Core Viewpoint - Everbright Securities maintains a "Buy" rating for Jianfa Property (02156), citing strong performance and growth prospects due to its status as a state-owned enterprise [1] Group 1: Financial Performance - In H1 2025, Jianfa Property achieved revenue of 1.82 billion yuan, a year-on-year increase of 13.8%, with a gross profit of 460 million yuan, also up 13.8%, resulting in a gross margin of 25.2%, unchanged year-on-year [1] - The net profit attributable to the parent company reached 220 million yuan, reflecting a year-on-year increase of 13.2% [1] Group 2: Business Segments - Property management revenue for H1 2025 was 1.06 billion yuan, up 23.1%, accounting for 58.0% of total revenue, indicating that property management remains the largest and fastest-growing revenue source [1] - Community value-added business revenue was 450 million yuan, growing 23.5% year-on-year, with home life services seeing a significant increase of 33.9%, making up 32.4% of the community value-added segment [3] Group 3: Market Position and Growth - Jianfa Property's associated company, Jianfa Real Estate, achieved total sales of 95.6 billion yuan from January to September 2025, a year-on-year increase of 12.1%, and added land worth 80.4 billion yuan, ranking 7th in the industry [1] - The company manages an area of 83.28 million square meters as of June 30, 2025, with 74.2% located in the Haixi cluster, showcasing significant scale effects [2] Group 4: Cost Management - The overall gross margin for H1 2025 was 25.2%, maintaining a high level within the industry, while the sales and management expense ratio was 11.0%, indicating potential for further optimization as the managed scale expands [2]