Core Viewpoint - The company achieved an operating income of 9.29 billion yuan in the first half of 2025, a year-on-year increase of 6.1%, and a net profit attributable to shareholders of 610 million yuan, a year-on-year increase of 22.6%. The growth rate of net profit outpaced that of revenue mainly due to improved gross margin and decreased sales and management expense ratios [1][2]. Financial Performance - In the first half of 2025, the company reported an operating income of 9.29 billion yuan, up 6.1% year-on-year, and a net profit attributable to shareholders of 610 million yuan, up 22.6% year-on-year [1]. - The gross margin for the first half of 2025 was 19.5%, an increase of 0.5 percentage points compared to the same period last year. The sales expense ratio was 1.5%, down 0.3 percentage points, and the management expense ratio was 6.4%, down 1.0 percentage points [2]. Operational Efficiency - The company’s property management service revenue reached 6.63 billion yuan, a year-on-year increase of 10.2%, accounting for 71.4% of total revenue, with a gross margin of 15.3%, up 0.4 percentage points year-on-year. The managed area reached 540 million square meters, a year-on-year increase of 11.3% [2]. - The company is focusing on prudent expansion and enhancing the quality of its project reserves by deepening its presence in high-quality existing projects and actively exiting non-core cities and projects with delivery risks [2]. Professional Services - The company’s park services and consulting services showed mixed revenue performance in the first half of 2025, with park service revenue at 1.36 billion yuan, down 6.0%, and consulting service revenue at 1.30 billion yuan, a slight increase of 0.6%. However, both services saw improvements in gross margins, with park services at 26.6% and consulting services at 33.1%, up 3.2 and 0.2 percentage points respectively [3]. Future Outlook - The company maintains its earnings forecast and buy rating, predicting EPS of 0.30, 0.35, and 0.39 yuan for 2025-2027, corresponding to a PE of 15.4 times for 2025. The company’s high growth in performance and steady improvement in operational quality and efficiency support this outlook [3].
绿城服务(2869.HK)：业绩双位数高增 盈利能力全面提升