Summary of Poly Property Services Co. (6049.HK) Conference Call Company Overview - **Company**: Poly Property Services Co. (POPS) - **Ticker**: 6049.HK - **Market Cap**: HK$18.8 billion / $2.4 billion - **Enterprise Value**: HK$7.2 billion / $922.4 million - **Current Price**: HK$34.06 - **12-Month Price Target**: HK$43.00, implying a 26.2% upside Key Financial Projections - **Revenue Growth**: Expected to achieve a 7% CAGR from 2026E to 2028E, with PMS revenue growing at 9% CAGR [1][5] - **Earnings Growth**: Projected earnings to rise at an 8% CAGR during the same period [1][5] - **Free Cash Flow**: Average free cash flow expected to be Rmb2.1 billion across 2026E-2028E, supporting a 5% annual dividend yield [1][6] - **Dividend Payout Ratio**: Maintained at approximately 50% [6][8] Strategic Insights - **SOE Advantage**: POPS is leveraging its State-Owned Enterprise (SOE) background to enhance its expansion capabilities across various verticals, including commercial, residential, and public space [1][3] - **GFA Addition**: Anticipated that 2G/public space verticals will contribute approximately 65% of net managed Gross Floor Area (GFA) addition from 2026E to 2028E [3][6] - **Public Space Segment**: The 2G segment is expected to contribute around 60% of new third-party contract value, with a forecasted annual addition of 23 million sqm of GFA [3][6] - **Residential & Commercial Segments**: Combined annual managed GFA addition projected at 12 million sqm, with a 12% CAGR from 2026E to 2028E [3][6] Operational Efficiency - **Cost Control**: Focus on balancing service quality and cost control through standardized operational norms and centralized procurement [4][6] - **Technology Adoption**: Implementation of intelligent facilities management integrated with AI and collaboration with Tencent for smart inspection systems [6][8] Market Positioning - **Competitive Differentiators**: Targeted service offerings in scenic area operations and urban business park management are seen as key competitive advantages [3][4] - **Client Base Expansion**: Deepening penetration among SOE clients and new-economy clients such as Netease and JD.com [3][6] Risks and Considerations - **Market Risks**: Potential risks include weaker-than-expected contracted GFA growth and margin dilution from investments in new verticals [11][12] - **Parent Company Support**: POPS' growth is supported by its parent company, Poly A, which is expected to deliver approximately 35% of POPS' net managed GFA addition [6][11] Conclusion - **Investment Rating**: The company maintains a "Buy" rating, supported by strong growth prospects and operational efficiencies [1][11] - **Valuation Metrics**: POPS trades at a P/E of 10X/9X/9X for 2026E-2028E, with an implied total return of 37% when dividends are considered [5][6]

Investment Rating - The report maintains an "Overweight" rating for the industry [4] Core Insights - The Shanghai land market is showing signs of recovery with improved land quality and increased willingness among developers to acquire land [8] - The land supply in Shanghai for 2025 is reported at 1.6524 million square meters, a year-on-year increase of 2.16%, while the planned construction area is 3.2134 million square meters, a decrease of 3.71% [12][19] - The average premium rate for land transactions in Shanghai reached 15.75% in 2025, an increase of 5.47 percentage points year-on-year, with total land transfer fees amounting to 140.022 billion yuan, up 1.46% year-on-year [23] Summary by Sections 1. Shanghai Land Supply and Transaction Situation - The total area of land released for construction in Shanghai in 2025 is 1.6524 million square meters, with a planned construction area of 3.2134 million square meters [12] - The transaction area of construction land in 2025 is 1.6402 million square meters, a decrease of 5.63% year-on-year, while the planned construction area transacted is 3.1610 million square meters, down 14.46% year-on-year [19] - The average transaction floor price is 44,297.15 yuan per square meter, an increase of 8.63% year-on-year, and the average land price is 85,358.89 yuan per square meter, up 7.50% year-on-year [21] 2. Shanghai Land Auction Analysis - The top 10 high-premium land parcels are primarily located in the Pudong New Area and Hongkou District, indicating higher auction activity in these central urban areas compared to suburban regions [38] - The auction market in 2025 saw no failed bids, reflecting a robust demand for land [47] 3. Investment Recommendations - The report suggests focusing on leading real estate companies with stable performance and high safety margins, such as China Merchants Shekou, Binjiang Group, and Huafa Group [47] - Beneficiary stocks recommended include Yuexiu Property, Greentown China, China Overseas Development, and China Resources Land [47] - For the property sector, recommended companies include China Resources Vientiane Life, China Overseas Property, Poly Property, and China Merchants Jinling [47]

