Core Viewpoint - Evergrande Property (02156) is a state-owned property management company with strong performance growth assurance, maintaining a "Buy" rating by Everbright Securities [1] Group 1: Financial Performance - In H1 2025, the company achieved operating revenue of 1.82 billion, a year-on-year increase of 13.8%, with a gross profit of 460 million, also up by 13.8%, maintaining a gross margin of 25.2% [1] - The net profit attributable to the parent company reached 220 million, reflecting a year-on-year increase of 13.2% [1] Group 2: Property Management Revenue - In H1 2025, property management revenue was 1.06 billion, representing a year-on-year growth of 23.1%, accounting for 58.0% of total revenue, indicating that property management remains the largest and fastest-growing revenue source [1] - The associated company, Jianfa Real Estate, achieved a total sales amount of 95.6 billion from January to September, a year-on-year increase of 12.1%, and added land worth 80.4 billion, ranking 7th in the industry [1] Group 3: Project Management and Scale - As of June 30, 2025, the company managed an area of 83.28 million square meters, with 74.2% located in the Haixi cluster, primarily in Fujian, showcasing significant scale effects [2] - 90.6% of the managed area consists of residential properties, with the remaining comprising office buildings, industrial parks, hospitals, and schools, indicating a rich and focused operational structure [2] Group 4: Community Value-Added Services - In H1 2025, community value-added service revenue reached 450 million, growing by 23.5%, with home life services experiencing a 33.9% increase, accounting for 32.4% of the community value-added segment [3] - Non-owner value-added service revenue decreased by 19.4% to 280 million, primarily due to the reduction in the number of sales centers amid real estate market adjustments [3]