Core Viewpoint - Dongfang Securities has adjusted its revenue growth and gross margin forecasts for Shimao Services (00873) based on recent operational performance, maintaining a "Buy" rating and adjusting the target price to HKD 0.73 [1] Business Expansion - The company continues to expand its market presence, focusing on high-energy urban clusters and diversifying service scenarios, with stable growth expected in basic property management [1] - In the first half of 2025, the company achieved a significant increase in market expansion, with new annual contract amounts from third-party bids reaching approximately HKD 960 million, a year-on-year increase of 54.6% [1] - The newly signed contract area reached 40.1 million square meters, reflecting a year-on-year growth of 126.6%, both figures marking historical highs [1] Service Quality Improvement - The average property fee for newly signed residential projects has reached HKD 2.9 per square meter per month, indicating improvements in project quality and profitability [1] - The company's market expansion strategy focuses on core urban clusters and high-energy markets, with 74% of new projects located in the Beijing-Tianjin-Hebei region, the Yangtze River Delta, and the Greater Bay Area, while 73% of projects are in first- and second-tier cities [1] High-Quality Clientele - The proportion of high-quality clients with contract amounts exceeding HKD 5 million per year has increased to 64.3% [1] - In the second half of the year, the company plans to continue its market expansion, with nearly 200 new projects added from July to October, including industrial parks, commercial offices, residential areas, schools, hospitals, and government logistics services [1]