Core Viewpoint - The company reported a slight increase in net profit for 2025H1, with a dividend payout ratio raised to 40%, indicating stable growth despite market expectations being slightly missed [1][4]. Financial Performance - In 2025H1, the company achieved operating revenue of 7.09 billion yuan, a year-on-year increase of 3.7% [1] - Gross profit reached 1.2 billion yuan, up 4.7% year-on-year [1] - Net profit attributable to shareholders was 770 million yuan, reflecting a 4.3% increase year-on-year, slightly below market expectations [1] - Basic earnings per share were 0.23 yuan, also up 4.3% year-on-year [1] - The company's gross margin and net profit margin were 17.0% and 10.8%, respectively, with slight year-on-year increases of 0.2 percentage points and 0.1 percentage points [1] - Return on equity (ROE) was 28.8%, down 5.0 percentage points year-on-year [1] Project Management and Area - The managed area increased by 1.2% year-on-year, reaching 436 million square meters by the end of 2025H1 [2] - Of the newly added managed area of 31.8 million square meters, 84% came from third parties [2] - The company’s managed area composition included 60.9% from related parties and 39.1% from third parties [2] - The company’s new external contracts decreased by 14% year-on-year, with a contract value of 980 million yuan, down 5% year-on-year [2] Revenue Breakdown - Property management services generated revenue of 5.6 billion yuan, up 8.3% year-on-year [3] - Non-residential value-added services and residential value-added services saw revenue declines of 5.9% and 11.6%, respectively [3] - The gross margins for property management services, non-residential value-added services, and residential value-added services were 15.5%, 13.4%, and 35.2%, with year-on-year changes of +0.1, -0.7, and +5.0 percentage points, respectively [3] - The company is actively expanding into various sectors, including urban services, office buildings, hospitals, financial institutions, and government agencies [3] Investment Analysis - The company maintains a "buy" rating due to steady growth in performance and an increased dividend rate [4] - The net profit forecasts for 2025-2027 have been adjusted downwards to 1.64 billion, 1.77 billion, and 1.94 billion yuan, respectively [4] - The current price corresponds to a 2025 PE ratio of 10.7X, with strong pricing power in property fees and significant potential in value-added services [4]
中海物业(02669.HK)：业绩小幅增长 分红率提升