大行评级丨高盛：将雅生活投资评级由沽售上调至中性

Core Viewpoint - Goldman Sachs upgraded the investment rating of Yasheng Life Services (3319.HK) from "Sell" to "Neutral" due to recent business optimization and restructuring efforts, which are expected to improve recurring revenue and profitability starting in 2026 [1] Group 1: Business Performance - Yasheng Life Services turned a profit in the first half of the year, reporting a net profit of 350 million RMB, compared to a net loss of 1.6 billion RMB in the same period last year, primarily benefiting from a reduction in receivables impairment losses [1] - The company has exited underperforming property management projects and city service contracts, reducing exposure to high-debt related developers such as Yajule and Greenland, as well as to government clients with low visibility on collections [1] Group 2: Future Outlook - Goldman Sachs anticipates that the company's profitability will rebound, with manageable downward pressure on profit margins from property management and city services [1] - The management has indicated that they may consider distributing special dividends in the future, supporting the outlook for stable free cash flow generation and shareholder returns [1]