CMPO(SZ:001914) Xin Lang Cai Jing·2025-08-30 00:52Core Viewpoint - The company demonstrates steady revenue growth and operational efficiency, with a significant increase in professional value-added services offsetting short-term declines in platform value-added services [1][2]. Group 1: Financial Performance - In the first half of 2025, the company achieved total operating revenue of 9.11 billion, a year-on-year increase of 16.17%, with property management revenue at 8.80 billion, up 16.8%, and asset management revenue at 310 million, up 5.9% [2]. - The net profit attributable to shareholders reached 470 million, reflecting an 8.9% year-on-year growth [2]. - The basic property management gross margin slightly improved by 0.61 percentage points, maintaining an advantage in the third-party non-residential sector [2]. Group 2: Contract and Revenue Breakdown - The company signed new annual contracts worth 1.76 billion in the first half of 2025, with third-party projects accounting for 90%, contributing 580 million from million-level projects [2]. - As of June 2025, non-residential basic property management revenue was 4.92 billion (up 6.1%), while residential basic property management revenue was 1.93 billion (up 12.2%), with both gross margins slightly increasing [2]. Group 3: Value-Added Services - The company focuses on high-stickiness and high-margin sectors such as home services, space resources, and real estate brokerage, with home services optimizing product categories and covering over 50 core cities [3]. - In the first half of 2025, platform value-added services and professional value-added services generated 230 million and 1.72 billion, respectively, with the former decreasing by 11.3% and the latter increasing by 86.8% [3]. Group 4: Asset Management - The company is advancing a differentiated asset appreciation strategy with its subsidiary managing 72 projects (including preparations) and a managed area of 3.97 million square meters, with a rental rate of 93% across various property types [3].