Caitong Securities(SH:601108) 智通财经网·2026-01-05 01:29Group 1 - The core viewpoint of the report is that the company, as a central enterprise property management company, demonstrates strong resilience in performance and is expected to achieve steady growth, with a gradual increase in dividend payout ratio in the future [2][3] Group 2 - The company has been deeply engaged in property management for nearly 30 years, leveraging its central enterprise background and shareholder resource synergies, positioning itself as a leader in the A-share property management industry, particularly in the institutional property sector [3] Group 3 - The company continues to focus on its core property management business, with property management service revenue reaching 8.8 billion yuan in the first half of 2025, a year-on-year increase of 16.8%, accounting for 96.6% of total revenue; the commercial operation business contributed 90 million yuan, a year-on-year increase of 30.7%, enhancing overall asset management business growth [4] Group 4 - The company reported a revenue growth of 16.2% year-on-year in the first half of 2025, the fastest among comparable companies; net profit attributable to shareholders increased by 8.9% year-on-year, the second fastest in the same group; gross margin is expected to improve from 12.0% in 2024 to 12.1% in the first half of 2025, while net margin is projected to rise from 5.1% in 2024 to 5.4% in the first half of 2025 [5] Group 5 - The company has implemented a shareholder return policy through dividends and share buybacks, with a total of nearly 6.63 million shares repurchased from December 10, 2024, to November 27, 2025, accounting for 0.62% of the total share capital; the dividend payout ratio has increased from approximately 20% in 2021 to 30% in 2024, with expectations for further increases in the future [6]