绿城服务：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-20260322

Investment Rating - The investment rating for the company is "Buy" [4] Core Insights - The company reported steady revenue and profit growth, with an increase in both gross and net profit margins. The property management area continues to expand with double-digit growth, while the park and consulting services are developing steadily. The earnings forecast for 2026-2028 has been adjusted downwards due to business structure changes, with expected net profits of 979 million, 1,095 million, and 1,182 million yuan respectively [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 reached 1,880 million yuan, up 24.6%, and the net profit attributable to shareholders was 880 million yuan, reflecting a 29.9% increase. The gross margin was 17.3%, up 0.5 percentage points, and the net margin was 4.9%, up 0.7 percentage points. The management expense ratio decreased to 5.9%, down 0.6 percentage points year-on-year [5][14][18] Property Service Expansion - The property service revenue reached 13,640 million yuan in 2025, growing by 10.0%. The gross margin for property services was 14.3%, an increase of 0.6 percentage points. By the end of 2025, the managed area reached 566.1 million square meters, a year-on-year increase of 11.2%, with residential properties making up about 77% of the total [6][24][26] Park and Consulting Services - The park service revenue was 2,760 million yuan, a slight increase of 0.6%, with a gross margin of 22.4%, up 1.4 percentage points. The consulting service revenue also reached 2,760 million yuan, growing by 0.4%, with a gross margin of 27.4%, an increase of 0.7 percentage points. The company has reclassified some services to enhance its competitive edge [7][41][44] Cost Management and Dividend Policy - The company maintained a strong focus on cost management, with cash and cash equivalents increasing by 9.6% to 5,320 million yuan. The operating cash flow was 1,530 million yuan, up 3.6%, covering core net profit by 0.81 times. The proposed dividend for 2025 is 750 million HKD, with a payout ratio of 75.6% [51][55][58]