【永升服务（1995.HK）】外拓表现优秀，分红持续慷慨——跟踪报告（何缅南/韦勇强）

Core Viewpoint - CIFI Group achieved a total sales amount of 1.22 billion yuan in January-February 2026, ranking 52nd in the industry, while the total sales for 2025 reached 16.1 billion yuan, ranking 49th [4]. Group 1: Sales Performance - The company demonstrated excellent and stable external expansion, maintaining a market-oriented independent development approach, which mitigated negative impacts from the downturn in the real estate industry [4]. - In the first half of 2025, the company added a contract area of 20.76 million square meters, with significant year-on-year growth in external contract revenue, achieving the best performance in history [4]. Group 2: Property Management Services - The company strengthened its position as a comprehensive property management service provider, managing various types of properties including office buildings, shopping malls, industrial parks, hospitals, and schools [5]. - The company’s property management revenue for the first half of 2025 was 2.67 billion yuan, with residential and non-residential segments each accounting for 50% [5]. Group 3: Dividend Policy - The company declared a total interim dividend and special interim dividend of 0.0949 HKD per share in the first half of 2025, amounting to a total of 160 million HKD, resulting in a dividend yield of 5.3% based on the closing price on February 27 [5].