Core Viewpoint - In the first half of 2025, the company achieved operating revenue of 7.09 billion yuan, a year-on-year increase of 3.7%, and a net profit attributable to shareholders of 770 million yuan, a year-on-year increase of 4.3% [1] Financial Performance - The company's profit growth slightly outpaced revenue growth due to an increase in gross margin and a decrease in expense ratio. The gross margin for the first half of the year was 17.0%, up 0.2 percentage points year-on-year, while the combined expense ratio for sales, management, and finance was 2.2%, down 0.6 percentage points year-on-year [1] - The company declared an interim dividend and a special dividend totaling 10 Hong Kong cents, with a payout ratio of approximately 39%, an increase of 3.4 percentage points compared to the previous year, resulting in an annualized dividend yield of 3.33% [3] Business Expansion - The company actively expanded its urban operation business, with new project contract amounts reaching 625 million yuan, a year-on-year increase of 60.3%. The proportion of urban operation contracts reached 64%, an increase of 26 percentage points compared to the same period last year [2] - The company increased its managed area by 31.8 million square meters in the first half of the year, with 84% coming from independent third parties and 59% from non-residential projects. The total managed area reached 436 million square meters by the end of June, an increase of 5 million square meters from the end of last year [2] Revenue Composition - Revenue from basic property management services increased to 5.6 billion yuan, a year-on-year increase of 8.3%, accounting for 78.9% of total revenue, up 3.4 percentage points year-on-year. However, revenue from value-added services decreased due to weakened demand from developers and residents, with household and non-household value-added service revenues of 610 million yuan and 860 million yuan, respectively, reflecting year-on-year declines of 11.6% and 5.9% [2]
中海物业(2669.HK)：业绩稳健增长 积极开拓城市运营业态