8月21日，越秀服务（06626.HK）披露2025年中期业绩报告。在行业回归理性增长的大环境下，公司交出了一份兼具韧性与创新的成绩单。报告期内，越秀 服务实现营业收入19.62亿元，账面现金及定期存款47.91亿元，充分展示公司在长期主义理念下持续锻造竞争力。 越秀服务非执行董事兼董事会主席江国雄表示，当前市场环境对物管行业在服务品质和经营质量上均提出了更高要求，越秀服务本身具备高质量发展的根 基。面向未来，公司将会坚持和落实"以客户满意为先"的理念，不断提升基础服务能力、增加区域深耕耐力、挖掘增值赛道潜力、强化市场综合竞争力，在 行业回归理性增长的共识下，静水流深，以坚守长期主义的理念和原则，持续穿越市场周期。 01 营收增长，现金充沛，以稳固底盘筑牢发展护城河 2025年上半年，越秀服务实现营业收入19.62亿元，始终保持增长势头，其中基础物业管理收入7.16亿元，同比增长19.2%，连续四年增速近20%，成为穿越 行业周期的关键支撑。 在物业行业转型变革的背景下，越秀服务展现出难得的韧性。数据显示，截至报告期末，越秀服务账面现金及定期存款为47.91亿元，较2024年末再增8900 万元，经营性现金流 ...

Performance Summary - China Petroleum & Chemical Corporation (00386.HK) reported a revenue of 1,409.05 billion yuan, a decrease of 10.6% year-on-year, and a net profit of 21.483 billion yuan, down 39.8% year-on-year [2] - Kuaishou Technology (01024.HK) achieved a revenue of 67.654 billion yuan, an increase of 12.04% year-on-year, with a net profit of 8.9 billion yuan, up 9.9% year-on-year [2] - China National Pharmaceutical Group (01099.HK) recorded a revenue of 36.363 billion yuan, a decrease of 1.48% year-on-year, and a net profit of 295 million yuan, an increase of 1.02% year-on-year [2] - Miniso Group (09896.HK) reported a revenue of 9.393 billion yuan, a growth of 21.1% year-on-year, but a net profit of 906 million yuan, down 22.6% year-on-year [2] - Tuhu (09690.HK) had a revenue of 7.9 billion yuan, an increase of 10.5% year-on-year, with an adjusted net profit of 410 million yuan, up 14.6% year-on-year, and the number of stores increased to 7,205 [2] - Bilibili Inc. (09626.HK) reported a second-quarter revenue of 7.338 billion yuan, an increase of 19.76% year-on-year, and a net profit of 219 million yuan, turning from a loss of 609 million yuan in the same period last year [2] - Zaitong (00062.HK) achieved a revenue of 4.226 billion HKD, an increase of 3.98% year-on-year, and a net profit of 190 million HKD, up 57.94% year-on-year [2] - Xincheng Power (01148.HK) reported a revenue of 2.804 billion yuan, an increase of 7.06% year-on-year, but a net profit of 16.49 million yuan, down 25.49% year-on-year [2] - Fourth Paradigm (06682.HK) achieved a revenue of 2.626 billion yuan, an increase of 40.71% year-on-year, with an adjusted net loss of 44 million yuan, narrowing by approximately 71.2% from a loss of 152 million yuan in the same period last year [2] - Meilian Group (01200.HK) reported a revenue of 2.518 billion HKD, a decrease of 24.1% year-on-year, and a net profit of 151 million HKD, down 13% year-on-year [2] - Baisheng Group (03368.HK) achieved a revenue of 1.963 billion yuan, an increase of 0.93% year-on-year, and a net profit of 22.468 million yuan, turning from a loss of 18.641 million yuan in the same period last year [2] - Yuexiu Services (06626.HK) reported a revenue of approximately 1.962 billion yuan, a slight increase of 0.09% year-on-year, with a net profit of approximately 240 million yuan [2] - Yika (09923.HK) achieved a revenue of 1.64 billion yuan, an increase of 4% year-on-year, and a net profit of 43.075 million yuan, up 36.2% year-on-year [2] - Gaoweidianzi (01415.HK) reported a revenue of 1.36 billion USD, an increase of 132.2% year-on-year, with a net profit of 67.398 million USD, up approximately 320% year-on-year [2] - BOC Aviation (02588.HK) achieved a revenue of 1.242 billion USD, an increase of 6% year-on-year, but a net profit of 342 million USD, down 26% year-on-year [2] - Jiuxing Holdings (01836.HK) reported a revenue of 775 million USD, an increase of 0.7% year-on-year, but a net profit of 78.633 million USD, down 14.5% year-on-year [2] - Sinopec Kantons Holdings (00934.HK) reported a revenue of approximately 307 million HKD, a decrease of 7.2% year-on-year, and a net profit of approximately 563 million HKD, down 17.8% year-on-year [2] - Great Wall Holdings (00583.HK) issued a profit warning, expecting a mid-term net loss of 266 million to 294 million HKD, a significant shift from profit to loss [2] Company News - Shengye (06069.HK) has initiated a global strategic layout to build an AI + international supply chain technology platform [2] - Yuan Zheng Technology (02488.HK) plans to develop a strategic layout for equipment assetization and related RWA applications [2] - Oconview Biosciences (01477.HK) announced that the second Phase III clinical trial of OT-301 has reached its primary endpoint [2] Buyback Activities - Tencent Holdings (00700.HK) repurchased 928,000 shares at a cost of 551 million HKD, with a buyback price ranging from 590 to 597 HKD [2] - HSBC Holdings (00005.HK) repurchased approximately 1.33 million shares at a cost of about 132 million HKD, with a buyback price ranging from 98.6 to 99.55 HKD [2] - Techtronic Industries (00669.HK) repurchased approximately 25,000 shares at a cost of about 25.085 million HKD, with a buyback price ranging from 99.5 to 101.6 HKD [2] - Hang Seng Bank (00011.HK) repurchased 200,000 shares at a cost of 22.4935 million HKD, with a buyback price ranging from 111.8 to 112.8 HKD [2]

