绿城服务（02869）：港股公司信息更新报告：收入增长盈利提升，派息比例维持高位

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company reported steady revenue and profit growth, with gross and net profit margins improving year-on-year. The property management area under management continues to grow at double-digit rates, and the park and consulting services are developing in a coordinated manner [4][58] - The company adjusted its business structure, leading to revised profit forecasts for 2026-2028, with expected net profits of 979 million, 1,095 million, and 1,182 million yuan respectively, corresponding to EPS of 0.31, 0.35, and 0.37 yuan. The current stock price corresponds to P/E ratios of 11.3, 10.1, and 9.4 times [4][58] Summary by Sections Revenue and Profit Growth - In 2025, the company achieved revenue of 19,164 million yuan, a year-on-year increase of 7.1%, with property services accounting for 71.2% of total revenue. The core operating profit was 1,880 million yuan, up 24.6%, and the net profit attributable to shareholders was 880 million yuan, up 29.9%. The gross margin was 17.3%, an increase of 0.5 percentage points, and the net margin was 4.9%, an increase of 0.7 percentage points [5][14][18] Property Services Expansion - The property services revenue reached 13,640 million yuan in 2025, growing by 10.0% year-on-year, with a gross margin of 14.3%, up 0.6 percentage points. The area under management was 566.1 million square meters, an increase of 11.2% year-on-year, with residential properties accounting for approximately 77% [6][24][26] Park and Consulting Services - The park services revenue was 2,760 million yuan, a year-on-year increase of 0.6%, with a gross margin of 22.4%, up 1.4 percentage points. The consulting services revenue was also 2,760 million yuan, growing by 0.4%, with a gross margin of 27.4%, up 0.7 percentage points [7][41][44] Cost Management and Dividend Policy - The company maintained a strong focus on cost management, with the management expense ratio decreasing to 5.9%, down 0.6 percentage points year-on-year. The proposed dividend for 2025 is 750 million Hong Kong dollars, with a payout ratio of 75.6% [5][55][51]