 5.59 billion, a 16.1% increase year-on-year, with third-party revenue contributing approximately RMB 2.32 billion, accounting for 41.4% of total revenue [2]. - The company expanded its managed area to 950 million square meters, with 760 million square meters under management, where third-party projects represent 63.2% and 64.9% respectively [2]. - New third-party project contracts amounted to RMB 1.2 billion, with new signed contracts totaling RMB 1.07 billion, indicating a focus on quality expansion [2]. Business Development - The company is accelerating its expansion into non-residential sectors, with new contracts in commercial and office properties amounting to RMB 430 million and RMB 620 million respectively [2]. - The non-residential sector now accounts for 60.6% of the total managed area, with revenue growth rates of 15.4%, 16.8%, and 25.7% for residential, commercial, and public properties respectively [2]. Value-Added Services - Revenue from non-owner value-added services decreased by 2.1% year-on-year to RMB 1.03 billion, representing 13.1% of total revenue, primarily due to a decline in project numbers [2]. - Community value-added services generated RMB 1.25 billion, down 1.8% year-on-year, accounting for 15.9% of total revenue [2].

Investment Rating - The report maintains an "Outperform" rating for Poly Property Services (06049 HK) [1][3] Core Views - Poly Property Services achieved steady growth in H1 2024 with a 10% YoY increase in revenue to RMB 7 87 billion and an 11% YoY increase in net profit attributable to shareholders to RMB 850 million [1][4] - The company optimized its expansion structure focusing on core cities and non-residential sectors with new contract amounts reaching RMB 1 2 billion and RMB 1 07 billion respectively [1][6] - Community value-added services revenue stabilized at RMB 1 25 billion despite a 1 8% YoY decline with growth in specific segments such as community services (14 3% YoY) and property hosting services (100 2% YoY) [1][7] Financial Performance - In H1 2024 the company's gross margin was 20 5% down 0 7pct YoY while the net margin remained stable at 10 9% and the management expense ratio decreased by 1 0pct to 6 2% [1][4] - The company's revenue from property management services grew 16 1% YoY to RMB 5 59 billion while community value-added services revenue declined 1 8% YoY to RMB 1 25 billion [1][4] Expansion and Market Focus - As of H1 2024 Poly Property Services operated in 205 cities with 2 667 managed projects and 3 168 contracted projects covering a total contracted area of 950 million square meters [1][6] - The company focused on four core economic zones with new contract amounts in other cities declining by 40 5% YoY and their share decreasing by 10 5pct [1][6] - The commercial office sector accounted for 36% of new contract amounts up 12pct YoY while public service key segments accounted for 45 4% up 4 5pct YoY [1][6] Financial Forecasts - Revenue forecasts for 2024 and 2025 were revised down to RMB 17 billion and RMB 19 billion respectively due to a slowdown in the property management sector [1][8] - Net profit attributable to shareholders for 2024 and 2025 is expected to be RMB 1 57 billion and RMB 1 75 billion respectively with EPS of RMB 2 83 and RMB 3 17 [1][8] - The company's PE ratio is projected to be 7 4X and 6 6X for 2024 and 2025 respectively [1][8] Business Segments - Property management services remained the largest revenue contributor at RMB 5 59 billion in H1 2024 accounting for 71% of total revenue [1][4] - Community value-added services contributed RMB 1 25 billion in H1 2024 with growth in specific segments such as property hosting services (100 2% YoY) and home improvement services (3 2% YoY) [1][7]