Core Viewpoint - Greentown Service reported a 25% year-on-year increase in core operating profit for the first half of 2025, indicating a clear trend of profit improvement and strong operational performance [1]. Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 9.3 billion yuan, a year-on-year increase of 6.1%, with a gross profit of 1.8 billion yuan, up 8.9%, resulting in a gross margin of 19.5%, an increase of 0.5 percentage points [1][2]. - Core operating profit reached 1.07 billion yuan, reflecting a year-on-year growth of 25.3%, while net profit attributable to shareholders was 610 million yuan, up 22.6% [1]. Group 2: Business Segments - The company's main business segments showed stable growth, with property management, park services, and consulting services generating revenues of 6.63 billion, 1.36 billion, and 1.30 billion yuan respectively, with property management accounting for 71.4% of total revenue [2]. - The revenue from home life services within park services decreased by 53.8% to 120 million yuan, primarily due to the exclusion of Zhejiang Greentown Housing Service System Co., Ltd. from consolidation; excluding this impact, the revenue remained stable [2]. Group 3: Expansion and Project Quality - In the first half of 2025, the company’s newly expanded property management projects generated a saturated annual revenue of 1.52 billion yuan, with non-residential projects accounting for 52.5% and an average management fee of 3.7 yuan/month/㎡, indicating high project quality [2]. - As of June 30, 2025, the total managed area reached 540 million square meters, with 58.8% located in the Yangtze River Delta region, which also contributed 69.7% of the revenue, showcasing the company's focus on core cities and key sectors [2]. Group 4: Profitability and Shareholder Returns - The overall gross margin for the first half of 2025 was 19.5%, with property management, park services, and consulting services gross margins at 15.3%, 26.6%, and 33.1% respectively, reflecting improvements in cost control and a reduction in non-core business activities [3]. - The company repurchased 17.17 million shares, representing 0.5% of the issued shares, and has a history of high dividend payout ratios, enhancing its investment value as efficiency improvements become evident [3].
绿城服务(2869.HK)2025年中期业绩点评：核心利润同比增长25% 盈利改善趋势明确