Core Viewpoint - The company maintains its profit forecast for Greentown Service (02869), expecting a 15% year-on-year growth in core operating profit for 2025-26, reaching 1.83 billion and 2.11 billion yuan respectively, with a 17% growth in net profit attributable to shareholders, reaching 920 million and 1.07 billion yuan [1] Group 1: Financial Performance - The company reported 1H25 results with revenue of 9.29 billion yuan, a 6% year-on-year increase; core operating profit of 1.07 billion yuan, a 25% increase; and net profit attributable to shareholders of 610 million yuan, a 23% increase, slightly exceeding expectations [2] - The basic property management business, accounting for about 70% of revenue, grew by 10% year-on-year, solidifying the company's overall growth foundation [3] Group 2: Profitability and Cost Management - Profit margins across various business segments improved, with property services, park services, and consulting services' gross margins increasing by 0.4, 3.2, and 0.2 percentage points respectively, leading to a 0.5 percentage point increase in overall gross margin [4] - Selling and administrative expenses decreased by 9% year-on-year, with the expense ratio declining by 1.3 percentage points [4] Group 3: Cash Flow and Financial Health - The company has ample cash on hand, with broad cash (cash and time deposits) amounting to 5.45 billion yuan, an increase of 1.14 billion yuan year-on-year; trade and other receivables grew by 12% [5] - Operating cash outflow was 400 million yuan, slightly up from 360 million yuan in the same period last year [5] Group 4: Strategic Development and Shareholder Returns - The company aims for quality development, leveraging its brand advantage to expand quality projects while actively updating its project portfolio, maintaining a 4-5% annual attrition rate over the past three years [6] - The company continues to implement an active shareholder return policy, maintaining a target of operating cash flow covering net profit by more than one time, with a payout ratio exceeding 70% in the past two years and a cumulative repurchase amount of approximately 60 million yuan in 1H25 [7]