Core Insights - The event held on December 11, 2025, recognized China Merchants Jin Yu for its strong service capabilities and operational strength, awarding it the title of "Leading Enterprise in the East China Property Service Market" [2][11] - China Merchants Jin Yu Shanghai Company received accolades for being the "Leading Enterprise in the Shanghai Property Service Market" and "Leading Enterprise in Shanghai Property Service Satisfaction" [2][11] - The company has a significant presence in over 160 cities, managing an area of 365 million square meters, covering various property types including residential, commercial, and public services [7][15] Company Overview - China Merchants Jin Yu is a platform enterprise under China Merchants Group, focusing on property asset management and services, and is a leading player in the A-share property management sector [6][14] - The company has established a "12347" development strategy aimed at becoming a leading property asset management operator in China, focusing on property and asset management as core businesses [6][14] Strategic Initiatives - The company is advancing its "Big Property" strategy, emphasizing a diversified service model and leveraging technology to enhance service quality and customer satisfaction [7][15] - China Merchants Jin Yu has developed the "Wotu Yunlin" business model, which integrates basic property services with advanced value-added services through IoT and internet technologies [7][15] Service Excellence - The Shanghai company focuses on high-end residential projects and technology parks, enhancing service quality from basic standards to a more comprehensive value creation approach [8][17] - The company has implemented smart technologies, such as security robots and automated cleaning machines, to improve service efficiency and customer experience [8][17] Community Engagement - China Merchants Jin Yu fosters community engagement by creating interest-based social groups, enhancing customer loyalty and brand recognition through emotional connections [8][18] - The company organizes seasonal events to strengthen community ties and enhance the overall living experience for residents [8][18] Quality and Innovation - The company aims to set benchmarks in service quality and operational standards, developing replicable methodologies for quality enhancement across its projects [9][19] - China Merchants Jin Yu emphasizes a culture of service excellence, focusing on talent development and continuous improvement in service delivery [9][19]

Core Viewpoint - The report from CICC maintains the earnings forecast for Poly Property (06049) and keeps the "outperform" rating with a target price of HKD 42.7, corresponding to a 13x P/E for 2026 and a 22% upside potential [1] Group 1: Strategic Layout and Growth - The "big property" strategic layout has achieved breadth, with the "14th Five-Year Plan" focusing on operational focus and industrial upgrades [2] - During the "14th Five-Year Plan," the company has proactively laid out the "big property" strategy, achieving over 25% compound growth in property management revenue from public services and commercial office sectors from 2021 to 2024 [2] - By 2024, the managed area for non-residential properties is expected to reach 510 million square meters, with non-residential property management revenue accounting for over 40% of total property management revenue [2] - The company's market-oriented external expansion capability and industry coverage are leading, with an annualized contract amount for non-residential external expansion expected to be RMB 2.75 billion in 2024, covering over 40 non-residential sectors [2] - The company has essentially achieved the layout and external expansion capability at the "big property" level, with future development transitioning from breadth and width to deep operations, aiming for further elevation in revenue structure, profitability, and operational capability [2] Group 2: Scenic Area Operations - Scenic area operations present good growth potential and financial models, with property management companies expected to upgrade from traditional management fees to operational revenue sharing through integrated management and operations [2] - The tourism industry is expected to continue its strong growth, with the China Tourism Research Institute predicting that cultural and tourism-related consumption will exceed RMB 10 trillion by 2030, with an average annual growth rate of 8%-10% during the "15th Five-Year Plan" [2] - For example, in the Shenzhen Xichong project, property management fee revenue is around RMB 10 million, with relatively low gross margins; however, integrating ticket revenue sharing and secondary consumption from tourists is expected to significantly enhance project gross margins [2] - By the end of 2024, Poly Property is expected to have served over 100 A-level scenic area projects, including three operational management projects, with ongoing development of benchmark projects providing a solid foundation for further acquisition of scenic area operation projects and creating an integrated service system for scenic area operations and urban management [2]