Q&A 中海物业 20251210 摘要 中海物业上半年股东应占溢利同比增长 4.3%至 7.7 亿元，纯利率维持 在 10.9%的高位，并宣布中期派息每股 9 港仙，同比增长 0.5 港仙，派 息比例为 35.7%，同时派发一次性特别股息每股 1 角钱。 公司收入结构中，物管主航道占比 79%，增值服务占比 21%；毛利结 构中，物管业务占比 72%，增值服务占比 28%。上半年在管面积达 4.36 亿平方米，物管收入上升 8.3%至 56 亿元，毛利上升 8.6%至 8.7 亿元。 中海物业积极拓展第三方项目和非住宅业态，新增外拓年合约额为 9.8 亿元，单个项目均值同比上升 17%，城市运营项目年合约额同比上升 9.6%，四大核心都市圈项目占比超过六成。 增值服务方面，住宅住户增值收入为 6.1 亿元，毛利率提升至 35.2%， 主要受益于社区资产经营业务；非雾增值服务收入为 8.6 亿元，受地产 行业影响规模有所下滑，毛利率为 13.4%。 公司重视股东回报，坚持每年两次分红派息，分红总金额已与上市时市 值相当，并将分红比例提高到 35%左右，同时关注市场变化，考虑回购 等举措以提升市值。 中海物业在 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [6][16]. Core Insights - The company has demonstrated steady revenue growth with a year-on-year adjusted net profit increase of over 18% in Q2 2025. Revenue reached 4.669 billion yuan, up 10.0%, and net profit attributable to shareholders was 642 million yuan, up 48.0% [1][9]. - The company is focusing on optimizing profit margins and enhancing user value, with a significant increase in paid users and ARPU (Average Revenue Per User). The total number of paid users reached 250 million, a 10.2% increase year-on-year, and ARPU increased by 13.9% to 72.2 yuan [2][10]. - The management emphasizes the core OTA (Online Travel Agency) business strategy while extending its industry chain layout, aiming to increase the number of hotels under management to 3,000 by the end of the year [3][15]. Revenue Summary - The revenue structure is showing significant upgrades, with international and hotel management sectors experiencing notable growth. Transportation, accommodation, and other businesses grew by 7.9%, 15.2%, and 27.5% year-on-year, respectively [2][10]. - International flight ticket volume increased by nearly 30%, now accounting for over 6% of total transportation revenue, reflecting a shift towards higher-quality hotel accommodations [2][10]. Profitability Summary - The company's gross margin improved by 0.4 percentage points in Q2, driven by enhanced monetization rates in the OTA business and efficiency gains from generative AI reducing customer service processing times [11]. - The sales expense ratio decreased by 2.4 percentage points year-on-year, indicating a focus on balancing marketing investment returns [11][12]. Financial Forecasts - The adjusted net profit forecasts for 2025-2027 have been revised upwards to 3.371 billion, 3.933 billion, and 4.530 billion yuan, respectively, reflecting a positive outlook on profitability and user growth [4][16]. - The projected revenue for 2025 is 19.598 billion yuan, with a year-on-year growth rate of 13.0% [5][18].

Core Viewpoint - The company is expected to maintain a strong growth trajectory with increasing profitability driven by operational efficiency improvements and a favorable market position in the food and beverage industry [1][2]. Financial Performance - For Q2 2025, the company reported revenue of $2.787 billion, a year-on-year increase of 4% (excluding currency effects) [1]. - Operating profit for Q2 2025 was $304 million, up 14% year-on-year, with an operating profit margin of 10.9%, reflecting a 1.0 percentage point increase [1]. - The net profit attributable to shareholders for Q2 2025 was $215 million, a 1% increase year-on-year (excluding currency effects), with EPS rising by 5% [1]. Same-store Sales and Store Expansion - Same-store sales for Q2 2025 increased by 1% year-on-year, with KFC same-store sales also up by 1% and Pizza Hut by 2% [2]. - As of Q2 2025, the total number of stores reached 16,978, a 10% year-on-year increase, with a net addition of 336 stores in Q2 [2]. - KFC had 12,238 stores, a 12% increase year-on-year, while Pizza Hut had 3,864 stores, also a 10% increase year-on-year [2]. Profitability and Operational Efficiency - The restaurant profit margin for Q2 2025 was 16.1%, up 0.6 percentage points year-on-year, with KFC's margin at 16.9% and Pizza Hut's at 13.3% [2]. - Profitability improvements were attributed to favorable raw material prices and operational streamlining, although increased delivery costs and rising wages partially offset these gains [2].