Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company reported a revenue of 1.82 billion yuan for H1 2025, representing a year-on-year increase of 13.8%, and a net profit attributable to shareholders of 220 million yuan, up 13.2% year-on-year [1] - The company's property management revenue reached 1.06 billion yuan in H1 2025, growing by 23.1% year-on-year, which constitutes 58.0% of total revenue, indicating strong growth in the property management segment [2] - Community value-added services generated 450 million yuan in revenue for H1 2025, reflecting a 23.5% year-on-year increase, with home living services showing a significant growth of 33.9% [4] Summary by Sections Financial Performance - For H1 2025, the company achieved a gross profit of 460 million yuan, maintaining a gross margin of 25.2% [1][3] - The company’s overall revenue forecast for 2025 is adjusted to 3.68 billion yuan, with a net profit forecast of 383 million yuan [5][9] Business Segments - The property management segment remains the largest revenue source, with a high growth rate supported by strong sales performance from affiliated companies [2] - The company has a high density of managed projects, with 74.2% of the managed area located in the Haixi region, primarily in Fujian [3] Community Value-Added Services - The company is expanding its community services, with a focus on home living, smart community, and elderly care services, which are increasingly aligned with owner needs [4]
建发物业（02156）：关联房企经营优秀，社区增值表现亮眼