【建发物业（2156.HK）】关联房企表现强势，基础物管高速增长——跟踪报告（何缅南/韦勇强）

Core Viewpoint - The article highlights the strong performance of Jianfa Property, driven by its associated real estate company, Jianfa Real Estate, which has shown impressive sales and land acquisition results in early 2025 [2][3]. Group 1: Sales and Land Acquisition Performance - Jianfa Property's associated company, Jianfa Real Estate, achieved an operational amount of 18.4 billion yuan, ranking seventh in the sales of China's top 100 real estate companies for January-February 2025 [2]. - For the entire year of 2024, Jianfa Real Estate's operational amount reached 133 billion yuan, also ranking seventh in the industry, with a new land value of 53 billion yuan, ranking sixth [2]. Group 2: Property Management Business Growth - Jianfa Property's revenue for H1 2024 was 1.6 billion yuan, reflecting a year-on-year growth of 16.7%, with a gross profit of 400 million yuan, up 14.6% year-on-year [3]. - The company's net profit attributable to shareholders for H1 2024 was 190 million yuan, marking an 11.0% increase year-on-year [3]. - The basic property management business has shown significant growth, with revenue growth rates of 31.1%, 36.6%, and 36.8% from 2021 to 2023, and a growth rate of 31.4% in H1 2024 [3]. Group 3: Value-Added Services and Non-Residential Expansion - As of June 30, 2024, Jianfa Property managed an area of 67.54 million square meters, with 90.6% being residential properties, primarily concentrated in Fujian and surrounding areas, facilitating the development of value-added services [4]. - The revenue from community value-added services in H1 2024 was 360 million yuan, accounting for 22.5% of total revenue, which is considered high within the industry [4]. - The company has actively expanded into high-quality non-residential properties, signing management contracts for 8 million square meters, with 19% of basic property management revenue in H1 2024 coming from non-residential sectors [4].