【越秀服务（6626.HK）】业务结构调整毛利率下滑，物管核心支柱作用凸显——2025年度业绩点评（何缅南/韦勇强）

Core Viewpoint - The company reported a slight increase in revenue for 2025, but a significant decline in net profit, primarily due to a decrease in gross margin and varying performance across different business segments [4][5]. Group 1: Financial Performance - In 2025, the company achieved revenue of 3.902 billion yuan, a year-on-year increase of 0.9%, while net profit attributable to shareholders was 274 million yuan, down 22.5% [4]. - The gross margin for 2025 was 14.8%, a decrease of 8.5 percentage points from the previous year, which was a major factor in the profit decline [4][6]. - Earnings per share for 2025 were 0.18 yuan, reflecting a decrease of 21.7% compared to the previous year [4]. Group 2: Business Segment Performance - The property management service segment generated revenue of 1.499 billion yuan, up 21.3% year-on-year, accounting for 38.4% of total revenue, indicating stable growth driven by an increase in managed area [5]. - Revenue from market positioning consulting and tenant recruitment was 132 million yuan, a growth of 27.4%, but its small scale limited its overall contribution [5]. - Non-owner value-added services generated 691 million yuan, a slight increase of 1.5%, while community value-added services saw a decline of 20.9% to 963 million yuan, primarily due to the completion of high-margin renovation projects [5][6]. Group 3: Cost Management and Financial Health - The company managed to reduce its management expense ratio to 7.5%, a decrease of 0.2 percentage points year-on-year, indicating effective cost control [8]. - The board proposed a final dividend of 0.037 HKD per share, raising the total dividend for the year to 0.125 HKD, with a payout ratio increased to 60% [8]. - As of the end of 2025, the company held cash and cash equivalents of 4.906 billion yuan and time deposits of 1.385 billion yuan, reflecting a solid financial position [8].