Investment Rating - The industry investment rating is "Buy" [2] Core Viewpoints - The Central Economic Work Conference emphasizes stabilizing the real estate market, focusing on risk resolution and encouraging the acquisition of existing properties for affordable housing [5][8] - The overall tone of the conference is the most positive of the year, indicating a responsive approach to the industry's downward trend [14] - The policy shift from "stimulating demand" to "digesting inventory and optimizing supply" reflects a strategic change in real estate policy [14] Summary by Sections Economic Work Conference Insights - The conference held on December 11, 2025, updated its stance on real estate, focusing on stabilizing the market and managing risks effectively [5][8] - Key measures include controlling new land supply, revitalizing existing land and commercial properties, and promoting the construction of quality housing [5][8] Policy Evolution - The shift in policy from "stimulating demand" to "controlling increment, reducing inventory, and optimizing supply" has been noted since April 2024 [14] - The emphasis on "risk prevention" suggests that 2026 may see intensified contradictions within the real estate sector [14] Company Valuation and Financial Analysis - The report includes a detailed valuation and financial analysis of key companies in the real estate sector, with several companies rated as "Buy" [6] - Notable companies include Vanke A, China Overseas Development, and Poly Developments, all showing potential for strong performance [6][17] Recommendations - The report recommends several A-share and H-share companies for investment, indicating a focus on both development and property management sectors [17]

城市高质量发展不能仅靠规划，更要依靠持续运营与更新，推动城市从"单一功能"向"人本场景"转变。 美好城市不仅是建出来的，更是"管"出来、"运营"出来的。 面对城市治理的新要求，各类社会主体积极构建与之匹配的能力体系。上海财经大学长三角与长江经济 带发展研究院执行院长张学良认为，城市高质量发展路径应是多元的、融合的，需以运营思维整合空 间、生态与产业资源。智纲智库（上海）副总经理黄栋认为，要通过文旅与城市服务的融合，激活公共 空间价值。 经济学家、国家发展和改革委员会原副秘书长范恒山表示，城市治理需摆脱"重建设、轻治理"的惯性， 通过完善多元参与机制，实现智慧化与精细化运营。 2025社会治理与协同创新城市高质量发展会议暨第五届镇长论坛近期在广东深圳召开，300余名嘉宾齐 聚鹏城，围绕"全新全域 美好共生"主题，共同探讨现代化人民城市高效能治理的方向与路径。 会上，由保利城市建设服务有限公司与深圳市本原元宇宙研究院共同建设的智慧城区联合实验室揭牌成 立，有助于推动智慧治理技术研发与落地，为城市数字化转型与智慧化建设提供技术支持。 从政策引导到社会参与，从硬件改善到服务提升，从服务管理到价值创造，各地探索以内涵式 ...

Core Insights - The report highlights the expansion of the top 50 property service companies in China, with a total new contract area of approximately 52.16 million square meters in November 2025, indicating a competitive landscape among leading firms [1] - The overall third-party expansion scale decreased by 24.73% compared to October, with a total of 4,735 million square meters added [1] - The leading sectors for third-party expansion were residential (27.6%), schools (22.9%), and offices (18.5%) [12][15] Group 1: New Contract Areas - The top 50 companies added a total of approximately 52.16 million square meters in new contract areas, with the top 10 companies contributing 30.83 million square meters, accounting for 59.08% of the total [1] - China Resources Vientiane Life had the highest new contract area in November, reaching 4.49 million square meters [1] - The threshold for the top 10 companies' expansion scale slightly decreased from 1.68 million square meters in October to 1.31 million square meters in November [1] Group 2: Project Expansion and Performance - In November, the total new third-party expansion scale was 4,736 million square meters, with 4 companies expanding between 3 million to 5 million square meters, representing 28.3% of the total [12] - The top three companies in terms of new project expansion were China Resources Vientiane Life, Poly Property, and Shimao Services, with expansion areas of 352 million square meters, 340 million square meters, and 336 million square meters, respectively [12][15] - The report indicates a growing trend among property companies to diversify into non-residential sectors, seeking new profit growth points [15] Group 3: City Service Projects - The top city service project in November was the Fuding City Urban Sanitation Integration Project, contracted by Country Garden Services for approximately 139.06 million yuan, with a service period of 3 years [20] - The total contract amount for the top 10 city service projects reached 480 million yuan, accounting for about 93.79% of the overall city service project contracts [20] - The report lists various city service projects across different provinces, highlighting the competitive landscape in urban management services [20] Group 4: Associated Area Analysis - The top five companies in terms of newly contracted associated areas were Poly Property, Wanwu Cloud, China Overseas Property, China Resources Vientiane Life, and China Railway Construction Property, indicating strong area conversion capabilities [23] - The total scale of newly contracted associated areas for the top 50 companies was 19.64 million square meters, showing a significant increase of 70.1% compared to October [23] - Poly Property led with 1.84 million square meters in associated area contracts, demonstrating its strong market position [23]

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 賴該等內容而引致之任何損失承擔任何責任。 茲提述保利物業服務股份有限公司（「本公司」）日期為2025年11月13日的公告， 內容有關更換審計機構（「該公告」）。 本公司宣佈，本公司將於2025年12月30日(星期二)舉行臨時股東大會（「臨時股東 大會」）以審議並批准關於該公告中所載事項之議案。一份載有將於臨時股東大會 上提呈的決議案詳情之通函，連同臨時股東大會通告，將在適當時候寄發予本公 司股東。 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 為釐定股東出席臨時股東大會並於會上投票的資格，本公司將於2025年12月23日 （星期二）至2025年12月30日（星期二））（包括首尾兩日）暫停辦理H股股份持有人 過戶登記手續，該期間將不予辦理任何H股股份過戶登記。為確認H股股東符合 資格出席臨時股東大會並於會上投票 ...

