世茂服务（00873）：——世茂服务（0873.HK）跟踪报告：非周期业务占比稳定提升，第三方外拓金额创新高

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [6]. Core Insights - The company has shown a stable increase in the proportion of non-cyclical business, with a record high in third-party external expansion [2][3]. - The company’s property management revenue has increased, enhancing its ability to withstand cyclical fluctuations, with property management revenue accounting for 77.7% of total revenue, up by 9.2 percentage points year-on-year [2]. - The company has achieved a historical high in third-party contract amounts, with a year-on-year increase of 54.6% in new annual contracts, reaching RMB 9.6 billion [3]. - The company’s net profit forecasts for 2025 and 2026 have been revised down to RMB 2.1 billion and RMB 3.4 billion, respectively, due to adjustments in business operations and increased provisions for receivables [4]. Summary by Sections Business Performance - In the first half of 2025, the company generated revenues of RMB 28.1 million from property management, RMB 5.4 million from community value-added services, RMB 0.6 million from non-owner value-added services, and RMB 2.1 million from urban services, reflecting a mixed performance across segments [2]. Third-Party Expansion - As of June 30, 2025, the company operates in 123 cities, managing 1,466 projects with a total managed area of 220 million square meters and a contracted area of 340 million square meters [3]. - The company has focused on expanding its third-party market, achieving a significant increase in non-residential project contracts, which accounted for 83.3% of the new contracted area [3]. Financial Projections - The company’s revenue is projected to decline to RMB 7.272 billion in 2025, with a subsequent recovery expected in 2026 and 2027 [5]. - The earnings per share (EPS) is forecasted to be RMB 0.09 in 2025, increasing to RMB 0.14 in 2026 and RMB 0.16 in 2027 [5].