Core Viewpoint - Everbright Securities maintains a "buy" rating for Shimao Services (00873), citing the company's active expansion in third-party markets and stable growth in non-cyclical business segments, with a positive outlook on fundamentals [1] Group 1: Recent Events - Shimao Group achieved a total sales amount of RMB 2.81 billion in January-February 2026, ranking 26th in the industry according to CRIC's sales ranking [1] - For the entire year of 2025, Shimao Group's total sales reached RMB 23.95 billion, ranking 33rd in the industry [1] Group 2: Business Structure Adjustment - In the first half of 2025, the company generated revenues of RMB 2.81 billion from property management, RMB 0.54 billion from community value-added services, RMB 0.06 billion from non-owner value-added services, and RMB 0.21 billion from urban services, with property management revenue accounting for 77.7%, up 9.2 percentage points year-on-year [2] - The stable gross margin in property management indicates the company's focus on refined operations and strict quality control of managed projects [2] Group 3: Third-Party Market Expansion - As of June 30, 2025, the company operates in 123 cities, providing services for 1,466 projects, covering various client types including residential, public buildings, universities, industrial parks, and hospitals, with a managed area of 220 million square meters and a contracted area of 340 million square meters [3] - In the first half of 2025, the company achieved a record high in third-party bidding with an annualized contract amount of RMB 0.96 billion, a 54.6% increase compared to RMB 0.62 billion in the same period of 2024 [3] - The newly contracted area of 40.1 million square meters in the first half of 2025 represents a 126.6% increase from 17.7 million square meters in the same period of 2024, with non-residential projects accounting for 83.3% of the new contracted area [3]