截至2025 年上半年，公司现金及现金等价物96.5 亿元，较2024 年末下降2.5%；费用率5.4%，较2024 年 同期下降0.9pct。现金依旧维持健康状态，经营效率持续提升。 2025 年上半年公司实现营收83.9 亿，同比+6.6%。其中物业管理服务营收较2024 年同期增加13.1%。核 心业务物业管理服务有较高增速，总体营收增加。公司平均物业单价提升至2.47 元/平米，较2024 年提 升0.14 元/平米。受房地产行业下行及大环境影响，非业主增值服务收入减少16.1%，小区增值服务收入 减少约3.7%。公司营业成本67.7 亿，同比增长8.0%，毛利率19.4%，同比下降1.1pct。权益股东应占净 利润为8.9 亿，同比+5.3%。 规模保持扩张，第三方外拓亮眼 受益于新项目定价标准的提升，公司2025 年上半年住宅项目的单价较去年同期有所提升，物业管理服 务毛利率为16.6%，同比下降0.2pct。截至2025 年上半年末，公司来自控股股东保利发展的在管面积为 3.6 亿平米，同比增长3.1%。公司能从控股股东获得持续的支持。同时公司坚持外拓，开拓第三方项 目，截止2025 年上半年， ...

规模保持扩张，第三方外拓亮眼 受益于新项目定价标准的提升，公司2025年上半年住宅项目的单价较去年同期有所提升，物业管理服务 毛利率为16.6%，同比下降0.2pct。截至2025年上半年末，公司来自控股股东保利发展（600048）的在 管面积为3.6亿平米，同比增长3.1%。公司能从控股股东获得持续的支持。同时公司坚持外拓，开拓第 三方项目，截止2025年上半年，公司在管面积6.4亿平米，占比63.8%，同比增长5.9%。新拓展第三方项 目的单年合同金额约14.1亿元，同比增长17.2%。新拓展第三方项目单年合同金额中位于核心50城占比 高达84.6%，同比提升5.1pct。外拓能力是物业管理服务持续扩大规模的保证。 基本面扎实，经营效率提升 中泰证券（600918）发布研报称，保利物业(06049)2025年上半年收入业绩维持增长，从业务结构的拆 分中可以看出公司核心物业管理业务增长稳定，增值业务的收入下行与地产行业整体往下的趋势及业务 结构的调整有关。该行预计公司2025-2027年EPS为2.88、3.09和3.33元/股，对应PE为11.0、10.3和9.6 倍，维持"买入"评级。 中泰证券主要观点 ...

智通财经APP获悉，中泰证券发布研报称，保利物业(06049)2025年上半年收入业绩维持增长，从业务结 构的拆分中可以看出公司核心物业管理业务增长稳定，增值业务的收入下行与地产行业整体往下的趋势 及业务结构的调整有关。该行预计公司2025-2027年EPS为2.88、3.09和3.33元/股，对应PE为11.0、10.3 和9.6倍，维持"买入"评级。 受益于新项目定价标准的提升，公司2025年上半年住宅项目的单价较去年同期有所提升，物业管理服务 毛利率为16.6%，同比下降0.2pct。截至2025年上半年末，公司来自控股股东保利发展的在管面积为3.6 亿平米，同比增长3.1%。公司能从控股股东获得持续的支持。同时公司坚持外拓，开拓第三方项目， 截止2025年上半年，公司在管面积6.4亿平米，占比63.8%，同比增长5.9%。新拓展第三方项目的单年合 同金额约14.1亿元，同比增长17.2%。新拓展第三方项目单年合同金额中位于核心50城占比高达84.6%， 同比提升5.1pct。外拓能力是物业管理服务持续扩大规模的保证。 基本面扎实，经营效率提升 截至2025年上半年，公司现金及现金等价物96.5亿元，较 ...

房地产服务 执业证书编号：S0740523020005 Email：youzp@zts.com.cn 执业证书编号：S0740523080001 1、《收入业绩稳健增长，分红率提 升》2025-04-08 保利物业（06049.HK） 证券研究报告/公司点评报告 2025 年 12 月 07 日 | 评级： | 买入（维持） | 公司盈利预测及估值 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | 分析师：由子沛 | | 营业收入（百万元） | 15,070 | 16,342 | 17,650 | 18,885 | 20,207 | | 执业证书编号：S0740523020005 | | 增长率 yoy% | 10% | 8% | 8% | 7% | 7% | | Email：youzp@zts.com.cn | | 归母净利润（百万元） | 1,380 | 1,474 | 1,596 | 1,711 | 1,843 | | | | ...