Group 1 - The core viewpoint of the articles highlights that Yuexiu Services has demonstrated stable revenue growth and a strong market position, driven by its strategic focus on high-quality development and risk management [1][2] - For the first half of 2025, Yuexiu Services reported a revenue of 1.962 billion yuan, with property management income reaching 716 million yuan, reflecting a year-on-year growth of 19.2% [1] - The company achieved a net profit attributable to shareholders of 240 million yuan, with a total contracted area of 92.45 million square meters, an increase of 4.2% compared to the end of 2024 [1] Group 2 - The management emphasized the importance of high-quality development in response to the evolving market demands for service quality and operational excellence [2] - As of the reporting period, Yuexiu Services held cash and time deposits amounting to 4.791 billion yuan, an increase of 89 million yuan from the end of 2024, indicating strong operational cash flow [2] - The company maintains a competitive edge with 91% of its managed area located in first and second-tier cities, and an average property management fee of approximately 2.8 yuan per square meter, positioning it at a high level within the industry [1]

越秀服务非执行董事兼董事会主席江国雄表示，当前市场环境对物管行业在服务品质和经营质量上均提 出了更高要求，面向未来，公司将会坚持和落实"以客户满意为先"的理念，不断提升基础服务能力、增 加区域深耕耐力、挖掘增值赛道潜力、强化市场综合竞争力，在行业回归理性增长的共识下，坚守长期 主义的理念和原则，持续穿越市场周期。 中证报中证网讯（记者 万宇）8月21日，越秀服务披露2025年中期业绩报告。上半年，公司在管面积和 合约面积均实现增长，实现营业收入19.62亿元，股东应占盈利2.40亿元，账面现金及定期存款47.91亿 元。越秀服务宣布维持50%的高派息率，将业务增长切实转化为投资回报，彰显对未来现金流的信心。 报告显示，上半年越秀服务营业收入为19.62亿元，商业收入3.70亿元，占18.9%，非商收入15.92亿元， 占81.1%。其中商业运营及管理服务收入3.12亿元，基础物业管理收入为7.16亿元，同比增长19.2%，这 是越秀服务连续第四年基础物业营收保持增速20%左右的高增长。 基础物管高增长来源于服务品质的升级。越秀服务围绕业主需求，持续进行客户研究，提升服务力，利 用数智科技驱动服务品质升级。上半 ...

