Core Viewpoint - The report maintains the profit forecast for Poly Property (06049), expecting a 5% year-on-year growth in net profit attributable to shareholders for 2025-26, reaching 1.55 billion and 1.62 billion yuan respectively. The target price is raised by 11% to HKD 42.7, corresponding to a target P/E ratio of 14 times for 2025 and a 14% upside potential. The stock is currently trading at 12 times the 2025 P/E ratio [1] Group 1: Revenue and Profit Growth - The basic property management business drives overall growth, with this segment accounting for 70-80% of total revenue, growing by 13% year-on-year, establishing the main growth trend. The segment's gross profit margin remains relatively stable [2] - The company reported a revenue of 8.4 billion yuan for 1H25, a 7% year-on-year increase, and a net profit of 890 million yuan, also a 5% year-on-year increase, in line with expectations [1] Group 2: Contract Expansion and Project Structure - The new third-party project contract amount increased by 17% year-on-year to 1.4 billion yuan, with growth in residential, public service, and commercial office sectors. The contract amount in core 50 cities increased its proportion by 5 percentage points to 85% [3] - The proportion of non-residential projects in the new contracts has risen to nearly 80%, with the share of contracts worth over 10 million and 20 million yuan in the public service sector further increasing [3] Group 3: Accounts Management and Cash Flow - As of the end of 1H25, trade receivables grew by 10% year-on-year, with over 90% of the amounts due within one year, maintaining a healthy aging structure. The overall collection rate remained stable [4] - The public service business's collection rate has shown an upward trend, while the residential and commercial office sectors have seen a decline [4] Group 4: High-Quality Development and Shareholder Returns - The company is expected to maintain its competitive advantage in core sectors, driving overall revenue growth through high-quality project expansion and conversion, while also focusing on internal efficiency and maintaining stable profit margins [5] - The management has set a target of 3 billion yuan for annual saturated contract expansion and aims to keep the annual revenue and net profit targets unchanged. The dividend payout ratio has increased from 20% in 2021 to 50% in 2024, with expectations for continued shareholder return policies [5]

Core Viewpoint - CICC maintains the profit forecast for Poly Property (06049) unchanged, expecting a 5% year-on-year growth in net profit attributable to shareholders for 2025-26, reaching 1.55 billion and 1.62 billion yuan respectively, while maintaining an outperform rating for the industry [1] Group 1: Revenue and Profit Growth - The basic property management business drives overall growth, with the revenue share of this segment accounting for 70-80%, showing a year-on-year growth of 13%, establishing the main tone for overall revenue growth [2] - The company reported a 7% year-on-year increase in revenue for 1H25, amounting to 8.4 billion yuan, and a net profit of 890 million yuan, reflecting a 5% year-on-year growth, in line with expectations [1][2] Group 2: Contract Expansion and Project Structure - The new third-party project contract amount increased by 17% year-on-year to 1.4 billion yuan, with growth achieved across residential, public service, and commercial office sectors [3] - The proportion of new contracts in core 50 cities increased by 5 percentage points year-on-year to 85%, with the share of core non-residential sectors rising to nearly 80% [3] Group 3: Accounts Management - As of the end of 1H25, trade receivables grew by 10% year-on-year, with over 90% of the amounts due within one year, indicating a healthy aging structure [4] - The overall collection rate remained stable, with public service business collection rates increasing, while residential and commercial office sectors saw a decline [4] Group 4: High-Quality Development and Shareholder Returns - The company is expected to maintain its competitive advantage in core sectors, driving overall revenue growth through high-quality project expansion and conversion, while also focusing on internal efficiency and maintaining stable profit margins [5] - The management aims to achieve a target of 3 billion yuan in annual saturated contract amounts and maintains its revenue and net profit targets for the year [5] - The company has consistently increased its dividend payout ratio over the past three years, from 20% in 2021 to 50% in 2024, and is expected to continue its proactive shareholder return policy [5]

