Zhong Guo Jing Ying Bao·2025-08-27 13:16Core Viewpoint - Country Garden Services reported a revenue of approximately 23.2 billion yuan for the first half of 2025, reflecting a year-on-year growth of about 10.2%, despite a decline in gross profit and net profit [1][2] Financial Performance - Revenue for the first half of 2025 was approximately 23.2 billion yuan, a year-on-year increase of about 10.2% [1] - Gross profit was approximately 4.299 billion yuan, a year-on-year decrease of 3.5% [1] - Net profit was approximately 1.003 billion yuan, a year-on-year decline of 35.1% [1] - Core net profit was approximately 1.568 billion yuan, a year-on-year decrease of 14.8% [1] - The company’s cash flow from operating activities showed a net outflow of approximately 875 million yuan [7] Business Operations - The total number of managed property projects reached 8,108, with a managed area of 1.06 billion square meters, of which approximately 40.2% is located in first- and second-tier cities [1] - The property management service revenue was approximately 13.606 billion yuan, a year-on-year increase of 6.7%, accounting for about 58.7% of total revenue [2] - Third-party expansion signed area grew by 66% to approximately 64.77 million square meters [5] Strategic Focus - The company aims to maintain a cash flow target of at least a 1:1 ratio with net profit for the year 2025 [7] - The management emphasized a strategy focused on "operation system + data decision + mechanism reform" to address industry challenges [7] - Future pricing power in property services is expected to be held by customers, with the company aiming to align its services accordingly [8] Market Environment - The property market has seen a decline in incremental growth, with increasing competition and a rising turnover rate for residential properties [2] - Recent government policies aimed at addressing issues in the property service sector are expected to promote more standardized and stable industry development [2]