Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - The company achieved a revenue of 7.09 billion RMB in H1 2025, reflecting a year-on-year growth of 3.7%, while the net profit increased by 4.3% to 769 million RMB [1]. - The company is focusing on optimizing its business structure and project governance, with a significant portion of its new managed area coming from independent third parties [2]. - The gross profit margin has improved, with the overall margin rising from 16.8% to 17.0%, driven by effective cost control measures [1][2]. Summary by Sections Financial Performance - In H1 2025, the company reported a revenue of 7.09 billion RMB, a 3.7% increase year-on-year, and a net profit of 769 million RMB, up 4.3% [1]. - The gross profit margin improved to 17.0%, with property management services' margin rising to 15.5% and household value-added services' margin increasing to 35.2% [1][2]. Business Expansion - The company added 31.8 million square meters of managed area in H1 2025, with 84% coming from independent third parties, showcasing strong market expansion capabilities [2]. - The average price per square meter remained high at 71 RMB, indicating robust market demand [2]. Dividend Policy - The board proposed an interim dividend of HKD 0.09 per share and a special dividend of HKD 0.01, resulting in a total dividend of HKD 0.10 per share, with a payout ratio of approximately 39.8% [3]. Future Projections - The company forecasts revenues of 14.82 billion RMB, 15.63 billion RMB, and 16.40 billion RMB for 2025, 2026, and 2027, respectively, with corresponding net profits of 1.67 billion RMB, 1.80 billion RMB, and 1.94 billion RMB [3][4].
中海物业（02669）：业绩小幅增长，外拓与退盘优化结构，派息率继续提升