Investment Rating - The report maintains a "Buy" rating for Poly Property [4][8] Core Views - The company demonstrates stable growth in performance, with accelerated third-party expansion [8] - The company is backed by Poly Real Estate, ensuring strong growth momentum and strategic positioning in non-residential property management [8] - The report forecasts net profits for 2025-2027 to be 1.56 billion, 1.65 billion, and 1.76 billion respectively, with a price-to-earnings ratio of 12 times for 2025 [8] Financial Data and Profit Forecast - Revenue (in million) for 2023 is projected at 15,062, with a growth rate of 10.0%, and expected to reach 19,784 by 2027 with a growth rate of 7.2% [3][9] - Net profit attributable to the parent company (in million) is forecasted to be 1,380 in 2023, growing to 1,764 by 2027, with a growth rate of 7.0% in the final year [3][9] - Earnings per share (in yuan) are expected to increase from 2.51 in 2023 to 3.19 in 2027 [3][9] - The return on equity is projected to decline from 15.8% in 2023 to 13.5% in 2027 [3][9] Operational Highlights - In the first half of 2025, the company achieved revenue of 8.4 billion, a year-on-year increase of 6.6%, and a net profit of 890 million, up 5.3% [8] - The managed area increased by 12% year-on-year, with third-party contract amounts growing by 17% [8] - The average property management fee for residential properties rose to 2.47 yuan per square meter per month, reflecting a steady increase [8]

集团期内毛利约为人民币16.267亿元，同比增长约1.0%，毛利率约为19.38%，同比下降约1.08个百分 点。期内溢利约为人民币9.040亿元，同比增长约5.8%，净利率约为10.8%，同比下降约0.1个百分点。 公司拥有人应占期内溢利约为人民币8.906亿元，同比增长约5.3%，每股基本盈利约为人民币1.6178 元。 保利物业公布截至2025年6月30日的六个月的中期业绩。期间，集团总收入约为人民币83.920亿元，同 比增长约6.6%。收入主要来自三部分：物业管理服务收入为人民币63.248亿元，同比增长约13.1%；非 业主增值服务收入为人民币8.631亿元，同比下降约16.1%；社区增值服务收入为人民币12.041亿元，同 比下降约3.7%。 ...

期內，集团毛利约为1.627亿元，同比增加1.0%；毛利率约为19.38%，同比减少约1.08个百分点。 本文源自：财华网 【财华社讯】保利物业(06049.HK)公布，截至2025年6月30日止六个月，收入约83.92亿元(人民币,下 同)，同比增加6.6%；公司拥有人应占溢利约8.91亿元，同比增加5.3%；每股基本盈利1.6178元。不派 息。 ...

Core Insights - The company reported a revenue of approximately RMB 8.392 billion for the first half of 2025, representing an increase of about 6.6% compared to the same period in 2024 [1] - The revenue from property management services increased by approximately 13.1% to around RMB 6.325 billion, while non-owner value-added services revenue decreased by about 16.1% to approximately RMB 863 million, and community value-added services revenue decreased by about 3.7% to around RMB 1.204 billion [1] Financial Performance - The company recorded a gross profit of approximately RMB 1.627 billion, an increase of about 1.0% year-on-year, with a gross margin of approximately 19.38%, down by about 1.08 percentage points from the previous year [1] - The profit for the period was approximately RMB 904 million, reflecting an increase of about 5.8% compared to 2024, with a net profit margin of approximately 10.8%, a slight decrease of 0.1 percentage points year-on-year [1] - The profit attributable to the owners of the company was approximately RMB 891 million, an increase of about 5.3% compared to the same period in 2024 [1]

