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， ...

Core Viewpoint - Poly Property (06049) is expected to maintain revenue growth in the first half of 2025, with stable growth in its core property management business, while the decline in value-added services is related to the overall downturn in the real estate industry and adjustments in the business structure [1] Revenue Performance - In the first half of 2025, the company achieved revenue of 8.39 billion, a year-on-year increase of 6.6% [2] - Revenue from property management services increased by 13.1% compared to the same period in 2024 [2] - The average property price rose to 2.47 yuan per square meter, an increase of 0.14 yuan per square meter from 2024 [2] - Non-owner value-added service revenue decreased by 16.1%, while community value-added service revenue fell by approximately 3.7% [2] - Operating costs were 6.77 billion, a year-on-year increase of 8.0%, with a gross margin of 19.4%, down 1.1 percentage points [2] - Net profit attributable to equity shareholders was 0.89 billion, a year-on-year increase of 5.3% [2] Expansion and Third-Party Projects - The company’s residential project pricing standards improved, leading to an increase in property management service gross margin to 16.6%, down 0.2 percentage points year-on-year [3] - As of the end of the first half of 2025, the area managed from the controlling shareholder Poly Development (600048) was 360 million square meters, a year-on-year increase of 3.1% [3] - The company has been actively expanding third-party projects, with a total managed area of 640 million square meters, accounting for 63.8%, a year-on-year increase of 5.9% [3] - The annual contract value of newly expanded third-party projects was approximately 1.41 billion, a year-on-year increase of 17.2%, with 84.6% of this value located in core 50 cities, up 5.1 percentage points year-on-year [3] Operational Efficiency - As of the end of the first half of 2025, cash and cash equivalents were 9.65 billion, a decrease of 2.5% from the end of 2024 [4] - The expense ratio was 5.4%, down 0.9 percentage points year-on-year [4] - The company aims to enhance growth momentum, solidify quality foundations, improve organizational efficiency, and strengthen technological empowerment to achieve simultaneous growth in scale and efficiency [4]

Core Insights - Poly Property (06049) is expected to maintain revenue growth in the first half of 2025, with stable growth in its core property management business, while value-added service revenue is declining due to the overall downward trend in the real estate industry and adjustments in business structure [1] Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 8.39 billion, a year-on-year increase of 6.6%, and net profit attributable to equity shareholders of 0.89 billion, up 5.3% year-on-year [1] - The revenue from property management services increased by 13.1% compared to the same period in 2024, with the average property price rising to 2.47 yuan per square meter, an increase of 0.14 yuan per square meter from 2024 [1] - Operating costs were 6.77 billion, a year-on-year increase of 8.0%, with a gross margin of 19.4%, down 1.1 percentage points year-on-year [1] Group 2: Expansion and Third-Party Projects - The company’s managed area from the controlling shareholder Poly Development reached 360 million square meters, a year-on-year increase of 3.1% [2] - The company has been actively expanding third-party projects, with a total managed area of 640 million square meters, accounting for 63.8% of the total, a year-on-year growth of 5.9% [2] - The annual contract amount for newly expanded third-party projects is approximately 1.41 billion, a year-on-year increase of 17.2%, with 84.6% of this amount located in core 50 cities, an increase of 5.1 percentage points year-on-year [2] Group 3: Operational Efficiency - As of the end of the first half of 2025, the company had cash and cash equivalents of 9.65 billion, a decrease of 2.5% from the end of 2024 [3] - The expense ratio was 5.4%, down 0.9 percentage points year-on-year [3] - The company aims to enhance growth momentum, solidify quality foundations, improve organizational efficiency, and strengthen technological empowerment to achieve simultaneous growth in scale and efficiency [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company reported a steady revenue growth with a dividend payout ratio increase [3] - The company achieved a revenue of 8.39 billion in the first half of 2025, representing a year-on-year growth of 6.6%, with a net profit attributable to shareholders of 0.89 billion, up 5.3% year-on-year [5][6] - The average property management service price increased to 2.47 yuan per square meter, up 0.14 yuan from the same period in 2024 [6] - The company continues to expand its scale, with third-party project contracts reaching approximately 1.41 billion, a year-on-year increase of 17.2% [8] Financial Performance Summary - Revenue projections for the company are as follows: - 2023A: 15,070 million - 2024A: 16,342 million - 2025E: 17,650 million - 2026E: 18,885 million - 2027E: 20,207 million - Year-on-year growth rates for revenue are projected at 10% for 2023, decreasing to 7% by 2027 [4] - Net profit attributable to shareholders is projected to grow from 1,380 million in 2023 to 1,843 million in 2027, with growth rates of 24% in 2023 and stabilizing around 7-8% thereafter [4] - Earnings per share (EPS) is expected to increase from 2.49 in 2023 to 3.33 in 2027, with corresponding P/E ratios decreasing from 12.8 to 9.6 [4] Operational Efficiency - The company maintains a healthy cash position with cash and cash equivalents at 9.65 billion, a slight decrease of 2.5% from the end of 2024 [9] - The expense ratio improved to 5.4%, down 0.9 percentage points from the same period in 2024, indicating enhanced operational efficiency [9] - The company aims to enhance growth momentum, solidify quality foundations, improve organizational efficiency, and strengthen technological empowerment to achieve simultaneous growth in scale and efficiency [9]

