Core Viewpoint - The company reported stable growth in revenue and net profit for the first half of 2025, driven by an increase in managed area and a healthy financial structure [1][2]. Group 1: Financial Performance - The company achieved operating revenue of 1.823 billion yuan, a year-on-year increase of 13.8% [1]. - The net profit attributable to shareholders was 216 million yuan, reflecting a year-on-year growth of 13.2% [1]. - The gross profit margin remained stable at 25.2%, and the net profit margin was 11.9%, both unchanged year-on-year [1]. Group 2: Operational Analysis - The managed area increased to 83.28 million square meters, up 10.2% from the end of the previous year [2]. - The contracted area reached 112.79 million square meters, a 3.4% increase from the end of last year [2]. - The company maintained a high collection rate of 66.2%, slightly down from 67.0% in the first half of 2023 [2]. Group 3: Revenue Structure - The revenue from property management services, community value-added services, non-owner value-added services, and commercial property management services accounted for 63.9%, 16.8%, 16.8%, and 2.5% respectively [1]. - The proportion of revenue from non-owner value-added services decreased, while the share of stable revenue from property management services increased by 4.2 percentage points [1]. Group 4: Future Outlook - The company expects net profit attributable to shareholders to reach 367 million yuan, 403 million yuan, and 435 million yuan for 2025, 2026, and 2027, with year-on-year growth rates of 13.4%, 9.8%, and 8.2% respectively [2]. - The current stock price corresponds to a price-to-earnings (PE) ratio of 11.2x, 10.2x, and 9.5x for 2025, 2026, and 2027 [2].
建发物业(02156.HK)：业绩稳定增长 业务结构优化