Core Viewpoint - Yuexiu Services reported strong financial performance for the first half of 2025, with a focus on maintaining high-quality property management services amidst increasing market competition [1][2]. Financial Performance - The company achieved a revenue of 1.962 billion yuan, with property management income of 716 million yuan, reflecting a year-on-year growth of 19.2%, marking four consecutive years of nearly 20% growth [1]. - As of the end of the reporting period, Yuexiu Services had cash and time deposits of 4.791 billion yuan, an increase of 89 million yuan from the end of 2024, indicating a strong cash flow position [1]. - The company maintained a high dividend payout ratio of 50%, reinforcing investor confidence in its long-term value [1]. Market Position and Strategy - The property management sector is becoming increasingly competitive, with stable cash flow being a key indicator of company performance [1]. - Yuexiu Services has a contract area of 92.45 million square meters, a 4.2% increase from the end of 2024, with 515 contract projects [2]. - The company operates over 72.31 million square meters under management, a 4.3% increase from the end of 2024, with 444 managed projects [2]. - 91% of the managed area is located in first- and second-tier cities, with an average property management fee of approximately 2.8 yuan per square meter, positioning the company in the mid-to-high range of the industry [2]. Service Quality and Innovation - Yuexiu Services focuses on customer needs and continuously enhances service capabilities through research and technology, aiming to provide "quality services at a reasonable price" [2]. - The company has implemented a "human-machine collaboration" cleaning model to significantly improve service efficiency and quality [2]. - The adoption of smart access management has enhanced community safety and access efficiency, contributing to an increase in collection rates during a challenging market environment [2]. Future Outlook - The company aims to adhere to a customer satisfaction-first philosophy, enhancing basic service capabilities and exploring value-added opportunities [3]. - Yuexiu Services is committed to maintaining a long-term perspective and strengthening its competitive position in the market as the industry shifts towards rational growth [3].

格隆汇8月21日｜在越秀服务今日召开的2025年上半年业绩会上，该公司管理层谈及物业费定价机制时 表示，公司91%的项目位于一二线城市，目前整体物管费单价约2.8元/平方米，在行业内处于相对中等 偏上水平。其介绍，公司每年会根据项目满意度和收缴率情况，来制定当年项目提价计划，今年上半年 已有4个项目实现提价，暂时没有出现降价项目。 ...

Core Viewpoint - Yuexiu Services reported a solid performance in the first half of 2025, with a focus on quality market expansion amidst a challenging property management industry environment [2][3][4] Financial Performance - In the first half of 2025, Yuexiu Services recorded revenue of 1.962 billion yuan and a profit attributable to shareholders of 240 million yuan [2] - Commercial revenue was 370 million yuan, accounting for 18.9% of total revenue, while non-commercial revenue was 1.592 billion yuan, making up 81.1% [2] - The basic property management income reached 716 million yuan, reflecting a year-on-year growth of 19.2% [2] Market Expansion and Strategy - Yuexiu Services added a contract area of 5.96 million square meters in the first half of 2025, with notable projects including the Hong Kong Shipping Building and the National Pipeline Group South China Company [2] - As of June 30, 2025, the managed area was 72.31 million square meters, a 4.3% increase from the end of 2024, while the contracted area was 92.45 million square meters, up 4.2% [2] Industry Context - The property management industry is undergoing significant adjustments, with declining incremental benefits and pressure on profit margins due to price caps on property fees and reduced payment capabilities in some regions [3] - Yuexiu Services emphasized a focus on quality in market expansion, with 91% of its managed projects located in first- and second-tier cities [3] Service Quality and Pricing - The average property management fee for Yuexiu Services is 2.8 yuan per square meter, positioned at a relatively reasonable mid-to-high level within the industry [3] - The company successfully raised prices for four projects in the first half of 2025, with no projects experiencing price reductions [3] Cash Position and Investment Strategy - As of June 30, 2025, Yuexiu Services had cash and time deposits of 4.791 billion yuan, an increase of 89 million yuan from the end of 2024, with positive operating cash flow [3] - The management indicated a cautious yet proactive approach to investment opportunities, focusing on companies with high synergy, good operational quality, and reasonable valuations, as well as opportunities in related sectors like smart home technology and energy management [4]

