【越秀服务（6626.HK）】物管增长稳健，分红预期稳定——2025年中期业绩点评（何缅南/韦勇强）

Core Viewpoint - The company reported stable revenue for the first half of 2025, with a slight decline in net profit, indicating challenges in the market while maintaining a consistent dividend payout ratio [3]. Group 1: Financial Performance - The company achieved revenue of 1.96 billion yuan, a year-on-year increase of 0.1%, with non-commercial segment revenue at 1.59 billion yuan, down 0.6%, and commercial segment revenue at 370 million yuan, up 3.1% [3]. - The gross profit margin was 21.3%, a decrease of 4.6 percentage points year-on-year, and the net profit attributable to shareholders was 240 million yuan, a year-on-year decline of 13.7% [3]. - The interim dividend declared was 0.08 yuan per share, maintaining a payout ratio of 50% year-on-year [3]. Group 2: Operational Insights - The management scale has steadily increased, with a total managed area of 72.31 million square meters as of June 30, 2025, reflecting a net increase of 3 million square meters since the end of 2024 [4]. - The composition of the managed area includes 62% residential, 15% TOD, 15% commercial and industrial parks, and 8% public buildings, with 62% located in the Greater Bay Area, enhancing project expansion potential and operational efficiency [4]. - Non-commercial property management services generated revenue of 720 million yuan, a year-on-year increase of 19.2%, indicating a stronger performance compared to overall revenue growth [4]. Group 3: Strategic Adjustments - Community value-added service revenue was 560 million yuan, a year-on-year decrease of 13.5%, primarily due to a reduction in high-margin renovation services delivered in the previous year [5]. - The company is actively restructuring its value-added service offerings to address performance fluctuations, focusing on lifestyle service demands and expanding into non-residential sectors such as smart campuses and community commerce [5]. - Administrative expense ratio decreased to 7.3%, down 0.8 percentage points year-on-year, with cash on hand amounting to 4.79 billion yuan, slightly increasing from the end of 2024, indicating strong liquidity and stable dividend capabilities [6].