【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. The collaboration with its affiliate, CIFI Group, remains strong, mitigating negative impacts from the downturn in the real estate sector [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 its history [4]. Group 2: Property Management Services - The company is strengthening its position as a comprehensive property management service provider, managing various types of properties including residential, office buildings, shopping malls, industrial parks, hospitals, and schools. The opening of the non-residential market has provided more opportunities for participation in bidding and market share expansion [5]. - In the first half of 2025, property management revenue reached 2.67 billion yuan, with residential and non-residential segments each accounting for 50%, continuously enhancing comprehensive service capabilities [5]. Group 3: Dividend Policy - The company has a generous dividend policy, declaring a total interim and special dividend of 0.0949 HKD per share in the first half of 2025, amounting to a total of 160 million HKD. Based on the closing price on February 27, the dividend yield reached 5.3%, indicating strong attractiveness [5].