Core Viewpoint - Poly Property reported a 6.61% increase in revenue for the first half of 2025, reaching 8.392 billion yuan, with a net profit attributable to equity holders of 891 million yuan, reflecting a 5.28% year-on-year growth [1][3]. Financial Performance - Total revenue for the first half of 2025 was 8.392 billion yuan, showing a growth rate decrease from 8.50% in 2024 [3]. - Net profit attributable to equity holders was 891 million yuan, with a growth rate lower than the 6.79% recorded in 2024 [3]. - Gross margin improved to 19.38% from 18.26% in 2024, indicating effective cost control [3]. - Net profit margin increased to 10.77%, up from 9.11% in 2024, suggesting enhanced profitability [3]. - Annualized return on equity rose to 18.20%, an increase of 2.2 percentage points from 16.00% in 2024, reflecting improved capital efficiency [3]. - Accounts receivable surged to 3.926 billion yuan from 2.816 billion yuan at the end of 2024, with accounts receivable turnover decreasing to 2.49 times [3]. Asset and Liability Structure - Total assets reached 17.620 billion yuan by the end of June 2025, a 5.00% increase from 16.781 billion yuan at the end of 2024 [4]. - Cash and cash equivalents slightly decreased to 9.648 billion yuan from 9.891 billion yuan at the end of 2024 [4]. - The debt-to-asset ratio increased to 42.93%, up 1.75 percentage points from 41.18% at the end of 2024 [4]. - Current liabilities totaled 7.503 billion yuan, a 9.68% increase from 6.841 billion yuan at the end of 2024, primarily due to an increase in other payables and accrued expenses [4]. - A new mid-to-long-term deposit project added 2.017 billion yuan in the first half of 2025, though details on its nature and purpose were not provided [4]. Strategic Planning - The company aims to focus on quality and efficiency in 2025, emphasizing "quality-driven, market-driven, operation-driven, and organization-driven" initiatives [5]. - In market expansion, the company will implement a "one city, one policy" approach for resource allocation, enhancing core city density [6]. - The company plans to leverage its state-owned service brand advantages in commercial and office buildings, town scenic areas, and existing residential sectors to strengthen differentiated service advantages [6]. - There is a commitment to enhance community asset services and living services for over 2 million households, aiming to provide more convenient and cost-effective living services [6]. - The company will continue to build comprehensive service capabilities covering various asset types, including management, leasing, and maintenance [6].

上半年，本集团持续审慎经营，以品质服务与精益运营赢得市场，实现业务规模稳步增长、管理效益不 断夯实。下半年，本集团将在增强增长动能、品质基石、组织效能与科技赋能四大维度协同发力，实现 规模与效益的动态平衡、服务与创新的深度融合，把握当下行业发展机遇。 保利物业(06049)发布2025年中期业绩，该集团取得收入人民币83.92亿元(单位下同)，同比增加6.6%;公 司拥有人应占期内溢利8.91亿元，同比增加5.3%;每股基本盈利1.6178元。 ...

Core Insights - Poly Property (06049) reported a mid-year performance for 2025, achieving revenue of RMB 8.392 billion, representing a year-on-year increase of 6.6% [1] - The profit attributable to the company's owners for the period was RMB 891 million, reflecting a year-on-year growth of 5.3% [1] - Basic earnings per share stood at RMB 1.6178 [1] Business Performance - The company maintained a prudent operational approach, focusing on quality service and lean operations to capture market share, resulting in steady business growth and enhanced management efficiency [1] - In the second half of the year, the company plans to enhance growth momentum, quality foundation, organizational effectiveness, and technological empowerment across four dimensions to achieve a dynamic balance between scale and efficiency, as well as deep integration of service and innovation [1]

Core Insights - Poly Property (06049.HK) reported a revenue of approximately RMB 8.392 billion for the six months ending June 30, 2025, representing an increase of about 6.6% compared to the same period in 2024 [1] Revenue Breakdown - Property management service revenue increased by approximately 13.1% to about RMB 6.325 billion compared to 2024 [1] - Non-owner value-added service revenue decreased by approximately 16.1% to about RMB 863 million compared to 2024 [1] - Community value-added service revenue decreased by approximately 3.7% to about RMB 1.204 billion compared to 2024 [1] Profitability Metrics - The company recorded a gross profit of approximately RMB 1.627 billion, an increase of about 1.0% year-on-year, with a gross margin of approximately 19.38%, down by 1.08 percentage points from 2024 [1] - Profit for the period was approximately RMB 904 million, an increase of about 5.8% compared to 2024, with a net profit margin of approximately 10.8%, down by 0.1 percentage points from 2024 [1] - Profit attributable to owners for the period was approximately RMB 890 million, an increase of about 5.3% compared to 2024, with basic earnings per share of approximately RMB 1.6178 [1]