8月21日，越秀服务发布2025年中期业绩公告并召开业绩发布会。 越秀服务非执行董事兼董事会主席江国雄、执行董事兼行政总裁王建辉、执行董事兼常务副总裁张成 皓、财务总监李慧婷、资本运营总监万思蕴出席会议，回答记者提问。 营收方面，报告期内，企业实现总收入为人民币19.62亿元，同比增长0.09%。 具体来看，自非商业物业管理及增值服务所得收入为人民币15.92亿元。其中，基础物业管理收入7.16亿 元，同比增长19.2%，连续四年增速近20%。 此外，自商业物业管理及运营服务所得收入为人民币3.7亿元，增长3.1%，基本保持稳定。 期内毛利率为21.3%；公司拥有人应占盈利为人民币2.4亿元。 在管理规模方面，截至2025年6月30日，集团合约项目515个，总合约面积9250万平方米，较2024年末提 升4.2%；在管项目444个，总在管面积7230万平方米，较2024年末提升4.3%。 其在管面积中91%位于一二线城市，公司平均物管单价约2.8元/平方米，属于行业中高水平区间。 财务方面，截至2025年6月30日，集团的现金及现金等价物及定期存款为人民币47.9亿元，较2024年末 再增8900万元，经营性 ...

Core Viewpoint - The company reported a steady growth in property management revenue, with a focus on maintaining high service quality and exploring acquisition opportunities in the market [1][4]. Financial Performance - Total revenue for the reporting period reached RMB 19.62 billion, reflecting a year-on-year increase of 0.09% [2]. - Revenue from basic property management was RMB 7.16 billion, showing a year-on-year growth of 19.2%, marking four consecutive years of nearly 20% growth [2][3]. - Gross profit margin stood at 21.3%, with profit attributable to owners amounting to RMB 2.4 billion [3]. Operational Metrics - As of June 30, 2025, the company managed 515 contracted projects covering a total area of 92.5 million square meters, an increase of 4.2% from the end of 2024 [3]. - The number of managed projects reached 444, with a total managed area of 72.3 million square meters, up 4.3% from the end of 2024 [3]. - The average property management fee was approximately RMB 2.8 per square meter, positioning the company within the higher range of the industry [3]. Cash Flow and Dividends - The company reported cash and cash equivalents of RMB 4.79 billion as of June 30, 2025, an increase of RMB 89 million from the end of 2024, with positive operating cash flow [3]. - The board proposed an interim dividend of HKD 0.088 per share (equivalent to RMB 0.080 per share), with a payout ratio of 50% [3]. Market Position and Strategy - The company aims to enhance service quality and operational efficiency in response to higher market demands, focusing on customer satisfaction and long-term growth [4]. - The company has maintained a customer satisfaction score exceeding 90 for three consecutive years, significantly above the industry average [4]. - The management is actively monitoring acquisition opportunities in sectors such as smart home technology, charging stations, and energy management, with available cash resources of RMB 4.79 billion [3][4].

越秀服务(06626)公布，将于2025年9月25日派发中期股息每股0.088港元。 ...