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [5] Core Insights - Recent "14th Five-Year Plan" proposals from various regions emphasize the need for "good housing" and a "market + guarantee" supply-side policy, aiming for high-quality urban renewal and improved housing supply for low-income families [1][10] - The real estate sector is under pressure, with a significant year-on-year decline in new home sales, indicating a challenging market environment [2][22] - The report suggests that the policy environment is expected to strengthen, with a focus on improving the competitive landscape, particularly benefiting leading state-owned enterprises and quality developers [3] Summary by Sections 1. "14th Five-Year Plan" Proposals - Multiple regions have released proposals highlighting the importance of quality housing and a balanced supply system, focusing on urban renewal and affordable housing for disadvantaged families [1][10] 2. Market Review - The Shenwan Real Estate Index decreased by 2.2% this week, underperforming the CSI 300 Index by 3.43 percentage points, ranking 30th among 31 Shenwan primary industries [11] - A total of 30 stocks rose, while 82 stocks fell, indicating a challenging market sentiment [11] 3. New and Second-Hand Housing Transactions - New home sales in 30 cities totaled 176.6 million square meters this week, down 6.5% month-on-month and 47.7% year-on-year [2][22] - Second-hand home sales in 14 cities amounted to 190.7 million square meters, reflecting a 5.3% decrease from the previous week and a 40.8% decline year-on-year [33] 4. Credit Bond Issuance - This week, 9 credit bonds were issued by real estate companies, totaling 6.568 billion yuan, a decrease of 11.272 billion yuan from the previous week, with a net financing amount of -2.132 billion yuan [3][42]

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 呈交日期: 2025年12月2日 I. 法定/註冊股本變動 截至月份: 2025年11月30日 狀態: 新提交 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06049 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 347,000,090 | RMB | | 1 | RMB | | 347,000,090 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 347,000,090 | RMB | | 1 | RMB | | 347,000,090 | | 2. 股份分類 | 普通股 | 股份類別 | 其他類別 (請註明) | | 於香港聯 ...

Core Viewpoint - The report from CICC maintains the earnings forecast for Poly Property (06049) and keeps the "outperform" rating with a target price of HKD 42.7, corresponding to a 13x P/E for 2026 and a 22% upside potential [1] Group 1: Strategic Layout and Growth - The "big property" strategic layout has achieved breadth, with the "14th Five-Year Plan" focusing on operational focus and industrial upgrades [2] - During the "14th Five-Year Plan," the company has proactively laid out the "big property" strategy, achieving over 25% compound growth in property management revenue from public services and commercial office sectors from 2021 to 2024 [2] - By 2024, the managed area for non-residential properties is expected to reach 510 million square meters, with non-residential property management revenue accounting for over 40% of total property management revenue [2] - The company's market-oriented external expansion capability and industry coverage are leading, with an annualized contract amount for non-residential external expansion expected to be RMB 2.75 billion in 2024, covering over 40 non-residential sectors [2] - The company has essentially achieved the layout and external expansion capability at the "big property" level, with future development transitioning from breadth and width to deep operations, aiming for further elevation in revenue structure, profitability, and operational capability [2] Group 2: Scenic Area Operations - Scenic area operations present good growth potential and financial models, with property management companies expected to upgrade from traditional management fees to operational revenue sharing through integrated management and operations [2] - The tourism industry is expected to continue its strong growth, with the China Tourism Research Institute predicting that cultural and tourism-related consumption will exceed RMB 10 trillion by 2030, with an average annual growth rate of 8%-10% during the "15th Five-Year Plan" [2] - For example, in the Shenzhen Xichong project, property management fee revenue is around RMB 10 million, with relatively low gross margins; however, integrating ticket revenue sharing and secondary consumption from tourists is expected to significantly enhance project gross margins [2] - By the end of 2024, Poly Property is expected to have served over 100 A-level scenic area projects, including three operational management projects, with ongoing development of benchmark projects providing a solid foundation for further acquisition of scenic area operation projects and creating an integrated service system for scenic area operations and urban management [2]

Core Viewpoint - The company demonstrates steady growth in managed area and property fees, with a strong performance in property management services contributing significantly to revenue growth [1][2] Group 1: Area and Revenue Growth - As of the first half of 2025, the company managed an area of 834 million square meters, representing a 10.1% increase from the beginning of the period [1] - The contracted area reached 996 million square meters, up 4.8% from the start of the period [1] - The average property fee increased from 2.23 RMB/sqm/month in 2020 to 2.47 RMB/sqm/month by the first half of 2025 [1] - Property management service revenue amounted to 6.32 billion RMB, reflecting a year-on-year increase of 13.1% [1] - Total revenue for the first half of 2025 was 8.39 billion RMB, a 6.6% increase year-on-year [2] Group 2: Revenue Structure and Profitability - The proportion of property management revenue increased to 75.4%, up 3.9 percentage points from the beginning of the period and 4.3 percentage points year-on-year [1] - The company's gross margin was 19.4%, while the net margin rose to 10.8%, indicating strong profitability compared to peers [2] - The selling and administrative expense ratio was 5.3%, and accounts receivable turnover days were 72, showing stable performance in these areas [2] Group 3: Investment Outlook - The company is positioned as a state-owned enterprise in property management, with strong internal and external growth prospects [2] - Projected net profit for 2025-2027 is estimated at 1.55 billion, 1.64 billion, and 1.72 billion RMB, corresponding to price-to-earnings ratios of 11.4, 10.8, and 10.3 times [2]

Core Insights - BlackRock increased its stake in Poly Property (06049) by acquiring 1.468 million shares at a price of HKD 36.672 per share, totaling approximately HKD 53.8345 million [1] - Following this acquisition, BlackRock's total shareholding in Poly Property is approximately 17.7899 million shares, representing a holding percentage of 5.13% [1]

Core Insights - BlackRock increased its stake in Poly Property (06049) by acquiring 1.468 million shares at a price of HKD 36.672 per share, totaling approximately HKD 53.8345 million [1] - Following this acquisition, BlackRock's total shareholding in Poly Property reached approximately 17.7899 million shares, representing a stake of 5.13% [1]