绿城服务（02869）：港股公司信息更新报告：利润增速高于收入增速，管理效率持续提升

Investment Rating - The investment rating for the company is "Buy" (maintained) [5][6][9] Core Insights - The company's profit growth outpaced revenue growth, indicating improved management efficiency. The core operating profit for H1 2025 was 1.074 billion, a year-on-year increase of 25.3%, while revenue was 9.289 billion, up 6.1% year-on-year [6][7] - The gross margin and net margin improved to 19.2% and 5.6%, respectively, reflecting a year-on-year increase of 0.6 percentage points and 0.5 percentage points. The management expense ratio decreased by 0.6 percentage points to 7.6% [6][7] - The company reported a cash balance of 4.048 billion, a decrease of 16.6% from the end of 2024, while trade receivables increased by 26.1% to 7.030 billion [6] Summary by Relevant Sections Financial Performance - For H1 2025, the company achieved a revenue of 9.289 billion, with a core operating profit of 1.074 billion and a net profit attributable to shareholders of 613 million, reflecting a year-on-year increase of 22.6% [6][9] - The projected net profits for 2025, 2026, and 2027 are 923 million, 1.030 billion, and 1.135 billion, respectively, with corresponding EPS of 0.29, 0.33, and 0.36 [6][9] Property Management - The property management revenue for H1 2025 was 6.633 billion, a year-on-year increase of 10.2%, accounting for 71.4% of total revenue. The gross margin for this segment improved to 15.3% [7] - The managed area reached 536 million square meters, a year-on-year increase of 11.3%, while the reserved area decreased by 2.9% due to the exit from non-core cities and projects with delivery risks [7] Service Segments - The park service revenue for H1 2025 was 1.357 billion, down 6.0%, but the gross margin increased by 3.2 percentage points to 26.6%. The decline in revenue was attributed to the classification of lower-margin hard decoration business as a joint venture [8] - Consulting services generated revenue of 1.299 billion, a slight increase of 0.6%, with a gross margin of 33.1%, reflecting a year-on-year increase of 0.2 percentage points [8]