【世茂服务（0873.HK）】非周期业务占比稳定提升，第三方外拓金额创新高——跟踪报告（何缅南/韦勇强）

Core Viewpoint - The report highlights the performance of Shimao Group in the real estate sector, emphasizing its sales figures and the growth of its non-cyclical business segments, while also addressing challenges related to accounts receivable impairment. Group 1: Sales Performance - In January-February 2026, Shimao Group achieved a total sales amount of 2.81 billion yuan, ranking 26th in the industry [4] - For the entire year of 2025, Shimao Group's total sales amounted to 23.95 billion yuan, placing it 33rd in the industry [4] Group 2: Business Structure and Non-Cyclical Growth - The company is continuously adjusting its business structure, with the proportion of non-cyclical business steadily increasing [5] - In the first half of 2025, the revenue from property management, community value-added services, non-owner value-added services, and urban services were 2.81 billion, 540 million, 60 million, and 210 million yuan respectively, showing year-on-year changes of +1.9%, -8.1%, -24.4%, and -65.6% [5] - The revenue from property management accounted for 77.7% of total revenue, an increase of 9.2 percentage points year-on-year, indicating enhanced resilience against cyclical fluctuations [5] Group 3: Third-Party Market Expansion - As of June 30, 2025, the company covered 123 cities and provided services for 1,466 projects, with a total managed area of 220 million square meters and a contracted area of 340 million square meters [6] - The annualized contract amount from third-party market expansion reached a historical high of 960 million yuan, a 54.6% increase compared to 620 million yuan in the same period of 2024 [6] - The newly contracted area for non-residential projects was 33.4 million square meters, accounting for 83.3% of the new contracted area [6] Group 4: Profitability Challenges - In the first half of 2025, the company's gross profit was 710 million yuan, with net impairment losses on financial assets amounting to 240 million yuan and intangible asset impairment losses of 34.74 million yuan [8] - The financial asset impairment losses were primarily due to the impairment of third-party trade receivables, which amounted to 260 million yuan [8] - As of June 30, 2025, the net value of trade receivables was 3.64 billion yuan, a 7.6% increase compared to the end of 2024, attributed to tightened cash flow among clients due to macroeconomic changes [8]